Responsible banking – does it exist yet?
We’ve relied on people to make the financial sector more responsible. On the banks themselves, governments and regulators. But, ten years on from the global financial crisis, has that strategy worked? It might be time to look to emerging technologies to provide more responsible banking.
In our recent thought leadership paper, Journey 2022, we talk about the digital dilemmas business will face in the coming years. We argue that organizations that balance the introduction of emerging technologies with the needs of people and society will find the most success.
I believe that emerging tech – used the right way – can actually be a driver of fairness and equality and doesn’t only create dilemmas and risk to society.
For the financial sector, I believe that technology can and will be a force for good. Driving the customer to the center of banking, bringing equality to decision-making by taking advantage of smarter decision systems and building true objectivity into the financial system.
In a series of articles, we will explore the issues around the digital dilemmas that will impact the financial sector and how we believe organizations should respond to these.
Two tribes are emerging in our discussions: dystopian and utopian views of technology in the future. Whilst I sit firmly in the utopian camp, we’ll explore both the positives and negatives of emerging tech, the boundaries we need to set and the balance we must strike between growth and ethics.
One thing is for certain, the financial sector needs to look closely and carefully at the impact of the emerging technologies and make sure they have carefully considered all the implications of their digital strategies.
Right now, we are all watching the GAFAs of this world struggle with these dilemmas but in the next few years every business will need to think about these. Making the right choices now will leave business in a strong and stable future position.
One thing is certain: the digital dilemmas cannot be ignored.