SAO PAULO, Dec. 6, 2010 /PRNewswire/ -- SunGard's City Day 2010 event series, which has brought together over 4,500 finance industry professionals in major financial centers around the world, will conclude this week on December 8th, in Sao Paulo. SunGard product experts, customers, press, analysts and local business leaders will come together for a final time in 2010 to discuss critical issues such as increasing global regulation, the transformation of international trade, and the changing role of technology in financial services.
SunGard's City Day events have focused on three important drivers of change – Transparency, Efficiency and Networks- mixing thought leadership with open debate and new technology innovation. Speakers in 2010 have included: Howard Davies, director of the London School of Economics and Politics; Christian De Boissieu, president du Conseil D'analyse Economique; Xavier Rolet, chief executive officer of the London Stock Exchange; Selena Ling, head of research and strategy at OCBC Bank; and Michael Lewis, financial journalist and author of "The Big Short." The events will continue in 2011, starting on April 7th in Vienna, Austria.
Commenting on the factors that led to the financial crash in 2008, Howard Davies told SunGard's London City Day audience: "Clearly the technology of product innovation ran ahead of the technology of risk management and governance. Technology is crucial in that it can be the solution to many of our problems. The industry needs to ensure that the investments we make in technology are balanced between investments in product innovation and more sophisticated trading, and technology that is invested in risk management and control systems."
Speaking at SunGard's Singapore City Day, Michael Araneta, associate research director, Asia/Pacific IT Benchmarking Advisory Service at IDC Financial Insights, highlighted some of the industry's biggest trends and challenges. He said: "There are several key elements of the 'new normal' in the financial services landscape. Cost management is 'out,' while risk management and optimization initiatives are 'in'. Aggressive competition, more demanding post-crisis customers, and the emergence of social media, cloud computing and data optimization to improve business intelligence and visualization will change banks' product and service focus and the very way we do business. The top agenda items for the CIO in the next twelve months will be greater focus on optimization, transparency and efficiency."
In Sydney, Robert Gottliebsen, noted Australian journalist and commentator for Business Spectator, highlighted the importance of networks: "In a global community, where 40 to 50 percent of funding for banks comes from overseas, we cannot underestimate the size and power of networks. Not only are the major financial services institutions linked together, but corporations have entered the network with banks. This interconnected environment means we need to make sure our financial institutions are strong, and work together in a unified way to prevent and solve problems."
Paul Wilson, division chief marketing officer, SunGard's Financial Systems, said, "Through our dialogue with customers and partners it is clear that the issues of transparency, efficiency and networks will continue to be a challenge in 2011. As a global technology partner and service provider, SunGard will continue to drive the discussion and stimulate debate around these issues, and to enhance and innovate our technology offerings in response."
SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue exceeding $5 billion, SunGard is ranked 380 on the Fortune 500 and is the largest privately held business software and IT services company. For more information, visit www.sungard.com.
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