Regulators and financial services companies alike are embracing the fintech ecosystem to become more innovative – that’s one of the main takeaways from the sessions that have happened so far at Sibos, the financial services event taking place this week in Geneva.
Highlighting some of the hot topics being discussed from day one at Sibos, Karen Cone, Microsoft general manager of Worldwide Financial Services, said that banks are recognising how important the surge of innovation happening in the industry is, yet they have to balance that with the need to maintain stability. “That ying and yang is so critical in everything that is being done,” she said.
It was not a surprise, then, that SWIFT chairman Yawar Shah and CEO Gottfried Leibbrandt flagged cybersecurity as one of the most pressing challenges in the industry at present and something that will be covered extensively at Sibos because “the threat is here to stay.”
“Cyber is a board-level issue at SWIFT, as it is for the entire financial community,” said Shah.
Supporting this, Microsoft ran a session headed up by its Worldwide Financial Services CTO Sean Foley about how and why banks are adopting the Microsoft cloud to support their digital transformation journey. Foley said that much has changed in a year since Sibos 2015 and that although security remains top of mind for banks, many are now adopting public cloud services.
“A lot of the work we’ve done with regulators and banks directly has enabled them (banks) to embrace the cloud in a more planned way, so if they do the right amount of homework and have a good risk assessment and they work through the process in a responsible way, we’ve never yet been refused regulatory approval for a bank to go forward.”
To find out more about what has happened at Sibos so far, head to the Microsoft Sibos page and catch up on all the action by watching the video highlights from day one.
Share this story