As I turned my mind to this blog, it was difficult to ignore the ongoing Royal Commission in Australia as an obvious topic to focus on.
I hesitated, more than a few times, because of the sensitivities involved. For our clients, for their customers, for poor outcomes and for the many thousands of people working in financial services businesses who are digesting an already changed environment with more change to come.
And as a technology business, where do we and should we sit with this in relation to our clients and users?
The Royal Commission has spanned topics that we have been and remain very focused on: data, oversight and innovation.
How software helps organise and monitor data - and provide insight - is at the core of business opportunity and compliance oversight today. With financial services businesses in all of our client segments (trading, financial advice, superannuation and lending) subject to increasing supervision and compliance obligations, demand for regtech and data analytics solutions is growing and a key reason for our recent acquisition of the regtech business Lucsan.
Consumers want freedom to access their data across multiple devices - while at the same time rightly expecting it to be secure. Despite consumer protections being bigger and bolder today, organisations can still provide freedom and protection. Scandals such as Facebook and Cambridge Analytica have shown the consequences of failure.
Despite progress, businesses continue to grapple with data - coordinating and managing it, maintaining its quality, and how to maximise its use (i.e.how to turn it into revenue growth and to drive operational efficiency). Success requires partnership, reinvention, investment and change.
Regulation or innovation
One of the frequent outcomes of regulation is that it distracts businesses from innovation.
There’s merit in the problem of imbalance to regulatory change, but unfortunately it’s not a case of either or. Regulation isn’t going away any time soon - evidenced by the recent arrivals of MiFID II and GDPR, with which we’ve been helping impacted businesses in the UK and beyond. We predict both to form the basis of a new global standard, in addition to regulatory changes in Australia following the Royal Commission.
Innovation remains the life blood of business but in isolation usually ends with mediocrity - which is why we continue to build software with user input and business outcome (read product executive Emily Chen’s article introducing IRESS Labs). It’s also why we continue to integrate and support several hundred third-party integrations with more on the way this year.
Of course, the proof of innovation is technology. Read our CTO Andrew Todd’s perspective on innovations we are taking in our approach to design, development and delivery of quality technology to our clients and users.
And finally, our Group Executive of Product, Aaron Knowles, writes about the world of digital and the client experience. While the goal of financial services to deliver better outcomes hasn’t changed, technology has moved from its role in enabling that experience, to driving it.
I’m interested in any thoughts you have - please drop me an email email@example.com.
Thanks for your continued support.
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