On November 12, Federal Reserve Bank of Philadelphia President and CEO Anna Paulson spoke on “Harnessing the Benefits, Minding the Risks of Fintech Innovations,” addressing how to maximize the advantages of fintech while managing its risks. Paulson emphasized that the rapid convergence of technology and finance creates both opportunities and challenges, including concerns about data privacy, new systemic risks, and financial inclusion, that require diversity of expertise to address.

She noted how financial innovation should not be impeded and highlighted the important role traditional financial firms play alongside fintechs. Paulson stated that the true success in fintech will be measured by broader financial inclusion, the expansion of products and services to diverse consumers, and fluid regulatory frameworks that enable traditional finance and fintech to coexist.