SWIFT: Regulation remains a top strategic priority
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SWIFT: Regulation remains a top strategic priority 14 May 2015London Reporter: Becky Butcher
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Regulation is still a strategic priority, and fintech is here to stay, according to the audience at SWIFT’s Business Foum London conference.
SWIFT conducted a live poll among the forum’s audience, and found that 45 percent see regulation as highest strategic priority and 59 percent think the fintech centre will have a lasting impact on the financial services ecosystem.
Despite acknowledgement that the financial services landscape is in the midst of a technology revolution, attendees at the forum still clearly consider regulation as the highest priority on their companies’ strategic agendas; 45 percent of respondents to the on-site survey said it was their main priority, compared to new entrants, which was the most important for 20 percent, and reducing costs, which was cited as the priority for 15 percent.
The large majority, 59 percent, of attendees at the forum suggested fintech will not be the next dot.com bubble – indicating a belief in the lasting impact of technology innovation on the financial services ecosystem.
The forum’s keynote speaker, David Clementi, chairman of Virgin Money and of World First, and former Deputy Governor of the Bank of England, reinforced the importance of a focus on regulation, while also paying attention to technology-driven change. He emphasised the need to “improve the customer journey”.
Clementi commented: “My main message, beyond that of ensuring that the business is properly compliant with the regulatory requirements of the territories within which it is operating, is that good businesses will harness technology alongside a passionate desire to simplify the experience for customers.”
“All businesses need to do this. There is a threat for established businesses with legacy systems and long-serving staff that they will be overtaken by companies with new technology and young staff.”
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