The biggest event in financial services - Sibos 2022 - brought together thousands of people for four insightful days in Amsterdam. We were delighted to be part of it, exhibiting in the Discover Zone and taking part in Swift's Perfect Pitch competition.
Here's a round-up of our key learnings from the event.
"In-person meetings can't be replaced" - Mark Hartley, BankiFi CEO & Founder
The power of face-to-face meetings with key decision makers in our industry cannot be underestimated. Communication is not all about your voice, but your body language as well. This ultimately helps to build rapport and trust with whoever you are speaking to, which is difficult to achieve in a virtual setting.
It's all about the SMB.
According to a recent Capgemini report, small business banking is fast becoming the 'norm'; as well as a real focus for banks moving forwards.
Our Chief Product Office, Marijke Koninckx, went into further detail:
"Traditional relationship banking models aren’t fit for purpose to serve the small business segment but the shift to open banking and open finance creates a lot of opportunities for banks to better services these SMEs. FinTech's and other non-banking technology providers had already identified this opportunity and have been claiming their share of the market over the last few years. But now it appears that the banks are now catching up and are actively looking to improve their SME offering."
In the long run, banks will reap the rewards from reshaping their focus towards SMB customers, particularly as it was found that almost 90% of small businesses considered switching from traditional banking institutions to alternative providers such as fintech's. (Capgemini, 2022).
Data. Data. Data.
The payments industry is constantly evolving. At Sibos, our team identified that this evolution primarily focussed on data and messaging formats. We are continuing to move to richer and much more flexible messaging formats which enables the transmission of richer information.
"The migration to ISO 20022 message standards for cross-border payments has been a few years in the making, and even though a delay in the migration has been announced shortly after Sibos, banks and market infrastructures are gearing up to transition to a richer exchange of payments data." - Marijke Koninckx
Despite the fact that this change will mostly impact banks, it will also have downstream consequences for businesses, allowing them to move towards end-to-end automation for invoicing and reconciliation. This highlights how the industry is evolving towards a more comprehensive data set which also provides context to the transaction, as opposed to exchanging basic transaction data.
Perfect Pitch Competition: Partnership Category Winners!
From over 70 applicants, we were delighted to win Swift Innotribe Discover's Perfect Pitch Competition in the Partnerships category on day 3 of Sibos. Our Head of Strategic Growth (Europe), Nick Reid took to the stage to share our 2-minute pitch in front four experts in the payment industry and a full crowd.
"The strength of the other pitches left me humbled and delighted in equal measure to take home the prize in the Partnerships category. The feedback from the panel of judges was a clear validation and endorsement of our strategy and value proposition:
- Developing close partnerships with financial institutions to help put them at the heart of relationships with businesses
- Helping financial institutions to provide the kind of technology to a previously underserved segment which has previously been exclusive to larger corporates
I learnt after the competition that winners from years gone by include Revolut and Wise. Whilst our approach is very different, it is always comforting to know you are in good company!
I’d like to thank again the SWIFT Innotribe and Discover team and the panel of judges. When I saw the stage setup, I thought it would feel like an episode of Strictly Come Dancing (thankfully minus my dancing), but everyone made the experience very enjoyable.
Finally, congratulations to all the other winners and finalists, many of whom pitched in what wasn’t their native language. You made it an extremely a competitive event to participate in.
See you all in Toronto next year!"
Launched at Sibos 2022
Axiom Bank and BankiFi announces partnership.
We were delighted to announce our first North American client, Axiom Bank N.A. during the event, which was widely discussed within our meetings.
If you're interested in learning more about our first client partnership in the US, check out the blog and discover how together we aim to make business banking better for SMBs across North America.
New whitepaper: 'Embedded banking, but not as you know It.'
Finally, we're pleased to share our latest white paper - 'Embedded banking, but not as you know it. Click here to download your copy.
What we cover:
The evolution of Digital Channels from 'Inside Out' to 'Outside In' banking
Digital banking 1.0 - 'Inside Out' banking
Digital banking 2.0 - mobile and omni channel
Digital banking 3.0 - 'Outside In' banking
The evolving role of digital banking channels in the SMB relationship
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Want to learn more and speak with our team? Request a demo by clicking here.