Digital strategies remain high on the agenda for most firms. Technological advances in online banking, as an alternative to traditional banking channels, have enabled financial institutions to keep pace and meet the demand and needs of their customers, also generally leading to a positive impact on customers’ financial health.
Our recent Standards Development Project (SDP) sought to identify any areas where the Standards need amending to take account of the various digital developments; you can find the outcome of our research here. The report also contains examples of good practice which we plan to include in the next edition of the Information for Practitioners document, for both personal and business customers.
We intend to continue our thinking in this area through further research and engagement with firms; we will be holding discussion groups to develop our views further and would welcome your input. If you are interested in taking part in these meetings, to be held over the coming months, please get in touch with your Compliance Manager.