Lastly, the panel identified that there are likely to be a number of challenges that the industry will face over the next decade. For example, many of those at the top of the hierarchy within financial institutions are often tech averse and do not like change, and are therefore reluctant to embrace new systems. Others do not want to spend heavily on compliance and would rather spend money on front office systems to boost top-line growth. Again, education is important here so that people understand the benefits of using technology in compliance.
This is just a brief overview of some of the key issues that came up in the panel discussion at our Regulation & Compliance 2030 event. We plan to produce a short whitepaper in the near future that looks at some of these issues in more detail.
We also handed out a survey on the evening that asked attendees to answer a number of key questions concerning regulation and compliance, and we will be using the results of the survey to help produce our whitepaper. For a link to a copy of the survey, click here.