The American model of systemic risk exception is of interest for implementing the liability principle and permitting as few exceptions from the bail-in of creditors as possible. The principle of bailing in creditors can only be deviated from in systemic crises.
In summary, FinTech innovation can be observed across multiple financial services, including deposit taking, payments, lending, and investments. An in-depth analysis of the activities rather than of the technologies and/or firms providing these services helps one to understand these developments. New technologies will continue to present opportunities to reshape financial services.