As habits change and technical innovations emerge, so, too, will people expect the banking industry to evolve and adapt. There is also a growing desire among customers to use bank services whenever they want, however they want.
Researchers and policymakers have launched a variety of initiatives in an effort to categorise technological advances and uses and to quantify the impact on the economy and society. Yet we need to keep in mind that there’s very little, if anything, we can say with any certainty about how financial technologies (“fintechs”) will evolve going forward.