The Sibos conference in Geneva, Switzerland, is an incredibly unique financial technology conference, bringing together some of the most important stakeholders in the fintech industry. This conference enables attendees to discuss and learn about some of the most important issues facing payment providers and the securities industry, as well as get an inside look into regulatory shifts and challenges facing many different financial institutions.
Demand for Real-time Payment
Sibos is organized by SWIFT, a financial networking and communications provider. In many ways, they are the glue that holds the industry together.
There were four main platforms at the conference, but the big one I’m going to focus on was banking. To that end, there’s no hotter issue right now than rapid transaction processing in the form of real-time payments.
For many providers, the issue is simple yet the solution is incredibly complex. It boils down to this — consumers are expecting banking innovation and technology that meets them at the same pace as other rapidly advancing industries, but they also expect high levels of security. Unfortunately, many banking institutions are struggling with legacy systems and constantly shifting regulations that stifle evolution.
Innovation and Partnership
As recently as three years ago, the model for fintech and banking was often competition-focused. Now, as more tech companies are innovating and creating unique ways for consumers to exchange financial transactions, many banks are collaborating with other stakeholders to improve consumer services.
Take for example the U.K., which has a very interesting dynamic. London has many incumbent banks and regulators, but also a slew of new fintech providers and talent. Rather than butting heads, they’re working together to make new things happen with data and innovative technology to deliver a superior product at much lower prices. This is what customers are demanding. Plus, with new regulations around the Directive on Payment Services and the Open Bank Project, banks are in a position to innovate while complying with new requirements and infrastructure changes.
The operations and standards for the future of banking are still very much in flux, regardless of where they’re happening. However, whatever ends up happening, enterprise architecture focused on data will be the foundation of banking and fintech. To stay relevant, banks have to be agile, flexible, and move quickly. They’ll need to continue tearing down data silos in order to gain insight from as many sources as possible. And the only way that’s possible is through scalable, open infrastructure designed with innovation in mind.
If you’re curious about how your organization can benefit from such architecture, find out more about Intel’s solutions and just how quickly the industry as a whole is adapting.