Description

This report focuses on the relationship between technology and change, both past and future, in the financial service industry. The roles of technology as both a motivator and a facilitator of change are analyzed. Other agents of change are considered only to the extent that they help define the market for new technology or its impact.

The financial service industry is markedly different from what it was at the end of the 1970’s, and the rate of change will only slow slightly during the remainder of the 1980’s. Advancing information and communication technologies are key factors that have changed the nature of financial services: the ways in which they are created, delivered, priced, received, and used. Relationships between and among users and providers of financial services are changing.