Industry Landscape Launchpad | Fintech: Insights, Reports, Statistics

Click here to see the key recommendations and summary slides for the book 'The Case for a New Bretton Woods'.

The Global Future Council on Financial and Monetary Systems published this report singling out three key aspects of the risks and challenges associated with the two seemingly opposed forces of decentralization and integration, to which the international financial architecture will need to adapt: 1) regulatory challenges; 2) the transformation of the financial system through digitization; and 3) current macroeconomic risks.
“By 2030, financial services will be completely transformed requiring substantial steps to be taken today by the industry, new entrants and regulators to ensure a positive outcome of the transformation.”

This report reflects on the changes to the financial system – taking stock of the impacts that fintechs have had and considering their evolving relationships with both incumbents and regulators. More importantly, it presents an opportunity to consider what lies beyond the horizon for financial services. The technologies of the Fourth Industrial Revolution have triggered a seismic shift in the financial system, the implications of which will extend far beyond the fintechs that pioneered their use in financial services. Value chains that have characterized the industry for decades are being disrupted and reshaped with implications for customers, regulators, incumbents and every other stakeholder in the financial system.

Building on the World Economic Forum’s past work on disruptive innovation in financial services, this report provides a comprehensive exploration of the impact of AI on financial services. This report is the culmination of one year’s worth of research, including over 200 interviews with subject matter experts and seven global workshops, prepared by the World Economic Forum in collaboration with Deloitte.

Future of money and Fintech:

"Rapid technological change and continuous emergence of new players and new public and private digital currencies have transformed the global landscape of financial industry. We acknowledge that Bretton Woods Institutions have important roles to play in this front and need to transition from simply reacting to evolving technologies and digital currencies to having a pro-active role in legal, regulatory, as well as technical discussions around these issues."