In our last session on the Future of Banking, we covered customer experience, and the importance placed on how customer centricity affects banks’ offerings. In our upcoming roundtable, we’ll
In our last session on the Future of Banking, we covered customer experience, and the importance placed on how customer centricity affects banks’ offerings. In our upcoming roundtable, we’ll take on what will undoubtedly be key pillars of the future of banking: regulations and compliance.
Since the financial crisis, the regulatory landscape has changed for banks. Presently, technological capabilities are pushing the envelope regarding what banks can offer, how fast they can deliver it, and what banks can do with data. The lines between data and money are increasingly becoming blurred, with customer data, privacy, and security taking especially prominent places in banking. In this evolving world, regulations like PSD2, GDPR, MiFID II, all of which came into force in 2018, and more seek to harness innovation and at the same time keep customer data safe, and make financial markers safer and more equitable.
With these new regulations come a push to comply with them, and solutions to aid said compliance. Regtech solutions seek to help banks and financial institutions navigate the complex regulatory environment, streamlining data, processes, and reporting.
Yet, as is usually the case, regulators lag behind regulatory need. Take for instance cryptocurrency and its place in banking and financial markets: regulators aren’t sure of how to classify these assets, and regulators and banks aren’t certain of their place in the future of banking and the financial system.
In our next roundtable, we’ll tackle the above and more regulatory and compliance issues in the future of banking. So, if you’d like to discuss these issues with us, please RSVP to this event. We hope to see you there!