The European Banking Authority (EBA) has published Slavka Eley’s, Head of Supervisory Convergence Unit at the EBA, speech given at the EBF Cloud banking Conference.
Slavka Eley’s speech covered three aspects relating to innovation:
- the observed changes in the banking landscape mainly driven by technological innovation;
- the use of cloud computing in banking; and
- FinTech in a broader context and the EBA’s approach to FinTech.
In addition, she stated that as FinTech, including the cloud, is driving a major change in financial services, regulation and risk management policies must keep up with the efficiencies and modernity of FinTech while at the same time, ensuring that FinTech does not underestimate the reasons for regulatory compliance. In order to do this, it is necessary to have meaningful exchanges between the key stakeholders to ensure that innovation is encouraged in a way that allows for the risks to be mitigated.