Financial services innovation involves the creation and adoption of new products, processes, and business models within the financial industry. This includes advancements in payment systems, lending platforms, investment tools, and digital currencies. Innovation aims to enhance efficiency, reduce costs, and expand access to financial services. It frequently leverages new technologies.
Context
Digital assets and blockchain technology are central to much of the current financial services innovation reported in business news. Debates often concern the regulatory approach to these new offerings, balancing consumer protection with the promotion of technological advancement. A critical future development involves the widespread integration of decentralized finance (DeFi) principles into traditional financial services.
The FCA's policy pivot normalizes regulated crypto exposure, compelling UK financial institutions to immediately update suitability and risk disclosure frameworks.
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