When electricity was invented more than a hundred years ago, it revolutionized society; suddenly people had the exciting, yet challenging task of adapting to a new technology, and a new way of living. Industry was transformed, life was revamped and everything seemed newly possible. Today AI puts us in a very similar position. Just as it is very difficult to imagine households, communications, healthcare and practically every domain of our life without electricity nowadays, in recent years AI has advanced to a point where we can see change of a similar magnitude happening in the not-so-distant future. A change set to refashion industry yet again and mark a turning point in history.
Engaging the SME customer & Improving Cash Flow
The number one aim of small businesses is to become profitable, and quickly. By nature, a small enterprise will have seasonal ups and downs and a cash cycle dictated by factors beyond their control, so ensuring they have enough cash in hand is critical. Profitable companies might see their cash reserves affected if they are moving too fast, and stagnating companies might find an unexpected liquidity issue unsurmountable.
It is all about data these days. It’s relevant for everyone, not just the financial sector. What is your opinion about the position of banks in current data sharing landscape?
Absolutely. In the coming years, banking will be fundamentally different from the way we have always known it. The new currency of the digital economy will be data.
As a result of UK Open Banking and PSD2, consumers will gain a new level of control over how their data is used, and by whom. This, in essence means that banks will no longer have full ownership of financial data, as they always have, something that may look like it could pose a serious threat to current banking business models, but far from it; it also creates many opportunities for banks to leverage the data they have.
SIBOS 2015 clearly showed how banking is at an inflection point. Like every year, there is a general feeling that SIBOS 2015 helped raise the banks’ awareness of the values at stake and the challenges ahead. But this year more than ever, the SWIFT flagship conference also helped banks leap forward into next-generation banking by pushing for new and sustainable design solutions.