Everyone recognizes the benefits of going digital these days, especially governments seeking to advance their economies. The value of any national economy hinges on its assets, and a digital economy has its own assets that are distinct from those of traditional economies. These digital assets joined together within a thriving ecosystem are intrinsic to the formation of a truly inclusive digital economy.
Can a humanoid banker do everything that a human banker can do, only better; and if so, is unemployment the future for the human banker? The threat of robots and AI displacing their creator has been a concern since their conception, yet life goes on much as before; this doesn’t mean, though, that radical change is not at the threshold.
Without regulations, digitalisation is not feasible. New rules and laws are a headache for banks and increase the administrative burden while reducing client satisfaction. But they also create transparency and openness, which can lead to new and improved financial services. The challenge is how to provide new services in a customer-centric way. Regtech may be the solution.