At Bruegel’s conference “Rethinking industrial policy in the digital age“, I was asked to provide a bank’s perspective on digitisation. Please see below my intervention.
If you are not keen to watch my head talking for 11 minutes, the summary is:
- There is a tension between innovation and the financial regulatory framework;
- “Unbundling” of banking, outsourcing, and a national supervisory framework add to complexity and fragmentation;
- The data sharing embedded in PSD2 provides a template for a broader, cross-sectoral data sharing framework.