What is the key to capturing the most compelling moments from an event featuring 8 auditoriums running concurrently, over 350 influential speakers, 120+ engaging panels and workshops, and 11 thematic tracks encompassing subjects such as Artificial Intelligence, open finance, cloud computing, cybersecurity, and more? This was the challenge presented to me by Oi Soluções, (of which I am an official ambassador for): - the challenge of covering Febraban Tech 2023, the largest innovation and technology event for the financial sector in Brazil, for the second consecutive year. Of course, I was up to the task, and it was an incredible journey, with a lot of real-time content generated through my social media channels and Oi Soluções' LinkedIn page, extensive networking, and tremendous learning opportunities. In this article, I will share the main takeaways from the 3-day event, which had "Bioeconomy and Opportunities in a Digital Society" as its central theme, focusing on the most discussed topics and the key technological trends impacting the financial sector. On the first day of Febraban Tech, the standout themes were undoubtedly Artificial Intelligence, Sustainability, and Cybersecurity.
During the opening panel, which brought together the presidents and CEOs of major Brazilian banks, discussions revolved around how sustainability can no longer be seen as a separate initiative within banks, but rather, an integrated part of their business strategy. Additionally, Artificial Intelligence was also a topic of interest. Octávio Lazari Jr from Bradesco mentioned that "as generative AI is being used in banking, cybersecurity concerns increase due to the growing sharing of customer data."
Cybersecurity was also a highlighted topic during the presentation of Oi Soluções' INEXTI, focused on the financial sector. INEXTI, the Indicator of Excellence in Technology and Innovation, is an initiative conceived by Oi Soluções and developed by IDC Latin America. It assesses the digital maturity of Brazilian companies in areas such as security, cloud, infrastructure modernization, and IT services applied to business. In the presentation, Marcelo Leite, the head of Oi Soluções, and Luciano Saboia, from IDC, shared some insights related to the financial sector. While only 35% of Brazilian companies have their security environment fully monitored, the financial sector companies reach 59%. This indicates a higher maturity level within the financial sector, confirming Lazari Jr's remarks. Noteworthy discussions on AI were also presented by Tânia Cosentino from Microsoft, highlighting how AI can enhance the customer experience. Furthermore, there was a lecture on ChatGPT, where use cases within Banco do Brasil were showcased.
On the second day, three themes stood out: Cloud Computing, Quantum Computing, and, equally important, the new professional skills required in the field of technology. The day started with a conversation among the top CIOs from financial institutions in Brazil, who discussed the new roles of the CIO and technology professionals. In a world where technology is already more efficient and sometimes even more intelligent than us, we need to rethink our role as professionals complementary to technology, rather than replaceable by it. Ricardo Guerra, the CIO of Itaú, caught my attention when he mentioned that the ability to look at technology from different perspectives and continuously learn has become a significant skill for a successful technology professional. Adriana Salgueiro from Caixa shared insights on the proportion of women in the IT field, stating that 39% of IT professionals in Brazil are women. The scenario has been growing and improving, to the point that two women are leading the technology departments of Caixa Econômica and Banco do Brasil!
Regarding Cloud Computing, an area in which Oi Soluções excels, the panel titled "End-to-end Cloud Journey: Strategy, Communication, and Security" highlighted the projected tripling of investments in Cloud from 2021 to 2027. However, there is a crucial aspect to consider: the technical adoption of Cloud must be accompanied by a business strategy. Cloud is an enabler, but it requires new work methods, governance models, and even a new mindset towards technology adoption to achieve better results. Cloud is vital for the digitalization of companies and is one of the three pillars of INEXTI, the Indicator of Excellence in Technology and Innovation, presented on the first day of Febraban Tech.
Speaking of cutting-edge technologies, a much-discussed topic in the technology field, yet often poorly understood, is quantum computing. The panel "Is the Quantum Computing Revolution Near?" aimed to demystify several beliefs surrounding this technology, which is still considered by many as distant and intangible. The truth is that it is much closer than we may imagine! Let's start by understanding what it entails: computers that utilize quantum mechanics to solve problems too complex for traditional computers. In the financial sector, quantum computing can have a significant impact, ranging from fraud detection and risk modeling to portfolio construction. Ana Paula Appel from IBM commented that the use of quantum computing is increasingly growing among private organizations. While traditionally seen as something limited to research institutions, even Boeing recently announced a quantum computing project for material research. This type of technology is only expanding!
The third and final day began with statistics highlighted in the Febraban Banking Technology Survey conducted by Deloitte, providing an overview of trends, investments, and technology adoption in the financial sector. Some very interesting insights from the survey revealed that the technology budget allocated by Brazilian banks is expected to grow by 29% compared to last year, reaching 45 billion Brazilian Reais. Additionally, the data area, acquired increasingly through Open Finance, has become the most important investment area, with Customer Relationship Management (CRM) being the fastest-growing investment area, growing by 70% since last year. This makes sense because CRM is the best way to communicate with customers in a personalized manner in the realm of Open Finance. This leads us to the theme of data, the second major highlight of the last day and, I would say, of the entire Febraban Tech event. While discussions revolved around AI, cloud computing, quantum computing, and other technologies, the common denominator for their success is data. Data serves as the input for AI, the vehicle for the cloud, and the most crucial means for the financial sector to make more customer-focused decisions. The panel "Data Driven, Generative AI, and the Algorithms of the Digital Economy" delved into the power of data. It was emphasized that today, the most innovative companies are not merely those with a vast amount of data but rather those with the ability to use that data swiftly and efficiently. In other words, data has become a commodity, especially in the realm of Open Finance, and the differentiating factor lies in how we utilize that data.
Lastly, I couldn't conclude this article on the highlights of Febraban Tech, as invited by Oi Soluções, without addressing the event's theme, which is Bioeconomy. Marina Silva, the Minister of the Environment, discussed this topic as well as sustainability in a conversation with João Dantas from BTG Pactual. She mentioned that 75% of South America's GDP is related to our forests, emphasizing the need to transition to a new economic model where technological innovation and growth are coupled with more ethics and environmental protection. She referenced the United States as an example, where $100 billion was allocated to public sustainability initiatives, and called upon Brazil to follow similar steps, both at the public and private levels.
As you can see, these were incredibly enriching days of learning, and I am immensely grateful to Oi Soluções for giving me the opportunity to share the event's major highlights with you. With this article, I bid farewell to the coverage of the 3-day Febraban Tech event, as invited by Oi Soluções. If you followed along, I hope you enjoyed reflected upon the new insights and key trends of innovation and technology for the financial sector. Oi Soluções is strongly committed to its role as an integrator and orchestrator of digital solutions in the financial sector, and all these technological advancements point to even greater opportunities for companies in the industry to reinvent their business.
For now, goodbye... See you next year!
