With banks and supervisors adapting to the considerable changes presented by the pandemic, we discuss some of the key technologies underpinning new business models with Piers Haben, Director of Banking Markets, Innovation and Consumers at the European Banking Authority (EBA).
We look at the criticality of online authentication and big data in the financial sector’s COVID response, and the trends likely to endure from the shift in customer preferences towards digital channels. As cloud assumes an increasingly vital role in supporting future business strategies, Piers highlights the policy progress already made, as well as the topical issue of concentration risk.
We discuss the emerging opportunities and challenges with machine learning and artificial intelligence, and Piers stresses the dual materiality of potential issues both for banks using these technologies and for society as a whole. Piers also connects these topics to the wider environmental, social and governance (ESG) agenda.