This, however, must be done in conformity with personal data protection regulations. We must not forget that customers trust a bank to observe the confidentiality of their transactions. Similarly, services known as “cloud computing” have been on the rise for some time now. They unquestionably offer big advantages for banks: they reduce processing and storage costs and provide great flexibility for adjusting information systems to current needs, and, moreover, they are an efficient means of big data analysis. However, this increased dynamism is not free from a risk of data loss which must be controlled. Much the same goes for automated advisory services, known as “robo advice”. It is increasingly common to see automatic tools which act through digital channels in the process of providing advice. These solutions may be useful, for example, in the purchase of a product, because they simplify communication between banks and customers, but this service must conform to marketing regulations. It is necessary to ensure that customers have unrestricted access to sufficient and relevant information that allows them to fully understand the product in question, and that the product is not purchased automatically without understanding the conditions and the risks involved. In short, technological innovations offer banks a way to reduce costs and better adapt their products to customers’ needs, but their implementation in banking operations requires close monitoring of the new risks introduced into the system.
Matters such as the privacy of personal information, security, the risk of cyberattacks or even the risk of exclusion, must 6/8  be monitored and, where appropriate, duly regulated. Regulation has to achieve a balance, protecting financial stability and confidence in the system, without unjustifiably hindering the exploitation of these technological innovations by industry and society in general. It is still too soon to gauge the impact of the technological revolution on the traditional banking sector. I believe that technological innovations will complement traditional banking activities, but to achieve this banks must be sufficiently flexible and dynamic to reap the benefits of technological innovation. There is no question that innovation is also favouring the proliferation of new fintech firms, of highly varying profiles and business models, which may conceivably compete with traditional banks in a specific part of the banking value chain, but are more likely to engage in new ancillary services. One example is joint financing through online platforms, known as “crowdfunding”. It is an alternative source of financing which may offer certain improvements over traditional banking in terms of convenience, speed and cost. But risks have also been identified, such as a potential increase in fraud or greater weaknesses in terms of investor confidence. There is a well-known case of a Swedish P2P platform which went bankrupt late last year after the detection of malpractices in credit extension, prompting a fall in the activity of the sector and closer regulatory attention.