Technology, and in particular the spread of real-time communications networks, permits banks to delegate ‘last mile' cash management and customer servicing functions to third-party retail outlets. By making basic deposit, withdrawal, and payment functions available securely through retail...

In the financial sector, regulators focus primarily on stability, predictability, and avoiding shocks. The recent financial crisis led many commentators to speak out on the difficulty, if not the failure, regulators had in controlling innovation, which had damaging consequences not only for the...