American Bankers Association President and CEO Rob Nichols today said that the rapid convergence of banking and technology is important and benefits consumers, but emphasized that “there should be some degree of levelness as it pertains to supervision and consumer protection,” for new market entrants offering bank-like services.
“If an entity wants to come into the U.S. marketplace and do something, bank-like . . . I think the regulators should be careful . . . and think about: what does that mean for the overall system, and its safety and security,” Nichols said in a new podcast episode from the Alliance for Innovative Regulation.
In the interview, Nichols highlighted ABA’s recent efforts to work with core providers to get the latest digital offerings to community banks. He added that the association’s strategy is to work directly with the core providers to encourage them to improve their digital offerings to community banks, and to evaluate technology companies that want to work with banks—ultimately offering “the ABA ‘good housekeeping seal of approval’ when we find real leaders in the space that want to partner and work with community banks.”
Nichols also discussed ABAs diversity, equity and inclusion efforts internally and externally, the use of artificial intelligence in banking and the importance of community banks.
