Kuala Lumpur - CIMB-UUM Chair Professor of Banking and Finance, Prof. Dr. Jonathan A. Batten delivered a lecture entitled, "Banking in the 21st Century: What Got Us Here Will not Necessarily Get Us There" at EDC Hotel Kuala Lumpur, yesterday.
The lecture marked the third general lecture organised by both UUM and CIMB and was the first delivered by Prof. Dr. Jonathan. The lecture was aimed at presenting views and thought-provoking ideas on current developments, especially in the world of economy, finance and banking.
The lectures included, among others, discussion on controlled market conditions influenced by advanced communications, robotic technology, Artificial Intelligence (AI) and risk management technologies that shaped the banking structure of the 21st century.
According to him, though the factors affecting the banking structure were important, humanitarianism will still remain as the factor that will lead to banking success in the 21st century and it should be emphasized to stakeholders.
"Banks can play a leading role in addressing emerging inequities in recent years, the direct result of deregulation and internationalization.
It may involve rethinking of cultural and the agenda of the stakeholders," he said.
Clearly, innovation in technology will continue to shape what can be defined as a bank but intermediation, risk management and transformation will remain as the core feature.
"Historically, concerns over the financial market structure have been raised by the government and supranational (Basel Capital Guidelines; 1B1R; Malaysia's Commitment to sustain 50 percent forest protection after the COP 21 agreement).
"Now with new technology, individual investment and decision-making, can help shape the agenda and move it forward.
"Hence we need to ensure adequate mechanisms for the involvement of communities and individuals, while respecting the rights of AI's privacy," he said.
The lecture was also attended by the Vice- Chancellor, Prof. Dato' Seri Dr. Mohamed Mustafa Ishak, UUM lecturers, CIMB members of staff, government and private agencies as well as students.