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KPMG FinTech Summit

KPMG FinTech Summit

KPMG in Bermuda FinTech Summit reveals only 13% report having a FinTech strategy in place.

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Charles-David

KPMG in Bermuda FinTech Summit reveals only 13% report having a FinTech strategy in place.

On Thursday, May 31st, KPMG in Bermuda (KPMG) held their first FinTech Summit (the Summit). This full-day
session was designed to bring together organisations in an effort to provide a better understanding of the fintech landscape including blockchain, realities of automotive regulatory compliance, robotic process automation (RPA) and data analytics. 

The Summit explored emerging technology themes within the financial services industry such as, current state and future trends that will continue to drive the future adoption of RegTech, enhancing operational efficiency by automating regulatory compliance, and leveraging data and analytics to enhance the customer journey and improve risk management.

Speakers in attendance such as:

  • Chris Steele, from KPMG, UK, outlined the current state and live challenges that RegTech is designed to address. He also covered future trends that will continue to drive the adoption of RegTech.
  • David Miligan, CEO, KPMG-Matchi provided practical approaches to help organisations to find high quality FinTech solutions from around the world.
  • Attendees gained deeper insight on Data Analytics from Dennis Deveaux, KPMG Bahamas. He spoke about and how D&A can enhance their organisations front office through to the back office - from enhancing the customer journey to being a risk management tool.
  • Simon Richardson, Oracle and Chris Eaton, KPMG in Bermuda, discussed how an organization can better understand how to leverage automation to enhance operational efficiency, and connect different components of the financial crime & compliance management process automatically end-to-end.
  • Wolfgang Huber, KPMG Germany discussed selecting the right RPA software for your organization, its pitfalls, along with providing a live demonstration of bots in action.

The Premier and Minister of Finance the honourable E. David Burt, JP, MP provided the key note address and discussed how new technologies improve government efficiencies. He further explained that his aim is to make Bermuda the leading jurisdiction for FinTech companies.

During the event, KPMG ran a series of polls, and it was found that:

  • When asked, “Where is your firm when it comes to having a FinTech strategy?” 13% have a strategy in place and 46% of attendees responded that they have a strategy in development.
  • 57% of attendees’ organisations are considering RPA initiatives, while 77% are not planning anything.
  • 44% of attendees of firms are using compliance automation technologies today.

“Part of the challenge in developing a fintech strategy is having an appreciation for the art of the possible. Helping our clients get clarity around what problems they are trying to solve and aligning that with what tech solutions may be available is what we do,” shares Charles Thresh, Managing Director and Head of Advisory for KPMG in Bermuda.

Are you interested in discussing more on the related topics mentioned above and how KPMG can assist your organization, please contact Charles Thresh, Managing Director, or Alexandra McInnes, Director.

© 2020 KPMG, a group of Bermuda limited liability companies which are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

 

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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