FSIReview: Issue 17
Embracing a new pace of change
In the first quarter of the year, the impact that FinTech is having on business model sustainability was a common theme among regulators and businesses alike. From our conversations with financial services executives, a majority of financial institutions, banks in particular, cited digital transformation as a priority this year. As a result, we’ve seen increasing investment in technology continue to drive efficiency and strengthen risk management and compliance capabilities.
In our first article, we take a look at robotic process automation (RPA) as an emerging technology that is gaining traction in the insurance sector. While banks have begun employing RPA to automate and speed up processes, insurers in Asia are also making strides to automate their business. Our article highlights the long-term business implications of RPA beyond robotics alone and how insurance companies will need to reconfigure its operating model and adopt a more customer-centric approach in order to capitalise on the opportunities unlocked through cognitive automation.
Next, we highlight the biggest challenges banks facing banks today. Adapted from Deloitte Global’s Banking Outlook 2018, we’ve put a Southeast Asian spin on the challenges most banks face in balancing the need to restructure their foundations for the long-term with finding near-term growth. 2017 was an eventful year for regulatory developments both globally and in Southeast Asia. Glancing into the proverbial “looking glass”, 2018 beckons with perhaps even more exciting new market and regulatory developments and initiatives. To help steer you through the evolving regulatory environment, we’ve listed the top five areas that financial institutions in the region should look out for the remainder of the year. We round things off with five key lessons for Asian banks’ BCBS 239 compliance journey.