An Advisory Event in Dubai Unlike Any Other

This is not a typical conference

This is not a typical conference

 

Here we go again.

 

Another day, another city, another GTB Advisory event.
Well, not just any advisory event but the biggest, longest and first publicly advertised client Advisory event!  Held at the stunning Park Hyatt hotel (think typical opulent Dubai, lush, green grass everywhere, golf course…er hang on I thought you said Dubai, as in sand, desert, no water etc?  Ah but no this really is Dubai, not-a-problem Dubai, yes there was a huge sandstorm two days ago, nobody could see ANYTHING, but not today, clear, beautiful blue sky, gentle sun – what I call a glorious warm summer’s day and the locals call ‘cold’ – sand, not a problem, no water, not a problem, desert, not a problem, where there’s a will there’s a Dubai way, as I sit on the terrace overlooking the creek, thousands of $m+ yachts bobbing gently as seaplanes land and take off for my personal entertainment…well for five minutes anyway I can sit there, no more, before back to check the room etc…) – where was I? got a bit carried away there…yes…held at the stunning Park Hyatt hotel (etc etc) and deliberately timed to precede the EMEA Finance Awards dinner where our great friends Mashreq Bank would that evening sweep the Oscars with three trophies.
But I get ahead of myself.

 

So over 60 registrations from ALL the key, top UAE and many regional clients and banks, and in each case the right people, the right contacts, the right level, CEOs, COOs, top product managers, etc.  Fab job to the local team for mobilising the region and a tribute to both them and to our excellent standing in the region. Plus a few select corporations, from foodstuffs to ports to manufacturing etc.  And press, the editor of Cash and Trade magazine a speaker, even the Financial Times’s Gulf correspondent put his head in, and Government, David Kaye from the UK mission.  Plus us.

 

So here’s the thing, and this was my opening address. We meet as equals. We vote.  We discuss. We create output.  This is not a typical conference, with bepedestalled, bigged-up, gracious ‘presenters’ (performers) patronising count-themselves-lucky, lap-it-up, sit-back-and-relax, passive ‘listeners’ (delegates).  Oh no.  You can’t snooze at these events, check your email.  Pay attention!  Here’s another question for you…get out your voting machines. For example, the group decided (50% of them) that ME banks lag significantly in technology!  91% felt some sort of catch up was needed.  So I threw out the pompous ‘top table’, threw out seating ‘the speakers’ (bow now, please) being on a separate table, threw out fanfares for introduction, and instead we had fun making each table choose a name and contribute to the discussion.

 

What’s in a name?  We had ‘the Middle Eastern Wonders’ was one, modest table.  One was ‘the 7 Ds’ (a blatant attempt to upstage our own (now) Andrew England, who presented ‘the 7 Cs’ but only half hearted else they’d have been the ‘8 Ds’ or even the ‘30,000 Zs’ – that would be real ambition), the ‘Almost Arab Table’ and the ‘All Arab Table’ – enough of this nonsense, I named one table, where I was perched, ‘Phil’s Table’ and one ‘Next to Phil’s Table Table’.   Oh and I also showed them how to be rock stars, that is, how to hold a microphone (and why).

 

So Andrew up first.  His pedigree shouts and demands respect (running transaction banking at Lloyds, same for CEE at Unicredit, cash and trade at Deutsche, Citi before that, now holding down Senior Advisor on TB with McKinsey at the same time as our own Strategy Director, see last week’s press release) but what REALLY demanded respect and attention was what he said (and how he said it).  His devastatingly simple but insightful breakdown of the Transaction Bank’s head’s to-do list in terms of seven ‘C’s – made brilliantly memorable by Nancy’s ‘seven seas’ map graphics – all backed up by solid data from McKinsey, BCG etc, hyperlinked into the Powerpoint, drew great praise from the audience.

 

His pedigree shouts and demands respect.
Andrew England: His pedigree shouts and demands respect’

 

Mashreq Bank have done great things, winning three awards just yesterday, but showing a David-and-Goliath story taking on much bigger banks with their mashreqMATRIX – powered of course by iGTB.  Harshit, their product manager who turns out also to be a University Professor, took us through some learnings including how to buy bread, a well-appreciated turn of phrase ‘not growing is riskier than growing’ and reuse of Michael Porter’s ever-relevant warning about trying to be best in more then one of product leadership, customer intimacy and operational excellence (hang on, has he read our ‘key proposition’ slide?  Harshit, I mean, not Porter….though maybe….).

 

After lunch we had two iGTB sessions, from Phil and Henry.  Phil deferentially spent most of his time wagging his finger at the bankers and saying ‘you must do this’ and ‘you must do that’.  Reminded me a bit of KS’s spirited approach to negotiation ;-). But he was talking about regulations so got away with it. Henry gave a laconic and I-don’t-know-if-you’ve-ever-heard-of-lit’l’ol’-Oklahoma sort of talk on payments with a southern drawl explaining how backwards we all were in banking payments.

 

After a provocative talk from the Deputy Chairman of the Kanoo group – which divided the audience – we drew together the themes of the day from the various interactions and votes, courtesy of Hani al Maskati, editor and publisher of Cash and Trade magazine. Some interesting results came up you’ll no doubt read about there.   A veteran of, you’ve guessed it, Citi!  Also transaction banking consultant with the excellently named company Cash Management Matters.

 

Manish closed, emphasising our strength and depth in the region (first time really we talked about us) then Henry knocked their socks off with Onyx.  And all the time we were tweeting, filming, recording, interacting, overacting (in my case, at least) and we announced already the NEXT ME CLIENT ADVISORY EVENT – WEDNESDAY 24 FEBRUARY, 2016.

 

My special memories:

 

– Dinner with Hani, a very interesting man.

 

– The Financial Times interviewing Manish.

 

– Meeting the classical trio we sponsored at the Awards dinner.  (Competition time: Irena plays flute.  The girl from Argentina does not play violin.  The girl from Belarus has a bow.  Clara’s Cello comes from the flute player’s home town in Macedonia. Olga speaks better English than the girl on either side.  The flute needs space on its right hand side.  Work out who plays what, from what country, and in what order they are sitting. And yes they really ARE their names. And instruments and home countries.)

 

Lara, Irene and Olga

Lara, Irene and Olga

 

– Silversmith course and childrens’ cause. To get people used to the voting machines we had a ‘fastest finger’ competition – who could first guess the correct number of companies in the world?  The winner was a banker, Neena, and her prize is a free four hour course with a silversmith making herself some jewellery. This is something we bid on and won at the charity EMEA Awards dinner, and so all the money will also go to the Save The Children Fund.  So two good things at one go.
A marvelous evening.

A marvelous evening.

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Want to Process Transactions worth $Billions and achieve a STP Rate of Over 97%? Here’s how…

Consider this. Your company just landed a big international deal and a multi-currency transaction of a substantial amount needs to be processed.  After hours of filling out various forms, the banker states that the payment will take up to three weeks to process! Frustrating isn’t it, especially in this digital age where everything happens at lightning pace at the click of a button or rather ones “fingertips”?

However, this is a story of the past. With increasing expectations of high transaction process speeds and efficiency, new banking technology is being introduced in the payment and securities industry. In this digitized and automated world, corporate customers expect their bankers to be up to date with technology and provide speed, efficiency and security, in order to be able to transact seamlessly beyond boundaries.

The Evolving Landscape of the Payment Industry – Straight-Through Processing (STP)

With a dynamic change of pace in payments and foreign exchange, emerging multicurrency offshore systems, and with focus on liquidity in clearing systems and managing risk, corporates are compelled to be competitive in a complex environment. They demand tight control on their working capital and expect seamless, secure, transparent, automatic and electronic transaction processing.

As financial institutions find ways to provide that exclusive customer experience and at the same time reduce costs, automation of processes seems to be the perfect solution. Straight-through processing is the end-to-end automation of the payment process, and involves minimal manual intervention. STP solutions are widely being adopted by financial institutions in order to:

  • Lower costs
  • Improve processing speeds
  • Reduce manual errors and redundancy
  • Streamline operations and increase efficiency
  • Ensure security and transparency in transactions

Why STP Solutions are the Way Forward

In order to capitalize on the rising business potential of e-collections and payables, corporate customers need to find a solution that is robust, scalable and has a future-proof platform that supports both transaction and file based processing with a high degree of STP.

Corporates need to find an advanced STP platform which has best-in-class security features, cost efficiency and payment performance capabilities. Transaction processing on a channel agnostic platform should be combined with flexibility to meet changing customer needs, regulatory reforms and operational arrangements.

An ideal platform is a high-speed banking platform that provides an advanced highway to run customer payments services, receivables management, cash management, liquidity management, trade finance and supply chain finance in an integrated set, through a single platform.

Get know more in this year’s annual conference of Sibos, where iGTB will be showcasing its core comprehensive products, from Corporate Banking Exchange, Customer Onboarding, Payments Services Hub to Liquidity Management.

 

Process transactions worth $billions

Achieve higher STP rates

Create an exclusive customer experience

With a robust on-boarding STP platform 

SIBOS

Corporate Banking On The Go. High-Speed Banking for Executives on the move.

It’s a bright sunny day, you’re enjoying a round of golf and you get pinged to approve a $4.3bn transaction. Think it’s possible? Yes, because there is an app for it.

Mobile corporate transaction banking is no longer an exception, it is a necessity. Banking technology has evolved with the changing landscape of customers, from corporate internet banking to corporate mobile banking.

As the corporate treasurers’ role transforms, what corporate banking customers want today is access to information and services, secure transacting and automation of processes to enable efficiency. Recognizing this need for change, banks are primarily focused on integrating and utilizing emerging technologies.

Mobility in Corporate Banking – Not Just Servicing the “Schedule-Stricken Senior Executive”

The benefits of mobility in corporate banking are not limited to authorization processes and engagement of senior executives or treasurers.

  • Streamline work processes – The introduction of mobility in corporate banks and financial institutions can help in streamlining processes that have evolved over time into complex procedural tasks. Complex banking operations can be simplified using new banking technology.
  • Monitor and make decisions in real-time– With a single view of the bank’s cash position, senior executives can monitor and make decisions in real-time, based on the dynamic environment. By using the mobile channel, the financial stability can easily be monitored and it can be secured with quick decision making.

The Skeptical Adoption of Mobility by Corporate Banks

As compared to the widespread adoption of mobility in the retail banking space, corporate bankers are still skeptical about complete adoption. Their main concern- security.

Is confidential data secure?

Are user-authentication procedures concrete enough?

With Bring Your Own Device (BYOD) being the ‘in’ thing, what if a device with sensitive information is misplaced?

While these concerns may be valid, corporate bankers need to take a look at the customizable features of emerging banking technology products. With embedded, robust security systems, high-speed performance, user friendliness, device and channel agnostic characteristics, adoption and integration of innovative banking technology is inevitable.

Technology companies are building new mobile banking systems specifically for corporate customers. They are introducing relevant functions that can be used on the go. Functions such as multi-device operability, workflow and transaction approvals, fund transfers, secure bank messaging and alerting. Corporate banks need to extensively adopt mobile banking technology in order to provide mobility for banking executives on the move.

Get to know how to utilize a high-speed banking platform to provide an advanced highway to run customer payments services, receivables management, cash management, liquidity management, trade finance and supply chain finance in an integrated set, through a single platform. Find out more in this year’s annual conference of Sibos, where iGTB will be showcasing its core comprehensive products.

For Corporate Banking On The Go, Adopt Mobility with Innovative Banking Technology 

SIBOS

3 Ways to Use Predictive Analytics for Customer Centricity in Transaction Banking

Customer Cetricity

Customers’ expectations have undergone a 360 change. They no longer expect real-time service and information. They expect companies to predict what they need. Predictive analytics technology has become a game changer in utilizing big data and business intelligence to enable companies make better informed decisions. 

 

Ride the new wave of Predictive Technology Using Big Data Analytics

Regulations are ever changing

Volumes are ever expanding

Competition is ever growing

Customer demands are getting more complex

Financial crimes are getting more sophisticated

In this M2M (machine-to-machine) market, real-time service, action and decision making is required to provide exclusive service and products. In the business banking space, challenges such as increasing transaction costs, higher liquidity requirements and managing decreasing margins make it inevitable for enterprises to adopt predictive analytics.

More Insight, Less Hindsight – Personalize with Predictive Analytics

To keep up with the new man-and-machine interaction, adoption of innovative business approaches is necessary. The core essence of predictive analytics is focused more on insight rather than on hindsight.

With new technologies, devices and channels used by customers, transaction patterns are not only becoming more complex, but constantly changing over time.  Predictive analytics uses business intelligence and big data analytics to provide companies with real-time, actionable intelligence to personalize their service and products.  Here are 3 ways you could use predictive analytics to become customer centric in transaction banking:

  1. Assess your customer landscape – Integrate customer experience across channels and deliver real-time insights to stakeholders in order to promote better informed decision making.
  2. Envision your future – Identify and define your future vision, how your banking products and services need to be offered and through which channels in order to sync with changing customer needs.
  3. Implement a phased transformation – Use a real-time banking data platform and social sentiment analysis to integrate new social channels in your multi-channel strategy.

Capitalize on a high-speed transaction banking platform

Innovative and new transaction banking platforms need to be adopted in order to respond to the changing landscape of customer demands, interaction and transaction patterns, and evolving expectations. iGTB’s Global Transaction Banking platform enables corporate customers to have all their transaction needs seamlessly integrated through a consolidated next generation portal for the corporate user, leveraging the Customer Business Exchange.

Capitalize on predictive analytics and use an advanced highway to run customer payments services, receivables management, cash management, liquidity management, trade finance and supply chain finance in an integrated set, through a single, high-speed banking platform. Find out more in this year’s annual conference of Sibos, where iGTB will be showcasing its core comprehensive products, from Corporate Banking Exchange, Customer Onboarding, Payments Services Hub to Liquidity Management.

Get to Know How to Personalize with Predictive Technology 

SIBOS