Zeitgeist at Sibos 2013

Here at Sibos with my colleagues Gareth Lodge and Robert Mancini, we’ve been catching up with clients, speaking to industry players about the latest developments, and absorbing the zeitgeist. While no one person (or even three) can even absorb all of Sibos, here are seven observations from the three of us after the first three days of a massive and well organized convention.
  1. Value-added services are a hot topic.  SAP’s Financial Services Network (FSN) opens the way for banks like Citi, BTMU, RBS, and BofA, all of whom participated in an SAP-led panel, to offer valued added services to their corporate clients. Examples include reconciliation, supplier information verification, and cross selling opportunities.
  2. Giving more control to end users through more intuitive interfaces is emerging as a theme. ICICI describes large corporates who make payments directly through their ERP system without ever having to touch (or care about) which bank they’re connecting to.
  3. Banks are expressing a renewed interest in gathering the most stable source of funding out there: retail deposits. Driven by capital requirements, this rumbling may turn into flood, which would be a positive development as it shows a return to customer-centricity.
  4. Regulation and compliance continue to be huge consumers of IT spend. While not new, confirmation of the continued pain point for banks only highlights the continued relevance of our general compliance advice: if you’re going to renovate your house and gut it all the way to the studs, you might as well put in insulation. In other words, look for the marginal investment that can turn an odious check-the-box exercise into a real source of business value
  5. Corporate mobile is of interest to many of our clients, but their thinking, and that of end corporates, continues to evolve.  Security around BYOD remains an ongoing concern of conservative IT departments.
  6. Banks don’t have a real handle on the true costs of many of their activities. Developing this insight is the first step in creating a plan to streamline an overall process system.
  7. Last but not least, the momentum behind componetization continues to build. Modularity, which leads to agility and the ability to connect to a wide host of partners, is increasingly discussed and accepted.
We’ll keep you posted as we continue to digest all that we’ve picked up.
Dan Latimore About Dan Latimore

Daniel W. Latimore, CFA, is the Senior Vice President of Celent’s Banking practice and is based in the firm’s Boston office. With a wide range of experience in industry and as a consultant, he brings examples from outside financial services to help banks improve their customer relationships, with a particular emphasis on the importance of technology and culture.

Dan's coverage areas include the banking ecosystem, digital and omnichannel banking, and innovation. He has a passionate interest in behavioral economics and exploring why consumers and humans make the decisions they make, and what the implications are for banks.

Dan has been widely quoted in the press, including the Wall Street Journal, American Banker, Boston Globe, CNBC, and CNBC Europe. He is also a frequent speaker at industry conferences and client gatherings, having addressed audiences ranging from intimate meetings with CEOs and central banks to keynote conference speeches in more than a dozen countries.

Prior to Celent, Dan led research groups at Deloitte and IBM, worked in industry at Merrill Lynch (where he lived in New York, Tokyo and London) and Liberty Mutual, and was a consultant at McKinsey & Co.

Dan received a Masters in Public Administration from the John F. Kennedy School of Government at Harvard, and an undergraduate degree from Dartmouth College. He holds the Chartered Financial Analyst designation from the CFA institute.

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