In the last couple of decades, we have witnessed changes to the financial services industry because of technological advancement, new entrants (many non-banks), and regulatory changes In this 30-minute talk, the following topics/issues will be covered:

• What is FinTech (financial technology) and why is it different today?
• What parts of the financial services industry are likely to get disrupted?
• How are incumbents and disruptors competing and/or collaborating?
• What are some examples of disruptors that have upped the game of incumbents?
• How are end-users benefiting from new entrants and innovations?
• How are central banks getting disrupted?

In this session, we will discuss what types of financial services are most likely to get disrupted by financial technology (FinTech) firms. The impact of the disruption can differ from market share being taken away from incumbents (resulting in some incumbents exiting) to incumbents improving their financial services to meet demands (resulting in the transformation of incumbents) to anywhere in between. In addition, introduction of new technologies may lead to greater cooperation between disruptors and incumbents. We will discuss specific examples where frictions exist in the delivery and access to financial services that are being reduced or eliminated by technology and new entrants. We will also discuss specific examples where creative solutions are still needed. Finally, we will discuss the role of regulation in balancing how to maintain financial stability and consumer protections and how to encourage innovation in financial services.