In this speech, Dave Ramsden focuses on fintech. He sets out three ways we’re using the latest innovations in finance and technology to help us meet our mission.
First, we’re renewing our Real Time Gross Settlement service (RTGS). RTGS is a payment system that settles around £600 billion between banks on an average day.
Second we’re exploring the concept of ‘unbundling’. This is the ability of fintech to separate some banking activities into core functions, providing customers with more choice, better-targeted services and keener pricing.
Third, we’re looking at the potential ways artificial intelligence could to revolutionise the financial sector.