The Way Forward: A Client-Centric Regulatory Model

The overarching objective of this book is to advocate for the integration of the client's perspective within the realm of banking. It seeks to challenge and question many of the outdated assumptions that no longer hold true in the present context. One prominent fallacy is the presumption that users will automatically embrace any banking platform provided to them. This assumption is flawed on two fronts. Firstly, the current reliance on third-party devices and internet availability as the primary channels for virtual banking excludes underbanked and unbanked individuals from adopting new technologies. Secondly, the lack of effective remedies in addressing adverse incidents within the uncontrollable virtual space hinders the adoption of virtual banking by the existing banking population. To address these issues, it is imperative to shift towards a client-centric approach and carefully observe their behaviors and preferences. This can be achieved by considering four key factors: the sense of security experienced by clients, the role of regulatory bodies, the social acceptance of technology, and the transparency and operation of banks. By incorporating the needs and preferences of clients into existing policy and regulatory frameworks, a more inclusive and effective banking system can be established.