Michelle Bowman, Speech: The New Landscape for Banking Competition, 2022 Community Banking Research Conference

No economic news was discussed.

“To wrap up, competition is vital to ensuring that we continue to have a vibrant and innovative banking industry. In the 10 years of this research conference, we’ve seen how competition has led to the adoption of a suite of digital products and services by banks of all sizes. From remote deposit capture, online account openings, and automated underwriting, to interactive teller machines, banks with more than $1 trillion in assets and those with less than $100 million in assets are both able to quickly onboard new technology to meet consumer demand. This has further led to a proliferation of tailored products and services that meet the unique needs of bank customers. We’ve seen how competition from new, tech-savvy, core service providers has led legacy providers to enhance their product offerings and capabilities. At the same time, we’ve seen how these same technologies that enhance the banking experience can also be used by nonbanks to compete directly with banks.”

“Competition is at the foundation of our financial and economic system. As the banking industry changes, we need to change how we think about competition for banking products and services and modernize our approach to competitive analysis that promotes a healthy banking and financial system, supports consumer choice, and creates the right incentives for continued innovation.”