Banking on innovation: navigating challenges and strategic partnerships in financial services
The banking sector is undergoing a profound transformation, driven by economic pressures, evolving regulatory demands and the growing need for technological innovation and strategic partnerships to navigate a rapidly changing landscape.
To meet these challenges, banks are accelerating their modernisation efforts while ensuring compliance. By adopting innovative strategies, they aim to address operational hurdles, meet rising customer expectations, and shape the future of financial services through collaborations, partnerships and cutting-edge advances.
In this FStech podcast, senior reporter Silvia Iacovcich is joined by Mike McGovern, global head of technology engagement for investor services at Brown Brothers Harriman, to discuss how banks are navigating today's complex environment, the challenges they face and the rising need for strategic bank partnerships and technology integration to help them remain competitive.
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21:14
The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.
In this insightful discussion, FStech editor Jonathan Easton engages with Rich Vibert, co-founder and CEO of Metomic, to delve into strategies empowering financial firms to encourage their employees to champion robust data security. The conversation explores the synergy between technology and human involvement to establish a human-centric approach to data security, ultimately enhancing the most powerful and scalable prevention mechanism: the employees.
Rich sheds light on the advantages of achieving clear visibility, discovery, and classification of risks, coupled with the implementation of automated security policies. This approach enables the human firewall, fortifying financial services firms with a defence-in-depth data security strategy.
This conversation was originally recorded as a video interview, which can be watched in full on the FStech website.
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27:33
Beyond greenwashing: How FSIs should approach their ESG strategy
Consumers are increasingly aware of their carbon footprint and are making purchasing decisions based on the perceived ethics of firms they deal with. This also applies to their banks, insurance companies and pension firms.
The financial services industry cannot escape this demand for greener services and pressure is growing on FSIs to be fully transparent with their data and reporting. Should their ESG credentials fall short of the mark, they risk losing the trust of customers or coming under scrutiny from the regulator.
In this FStech podcast Shipra Gupta, Investments Stewardship lead at Scottish Widows, talks about some the challenges facing financial services institutions when dealing with ESG issues.
She also examines some of the ways FSIs should tackle their ESG strategy and make sure it makes an impact.
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24:06
Unlocking the future of banking: Building unified omnichannel customer journeys
Financial services institutions in 2024 face immense pressure to deliver seamless digital banking experiences across all channels.
Customer expectations have reached an all-time high, with a recent McKinsey survey revealing that 89 per cent of consumers now engage in mobile banking and demand a consistent experience across physical, web, and app interactions.
But while consumers demand excellence, aging infrastructure, data silos, and security risks make this level of omnichannel experience delivery a monumental challenge for financial institutions.
In this FStech podcast, Jaspreet Sandhu, solutions engineer for FSI and UKI Healthcare at Riverbed Technology talks about how FIs can unlock the future of banking through seamless digital experiences while ensuring their systems still meet the highest bar for security and compliance.
Sandhu also discusses the transformative potential of AI for omnichannel personalisation, while also examining how FIs can overcome obstacles to gaining a unified view of customers, and better compete with digitally native FinTech challengers.
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25:40
Exploring DORA: What the landmark regulation means for financial institutions
In this FStech Podcast, Michael Bratton, Principal Consultant at Riskonnect, joins FStech Editor Jonathan Easton to examine the Digital Operational Resilience Act (DORA) - what it is, its impact on the financial services sector, and what financial institutions should do to ensure their compliance.
In an in-depth presentation on the subject, Bratton drills into the details of why the European Commission is introducing this long-awaited piece of legislation and its proposed benefits for the financial services sector. He also discusses how financial services institutions can and should be using this as an excellent opportunity to review their operational resilience, continuity planning and risk management.
The podcast also includes a conversation between FStech and Riskonnect's Bratton looking at the implications of DORA for the way financial institutions manage their third-party relationships, how the regulation accounts for the rapid pace of technological change and its impact on operational risk, strategies for how financial institutions can ensure DORA compliance without sacrificing agility, and much more.
This FStech Podcast was originally recorded in 2023 as a webinar which can be accessed in the show notes on the podcast page.
This podcast brings the best of the FStech website - a leading source of financial services technology news and analysis - to your ears, featuring panel discussions and one-on-one interviews with the most important experts and topics in this rapidly-changing industry.
Ireland