M3 growth deviated from the reference value in 1999 and growth rates increased further in early 2000. This picture of very generous liquidity conditions in the euro area is complemented by the rapid expansion of credit to the private sector, which remained close to or above 10% throughout 1999 and exceeded 11% in April 2000.
While providing better quality and more efficient services, FinTech challenges the operative models of established financial institutions. In fact, more than 80% of actors on the global market believe that their businesses are at risk due to competition from innovators. This suggests that the traditional players either have to change, or face a risk to be pushed out of the market.