the question is attached

ASSESSMENT EVENT 2 – RESEARCH REPORT
Executive Summary
The topic we are discussing in the report is the impact of recent transformation in the financial services industry globally and the way it can create a positive impact for the customers in the next 5 to 10 years. We will discuss on the latest five technologies which are currently being operational and are being adopted by the financial services companies for delivering high-quality, error-free and quick services remotely to the customers. Also, it is due to increase in the innovative needs and sophisticated preferences of the customers, the financial services companies have to adopt and deliver a service which is also safe and secured. This means that there will be no leakage or hacking of customer data which can result in negatively impacting the image of the financial services company and the industry as a whole. It is Artificial Intelligence, Blockchain and Machine Learning technology, the financial services company can provide products and services which are innovative and future proof.
Table of Contents
Background    4
Introduction    4
Findings    5
Discussion    9
Recommendations    10
References    11
Background
The global economy consists of different sectors such as agricultural, telecommunication etc. We will discuss on the financial service sector which is considered as the economy’s most influential and significant sectors in the world. The financial services industry is comprehensive and consists of industries such as banking, investing and insurance sectors. Further, the financial services are being provided by the financial services firms and the professionals and they provide financial products such as actual products and various types of investments. Hence, this sector provides various types of financial service to the people along with the corporations. The financial service sector as a whole is considered as the primary driver of the economy of a nation by providing free flow of capital and liquidity in the marketplace (Catalano, 2021). Presently, the financial services sector globally is anticipating changes by adopting themselves with the digital technologies. The financial services transactions such as cash payment, participation in face-to-face meetings with the financial consultants and even the usage of ATM are all diminishing activities in the present financial services industry. Therefore, in this discussion we will evaluate more on the digitalized financial activities which is the recent trend for management of the finances from home for protecting customers from the impact of coronaviruses. It’s the net and mobile banking technologies are the characteristics which resembles ideal banking system characteristics (Aithal, 2016). Hence, it is now the remote services through sophisticated technologies which is launched by the financial institutions and startups, are increasing at a fast pace.
Introduction
It the influence of the tech-savvy customers, the increasing threats ascending from the IT companies globally and the shift in the behaviour of the customers and regulators towards new technology which are having a significant impact on the financial services industry. There are top-five areas where the financial services industry globally is growing gradually with the help of innovative technologies and renovating the financial service sector and the products it offers by interaction with the customers and by application of new sources of data throughout various departments. Hence, its due to the recent changes in the companies providing financials services which is delivering opportunities which are quite unique and helps in addressing various societal issues and make new markets, without any considerable trade-offs in terms of profits and growth. It is due to this reason, the financial services enterprises are able to pose a huge impact on every angle of the economy, helps in proactively building trusts and able to transform not only the financial products but the entire experience of the customers (Deloitte, 2022).
Findings
The key element based on the financial services companies provides trading and exchange of financial products and services are based on the concept of trust (Tang, 2018). For the next 5 to 10 years the evolution of the financial services in the financial organizations will continue in the following sectors which are as follows:
1. It will be open banking services which will control the future of financial services
2. Implementation of Artificial Intelligence (AI) and Machine Learning (ML) in the financial services industry for delivering fast and secured access to products, services and information.
3. Introduction of the concept of Buy Now and Pay Later (BNPL) which is at its nascent stage and is expected to expand the financial services sector rapidly.
4. Emphasis on the cybersecurity thereby protecting the customer data, funds and transactions in a safe and protected manner.
5. Finally, it’s the cloud-native system which is replacing the legacy old financial services system (Hung, 2022).
It is Asian continent which is generating a huge growth consumption in the next decade amounting to $10 trillion. Further, there is a gamut change in the Asian consumer market with new growth opportunities for the financial services sectors. Therefore, the above five services if reaches Asian countries at full pace, then there is prospect of large shifts across the region. According to the research conducted by McKinsey Global Institute research company firstly, its due to     rise in the income level and the disposable income of the people across Asia, more customers are trying to reach the highest tier of the income pyramid. It’s the consuming class which are considered as the largest driver of growth in terms of consumption of financial products. Secondly, it is the urban...