FCA/CMA are pushing banks to be nursemaids and be proactive in supporting their customer’s financial needs. However most people have a relationship with more than one bank...
HEADLINES
- FCA/CMA are pushing banks to be nursemaids and be proactive in supporting their customer’s financial needs. However most people have a relationship with more than one bank so which one takes the lead especially if the relationship is only online/digital?
- GDPR doesn’t really help people if outside mainstream products
- Many blue chip organisations have had data breaches so should we trust them?
- Teenage suicide has increased by 30% following the advent of the smartphone!
KEY CHALLENGES
- Online Media still governed by humans not AI so response to things such as the Christchurch shootings will be slower
- Google and Facebook have over 90% control of digital advertising therefore different views on whether Google and Facebook are conduits or media
- Everyone agreed through time communication is a good thing and to an extent could be controlled. Social Media has exploded the amount and arguably affected the quality of communication so now not seen as a positive thing. However we want to live in a liberal society where free speech is an important pillar of this!
- Facebook could become everyone’s default API
CONCLUSIONS/SOLUTIONS
- Can social media adopt a vulnerable user/customer policy and practice similar to financial services have done?
- Therefore there needs to be a line drawn on what has happened, practices in place and every user signs new T&Cs now they know the power, danger and benefit of social media
- The genie “can’t be put back in the box” and as most organisations rely on digital as a channel (some as their only channel) how do we make it commercial and socially a force for the good?
- Apple and Amazon could become a big threat to banks with the advent of open banking? The group felt that both education and regulation were the answer and to try and get the optimal level of both. Big job for Government when they can stop concentrating solely on Brexit (yes it was mentioned once or twice!)
