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Conclusions 
The production and provision of financial services by banks is evolving as a 
result of the introduction of new technology. These shifts have repercussions for 
conventional banks, introducing additional forms of systemic risk that may pose 
regulatory and legislative issues. Banks are compelled to adopt modern technology 
as a result of fluctuating client expectations and pressures to reduce expenses and 
boost productivity. The coronavirus (COVID-19) pandemic had a huge effect on the 
digital revolution, generating a direct requirement for banks to engage with their 
clients via digital channels, such as platforms and apps, at a time when social 
distancing was the norm. From the beginning of the pandemic, the number of digital 
users has grown by 23%. Yet, these technological advancements cannot be 
considered novel. For decades, bank consumers have shifted from traditional 
branch-based banking to online and mobile options. Consumers' familiarity with 
online product use has increased. This has enabled new entrants, such as fintech 
companies and large digital platforms, to design appealing and user-friendly 
customer interfaces for their services. As a result, services are provided to clients in 
an efficient manner, enabling the unbundling of financial services and providing 
customers with a greater variety of options, hence increasing customer participation 
in the process. 
Modern technological advancements place banks under competitive strain. 
Banks will be need to adapt to the alterations in client behavior, which demand more 
effective and convenient online services. There are also new dangers associated 
with technology advances. Using technology more broadly and involving third parties 
more significantly, such as through outsourcing and cloud computing, will increase 
banks' reliance on the availability of IT services and their susceptibility to cyber risk. 
Nonetheless, banks are not completely unfamiliar with these dangers, as banking 
supervisors have expected them to control all risks, including those associated with 
technology progress. 
And banks have vast knowledge of regulation and compliance, having already 
cleared the primary regulatory obstacles faced by new entrants. Additionally, 
numerous fintech companies and large tech platforms offer financial services in close 
partnership with banks. In actuality, it is unclear whether or not large technology 
companies would desire to enter the banking sector themselves, with all the 
constraints that would entail. Overall, banks are cognizant of the need for digital 

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transformation adaptation. The COVID-19 pandemic has demonstrated, to some 
extent, that digital expenditures by banks have paid off 
— at least in terms of 
operational resilience. Their IT infrastructures proved to be equal to the task; service 
continuity was maintained without interruption and in a safe manner. The majority of 
banks are currently accelerating technological innovation. 
The most recent wave of financial innovation based on the opportunities 
presented by digitalisation has largely emanated from outside the incumbent banking 
system in the form of new financial service providers, either in competition or 
cooperation with incumbent banks, but with the potential for significant disruption. 
The European banking system faces major structural changes and difficulties that will 
determine its future and its capacity to service the actual economy's financial 
demands. Several of these concerns, such as overbanking and non-performing loans, 
have existed for a number of years and can be viewed as relics of the global financial 
crisis and the European sovereign debt crisis. Some concerns, such as climate 
change, are prospective in nature and relate to societal changes beyond the banking 
and financial institutions. In addition, the COVID-19 pandemic is influencing 
economic structures and exerting an influence on the banking system that may 
change the fundamental business models and operations of European banks.