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Changing the way money moves across Asia Pacific: Sibos 2018

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We very much look forward to hosting the premier global financial services industry conference in Sydney, Australia from October 22-25. Given IBM’s experiences helping clients accelerate their digital transformation journey with Cloud and AI, we’re particularly excited that “Enabling the digital economy” is the Sibos 2018 conference theme.

We see a market with many opportunities to create exponential advantage and produce out-sized achievements when the right business strategy is matched with the right technology. While some struggle to configure these elements to create the perfect mix, others seem to be making progress despite the complexities – this is nowhere more evident than in the Asia Pacific region.

In anticipation of the conversations that we’re looking forward to at Sibos, we’ve pulled together some of the latest examples on how technology is changing the way money moves. Data, AI and robotics are driving an incredible pace of change in payments, service innovation, business model renewal, and the ability to address regulatory priorities such as financial crimes and cybersecurity.

For example, DBS has aggressively pursued robotics with help from IBM Automation – and have already optimized over 60 complex business processes across the bank from loan disbursement to loan creation and consumer banking. Their early embrace of robotics has helped DBS free up 25,000 hours of work, and they continue to evolve their use of Robotics Process Automation (RPA) and AI to drive faster response to anti-money laundering alerts. Then, there is Westpac’s bold move that, over the next 3 years, they will shift 60-70 percent of their entire application portfolio to a hybrid private/public cloud. This new cutting edge agile environment is built on the IBM Cloud with VMWare, and has already delivered secure cloud services that have reduced provisioning from 2-4 months to 2-4 hours.

To transform how firms in Australia and New Zealand address financial crimes, Indue— a leading provider of innovative payment solutions — has developed a multi-channel, fully outsourced, 24/7 fraud and financial crimes monitoring service. The new service supports the instant payments initiative in Australia’s New Payments Platform (NPP) to be followed by additional payment types, such as cards and online banking, which can dramatically increase the protections available to their clients. The Indue offering uses IBM Safer Payments, the machine learning payments offering that is already processing over 70 billion transactions annually, protecting over 600 million customers and 4 million merchants around the world.

Tackling the widening cybersecurity challenge in the digital economy is critical and becoming even harder as banks seek to widen interactions across their ecosystem of partners and providers. The use of AI is improving the ability to detect and prevent cyberattacks as well as help maintain continuous business operations and improve resiliency. Using IBM QRadar Advisor with Watson, Cargills Bank Ltd. in Sri Lanka identify and isolate threats – and their analysts now receive consolidated reports with all the information they need to investigate threats in minutes instead of hours.

Like the rest of the world, Australia is going through significant regulatory frameworks and compliance mandate changes to address the needs of the new realities of the digital economy. To that end, the government recently announced its adoption of recommendations from the Farrell Report, which proposed to open customer choice and introduce new forms of competition across the region. To address the mandates for Open Banking in Australia, the government established the Consumer Data Right (CDR), which formally gives consumers ownership of their data and provides them with the means to direct its use. This will fundamentally remove many of the inherent barriers to moving accounts between financial institutions – in effect combining the impacts of both PSD2 and GDPR in nearly the same go.

We are living in exciting times, and we look forward to engaging with you to discuss how we can accelerate your competitive advantage in the next wave of the digital economy.

Thank you,

Likhit Wagle, leader of the IBM Financial Services team in Asia Pacific
Mark Allaby, leader of the IBM Financial Services team in Australia and New Zealand
Jim Brill, IBM Financial Services Marketing

IBM at Sibos 2018

Visit the IBM stand (#F22) at Sibos.  Or attend one of our various speaking sessions to hear from and chat with our digital transformation experts.

Stay tuned for more blogs on Sibos 2018!

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Director, Financial Services Sector Marketing

Mark Allaby

Managing Partner, Financial Services Sector, Australia and New Zealand at IBM

Likhit Wagle

Partner and Vice President - Global Industry Leader: Banking & Financial Markets

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