Fintech is threatening universal banking as we know it – Carney

Mark Carney. Photo Frank Rumpenhorst
Mark Carney. Photo Frank Rumpenhorst
Frank Rumpenhorst

The governor of the Bank of England has said the rise of fintech could eventually "signal the end" for universal banking as we know it.

Speaking at a G20 conference organised in conjunction with the Deutsche Bundesbank, Mark Carney reiterated the benefits financial innovation has had and could have on the financial industry.

While the governor acknowledged fintech may make conventional banking more "contestable" as it improves efficiency and customer choice, the opening up of the "customer

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