Tech News Summary:
- Sonny Singh, EVP and GM at Oracle, discussed the impact of digital technology on the banking industry during the Cloud World Event.
- Global banks are facing challenges such as modernization agendas, increased regulatory scrutiny, and changes in capital adequacy regimes, leading to bankruptcy among some banks.
- The integration of AI and analytics into banking products and services has become crucial for improving customer service, making credit decisions, combating financial crimes, and addressing cybersecurity threats.
Tech Regulations Reshaping Global Banking Revolution: Oracle’s Sonny Singh
The global banking industry is undergoing a revolution, with new technologies and regulations reshaping the way financial institutions operate. According to Sonny Singh, senior vice president of Oracle, the rise of fintech companies and the increasing focus on data security and privacy are driving significant changes in the banking sector.
In a recent interview, Singh highlighted the impact of tech regulations on the global banking industry. He emphasized the importance of compliance with regulations such as the European Union’s General Data Protection Regulation (GDPR) and the Payment Services Directive 2 (PSD2), which are shaping the future of banking in Europe and beyond.
Singh also pointed to the role of emerging technologies, such as blockchain and artificial intelligence, in transforming the way banks and financial institutions serve their customers. These technologies are not only driving operational efficiencies but also enabling new business models and revenue streams for banks.
However, Singh also emphasized the need for a strong regulatory framework to ensure the responsible and ethical use of these technologies. He urged banks to embrace regulations as a means of building trust with their customers and safeguarding their data.
As the global banking industry continues to evolve, tech regulations will play a crucial role in shaping the future of banking. Financial institutions that prioritize compliance and leverage emerging technologies will be well-positioned to thrive in this rapidly changing landscape.
Oracle, a leading provider of enterprise software and cloud solutions, is committed to helping banks navigate these regulatory and technological changes. With a focus on innovation and compliance, Oracle aims to support the global banking industry in its journey towards a more secure and customer-centric future.