Insights from Sibos 2017 As We Gear Up for Sibos 2018 in Sydney
It’s hard to believe that a year has gone by since we were at Sibos 2017 at the Metro Toronto Convention Centre. Sibos is the largest conference in financial services where leaders come together to discuss industry trends, innovation, and what’s next. Last year, Sibos brought together more than 8,000 delegates, and I cannot wait to see what is in store for us in Sydney in October. Watch this video for a recap of last year’s conference.
Data is the Fuel of our Economy
One of the big trends we saw at last year’s conference was the importance of data and collaboration and how it can be used to achieve value for customers. There is no doubt that data is a driver of growth and change. The sheer volume and types of data that financial institutions have access to — customer demographics, product data, credit-card statements, transaction and point-of-sale data, online and mobile transfers and payments, credit-bureau data, and more — all hold tremendous opportunity for financial institutions, but only when it is accessible, actionable and used to inform decision-making. Too often, data exists in disparate systems across the various business units within a financial institution and these silos become roadblocks to real business transformation. This trend is not slowing — the pace of data growth is only accelerating. IDC predicts that the world will be creating 163 zettabytes of data a year by 2025, and 90% of all the data in the world was created in the last 2 years. Leaders in financial services are strengthening their data science proficiency, investing in predictive analytics, and advanced tools to enhance data management to make informed decisions.
Analytics is the Engine
If data is the fuel, analytics is the engine. There are so many problems to solve based on data, and with the velocity and volume of data available, financial institutions must find ways to automatically — and more dynamically — derive insights. When analytics becomes a true business discipline, the benefits are endless. There is enormous potential to reduce churn, improve risk controls, accelerate growth, increase productivity, and provide exceptional customer experience at a fraction of the current cost. Rather than starting with the data and looking for patterns that may or may not be relevant – financial institutions may be better suited to start with questions and use data to understand and predict customer behavior, enabling them to convert raw data to information, insights, and foresights. When an analytics strategy is driven by, and therefore aligned with, a financial institution’s business strategy, the information gleaned can be used to bring the customer closer to the brand, improving trust, and increasing the lifetime value of the customer.
See You in Sydney
We look forward to seeing you at Sibos at the International Convention Centre (ICC) in Sydney from October 22-25. We are thrilled to be presenting with our valued customer, Barclays Bank, on Wednesday, 24 October at 12:15, in open theatre #2 on level four of the convention centre. Join us as we discuss “Security as a Competitive Advantage Depends on a Holistic Strategy”.
In this session you will hear how Barclays has removed security silos and implemented a strategy to ensure that security and trust are part of their DNA. This holistic approach enables them to not only win customers, but build advocates for future business. Barclays will share their approach to embedding security into product designs and functionality, and evolving their security operations to meet the shifting adversary landscape. This session will highlight recent responses to the increase in technologically advanced cyber-criminal gangs, nation state sponsors, hacker groups and hacktivists, and will describe how Appian, through our low code paradigm, has given Barclays the ability to build applications much faster.