BANKING
environment ( regulatory , political , social and criminal ). This is forcing companies to be much more agile and capable of dealing with threats , uncertainties , data requests and data analysis , often with challenging deadlines .
Esslemont goes on to say that the recent sanctions introduced concerning Russia are changing the landscape . “ Regulators and other overseeing bodies have expected businesses to be able to extract and provide data to them within very challenging timeframes . Situations such as these are time-critical ; the potential consequences of inaction can be significant and further highlights that investment must be made into appropriate technologies ,” he says .
In terms of a solution , Esslemont suggests businesses strive to be more data-driven and seek to avoid having to knit it together from multiple sources . “ Deploying the correct digital tools , linked to the core systems , will reduce the need for manual interventions and decrease the risk of manual error .”
Digital Trust in the personal finance industry Like all other areas of finserve , the personal finance sector has been thrown into digitisation because of the pandemic . Resistance has impacted full adoption , but , as Esslemont points out , “ with new technologies and a shift away from the human touch , there is an element of trust and understanding of the tech that needs to occur before it is fully adopted ”.
The cost of implementation , the lack of specialised talent , a high demand for the new technologies , as well as partnering with the right provider in the digital ecosystem to implement the technology , is , he says , fundamental to success . “ Firms regulated across multiple jurisdictions may face difficulties when mapping code of conduct handbooks , given possible diverging regulatory requirements .”
The future of personal finance Given the massive shifts taking place , predicting how the personal finance industry
“ THE FUTURE OF PERSONAL FINANCE AND FINTECH IS OPTIMISTIC ; IT WILL PROVIDE MORE FINANCIAL EDUCATION AND LITERACY ”
MAKALA GREEN DIRECTOR OF GREEN WEALTH MANAGEMENT