Both globally and across the Asia-Pacific E&Y continues to see advancements born out of the technology sector driving change within the banking industry.
Developments in the FinTech arena and changes to the industry construct, such as Open Banking, are fundamentally changing the way the industry operates. Digital transformation of middle and back office functions is accelerating, with many banks either exploring or implementing new capabilities, including the use of new workforce methodologies (such as agile), workforce automation utilising robotics and AI, enhanced data and analytics capabilities and a suite of other new technology capabilities.
There are few banks in the Asia-Pacific region which do not already have substantial active programs exploring and implementing these new capabilities.
These transformations will challenge risk functions to change how they monitor changing risk profiles against the institution’s risk appetite; enabling innovation without compromising regulatory compliance and oversight of the institution’s risk profile.
They will also need to look at how they can leverage new techniques to become…