For banking and insurance, digitization could prove as disruptive as it has been for the media industry. Is that a risk to financial stability? Germany has put the topic on the G20 agenda.
For consumers, the new world of digital financial services is full of promise: Pay with a click, take a loan with your phone, whenever you want, wherever you are.
Traditional bankers, on the other hand, are worried. And so are regulators. They fear that ultimately, the stability of the whole financial system might be at risk, as new service providers and startups ("fintechs") threaten to disrupt this centuries-old industry.
Germany, which presides over this year's meetings of the world's leading economies (G20), has put the topic on the agenda of the G20. Part of that process was a two-day conference (25.-26.01.2017) at Biebrich Palace near Wiesbaden, where policy makers, central bankers, academics and industry specialists from numerous countries exchanged ideas on how to weather the upcoming storm.
