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Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

Sibos 2010: It's all about regulation, trust and recovery...

26 October 2010  |  2952 views  |  0

This week we have witnessed the financial services industry head in droves to Amsterdam for the annual Sibos event. This year, I expect that there will be three key themes shaping the event: Regulation, Rebuilding Trust and Recovery.

The aftermath of the financial crisis brought in a cost savings and optimisation era and payments systems have also been influenced by these drivers. Banks have integrated channels with order processing systems and payments to have an integrated front to back financial supply chain thereby improving agility and flexibility to cater to customer needs while optimising  cost. We expect the cost savings theme to continue at Sibos. Additionally, from a technology perspective,  discussions are likely to be focused around cloud computing, mobile banking and smarter collaboration. 

We also expect social media to be a key theme at the event. Social media has changed the way consumers and corporations interact, as the balance of power has shifted with consumers calling the shots because of the digital age. Nowadays, consumers are empowered by social media tools – making them digital consumers – and therefore, are proactively questioning, critiquing and recommending products and services on blogs, forums and communities. Like many other industries, keeping up with digital consumers is a conundrum for the financial services sector, particularly because there is no established social media model for success.  For this reason, we at Infosys will be paying particular attention to the issue by discussing how banks can take the right social media risks to better serve their customer base. 

At the event, we will also be showcasing our services in payments in the cloud, payments consulting and transaction banking.  If you’re interested to hear more or just want to meet up for a chat, join us at booth A717 in Amsterdam RAI.

TagsSibosRetail banking

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