UK FB Banking Automation Strategies

On Jun. 17, UK FB blogged on banking automation strategies webinar.

  • UK FB blog post Automation strategies in banking reported on its participation in a webinar held on May 23, 2024, which included a panel discussion on this topic.
  • Follows UK FB Jun. 2024 blogged on increasingly important role of data, see #215333.
  • Summary
  • Named top challenges and opportunities included adopting new tech for streamlined processes and staying compliant with widening regulatory responsibilities; preparation, the right technology, proper management, automating as early as possible are key.
  • Vital to integrate new tech with legacy platforms and across an entire organization; customer information, data protection, cross-border trading compliance are also key.
  • Recommendations included engaging senior management in replacing legacy systems, due to the complex governance required, plus iterative development, rigorous testing.
  • API investments aimed to cut reliance on outdated tech and manual data entry, cross-border payment, and for meeting legal obligations, e.g. on international sanctions.
  • Internal APIs can reduce the time taken to resolve customer inquiries to seconds.
  • External vendor criteria: financial stability, security, integration, GDPR-compliance, plus onboarding, training, customer support, managing upgrades, dedicated data teams.
  • UK FB said banks are 'becoming tech companies', throughout their entire process.

Regulators UK FB
Entity Types Bank; CNSM
Reference Bl, 6/17/2024
Functions BCS; Compliance; C-Suite; Financial; Legal; Outsourcing; Privacy; Product Administration; Product Design; Reporting; Risk; Sanctions; Technology; Training
Countries United Kingdom; Cross-Border
Category Trade Association
Products Banking; Payments
Regions EMEA
Rule Type Guidance
Rule Date 6/17/2024
Effective Date 6/17/2024
Rule Id 216184
Linked to N/A
Reg. Last Update 6/17/2024
Report Section UK

Last substantive update on 06/20/2024