14 December 2017
Nanda Kumar

Digitalised Banking

Nanda Kumar - SunTec Business Solutions

30Posts 154,122Views 0Comments

Sibos Day One roundup - D-Day for Banks -

27 September 2016  |  3637 views  |  0

This year’s Sibos in Geneva wrapped its first day with more innovation than ever. The buzzwords which dominated this year; were 'The Three Ds' Digitisation, Disruption, and the newly minted Distributed (Ledger).

Where now for FinTech?

The crowd for the ‘Blockchain 101’ session learnt how ancient clay tablets became the encrypted distributed ledgers in use today for geo-stamping car insurance apps and stock trades. Many of us inaccurately use the term blockchain technologies, to mean Distributed Ledgers. Right on trend, this year’s Sibos keynote unveiled the winners of its distributed ledger competition from London and San Francisco.

The FinTech buzz means more banking app users. These channels, however, require user interfaces to rival popular ‘native digital’ apps such as Google, Amazon and Facebook, because soon they will compete directly with banks under regulations advocated by the Open Banking Working Group.

A session featuring ‘traditional’ banks, Spain’s BBVA and Denmark’s Danske Bank; looked at the changes required. The audience, of mainly traditional bankers, believed digital teams within banks will catch up.

The issue of too many banking apps on our phones was dismissed by a major bank, who explained, “I hope we do not go too far into standardisation of apps, because it is the differences that create innovation. Some of these FinTech providers need to fail.” There was a hint the major banks may acquire those who survive.

A more human future

Natural selection was also the subject of the Sibos Innotribe ‘Future of Money’ presentation featuring leading minds from academia, established banks and startups. Robo-advisers and the Internet of Things were on the agenda, as well as a feeling IT Security professionals could learn much from nature.

IT Security was seen as addressing the wrong problem because breaches were inevitable and therefore a predictable risk. The solution? A blend of online and human intervention, organic systems.

These future banking systems would not attempt the impossible by trying to win the arms race with well-funded hackers. Rather they would work more like the human immune system, which accepts and fights off the flu, in most humans, every year. Financial institutions it seems should accept their core systems will always be vulnerable.

Blockchains of course also exist in nature, in the form of DNA code. So, when it comes to innovation there is a lot to be learnt from Mother Nature. She is unarguably distributed and disruptive and just like Sibos, her best features are distinctly digital.



Comments: (0)

Comment on this story (membership required)

Latest posts from Nanda

High stakes: become a true value aggregator or lose your market share

07 September 2017  |  4359 views  |  0 comments | recomends Recommends 0 TagsRisk & regulationOpen APIsGroupDigital Banking Trends

Are APIs the new goldmine for banks?

12 July 2017  |  7438 views  |  0 comments | recomends Recommends 0 TagsRisk & regulationInnovationGroupTrends in Financial Services

The challenges banks are facing with Open Banking

12 June 2017  |  11217 views  |  1 comments | recomends Recommends 0 TagsRisk & regulationRetail bankingOpen APIs

Customer obsession is the only way banks will survive

26 April 2017  |  6571 views  |  0 comments | recomends Recommends 0 TagsRetail bankingInnovation

Simplifying and standardising the Indian taxation system with GST Act

06 March 2017  |  4464 views  |  0 comments | recomends Recommends 0 TagsRetail bankingInnovation

Nanda's profile

job title CEO
location Trivandrum
member since 2013
Summary profile See full profile »
Nanda Kumar has been active in the software realm for over 26 years as a technology evangelist for customer-centric software platforms and solutions, specifically for the pricing and billing requireme...

Nanda's expertise

Member since 2013
23 posts0 comments
What Nanda reads

Who's commenting on Nanda's posts

Mouli Srinivasan
Edmund Ingham