Neobanks are online-only financial institutions, similar to banks. Neobank’s offerings tend to be more limited compared to traditional banks – sometimes it is not more than a simple checking and savings account. Such a slimmed-down model often allows neobank customers to enjoy lower fees and higher than average interest rates.
Neobanks are companies that deal with financial technology. Their offer is only financial online services. They have no physical branches. Neobanks are attractive to technology-savvy customers who do not mind performing most banking operations via a mobile application. Such institutions do not integrate new technologies solely for the sake of being innovative. By getting rid of physical branches and moving everything online, neobanks often save on costs, allowing them to cut fees and expand services.
Digital Operational Resilience Act is one of the elements of the EU legislative package on digital finance, which aims to update the regulatory environment in the area of financial technologies, as well as to harmonize processes and standards of digital resilience in the entire sector, with particular emphasis on increasing resistance to upcoming cyberattacks in the financial sector, which over time are becoming more sophisticated and problematic. DORA aims to harmonize incident classification and reporting processes. Early incident detection and timely response are key. It is necessary to adapt to the new EU reporting rules, as well as adapt internal processes to optimize the allocation of resources.
The Regulation was designed to ensure that the operations of the European Union’s financial sector are able to withstand cyberattacks and operational threats, which means that institutions are to be able to stop or counteract cyberattacks by implementing best practices, such as data protection and planning future responses to such dangers. The Regulation thus introduces a number of harmonized obligations for entrepreneurs from the broadly understood financial market and entities providing ICT services to them (e.g. collecting, processing and transmitting information).
One of the areas of new technologies is the use of specific materials and textiles. It is worth noting that more and more clothing manufacturers are choosing methods of producing products that will be less harmful to the environment. Undoubtedly, the use of modern technologies in this field prevents the progress of negative climate changes to some extent. At the same time, it influences the positive perception of the brand among consumers, who more and more often consciously choose more ecological solutions, also in the case of fashion. Legal regulations, not only Polish, but also applicable to producers from European Union countries, specify what description should be indicated and contained in the label. Each manufacturer must put a mark or label informing about the type of fibers from which the garment is made. Such marking must be permanent, legible, visible, easily accessible and carefully affixed. The proper application of these legal regulations is controlled by the relevant market surveillance authorities – in Poland, this is the Trade Inspection and the Office of Competition and Consumer Protection.
The development of the fashion industry is associated with the introduction of new technologies not only in the clothing production process, but also in the sales process or the logistics sector. The use of modern solutions is aimed at, inter alia, facilitating shopping for customers, and at the same time increasing sales, safety of individual groups and work efficiency.
In today’s legal world, new technologies are being used more and more often, which are aimed at modernizing the work of lawyers. Data privacy and protection is a priority in today’s increasingly digital world, where a rapidly changing regulatory landscape creating challenges for business and more and more data is sent to the cloud. The momentum towards digital transformation is moving fast in many countries and this is another changing space that is exciting and challenging.
What sorts of challenges we are seeing being created by changes in digital world?
Cloud and retail technologies have advanced significantly, including customer understanding of the level of robustness and security of these solutions. A market of new technologies is changing at a great speed. There is a proposal for more demand and many large enterprises needs for cloud solutions that can be offered to law firms or businesses – and what happened during the pandemic is that many companies made efforts to digitize their space and realized that digitization is no longer a luxury area.
The article presents practical guidelines and recommendations on selected aspects of cloud services agreements and answers to the very problematic question of how to prepare effective agreement protecting due performance of cloud services.