Fintech: Ask “What Next?” Not “What If?”

Abstract: During welcome remarks at the Seventh Annual Fintech Conference in Philadelphia, Patrick T. Harker, president and CEO of the Philadelphia Fed, spoke to the rapidly changing concept of money. “Everyone here recognizes that fintech presents not just opportunities but also challenges,” he said, “and that we will not ultimately succeed if we only focus on the former and ignore the latter.” With the rollout of FedNow, he said the Federal Reserve is doing its part to foster “a more nimble and responsive banking system,” while we witness “a technological revolution through AI” and provide leadership in quantum computing, “which has the potential to revolutionize security and problem-solving methodologies throughout the banking and financial services industry.” Harker also emphasized that the Fed will also continue to provide leadership to ensure a safe, efficient, fair, and equitable U.S. payments and financial system.

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Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Speech

Publication Date: 2023-09-07