Cover story | The future of banking
The doom-mongers have long been predicting an existential crisis in banking. Banks are being assailed on every side — by FinTech start-ups, Big Tech and regulators. They must maintain 24/7 operations and interoperability, deal with the demands of regulatory compliance, and contend with their own internal culture around innovation. So, it is a case of panic and freak out? Or keep calm and carry on? PCM examines the possible futures of banking.
Previously existing only on the fringes of finance or computer science, digital and cryptocurrencies are now being discussed more widely. The debate is as much social and political as it is technological and economic. In the future, banks may not be the only ones to make money from making money. Companies, cryptography and communities could become the new moneymakers, which encourages new thinking around trade, ownership and identity.
Cheap technology, abundant data and the growth in compliance requirements are driving change for regulated firms and regulators alike. Regulators are increasingly using technology to improve regulatory oversight and modernise regulation. They are also using their influence to convene, commission and collaborate, so what is on the horizon for regulation and regulators born in the digital age?
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