By this, I do not mean dressing up old business ideas in fashionable new attire but business models which make the banking sector more stable and resilient over the long term and which are unfailingly centred on the needs of customers. Regulators and supervisors need, more than ever, to have the courage of clairvoyance.
Digital innovation is not an end in itself and is not immune to unwelcome developments. It is precisely because we cannot see into the future that we must not allow ourselves to hide behind our current regulatory and supervisory standards. Responsibility for effective banking supervision means looking at new ideas and developments without prejudice – especially in times of radical change.