That is, we must be ready with a range of tools and options that would enable us to step in should a bank get into serious difficulties. What has reinvigoration involved? The Bank has been reassessing and testing each of the pillars described above, and at the same time putting a lot of effort into developing its crisis management capabilities.
It revolves around a simple rule: evolve or risk being irrelevant. In the last decade, we have witnessed how technology has dramatically advanced our day-to-day lives. We have also seen how the financial services industry has evolved to offer more customer-centric financial products, leveraging on emerging technologies, such as artificial intelligence, machine learning, and robotics, among others. The pandemic has further quickened this evolution.