This is the second in a four-part blog series exploring opportunities and challenges faced by Asia-Pacific financial institutions in relation to two, often conflicting, organizational imperatives: regulatory compliance, and customer experience. Part one,, explored the current Asia-Pacific financial institutional regulatory environment and the factors which have contributed to the current state.
PwC has produced an excellent resource titled, which explores the organizational challenges financial institutions face internally to manage the regulatory convergence in the Asia-Pacific region.
The key themes emerging from these challenges are a lack of coherence and standardization across LoBs in terms of how existing and new regulations are integrated into operations.
The impacts of this on Asia Pacific financial institutions include the usual suspects—gaps in compliance activities and slow responses to new regulatory requirements. This is most likely due to the complexity of navigating an already tangled web of regulatory interactions combined with. The risk of hefty penalties, litigation, and reputational costs when in breach are also at the top of the list.
These are the fundamental reasons why internal compliance systems are implemented in the first place. However financial penalties are no longer the only (or most crucial) outcome of a compliance system that needs to be taken into account. As regional competition heats up, and financial institutions seek to enter new markets and serve new segments, the impacts of compliance activities on customer experience (CX) become integral to market success.
In blog three we’ll introduce customer experience, bringing the impact of the regulatory context and management systems together to explore how the intersection of compliance and customer experience impacts financial institution market share and sustainability
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