Our Digital Transformation in Financial Services paper examines five themes transforming the financial services marketplace: the evolution of disruption; collaboration and investment; the shifting landscape of regulation and technology; payments and cryptocurrencies; and cybersecurity and monetizing data.
It is based on an in-depth global survey and interviews with key industry leaders across the financial services landscape, including representation from major retail banks, investment banks, FinTechs, venture capitalists, asset managers, fund managers, insurance companies, other financial institutions and regulators. The findings are supported by analysis and insight from DLA Piper’s global Financial Services sector team and secondary research sources. The white paper highlights the key critical legal, regulatory and commercial challenges and the opportunities on offer. It includes facts, figures and stories on how:
Digital transformation is more than just embracing the latest FinTech. We are also focusing on working out how we deliver what our clients want, when they want it and how they want it, and delivering this in a really frictionless way. Lots of this is about reducing clunky customer onboarding, identifying people, and making regulatory and compliance processes easier.Roland Emmans UK Technology Sector Head, HSBC
PSD2 and open banking are extremely transformative, because they allow clients to pick and choose how they wish to interact with services, rather than services interacting with them.Khalid Talukder Director and Head of Fintech, IFX Payments
The establishment of the NPSO has been driven by a mandate from participants and end users to design and deliver a 'New Payments Architecture'. This marks a generational shift in retail payments with the introduction of a new layered infrastructure and new standards. The NPA is designed to keep payments safe in a world of evolving threats while catalyzing competitive innovation and introducing new overlay services to the market, unmatched anywhere else in the world.Chet Behl General Counsel, NPSO
It is a good thing that rules are being developed now that give us a clarity around what we can do with data. There is now a certainty about what the rules are about getting consent, demonstrating that you have this consent, and ensuring that customers really understand how that data will be used.Stephen Albrecht General Counsel for Strategy and Operations Group, Barclays
There is so much tech-enabled innovation going on in areas that are relevant to our business, but it isn't practicable for us to try to cover everything. There are obviously startups that are developing focused solutions to specific problems, and it makes sense to partner with them to meet our objectives.Charlotte Wood Head of Innovation and FinTech Alliances, Schroders
Our AI platform ACORN takes data from third-party sources that is then complemented with the financial and operational data from the borrower. So the platform essentially creates a data lake and allows us to make more informed credit decisions in much less time.Ben Wulwik Head of Legal & Transaction Management, OakNorth