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International Monetary Fund (IMF) warns bank about evolution theory

In a recently published paper, the IMF warned banks to evolve or be left behind.

Technology, interconnection and the rise of digital money (name of the paper), are threatening the banking system by forcing it to either adjust to new expectations or to become extinct.

Regardless the fact that banks are unlikely to disappear, change is needed immediately to better serve clients and to respond to economic development.

The IMF noted that the banking system needs to adapt fast as big technology firms are entering into financial services to stay as many other new player.

Source

https://www.cnbc.com/2019/07/15/imf-says-banks-could-be-left-behind-amid-competition-from-big-tech.html

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.

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