Digitalization of financial services, combined with an improved consumer experience, can help increase financial inclusion, particularly in countries or areas with a large unbanked population. And the last two panels of the day, “Addressing Legal Barriers to Cross-Border Payments” and “Harmonised Data to Oil the Cross-Border Payments Machinery,” highlight that improving the system must be a collaborative effort.
This is to avoid the one way traffic of paying out enormous rewards once the transaction has been completed while the responsible staff would come out unscathed when the deal turns sour later. To avoid another financial tsunami, a financial institution should adopt a check and balance approach in management. In the heyday, deal makers in a financial institution are the golden boys.