The Role of Financial Services in Society

Understanding the impact of technology-enabled innovation on financial stability

A newly released position paper from the World Economic Forum examines the rise of fintech and offers recommendations on how to sustain it.

It draws on the expertise of executives from large banks, start-ups and regulators—including Western Union, UBS, HSBC, Ripple and Bank of England. The recommendations focus on the preservation of financial stability, the ethical use of customer data, and the suitability of existing regulatory standards.

This position paper was developed by the Forum in collaboration with Oliver Wyman, and was first discussed at the World Economic Forum Annual Meeting 2016 in Davos among financial leaders in the public and private sectors. It is based on more than 50 interviews with experts from across the finance industry. If implemented, the measures could help spur the development of fintech innovations while safeguarding the stability of the financial system.

The Role of Financial Services in Society