Leaders in the Australian banking sector would advise the government to create a fairer playing field for both smaller and bigger banking entities – but they are also wary of over-regulation, a new TAS report has found.
According to a new report by TAS, one in three (33 per cent) leaders in the banking and finance sector feel that the current regulatory environment does not cater to all banking institutions fairly.
TAS’ inaugural Banking Industry Report 2018 interviewed 50 industry leaders in the sector, including DBS chief innovation officer Neal Cross, AMP Bank head of innovation and change Ryan Gonsalves, The Fold Legal managing director Claire Wivell Plater, FinTech Australia former chair Stuart Stoyan and Alibaba Cloud director of big data international business Jintong Zhu.
“Many of the leaders spoke at length about the banking and financial services sector being diverse, given each and every company is different.
“Leaders felt that the industry needs to be treated as such and have different rules and regulations that are more suitable to their individual businesses.”
Many leaders in the finance and banking space expressed “the desire for reform to ensure an even playing field among the banks.
“Leaders said they wanted to see the government introduce measures that would help the small banks better compete with large institutions.”
However, this did not necessarily mean that they wanted a greater volume of regulation, with one in five (21 per cent) leaders wanting to advise government “do [not] over-regulate”.
“The leaders we interviewed also expressed concern about growing industry red tape, with the introduction of new regulatory requirements weighing on the sectors ability to be agile and flexible in the new digitally-driven environment.”
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