I mean, who still goes to a bank these days to check the balance on their account? The current wave of digitalisation sweeping through the financial sector, in fact, goes far beyond internet banking, which is now standard operating procedure. It is in the process of revolutionising the banking industry.
Highly specialised, innovative financial technology enterprises, also known as fintechs, represent a new group of competitors to traditional bricks-and-mortar banks. Blockchain technology, originally developed for the virtual currency known as the bitcoin, has a wide variety of uses for financial services, such as in securities trading. At the same time, increasing digitalisation is making the financial system ever more reliant on technical infrastructures.