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Sibos 2019 resume: Day 2

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.