Blockchain
Financial Services Firms Accelerating Technology Transformation to Navigate the Pandemic, New Broadridge Study Finds
More than half of financial services companies plan to accelerate implementation of their next generation technology strategies, according to a new global survey of 500 financial services C-Suite executives and their direct reports released today by Broadridge Financial Solutions, Inc. (NYSE:BR), a global fintech leader.
“Financial services players have shown they can adapt and change during the pandemic. Going forward, they will continue to drive digitization and mutualization to improve client experience, resiliency, and cost,” said Tim Gokey, CEO of Broadridge. “Prior investments in digital, cloud, and mutualized technologies have enabled companies to be more resilient during the crisis, and executives are taking careful note as they plan for the future.”
Virtually all financial services companies expect the pandemic to affect their operating model and strategy toward next-generation technology. In the next six months, companies plan to focus on:
- Increasing cybersecurity and risk management (63%)
- Enhancing multi-channel client communications (60%)
- Improving customer engagement and experience (53%)
- Making significant cost reductions (45%)
Prior investments that were most beneficial in managing the pandemic were interactive digital technologies (72%) – defined as digitizing customer and employee experiences, workflows and operations along with cloud technologies (59%).
As a result of the pandemic, many firms have reprioritized their investment strategies. Businesses may never return to the old “normal”, leaving firms little choice but to accelerate their digital transformation.
- 58% plan to increase investment in interactive digital technologies
- 54% plan to increase investment in artificial intelligence (AI)
- 49% plan to improve their ability to quickly gather and analyze data moving forward
The pandemic has also changed the role of fintech service providers, with 70% of respondents stating that fintech providers’ ability to offer innovative uses of next-generation technology is now more important as a result of the outbreak. Almost half of respondents agree that the pandemic increased the need to mutualize – in other words, share or outsource – processing functions to reduce costs and increase resiliency.
- Commercial and investment banks and broker-dealers agree most strongly (54% and 49%, respectively)
- Sell-side companies believe this more strongly than buy-side companies (49% and 42%, respectively)
- Hedge funds were least likely to agree (36%)
Leveraging next-gen technologies is part of Broadridge’s investment in The ABCDs of Innovation® – AI, blockchain, the Cloud and digital – helping clients understand and apply these technologies by simplifying the complex to help them be Ready for Next. To see the full Broadridge Next-gen Technology Pulse survey report click here.
The anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to stir anxiety within the cryptocurrency market. This significant influx of Bitcoin, which has been tied up since the collapse of the Mt. Gox exchange in 2014, raises questions about its potential impact on market dynamics and investor sentiment.
The return of these long-dormant Bitcoin holdings may lead to increased volatility and uncertainty in the cryptocurrency market. Market participants are likely to closely monitor the movement of these funds and assess their potential impact on Bitcoin prices and overall market stability.
Additionally, the large-scale return of Bitcoin from the Mt. Gox era may trigger concerns about potential selling pressure and its effect on market liquidity. Investors may anticipate fluctuations in Bitcoin prices as these funds are reintroduced into the market and traded.
Furthermore, the return of these Bitcoin holdings highlights the ongoing legal and regulatory challenges associated with the Mt. Gox saga. The resolution of this long-standing issue could have far-reaching implications for investor confidence and the perception of security within the cryptocurrency ecosystem.
Overall, the anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to evoke anxiety among market participants and prompt heightened scrutiny of market dynamics. As the cryptocurrency market braces for this significant development, it remains to be seen how it will navigate the potential challenges and opportunities presented by the return of these funds.
Source: blockchain.news
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Blockchain
Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration
Binance is currently embroiled in a legal dispute in Canada over allegations of selling cryptocurrency derivative products without proper registration. This lawsuit underscores the regulatory challenges facing the cryptocurrency exchange in various jurisdictions.
The lawsuit accuses Binance of offering crypto derivative products to Canadian investors without obtaining the necessary registration from Canadian securities regulators. This legal action highlights the importance of compliance with regulatory requirements in the cryptocurrency industry, particularly concerning the sale of derivative products.
Binance’s legal woes in Canada reflect broader concerns about regulatory compliance and investor protection within the cryptocurrency sector. As authorities worldwide increase scrutiny of cryptocurrency exchanges and trading platforms, companies like Binance face mounting legal and regulatory challenges.
The outcome of this lawsuit could have significant implications for Binance and the broader cryptocurrency industry in Canada. Depending on the court’s ruling, it could lead to increased regulatory oversight and stricter enforcement measures for cryptocurrency exchanges operating in the country.
In response to the lawsuit, Binance has stated that it is committed to compliance with all applicable laws and regulations in the jurisdictions where it operates. However, the outcome of this legal dispute will likely shape the regulatory landscape for cryptocurrency exchanges in Canada and influence their future operations and compliance efforts.
Source: blockchain.news
The post Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration appeared first on HIPTHER Alerts.
The Cardano Foundation has announced the launch of Pragma, marking a significant milestone in open-source blockchain development. Pragma aims to revolutionize Cardano by enhancing its infrastructure through innovative open-source projects.
Pragma represents a new chapter in the evolution of Cardano, focusing on improving its underlying infrastructure and expanding its capabilities. The initiative underscores the Cardano Foundation’s commitment to fostering innovation and driving progress within the blockchain ecosystem.
By leveraging open-source projects, Pragma seeks to enhance Cardano’s functionality and scalability, paving the way for broader adoption and increased utility. These efforts are expected to unlock new opportunities for developers and users alike, further cementing Cardano’s position as a leading blockchain platform.
Pragma’s launch highlights the ongoing evolution of Cardano and its commitment to pushing the boundaries of blockchain technology. Through collaborative open-source development, Pragma aims to address key challenges and drive continuous improvement within the Cardano ecosystem.
The Cardano Foundation’s announcement of Pragma signals a significant step forward in its mission to build a decentralized and sustainable blockchain infrastructure. With Pragma, Cardano is poised to embark on a new era of innovation and growth, setting the stage for a future of unprecedented possibilities in blockchain development.
Source: cryptonews.com
The post Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development appeared first on HIPTHER Alerts.
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