Banking & Payments Federation Ireland (BPFI) today held its annual national conference, Delivering Service for Customers at the Marker Hotel in Dublin. Opened by Eoghan Murphy, T.D., Minister of State for Financial Services, eGovernment and Public Procurement, the conference hosted a gathering of key senior bankers, policy makers and other key stakeholders to examine the impact of digital innovation on customer services and the policy and regulatory environment necessary to support this.
Speaking at today’s conference Minister of State for Financial Services, eGovernment and Public Procurement Eoghan Murphy, T.D., highlighted some of the challenges and opportunities presented by the digitalisation of financial services:
“Customers want more and better services. They want greater access. They want faster responses. They want the assurance that their transactions are safe. Forward thinking banks will recognise those opportunities and will focus on delivering the service that customers want. A key challenge is to embrace the demands of consumers and use their willingness to adopt innovations in the market, in the process making Ireland an even stronger player in the international payments industry.However, delivering quality of service for customers is a real challenge in an environment where innovation is expected to happen and happen quickly. Ensuring proper safety checks are in place is important and that is where regulation can play a part.”
Also speaking at today Noel Brett, CEO, BPFI outlined how the sector is responding to the changing environment and described the challenges faced by the many inconsistencies which need to be addressed on a regulatory level:
“The combination of customers’ evolving preferences and technological advances provides for the development and delivery of banking services in innovative ways. But the following has to be a key consideration: 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? In this regard we have identified a number of issues that need to be addressed. 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.”
Among those contributing to the conference 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.
Banking and Payments Federation Ireland (BPFI) is the voice of banking and payments in Ireland representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
For Further Information Contact: Jillian Heffernan, Head of Communications, BPFI, ph: 01 474 8835 / 087 9016880