The Role of Financial Services in Society: Understanding the impact of technology-enabled innovation on financial stability

This paper, “Understanding the impact of technology-enabled innovation on financial stability”, articulates key findings from a series of interviews and roundtables held with leaders from established and emerging providers of financial services, experts, and policymakers focused on technological transformation taking place in financial services. The document summarizes key opportunities and challenges created by technology-enabled innovation and proposes four recommendations, aimed at safeguarding financial stability and fostering innovation, for the public and private sectors to consider.

The findings and recommendations were developed and published by the World Economic Forum as part of the Role of Financial Services in Society initiative, which brings together a range of senior stakeholders from across the financial sector including traditional financial institutions, financial policy-makers, academics, and civil society, as well as non-traditional actors such as technology companies and start-ups.

The paper was prepared in collaboration with Oliver Wyman.