FinTech Futures sat with Sanat Rao, chief business officer and global head at Infosys Finacle, to discuss where financial services are heading in 2020 and how the industry is adapting to regulatory and technological change. On the hot-seat, Rao unpacked issues such as:
- The way banks will be quick to formalise their strategy, and move away from the universal banking model, amid growing pressures of competition and declining profitability.
- How the pursuit of agility that is at par with Big Techs and fintechs will see banks adopting agile-at-scale, an approach championed by the likes of ING in banking. Its full import will span product development, processes, operations, and even communication.
- How making every employee digitally proficient will be a primary charter of workforce and culture transformation for all banks.
- The way in which the General Data Protection Regulation (GDPR) introduced in May 2018 requires banks to somehow steer a course that respects GDPR’s stipulation for control and access to their data.
- And the conflicting mandate of the Second Payments Directive which requires that they share their data with regulated third-party providers and still maintain a profitable relationship with customers.