In the longer run, the entry of fintechs could induce a change of business models also in the incumbent institutions. Who will eventually provide the new services? Synergies between different services would seem to be the key question. If there are no synergies between two services, then they will not necessarily be offered by the same institution.
And the closer we get to next year's European elections, the bigger the chance that divisive initiatives, like a capital markets union, end up in a drawer entirely. 2/3  BIS - Central bankers' speeches  Of course, central banks don't have a seat at the legislative table. But it is our obligation to be vocal about what is at stake.