For many years, customers were loyal to traditional financial institutions because they thought that bigger institutions were safer. However, the soundness of the traditional providers of financial services has been irrevocably questioned after the global financial crisis.
While dealing with the crisis and its regulatory aftermath, incumbent financial institutions were too slow to internalise paradigm-changing digital technologies. This gave rise to what became known as the fintech revolution.
The global financial crisis has also contributed to the emergence of new geopolitical fault lines. While the digital technologies are by design global, the regulatory environment for fintech is becoming more fragmented across countries. These two deep structural forces are pulling the financial services industry in opposite directions with potentially massively disruptive consequences.
To understand how to the confluence of digital technologies and fragmented regulations transform the global financial services industry and human society at large, we need to conduct scientific research on these subjects and disseminate our pioneering ideas for the benefit of business and humanity.