9. The Way Forward

This chapter concludes the core of the book and presents actions required related to the discussed topics. It shall emphasize that it is not enough having understood the past to develop a vision and strategy for the future. Besides the comprehensive understanding of the disruptive trends, we need a conscious look at developments that influence the businesses. Regulatory requirements or demographics have different impacts based on your region, and emerging wealth spots or special client segments may not be relevant to all players in the banking, wealth, and asset management industry. We suppose one common ground to be the rise of technologies, including artificial intelligence, robo-advisors, peer-to-peer crowdfunding platforms, and blockchain technology. Incumbents must change and become more agile, collaborative, and client-centred, because the smart combination of financial experiences and knowledge with technology is key to survive in the new paradigm. Fintech firms will most likely increasingly collaborate with established financial institutions as they seek financial stability, client base, and trust. Overall, financial institutions are advised to shift to a platform business model that has the ability to evolve to a self-reinforcing ecosystem. Our selected 21 recommendations represent takeaways that shall motivate you to further explore the opportunities of open innovation ecosystems and project your individual journey.