The last decade has seen a significant shake up in the financial sector including the decline in cash transactions, the rise of cryptocurrencies, the explosion in nonbank lending, and the emergence of peer to peer lending. How do we balance the need for standards and regulation with new product innovations? We talk to Dr Iikka Korhonen from the Bank of Finland and Mr Aidan O'Shaughnessy from the Australian Bankers' Association to find out.

Both guests were speakers at the Sydney Banking and Financial Stability Conference (http://sydney.edu.au/business/finance/banking_and_financial_stability) organised and hosted by the University of Sydney Business School.

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