Finance

Changing the way money moves

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Rowan Avis, Experience Strategy Lead, Digital Strategy Consultant, IBM | iX

I was very excited to attend Sibos in Sydney this year. Delegates from around the world descended on the ICC at Darling Habour to learn more about payments, regulatory compliance, automation, blockchain, cybersecurity and cloud. It was an action-packed four days, and these are just a few of my highlights.

The role of divergent thinking

A favourite for me personally, was listening to the New York Times, and Wired Magazine Columnist, Steven Johnson. He talked about the role of divergent thinking.

To design for the future, we should be creating as many stories as possible and not get stuck on one concept. We should always create our future state idea and then ideate how the concept fails. In essence, force yourself to tell the future state story of failure. This uncovers weaknesses you would never have previously considered.  I always love to write future state scenarios, but to write future state failures – what a great concept!

Building the future in financial services

Paolo Sironi, IBM FinTech Thought Leader, was our roving reporter at Sibos. His videos every day were a must watch. Below you can see him explore building the future of financial services.

The future of 2030

IBM, in partnership with Westpac, co-created a 360 immersive film that took a sneak peek at what the future of 2030 could be. It premiered at the Westpac ‘Discover Zone’. We also worked with the Westpac Institutional Banking team to determine what impact New Payment Platforms will have on the future of payments, on Australian businesses and wider society.

Westpac's 'Discover Zone'

Westpac’s ‘Discover Zone’

The future is quantum

There were many inspirational talks on the future of quantum computing. Including our very own IBM researcher, Anna Phan, who talked about the future applications of quantum. You can watch her presentation below.

‘Quantum Money’ was also discussed as a concept. How is this different to digital currencies and blockchain, you may ask? This was exactly the question raised. The answer was that you have an encrypted coin which can never be copied, but you can use it without the need for a distributed ledger. Trust me, it takes some time to digest that as a concept!

Decentralisation as a new form of trust

Another key theme was rapid changes driving new approaches to collaboration across financial services. In response, financial institutions are turning to decentralised business models. These are being enabled by technology such as blockchain, artificial intelligence, and IoT. As a leader in IBM Research Africa, Charity Wayua is applying these emerging technologies to transform governments and enterprises to thrive in the digital economy. You can watch her inspiring presentation below.

Sibos 2019?

I hope I’ve given you a taste of all the incredible thinking, ideas and the ‘art of the possible’ when technology and finance work together to solve some of the industry’s toughest challenges of today and tomorrow. Perhaps we will see you in London next year for Sibos 2019?

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