Money makes the world go 'round'. The financial sector currently faces unprecedented challenges. First, it must find a way to overcome the credit crisis and, once the tempest has subsided, banks, insurance companies and pension funds will have to undergo a number of far- reaching structural changes. Globalization will give rise to an entirely new realm of competition. New emerging markets such as China, India, Russia and Brazil are gaining a strong foothold on the financial economic world stage. Government securities from the Middle East and Asia will become large shareholders of established Western banks and insurance companies. Corporations which are not part of the sector, such as search engine Google, will apply for banking licenses; Virgin and EasyJet will launch financial products; and, Sony and Aegon will start marketing insurances in Japan. The Western world will face an aging population.At the same time there will be a religious, spiritual and ethical revival. Technology will radically change our life. The power is now definitely in the hands of the consumer. In Africa consumers pay each other small amounts by means of phone credit. The credit is transferred via mobile phones. "The Future of Finance" takes megatrends from different realms and looks at the whole picture, illustrating it with inspiring examples from all over the world. The book contains contributions from top managers from the largest enterprises in the financial world, including the ING Group, Fortis, Royal Bank of Scotland, MerrillLynch and Zurich Financial Services. "The Future of Finance" is highly accessible, contains little jargon and transcends hypes. This book reaches beyond today's problems. It is provocative and ambitious in its scope. A brand new future awaits financial service providers.
