For banks, innovation is certainly nothing new, and so far this announcement has been greatly exaggerated, as they say. Wherever innovation poses a challenge, there are opportunities for the farsighted and lucky entrepreneur, including the banking entrepreneur, just like everyone else. Nevertheless, we should bear in mind that there are challenges, which do pose serious risks if overlooked, and require targeted responses. 34.
To emphasise the complexity of the decisions we face, I shall mention but one example, without overlooking its problematic aspects: the deployment of artificial intelligence and machine learning, and the use of big data to measure creditworthiness.