The Bank of England – Open to Fintech
Remarks given by Dave Ramsden, Deputy Governor for Markets and Banking, Bank of England
The need for the Bank of England to continue to play its part in contributing to the infrastructure of the financial sector is more relevant today than ever.
Access to payments and infrastructure has changed for consumers – contactless payments are a daily reality for many now, and smartphone payments are sharply on the rise. But the fundamental role of banks as intermediaries, and the structure of the UK retail banking industry, has remained much the same. There are signs of evolution – such as the entry of 36 new banks3 over the past 4 years. But arguably, finance has yet to face its “Uber” moment.
It is important that the Bank of England is attuned to the needs and challenges of a changing financial sector so that it can translate that to facilitating the infrastructure changes needed to support the UK’s financial sector and fintech development.
But how to do this? In my view, by being open. More specifically, by the Bank of England being open minded, keeping an open door, and being open to change.
The full speech is available here.