| BPFI CEO Noel Brett backs fintech, but warns that we must be vigilant about the risks implicit in new ventures |
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| 'In this regard we have identified a number of issues that need to be addressed', he told the Banking & Payments Federation Ireland National Conference 2016 in Dublin on October 27th. |
'How do we facilitate the deployment of financial technology, that provides for a level playing field between incumbents and new players, that enhances the customer experience and which doesn’t at the same time leave the provider or customer open to new risks?', asked Noel Brett, CEO of BPFI at the Banking & Payments Federation Ireland National Conference 2016. | | [L-R] Eoghan Murphy, T.D., Minister of State for Financial Services, eGovernment and Public Procurement and Noel Brett, CEO, BPFI at the National BPFI Conference on October 27th 2016. |
'In this regard we have identified a number of issues that need to be addressed', he said. 'The first of these relates to customer identification. We welcome the possibility of customer e-identification and e-signature to facilitate non face-to-face customer relationships. However, we are faced with considerable inconsistency. On the one hand, we have a Regulation (e-IDAS) which seeks to promote e-identification to access online products and services and to conduct online transactions safely. On the other hand, the 4th Anti-Money Laundering Directive still favours face-to-face due diligence and considers non-face-to-face relationships as ‘high risk’. Work at EU level to bring about greater alignment between these measures is to be welcomed and it needs to deliver clear results if banks are to successfully navigate this terrain.'
The conference was opened by Eoghan Murphy, T.D., Minister of State for Financial Services, eGovernment and Public Procurement. Also speaking at the event were Ian Morgan, Managing Director, Digital Channels, Barclays UK who provided on overview of customer trends and the competitive and regulatory environment that is shaping Barclay’s digital strategy; Sylvain Bouyon, Research Fellow, Centre for European Policy Studies, Brussels, who spoke on big data and the best regulatory approach to enhance digital interoperability within and across countries; and Richard Peers, Director, Financial Services Industry, Microsoft UK who outlined what’s likely to unfold over the coming years in terms of the data economy and data society and how it relates to financial services. |
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