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

European customers are more open to digital services than their US counterparts

More help needed in marketing fintech start-ups

From Finextra -

“Ross Tappin, Co-Founder, Swave, speaks about the ability of innovation challenges to foster fintech creativity and the climate of support in the UK in encouraging this.”

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The dark side of wearables: How they're secretly jeopardizing your security and privacy

From Tech Republic –

“The seductive lure of activity and health wearables make it easy to forget, or ignore, the inherent security and privacy risks involved.

The gentle buzz of a wearable device vibrates on your wrist at 7 am. You sync the device with your smartphone to see how well you slept. The result: poor. You feel groggy, so you drink extra coffee, which increases your heart rate, a data point also recorded by your wearable. You trudge through your morning routine more slowly than usual, so you skip that half hour on the elliptical and head for the office.”

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