Regulation, the catalyst for banking transformation – Deutsche Bank paper

Friday 19 October 2018 14:11 CET | News

Deutsche Bank has issued a white paper called “Regulation for banking transformation”, emphasising the importance furthering global regulatory alignment.

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. Yet their transformative impact will only be realised with further global regulatory alignment and acceptance of the new realities created by emerging technologies, says Deutsche Bank’s white paper, “Regulation for banking transformation”, which includes contributions from experts across the banking, technology, and legal industries.

The paper, which provides detailed analysis on the current regulatory landscape with respect to emerging technology, and the key challenges to implementing technological innovation in transaction banking, concludes that conducive and forward-thinking regulation stands to be a major catalyst for a thriving and innovative banking industry. For this to happen, it concludes that any regulatory approach must be: globally aligned; technology-neutral; digitally relevant; embracing of new solutions; and industry-led.

The paper highlights a number of areas where regulation may not yet completely account for the “new realities” of technology. For instance, legislation relies on traditional means of ensuring data and information security – requiring access to premises where data is stored on cloud for the purpose of physical audits.

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Keywords: Deutsche Bank, regulation GDPR, regulatory alignment, Germany, anking, technology, legal industries
Countries: World