19  institutions could further improve the efficiency and safety of financial services and receive compensation that meets clients' satisfaction, their productivity and profitability would increase. Conversely, if they did not engage in such efforts and only charged more compensation, there would be disintermediation amid an increased presence of FinTech firms. Thus, this point warrants careful vigilance. VI.
Bank of Japan’s May report of recent economic and financial developments1 Bank of Japan, Communication, 20 May 1999. The Bank’s View2 Japan’s economy, at present, has stopped deteriorating, but clear signs of recovery have not been observed yet.