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Mark Carney (Governor, Bank of England) commenting on the prospects of Central Banking for 2019: Sec
December 30 · Issue #123 · View online
Mark Carney (Governor, Bank of England) commenting on the prospects of Central Banking for 2019:

Securing monetary and financial stability in an increasingly open and interconnected global economy and financial system requires more than a purely domestic focus. It requires co‑operation, collaboration and coordination across borders.
Responsible openness allows capital to move freely, efficiently and sustainably between jurisdictions and this, in turn, supports trade, investment and jobs around the world. And it means deeper global financial partnerships between advanced and emerging economies that will be the most important drivers of global growth in the decades ahead.

Piyush Gupta (Chief Executive Officer, DBS Group Holding) commenting on the prospect of Banking and Financial Technology for 2019:

What will happen in short term is that the physical presence of banking could be reduced and by that I do not mean branches but the banks’ products could get hidden under what the consumers really want. The banks will become invisible. They will become integrated with other services the customers really want and you will see less of the banks in your face.
The banks will always need to keep working on the next new thing to ensure reimaging the customer experience. Therefore, the money they spend and the investment they make will be significant.
Most of FinTechs find it hard to acquire customers, therefore most of them wind up collaborating with established incumbent banks as a service provider, whereas the TechFins are sitting on large customer data pool - Facebook, Google, Amazon, Alibaba. So, they do not have the challenge of customer acquisition and as a consequence, they can perform many of these functions. At the same time, the big banks in the developed markets will want to keep their market share. This will form a different type of competition.

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