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TTEC604 Financial Technologies in Banking

Lecturer: Dr Mariya Yesseleva-Pionka

Due date: 29 September 2020, 23.59 pm Sydney time

Submission: Online submission (follow the assignment submission link on Moodle) Total Mark: 25

Digital banking and banking-as-a-platform

Mr. Will Beeson – Head of Operations & Innovation, CivilisedBank, UK

Watch the video presented above (follow the link or access the HS Talks database)

Answer the following questions:

How would you define ‘digital banking’? (2 marks)
What is ‘Fintech’? Why, when, where and how was it developed? (3 marks)
What is ‘money laundering’? What can be done to prevent it? (5 marks)
Regulation on banking is complex and extensive, how should it be enforced? (5 marks)
How will AI affect digital banking? (5 marks)
Does ‘more digital’ mean ‘more risk’ or ‘less risk’ in banking? (5 marks)

When in answering the above questions relate to the information presented in the video and also incorporate the lecture material on the Australian market and regulations. You are also expected to include information from the lecture delivered by the guest speaker -Mr Lucas Calleja in week #4. Provide examples for each question. Feel free to use the Australian and international FinTech landscape.

General Rules and Requirements:

This is an individual assignment. Word limit is 2,500 words.

Font type - Times New Roman Font size-12

Paragraph spacing - 1.5

Expert's Answer

The purpose of this report is to define and present information regarding digital banking and analyse banking as a platform. Moreover, this report also aims to discuss fintech and its developmental phases. The issues or problems regarding digital banking discussed in this report focuses on money laundering and its prevention, extensive and complex regulations on banking, effect of AI on digital banking and the analysis of either more or less risks in digital banking. The recommendations of this report suggest that taking some of the preventive measure can help banks in successful implementation of digital banking. Such identified success factors in this report are commitment to the data and advanced analytics application, digitise the process of customer engagement, digitise processes of back office, working with new digital providers and rethinking of your model of distribution.