Teunis Brosens, ING
To summarise these multiple data-related regulatory initiatives, over the coming years banks will likely have to open up more of their data for real-time portability. At the same time, they may also find themselves on the receiving end of more real-time ported data. Banks that are willing and able to use that data to improve their services will be at an advantage compared to their peer banks. They will be better able to compete with non-bank fintech and big tech providers of banking services. At the same time, they are a more attractive potential partner to those very same non-bank providers. Thus banks face important questions about their data capabilities, and about how they want to put data to work in their organisation. Banks will also need to carefully consider how to reconcile any data ambitions with their role as trusted custodians of money and sensitive financial data.
From Digital regulation – information overload | Article | ING Think:
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