Will technology turn the banking sector upside down? In recent years, fintechs and non-bank companies have taken the lead on innovation in finance. Backed by venture capital and the willingness to take great risks, the ‘new kids on the financial block’ are challenging the market-dominating incumbents. Traditional banks still enjoy widespread customer loyalty and are well-adapted to this highly regulated sector, but they worry about being disrupted. Now, banks are working to institutionalize innovation via acquisitions, cooperation and homegrown initiatives.
Will banks be disrupted, will the fintech wave pass or will we see new forms of collaboration between startups and banks? How much say will customers have in the transition? This panel explores the roles of established actors and newcomers in the financial world of tomorrow. It contrasts commercial and regulatory developments in Germany and the United States to shed light on the institutional differences between both sides of the Atlantic.