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The financial services industry was already well-underway in its efforts to transform through technology when the global pandemic hit making this evolution even more critical. Banks, payments providers and other financial institutions are adopting new business models and technologies in order to better address the needs of their clients, increase efficiencies and reduce costs. As these companies adapt to operating in a post-pandemic world, it’s more important than ever that they are able to ensure robust, secure and uninterrupted service for their clients.

Jim Whitehurst, Howard Boville and Wendi Whitmore

This backdrop sets the stage for 2020’s Sibos conference, which begins today. One of the world’s largest gatherings of financial industry executives and technologists, Sibos is the industry’s premier thought-leadership event for topics related to payments, securities, cash management and trade.

IBM will play a prominent role in the proceedings with appearances by IBM President Jim Whitehurst, along with SVP and Leader of Cloud at IBM, Howard Boville, who will share insights about the technological challenges banks and other financial institutions face as they take on digital transformation. In addition, Wendi Whitmore, VP of  IBM X-Force Threat Intelligence, will participate in the panel “Covid-19: Open Season for Cyber Hackers.”

Ninety-seven of the world’s top 100 banks trust IBM technology. Nine out of 10 Fortune 500 banks use IBM Cloud. IBM will use Sibos as a platform to share more on the progress IBM has made on the world’s only cloud platform exclusively for financial services – the IBM Cloud for Financial Services.

Further bolstering IBM’s position in this space, several new client partnerships will be announced in connection with Sibos – each an important example of how financial services companies are embracing hybrid cloud, blockchain, AI and other innovative technologies:

• Bank of Thailand collaborated with IBM to launch the world’s first blockchain-based platform for government savings bonds. Using IBM Cloud, the service slashes bond issuance times from 15 days to just two days improving efficiency and reducing costs for the Bank.
• Fenergo, a provider of client management technology for the financial services industry, is working with IBM to launch an offering designed to help banks perform the due diligence required by regulators to vet new customers in an effort to thwart money laundering and other fraudulent activity. Leveraging AI and analytics on the IBM Cloud, the service will help financial institutions perform these assessments faster – dramatically reducing onboarding time for new clients, which will result in fewer lost relationships and lower processing costs for institutions.
• State Bank of India worked with IBM to launch Titan Pay, India’s first wearable device for contactless payments in line with the country’s push toward digital versus cash payments, as well as the desire to reduce contact amid the pandemic.

IBM will also be announcing dozens of new independent software vendors for the IBM Cloud’s Financial Services ecosystem.

Sibos is being held virtually this year and complimentary registration is available here. Be sure to check out insights from IBM executives during the event:

• October 5, 9:00 am ET – Howard Boville live interview on Sibos TV
• October 7 at 6:00 am ET – Wendi Whitmore joins “Covid-19: Open Season for Cyber Hackers” panel
• October 7, 8:30 am ET - Jim Whitehurst, “View from the Top”