Global Banking & Finance - Global Banking & Finance Review Issue 46

Issue 46

THE SHAPE OF FUTURE BANKING

Joe Myers

Executive Vice President, Global Banking, Diebold Nixdorf

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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.

Global Banking & Finance Review is the trading name of GBAF Publications LTD Company Registration Number: 7403411 VAT Number: GB 112 5966 21 ISSN 2396-717X.

We strive to capture the latest news about the world's economy, financial events, and banking game changers from prominent leaders in the industry and public viewpoints with an intention to serve a holistic outlook. We have gone that extra mile to ensure we give you the best from the world of finance.

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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.