Bitcoin
BFS Companies can Build 75% of Their New Digital Offerings From Their India Centers, Says Zinnov
Zinnov, a leading global management and strategy consulting firm, released the findings from its latest study titled, ‘Digital Engineering in BFSI’, today. The study is aimed at enabling business leaders in the Banking, Financial Services, and Insurance (BFSI) industry to analyze transformative trends in the wake of COVID-19 and make informed decisions on their Digital Engineering priorities. Zinnov estimates that the Global BFSI Digital Engineering spend by Z1000 organizations alone is a whopping USD 38Bn , and is expected to grow at a CAGR of 18% to touch USD 86Bn by FY2025.
Banks have traditionally been slow to adopt new technology, given the inherent risk, compliance and regulatory challenges. However, as their customers increasingly embrace digital channels, Tech Giants such as Amazon and Google, and FinTech companies such as Robinhood, are threatening to eat into the market share dominated by the incumbents. These new BFSI entrants are nimble and have a deep focus on improving customer experience by leveraging digital technologies such as AI/ML, Cloud, Automation, etc. These factors have prompted Banking and Financial Services organizations to invest in digitalization of their existing services, a trend which will only increase with time.
Zinnov analysis revealed that while North America leads in the Digital Engineering spend with 50% of the total global spend, APAC region stands second at 26%, followed by Western Europe at 19%. A major portion of this spend is being driven by Retail Banking and Insurance companies that are leveraging technology to optimize operations and enhance customer experience. This is especially critical in the wake of COVID-19.
Zinnov’s study also revealed that BFSI companies are increasingly channeling their digital investments on technologies such as Data Science, Big Data Analytics, Cloud, Security, AI/ML, and Blockchain. 34% of the total Digital Engineering spend is being allocated towards Data Science & Big Data Analytics alone, as nearly all banks have started leveraging data for better risk profiling and personalizing customer experience. Cloud comes a close second at 31%, signaling a shift in BFSI segment’s earlier reluctance to move workloads to the Cloud. With the COVID-19 pandemic thrusting BFSI companies into the frontline as key agents for stimulus package disbursal, digitalization will become critical.
The study also revealed that new players entering the segment are rapidly upending the status quo. Banks today, are losing customers to FinTech companies and Technology Giants such as Amazon and Google, owing to changing consumption patterns, varying regulatory norms across geographies, better usage of digital technologies, and newer business models. While the Tech Giants are offering multiple payment and lending options, FinTech companies have simplified access to banking products across the banking value chain, thus threatening the incumbents’ market domination.
Skilled digital talent is at the core of digitalization across BFSI industry. Zinnov analysis shows that even though India has the talent to build 75% of the digital offerings, only 30% of all BFSI digital offerings are currently being developed through the India Global Centers of Excellence (GCoEs). These GCoEs are at varying levels of maturity; however, many of them are poised to become “transformation hubs” for their parent organizations if leveraged well. GCoEs are attempting to deliver on this value by taking up a specific set of actions to build internal capabilities, buy expertise through strategic acquisitions, and partner with FinTech companies to gain the right technologies and capabilities.
Speaking about the study, Pari Natarajan, CEO, Zinnov, said, “Companies across the BFSI industry, although slow to adopt digital technologies, are strategically placed to thwart the unrelenting advance of Tech Giants and FinTech companies. BFS GCoEs need to move beyond being global shared services centers and evolve into transformation hubs by establishing innovation hubs, setting up digital Centers of Excellence (COEs), developing intrapreneurial leadership, incubating product management, and engaging actively with the external ecosystem of start-ups, universities, and FinTech companies. Our analysis reveals that nearly 1/8th of the world’s digital talent will be based in India by 2030, which makes India the perfect destination for setting up BFS technology centers.”
“The impact of COVID-19 on the financial fabric is palpable. Banks have the opportunity to be the agents of change by helping customers and corporations receive easy access to credit from government stimulus packages or through loans. Further, cost optimization through automation of horizontal functions, renewed focus on Liquidity and Risk Management, and solidifying core processes will ensure that BFSI companies come out of this crisis with their credibility intact,” he added.
Photo Source: pacificbitcoin.com
LQWD Technologies (TSXV: LQWD) (OTC: LQWDF) a front-runner in Bitcoin Lightning Network solutions, is pleased to announce its participation in the Pacific Bitcoin Conference 2023. This premier event is scheduled to take place in Santa Monica, CA, on October 5-6.
Representing LQWD Technologies at the conference will be CEO Shone Anstey, who will be hosting a dedicated booth.
The Pacific Bitcoin Conference serves as a nexus for knowledge exchange and networking in the realm of Bitcoin and blockchain technologies.
Those interested in attending can find more information and purchase tickets on the official event website. To arrange a meeting with the LQWD Technologies team, please reach out to [email protected].
Website: www.lqwdtech.com
Twitter: @LQWDTech
This press release contains “forward-looking information” within the meaning of applicable securities laws relating to the Company’s business plans and the outlook of the Company’s industry. Although the Company believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this press release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE LQWD Technologies Corp.
Leveraging its vast experience since 2017, GoMining is leading the way in bitcoin mining, providing users with an effortless and user-friendly service. Now the company has introduced the so-called North Collection.
The company’s NFT collections provide daily bitcoin rewards to holders, with their substantial fleet of real equipment installed across the globe. Continuing their successful streak after the highly acclaimed East NFT Collection, this latest release marks the next installment in a series of crypto art devoted to various regions. GoMining’s fresh North NFT Collection draws inspiration from three key references: the critical role of low temperatures in mining device operations, the restraint and resilience found in northern regions, and the empowering force driving their endeavors. These references served as the foundation for the collection’s captivating images, reflecting the core principles behind GoMining’s innovative approach to bitcoin mining.
GoMining’s new NFT series is issued on the Binance Smart Chain, utilizing the BEP-20 standard for seamless integration and accessibility. With an impressive energy efficiency rating of 35 W/TH, these NFTs ensure the quickest payback period for holders. Moreover, the NFTs offer a diverse range of computing power options, spanning from 1 to 128 TH/s, accommodating various mining requirements and preferences.
In just over two years, GoMining has achieved remarkable growth. The platform has distributed more than 2,000 BTC to holders, issued 20,000 NFTs, and elevated its overall hash power from 100,000 TH/s to an astounding 2,359,877 TH/s. This exponential progress showcases the project’s resounding success and commitment to innovation in the cryptocurrency and NFT space.
As per GoMining’s CEO Mark Zalan, the company is doing everything to offer a broad variety of options to its holders, proving its sustainability and transparent approach. “We’ve been in operation for over two years providing consistent rewards for our holders daily. All of our efforts are aimed at showing tangible infrastructure behind the product – in this case real equipment with data centers in different regions like Norway.”
GoMining remains dedicated to introducing updated versions of its NFTs, originally crafted to provide easier access to bitcoin mining. All NFT collections, such as the renowned collaboration with MMA star Khabib Nurmagomedov, combine visually stunning designs with real equipment-generated computing power, offering continuous mining rewards to their owners.
The new North collection is available here.
A new study has revealed the cryptocoins Americans want to sell the most, with Bitcoin taking the top spot.
The research was conducted by crypto gambling experts at cryptogambling.tv, who analyzed Google Trends data to establish the cryptocurrencies the US wants to sell the most out of the 24 largest cryptocurrencies by market cap, giving an average weekly search volume for the interest in selling each cryptocoin.
The study revealed that Bitcoin has the highest number of searches from Americans looking to sell this cryptocurrency. Searches to ‘sell bitcoin’ were the highest at the end of July in the United States and worldwide.
Many factors might sway someone to sell their Bitcoin, with the main reason being the current financial and economic strain many countries in the world are facing, prompting people to tap out and cut their losses. Last year the price of the cryptocoin dropped below $16,000, which highlights its downfall tremendously, and with Bitcoin’s value being based purely on speculation, it can be challenging for those who don’t know whether or not to stick with it.
Ethereum is the second cryptocoin Americans want to sell the most, with searches for ‘sell Ethereum’ being the highest in September worldwide. Although the currency is known for owning around 20% of the global crypto market, those wanting to invest tend to agree that it is one of the safest long-term coins. The current price of Ethereum is $1,458, and with the cryptocoin shifting its process from PoW to PoS, it’s predicted its supply may reduce.
XRP is the third cryptocoin Americans want to sell the most, as it is predicted that its price will be near $0.198 by the end of this year. XRP runs by RippleNet and is a low-cost coin which is excellent for those who want to begin investing; however, due to the current lawsuit proceedings with the SEC, there is a significant decrease in interest for the currency, which has undoubtedly urged investors to act fast and sell.
The fourth cryptocoin Americans want to sell the most is Dogecoin, which, although it has remained one of the top cryptocurrencies in the industry, is still not a solid investment for many investors. The coin rose over 15,000% over 2021, and for a cryptocoin which was created as a joke when it first began, it has truly exceeded expectations. Many avoid investing in Dogecoin due to its price volatility, no supply limit, and not being as widely accepted as other competing coins; these are reasons why many also want to sell.
Shiba Inu is the fifth cryptocoin that Americans are looking to sell, and while the coin is top-rated, it is advised that those looking to invest should not use it as a long-term investment. The coin is down almost 92% since 2021, but many investors hope it will still go up in time as it is currently at over 589 trillion.
An expert at cryptogambling.tv commented: “The cryptocurrency market is forever fluctuating, and with the increase in economic stress worldwide, it can be an uncertain and nerve-racking time for those hoping to make sound investments in the crypto world.
“This study offers an interesting insight into which cryptocoins Americans currently want to sell, with Bitcoin being the most popular to sell.”
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