Deutsche Bank: future of fintech shaped in next few years

Forward-thinking regulation will be the catalyst for banking transformation, and the next few years will shape the future of financial technology, according to a Deutsche Bank white paper. This makes conducive and forward-thinking regulation one of the most significant catalysts for unlocking the full benefits of emerging technologies for corporates and financial institutions. Contributors to the whitepaper included experts from European Banking Federation, Asia Securities Industry and Financial Markets Association, Microsoft, Google, Ernst & Young and Latham & Watkins.

The emergence of new technology solutions relating to Open APIs, cloud, blockchain and artificial intelligence — and their uptake by the banking industry — has driven increasing volumes of digital data, and new market players, business models and evolving client expectations. But for technology to truly be transformative, further global regulatory alignment is needed, with any regulatory approach accepting the “new realities” created by emerging solutions.

Given the ability of these technologies to allow more effective collection, storage and analysis of data, cybersecurity and data protection have been placed firmly under the regulatory spotlight to date. At the same time, regulators understand that barriers to the implementation of these new technologies can hinder banking innovation, competition and the development of new products and better pricing for banking clients. As such, many regulators have thrown their weight behind supporting innovation, implementing a multitude of fintech and innovation initiatives.

The paper provides detailed analysis on the current regulatory landscape with respect to these advanced technologies, challenges to implementing technological innovation in transaction banking, and concludes that any regulatory approach must be: globally aligned; technology-neutral; digitally relevant; embracing of new solutions; and industry-led.

Read the whitepaper

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