For banks, cloud computing appears to be the perfect answer to the growth of big data—and the necessity to manage and exploit it. This shared pool of information offers increased efficiency at lower cost, but adoption can be challenging for banks, with regulators expressing concerns especially regarding customer data protection. Fortunately, success is within reach through effective collaboration between banks, regulators and cloud providers.
European Banking Authority
There’s no doubt about it. Technology has come to define the relationship between businesses and their customers. Industry by industry, companies are reacting to the changing expectations of their customers for a self-service, personalized, mobile-driven experience on one hand, and increasingly digital and data-focused regulation on the other.
Brexit negotiations continue, but little headway has been made regarding the final terms of the United Kingdom’s departure from the European Union (EU).
Getting regulatory compliance right is a necessity for financial institutions today, because getting it wrong is a punishingly expensive mistake. Just as fintech has been rapidly embraced by the industry due to its many proven benefits, the new kid on the technology block, regtech, is set to blaze its own innovation trail, disrupting the old ways of doing things in a bid to cut costs.
You may have come across “RTS” – yet another acronym in the jargon-riddled PSD2 legislation. The European Commission has set out the legislative framework for new Directive and has tasked the European Banking Authority (EBA) to define the Regulatory Technical Standards (RTS) for the implementation for PSD2.
Around the turn of the year, credit-rating agencies Fitch and Moody’s both upgraded their outlooks for Ireland’s banking system. Their favourable views were largely based on the expectation of improving credit fundamentals in 2016 and 2017