The World Economic Forum (WEF) have published a report on the role of financial services in society and the impact of technology-enabled innovation on financial stability. The report considers the sources of technology-driven risks and sets out actions to minimise the risks and capitalise on the opportunities created.
The report provides four recommendations for the private sector and financial supervisors:
- Facilitating a public debate to clarify the boundaries for and ethical use of personal data by financial services companies.
- Setting up a forum for public-private dialogue on technology enabled transformation in financial services.
- Defining set standards by the international supervisory committee.
- Setting of industry standards by the private sector.
The WEF affirmed their vision to strengthen the bond between the financial services industry and society at large and their intention for this to become a shared vision.