New Framework for Outsourcing – A Challenge for Banks and Service Providers in the Interface Between technological Development and Regulatory Activism
Ola Espelund, General Counsel, Marginalen Bank
The use of financial technology is increasingly important to banks and financial institutions. Financial institutions face the reality of operating in a fast-moving environment with an increasing technological development while regulators continuously impose incremental compliance and security requirements. This is obviously challenging for the business development in a heavy regulated domain. In the context of digitalization, many fintech providers and startup companies have emerged driving the development with new and innovative solutions. For financial institutions, many with vast legacy systems, this brings an opportunity to access new technology quickly. Although the adaption of new business models embracing such technology might reduce costs and improve efficiency, financial institutions must ensure to manage risk and maintain control of such activities.
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