SIBOS 2018: Enabling the Digital Economy
Sibos brings financial leaders together to network, collaborate and find solutions to industry challenges.
The theme for 2018 is “Enabling the digital economy”, which reflects the far-reaching transformation of banks and other financial service providers as they adjust to the realities of a digital world.
Indue Group Executive – Product & Marketing, Dave Hemingway, will be speaking Monday, 22 October from 14:45 – 15:15 in the Open Theatre 1 as part of the IBM Panel session A Holistic View of Payments.
Other panelists include Raj Venkatraman, Director, IBM Global Payments Solutions and Sam Kalyanam, Vice President, Head of Financial Crimes and Compliance.
The ‘Enabling the digital economy’ theme will be represented by four sub-themes that will run through the week across the whole Sibos 2018 conference:
- How data, AI and robotics are driving service innovation and business model renewal
- New paradigms and technologies for information sharing to tackle financial crime
- Tackling the widening cybersecurity challenge in the digital economy
- Adapting to evolving geopolitical and regulatory priorities
As the world’s businesses and consumers migrate to the digital economy, banks and financial service providers are making their own transformational journeys, reappraising and reengineering their business models, service offerings and relationships with third parties.
Today, business executives rank asymmetric growth from platform-based business models and ecosystems as more important than mergers and acquisitions or organic growth (Accenture). Three of the top five firms based on market cap run platform-based businesses, and 14 of the 20 largest US non-tech firms have a digital dimension to business strategies (The Economist). Many banks are already putting together strategies that reflect these shifts. They are developing new partnerships with clients and fellow service providers as they leverage new technologies – big data, AI, cloud, mobile and blockchain – to deliver new services in new ways. At the same time, the collaborative ethos of the digital economy can be seen in the way banks are leveraging industry platforms and infrastructures to meet common challenges and develop new customer propositions.
This can be seen in the rapid adoption of common utilities to meet compliance needs and develop standards-based platforms – including SWIFT’s KYC Registry and global payments innovation service. It is also driving the transformation of regional and national financial market infrastructures, with Australia for example launching an open real-time platform for payments service innovation (NPP) as well as pioneering the use of blockchain in the post-trade securities sector.
Content Source: sibos.com.au