Summary of The Role of Financial Services in Society

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Technology has been a springboard for new business models of funding and payment systems, bringing the role of financial services front-and-center in public interest concerns. Nonbank firms are expanding the definition of a financial services company and competing with traditional institutions. This concise study from the World Economic Forum offers a solid blueprint for initiating globally collaborative discussions on how to address emerging financial system risks. getAbstract recommends it to policy makers and executives responsible for guiding the future of the financial services industry.

About the Author

The World Economic Forum is an independent global organization that engages leaders of business, politics, academia and society to improve the state of the world.

 

Summary

Technology-enabled innovation is broadening access to and lowering the costs of financial services. Strengthened regulations are in effect, competition is on the rise and enhanced consumer information is available. But these transformations also bring new risks to the financial system, such as data security and misconduct, including predatory lending. Differing regulations across countries pose further risks of wrongdoing by firms seeking compliance gaps.

Private- and public-sector leaders need “to ensure economic growth does not come at the...


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