Finance Monthly - October 2021

24 Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s Having worked in the financial services sector for a number of years, what makes you so passionate about the industry? There are numerous reasons why I am so excited about present and future opportunities across the sector. However, one reason that stands out to me is the impact it has on people’s everyday lives. I am a strong advocate for financial inclusion and make it part of my practice to highlight its importance. Financial well-being and access to financial services should be available to all, no matter where you are in the world. So, I am continuously committed to supporting banks around the globe to expand the availability of banking services and reduce the cost point in doing so. Financial inclusion is obviously incredibly important. But what measures can global banks take to increase the availability of banking services and reduce the cost point in doing so? There is still a lot to be done to achieve inclusive banking globally. Although incumbents, FinTechs and TechFins have made massive investments in technology and innovation, there is still scope for more. Globally, billions of people still lack access to basic financial services. Critical areas such as payments - particularly cross border payments - continue to be expensive and access to credit remains a challenge for so many. The combination of regulatory efforts, banks creating technology and business strategy that supports the bank of the future, and the prioritisation of innovation powered by hybrid cloud and artificial intelligence will inspire the transformation of the entire banking and financial services infrastructure. Although a great deal more needs to be achieved, it is very encouraging that the combination of technological innovation – coupled with the emergence of new business models – is democratising finance like never before. What can banks do to prepare for the future? COVID-19 and changing regulatory environments has driven an evolving landscape which banks and FinTechs are navigating, while the financial services industry is being shaped by new consumer trends – from the rise of a cashless society to the pandemic-driven shift towards online banking and mobile payments. There will be a continued focus on technological development to accommodate these changes. The banks that succeed will be the ones who have a technology and business strategy to support the ‘bank of the future’ in which much of the middle and back office get completely automated and more of the focus, investment and innovation gets applied to customers and customer value- adding functions. This requires rapid digitisation and the adoption of exponential technologies to innovate, powered by the hybrid cloud and artificial intelligence. BIAN has an essential role in helping banks do just this. With the move towards digital banking, including the increasing use of mobile contactless payments by customers, what will this mean for the bank of the future? Digitisation is on the one hand driving innovation, new business “The banks that succeed will be the ones who have a technology and business strategy to support the ‘bank of the future’ in which much of the middle and back office get completely automated and more of the focus, investment and innovation gets applied to customers and customer value- adding functions”.