Modular financial services may be an alarming prospect for today’s firms, especially those who are now vertically integrated “manufacturers” and have loyal – or at least inert – customers. Yet, properly managed, established firms can benefit through access to more customers, improving their offering, lower operating costs and a shift of resources to areas of strategic strength. For new entrants to banking and insurance, an industry with roughly $5.7 trillion of revenues, the opportunities are more obvious. Even more obvious are the gains to consumers, who can expect financial services to be faster, cheaper and better.
(Excerpt from Introduction)