In the old days, banks could work independently of others providing financial services, but not anymore. As the world becomes more interconnected, banks are being drawn into emerging ecosystems comprised of old and new players. Cooperation and integration are the names of the game for both incumbents and newcomers such as fintechs and virtual banks, but putting the blocks in place to build the infrastructure is easier said than done.
People’s Bank of China
Central banks, guardians of financial systems, consider multiple factors when determining policy; today, as countries suffer the effects of severe weather, central banks feel impelled to include the risks associated with climate change. Groups such as the Network for Greening the Financial System, which unites central banks to address climate-change financial risks and aids the private sector toward achieving a more sustainable future, allow central banks to pool their resources to combat this threat.
Perhaps the biggest challenge facing the Australian economy right now continues to be the dramatic retreat of hard commodity prices from the generational highs back in 2011.