Abstract
As decentralized and distributed services and products continue to enter the marketplace, and the disruption that these tools bring are felt throughout the market and by different actors it will also be important for practitioners and organization to obtain the appropriate mindset. There is a phrase used in the accounting profession, but is one that can apply to different subsets and areas of the financial services profession as well; riches are in the niches (McCausland 2000). Generalized services, lower level tasks, and virtually every aspect of workplace activity that can be automated will be automated and this will invariably cause margin compression, fee restructuring, and the importance of generating differentiated services. This is already underway, and the tried and true solutions of investing in more automation while also reducing employee headcount will simply not be sufficient to compete effectively going forward. Organizations are large and sophisticated as BlackRock, Deloitte, and numerous other firms in other industries are currently dealing with these forces with a combination of investment, hiring of different employees, reduction of current headcount, and launching of digital solutions. That is well and good, as well as being absolutely necessary, but a different tactic will be required going forward.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Ball, J. (2017). R3 to work with Intel to boost data privacy. Global Investor, 76.
Greenstein, M. M., & Hunton, J. E. (2003). Extending the accounting brand to privacy services. Journal of Information Systems, 17(2), 87–110. https://doi.org/10.2308/jis.2003.17.2.87.
Kahan, S. (2001). Prospecting for niches. Practical Accountant, 34(2), 18.
Lombardo, C. (2005). Serving a niche market. Accounting Technology, 21(2), 16–21.
Martin, K. D., Borah, A., & Palmatier, R. W. (2017). Data privacy: Effects on customer and firm performance. Journal of Marketing, 81(1), 36–58. https://doi.org/10.1509/jm.15.0497.
McCausland, R. (2000). Vertical value: The lure of niche accounting. Accounting Technology, 16(8), 56.
Stecking, R., & Schebesch, K. B. (2015). Classification of credit scoring data with privacy constraints. Intelligent Data Analysis, 19, S3–S18. https://doi.org/10.3233/IDA-150767.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2020 Springer Nature Switzerland AG
About this chapter
Cite this chapter
Stein Smith, S. (2020). A New Niche for Practitioners. In: Blockchain, Artificial Intelligence and Financial Services. Future of Business and Finance. Springer, Cham. https://doi.org/10.1007/978-3-030-29761-9_9
Download citation
DOI: https://doi.org/10.1007/978-3-030-29761-9_9
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-29760-2
Online ISBN: 978-3-030-29761-9
eBook Packages: Economics and FinanceEconomics and Finance (R0)