A new breed of innovative, fast-growing next-generation companies (NGCs), many originating in rapidly developing economies, is spreading worldwide. NGCs thrive by providing much-needed goods and technologies through pioneering business models. Their rapid expansion beyond home markets—propelled by groundbreaking products and streamlined customer offerings—is invigorating global competition.
At the same time, NGCs are little understood—and often underserved—by the world’s financial-services industry. The unmet financial needs of both their domestic and overseas operations have created a burgeoning global market waiting to be tapped.
Closing the Gaps: Financial Services Needs of Next-Generation Companies, a report by the World Economic Forum prepared in collaboration with The Boston Consulting Group, lays the groundwork for closing those gaps. Based on primary research and WEF discussions, the report catalogs the key financial-services needs and some potential strategies for meeting those needs. Closing the Gaps also highlights the challenges facing NGCs—from excessive compliance demands to unsuitable product features.
NGCs represent a significant opportunity for financial services companies, governments, and regulators. This report explains how to reap the full benefits and assesses how closing the gaps will affect NGCs themselves.
The original version of the report was published by the World Economic Forum.