The situation in the banking sector is still tense, and is becoming ever more so as a result of increasing regulation. In order to make use of regulatory compliance as a driver for innovation, the use of state-of-the-art technologies and agile approaches are just as important for success as a greater focus on IT know-how within the banks’ management hierarchy. These are the findings of a recent study carried out by COREinstitute, Berlin.
Risk management is one of the core competencies of the finance industry. This sensitive field’s immunity against technological developments has long since evaporated, with models and methods influenced as a result. In particular, data and new ways of exploiting it (think big data and, to an increasing degree, artificial intelligence) are having a transformative effect and challenging the previous organizational models employed by institutions.
The EBA public hearing on Regulatory Technical Standards, specifying the requirements on strong customer authentication and common secure communication under PSD II, took place on September 23. The public hearing is an integral part of the consultation phase and regularly provides a summary of the initial consultation phase, as well as an insight into how the RTS are likely to shape up.