Central Bank ‘struggles’ to keep up with technological developments

The Central Bank is “struggling to keep pace” with technological developments in the financial services sector, according to its head of consumer protection.

The financial sector has undergone significant change in the past number of years due to the proliferation of new entrants to the market.

A number of born-on-the-internet financial services firms have eaten into traditional providers’ market share in areas such payments, lending and fraud detection.