Technology and Banking Law – trends for the sector

The expectations of customers increased along with the search for digital service channels, the requirements related to transparency were intensified.

The uncertainties related to the events that are marking the year 2020 allowed the identification of strategic issues to be discussed by the banking sector. The expectations of customers increased along with the search for digital service channels, the requirements related to transparency, communication and risk management directed at the sustainability of organizations and the segment itself were intensified.

Challenges to face the impacts of recent events include, among others, adaptations in work arrangements, effective digital delivery of financial services, ongoing assessment and monitoring of relationships with suppliers and third parties, scenario modeling and contingency planning such as subsidies for decision making [i].

At the same time, the progressive digitalization of financial services and people’s access to these technologies has raised concerns about the growth of vulnerabilities and the need to strengthen mechanisms to reinforce cybersecurity, thus requiring continuous review of internal controls in order to to confirm authenticity, prevent criminal activity and detect fraud.

In this context, a specialized report [ii] pointed out the six priorities for the sector starting in 2020: (1) updating the operational model of Information Technology to prepare for the new normal, in which digital becomes mainstream, organizing itself for a scenario in which changes are constant; (2) reduce costs, simplifying legacy systems, taking Software as a Service beyond the cloud, adopting Artificial Intelligence and automation; (3) develop resources aimed at the ability to act in real time with the customer’s intelligence, more assertively identifying their needs; (4) prepare the infrastructure to connect to anything, anywhere, so that it is possible to interact with data and systems that will be in any space; (5) special attention to cybersecurity; and (6) talent management to ensure that these priorities are met.

As for cybersecurity, the needs for proactive risk management and regulations should be stressed, treating them as a competitive issue; strategy organization that reflects the understanding of the evolution of threats; protection schedule adapted to the organization’s risk profile, to the expectations of customers, stakeholders and regulators; approach focused on incident response and crisis management; and establishing governance and reporting lines for cybersecurity.

Finally, another essential and permanent element is the guarantee of legal security, preserving, among other aspects, the regulatory powers provided for by law, so that in the intention of solving problems, new crises are not generated and the judicialization of aspects is properly promoted. regulated by the competent authorities.

Wilson Sales Belchior