The financial services industry is at an inflection point. Over the past 30 years, a trend towards consolidation and vertical integration has helped to build the systemically important financial institutions we know today.
However, increasing regulatory complexity, globalization and technological advancement have accelerated the pace of business model transformation, and the potential for product / service unbundling, like never before.
These forces are reshaping the financial services landscape for incumbents, new entrants and policymakers, with significant implications for:
How we define providers of financial services in in the future along with their product and service offerings;
The risk profile of the financial system stemming from changing technological, regulatory and consumer demands;
The effectiveness of existing policies to safeguard against financial instability.
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