Some banks are positioning themselves as partners with their customers on their life journey, integrating their financial and non-financial needs. DBS Bank in Singapore provides its customers looking to buy a car an online portal that enables them to calculate their budget, find an affordable car, connect with the seller, get a car loan, and finally purchase a car insurance. Third, banks are using technology to provide seamless solutions. bottlenecks and providing customers with a frictionless experience. This means resolving  This means using technology to resolve bottlenecks in processes to provide customers with a frictionless experience. Banks such as BBVA, Mitsubishi UFJ, and BNP Paribas are using blockchain technology for syndicated loans. It improves efficiency. Each step of the loan process, from credit underwriting to credit administration, is documented in the distributed ledger, thereby eliminating the need for duplicative back office processing. The loan process is shortened from about two weeks to two days. It also improves trust. Every record in the distributed ledger has a user code and time stamp. This creates an audit trail, leading to higher level of trust among the participants. Let me share two initiatives from the Singapore financial sector, which show that achieving a seamless customer experience often requires collaboration across institutions a n d interoperability across systems. The two key ingredients for a digital transaction are identity authentication and secure payments. The Singapore government worked closely with the industry to make the customer experience seamless in these two areas. First, seamless identity authentication through MyInfo.

Ravi Menon: Can the three musketeers click? Finance, technology, trust Speech by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Bank of France Lecture, Paris, 14 May 2019. * * * Mr François Villeroy de Galhau, Governor, Banque de France, distinguished guests, ladies and gentlemen, good morning. I thank Banque de France for the opportunity to share my thoughts at this Lecture. Both France and Singapore are mature economies, enjoying a high per capita income but reaching the limits of growth through increases in factor inputs. If we are to continue growing and enrich the lives of our citizens, it must be through innovation. And if we are to spread the benefits of growth, innovation must be pervasive and not the exclusive preserve of the talented or well-endowed. Innovation is not a zero-sum game. It thrives on diversity, collaboration, and openness. There is much we can learn from each other. France and Singapore have been deepening collaboration in areas such as finance, science, and technology. 2018 was designated as the France-Singapore Year of Innovation. Today, I want to focus on innovation in financial services. Globally, the financial industry is facing slower economic growth, tighter regulation, and keener competition. To overcome these headwinds and contribute to the broader economy, the industry needs to harness technology, foster innovation, and transform itself. But how to do this, while maintaining the single most important commodity that underpins financial institutions – trust. As Stephen Covey said: “Strength lies in differences, not in similarities”.