The president of the supervisory board of the European Central Bank (ECB), Andrea Enria, explained this Monday that “we want to use digital transformation for the bank supervision“To go one step further and” simply accept the new digital world we live in. “
In his opinion, the term suptech It appeared a couple of years ago, but it is now that “several authorities are working independently to introduce tools, such as machine learning or advanced data analysis in their daily processes.”
Separation of monetary policy activity from banking supervision tasks
The manager explained that in a conference on the subject that will be held virtually today from Frankfurt it will be possible to see how “colleagues from France, England and Brazil they already use the technologies to make bank supervision”. In other words, it is no longer necessary to be in situ in the entities to know and deepen their accounts. Now, everything can be done remotely. In this sector, it was very typical for inspectors to be at the headquarters of large banks for a time to render accounts and supervise their operation.
In his view, “there is a strong Chinese wall between the ECB’s monetary policy and banking supervisory functions regarding tasks and decision-making, but there is no barrier to making the ECB digitally strong and operationally more efficient. ”.
The manager considers that “innovation is not an individual sport, but rather that it is necessary to trust” firmly in the collective mind and in the creative power of collaboration “to be more interconnected.