David Ramsden: Embracing Fintech

Speech by Sir David Ramsden, Deputy Governor for Markets and Banking of the Bank of England, at Innovate Finance Global Summit 2019, London, 30 April 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

Thank you for the opportunity to be here today and open the second day of this important global summit speaking on behalf of the Bank of England, as the Deputy Governor with responsibility for fintech.

In the past ten years, growth in the digital economy, new technologies and an increased ability to capture and analyse large amounts of data have spurred a new wave of innovation by financial institutions. And that wave of innovation will intensify in the coming years. Fintech is enabling new players and business models to enter the market. This is increasing competition, helping meet unfulfilled customer needs, reducing inefficiencies and changing the way institutions provide - and consumers and businesses use - financial services. It could transform the structure of the financial sector, with implications for customers, firms and regulators.