Digitalisation, mobile, automation, robotics, distributed
ledgers, big data, analytics, API, UX; the list could (and will)
keep growing.
Suffice to say, technology, and technological developments, are
playing an increasingly significant role in how financial services
are structured, managed and delivered to customers, resulting in a
world in which industry demarcations are becoming blurred, and
incumbent financial institutions, data rich technology companies
and fintech startups alike are being forced to innovate,
collaborate and disrupt at an ever faster pace.
Some technological innovation within the broader fintech space
will not require regulation. But much will, and there is an
undoubted tension and challenge in ensuring that innovations which
provide customers with easily accessible, digitised, interoperable
services, and which can ultimately drive down customer cost, do not
disproportionately increase customer or systemic risk.
