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Banking on a new digital ecosystem – new opportunities, business models and regulation

Summary:
Technologically enabled financial innovation is spurring new business models, applications, processes, and products with an associated material effect on financial markets and institutions and the provision of financial services. Customer preferences, particularly amongst millennials and "digital natives" regarding convenience, speed and cost of financial services are driving the demand for a seamless and user-friendly interface. Business opportunities have opened for new entrants that are able to scale up faster and in more cost-effective manners than established institutions, which may have inefficient or legacy IT systems. Non-banks and challenger banks are offering products that used to be exclusive to the financial services, disrupting the banking ecosystem and thus increasing the

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Technologically enabled financial innovation is spurring new business models, applications, processes, and products with an associated material effect on financial markets and institutions and the provision of financial services. Customer preferences, particularly amongst millennials and "digital natives" regarding convenience, speed and cost of financial services are driving the demand for a seamless and user-friendly interface. Business opportunities have opened for new entrants that are able to scale up faster and in more cost-effective manners than established institutions, which may have inefficient or legacy IT systems. Non-banks and challenger banks are offering products that used to be exclusive to the financial services, disrupting the banking ecosystem and thus increasing the competition. Banking on a new digital ecosystem - new opportunities, business models and regulation
International Settlement
The Bank for International Settlements (BIS) is an international company limited by shares owned by central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

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