Global Compliance and Innovation Trends in Wealth Management
Examining Key Private Banking and Wealth Management Developments in Europe, Switzerland, the UK, the US, Canada, Singapore and Hong Kong
In recent years, regulatory bodies across the globe have worked very hard towards the goal of developing and introducing new regulations to the financial industry for the benefit of society. The challenge for the industry – and for wealth managers in particular – has been and will be to adapt to regulatory change in the smartest and most cost-effective way. Failure of institutions to achieve this could result in spiralling compliance costs, having a significant impact on the bottom line. Non-compliance is simply not an option. For many firms, part of the solution has been to reduce their global footprint by withdrawing from certain markets – such is the complexity and risk involved with global compliance these days, particularly in cross-border scenarios.
The recent FinTech, and subsequent RegTech, revolutions have opened up a world of new opportunities. Increasing compliance costs can be mitigated by sophisticated solutions that introduce automation and efficiency into processes, while remaining adaptable to change. In addition, technology combined with the right subject-matter expertise may even transform the compliance function into a value-adding activity, thereby providing a competitive advantage.
These developments have inspired regulators across the globe, who are – next to their core function of regulating markets – keen to enable an environment where innovation can thrive. Deloitte is pleased to collaborate with Appway and WealthBriefing in researching regulatory landscapes around the world and offering insight on regulators’ attitudes to, and support for, innovation in this space. Regulatory complexity, but also changing customer preferences and technology-enabled innovation are coalescing to create a wave of unprecedented change in the way we bank.
This report brings together insights from several WealthBriefing studies carried out globally, with analysis from 18 expert contributors from Deloitte and Appway, as it takes readers on a tour of key compliance and innovation developments in the EU, Switzerland, the UK, the US, Canada, Singapore and Hong Kong.
The report is essential reading, aimed at helping firms strike the fine balance between being prepared for the onslaught of regulatory changes coming up in their jurisdictions, while also still staying ahead of the curve on innovation.
Keeping abreast of all the nuances of compliance and innovation trends around the world is clearly no easy task, but it is hoped that this report provides wealth management professionals across functions with a valuable foundation for a global, truly forward-thinking perspective.