--- title: "Meaning & Key Takeaway of: People need the financial sector to be…" description: "\"People need the financial sector to be safe; people also need the financial sector to go through a massive phase of innovation. That means delivering o..." image: "https://sms4smile.com/quotes/i/ef2/taavet-hinrikus-9070_go_people-need-the-financial-sector-to-be-s_1599728.jpg" --- # People need the financial sector to be safe; people also… ![“People need the financial sector to be safe; people also need the financial sector to go through a massive phase of innovation. That means delivering on the positive rhetoric, like around settlement accounts, not allowing Open Banking to be diluted, and leading the way on AML.” quote by Taavet Hinrikus](https://sms4smile.com/quotes/i/ef2/taavet-hinrikus-9070_go_people-need-the-financial-sector-to-be-s_1599728.jpg) [Download](https://sms4smile.com/quotes/i/ef2/taavet-hinrikus-9070_go_people-need-the-financial-sector-to-be-s_1599728.jpg) [Open image](https://sms4smile.com/quotes/i/ef2/taavet-hinrikus-9070_go_people-need-the-financial-sector-to-be-s_1599728.jpg) > “People need the financial sector to be safe; people also need the financial sector to go through a massive phase of innovation. That means delivering on the positive rhetoric, like around settlement accounts, not allowing Open Banking to be diluted, and leading the way on AML.” [Taavet Hinrikus](https://sms4smile.com/quotes/author/taavet-hinrikus/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Balancing safety and innovation in finance requires protecting consumers while encouraging transformative technologies like Open Banking and AML advancements. **In simple terms:** Finance must be safe yet innovative. Key Takeaway Prioritize secure innovation. Themes finance innovation regulation technology risk management Mood cautious optimistic Type policy strategic When to use this quote - Banking reform - FinTech startups - regulatory policy - consumer protection Key Concepts Open Banking AML settlement systems financial stability Questions to Reflect On - How can regulators keep pace with rapid fintech change? - What safeguards are essential for new financial services? A Different Perspective Innovation can outpace oversight, risking instability. ★ ★ ★ ★ ★ No ratings yet [Customer](https://sms4smile.com/quotes/about/customer/) [Innovation](https://sms4smile.com/quotes/about/innovation/) [Money](https://sms4smile.com/quotes/about/money/) [Positive](https://sms4smile.com/quotes/about/positive/) [Rhetoric](https://sms4smile.com/quotes/about/rhetoric/) ## Related quotes > [Taking away the risk from the financial sector and taking it on to the public shoulders is not the right approach.](https://sms4smile.com/quotes/jeroen-dijsselbloem/taking-away-the-risk-from-the-financial-sector-and-taking-it-on-to/) [Jeroen Dijsselbloem](https://sms4smile.com/quotes/author/jeroen-dijsselbloem/) > [The financial sector is vital to the economy. A well-functioning financial sector promotes job creation, innovation, and inclusive economic growth.](https://sms4smile.com/quotes/janet-yellen/the-financial-sector-is-vital-to-the-economy-a-well-functioning/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [The United States lived on borrowed money for too long, inflating its financial sector unnecessarily and neglecting its small and mid-sized industrial companies.](https://sms4smile.com/quotes/wolfgang-schauble/the-united-states-lived-on-borrowed-money-for-too-long-inflating-its/) [Wolfgang Schauble](https://sms4smile.com/quotes/author/wolfgang-schauble/) > [From the 1990s onward, the financial sector created a vast array of instruments designed to separate investors from their money, financial derivatives of an…](https://sms4smile.com/quotes/john-l-casti/from-the-1990s-onward-the-financial-sector-created-a-vast-array-of/) [John L. 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Gorman](https://sms4smile.com/quotes/author/james-p-gorman/) > [Regulatory reform must move beyond limiting the damage that the financial sector can do and ensure that the sector genuinely serves society.](https://sms4smile.com/quotes/joseph-stiglitz/regulatory-reform-must-move-beyond-limiting-the-damage-that-the/) [Joseph Stiglitz](https://sms4smile.com/quotes/author/joseph-stiglitz/) > [I think there's no question but what the tail end of the Bush administration, Bush-Cheney administration, that we took steps specifically geared to try…](https://sms4smile.com/quotes/dick-cheney/i-think-there-s-no-question-but-what-the-tail-end-of-the-bush/) [Dick Cheney](https://sms4smile.com/quotes/author/dick-cheney/) > [When you've got a economy in which 40 percent of economic growth is happening in the financial sector, that turns out that was all…](https://sms4smile.com/quotes/barack-obama/when-you-ve-got-a-economy-in-which-40-percent-of-economic-growth-is/) [Barack Obama](https://sms4smile.com/quotes/author/barack-obama/) > [I grew up in Monaco, and in that environment going into the financial sector was the obvious choice.](https://sms4smile.com/quotes/herve-falciani/i-grew-up-in-monaco-and-in-that-environment-going-into-the-financial/) [Herve Falciani](https://sms4smile.com/quotes/author/herve-falciani/) > [In a world with weak aggregate demand, countries are engaging in a futile competition for a greater share of it. 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