Fintech regulation important in technology-driven strategy
(22 May 2014 – Europe) More than 1100 industry leaders gathered at SWIFT’s annual Business Forum in London in April to discuss trends and innovations in financial services.
The programme explored how the industry can channel innovation to address challenges such as regulation, the technology revolution, new entrants and changing customer behaviour.
SWIFT conducted a live poll among the Forum’s audience and found 45 percent see regulation as the highest strategic priority, while 59 percent think the fintech sector will have a lasting impact on the financial services ecosystem.
The comments of the Forum’s keynote speaker, Sir David Clementi, chairman of Virgin Money and chairman of World First, and former deputy governor of the Bank of England, reinforced the importance of a focus on regulation, while also paying attention to technology-driven change.
In his wide-ranging speech on the current financial services landscape, he emphasised the need to “improve the customer journey”.
“My main message, beyond that of ensuring that the business is properly compliant with the regulatory requirements of the territories within which it is operating, is that good businesses will harness technology alongside a passionate desire to simplify the experience for customers,” he said.
“All businesses need to do this. There is a threat for established businesses with legacy systems and long-serving staff that they will be overtaken by companies with new technology and young staff.”
Arun Aggarwal, managing director UK, Ireland and Nordics at SWIFT, said: “With London taking a top position as the global centre for fintech innovation, it is only fitting that the theme of this year’s Business Forum London was centred on harnessing change in financial services.
“Many of the discussions during the day focused on the impact of fintech, both the challenges and opportunities this sector creates for financial services firms, but what is clear is that regulation is still dominating the landscape.
“In light of this, the need for collaboration on financial crime compliance came across clearly, along with the need for an even stronger focus on achieving operational excellence.”
The forum featured 23 different sessions exploring a wide range of topics, from technology disruption, real-time payments, KYC and trade finance to collateral and liquidity management, the pensions landscape, Open APIs and the future of money.
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