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Mounting Challenges and New Horizons for the Banking System

Author

Listed:
  • Adam Nyikes

    (Magyar Nemzeti Bank)

  • Istvan Papp

    (Magyar Nemzeti Bank)

  • Peter Sajtos

    (Magyar Nemzeti Bank)

Abstract

For centuries, banks have played an essential role in the functioning of the economy. However, the digital evolution of the 21st century has not only challenged the traditional role and operating principles of the banking sector, it has also created new competitors. What does the future hold for the financial system and financial services? In this article, we discuss three possible trends: (i) the emergence of a more efficient banking system; (ii) the spread of decentralised financial services; and (iii) the widespread adoption of central bank digital currency (CBDC).

Suggested Citation

  • Adam Nyikes & Istvan Papp & Peter Sajtos, 2022. "Mounting Challenges and New Horizons for the Banking System," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 21(1), pages 174-183.
    • Handle: RePEc:mnb:finrev:v:21:y:2022:i:1:p:174-183
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