Recently, The Federal Reserve Board of Governors member Bowman delivered a thought-provoking speech, emphasizing the importance of the banking industry and regulators actively embracing emerging technologies. She specifically mentioned artificial intelligence and Crypto Assets, two technologies that are rapidly changing the financial landscape.

Bowman pointed out that if banks and regulatory agencies cannot fully recognize and leverage the advantages of these new technologies, their influence in the economy may gradually weaken. She emphasized the urgency of the current development of financial technology with the phrase 'change is coming.'

Board member Bowman also expressed an ideal vision that regulatory agencies should create a favorable environment for the application of new technologies, allowing these innovations to thrive in a way that benefits the entire banking system. She warned that without such an open attitude, the banking system may face the risk of being disconnected from consumers, businesses, and the overall economy.

In addition, Bowman called on the banking industry to assist regulators in gaining a deeper understanding of blockchain and digital asset technology, as well as the potential of these emerging technologies in addressing issues such as fraud. This reflects regulators' desire to collaborate with the industry to jointly tackle the challenges brought about by technological change.

It is worth noting that Bowman also mentioned that she would focus on reducing regulatory scrutiny related to reputational risk, which suggests that new regulatory rules may be introduced in the future to better adapt to the rapidly changing fintech environment.

Overall, Bowman’s speech reflects the Fed's open attitude towards the development of financial technology, while also highlighting the challenges that regulators face in balancing innovation and risk control. This will undoubtedly have a profound impact on the future direction of the banking industry.