Law360, London (May 27, 2021, 6:25 PM BST) — A senior European Central Bank official said Thursday that national bank regulators must adapt to lenders increasingly embracing advances in technology, saying doing so could help supervisors gain a quicker understanding of risks to the sector.
Banks have increased their use of technology to improve services, and the increase in home working during the COVID-19 pandemic saw them relying on remote solutions to handle business, Pentti Hakkarainen, member of the supervisory board of the central bank, said.
Factors such as customer demand and the competitive challenge from financial technology companies and the big tech firms also mean banks’ adoption of technology…
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