The digital wave is hitting the financial service industry at an extraordinary rate creating opportunities but also challenges for the financial services ecosystem. Consumers have higher expectations and want better access, transparency and delivery options. New technologies such as blockchain are unravelling traditional workflows and have the potential to represent the next evolutionary jump in process optimization. Digital currencies and asset value exchanges are disrupting how value and assets change hands. Each of these innovations are upsetting the current market structure and regulatory framework and create their own set of unique challenges in terms of governance, risk management and standards.
To use a common phrase – ‘change is good.’ So despite the pace of change, governments and regulators around the world recognize the positive benefits innovation provides in promoting competition, attracting top talent and generating revenue for the economy. However, there is also widespread recognition that current consumer and investor protection measures cannot be compromised and that any supportive framework should be balanced.