Warren Mead, Partner, Global Co-Head of Fintech, KPMG, comments on CMA Retail Bank Report.
Warren Mead, Partner, Global Co-Head of Fintech, KPMG, comments:
“There are no great surprises from today’s CMA bank report, but implementing it will be a difficult task. Many of the timelines set will be challenging for Banks, which are already having to cope with significant infrastructure change, tech developments, regulation and of course, Brexit. Open API holds a world of potential for consumer engagement and choice but the infrastructure and security challenges are vast, overcoming them by 2018 is a tall order. It’s important that security is put ahead of speed, as the consequences of getting it wrong are too great.”
Notes to Editors:
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,00 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.