Panel Discussion: The growing digitalisation of financial services – can regulation keep pace?
Technology offers firms new sophisticated tools and channels to provide financial services to clients. Relevant examples include:
The use of Social media, which is profoundly reshaping the interaction between intermediaries and their clients.
The use of different forms of automated tools in the provision of financial advice to clients that, either by choice or because they cannot afford it, do not wish to pay for an advisor.
As the pace of digitalisation is set to accelerate, it is important for regulators to analyse the need for any regulatory and/or supervisory measures to be taken to address any risks that these trends bring with them for consumers or to remove barriers that prevent interesting opportunities to emerge.
The panel on digitalisation will discuss:
What are the latest developments in how intermediaries and their clients are using social media to interact amongst themselves?
Can social media (and ‘social listening’) help firms to better understand clients’ expectations, needs, and complaints?
How can regulators perform oversight effectively in this rapidly evolving area of social media?
Is the European market for automated advice destined to grow (or will it be held back by lack of consumer trust and financial education)?
How can automated advice be customised to consumer needs?
What are the most important opportunities and risks related to the use of automated tools and how should regulators address them?
Johannes Elsner, Managing Partner Munich, McKinsey&Company, Germany
Thomas M. Selman, CFA, Executive Vice President, Regulatory Policy, and Legal Compliance Officer, FINRA
Teresa Fritz, Member of Financial Services Consumer Panel, United Kingdom
Eric Leenders, Executive Director Retail & Private Banking, BBA and Chair of the European Banking Federation Retail Committee
Moderator: Theodor Kockelkoren, Advisor of the Board of the Netherlands Authority for the Financial Markets (AFM)