Last month, NTT DATA showcased the future of banking at Sibos 2023 in Toronto. The four-day event brought together over 11,000 finance executives, innovators and thought leaders from across the industry. This premier financial services conference provided a first look at the latest solutions driving the transformation of banking for the digital economy.
Embracing Collaborative Finance
This year's Sibos conference focused on the theme of ‘Collaborative Finance in a Fragmented World.’ Sessions and talks over the four days examined topics like sustainability, inclusion, resilience, regulation, and how we can harness technology to improve these areas.
Sustainability was a central concern as financial institutions sought guidance on the best way to boost their environmental, social, and governance (ESG) records. Experts discussed how to transition financing away from fossil fuels towards renewable energy. Other conversations centred on measuring climate risk exposure and mobilising green investment products.
Fostering inclusion was another key topic. Panels explored expanding financial access to underserved communities through innovations like blockchain and mobile money. Some sessions also focused on diversity within financial institutions themselves.
One of the most widely discussed topics at Sibos 2023 was the future landscape of digital currencies. As decentralised cryptocurrencies like Bitcoin and Ethereum continue to gain mainstream traction, central banks around the world are responding with plans to launch their own central bank digital currencies (CBDCs).
CBDCs would be digital forms of existing fiat currencies, issued and regulated directly by central banks. Proponents argue CBDCs could improve payment efficiency, financial inclusion, and monetary policy transmission. However, questions remain around challenges with implementation, privacy tradeoffs, and the impact on commercial banks.
Other key topics included:
- Building operational resilience amidst economic uncertainty.
- Cybersecurity and ensuring continuity during disruptions (much like the recent global pandemic).
- The need for proper risk management frameworks, as emphasised by regulators.
- Harnessing the potential of emerging tech like AI, blockchain and the metaverse.
- Balancing innovation with privacy and security concerns.
- Key challenges: including interoperability and avoiding fragmented systems.
Overall, Sibos 2023 provided an insightful look into how financial institutions can use their capacity for innovation to create a more sustainable, inclusive, and resilient industry.
The Platea Banking Platform
At Sibos 2023, we were fortunate enough to be able to showcase how our pioneering platforms are enabling banks to innovate and transform their operations.
A key highlight was Platea, NTT DATA's open banking platform that helps financial institutions meet today's digital demands. Platea's composable architecture, API-first approach, and cloud-native technology provide unmatched agility, scalability ,and speed-to-market.
We also presented a suite of exciting new solutions that use Platea as a foundation:
Silver Banking TV: This innovative solution enables elderly customers to easily access banking services and connect with advisors right from the comfort of their living rooms. By integrating with digital TV, it provides secure banking capabilities without complex technology.
Finbow: NTT DATA's intelligent finance management solution provides personalised insights and guidance for consumers using AI and real-time data integration. It empowers people to better understand their finances and make smart saving and planning decisions. For institutions, it delivers a new channel to engage and support customers.
Supply Chain Finance Platform: Developed using SAP Ariba, NTT DATA's supply chain finance solution digitises processes across the banking supply chain. It seamlessly connects banks to corporate buyers and suppliers, allowing frictionless collaboration and increasing the value derived from supply chain data.
IoT Lending: This cutting-edge lending program uses Internet of Things technology to help consumers finance energy efficiency improvements. By monitoring home energy usage, it simplifies the process of obtaining green loans and installing upgrades like renewable energy.
Hyperpersonalisation: NTT DATA is redefining customer engagement through digital human avatars, AI assistants, and immersive tools. These solutions analyse data like payments information to deliver tailored banking experiences and valuable loyalty programs.
Driving the future of banking Forward
Sibos 2023 offered a glimpse into the future of banking, with NTT DATA and its offerings at the forefront of driving this innovation.
The event’s focus on ESG made it clear that putting sustainability first is no longer optional. This is a field in which NTT DATA has made significant advances, creating green lending solutions and sustainable finance frameworks. We can use technology like blockchain and IoT to easily track and create transparent ESG reports.
Banks are looking to deliver hyper-relevant, digitally enabled experiences, and that’s why we designed solutions like Platea and Hyperpersonalisation. By harnessing cloud, AI and real-time data, banks can create personalised engagements and loyalty.
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