Wednesday, 3 November 2010

Lessons from Sibos 2010

Sibos drew to a close at the end of last week and while the cream of the banking industry were there in force with some of the largest stands ever seen, it was noticeable how many new players were present . Reflections on the conference can be found here, but the innovation on show covered in the main, mobile, the cloud and the future of business payments. All of which are putting more and more power in the hands of consumers.

Strikingly amongst all of the big banking that was being talked, there appeared to be a groundswell of new businesses coming together to promote new models. The first project that had real stand-out was a view that we were about to see the new Financial Reformation.

This bold vision was echoed by the Future of Money project. The project started out as a blog post, a few weeks prior to this year's Sibos. It was a post that galvanised small businesses with a vision for the future of transaction, payments and new economic models, to not only donate their time but their money to build this vision for the future. This is a vision that cuts out the banks and relies on communities to find ways and means to build new transactional models.

It is inconceivable that these views would have been given exposure at the same event some years ago. However, it is a measure of how the financial crisis has hit the sector that there is a real challenge to the old model in their own backyard.

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