Operations Collaboration Excellence
Welcoming 385+ delegates from 42 countries to SOFE 2017, Leo Punt, Head of Support and Services, EMEA, SWIFT described the event as a chance for customers to hear about how SWIFT is responding to the Fourth Industrial Revolution. A World Economic Forum video highlighted the speed, scale and force of change in today’s world. With Cisco estimating that there will be 50 billion connected devices by the end of the decade, and IDC estimating that spending on the Internet of Things will rise above $1.3 trillion in the next few years, it is clear that the Fourth Industrial Revolution will have considerable impact not only our personal lives, but also our working lives.
Looking at what this means for financial institutions, Punt explained that customers are demanding new experiences and there is a raft of new technologies and processes coming into the market. Investments in new technology and R&D is rising, while there is also increasing regulation. In this environment, security is critical, and the three pillars of SOFE - operations, collaboration and excellence - are fundamental for the future of the financial industry.