Supervisors must embrace technology – ECB’s McCaul

Data is “growing exponentially”, so supervisors must innovate to track risks, supervisory board member says, as SSM digitalisation enters ‘phase 2’

Elizabeth McCaul
Lucy Stewart

Banking supervisors need to embrace technology to keep pace with advances in the financial sector, the European Central Bank’s Elizabeth McCaul said today (June 12).

Speaking at the Central Banking Summer Meetings in London, the supervisory board member said the financial sector had undergone “incredible evolution”. She said new tools such as generative artificial intelligence were being tested, while new entrants were threatening to disintermediate traditional banks.

Supervisors need to keep pace

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