for example, when evaluating a technology - driven business model of a new company involved in financial services, supervisory authorities today often need to combine legal, economic and technical expertise. in these situations, it is no longer possible for a single person to make a comprehensive assessment. supervisory authorities thus need to learn to cope with it - related content and an agile environment – much like the institutions themselves. this means that supervisory authorities will have to face up to topics such as maintaining it skills within their organisation and finding a suitable organisational setup to tackle complex questions that arise in today ’ s financial sector. 4 / 5 bis central bankers'speeches so it ’ s not just about setting the right framework for digital finance. organisational matters also become crucial to the effective enforcement of our regulatory framework. 4 conclusion ladies and gentlemen, i promised you to shed some light on digital transformation from the perspective of a central bank. so please forgive me for concluding with the typical remark of a central banker : “ there are opportunities. and there are also risks ”. while harbouring enormous possibilities, digital transformation also poses quite substantial challenges. in particular, it reshapes the financial system in a way we still do not fully comprehend. this throws up new kinds of questions that require new answers. it is the task of central banks, supervisors, legislators and market participants alike to shape these developments. ultimately, digital transformation will be what we make of it. thank you. 5 / 5 bis central bankers'speeches

of sales staff and other employees should be completed in the coming months. as regards the latest and not least substantial european developments in the area of business practices, the aim of the drive to standardise rules in the framework of a crosssectoral approach is simplification. this drive should be extended. an obvious case is the key information document of the priips regulation. it will allow customers to easily compare two investment products, irrespective of whether they are classified as bank products, insurance products or financial instruments. but i could also cite examples of work in the area of “ product governance ”, conflicts of interest or compensation, which bring regulations from the three sectors closer into line. i will finish by discussing changes stemming from new technologies. we are all aware that they change business practices by affecting consumption patterns and customer relations. the contractual nature of the banking and insurance industries means that relationships are rich and often long - standing. such relationships are based on the consent of both parties to the contract and execution on the basis of trust. today, over and above agreement on the price and on the object, which forms the basis for a sales contract, the possible use and security of customer data is increasingly relevant. the development of new technologies and the appearance of new tools, aimed at making the “ customer experience ” more fluid or attractive, must also take into account the cardinal principle of consumer protection. this is also a necessary condition for new sustainable and robust economic models to emerge. these areas are currently the main focus of the national and european authorities and the acpr stands ready to play a full role, drawing on its experience and the dialogue it engages in with the stakeholders. let me now hand the floor to patrick montagner and to the acpr staff to elaborate on a number of these aspects and i wish you an excellent conference. thank you for your attention. bis central bankers ’ speeches