Issue 46
THE SHAPE OF FUTURE BANKING
Joe Myers
Executive Vice President, Global Banking, Diebold Nixdorf
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FROM THE
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Dear Readers’
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I am pleased to present Issue 46 of
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those of you that are reading us for the
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As we head into 2023, Joe Myers, executive vice president of global banking at Diebold Nixdorf, explores some of the key themes having impact and driving change for the banking industry. Turn to page 24 to read ‘The shape of future banking.
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In this edition we also take a look at the 2023 outlook for US equities and fixed income, along with top predictions for fintech, payments and the financial industry, discover how the cost of living crisis could change how future generations engage with financial services, and much more.
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Issue 46 | 04
CONTENTS
BANKING
32
BUSINESS
Top tips for Avoiding Bank Account Scams in 2023
50
Looking into the lens of 2023 Christian Müller,
Gemma Staite
Chief Financial Officer
Threat Analytics Lead
Moss
BioCatch
36
10
How banks should approach their modernisation journeys
30
The opportunity for C2C marketplaces during the cost-of-living crisis
John da Gama-Rose
Luke Trayfoot
Head of BFS, Global Growth Markets
Chief Revenue Officer
Cognizant
MANGOPAY
How Artificial Intelligence is Transforming Banking
46
How your financial team can become a revenue driver
Ankur Rawat,
Mark Gilham
Director, Products and Solutions,
Director & Evangelist
Banking and Financial Services,
Enable
Newgen Software
32
30 06 | Issue 46
CONTENTS
FINANCE
18
2023 outlook for US equities and fixed income
38
The future of finance: Predictions for 2023
Kelly Bogdanova
Hugh Scantlebury
Vice President
CEO and Founder
Portfolio Analyst Portfolio Advisory Group – U.S.
Aqilla
RBC Wealth Management
22
2023 - what will happen in the payment world?
Eyal Sivan Head of Open Banking Axway
Tommaso Jacopo Ulissi
26
Head of Group Strategy
Russell Gammon
Nexi Group
Chief Solutions Officer
Repercussions of a recession: financial sector predictions for 2023 David Ritter
Tax Systems Andrew Doukanaris Business Director Fintech Europe
Director of Financial Services Strategy CI&T
28
Why the cost of living crisis could trigger a step change in how future generations engage with financial services Sam North Analyst eToro
Galen Chui SVP of engineering and products Cubic Transportation Systems
28
Issue 46 | 07
CONTENTS
FINTECH
14
Fintech will play an integral role in the future of travel Damian Alonso Head of Platform and Partnerships Amadeus
14
34
Rev Up Fintech to Fuel 2023 Nicole Eberhardt CEO Ledgex
TECHNOLOGY
12
The Authentication Conundrum John Ferguson Chief Risk Officer Cashfac
42
Rob Griffin CEO MIRACL
42
Key Cloud and Security Trends 2023 - Beyond Human Scale Nick Westall CTO CSI Ltd
48
Harnessing the Power of Data-driven Pricing Tools Tom Chamberlain VP Customer and Consulting
48 08 | Issue 46
CONTENTS
COVER STORY
24
THE SHAPE OF FUTURE BANKING Joe Myers Executive Vice President, Global Banking, Diebold Nixdorf
Issue 46 | 09
BUSINESS
Looking into the lens of
Predictions for the year ahead by Christian Müller, Chief Financial Officer of Moss, the innovative fintech platform enabling businesses to spend smarter.
The impending recession highlights the need to prepare for future economic uncertainty and streamline processes wherever possible.
2022 was the year businesses emerged from the shadow of the pandemic and the many disruptions it caused. While life has returned to normal for many companies, and some even discovered new growth opportunities, unfortunately, the light at the end of the tunnel is not in reach just yet.
Business approaches have been changed forever in the past couple of years thanks to rapid digitisation, with markets becoming a more level playing field and competition increasing. As a result, companies are encouraged to seek innovative ways to achieve a competitive advantage, despite the new and continually changing circumstances.
As we look into the lens of 2023, the same questions around financial uncertainty linger: How long will inflation continue? Will there be a recession? What measures should be put in place to protect the future of a business?
To best prepare for future economic battles, businesses should start exploring now how to manage spending in a recession and operate beyond just looking at budget cuts. For example, establishing internal controls that monitor spend approvals, improving visibility across all company outgoings and automating time-consuming tasks that don’t add business value.
It’s challenging to find clear answers. Still, the past few years were focused on responding and surviving. With that in mind, 2023 looks to be the time for business leaders to leverage technology and build long-term resilience, achieving sustainable growth for their organisations. Here are my top 5 predictions for the year ahead:
Accurate tracking tools Financial tracking and spend management tools will prove their weight in gold for the year ahead. Finance leaders require the best tools to help them confidently make informed decisions, particularly regarding cost control and cash flow visibility.
Greater focus on spend control 2023 is sure to be the year of frugality, and the pressure will be placed heavily upon the shoulders of CFOs to provide financial stability as the economic downturn hits.
10 | Issue 46
As we approach 2023, it’s clear that the world’s business leaders will continue to grapple with economic, political, and environmental uncertainty. The good news is that dealing with uncertainty does not mean operating our businesses blindly.
Digital processes have created a new era of visibility, collaboration and strategic decision-making based on real-time and accurate data. With the right technology, finance professionals can access an integrated view of total business spend and deep visibility into their supply chain. This advancement enables improved inventory management, predictable lead times, cost savings and, crucially, more accurate financial reporting. It also helps businesses tackle some of their most complex challenges, such as achieving sustainability compliance and building long-term resilience for their company. Streamlining processes through automation Acceleration of automation is a safe bet in 2023, allowing finance teams to automate their day-to-day tasks and remove the notoriously labourintensive month-end processes and management of accounts payable. In a nutshell, automation increases productivity, frees employees from manual tasks and allows them to concentrate on strategy and innovation. Automated spend management processes empower teams to add more value to the bottom line instead of wasting days pulling together spending data.