Sibos 2023: How NTT DATA drove the conversation on the future of banking
The curtains have closed on another edition of the world's premier financial services conference, Sibos. This year's event was held from September 18 to 22 in Toronto, bringing together over 11,000 attendees across banking, finance, and technology. It was a momentous gathering of the industry's brightest minds, working together to chart the course for the future of financial services.
This year, NTT DATA played an active role in Sibos’ mission of “collaborative finance in a fragmented world”. We shared the launch of Platea Banking in North America, a composable banking solution that connects banks to fintech partners to accelerate their modernization journey. In our conversations with journalists, analysts, clients, partners, and prospects, we focused on how innovative technology can help banks and financial institutions move toward being more collaborative, sustainable, and inclusive for the benefit of the industry at large.
Key talking points
Digital innovation took center stage at Sibos in Toronto, with sessions and announcements focused on transforming financial services with innovative solutions and emerging technologies. One of these technologies was artificial intelligence (AI), which was repeatedly highlighted as a key driver of efficiency and personalization across banking. Experts also explored how blockchain and digital assets like cryptocurrencies could expand financial access and disrupt traditional business models.
Sustainability formed another central pillar of Sibos 2023. Multiple panels addressed the financial sector's role in climate change and ESG, including the need to direct capital towards green investments. On top of this, SWIFT folded in a sustainability initiative into the event itself, with the Sibos Sustainability Pledge that encouraged attendees to protect the environment, care for the local community, and promote diversity, equity and inclusion.
Financial inclusion was also a prominent theme. Leaders discussed how digital finance can support unbanked and underserved populations. Diversity and talent development initiatives among financial institutions aimed at creating a more inclusive industry also played a key role in discussions and speeches. This theme resonated with Silver Banking TV solution NTT DATA developed in EMEAL, providing elderly banking customers with easy access to financial services through their TVs.
Framed by these core themes, Sibos 2023 provided a platform for the global financial community to collaborate on shaping a more technologically advanced, sustainable, and inclusive future for all.
Over the course of four days, our speaker sessions showcased the extent of our global scope, with speakers gathering from nearly every continent. Sibos afforded us the opportunity to gather our regional departments together, and this year, many of us met for the first time.
On the first day, Maria Jesús Hernandez, Global Head of Digital Financial Services Practice, discussed the increasingly important topic of inclusivity in banking. In its work in this area, NTT DATA is laser-focused on the societal aspect, or the S within ESG. During her speech, Maria showcased NTT DATA’s Silver Banking TV solution, a perfect example of how technology can be used to help banks better serve the needs of society. Designed with ease-of-use and accessibility at the forefront, Silver Banking TV helps the elderly community access banking services from their TVs, a technology most within that community are much more comfortable using over smart phones, computers, or tablets. It was great to see the audience engage with this solution, particularly as the motivation behind the solution is so grounded in a mission to benefit society.
The highlight of the second day was a compelling talk on carbon accounting standards by Sae Sato at Consulting & Marketing Sector Sustainability Services & Strategy Office. As so many organizations today are required to calculate and disclose their greenhouse gas (GHG) emissions, the challenge of reducing what is called Scope 3 emissions – indirect emissions that occur in upstream and downstream activities – is one many find nearly impossible. In her talk, Sae touched on the platform NTT DATA has developed to help organizations overcome this hurdle, C-Turtle. Built on a partnership with international NGO, CDP, C-Turtle provides organizations with a company-wide emission allocation method.
The last of our highlights took place on the third day, when Jackie Toole, VP, Financial Services at NTT DATA Services, touched on payments modernization in the US. In her talk, Jackie touched on successful payments modernization implementations across the globe, and how the US could learn the right lessons for its own journey. Some of the key successes highlighted by Jackie included innovative technology solutions, regulatory frameworks, and collaborative ecosystems.
Our vision for the future of banking
Our presence at Sibos 2023 provided a window into our vision for driving innovation across the Banking and Financial Services industry. We relished the opportunity to connect with so many people at the event, and we found on the whole that our mission aligned well with those on the ground.
A core theme at Sibos, the advancement of ESG initiatives across Banking and Financial Services, certainly factors into NTT DATA’s roadmap for the future. As mentioned above, we showcased Silver Banking TV this year, and inclusivity will continue to be at the forefront of the solutions we build for banks. Moreover, financial inclusion was another priority reflected at Sibos, and we are focused on helping banks expand access in underbanked communities worldwide with smart and innovative solutions.
Another core theme was collaboration between banks and Fintechs, and we expect this to be replicated at Money 20/20 in Vegas this October. As we launch Platea Banking in North America, our focus is to emphasize the benefit of collaboration across the industry. Ultimately, we envisage a future where different industry players can be connected seamlessly. We want to play an active role in building that future.
Overall, Sibos 2023 was a fantastic experience for NTT DATA, and we look forward to next year’s event.
NTT DATA Group Corporation
Global Marketing & Communication Headquarters
Kaoru Kumashiro, Tomoyoshi Oda