2015 SIBOS, Final Thoughts
By Chris Principe
Originally published at www.finextra.com on February 26, 2016.
A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.
I know that many of you will be saying that SIBOS is long over and 2016 has begun with new opportunities. I do believe that there are some valuable take aways.
Those of you who are SIBOS devotes, with more than a few SIBOS’s under your belt will recognize that there is a buzz word at each SIBOS event. In 2015, the word that was the theme or focus of the event was, BlockChain. Everywhere you went and everyone you talked to mentioned or spoke at length about BlockChain.
There is a lot of promise with the BlockChain technology and distributed ledgers can benefit many bank processes, such as payments and Cash management, but I am prepared to say that Trade Finance and Supply Chain Finance will be the biggest beneficiaries’ of the use of BlockChain. The ability to contain a transaction and all of its parts so that only those with security clearance can have visibility into what is contained in that particular ledger. This is what the banks need to have the visibly and security to more comfortably provide financing on these transaction types. The promise is that this will reduce the cost and concerns that banks have to working with SMEs who need the financing the most.
The promise is also for the legitimate use of Cryptocurrencies as a trade currency, allowing the movement of value across borders and currencies, quickly, securely and inexpensively. The concern and suspicion that has resulted from BitCoin, where the secrecy of participants and the shutting of platforms, rightly gave much concern regarding Cryptocurrencies. This is not representative of the market, usability and benefits of Cryptocurrencies and I am betting that there is a role as a trade currency in the near future.
Originally published at www.finextra.com on February 26, 2016.
