EU banking digital supervision no sci-fi - ECB official - Breaking The News

EU banking digital supervision no sci-fi - ECB official

30 November

1 min read

EPA-EFE/ARMANDO BABANI

European Central Bank (ECB) Supervisory Board member Pentti Hakkarainen said on Monday that modern technology must be used to build the new, digital, reality of European banking supervision, adding that "none of it is science fiction anymore."

Hakkarainen pointed out two "key elements" of the digital future for European banking supervision: the usage of Artificial Intelligence to support supervisory judgment and a data architecture with centralized digital gateways to supervised entities to allow real-time data analysis.

The ECB official warned that "if we don't evolve at the same pace as the banking industry, we have little chance of delivering high-quality supervision of banks' digital transformation."

ecb digital banking

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