Template-Type: ReDIF-Article 1.0

Author-Name: Adam Nyikes
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: nyikesa@mnb.hu

Author-Name: Istvan Papp
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: pappis@mnb.hu

Author-Name: Peter Sajtos
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: sajtosp@mnb.hu


Title: Mounting Challenges and New Horizons for the Banking System

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).

Classification-JEL:  
Keywords:  
Pages: 174-183
Volume: 21
Issue: 1
Year: 2022
File-URL: https://en-hitelintezetiszemle.mnb.hu/letoltes/fer-21-1-fa2-nyikes-papp-sajtos.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:21:y:2022:i:1:p:174-183