The new council is looking into ways developments in technology and regulation can be better harnessed to help drive up levels of personal savings. It will also oversee TISA’s programme to develop the digital passport.
“One of the frustrations I get is that you can pick up a mobile phone and get a loan instantly or you can bet instantly, but to actually put money into an ISA or an equivalent savings product is problematical,” said Wrest.
Wrest said the technology council would not seeking to come up with new and innovative ideas for the financial services industry but to remain focused on areas where it can make a difference.
These included such things as how best to deal with the barriers to development, the likely impact of disruptors, as well as the adoption of innovative technology. It will also look at the EU Digital Single Market strategy and aim to highlight the latest examples of innovation from around the world.
“The pace of the digitisation of financial services is set to increase sharply as providers, advisers and distributors develop innovative solutions to meet the needs of technology savvy consumers in a world increasingly driven by social media,” he said.
“This is creating exciting opportunities – particularly on the back of the new pension freedoms – however we still face many challenges, not least to overcome any regulatory hurdles and increasing consumer engagement in personal savings.”
TISA is a not-for-profit membership association operating for the financial services industry which represents the interests of over 147 member firms involved in the supply and distribution of savings and investment products and services.
