The digital single market, the reality behind the banks new strategy | Europe

Between the very rigid intervention of European regulations in the financial world from one side and the ultralow rates that banks are called for from the other side, the reason behind the new measures taken by banks reside somewhere else ..

Recently it was announced that ING is about to scrap 7 thousands jobs within few years mainly in Belgium and The Netherlands. Other banks will follow.

The banks that are accusing the tighter regulations and the record low interest rates are actually planning to converge in one digital platform within a few years from now.

This convergence from the offline world to the online world will undoubtedly be costly for the banking industry.

This freaking reality is the new reality to face from now on.

While the Juncker Commission is working hard to transform the EU into a digital single market, by launching the e-delivery, it should start preparing the laws to take off and reach the new online virtual world!

On the other side a big mess is awaiting if we don’t start planning for new jobs for the undeniable future jobless!!

For further info please contact us on info@a-law.eu.

A-Law International department is closely following the sectoral regulations.

In general our regulatory compliance services comprehend the contractual regulatory B2B and B2C ,  the regulatory as such pertaining to the activity and service providers (including supervisory authorities) and the soft law such as code of conducts.

As IT services can be very broad, it is important to obtain a precise scope of the activity and the sector to which it relates as different sector regulations may apply.