I was flattered to be invited to chair the keynote panel on new business models for banking at the Paris Fintech Forum 2023, because the issue of paradigm shift is being raised again and to me, paradigm shift means a change in business model, not mere refinement of existing model. The predictions of disruptive change are well justified and if I think about some recent conversations in the U.S. there are currently three technologies that stand out as impacting fintech strategies in the immediate future: central bank digital currencies (CBDCs), the Metaverse and Artificial Intelligence (AI). Interestingly, only two of these were discussed in Paris in the Spring.
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Many of the issues discussed in Paris were of course the same as those being discussed in London or New York: changes in buy-now-pay-later (BNPL) dynamics, the expansion of embedded banking and open finance, new opportunities around digital assets, cryptocurrencies (and specifically the need for their regulation) , dealing with fraud and so on.
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