BSP studies tech-savvy board membership in non-digital banks
‘There is a specific requirement on the membership of the board to include tech-savvy members in senior management for digital banks right now.’
‘There is a specific requirement on the membership of the board to include tech-savvy members in senior management for digital banks right now.’
The Bangko Sentral ng Pilipinas (BSP) is considering a requirement for non-digital banks to employ technology professionals in their senior management team.
BSP senior director for Technology Risk and Innovation Melchor Plabasan shared this last Friday at the Chamber of Thrift Banks Convention at Dusit Thani, Makati City.
“There is a specific requirement on the membership of the board to include tech-savvy members in senior management for digital banks right now,” he said.
“But there is an ongoing study right now to also consider that particular requirement for non-digital banks,” Plabasan added.
Tech-savvy members’ guidance
Through the guidance of tech-savvy members, he said traditional banks will be able to seize opportunities from consumers’ growing preference for digital transactions while ensuring that they are safe.
“The board should provide clear direction, not only on artificial intelligence (AI) but on the overall journey of digital transformation,” Plabasan said.
AI in computer devices allows banks to easily analyze consumer behaviors based on massive pools of data and design products that meet consumers’ needs and preferences.
Plabasan said the BSP will be conducting road shows in the provinces to also make rural banks more familiar with the advantages and risks of using digital technologies.
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