SIBOS 2013 kicks off.This week I am in Dubai for the banking industry’s annual pilgrimage for SIBOS, hosted by SWIFT. The event, which is seen as a must in the year of bankers throughout the world, also includes the always-innovative stream of Innotribe. Where we not only hear from thought leaders in the space, but we also get to see the finalists in Innotribe’s annual Startup Contest. “We are the innovation initiative,” said Peter Vander Auwera, innovation leader at Innotribe. The Innotribe experience at Sibos 2013 is the fifth; it started at Sibos in Hong Kong. Much of what Innotribe has developed is around process and its approach to thinking about innovation. This year I’ll join the Future of Money panel on the opening day, where a group will tackle the challenging question of forecasting how money will evolve in the face of innovation, technology, cultural and behavioural evolution. Since SIBOS Toronto in 2011, the "Future of Money" has become a standard fixture of the Innotribe programme. With standing room only at Sibos Osaka, this session is a perfect way to open our programme – the first stop on our journey together.
Our industry is being challenged by aggressive new-comers who experiment with creative strategies and dramatically different business models. How can banks react? How can we make the ‘cake’ bigger for everybody? Taking inspiration from other industries, there are several choices: unbundle the current model and focus on excelling in one specific area, transform our institutions into long-tail business model organisations, or partner with the newcomers in the business.
My fellow panelists are: