The IMF said policymakers should be prepared for “disruption” in the banking landscape from big tech companies and fintech start-ups.
A new IMF paper published Monday said the two most common forms of money today, cash and bank deposits, will "face tough competition and could even be surpassed."
The IMF said policymakers should be prepared for "disruption" in the banking landscape from big tech companies and fintech start-ups.In this photo illustration, a visual representation of a digital cryptocurrency coin sits on display in front of a Facebook logo on June 17, 2019 in Paris, France.Banks must evolve or risk being "left behind" as big tech companies shake up the financial system, according to new research from the International Monetary Fund .
But banks are "unlikely to disappear" as they face growing threats from big tech companies and fintech start-ups, the paper said. "Some will be left behind no doubt," the authors wrote. "Others will evolve, but must do so quickly."
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