Swiss Finance Council about digital banking: „It is paramount that the EU sets a regulatory framework, which fosters innovation and promotes global cooperation”

On the occasion of its third public event in Brussels, the Swiss Finance Council (SFC) presents its new Discussion Paper entitled ‘The EU and its Partners: Banks and Investors in a Digital World’.

„The topic of digitalisation in financial services has, quite rightly, rapidly moved up on the EU policy agenda in recent years. With this paper, we hope to contribute to the debate by demonstrating how technology can empower consumers, enhance their user experiences and make access to financial services more inclusive.”, say the authors of the report.

„In our Discussion Paper, we demonstrate that technological innovation is primarily driven by new client behaviours and expectations. Further, we explore the digital transformation potential and its impact on banks and their clients. Finally, we reason that Europe needs a comprehensive strategy that encourages innovation and financial and digital education, and articulate recommendations on how policy-makers and regulators can successfully transform Europe into a more competitive ecosystem for innovation that contributes to stronger economic growth.”

To make this transformation successful, the authors of the report believe the EU should build on its strengths, including its long tradition of highly educated workforce and its experience in developing common EU standards. „It is paramount that the EU sets a regulatory framework, which fosters innovation and promotes global cooperation. We hope this Discussion Paper will serve as a seminal contribution to the current digitalisation debate and stimulate further reflections on the topic.”

Source: Swiss Finance Council: The EU and its partners – Banks and investors in a difital world (pdf format)