Nick Scott, Global Head of Capital Markets at TCS Financial Solutions, considers the future of digitisation and what it will mean for the financial services industry.
“A simple definition of digitisation is the transformation of information into discrete units of data. The financial services industry has been doing this for decades, but the most interesting shift in focus is being driven by the expansion of benefits we can derive from increasing levels of digital content.”
“We mentioned regulation, and this goes far beyond the points made above. We have seen acute focus by government regulators on Financial Crime Compliance with the largest industry fines being levied in this domain. The industry has focused on increasing the digital data that helps automate controls in this area, while reducing the extreme levels of process duplication that existed.”
“We need to enable products and solutions around mobile devices – this clear trend will be accelerated by the shift towards mobile and contactless payments.”