Bringing bank innovation to the heart of Sibos
08
Oct 18
Innovation

Bringing bank innovation to the heart of Sibos

As the fintech ecosystem has moved from one of disruption to collaboration, more and more financial institutions are partnering with fintechs to provide an environment that stimulates innovation, developing a new range of products and services for an improved customer experience.

Participants such as CBW Bank, ING, National Australia Bank and Westpac will share learnings and meet with new customers and partners from across the financial ecosystem in the Discover Zone at Sibos.

Discover Stage at Sibos 2018

‘Using corporate venture capital to enhance fintech engagement is key to our approach,’ says Jonathan Davey, Executive General Manager Digital & Innovation at NAB. "This year, NAB will double our investment in our innovation hub, NAB Labs, and increase the workforce by 70% to help deliver on the customer experience promise.’

Westpac, with its focus on the future of international banking, will deliver a highly-engagin, immersive and thought-provoking experience in the Discover Zone. "We recognise we can’t innovate alone and there is a need to ‘collaboratively innovate’ by partnering with Start-ups and Financial Institutions to meet our customers’ needs and remain relevant in a changing world," says Di Challenor, General Manager, Global Transaction Services at Westpac." Our stand will be exploring the future of payments beyond what is being imagined, created and trialled today and provoke a conversation about what is the next iteration of payments innovation."

ING’s innovation strategy also pays close attention to partnering with – and investing in – fintechs. Mark Buitenhek, Head of Transaction Services, says, "Teaming up with FinTechs is necessary to combine our strengths and provide our customers with a differentiating experience. Collaborations work very well, both in the retail and wholesale banking space."

The bank Innovation Labs will showcase current projects, share information and engage in dialogue with some of the industry’s most committed and innovative people. "Innovation isn’t only about ideas and their successful execution, it’s a lot about culture too," says Buitenhek. "Being open is key: open to consumers, to third parties providing complementary products and services, even to competition. Because no matter how ‘smart’ you are as a company, the chances of you having monopoly on the best ideas for serving customers are low."

Collaboration and co-operation are increasingly cited as providing the best way of integrating disruptive digital technologies into existing banking infrastructure. "NAB will have partners onsite to demonstrate these new payments technologies, spanning merchant acceptance through to consumer digital wallet," says Davey.

Get hands-on in Sydney and experience first-hand what is happening right now at the Innovation Labs in the Discover Zone on L4.