Understandably, the majority of Sibos discussions reflected the rapid global increase in digital transformation, mostly due to the Covid-19 pandemic, at a pace and scale previously thought unimaginable. Todd Gibbons, CEO at BNY Mellon, stressed that technology is progressively assuming the position of a differentiator for financial institutions. Meanwhile, many excellent panels focused on the industry-wide need to drive efficiencies and reduce costs by adopting comprehensive, end-to-end, standardised solutions. Critically and somewhat refreshingly, the final day of SIBOS stressed the urgency of creating a vastly more equitable landscape in business, than we have today. 

Here are some highlights of our week that we think are worth sharing:

Day 1

Partnerships as the solution to financial crime detection

On the “Friction or fiction: Compliance in the real-time world” session, Erin Zavalkoff, head of AML compliance risk management for foreign correspondent banking at Citi, noted that only around 5% of financial crime is detected by FIs. Therefore, Erin sees the potential increase in partnerships as the solution to this problem and added that financial crime prevention “can only be achieved (...) by lessening the burden on banks to do the more rote technical compliance and allowing more compliance resources to be put to work toward projects that may actually detect financial crime before it occurs.”

Day 2

Adapt to thrive

The pandemic came to reveal the real issue behind Business Continuity Plans. Therefore, most financial institutions had to reinvent their businesses in order to survive to such a threat. Inevitably, this comes as an important step to increase innovation in financial services. Satya Nadella, CEO at Microsoft, highlighted that the level of maturity in financial services was evidenced in how it embraced technologies.

On the “Future of Post-Trade: Global Platforms & Strategic Partnerships”, Stephen Pemberton, HSBC’s Global Head of Product, turned the focus on mutually beneficial co-solutions with clients to remove inefficiencies and, consequently, lower costs.

Day 3

Fraud moves remain one step ahead of FIs

Stuart Madnick, Founder Director of Cybersecurity at MIT Sloan School of Management discussed the slow pace of companies when it comes to learn and adapt to new threats. In times of pandemic, according to Helen Hunter-Jones, Chief Risk Officer at Pay.UK, that criminals are seeing the move to digital payments as an opportunity to attack.

Day 4

Diversity in Finance

The last day of Sibos featured how diversity is a key component for businesses to function and how to ensure that organisations take advantage of it. Bill Morden, Corporate Vice President of Financial Services within Microsoft's Worldwide Commercial Business, noted that diversity is a crucial factor to drive value and innovation within institutions.

Our Standardised, Comparable and Cost-effective contribution to decreasing global financial crime risk

At Elucidate we offer the industry’s only financial crime risk benchmark, the Elucidate FinCrime Index (EFI), a platform enabling financial institutions to rely on rapid, factual and transparent scoring of their risk profile to price and mitigate financial crime risk.


Missed the chance to get to know the EFI?

Book a demo with us here