What Did the IMF Call a "Significant Disruption" to the Financial Landscape?

The open banking era is upon us, but banking basics still need to be executed as financial institutions weave through the disruption. Most financial institutions do an exceptional job of managing often overwhelming levels of compliance requirements, and must continually navigate change, especially as new tech presents both challenges and opportunities.

• Significant disruption is likely to come from the big tech firms who will use their enormous customer bases and deep pockets to offer financial products
• Other disruptions to financial services include the 2021 phase out of LIBOR, following the 2012 rate manipulations
• As of April 2019, there were $300 trillion in contracts that use LIBOR as a reference rate
• At least $35 trillion in contract value will not yet have expired by the end of 2021
• Another disruption to finance markets is the advent of cryptocurrency with 70% of central banks studying the concept
• But 85% of central banks are not likely to issue a general purpose Central Bank Digital Currency in the next 6 years