José Manuel González-Páramo, Chairman of the Supervisory Board of European DataWarehouse and former member of the Executive Board of the European Central Bank and former Executive Board Director, Banco Bilbao Vizcaya Argentaria S.A., spoke about “Digital Innovation and Data in the Financial Sector” at the “Food for Thought” online event of Frankfurt Main Finance on 8 July 2020. In addition, Dr. Christian Thun, CEO European DataWarehouse, gave a brief insight into the monitoring of the impact of COVID-19.
Mr. González-Páramo’s speech covered the following aspects:
- Data as a clear game changer: Technologies & data accelerate the transformation not only of business and finance, but also of the economy and society as a whole.
- Five factors are currently reshaping the sector and the following three main forces are associated with it:
- Technology and data enablers
- Shifting customers and needs
- New business models
- Two keys for banks’ to succeed: Investing in internal strengths, and understanding and managing the external environment (regulation and financial and non-financial events).
Please find the presentation here: José Manuel González-Páramo – Digital Innovation and Data in the Financial Sector
European DataWarehouse became operational in 2013 in the wake of the 2008 financial crisis to satisfy the need for more transparency in the securitisation market. Their loan-level data will make it possible to assess the effect of the current crisis on securitised portfolios, in a way that would not be feasible looking only at investor reports.
