The wait is finally over! Sibos 2015 is here and busier than ever with over 8,000 delegates. Once again the banking industry has come together in Singapore to talk about the key challenges in the market and what needs to be done to overcome the issues and most importantly, stay current in an ever changing industry.
Day1 started with the Technology Forum focusing on trends in financial services and the challenges facing the financial industry. The room was at full capacity with a queue of delegates watching and listening in the overflow room next door. You can see why it was such a popular session as people look for guidance as the technology landscape continues its rapid evolution. The three main topics discussed were Blockchain (no surprise there), Data analytics and Mobile payments.
Even though blockchain was the key feature, the panellists were still trying to work out what it all means and how it will affect the industry. Everyone was in agreement that banks shouldn’t be working on their own but instead, collaborate with each other to really understand blockchain and how it works. Whether this will actually happen is still up for debate. Watch this space!
On the topic of data analytics, it’s apparent that banks are collecting and managing vast amount of data through their customers and via transactions, but what they need to be doing is taking the time to fully analyse the data and develop tailored offerings which will add value to the customer. The audience highlighted that maybe the industry doesn’t have the right people with the skillsets to actually understand the data completely and therefore act upon it.
The final topic of the panel was mobile payments and how the next generation of customers expects their banks to be more like Amazon. Gone are the days where you go to the bank. Customers now want their bank to come with them anywhere and everywhere – always mobile. Customers want to be in control and have access to their banking needs wherever they are.
The panel really highlighted how technology is transforming the industry, and shouldn’t be seen as a threat but seen as an opportunity for the banks. It's time for the banks to embrace it!