The Bank of Tomorrow – The Evolution of Banking, Digital Disruption, Risk, and Risk Transfer
Marsh’s paper, The Bank of Tomorrow – The Evolution of Banking, Digital Disruption, Risk, and Risk Transfer, explores what the bank of the future might look like and delves into the changes needed to achieve it.
Discussions at our roundtable explained how digital disruption was driving developments; the operational risks that this created; the impact on banking services, operations, and business models; and the insurance response.
Panellists discussed the digital landscape and its impact:
- David Nayler led an exploration of the insurance response to the new – and existing – exposures.
- Tom Jaeggi explored the changing world of banking, brought about by new technological developments – including FinTech, AI, Crypto and Blockchain.
- Ffion Flockhart explored some of the legal and regulatory duties that apply.
Our paper outlines potential challenges an evolution of this nature would create for banks’ risk exposure; how insurance may respond following the transfer of these new risks; and a thorough exploration of how serviced will be provided in the future.