A variety of events can change the business landscape and serve as a strategic inflection point to trigger organizational change. These factors range from changing economic conditions and business expansion or contraction to new competitive dynamics and the pursuit of innovation.

At no point in recent history have more factors been simultaneously at work than today amidst the pandemic. At this moment, we feel the continued pressures of a concurrent crisis of supply and demand, driving companies to innovate in order to survive. As these unique circumstances persist, nearly every type of business has felt the ripple effect, and many have been faced with questions of how and when to transform their operation.

Unfortunately, while the rationale and impetus to change has never been greater, that alone is not enough. Leaders must still overcome internal resistance factors and prepare their organization for the transformation process. The stakes can feel weighty,...

In July, the American Bar Association Tax Section hosted a tax webinar where IRS officials confirmed that tax information reporting regulations covering virtual currency transactions are in the pipeline. However, this was already on the IRS’s published guidance plan. Part of the urgency is that virtual currency tax-reporting regulations are a critical piece of the IRS’s enforcement effort on crypto. But crypto tax reporting raises numerous, novel questions that are not easy to answer. In the Refinitiv white paper 2020 Crypto Tax Update Sound & Fury, we provided a recap of the year in crypto tax and considered what has been answered and what is still outstanding.

Growth platform Tech Nation has launched the Fintech Pledge to accelerate the growth of the UK’s FinTech sector by enabling enhanced collaboration between banks and leading FinTech firms.

The HM Treasury and the Fintech Delivery Panel also supported the initiative. The project is setting up to create “globally leading standards for the establishment of efficient and transparent commercial partnerships between banks and FinTech firms,” according to a statement from Tech Nation.

What it boils down to is that banks should make the process of being onboarded easier and more transparent for FinTech firms, giving them both clear guidance and a dedicated landing page.

Barclays, HSBC, Lloyds Banking Group, NatWest Group and Santander have already signed up to the Fintech Pledge and more banks are invited to join them.

At the same time , the Fintech Delivery Panel welcomed new members Monzo, Transferwise, OakNorth and Atom Bank to the fold.

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Does the banking leadership handbook from the past need to be completely rewritten for the digital age? Or do the leadership rules that have survived the test of time simply need to be reinforced? Maybe organizations need a combination of the old and the new to survive new technology, new competition, and new consumer expectations.

With the growing competition, it becomes crucial for organizations and businesses to transform digitally. Integrating data science is not only essential in understanding the customer experience but also its transformation is required for improving work culture and streamlining business processes. A cutting-edge data analytics organization would have an advantage over those where this integration is not very much prominent. Unlike an organization that is not data-driven, the ones where data plays a key role in helping to make businesses vigilant, self-reliant, and further improve the organizational set-up.

However, often while integrating data science, organizations face the challenge of transforming digitally. This failure can be due to an absence of cultural adoption of data science within an organization, rather than a technical loophole. That’s why a planned strategical approach becomes necessary for building data-driven work culture.

 

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This week we look at the legacy of Shinzo Abe, whose economic policy was called Abenomics and led the way for many of the aggressive fiscal and monetary policies now being adopted in Europe and the US. Japan needed a change, having been stuck with two decades of debt, deflation and demographics that had weighed on the economy. Did Abenomics make a huge difference? In the Chatter, we look at some of the unusual indicators that are appearing within the US equity market.  Is this time different? In the Whisper, we look at what the trends in data usage imply about the speed with which different regions are returning to work.

Compliance with Solvency II presents the insurance industry with a complex set of challenges that center on being able to manage Big Data at speed. Trusted data, leading-edge technology and intelligent insights can help insurers meet regulatory obligations and manage change accurately and efficiently. Refinitiv offers an end-to-end solution, available as independent components, that removes the heavy lifting aspect of Solvency II compliance.

A UN taskforce set up to look into the risks and benefits of the digital economy, has concluded that it could have a transformational impact on sustainable development, and empower citizens, both as taxpayers and investors.

City court officials in Austin used to spend a lot of time answering rote questions related to parking tickets, court dates and other issues.

Then about two years ago, the city began using a chatbot to field these requests. The move made life easier not only for workers in the court system, but also residents.

“They had a challenge with individuals coming down, asking questions about paying tickets,” explained Austin CIO Stephen Elkins during a panel discussion last week at the Smart Cities Connect Conference in Denver.

The ten trends featured in the ‘Infosys Finacle ‘Scale Digital’ report have been selected and curated to reflect the shifts across these five areas – business model, agile organisation, ubiquitous automation, technology modernisation, and culture and workforce transformation.

Each trend has been compiled not to prescribe or recommend an approach but to help you identify and align your strategic priorities to scale your unique digital journey.

We hope the insights captured in this free report empower your bank to discover the most suitable approaches, tools, and strategies to scale digital with speed.

For a comprehensive breakdown of all ten trends, please fill out your details below.

Download the full report for free:

Whether we’re banking online, or paying for groceries, FinTech (Financial Technology) is having an enormous impact on our daily lives. FinTech - or financial technology - is the industry that taps into latest technological advances to perform or connect with financial services. With innovations such as mobile payment systems, stock trading apps, asset management systems, and cryptocurrency, FinTech has transformed consumer finance, as well as B2B transactions. FinTech is rapidly transforming the financial services industry. It’s one of the fastest-growing areas of global business, and new products and services are being introduced to the market all the time. While traditional financial institutions are struggling to keep up with changes in technological advances and consumer behaviours, FinTech startups are thriving. So, let’s follow the money, and find out where FinTech startups are based, and how much funding they’re getting. BusinessFinancing used business data from...