The Dutch central bank said on Wednesday it is to adopt a more data-driven approach and focus on the use of digital technologies, with a particular emphasis on data quality, management and use.

‘Digitisation and new technologies such as artificial intelligence are leading to the development of new products and services,’ the bank said in a statement.

‘Both new and established organisations will have to prepare themselves to respond adequately to a rapidly developing digital world.’ Financial institutions, the bank said, should give first priority to the security, governance and quality of data.

Bank director Frank Elderson told broadcaster NOS that banks will increasingly attempt to use customer information to earn money, hence the need to step up data supervision.

‘Banks have a feeling of urgency. They need to think about how they make money and digitalisation offers perspectives,’ he said.

Last year ING said it planned to offer services to customers on the basis of their payment patterns but withdrew the plan after major protests. At the same time, tech companies such as Apple and Google are trying to move in on the payment market, which is also hitting bank revenues.

The central bank’s 2020 Supervision Outlook also stresses that combating financial and economic crime continues to play a key role. ‘Integrity is a crucial precondition for trust in the financial sector and the eyes of society are on our efforts to combat money laundering,’ the bank said.

‘This year, we will start our supervision of crypto institutions under the anti-money laundering directive.’