Posted by Tom Coombes on Sun, Sep 20 2009

All Posts by Tom Coombes

Dialog Leads the Way at 'No Frills' Sibos in Hong Kong

Logo Sibos Hong Kong 2009

Sibos this year was an understandably understated event. Many participants, including the hosts, SWIFT, cancelled parties. Sponsors, exhibitors and delegates were more interested in listening, learning and sharing their thoughts and experiences of the last year, and trying to work out the best way ahead, than enjoying the more lighthearted elements that the eventnormally offers.

To some extent, the payments and back office functions of the global financial industry have been the unsung heroes of the financial crisis. Whilst exuberance and hubris lead us into the banking meltdown, it has often fallen on the shoulders of the less glamorous departments to keep the industry going. Without the incredibly complex and essential work of this hugely industrious and committed community, the sector would have indeed collapsed.

To many it is very regrettable that these people are often tarnished with the same brush as the highly leveraged trading floors and ‘casinos’ of the front office. They make it work, and keep trade and payments going – usually having to fix problems created by others.

Dialogue lies at the heart of Sibos. The issues are so complicated, and the parties are so intrinsically linked, that good communication, trust and a commitment to making things work are imperative.

Sibos reminded me that good communication lies at the heart of business success, particularly in this industry. With such a commitment and investment from so many people to attend the event, it will be nice to see a simliar commitment from boards in the banking sector to increase their firepower in their communications department, which have often been starved of the support and management input that they badly need.

Good communication does result in better business results, you just can’t put a number on it.

Communications, Finance, PR, Sibos, Tom Coombes,
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