The future of finance: outlook to 2030

Future Forum | 3 months ago | in Bank to the future

We’re exploring what the financial system of tomorrow might look like, and what it means for the Bank of England’s priorities now and in the future.

New economics, new finance, new Bank

“The Bank recognises that a new economy, a new world and new demographics demand a new financial system ... The new finance will develop for the new economy, not in isolation from it.” Governor Carney, Mansion House speech, June 2018

The future of finance project is looking at how financial services might evolve over the next decade, and what this means for individuals, businesses and financial service providers. This will help inform our thinking on future policies and capabilities.

The Governor has appointed Huw van Steenis as a Senior Advisor to lead the project.

What we will look at

Our research will cover a range of issues, including:

The implications of an ageing population
The emergence of big data sets and the sharing economy
The integration of emerging markets into the global financial system
How finance can help the transition to a low carbon economy
How new financial technologies can serve UK households and businesses better

Find our more about our Vision 2030 work here: https://www.bankofengland.co.uk/research/future-finance

edited on Oct 31, 2018 by Future Forum

Ramblingsofabard 3 months ago

I think customer redress falls into other regulators remit (while the BoE looks at the bigger institutions and the financial markets as a system) but in the sharing economy a big challenge will be ensuring that consumers have the necessary support mechanism to raise concerns and highlight financial misconduct. E.g. a deliveroo driver over charging a customer through deception. This might first be raised with deliveroo but then an associated watchdog. As we enter into the sharing economy where fintechs and banks only provide the orchestration for the sharing economy to work, we would need new and variety of tollgates for watchdogs

Sabrina Rochemont 3 months ago

So is there a need to rethink accountability for a service?

This comment has been removed

Shelley (BoE Moderator) 3 months ago

Thank you for sharing.

Ramblingsofabard 2 months ago

There is definitely, but with the intricacies and interlocks that the digital world brings with it. A simple transaction will have so many participants involved. I think the financial institutions will play a role similar to Amazon, of offering a marketplace and orchestrating end user interaction.