Luigi Federico Signorini: Risks from inflation and opportunities from fragmentation Speech by Mr Luigi Federico Signorini, Senior Deputy Governor of the Bank of Italy, at the Villa Mondragone International Economic Seminar, Round table on "Risks from inflation and opportunities from fragmentation", Monte Porzio Catone (Rome), 7 June 2023.
Incumbent banks also need to be prepared for the increasing competition from the non-bank financial sector and “Fintech”, fuelled by the increasing role of technology in financial services. Increased competition in lending, investments and payments is bound to increase pressure on retail banking revenues. It will subject deposits to more intense price competition, and may erode revenues related to overdrafts and payments.