Some 60% of European users surveyed by McKinsey said they would consider a fully digital solution for all their banking needs, but banks are struggling to profit from online channels.

Many jurisdictions are following the EU’s proposed regulation of artificial intelligence. Firms that have not begun to develop their AI systems to comply with the new regulation are being advised to do so now.

Forecasts of a collapse in the value of the fintech market are probably premature, according to many in the industry.

Many argue that the likes of bitcoin can help displaced people access financial services, but others are more sceptical. 

Banks and building societies in the UK will be required to assess the impact of changes to their services such as shorter branch opening times and the shuttering of branches.

Apple’s entry into the buy now, pay later market has raised concerns among fintech and banks alike. But should they be worried?