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The Digital Challenge: How Are New Technologies Shaping the Financial Industry?

In: Understanding Financial Risk Tolerance

Author

Listed:
  • Caterina Cruciani

    (Ca’ Foscari University of Venice)

  • Gloria Gardenal

    (Ca’ Foscari University of Venice)

  • Giuseppe Amitrano

    (Wieldmore Investment Management)

Abstract

This chapter describes the challenges that the digitalization of the financial services industries is posing to traditional players. In particular, the Fintech revolution, Open Banking/Finance, and robo advisory are described, both on a practical and academic ground, focusing on how the transition from in-person financial services to automated ones affects the trust paradigm and, eventually, investors’ risk tolerance. The chapter also recaps the Payment Services Directive 2 and the role played by the European Regulator in contributing to the dissemination of digital solutions, instilling confidence in the use of digital services, and facilitating and encouraging competition in the finance industry. The chapter concludes with the revised Guidelines on Suitability issued by ESMA in 2018, where new requirements have been introduced to consider the increasing presence of robo advisors in the market for financial advice.

Suggested Citation

  • Caterina Cruciani & Gloria Gardenal & Giuseppe Amitrano, 2022. "The Digital Challenge: How Are New Technologies Shaping the Financial Industry?," Springer Books, in: Understanding Financial Risk Tolerance, chapter 0, pages 119-151, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-13131-8_4
    DOI: 10.1007/978-3-031-13131-8_4
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