22 January 2018
Colin Day

Colin Day

Colin Day - SunGard

29Posts 123,919Views 7Comments
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.

Shock and awe - change is good!

28 October 2010  |  5447 views  |  2

There is the saying that ‘nobody likes change’ and in most cases you can attribute that to the fear of the unknown.  Or, it is possible that people may just think that the old ways are better.

I was shocked to learn from one of my colleagues that Deutsche Bank is not giving away toy cars at Sibos this year.  Children of Sibos attendees across the globe will be heartbroken as their parents return home over the weekend empty-handed.

Now let’s move onto matters of the show itself.  I was in awe of the streamed session that was run at Sibos yesterday, about which Finextra have already written a great report.  Providing a live, simulcast of a session that featured a panel debate via the web was, I believe, a first for Sibos.  For those of you who were able to attend in-person, this probably felt like any other session you attended yesterday.   For those of us viewing the live feed all I can say is “wow”.

Sitting at my desk in Canary Wharf, I really felt part of the event.  I could even ask my questions live via twitter as many people did.

Ok, social media has been around for a number of years and here at SunGard its part of our culture, in fact I would go further than that and say it is part of our DNA.  We use social media pervasively across the organization with both internal and external strategies and tools. 

In my opinion, yesterday’s session or the streaming of it was a great innovative step in extending the reach of Sibos, would you agree?

The content of the debate, the use of social media to connect with end customers was also a very timely topic.  On my drive into the office this morning, I was listening to BBC Radio 5, but don’t tell my kids because they wouldn’t see that as being very hip, but hey I am pushing 40.

One interview caught my attention; the Head of Google UK was discussing a newly released report that had been commissioned by Google and researched and written by The Boston Consulting Group (BCG).  The report is titled “The Connected Kingdom: How the Internet Is Transforming the U.K. Economy," and it is the first report to put a value on the Internet commerce to the United Kingdom economy.

According to the report, Internet commerce contributes £100 billion to the UK economy each year and is growing at a rate of 10% per annum.

The report also indentifies the UK as being the world's leading country for e-commerce and that businesses in the UK are leveraging the Internet to expand their sales overseas.

In fact, the UK is now a net exporter of e-commerce goods and services stating that for every £1 of imported ecommerce goods the UK exports £2.80s worth of product.  This figure is the total reverse to offline imports and exports, where for every £1 of imported goods exports only add up to 90p.

The dot com bubble may have burst 10 years back, but the innovation and change that the Internet has delivered and keeps delivering has me in awe.  It’s has successfully become a storefront and a portal to the world.

This being said, there are some things that don’t need to change and for that we can be grateful.  HSBC still has the best coffee stand at Sibos, expertly made by the best barista in the world, Franco.  Something a few of you might find very useful information for tomorrow morning after the end of Sibos party this evening!  So change, it can be good, but there are some things worth holding onto from the past as well. 

Do you think that your bank has a well balanced view of change?  Do you?

TagsSibosRetail banking

Comments: (3)

Elizabeth Lumley
Elizabeth Lumley - Girl, Disrupted - Crayford | 28 October, 2010, 10:18

Colin, thank you very much for the kind words. It's wasn't only innovative to webcast the panel, but nessasary, we were turning people away at the door!

BTW: Don't know who told you about DB cars, but my six year old will be adding a white DB car to his collection this Friday. (maybe they ran out?!)


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Paul Penrose
Paul Penrose - Finextra - London | 28 October, 2010, 10:44

I can exclusively reveal that the DB cars are only available to VIP guests in Deutsche Bank's private suite (just around the corner from the Finextra office). They're bigger this year as well.

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Colin Day
Colin Day - SunGard - London | 28 October, 2010, 10:48

Another exclusive for Finextra, thank you Paul

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job title Vice President - Global Banking Solution
location London
member since 2007
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I am currenty a member of the product strategy organization for the SunGard Banks & Corporations Segment where my focus is on Global Banking Solutions In this role I am responsible for expanding t...

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