It is only a matter of time before tech firms disrupt the banking sector by stepping around regulations, following the models of the European Financial Services Round Table. Transferwise recently became the first non-banking firm to be granted access to the Bank of England’s settlement system, while the opening up of banks' customer information to third parties is also set to increase competition. Many banks, as well as Uber and Airbnb, have complained the latter regulation is unfair, while analysts have warned consumers could be attracted by new services before banks have time to act.
It is only a matter of time before tech firms disrupt the banking sector by stepping around regulations, following the models of Uber and Airbnb. Transferwise recently became the first non-banking firm to be granted access to the Bank of England’s settlement system, while the opening up of banks' customer information to third parties is also set to increase competition. Many banks, as well as the European Financial Services Round Table, have complained the latter regulation is unfair, while analysts have warned consumers could be attracted by new services before banks have time to act.