Sibos, the world’s premier financial services event, went virtual for the first time ever this year. For those of us who have become accustomed to spending five days every year in a conference venue somewhere in the world, catching up with old colleagues and networking with new ones, the digital format took some getting used to. Fortunately, one aspect of Sibos, which keeps bankers returning every year to the event, was not compromised: the quality of speakers and sessions, and the relevance of the event to the world around us.
This year’s agenda was organized around four overarching themes: delivering digital value, responsible innovation, the future of finance, and banking for humanity. In relation to the first theme, delivering digital value, I had the privilege on the opening Monday of hosting a panel with executives from three of the world’s best-known banking brands, BNY Mellon’s Saket Sharma, Citi’s Nick Nadgauda, and Luc Teboul from Goldman Sachs, diving straight into the deep end of an important topic: What Must Corporate Transaction Banks Do to Deliver Greater Digital Value?
We began by exploring what delivering greater digital value actually means in a transaction banking context. Is it providing customers with new digital corporate banking experiences based on the wealth of new payment mechanisms, including real-time 24×7 transactions and next-generation cross-border? Is it using data and behavioral intelligence to improve client interactions? Is it ever tighter integration between corporates and banks via APIs and ISO 20022? Or is it just ensuring the ability of banks’ digital offerings to meet corporates’ pressing liquidity management and working capital optimization needs?
Unsurprisingly, the panelists included all these elements in their definition of what it means to deliver greater digital value in transaction banking. The conversation also delved into a number of other pertinent concerns:
- How effectively corporate transaction banks are meeting current customer needs
- How banks can work with technology providers to deliver greater digital value
- How treasury priorities and corporate banks’ responses have changed due to Covid-19
- The shifting landscape of transaction banking and how challengers can break in
- The technologies that hold the most promise for enhancing the digital delivery of value to customers, including: cloud, APIs, real-time processing, and rich data.
Fortunately, you don’t have to have registered for or attended Sibos to listen to this insightful discussion. You can learn more about corporate transaction banking, and how technology providers can help ensure that banks deliver greater digital value by accessing the complimentary webinar playback, below.
