The European Central Bank is to undertake targeted reviews and on-site inspections at banks after uncovering a number of shortcomings in digital transformation strategies, according to Finextra.
Most of the banks still face challenges in developing Key Performance Indicators (KPIs) to monitor digital progress, quantify the impact of digital transformation on their profitability and track effectiveness of implementation. Keeping track of digital customers and sales also remains a challenge for many.
„As banks open up their IT infrastructures and increasingly rely on third party providers, they face heightened risks of third-party dependency, money laundering, fraud and cybersecurity,” states the ECB. „These risks require further monitoring and must be taken into account in banks’ governance and risk appetite frameworks. These risks are also among the supervisory priorities of ECB Banking Supervision for 2023-2025.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
