The Future of Finance Summit organized by Asian Bankers on 8th and 9th June was an annual meet of the leading sharks from banks, fintech players, insurance companies, asset managers, investors and customers who are entitled in writing the future of finance. The summit is exposed to the innovative thoughts of distinguished speakers and panellists who guide us through the evolving transformations faced by the industry on a global scale.
The summit was designed to analyze and understand the impact extended by the customers in the financial arena and also the celebrated influence finance has on our everyday life. KGiSL was honored to be a part of such a prestigious event this year.
The two-day conference was an incredible opportunity for KGiSL to imbibe unknown trends of BFSI sector and engineer ourselves to adapt to the changing requirements. The summit was an eye opener which listed out the issues that needs to be fixed to ensure a continuing progress in the future. A Summit to carry forward for a better tomorrow.
Banks largely have begun to bid Adieu to conventional IT products and are getting ready to onboard technologically superior products and solutions. IT enablers should be capable enough to deliver products and solutions that add value and growth to every bank they serve.
FinTechs are posing a serious threat to the conventional banking industry by using this evolution of technology to replace and automate traditional business processes. FinTechs are also benefitted hugely since this world is becoming increasingly networked and it’s time that the banking fraternity to decide whether they want to be part of this exponential change or incur the risk of becoming non-existent.
Banking being one of the highly regulated sectors globally, regulations do differ from region to region. Regulators are realizing the importance of technology innovations and have started imbibing the ideas of Fintech Innovators. But the pace at which the regulations are changing to suit the revolution is still below par. In the current state of affairs, there is “No one size that fits all” and it will continue to be so for the foreseeable future.
Regulating bodies from across the globe need to sit across each other and reach a consensus which would not be an inhibitor but at the same time not compromise on the rules of doing business for a particular region. The best instance for this can be a global forum for the “Acceptance of Digital Currency for doing business” and at the same time establishing the rules of engagement for DLT (Distributed Ledger Transactions).
Cyber-crimes are reported with more noise when happened in banking or a financial institution. There is a risk that digitization would induce a surge in cyber-crimes. Banks that eventually adapt to digitization will have to bolster their Cyber Security to work closely with technology companies to come up with more secure and armored solutions which would act as deterrents to cyber-crimes. Cyber-security is not just a tick in the box or not an app that one can install and be done with it. In today’s world of social media, the very data that we share with our family and friends are being used against us.
Cyber-security is about identifying the potential risks with foresight and analysis with accuracy and then subsequently putting the locks in place as currently there is no “Silver Bullet” that can address this.
Digital transformation isn’t something that is a new buzz word. But the major difference between then and now is the huge strides in technology which has spawned advancements such as IoT, Robotics Process Automation, Machine Learning a.k.a AI. There is a paradigm shift as more Financial Institutions are beginning to set up separate teams to study, analyse and design smart and innovative solutions which will arm them with the much-needed tools to not only retain but also increase their customer base.
Digitization is all about convenience and in the current state of things the bankers, the regulators, and the innovators should join hands in order to make sure that they usher in a new era in the financial sector where technology and the rules of doing business co-exist and work symbiotically as a single organism.