Digital innovation is transforming finance. Advances in financial technology such as mobile money, peer-to-peer (P2P) or marketplace lending, robo advice, and insurance technology (InsurTech) are reshaping many areas – from payments to wealth management.
Over the past decade, fintechs have already driven enhanced access to financial services for retail users. Technology advances in connectivity, data processing, and storage have contributed to the current wave of technology-based finance. Meanwhile, artificial intelligence (AI), cloud services, and distributed ledger technology (DLT) are transforming both retail and wholesale financial markets in areas as diverse as financial market trading, regulatory and supervisory technology.
These developments are making the finance industry more diverse, competitive, efficient and inclusive. In principle, most financial services can be now delivered directly and digitally, vastly increasing access…
