The trans­for­ma­tion of the fi­nan­cial ser­vices sec­tor

The Malta Independent on Sunday - - BUSINESS & FINANCE -

In­ter­na­tional au­dit and ad­vi­sory group MAZARS, rep­re­sented lo­cally by MAZARS Malta, has once again part­nered with the Econ­o­mist In­tel­li­gence Unit (EIU) to pro­duce a se­ries of ar­ti­cles. This time round, the fo­cus is on the cur­rent trans­for­ma­tion of the fi­nan­cial ser­vices sec­tor and how this will shape the fu­ture of this sec­tor. Three ar­ti­cles view de­vel­op­ments from dif­fer­ent but re­lated per­spec­tives, namely tech­no­log­i­cal, reg­u­la­tory, and that of busi­ness model trans­for­ma­tion.

Com­ment­ing on the EIU ar­ti­cles and their im­pli­ca­tions, MAZARS Malta man­ag­ing part­ner Anthony At­tard said that these “explore the links be­tween tech­no­log­i­cal dis­rup­tion in fi­nan­cial ser­vices, their im­pact on the reg­u­la­tory en­vi­ron­ment, and the sec­tor’s re­sponse. The se­ries also looks at how reg­u­la­tory changes have forced fi­nan­cial ser­vices firms to adapt, or even cre­ate, new op­er­a­tional models that in­cor­po­rate new tech­nolo­gies to meet reg­u­la­tory re­quire­ments, and the im­pact this is hav­ing on the firms’ value chains.”

At­tard also ex­plained that two of the three ar­ti­cles, fo­cus­ing on tech­no­log­i­cal trans­for­ma­tion and its im­pact on fi­nan­cial ser­vices, and de­vel­op­ments in the reg­u­la­tory en­vi­ron­ment within the sec­tor, have been pub­lished: “Among oth­ers, the first ar­ti­cle high­lights the in­creas­ingly blurred lines be­tween fi­nan­cial ser­vices and high tech­nol­ogy. The au­thors in­di­cate four ma­jor tech­no­log­i­cal changes which they be­lieve will dis­rupt fi­nan­cial ser­vices in the years ahead: bio­met­rics, blockchain tech­nol­ogy, cog­ni­tive com­put­ing and open bank­ing. The se­cond ar­ti­cle features the reg­u­la­tory chal­lenges be­ing faced by firms in the sec­tor, as a re­sult of suc­ces­sive waves of re­form. The ar­ti­cle in­di­cates that de­spite ‘re­form fa­tigue’ and squeezed profit mar­gins, fi­nan­cial ser­vices firms are deal­ing with a con­tin­ued flood of reg­u­la­tions, and some are turn­ing to new tech­nolo­gies for com­pli­ance help.” At­tard an­nounced that the last ar­ti­cle in the se­ries, fo­cus­ing on busi­ness model trans­for­ma­tion in the fi­nan­cial ser­vices sec­tor, will be pub­lished by the end of the year.

To view the ar­ti­cles, go to www.eiu­per­spec­tives.econ­o­ m.

For more in­for­ma­tion Mazars Malta, about visit

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