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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).

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

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

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Revolutionizing Fintech: 6G Digital & Rune Nilsson’s FlexM Global in a Bold $12.5M Deal Shaking the Banking Industry

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Teletubbies Digital Companions to Launch on the Tezos Blockchain

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MetaPals, an AI digital companion platform, is partnering with WildBrain’s beloved Teletubbies to bring together cherished childhood memories and the innovative digital era with the launch of the Teletubbies AI digital companions on 20 April, 2024.
As Teletubbies commemorates its 27th anniversary on 31 March, the collaboration marks the beginning of an exciting array of renowned IPs joining the ‘MetaPals Multiverse’ in 2024. Through the use of AI and blockchain technology powered by Tezos, much loved Tinky Winky, Dipsy, Laa-Laa, Po, and even Noo-Noo have become personalized, evolving digital companions within the MetaPals browser extension game engine.

The Teletubbies characters integrate with users’ daily browsing experience that accompanies users across the web, offering both playful interactions and practical assistance. This technology not only brings these fun characters to life in new, interactive ways, but also helps to enhance the mental well-being of users by fostering a sense of companionship.

Each Teletubbies companion within the MetaPals Multiverse will exhibit unique personality traits, offering users a diverse and dynamic experience. With personalities distributed across 5000+ Teletubby companions along a spectrum, users are guaranteed a one-of-a-kind experience, ensuring enjoyment for all and opportunities to foster new connections with this nostalgic brand.

Max Giammario, CEO of MetaPals, said: “Through this collaboration we’re not just revisiting Teletubbyland, we’re reinventing it for the digital age. By weaving in AI and blockchain, we enable the Teletubbies characters to evolve, interact, and form unique bonds with users, embodying our vision of dynamic digital companionship. With a bit of ‘MetaPals magic’, the Teletubbies are exploring beyond the hills and far away, ready to play, in ways we’ve never imagined.”

Melissa Goodrich, Director, Franchise Strategy at WildBrain, said: “We’re excited to see our colorful quartet come to life in new ways through this unique digital experience for fans. As we celebrate 27 years of the perennially popular Teletubbies franchise, this latest collaboration encapsulates the essence of childhood nostalgia while embracing the limitless possibilities of the digital age.”
Jason Lim, TZ Apac Games Adoption Team for the Tezos Ecosystem, said: “MetaPals will be pioneering the convergence of iconic IPs such as Teletubbies with the limitless possibilities of the Tezos blockchain. I can’t wait to see the magic they are brewing up next.”

The post Teletubbies Digital Companions to Launch on the Tezos Blockchain appeared first on HIPTHER Alerts.

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Alarum Announces Exciting Events Lineup and Welcomes Esteemed Advisor to NetNut’s Advisory Board

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