BRUSSELS, 18 July 2016 – The World Savings and Retail Banking Institute (WSBI) and its members welcome the ambitious agenda of the G20 under the Chinese Presidency and its focus on an innovative, invigorated, interconnected and inclusive world economy. They are keen to participate in the development of such plans and wish to highlight the potential impact that such policies may have on the activities of the savings and retail banks that constitute the WSBI membership. These institutions are characterised by their responsible approach to business, their close involvement in local communities and their contribution to the real economy.
WSBI agrees with the Chinese Presidency that long-term economic growth is based on innovation and new business models for technological development. WSBI finds that the G20 members have a key role to play in facilitating it. Indeed, WSBI finds that digitisation changes how customers and banks communicate with each other. Keeping pace with the speed of digitisation is a challenge for all banks as well as regulators. For WSBI members, digitisation offers opportunities to increase the customer proximity that has always been a characteristic of the savings and retail banks. Overall, WSBI thinks that promoting digital infrastructures and developing interoperable electronic identification means will further push forward digitisation and enable more consumers to participate in the digital era.
Policymakers, regulators and supervisors worldwide need to keep abreast of digital banking breakthroughs. Their job is to set a regulatory framework that fosters innovation while simultaneously ensuring the security, data and consumer protection essential to preserving trust in the financial system. An enabling regulatory framework promotes transparency and accessibility for all stakeholders, which is at the core of any robust, effective and inclusive digitised banking universe.
Some of the main points and overall positions that WSBI members wish to transmit to G20 leaders are available from the WSBI Intitutional Positions for G20 decision makers (.pdf) now available on the WSBI-ESBG website.