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Future Challenges

In: Banking on Innovation

Author

Listed:
  • Tanai Khiaonarong

    (University of Westminster and Bank of Thailand)

  • Jonathan Liebenau

    (London School of Economics and Political Science)

Abstract

The modernisation of payment systems is an evolutionary process. It involves adaptation to changes in the socio-economic environment, regulatory developments and technological innovation among others. Schumpeter’s gales of creative destruction manifest themselves as new business models from non-bank payment service providers that have challenged the traditional payment services domain of banks. At the same time, the rapid pace whereby these new innovations are introduced may also pose risks to consumers and the wider financial system if not properly regulated and supervised. Thus, the challenge is to strike a balance between fostering new innovations and maintaining proper oversight of the associated risks to avoid stifling innovation itself. We conclude with a discussion of the major forces that will present challenges to the continuing modernisation of payment systems. These include financial stability, financial integration, trade liberalisation in financial services, and continuous technological innovation.

Suggested Citation

  • Tanai Khiaonarong & Jonathan Liebenau, 2009. "Future Challenges," Contributions to Economics, in: Banking on Innovation, chapter 8, pages 173-176, Springer.
    • Handle: RePEc:spr:conchp:978-3-7908-2333-2_8
    DOI: 10.1007/978-3-7908-2333-2_8
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