In the banking world, where handling money safely and securely is a foundational element of the entire industry, having the public’s trust is a nonnegotiable element of success. The financial industry had to scramble to rebuild this trust after it took a hit during the Great Recession
Technology has responded to the call to produce innovations that will slow global warming, creating an arsenal of renewable-energy alternatives to fossil fuels. But distribution of these innovations to developing countries has not kept pace, and they are lagging behind in low-carbon adoption. What needs to be done to transfer and deploy existing low-carbon technologies throughout the globe as quickly as possible? The answer lies in solutions such as trade.
It’s certain that the framers of the Constitution of the United States were not thinking internet when they penned the supreme law of the land. But many parts of it, especially the First and Fourth Amendments, have grown in significance in the Digital Age. The First protects the citizen’s right to free speech; the Fourth, his or her right to privacy. Are both rights still secure in today’s interconnected world?
It’s not been an easy ride for the Chief Financial Officer (CFO) over the past couple of years – economic uncertainty, increased regulation and an ever-pressing need to cut costs and grow revenue has taken its toll. And with innovation continuing to buffet the workplace, upending business models and increasing customer demand, it’s no surprise that CFO turnover is on the up.
Cyber-hackers are using increasingly sophisticated and complex malicious software that can make early detection of fraudulent activity difficult. To protect themselves, financial institutions need not only technological excellence but also effective training mechanisms to promote vigilance among their workforce. While cybersecurity software is extremely useful, cyber-protection must begin at home, with knowledgeable staff who are equipped to recognise and thwart cyber-breaches. This can be accomplished only with constructive staff cyber-training.
Technology is bringing an assortment of benefits to consumers and their banks but also a slew of new or heightened risks. In the UK, regulatory authorities are addressing the looming threats by rolling out proposals related to Operational Resilience (OpRes). UK financial firms will be expected to adhere to new rules during the second half of 2021 and need to start preparing as the journey to compliance will be arduous.
As the world becomes more digitally intertwined, competition between its major economies grows more combative, as evidenced by the US-China trade battles and legal actions. No sector is more impacted than frontline information and communications technology, in which much of today’s warfare between the two heavyweights rages. At the inception of a new year and a new decade, is there reason to hope for cooperation toward shared growth and prosperity?
As banking advances further into the Digital Age, some aspects will remain the same while others change. One factor that will not change is the need for banks to manage risk. Technology is both an opportunity and a challenge, aiding risk management to become more efficient but introducing new risks. One thing is certain, banking of the future will still be centred on the goal of providing top-notch customer service, which will be enhanced by data and technology.
Small businesses are the heart and soul of commerce, despite the achievements of Big Tech giants. And any bank that wants to succeed will need to work successfully with them. Small businesses, arguably banking’s most regular customers, have a few challenges regarding their everyday dealings with their banks. What tools, such as automation, can banks employ to meet these important customers where they are at, making their experiences more satisfying?
According to a report commissioned by the UK’s Treasury, Britain’s financial services system is experiencing an existential skills crisis. Why? As digital start-ups have moved quickly to offer desirable working benefits such as flexible hours or learning and development opportunities, financial institutions have been comparably slow to react to new workplace demands.