Another year, another Sibos. The leading Financial Services event concluded last week, and the discussions provide some interesting food for thought.
Disruptive innovation and fintech emerged as a major theme throughout the conference. The audience heard experts from the financial, technology and fintech ecosystems discuss the impact of new technology, and whether the industry is in the midst of a fundamental transformation. There was also an interesting focus on how regulation can foster, not limit, innovation. In Europe, the revised payments directive (PSD2) is expected to drive innovation and competition, providing fintech startups with a strong opportunity to play a more important role.
Cybersecurity was also high on the agenda. Today's hackers are smart, well-resourced and even more focused on banks – simply because that’s where the money is. Attackers only need to find one weakness, while defenders need to protect the whole system. Discussions focused on how the community is coming together to fight these threats.
While the debate around last year's big theme, blockchain, continued, insights have clearly matured. Banks and technology providers are teaming up to find potential solutions, and there are numerous trials underway.
The world of financial technology has seen a clear and significant shift in the past year – the focus of innovation has moved from pure technology to information and learning. Platforms around payments, lending and advisory have reached a certain level of maturity. Now, the attention of banks, investors and the financial technology industry has shifted to use cases around emerging technologies that build on and learn from all available data and information.