By FINTECH Books Contributor, Prabhat Singh
The 2008 domino-effect crisis, sub-prime turmoils, mortgage market crashes, mt-goxloot, and many other damages in recent times signify the need of regulation to build scalability of trust framework. The global need for the seamless and smooth flow of trust and money requires wider regulation and its enforcement.
The interpretation of regulation as a ‘chasm’ of unfathomed controls can lead to increased friction in service delivery as well as associated costs. But a smarter approach to inherently build a trust framework in every element of finance could make regulation invisible but omnipresent.
The answer to such humongous problems has always been found by revisiting the textbooks to redefine our past interpretations in the new light.
We propose a basic process design method and framework along with enabling technology to make processes generate and connect trust with finance. Right from fiduciary processes of advising, to soliciting clients, onboarding customers, servicing through the lifecycle of products and more beyond, the new framework could provide answers to redo our service lines, workflows and processes.
Redefining the processes is a very basic type of control mechanism, which organisation perform at least once every quarter in varying magnitude. Therefore, the implementation of suggestions from this work is an easy and routine job for various business functions. Although emancipation of toy-example technology is another set of task to either build such trust enabling technology as inherent infrastructure elements or bespoke software.