Societe Generale’s collective insight into Sibos 2018

Today, no article on financial services is complete without certain key words: big data, blockchain, artificial intelligence, machine learning, open application programming interfaces and cyber security. These words and phrases, which barely existed a decade ago, are now deeply embedded in society and show the importance of technological change in this industry.

This year’s Sibos theme, “Enabling the digital economy”, embraces this change and resonates with the ethos espoused by experts from within Societe Generale’s Global Transaction Banking and Securities Services divisions, and elsewhere across the bank. They have employed technology to create operational efficiencies, augment the client experience and initiate new offers. Every day is a new opportunity for Societe Generale to take up challenges on behalf of clients and partners and make a positive contribution to building the world of tomorrow.

These projects are beginning to mature as society moves further into what is considered as the fourth industrial revolution. An integral feature of this new era is an evolving regulatory framework. Banks must be more transparent, efficient and effective than ever before. This new environment demands a combination of expertise and skills on the part of banks and their clients.

To read more about the ongoing digital transformation in financial services and discover further opinions and insight from Societe Generale, read all the Expert Views.


The shape of things to come?

What will the bank of the future look like? This is a question that interests bankers and futurologists alike. But it is more important for bankers to see the future clearly and adapt to meet it as it is, after all, their likelihood at stake. The only thing a futurologist might lose by getting it wrong is their reputation.

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Reports of the death of banking grossly exaggerated

Reports of the death of traditional banking and finance have been grossly exaggerated, to misquote the celebrated author Mark Twain. Why do we say that? Much fuss has been made in recent years about the disruptive impact of financial technology (Fintech) upon our industry.

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Attracting and retaining talent in the new world of work

In today’s environment, the dynamics in the workforce are changing dramatically. Not only are business needs evolving rapidly requiring a change from traditional business models, technology changes are influencing the nature of jobs and our approach to work. It is also becoming more widely recognised that diversity and inclusion needs to be a HR priority to promote diversity in thought and evolve organisational culture.

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Open banking via API is a fact

Open banking via API is an integral component of the future of banking. Some in the industry will welcome that fact. Others will not. But in order to prepare we must accept that it is a fact.

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Blockchain, technological genius or marketing concept?

Clearly, Blockchain and more widely, Distributed Ledger Technology (DLT) still has plenty of wind in its sails. Billed from the outset as disruptive, it has promised to revolutionise the old-fashioned centralised applications in a cost effective and efficient manner.

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The promise of the Cloud and API and the security obstacles that stand in its way

Although it has been well proven that the Cloud and Application Programming Interfaces (API) can create cost effective, scaleable and innovative platforms, data security and operational transparency remain major hurdles to widespread adoption in the financial services community. To move forward, institutions must not only embrace a Cloud-focused culture from a technical perspective but also on an organisational and management level.

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Separating the myth and reality of AI in financial services

There is no doubt that artificial intelligence is set to fundamentally alter the financial services world. Customer experiences will be enhanced, fraud detected and opportunities unearthed. However, at the moment the hype is overwhelming the potential and firms first need to have a better understanding of where the technology can have the greatest impact.

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Fighting fraud in real-time payments, a balancing act

As the global trend towards real-time payment systems continues to accelerate, many industry stakeholders fear increased fraud – and rightly so. One of the most pressing issues for banks, system operators and regulators is how to increase speed without sacrificing security.

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Employees, the biggest cause of, and best solution to cyber-crime

Quantifying the business losses triggered by cyber-attacks is not for the fainthearted. Industry experts predict cyber-crime will cost the world $6 trillion annually by 2021, compared to $3 trillion in 2015.

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