On 28 September, B-Hive had the opportunity to be part of the European Banking Summit. The theme of this year’s edition was focused on ‘Building a New Future’ – putting the spotlight on fintech and regulation as two massive forces that need to evolve in parallel for financial innovation to flourish.
In his keynote speech, Olivier Guersent (Director General, DG FISMA, European Commission) called for a deep re-engineering of the financial system to ensure disruption is managed and newer, more powerful technologies are harnessed properly. He also emphasized the speed at which fintechs are innovating, instigating the need for regulation to catch up with this pace.
What followed this forward-looking keynote was a vibrant session on how financial innovations are closely interacting with EU-level regulation. Cora van Nieuwenhuizen (Member of the European Parliament) talked about the need for regulators to shift from ‘ticking the box’ to ‘thinking out of the box', while Richard Peers (Director, Financial Services Industry, Microsoft) highlighted how PSD2 is unlocking new digital solutions towards enabling a frictionless experience for the consumers.
Aside from emphasizing the role fintech plays in changing the competitive landscape of banking, the spotlight was also put on sustainable finance during the full-day event. Overall, the future seems bright for the banking sector, as more and more banks are bringing in fintechs to their orbits and proactively exploring collaboration to a whole new level.