Concluding, I would like to highlight the suggestions found in the report that it is now the time for the financial sector to focus on firms, as the basis for employment, innovation, productivity and economic growth. Thus, the development policies should focus on the firms and their future, as a source of convergence growth. The economic development policies and priorities, at micro and macro level, should focus on: the improvement of the institutional and financial infrastructure; the development of the capital market; the investments in infrastructure; and, the regional integration. * * * Dear participants, The EBRD Transition Report 2017–18 is an important document to all of us. Irrespective of our status as decision-makers, policy-makers, researchers, academics or journalists, the Report provides ample information to further corroborate our analyses and conclusions. I invite you to further read the Report and materialise its conclusions rationally and responsibly in your analyses for the present and the outlook of our economy, and beyond. Thank You! 3/3  BIS central bankers' speeches
The combination of big data analytics, cloud computing, artificial intelligence and blockchain is transforming the way financial products are designed and distributed. For its proponents, this transformation is promising better consumer experiences, a better financing of the economy and a better efficiency of the financial system. Beyond those promises, cutting-edge technologies also lower the barriers to entry into the financial sector for Tech firms and make it possible to unbundle financial services into an array of distinct core functions such as channeling payments and money, providing financing, sharing risk and allocating capital. This new competition also implies that incumbents’ business model should be prepared to adapt: the unbundling of services will challenge business models built around the logic of an exclusive and comprehensive customer relationship possibly involving elements of cross subsidization; more mobile customers could limit the ability to cross-sell products; and higher deposit volatility may unbalance the funding of maturity transformation. That said, FinTechs are the talk of the town but BigTechs are the real deal. On the one hand, frankly, FinTechs already had a huge and positive impact on the financial sector by developing new solutions and proving that these solutions bring value. However, overall, with a market capitalization of $ bn worldwide, Fintech start-ups have been 1/4  BIS central bankers' speeches  so far more a complement to existing financial actors, through integration or partnership, than irresistible rivals to incumbents.