The new, new normal at SIBOS this year

Last year I commented at SIBOS that there was finally the realization that things weren't returning to normal - a new normal was emerging. This was a common theme emerging from the myriad of discussions and debates over how the industry would emerge from the wreckage of the Global Financial Crisis.

In their typical prophetical style, the Innotribe team enlisted the support of Peter Hinssen, author of "The New Normal" to open the event. But in classic traditional Financial Services style, very few of the major FIs were present for Innotribe - many in attendance didn't even know what the Innotribe guys were doing stuck over in the corner of the Amsterdaam RAI conference venue; "That's those innovation guys right?" or worse "That's some technology clique"

Yes, We're Innovating Too!

This year if you are in financial services and your not worried about disruption to your business, then don't worry because you'll be one of the first looking for a new job in the next couple of years as we go through massive changes in organization structure, metrics and revenue positioning. Unless you have been living under a rock, or your'e in severe denial, you'll realize that there is a huge undercurrent of change going on in retail financial services right now.

There are daily announcements from leading financial service brands globally about this initiative and that technology investment, in hopes that they too can appear in-tune with the changing demands of industry. 

Reluctantly and cautiously banks have moved into social media, some even allowing staff access to social media networks inside the bank, heaven forbid. Although, for many there is still the misleading positioning of social media as a marketing channel, many are starting to experiment with new approaches to engagement and the very difficult transition into a world with greater transparency.  

Mobile has arrived big time too, with Citi's participation in the mysterious Google Wallet, with Telcos launching competing payments initiatives and partnerships, and with handset manufacturers and the "App Store"/OS players building more and more native mobile payments support.

But in general, most banks are moving slowly into this new normal, because that is just how they operate. In many cases, the key problem for institutions is simply knowing where to start, and what the future drivers of cost and profit will be.

Unparalled Peer Group 

If you are going to SIBOS this year, you're probably thinking that you should get to the meatier discussions on policy, regulation, business and strategy within the main session. Those will undoubtedly be interesting, especially the closing plenary session. However, if you don't get to Innotribe @SIBOS this year, then you are missing a massive opportunity for competitive differentiation and learning.

The thing that makes me personally attend Innotribe, even though I have continual access to some of the smartest and most innovative people on the planet when it comes to financial services, is that the peer group of participants are the Top Gun of the financial services battlefield today. This eclectic group of experts, thinkers, strategists and technologists are working on the very real solutions to the problems we face today as an industry. 

Amongst the key messages we'll be looking at smart data, identity management, disruption, social engagement and specific innovation tools and approaches. Regardless of how smart you think the people within your team are today, you won't ever be able to compete with the sheer brain power of this group of professionals when it comes to thinking about what comes next. 

Come along to Innotribe - it will blow your mind, and perhaps just save your business...