Publication

On July 22, 2021, Bank Governance Leadership Network (BGLN) participants met virtually to discuss how retail and commercial payments are changing and the risks and opportunities that presents for banks. A range of payments providers are acquiring market share from banks, expanding into banking services, and finance is becoming increasingly embedded in commerce. A format war for the future of digital money could have even deeper implications for banking as crypto, stablecoins, and central bank digital currencies vie for broad adoption. Banks need to develop a strategy to respond. This ViewPoints draws on pre-meeting conversations with participants and the discussion on July 22nd, and focuses on the following areas:

• The payments landscape is rapidly changing
• The future of money is digital
• Banks are reassessing their approach to payments and money