1/5  BIS central bankers' speeches  These examples highlight that there is a balance that needs to be achieved in this innovative environment.2 On the one hand, new technologies have enabled banks and other firms to find different ways of meeting consumers’ demand for speed and convenience.
On the other hand, these same technologies raise new considerations about data security and safety, as well as consumer privacy and protection. Policymakers and the financial industry must assure that enhanced convenience and speed in financial services do not undermine the safety, security, and reliability of those services. Retail Payments Innovation Technology is also shaping changes in retail payments.