The Future of Finance - our response

We explored how the financial system might change over the next decade and what we need to do about it.

What we're doing

Based on our findings, we’re focusing on five key areas. Click on the icons to learn more.

1. We are enhancing the payments system for the digital age

2. We are championing a platform to boost access to finance for small businesses

3. We are supporting the transition to a carbon-neutral economy

4. We are developing a world-class regtech and data strategy

5. We are facilitating firms' use of technology, like the cloud, to increase their operational resilience

Why we set up the Future of Finance project

“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

We set up the Future of Finance project to look at how financial services might evolve over the next decade, and what this could mean for everyone who uses, provides or regulates them.

We commissioned Huw van Steenis in May 2018 to lead this research and to report his findings and recommendations. We published Huw van Steenis’ report and our response to it on 20 June 2019.

PDFOur response

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What the report found

  • The economy is becoming more digital
  • The use of data is increasing rapidly
  • Economic growth places greater demands on the world’s natural resources and climate
  • A digital economy means use of cash in the UK is declining rapidly
  • Investment in technology can boost productivity and innovation
  • Investment can also help to address the challenges to our climate

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This page was last updated 31 January 2023