The change in banking
The 12th of November marked the day of our first event of this year's Singapore FinTech Festival! We were very glad to have experienced such a strong presence of involvement from the side of the panel members in our event with Accuity.
As a refresher, here are some of the key takeaways from the panellists that you should find insightful even if you could not attend;
The amount of money for banks to comply with verifiable documents will do nothing but “increase dramatically” reaching to a point where “banks are left at a vulnerable position”. The fact that an ever-increasing amount of tightened regulations are being introduced, is "reducing the room for growth and increasing on costs” for banks.
The problem we are facing today in regard to the banking industry is commonly attributed to banks themselves, however, “they are not the source of the problem, the people in them are”. Within department teams, there is a lack of leadership on taking an inquisitive approach to take a step forward. This is key in moving away from “arduous manual processes to innovative solutions”.
Arising from a heavily regulated environment, banks are required to keep due diligence at the centre of its practices as one setback will only result in “scrutiny from regulators translating into fines or reputational damage”. Challenger banks, however, are avoiding the spotlight in this sense, with little to no regulations restraining them. Clearly this is “beneficial from an innovative perspective”, but not as great from a privacy standpoint.
Special thanks to Accuity for collaborating with RegPac in this insightful panel discussion, and also to all the attendees that showed up! We are looking forward to seeing what the future prospects in banking has waiting for us!