Financial services industry challenges and innovation opportunities: R & D to shape the digital future of financial services

Financial services provide complex financial intermediation to match sources and uses of USD $262T of funds globally, generating an annual revenue of USD$5T. Retail Banking (35%), Corporate and Commercial Banking (30%), Wealth, Asset Management and Investment Banking (18%), Payments (14%), and Financial Market Infrastructure (3%) constitute the five major financial services in terms of the share of this revenue. This paper presents an industry viewpoint of the financial services challenges with a call for action to the R&D community through broad finance industry goals to advance smart financial services to meet the economic, societal, and individual needs.