Post-crisis reform needs to begin with the industry examining carefully its own practices and considering whether they meet the standards that its various stakeholders have a right to expect. Only by doing so will it be able to sustain the public trust which is an essential component of a successful financial industry.
As a complement to these tools, the BSP recently launched two important projects which will enable us to gain more access to high-quality and granular information. These are the (1) FI portal which is an online secure web-based facility that will replace email submission of reports, and (2) BOB or the BSP Online Buddy which is a chatbot designed to respond to consumer concerns.