Modern banking means embracing innovation while ensuring cyber-security
Agile banking: Des Moore highlights customer demand for greater flexibility in how they interact with their bank, and it is definitely the case that the banking and finance industry has had to adapt to these demands set in a landscape of increased regulation, transparency, and cyber-security risks.
One certain element is that customers will continue to embrace technology and a recent research discussion paper Pinsent Masons produced in partnership with the British Banking Association, Banking on Cloud, identified cloud technology as a key enabler for agile innovation.
It recognises that banks have been understandably slower in migrating products and services than some other sectors given the sensitivity of information and data handled resulting in the need to take time to focus on assessing risk and the necessary controls that need to be put in place.
As Des touched upon, banks are mindful of the incoming (May 2018) GDPR regime making the cost of getting data security wrong significantly higher, a risk Pinsent Masons Information Law Team are helping NI business mitigate and prepare for now.
Brexit: Banks deal in the business of risk, and there are few bigger uncertainties on boardroom agendas at the minute than Brexit. Although the challenges it presents can appear overwhelming, businesses cannot afford a passive response and preparation is crucial.
A recent session we conducted with senior NI banking executives highlighted the importance of their business customers planning for Brexit to understand exactly where the threats and indeed opportunities lie.
Pinsent Masons Brexit Advisory Unit comprises over 18 partners specialising in all areas affected by Brexit, including tax, IP, banking, financial regulation, data protection and public policy and our scenario planning service is supporting key decision makers through that process.
RoI Economy: Des refers to the successful IPO completed by AIB this year marking a milestone in the economic turnaround of the Republic of Ireland economy. Strong growth in the Republic is certainly attracting investment, including from Pinsent Masons with our Dublin office opened at the beginning of October. In Belfast, we are excited by opportunities arising through the links between our all-Island offering, particularly in sectors such as financial services where quite a number of our existing clients operate across both the Irish and UK markets.