As well as espousing a digital strategy for the future, incumbent and challenger banks need to ensure: the IT risk management and IT security arrangements are sufficiently robust; all IT assets are actively managed, including through risk assessments to adequately understand the threats and vulnerabilities to them; all the systems and processes that support your business services, including all the third-party relationships, are understood and being actively managed; their IT risk profile is understood and consistent with the overall bank’s risk appetite; and IT strategy is aligned with the business strategy.
As more and more consumers gain confidence in making electronic payments, we look forward to the market expanding with more innovations. Participating financial institutions are granted greater opportunities to diversify and widen the products and services they offer. Innovation in financial services delivery will thrive.