On behalf of BNY Mellon, let me welcome you to Sydney and to Sibos 2018, Enabling the Digital Economy.
Sibos was last held in Sydney in 2006, two years before the great recession, a time, in hindsight, that seems almost quaint in its normalcy. No one had an inkling of the shock ahead nor of the many painful years of recovery that would prove necessary to return the global economy to strength.
In 2018, we are again on the verge of change, but of a very different sort. We are at the beginning – but already in the process – of a reengineering of global banking, the business we are all in. Big data, distributed ledger, artificial intelligence, cloud and mobile technologies, cryptocurrencies – these are no longer buzzwords alluding to some beckoning future. They are digital tools that we’re using today and they are transformative. Not only in and of themselves: they are transforming the entire structure of our business. Who we partner with and on what terms; how we see and position and describe ourselves; the entire shape and dynamic of our client relationships. All these are in flux as are, in some cases, the very meanings of the words we use. What do we mean when we call ourselves a “bank?" Is it what we meant yesterday or what we’ll mean in five years? Or ten? I think the answer is “no,” but what will it mean to be a bank and what shape or form will banking take? I think we will discover the answer only in the process of becoming, which is a daunting, but very exciting, prospect.
BNY Mellon is very much in the midst of such a process. Within the last decade, we’ve invested in technology innovation, employing people whose only job is to understand and develop new ideas and technologies and, from them, solutions that enhance doing business for our clients. And we believe that that – the connection to our clients – is the essential element which must always be borne in mind: one can be dazzled by the sheer power of what can be made possible, but that power must respond, always, to our clients’ benefit. If we can’t connect technology to human experience, can’t transform it into solutions that enable our clients, we fail. And we can’t, no one of us, afford to fail.
In 2016 and in 2017, we released white papers at Sibos that discussed and detailed the various transformative technologies in the terms which I’ve just mentioned. The first paper described them and gave some insight into what they were capable of. The second discussed the human element, not what they could do, but what they will mean for our clients. This year, in the pages that follow, we offer a series of articles in which we attempt to glimpse the future, to describe, as best we can, where digital technologies may be taking us and what it will mean for the payments business. We write from varing points of view, considering product, sales, relationship management, operations, systems, integration. We’ll most certainly not be correct in all that we suggest or predict but, overall, I think you will find the ideas informative and thought provoking.
Again, my very best wishes. I look forward to seeing you at the convention.
The views expressed herein are those of the authors only and may not reflect the views of BNY Mellon. This does not constitute Treasury Services advice, or any other business or legal advice, and it should not be relied upon as such.
©2018 The Bank of New York Mellon Corporation.