Fintech, digital disruption debate should not distract banking industry
KUALA LUMPUR: Debates on financial technology (fintech) and digital disruption should not distract the banking industry from its core purpose of being the people’s trusted money manager, nor should it be used as an excuse for the slow adoption of technology.
In a statement yesterday, HSBC Asia head of innovation, global liquidity and cash management, Jennifer Doherty said technology needs to happen in a safe environment where customers’ data was protected.
HSBC’s 2017 Global Trust in Technology report revealed that when it comes to finances, people seek for safety and prudence from those who manage their money.
“Trust is the cornerstone of all relationships. Banks have had decades to build extensive infrastructures, develop solutions for compliance and regulatory requirements, and most importantly, earn customer trust.
“To stay relevant, they can not lose sight of their core purpose, which is to safeguard and responsibly look after other people’s money,” she said, adding banks need to start deploying better technology to improve customer experience.
She said the HSBC group had set up a strategic investments team to scout the start-up landscape, identifying companies which could potentially be good investments and provide technology which can be used.
Doherty said the group believed that acting as an investor and customer would be mutually beneficial for both the bank and start-up companies.
She added that the relationship was critical to nurture the type of technological innovations to make financial markets and systems more efficient and improve the overall customer experience. — Bernama