The hold traditional banking once exerted over consumer finances has seriously eroded in the Digital Age, with fintech presenting a formidable challenge to banking’s sovereignty. Customers are shrugging off any loyalty they may have had to their main banks and are opting for the providers with the most convenient, efficient, secure and, above all, speedy financial solutions. Can banks survive in the fintech world, and if so, how?
Arnoud W.A. Boot
Regulators are tasked with the responsibility of protecting financial assets, a challenge that is becoming more complicated as the ICT/fintech revolution transforms the financial sector and introduces new dynamics. Meanwhile, banks must entrepreneurially reinvent themselves in order to stay competitive in their own ballgame, a goal that is achievable as long as regulators are made to feel comfortable through sufficient capitalization in the industry. And regulators should not be swamped in details but need a helicopter view, and this questions current regulatory practice.