The Central Bank Governor Philip Lane has delivered a speech to the Financial Services Ireland Ibec Annual Lunch on the opportunities and risks of technological innovation in financial services. Governor Lane identified key areas for the Central Bank in seeking to understand the effects and risks of potential innovations. Governor Lane made it clear that the Central Bank intends to embrace technological innovation, by "undertaking better analysis of "big data" in the identification of financial risks". The Central Bank has identified increased competition in the market as a risk to incumbents, risks to consumers arising from the marketing and delivery of innovative financial services, which may involve mis-information and mis-selling, and the risks to all firms arising from the handling and storage of customer data. The Governor also outlined the challenges facing the Central Bank in keeping up with financial innovation, including around assessing authorisations, making judgement calls while regulating firms, establishing credible and effective resolution regimes and cooperation with other regulatory authorities. Governor Lane indicated that the role of the Central Bank in managing the money supply may also alter with the increasing popularity of electronic payment technologies and digital currencies.
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Central Bank of Ireland Governor delivers speech on technological innovation and financial services
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