Technological disruption and technological development is obviously amplified since we've seen the appearance of ChatGPT and other generative AI tools.

Personally, I believe that artificial intelligence, despite having been around for a good two decades and different forms, is one of the key technologies that will disrupt financial services going forward. And in fact, it has started to do so. It has started to disrupt many industries, and I'll leave it to the experts and the observers to say how, but I'm very certain that the scale of change that is about to come over the next one to three years is going to be an exponential development versus previous developments.

So, the existing regulatory architecture is obviously suited to our current problems in the current state of technology. As we are seeing major disruptions with generative AI and all the other technologies that are coming our way, the regulatory architecture needs to evolve at par. There are huge challenges, new risks introduced, the unknown unknowns, that the new technologies will bring are there to come, they're there to be mitigated, they're there to be addressed. Because with any evolution, if we don't address that, if we don't have that risk mind, that risk view going forward, even the best intended technology will create unintended consequences. Therefore, the evolution of our regulatory regime, of our regulatory architecture needs to be at par with what we see in the technological evolution.

I think we're in an interesting point in time because the evolution is so quick that no single player can actually fully embrace, fully dominate, and fully understand where we go, what's happening, the consequences, both intended and unintended, and actually how this thing take generative AI works in its black box. So, going forward, my personal assumption is that regulated entities need to work together with supervisors and regulators to really make sure that we have a system view and a holistic understanding of where the industry is evolving to, what the risks are that are coming, but also what the use cases are, what the benefits are. And I believe the benefits of generative AI as one of the key technologies disrupting how we currently live and how we work will be massive. And only if we have this public-private partnership, only if we have that and we jointly work on these topics, we'll be able to put them at use for society as a whole for the institutions, for the organizations, for all the stakeholders.