Regulation is still shaping banks’ strategic thinking, says a new study by The Economist Intelligence Unit.

The unit surveyed 200 global banking executives to investigate the challenges retail banks face in the years to 2020.

In North America regulation was the top concern. “This year is marked by a sharp regional divergence about which rules will hurt most, and where,” according to the study. “In 2017 we expect the opening up of a new regulatory front to bring fintech under control.”

A striking 88% of executives indicated the impact of bank capital requirements regulation will have the biggest impact on the banking industry. In comparison, only 2% of the respondents said that new entrants will have any impact on the industry.

More information on the report is available here.