As a result of the sibos conferenceIt seems to me that banking right now is full of paradoxes. Central bank digital currencies (CBDCs) are either a total game changer or a complete flop. Fintechs are an existential threat to established banks or are their most important partners. Sustainability is on the cusp of major change, as it has been for years or even decades.
These contradictions cannot last long, and when they are resolved, they will bring about great changes in the industry.
I went to Sibos expecting to be surprised. It was the first in-person version of the iconic conference since the pandemic, and I knew the week would be filled with great meetings and new ideas.
But I was still in awe of the quality of the conversations I participated in and listened to; for how nice it was to see familiar faces again and meet new ones; and more than everything, for the inspiration and innovation I found everywhere. watch my interview for my reflections and conclusions of Sibos.
Sibos 2022 started off strong, with the launch plenary session with remarks by Her Majesty Queen Máxima of the Netherlands and Yawar Shah, Chairman of the Board of QUICK.
The rest of the conference kept pace with this strong start. The second day I had the pleasure of sharing the stage at Sibos with catalina zhou from HSBC and amelie arras from Zumo for our presentation, “Spotlight on Digital Value: Conquering the metaverse.” We share our thoughts on how the metaverse is creating new worlds of opportunity for banks.
While our talk was well received, sharing your own perspective is only part of the Sibos experience. The other part, probably the most important part, is to listen. Around 9,000 bank leaders attended Sibos, so tapping into that collective wisdom is a powerful thing.
After a week of talking and listening in beautiful Amsterdam, I flew home brimming with new inspiration about the industry’s trajectory. Here are my picks for the four most significant:
1. From disruption to enablement in fintechs
Fintechs are not a monolith, but their role in the payments ecosystem since its inception has been disruptive and challenging.
But in Sibos I saw this balance change. Today’s fintechs mostly want to enable today’s payment world and not disrupt it.
It remains to be seen how long this collaborative spirit will last and what will come of it. But the moment reminds me of another almost 50 years ago when 239 banks in 15 countries came together to create SWIFT.
2. Sustainability grows teeth
Sustainability is a difficult thing to measure. Getting everyone to agree on the same measurement system can be even more difficult.
But around Sibos I heard the consensus that the industry is getting closer. We are moving towards a day when all public companies will be required to publish sustainability metrics alongside income and cash flow statements in their annual reports. Sustainability reporting must be mandatory to be effective. My feeling from Sibos is that we are moving towards that point.
3. Payments in the metaverse go beyond “private label”
While there are a few metaverse payrails out there right now, they’re mostly “closed”, meaning you send money into a digital ecosystem like Roblox and whatever your money buys there stays within that ecosystem.
This sounds to me like the world of “private label” credit cards that was eventually revolutionized by Visa and Mastercard.
Based on that parallel and what I heard at the conference, I think the question is not if an equivalent payment revolution will happen in the metaverse, but when it will start.
4. A new conversation about CBDC
I have a confession: I think I’m a bit clairvoyant. Or at least it feels that way when I think back to the discussion on central bank digital currencies at Sibos this year.
as i projected on myself Top Ten Banking Trends for 2022 In January, the conversation moved from technical questions about what CBDCs are and how they work, to more practical questions, such as whether CBDCs should be issued directly to consumers, how disputes should be handled, and how to avoid creating a “shadow.” . ” Bank System.
In other words, we’ve started to look at the policy, and setting the traffic rules is one of the last steps before traffic begins to go through them.
Thanks again to my co-presenters, the great Accenture team who attended, and everyone I met and spoke with at the conference. For Sibos takeaways from Accenture banking leadership:
read more
And stay tuned for my top ten banking trends of 2023 early in the new year. It’ll be here before we know it!
If you want to analyze how your bank can compete and To win in today’s market, I would love to hear from you. I can be reached here.
