JDX Closing Spotlight on Sibos 2019

          October 3, 2019

          Thriving in a hyper-connected world was the big theme of Sibos 2019 and it was fantastic to see so many organisations, over 11,000 attendees from 150 countries, gathered together in London with customers, collaboration & digital transformation at the forefront of the agenda.

          Debuting at this year’s Sibos was the ‘Views from the Top’ conference series, whereby leading CEOs from the financial industry and inspiring speakers from other disciplines, delivered a series of keynote speeches and fireside chats tackling industry issues, leadership skills and motivational techniques. JDX investor Tim Frost hosted an interesting fireside chat with Lance Uggla, CEO, IHS Markit, discussing advanced analytics in a time of rapid data growth and technology innovation. Lance highlighted three important themes around data and information:

          1. The quantity has increased
          2. The quality has improved through the use of technology, and
          3. That there are new unstructured forms of data, such as satellite imagery, drone photography and many new types of information that we are dealing with

          Lance’s view was that with more information and more people using that information for decision making, the industry is in a good place to grow and that sophisticated technology is key in driving advanced analytics.

          Here are JDX’s top highlights from the event:

          ISO 20022: As highlighted in our pre-event article ‘The resurgence of data standardisation’, adoption of ISO 20022 lays the foundation for vastly improved, regulatory compliant global payment processing efficiency and interoperability. Communication, collaboration and coordination is key—the importance of moving towards a common language was recognised at Sibos through the recommitment of the Central banks to the initiative. JDX is working closely with the industry in support of this push and it was fantastic to see an increase in both energy and momentum being generated through the event.

          Big Data and how to manage it: Getting data right—full leverage starts with standards, clean data, governance, architecture and mining capabilities. A huge volume of data could be used to generate meaningful insights and services for clients.

          Meeting the regulatory challenge: In complying with the new regulations, financial institutions can change their business model and grow their revenues. Market infrastructure is critical to take regulators along the journey, enabling innovation and relevance. Interesting to explore the prevalence of managed solutions, honing staff, operational excellence, and controlling costs—all things in JDXs heartland.

          Digital transformation: The prevalence of emerging technologies and innovation in the renewal of the banking ecosystem: artificial intelligence (AI), machine learning (ML), cloud and the revival of blockchain, as it moves into real practical application. The challenges in balancing both the drivers and the risks of digital transformation e.g. meshing together payments automation & AI / ML to better the client experience versus enhanced controls and expectations re screening / sanctions.

          Market infrastructure: Day 3 of Sibos focused on market infrastructure and the complex interplay of regulation, innovation and technology. These are themes close to JDX’s heart, as we continue to work closely with regulators, providers and participants to drive consensus and understand drivers for changing the full landscape.

          Collaboration: The move away from competition and into collaboration between FinTech’s and big banks, with these partnerships delivering on value to the client. Central banks opening doors to external best of breed providers / vendors to support carrying infrastructure forwards
          The Women of the world networking event returned to Sibos for the second year to explore the importance of female leadership in the financial industry and to celebrate women who have inspired throughout history. Our Global Head of Consulting Services, Lucy Dorr and Head of Asia-Pacific Sales & Relationship Management Jennifer Heathfield-Lee attended the event and enjoyed the opportunity to make new connections and hear from speaker Sandi Toksvig OBE who discussed her experience of forging a career as a leading female comedy figure in a male-dominated world.

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