Insights

In banking and finance, regulation only travels one way. Financial institutions have always been subject to laws aimed at preserving the integrity of the financial system and protecting customers. The number of those laws has increased significantly in the decade and a half since the financial crash.

Implementing AI applications could save banks an estimated $447bn by the end of 2023, according to research from Autonomous Next. This figure alone illustrates why the technology is so important to the industry. That said, within the spirit of Consumer Duty, banks cannot embrace AI just because it saves them a lot of money. They must make sure AI delivers significant benefits to their customers. But not all customers are happy with this new technology.

How far can technology go in preventing trade-based crime? Delegates at this year’s Annual Trade Finance Compliance Conference discussed several innovations and how they can be used by anti-money laundering (AML) teams to combat trade finance fraud, as well some of the challenges they present.

In an LIBF podcast, Stuart Tootal, the founder of Matero Consulting and a former colonel in the British army, and Jeremy Takle, the founder and CEO of Pennyworth – and a former marine in the Danish armed forces – talk to Ouida Taaffe about how to motivate and support staff in financial services firms during tougher times, why ‘command and control’ doesn’t work – and what makes a good leader.

Introducing a CBDC for the UK would undoubtedly bring about widespread changes. But if digital currencies become mainstream, what challenges and opportunities would they present for banks?

The Bank of England has announced that it is assessing the case for a retail central bank digital currency. But is the UK really ready for ‘Britcoin’ – and will the potential benefits outweigh the risks?

Juan Dominguez, Director Mobile Financial Services, Orange MEA, talks to Ouida Taaffe in an edited interview about the French telecom operator’s plans for its financial services business.

Technology is gaining ground in trade finance, particularly to help with compliance. It’s reducing costs and saving banks and businesses money. But making the most of it requires a change in mindset, reports Ouida Taaffe.