The recent report on FinTech to the European Commission by the Expert Group on Regulatory Obstacles to Financial Innovation (ROFIEG), of which the author was a member, noted that just 19 of the 161 largest retail and commercial businesses globally are implementing digital transformation at scale. 3 However, over the next 10 years, Europe will grow its FinTech market with existing and new players deploying Al, DLT, smart contracts, and quantum computing at scale. Al will radically transform the front, middle, and back offices of banks. However, as I conclude elsewhere,' the industry will have to manage its information architectures better if it is to fully leverage the potential of an Al to take data analytics to the next level or reduce the burgeoning costs of regulatory compliance. Significantly, innovations in smart contracts and DLT will transform the payment marketplace as they will enable crypt° assets of all types to be traded at all levels across markets. I expect that disruptive digital innovations based on the trading of cryptoassets will transform monetary and fi nancial systems. However, quantum computing with its potential to make strong Al a reality, and at a practical level to perform complex tasks, such as optimizing investment portfolios, identifying arbitrage opportunities, performing accurate credit and risks scoring, and so on, will be the fi nal step in the digital transformation of the industry. It is clear from the forgoing that no one technology is a silver ballet in digital transformation of financial institutions. While the integrative application of the core digital technologies described herein will achieve the Holy Grail of true digital transformation, banks, insurance companies, and FinTechs alike will need to consider carefully the cost and benefits of these technologies and implement them mindfully in an iterative and cumulative manner, rather than the traditional ad -hoc approach, which has not served institutions or society well.

中文翻译：

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金融业数字化转型的下一步是什么？

作者是金融创新监管障碍专家组（ROFIEG）最近向欧盟委员会提交的关于金融科技的报告指出，全球 161 家最大的零售和商业企业中，只有 19 家正在大规模实施数字化转型. 3 然而，在未来 10 年，欧洲将通过现有和新参与者大规模部署 AI、DLT、智能合约和量子计算来发展其金融科技市场。Al 将从根本上改变银行的前台、中台和后台。然而，正如我在别处得出的结论，'如果要充分利用 AI 的潜力将数据分析提升到一个新的水平或降低监管合规性的新兴成本，该行业将必须更好地管理其信息架构。显着地，智能合约和 DLT 的创新将改变支付市场，因为它们将使所有类型的加密资产能够在各个市场的各个层面进行交易。我预计基于加密资产交易的颠覆性数字创新将改变货币和金融体系。然而，量子计算具有使强大的人工智能成为现实的潜力，并在实际层面上执行复杂的任务，例如优化投资组合、识别套利机会、执行准确的信用和风险评分等，将是最终的目标。步入行业数字化转型。综上所述，没有任何一项技术是金融机构数字化转型的银色芭蕾。