Wednesday started with the Sibos 5k Run through the London Docklands near ExCeL.
The day continued apace with Views from the Top sessions with Christian Sewing, CEO, Deutsche Bank and Jean-Pierre Mustier, CEO, UniCredit. The speakers focused on the topics of cybersecurity and the transformation of the banking industry in relation to innovation.
Stella Rimington, former Director of MI5 and best-selling international author, delivered a captivating Views from the Top talk on her life and career. The session provided fascinating insights into political and social history in the UK and well as Dame Stella’s views on security, risk, communication and leadership.
The first part of Big Issues Debates was devoted to the theme ‘’Have new business models created a perfect cybersecurity storm?’’
Banks have achieved great success over the past decade in identifying fraudulent activity by cybercriminals and protecting clients from loss and service disruption. But it is harder to halt illegal activity when transactions are processed in real time, rather than hours or days, especially across borders. As real-time payment initiatives cut processing times to sub-second levels and settlement becomes irrevocable all most instantaneously, will cybersecurity defenses be left behind? And are banks further increasing their vulnerabilities to attack as they open up payments and securities systems to third parties via APIs, whether compelled by regulations, or driven by the desire to collaboratively develop new services? The answers to these questions helped to conlude that increased competition and client focus will enhance customer value and trust – but only if banks ensure new services are.
The next part of Big Issue Debate emphasized on the topic “Navigating an era of renewed great power competition – New challenges for countries, markets and investors”. Over the last several years, great powers, including the United States, China, Russia, and others have been engaging in increased competition in the geoeconomic space and in financial markets. The Trump Administration has engaged in a series of protectionist actions against both China, and other nations where the administration wishes to extract economic concessions. At the same time, China’s role in the global economy is also changing – the Belt and Road initiative has seen an influx of investment across Asia, and now even Europe. China has also taken the lead in technological research and application in 5G and increasingly AI, and seeks to achieve a commanding lead in the technologies that will drive the global economy, through their Made in China 2025. This geopolitical competition threatens to break the world into global spheres of influence if the US and Chinese economies indeed become ‘decoupled’, despite the massive economic cost it would entail. Beyond trade and technology, geopolitical competition is increasingly impacting global financial markets -the United States has increasingly used the threat of blocking nations access to dollar clearing to force foreign governments into compliance, leading both China and the European Union to suggest developing alternate systems. Both the US and EU have begun strengthening their rules on foreign investment for national security purposes. In this environment, we will debate how global markets and investors can navigate the uncertainty of this new politically charged environment, debate what scope there might be for a resolution or détente in these economic hostilities, and examine how governments might alter their own policies in light of this age of new strategic competition to promote open, sustainable growth.
At 17 PM started Women of the World Networking Event which provided an informal networking and inspiring stories. The participants caught up with familiar faces, made new connections and shared experiences in a relaxed setting.
In the network of Innotribe Networking Event session, a panel of speakers from AMF Ventures, 11:FS, EY, SWIFT and CCG Catalyst explored the prediction that cash will soon be redundant, and whether this means that in its place we will see a proliferation of new digital currencies.
The September 24, Sibos 2019 was in full swing and Day 2 kicked off the Big Issue Debates series with incisive conversations on ‘The future of banking’ and ‘Cloud, AI and privacy: Building blocks of a universal collaborative platform? Banking in the sense we now understand it originated in renaissance Italy in the 14th century. Since then the business of banking has undergone several fundamental disruptions – from the introduction of modern bank notes in 17th century London to the emergence of fractional reserve banking – to arrive at the complex capital markets, high-frequency trading and instant payment schemes we see today. So what of the future? Does new technology like block-chain promise further revolutions in banking? As the importance of data grows, will the new data titans – Google, Facebook and the rest – fundamentally challenge banks’ position in the payments system? And how does the banking industry need to adapt as the world confronts the looming crisis of climate change? These and the other issues have been discussed during the first part of Debates.
At Innotribe delegates heard Paul de Gelder’s incredible story. Paul was diving for the navy in Sydney Harbour when he came face to face with a shark and his life changed for good. He spoke about overcoming adversity and his journey to become a renowned Discover Channel and National Geographic shark researcher.
The Spotlight programme centred on Customer Experience with talks ranging from helping to improve consumers’ financial choices and creating non-bank-like experiences, to weighing up security and convenience in customer service interactions. In particular, Dan Mackoski, Chief Design Officer, Lloyds Banking Group, noted the importance of learning about customer behavior, understanding how the consumer interacts with their finances, and, as a result, creating an intuitive service interface. Pete Steel, Chief Digital Officer at Commonwealth Bank of Australia, spoke about how the bank is bringing “non-bank-like” experiences to banking customers by using digital innovation, UX, data analytics and AI to deliver a truly smart digital banking experience, helping customers save money, avoid fees, and make better financial decisions.Closing the CX day, Rupert Nicolay, Worldwide Services Architect at Microsoft deep-dived into the trade-offs that banks need to make between security and convenience when shaping the customer experience as they on-board, authenticate, interact and transact with customers.
The second part of Big Issue Debate focused on the theme ‘Cloud, AI and privacy: Building blocks of a universal collaborative platform?’ Cloud computing, artificial Intelligence and privacy rules are the three building blocks of a new digital world order that could deliver significant economic benefits. But each one is being shaped primarily by a different regional power – the US, China and Europe respectively – meaning political tensions could undermine hopes for a collectively bright digital future. As inherently global entities, major financial institutions serving the fast-unifying needs of corporates and citizens have a vested interest in a collaborative approach, whereby regional strengths are combined to create a universal platform for competition and innovation. Arguably, they also have a unique responsibility to bring this scenario about. With their global reach, fast-evolving technological and collaborative capabilities, and trusted client relationships, financial institutions can lead by example, deploying open, neutral solutions that maximise access and opportunity. Not only will this chime with the values of new generations, it will serve as a proof of concept that collaboration can bring the world together. In this session participants explored the building blocks of a universal collaborative platform.
Sibos 2019 is successfully completed. The team of ProFIX Company joined to a unique mix of thought leaders, innovators and the next generation of financial professionals, to explore the theme: reinventing payments. We will share with you the impressions and results of the Sibos 2019 first day.
Day 1 of Sibos 2019 in London got off to a roaring start and launched with an Opening Plenary featuring SWIFT Chairman Yawar Shah, and SWIFT CEO Javier Pérez-Tasso, who noted that in financial industry as global payments and security market continue to grow, rapid shifts in technology are creating massive changes, and big investments particularly in transaction banking and cross boarder payments. That opens up many new ways to provide banking services:big tech platforms, Open banking, mobile applications. Actually the financial institutions are dynamic of both in collaboration and competition creating a healthy attention to offer the most compelling customer channels, the best client experience and execute payment faster than ever before. So this big acceleration the front end means that underlining infrastructure that seeds behind have to become more agile and increasingly more intern connected with this growing number of apps and customer channels.
"When I think about SWIFT in this context, - continued Javier Pérez-Tasso, - I realize that our job to offer the industry the best innovation platform. There are no doubts that SWIFT gpi is a perfect case in point. Today with gpi more than half international payments reach to end beneficiaries in a few minutes. This week we’ve launched gpi-instant – that will hook up gpi with a real time payment systems. Payments will move across the continents, account to account in just a few seconds. But we are not going to stop. Our vision is to become instant global network for cross border transactions which means created an even more efficient an interconnected payment system, that enables our users to transact from account to account anywhere in the world in an instant and across all the world currencies with full transparency of fees."
Guest speaker Dame Minouche Shafik, Director of the London School of Economics (LSE) and former Deputy Governor of the Bank of England, switched delegates’attention to the question about the place and role of humans in the fast-growing technology world. She noted that AI will change most jobs – half of jobs will be changed in a fundamental way on 10-20 years. But Minouche Shafik is sure the jobs will not disappear.
Other highlights of the day included the first views from the Top sessions with António Horta-Osório, CEO of Lloyds Banking Group, Bill Winters, CEO of Standard Chartered and Lance Uggla, CEO of IHS Markit.
Innotribe part was opened with a keynote speech from Brian Cox, one of the UK's best known scientists and Professor of particle physics at the University of Manchester. Professor Cox kicked off an Innotribe programme that travels to the future of finance to reflect on the technological and societal changes bringing challenges - and opportunities - for the financial services industry.
Innovations on Banking 4.0. was held in Prague, Czech Republic on September 19-20th. ProFIX Company as a Partner of the Conference delivered the presentation «Universal Payment Hub – examples of successful business cases for banking and retail sectors».
The main focus of this event was on the latest innovations, industry trends and prospects presented by the most prominent experts in the area. The representatives from 15 countries attended the Conference. Delegates have been exposed to the latest developments in operational excellence, big-data implementation, and innovations in client-centric approaches as experienced by the leading European financial institutions.
During the second day of IOB4.0. the international experts and officials on European regulations discussed the banking tech and RTA process updates, PSD2 achievements, the transformation process of the instant payments, cybersecurity. In the framework of the second day agenda Maksym Kubrovskyi (ProFIX Company) told about successful business cases with Universal Payment Hub and the way to improve customers experience and introduce new services with this platform.
At the end of the official part of the Conference delegates took part in the discussion with key topic «Bank and FinTech collaboration».
The Innovations on Banking 4.0. Conference is just around the corner! Don’t miss out on 19th-20th September in Prague!
Meet the fantastic speakers including Maksym Kubrovskyi from ProFIX Company with presentation «Universal Payment Hub – examples of successful business cases for banking and retail sectors».