SIBOS The Banking Services Conference.
This week invstr’s Lea Jakobiak met the biggest names in finance at SIBOS in Geneva. They discussed innovation, new FinTech trends, but also talked about financial inclusion and bringing finance back to its original purpose.
LEA JAKOBIAK (Reporter, invstr): Hi its Lea from invstr and I’m here with Hannah from Intellect EU, Mr. Manna from the European Central Bank, with Mr. Wim Raymaker from Swift, Mr. Shower from the Bank of Palestine. You get the picture, pretty much everyone in finance from all over the world attempts SIBOS and the key topic seem to be how regulations are creating a need for banks to innovate.
PAOLO SIRONI (FinTech Thought Leader, IBM): Due to regulation caused the global financial crisis because cost of banks started growing but the margins of revenues were comprised the year after year so there is a need for the financial institutions to change their business model.
LISA ROBINS (MD, Deutsche Bank): I see a lot of changes as I mentioned earlier on the regulatory side which means that we have to really make our game a little tougher around safety and security.
JOHN SMITH (MD, Fiserv ): Client demands are really growing all of the time and the customers demand more of them.
HANNA ZUBKO (Founder, Intellect EU): We see this happening now that banks are looking around and actually starting to take the change.
And this applies to the biggest institutions in this field
MEHDI MANAA (European Central Bank): Innovation is needed everywhere in Europe, everywhere in the world because today we have a lot of pressure on the costs but now we are moving one step further and not only think about innovative services that also bathe them and build them upon innovative technology.
But of course with so many leaders in finance united under one roof there was also a huge focus on financial inclusion.
LAWRENCE WINTERMEYER (CEO, Innovate Finance): Over the last year we we’ve taken that a bit further with the Gates Foundation and their level one project to get the more than two and a half billion people in the world who are outside of the financial system into the financial system. There are 1.5 billion people in the world now who actually have no identity.
HASHIM SHAWA (Chairman, Bank of Palestine): I mean we’re not just a bank. We are first of all operating in a very difficult country that’s still under occupation. We started over 50 years ago mainly as an agricultural bank working with farmers and marginalized communities and villages and underbanked serving underbanked areas.
Now SIBOS takes place in Geneva, a city that seems fitting for this purpose.
ALEXANDRE GAILLARD (Founder, Investglass): Switzerland has to know how and they have the sense of quality and we have to remember that banking is a service and you pay for quality service.
And also Bill Gates words of wisdom seem to be very popular.
BEN ROBINSON (Head of Strategy, Temenos): To paraphrase Bill Gates and I think people get kind of over excited about the near term impact and the loose sight of how big it could be in a long time times.
JESSE MCWATERS (World Economic Forum): A quote from Bill Gates that “we tend to overestimate the change that we’ll see in the next two years and underestimate the change that will see over the next ten” is probably a very true one. Moving forward we’re really interested in how automation enabled by things like AI and machine learning are going to potentially transform both the organizational structure of financial services and their talent needs.
LEA JAKOBIAK (Reporter, invstr): On behalf of physic finance and Invstr we’d like to say a big thank you to SIBOS and Geneva for a beautiful and insightful week.
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