A Sibos 2020 Report produced by Finextra in association with Intel.
As the global coronavirus pandemic pushed the annual Sibos event into virtual mode for the first time in 2020, it’s not surprising that everyone was keen to talk about how this has changed things in the key areas that the industry gathers to review at this time of year- technology, digitisation, innovation and the future of finance.
There was broad consensus that COVID-19 has led to two years’ worth of digital transformation in just two months, as the lockdowns kicked in at the end of March.
Financial institutions were affected internally, with a major emptying-out of financial centres and distribution of their IT estates amid rigorous oversight of new workflows, security practices and productivity.
But they also had to react to the new expectations and behaviours of retail customers in lockdown and corporates who have themselves had to embrace remote and hybrid working for their financial and supply chain management.
As the situation demanded- and continues to demand- flexibility, and economic fears push cost and efficiency to the fore, change resistors within financial services organisations, corporate customers and regulators alike have been forced to become change adopters.
2020 has been far from a positive year for many. But if financial industry and technology people are looking for a silver lining, it could be found in the results of this forced digital transformation. It will be interesting to see how much can be achieved through this accelerated change by this time next year.
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