These innovations in banking have highlighted some of the fees that banks have traditionally relied on as a key source of revenue and created the possibility that banks could lose their relationships with customers and end up providing ‘back end’ banking services.To keep apace, there is therefore a need for Irish banks to substantially invest in their technology and data capabilities.
When I was involved in founding Banque centrale du Luxembourg in 1998, the run-up period was even shorter, but the current task is far greater. However, we have the advantage of an excellent cooperation with the national central banks and supervisory authorities. And we can also build on the experiences of the European Banking Authority (EBA)…. ..which were not altogether positive, however...