What changes have taken place since 1997 regarding the shape of the financial industry?

Since 1997, the financial industry has undergone significant transformations, marked by the rise of digital banking and fintech solutions, which have revolutionized how consumers access financial services. The deregulation of financial markets, particularly in the U.S. with the repeal of the Glass-Steagall Act, has led to the consolidation of banks and the emergence of large financial conglomerates. Additionally, the 2008 financial crisis prompted increased regulatory scrutiny and reforms aimed at enhancing transparency and reducing systemic risk. Overall, technology and regulatory changes have reshaped the competitive landscape, emphasizing innovation and consumer-centric services.