In the 2017 edition of Insights, we explore the theme of the customer and the dichotomy between technology to improve the customer experience and the regulatory demands detracting from it – although designed to protect them.
Banks are no strangers to the mounting regulatory burdens and the resulting impacts on their day-to-day business processes and customers. These same customers, unfortunately, have limited direct exposure to the demands being placed on banks and all many of them see is the increase in what seems like multiple requests for the same information.
This year we also had the opportunity to have a dialogue with Mr. Jeremy Cox on Bermuda’s system of financial stability. Mr. Cox is widely known as the CEO of the Bermuda Monetary Authority but he is also a member of the Financial Policy Council, a key component of Bermuda’s financial stability framework.
In addition, we include our traditional review of the Bermuda banks' financial statements, highlighting important trends, and our regulatory update, including the top 10 regulatory challenges in 2017.
Although we are further down the road to consistency in regulatory compliance globally, technology enablement, such as FinTech and RegTech, will be next to take a place on the board’s agenda to manage the balance between risk management and continued efficiency and competitiveness. RegTech has the potential to benefit the business, employees and customers. We are excited to see what the future will hold for banks in Bermuda.
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