Increasingly, customers expect their banks to provide enhanced Financial Services. These services include fraud investigation, audits, and mobile banking. With the right tools and resources, banks can improve customer experience and service. With AI, banks can capture and store information to improve their services, such as check processing and card services. They can even improve member service and customer service. AI can improve customer experience in ways that can be difficult for human beings to imagine.
As the financial services industry becomes increasingly competitive and requires increasingly advanced technology, the need to differentiate from competitors is greater than ever. Broadcom solutions for the financial services industry help companies drive innovation, streamline processes, accelerate automation, and create secure and compliant environments. With Broadcom, customers can unlock the value of their data, assets, and IT investments. In addition, Intel is a recognized leader in the technology and services that drive digital transformation in the financial services industry.
The FCA recently updated its web page with details about improvements to the Financial Services Register. The enhanced Financial Services Register will replace the existing Register on July 27, 2020, and will feature a directory of certified and assessed persons. It is expected that more than seven million people will use the enhanced Register by then. During the transition period, the existing Register will cease to be available at 6pm on Friday 24 July. The work will take place over the weekend. After the enhancements are complete, the enhanced Register will be accessible to customers.
Enhanced Financial Accounts provide a more detailed view of financial interconnections and the financial system. The supplementary information provided by FEDS is not available for every sector of the financial system, and cannot be easily incorporated into the existing Financial Accounts. In fact, many EFA projects are accompanied by FEDS Notes that provide additional context and information about the sectors and organizations in question. The supplementary information is subject to revision.
Increased financial access is essential for day-to-day living, and helps families and businesses plan for long-term goals and unexpected emergencies. Account holders tend to be more likely to use other financial services, including insurance and credit. As a result, the ongoing COVID-19 crisis underscores the importance of increased digital financial inclusion. Digital financial inclusion is about delivering formal financial services to economically excluded populations. It also involves cost-effective digital solutions to improve financial access.
Through its new Enhanced Financial Services Act, MAS is proposing to adopt a consistent approach to enforcing its new regulations. By expanding its powers to issue prohibition orders, MAS can now apply a single test for the establishment of these orders. Further, it is proposing a maximum penalty of S$1 million for breaches of regulations. Further, the proposed new legislation would also provide statutory protection for employees of dispute resolution schemes. MAS conducted a public consultation on the Bill in January 2020 and received a positive response.