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Canadian Financial Services Firms “Double-Double” Down on Digital Transformation in 2021

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Over half (58%) of Canadian financial services firms said that “increased productivity and resulting lower costs” was the top area of improvement within their company as a result of digital transformation, according to Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, in its fourth annual survey on Canadian digital transformation. The majority of respondents (71%) shared that improving efficiencies is the primary goal for their technology spend in 2022, followed by increasing revenue (17%) and lowering costs (12%).

“Over the course of 2021, Canadian financial services firms found digital transformation paramount in improving efficiencies and driving down costs. The right digital tools can help companies better connect with and retain clients, especially as customers increasingly expect and demand a cutting-edge, technology-driven experience,” said Michael Dignam, President of Broadridge Financial Solutions, Canada. “While digital transformation is an ongoing evolution, businesses are accelerating their adoption of technologies such as the Cloud, AI and Blockchain and finding significant business impact as a result.”

When asked which classically Canadian food dish best described their company’s experience with digital transformation over the past year, 38% of respondents chose “Double Double,” denoting optimism, down slightly from 44% in 2020 and 49% in 2019. Other common Canadian foods that describe companies’ experience with digital transformation included “Hawaiian Pizza” (neutral, 24%), “Timbiebs Timbits” (unconvinced, 19%), “Poutine” (accomplished, 15%) and “Lay’s Cinnamon Bun Chips” (negative, 4%).

Cloud Technology Continues to Underpin Innovation
Cloud continues to be the digital technology with the most significant impact on business, according to 56% of respondents (up from 51% in 2020 and 41% in 2019). This was followed by AI (41%, up from 34% in 2020) and Blockchain (3%, down significantly from 15% in 2020).

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When asked to grade their company’s digital transformation efforts, 53% of respondents gave themselves an “A” or “B”, down slightly from 66% in 2020 and 64% in 2019. Forty-five percent of respondents gave themselves a “C” or below, up from 33% in in 2020 and 37% in 2019, demonstrating a slip in confidence among Canadian financial services firms as they digitally transform their businesses.

Hurdles Remain for Adoption, Yet Firms Continue to Innovate
In 2021, “resources” moved to the forefront as the biggest hurdle companies face when it comes to digital transformation, followed by legacy technology and data analytics.

Despite the hurdles that firms are facing when it comes to digital transformation, many continue to execute on their technological goals. When asked about their top goals for implementing new technologies, 44% ranked “improving user experience” as their top goal, in addition to consolidating/integrating multiple systems, modernizing for regulatory or market trends, digitizing for the future and future-proofing their environment for a competitive advantage.

To read more about the research results click here.

Methodology

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The survey of 102 Canadian financial services professionals was conducted via email. For further details on survey methodology, please contact a Broadridge media representative.

Blockchain

LCT Secures VARA In-Principle Approval, Defining Its Role in Dubai’s Crypto Landscape

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Bybit One-Click Buy Offers a Winning Chance in First-Time Deposits Lucky Draws

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Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)

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Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:

BlackRock ETF Embraces Blockchain with First Muni Bond Purchase

BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.

By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.

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Source: Yahoo Finance

Plume Secures Funding for Tokenization Platform

Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.

Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.

Source: Fortune

SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips

SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.

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As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.

Source: The Quantum Insider

Deutsche Bank’s Public, Permissioned Blockchain Initiative

Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.

The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.

Source: CoinDesk

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KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands

Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.

By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.

Source: PR Newswire

Industry Implications and Key Takeaways

Today’s developments highlight the transformative potential of blockchain across multiple domains:

  1. Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
  2. Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
  3. Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
  4. Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
  5. Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.

The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.

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