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SIBOS 2018 Sydney Wrap-up

 

 

The last two days of Sibos 2018 Sydney brought interesting debates on regulatory compliance, real-time payments (over and over again), contextual banking, managing the emerging AML and regulatory risks of new payment methods, aaand… the weakest link in cyber-security: the people!

 

Hot topic 1: Reconciling real-time payments with financial crime and fraud controls

  • How to increase speed without sacrificing security?
  • Can technology contribute to fraud and financial crime prevention, rather than simply speeding up payments?
  • How much risk is too much in terms of instant payments?
  • Financial crime compliance teams should shift their focus to prevention rather than detection!

 

Hot topic 2: The impact of open banking for corporate treasury

  • Open banking and emerging technologies are driving a digital transformation in the corporate to bank landscape.
  • Bank business models change on one side and a rich ecosystem of third party solution providers is being created on the other side.
  • Thus, corporate treasurers can now address key industry challenges in unimaginable ways.

 

 

Fast-forward on Day 3

 

Regulatory compliance uses up capital and human resources, consumes IT budgets and puts pressure on margins, but it also allows financial institutions to review their existing business models in line with current market practices to better serve their customers. The complexity of the new regulatory framework creates dynamics and fosters the innovation process in a sustainable way.

 

 

Innotribe’s Future of Money session focused on contextual banking, specifically how data, computing power and AI will bring about a revolution in hyper-personalisation and enable the promise of contextual banking.

 

 

“People don’t buy mortgages, they buy homes; they don’t take out car loans, they buy a car. This is what we mean by contextual banking – it’s about putting the right product or service in front of customers at the right time, and embedding it within the end product itself. […] Contextual banking offers a way for the industry to re-bundle financial services for their customers’ benefit, help retain customer loyalty and ultimately trust.”

 

 

Fast-forward on Day 4

 

  • We are at the beginning of API adoption for retail and wholesale banking.
  • Reach, standardization and security remain the key problems to solve in an API-connected environment.
  • Faster payments are at the center of the digital revolution.
  • Digital identity is at a crisis point and we need a holistic approach.
  • Cyber-security isn’t an individual, corporate, or even industry problem, but one that needs to be addressed globally, across multiple industries.
  • Open source communities are successful because they go beyond providing access to source code – they honor the principles of transparency, accountability, participation, collaboration, and access.
  • Wake-up call for banks in the open era: elevate service offerings in order to retain consumer loyalty!

 

 

 

SIBOS 2018 Sydney Day 1

 

 

Sibos 2018

 

October is ripe with SWIFT's premier financial services event: SIBOS! Of course, we are there to indulge in the abundance of insights, network with the finest in banking and FinTech, and share with you the cherry on top of each conference day.

 

 

Most debated topics so far: real-time payments, the rise of FinTech, digital ecosystems, global transaction banking, cross-border payments, RegTech adoption, financial crime compliance, blockchain, cyber hygiene, digital remittances.

 

 

Day 1 Highlights

 

"Open banking" and "banking-as-a-platform" are new concepts that banks must adapt to their otherwise powerful traditional assets, such as the customer base and the customer data. Building upon this data is crucial in their strategy development, as they must provide added value to their customers, whilst not diminishing their customer relationships.

 

 

 

 

ECB recently announced the milestones for the new TARGET2 changes, with a go-live date 3 years from now, in November 2021. The T2-T2S Consolidation project will change the way participants access services for transactions in central bank money and it will be implemented following a big-bang approach (simultaneous discontinuation of the current TARGET2 Single Shared Platform, and the go-live of the future T2 service).

 

The big four technologies that are going to reshape the financial industry and the society as we know it by 2030: artificial intelligence (with robotics as a subset), embedded technologies (i.e. voice activated smarter systems, augmented reality), HealthTech and gene therapy, and last but not least, smart infrastructure.

 

cyberA system's cybersecurity is only as strong as its most vulnerable components. Cyber is a business risk, not a technology issue. We all have a role to play. You may not be interested in cyber, but cyber is interested in you :)

 

10 years of INNOTRIBE: bringing innovation and collaboration to the heart of the financial industry

 

100 banks have already indicated that they want to join the Interbank Information Network (IIN), JP Morgan's new blockchain platform

 

Artificial intelligenceThey way artificial intelligence will impact businesses may very well be compared to the Industrial Revolution, and it's all about harnessing its potential.

 

 

You have to understand the past in order to see how the future is going to change!

 

 

 

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