14 8 THE PACE OF CHANGE WILL BE UNEVEN COMMUNICATION AND CONVENTION NEEDED TO CLEAR THE WAY FOR STRONGER AND MORE EFFICIENT MARKETS Individual banks and corporates cannot effect these changes alone The adoption of new services and processes partly depends on backing from the banking industry and trade bodies A crucial first step will be to lay down common rules and conventions so that the wider market understands and shares definitions of specific terms acronyms and jargon FACTORS AFFECTING DIGITALIZATION One positive example has been set by the International Chamber of Commerce ICC with its Uniform Rules for BPOs URBPO An industry respected trade body such as the ICC has sufficient weight to establish common terminology and processes Such initiatives should be encouraged across the spectrum of innovative services offered by digitalization In order to create these initiatives which help to ensure stability while fostering innovation regulators and market participants must open channels of communication Banks should use their expertise to keep regulators informed of the impact of regulation on themselves and their clients Indeed banks must also educate the regulators and politicians explaining how such innovative systems can work to benefit the entire operating environment Amid concern that regulation could stifle bank innovation there is a need for banks to offer their co operation and advice The priority for regulators is to ensure that banks maintain robust balance sheets adequate capitalisation and strong risk management and if they do so the technology involved should be of little consequence In fact regulators should welcome digital technology since it can serve their core purpose making the whole financial system more transparent uniform and ultimately robust And it is vital that banks get this message across

Vorschau UniCredit Digitalization Seite 14
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