This calls for a rejig in the way in which banks approach technology. In a technology led financial sector, collaboration among all stakeholders, including competitors, could prove to be the big cost saver. With rapid strides in security standards and capabilities, such a collaboration and sharing of IT infrastructure is feasible on a much larger scale than is happening today.
Other countries provide additional "data points" in terms of possible ways of approaching the CCyB. With the CCyB in active use around the world, I am confident that the academic and policy communities will learn a great deal about how best to use this new tool to build a more resilient financial system.