June 1, 2016
The modern financial services industry drastically differs from the one we had ten or even five years ago. As the pace of technological advancements accelerates, no industry can remain untouched. Banking is an industry especially touched and transformed by technology and emerged new types of players.
However, advancements of any kind always come with certain sacrifices. The efficiency of automation often lacks individuality and customization; also, the speed of underwriting often comes with significant risks of bad loans portfolio.
Both national and global governmental structures recognize rapid changes and pay close attention to them in order to anticipate possible risks and opportunities. Thus, in one of the most recent reports by the World Economic Forum (WEF) on the role of financial services in society, the organization recognized the six most important risks faced by the financial services ...