Open Banking on Financial Institutions' Minds at SIBOS

Blog /Open Banking on Financial Institutions Minds at SIBOS
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NTT DATA Services recently exhibited at the annual SIBOS conference, October 16 through 19 in Toronto. Described as the “premier business forum for the global financial community to debate and collaborate in the areas of payments, securities, cash management and trade,” SIBOS is the perfect platform for our Financial Services team to talk to delegates about how our business consulting and IT services have been helping our customers transform and innovate.

During the opening plenary, Dave McKay, president and CEO of Royal Bank of Canada (RBC) set the tone for the event, whose key themes were Artificial Intelligence, Blockchain, Cybersecurity and Data (ABCD).

No surprise then that our press release announcing that we’ve added artificial intelligence, advanced automation and robotics to our Know Your Customer (KYC) Solution resulted in an influx of inquiries at our booth.

In fact, throughout the four-day event, we witnessed strong interest from more than 500 customers, prospects, analysts and members of the media who came to our booth to discuss the most pressing issues facing FSIs, including:

  • Real Time Payments Innovation
  • Open Banking and APIs
  • Intelligent Process Automation
  • Customer On-boarding & KYC
  • Customer Experience Transformation

On Wednesday, I presented one of the most talked-about topics at SIBOS: Open Banking – Impending Threat or Innovation Opportunity. A great turnout made clear that financial institutions understand the potential positives and negatives of open banking: how openness facilitates innovation and competition; how with that openness comes uncertainty around the mechanism and security of third-party access. Banks understand that they risk losing their existing customer base and a significant portion of their business if they don’t innovate. Yet, they also understand the rewards of open banking: the ability to get more information about their customers than they ever could before, enabling them to become proactive advisors and create new revenue streams.

From our discussions at SIBOS, it’s evident that open banking is forcing financial institutions to revisit their digital strategies. They are hungry for best practices: whether it’s how FinTechs and traditional banks can collaborate, building an open banking platform or the monetizing of APIs. Many questions were raised at SIBOS, but what better way to start the next year within the financial services industry?

Post Date: 2017-11-17

Niraj Singhal

About the author

Niraj Singhal is Vice President and Head of International Banking Practice at NTT DATA Services. In his IT career spanning over two decades, Niraj has advised leading financial institutions on digital strategy and is a regular speaker at various Industry forums, including, SIBOS, EBA Day, and CEB Technology Conference. He also works with leading Industry Analysts to advise on strategic imperatives for banks as they grapple with pressures of cost, compliance and customer retention. Niraj has extensive global experience in consulting across financial institutions, predominantly in the areas of digital banking, payments modernization, risk and compliance, process re-invention and banking industrialization. He previously held leadership positions within the TATA group, wherein he worked as a strategy consultant, with experience across diverse group companies.

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