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Dušan Lalić, Co-president of the FIC Financial Services Committee (Generali Insurance Srbija)

More Room Required for Digitalisation

It is crucial for legislators to recognise the importance of digitalisation and actively encourage financial market participants to digitalise their operations as much as possible, while keeping their clients in mind ~ Dušan Lalić

The liberalisation of electronic payments is one of the most significant and best-executed improvements to the financial market. We first recognised the need for this when services that could only be paid for electronically became available. Following this, the legislator and regulator laid the foundations for lawful and secure electronic payments, which encouraged our clients to embrace electronic payments increasingly. Compared to traditional payment methods, this method is far better suited to the pace of modern life.

Beyond its impact on our clients, banks have used this bold move to modernise the operations of other financial service providers. For instance, electronic payments have empowered insurance companies to develop digital products.

In addition to the liberalisation of electronic payments, I would highlight mediation as another significant advancement, which the financial market increasingly recognises as an appropriate way to resolve disputes. Long-term cooperation cannot exist where legal disputes are present. Moreover, financial service providers must strive to maintain friendly relationships with their clients, especially in competitive markets. When disputes arise, clients in financial transactions, as in everyday life, expect understanding and the opportunity to negotiate. Mediation is the best way to show understanding, while it also provides a framework for reaching an agreement. It is undoubtedly one of the best indicators of sustainable business practices in the financial market.

We contribute to innovations in the financial sector

The FIC Financial Committee’s greatest success was organising the second conference on financial services

Sustainable operations, which represent an obligation for all of us, aren’t possible without digitalisation. The legislative framework within which financial institutions operate still doesn’t allow much room for digitalisation. The widespread participation of our citizens in the financial market, coupled with the extensive documentation that must exist in physical form, raises the question of how we can operate in the financial market in an ecologically sustainable way. The only certain way is through digitalisation. This is why I believe it is important for legislators to recognise the significance of digitalisation and to actively encourage financial market participants to digitalise their operations as much as possible, while being mindful of their clients. Interestingly, our clients are increasingly considering financial institutions’ approach to sustainable operations when choosing their service providers.

In the period ahead, we will participate in a public debate on the new proposal for the Law on the Protection of Financial Service Users. In addition to the usual ways of protecting our clients, during the main discussion we must all recognise sustainable business operations as an extremely relevant topic. This is also a way to signal to our clients that we share common goals.

Always looking to the future, digitalisation is a way to extend a hand to new generations as they actively enter the market. Let’s greet them more prepared than ever before!