Sibos is the world's largest event in the Transaction Banking sector. It connects more than 8,000 executives, decision makers, and thought-leaders from financial institutions, major corporations, and technology partners. BCG is hosting four sessions at this year's conference. The firm's senior leadership team in payments will attend the event, share insights, and lead deeper discussions with other attendees.
Monday, October 16, 12:30 p.m.–1:30 p.m., Conference Room 3
The transaction banking ecosystem is opening rapidly: fintech and software vendors are offering corporate clients account aggregation and a user experience that global banks have been struggling to provide. Simultaneously, the profitability of transaction banking is under pressure from persistently low rates, new competitors on the most profitable products, and surging investments in compliance and cybersecurity.
How can banks reinvent themselves to thrive in this new environment? BCG will share the best practices for capturing new pockets of growth and developing new value propositions on open banking—while also highlighting how robotics and AI can fundamentally revamp banking operations and customer service.
Monday, October 16, 3:30 p.m.–4:30 p.m., Conference Room 2
At regular intervals, the industry has called into question the long-term viability of the current model for correspondent banking. Although efforts such as the SWIFT global payments initiative improve the speed, transparency, and traceability of cross-border payments—and even though nonbanks offer alternative payment services—such processes still rely on the underlying settlement mechanism of nostro and vostro accounts held by correspondent banks. At the same time, the costs of compliance and know-your-customer (KYC) efforts are leading banks to revisit and rationalize their correspondent networks.
Following up on one of the most popular sessions from last year’s Sibos, this session will outline various visions for the future of the correspondent banking model.
Which alternative options exist? And is the desire from banks and end-customers for a new platform great enough to trigger such a fundamental change?
Speakers will include:
Tuesday, October 17, 2:00 p.m. –3:00 p.m., Conference Room 5
In the near future, banks will compete not with one another but with global tech behemoths. If they want to stay in the game in trade finance, therefore, banks need to work together to provide better customer-focused solutions. Although banks share a history of working together—on efforts such as the SWIFT global payment initiative—the level of information sharing and sophistication must improve drastically.
Banks need to determine which parts of the infrastructure can be shared and how they differentiate themselves from the tech companies. Distributed ledgers offer an opportunity to create this network, within the confines of a regulated market limited by strict data-sharing laws and a very low tolerance for error.
In this panel, industry experts will discuss the potential of “smart contracts” enabled by the ledgers to create value. They will also explore how banks can join forces to realize this goal.
Thursday, October 19, 9:30 a.m.–10:30 a.m., Conference Room 1
Trade finance has lagged other financial services in moving from paper to digital. The major reasons for the delay are the number of players and stages in the trade transaction flow and the challenge of standardizing processes and practices given the multiple industries and geographies involved.
Despite these challenges, a lot of progress has been made. Explore which technology advances have paved the way and the current level of bank readiness in trade finance. How much more is there more to do?
In this session, the panel will discuss the challenges, outline the drivers, and examine the short-term developments in this area.
Speakers will include:
Managing Director & Partner