By registering, you agree to our T&C and Privacy Policy. Not to be surprised as Russia’s largest bank, Sberbank, is embarking on what it calls the biggest transformation in its history, as it unveils a suite of new technology products in an aggressive drive to enter the lucrative Big Tech sector and has dropped the word “bank” from its corporate building and is now called “Sber” while replacing its tellers with super ATMs and offering online taxi and food services. Jim Yong Kim, ex-president, World Bank Group, 2014. The non-financial avenues for blockchain revolve around asset management, trade finance, supply chain finance, anti-money laundering (AML), combatting the financing of terrorism (CFT), know your transaction (KYT) tracking etc. Digitalisation of banking models; Evaluate and re-engineer the aged processes within the organisations while improvising the relationship with third parties. Data works as fuel to the business and financial services that take the banks to the next level. "The problem today is that companies and enterprises are trying to purify their own water when it comes to cyber security, and so are individuals, who are doing the equivalent of tying a sock to the tap and hoping that it filters the water to some extent," he said. However, the ratio of digital financial services versus the 95% of internet users in the country as compared to peer countries, shows a promising future for the digital financial services propagation. While the nation is trying to overcome the post COVID-19 impacts on its health and living, technology has assisted millions to endure the long lasting effects of the pandemic. We also see the ascending usage of online banking, payments, supporting the locked down businesses that took off with the online orders on channels like Facebook, Amazon, Daraz, FoodPanda etc. In October, CSA launched its Safer Cyberspace Masterplan to raise the general level of cyber security across Singapore, including through free cyber-health screenings for businesses, and the use of artificial intelligence to sniff out security threats in key infrastructure, including broadband and 5G networks. Article: The Legal Profession in the Age of Digitalisation There is consensus within the legal profession that it needs to adapt to the on-going digitalisation of the legal market and the changing means of production of the legal commodity. All rights reserved. A stocktaking of policies and initiatives; BRAZIL: Going Digital in Brazil and OECD Telecommunication and Broadcasting Review of Brazil 2020. Digitalization is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities; it is the process of moving to a digital business. Regtech, security and regulatory controls have played a vital role to minimise the money laundering acts and ease of legitimate cross-border money transfers and payments. while banks being the financial arm for the digital payments. Tech firms brought major overhauling in their platforms, moving from legacy to somewhat modern style and hence the rebirth of “innovation”. Don't turn a blind eye to spreadsheet vulnerabilities. the biggest transformation in its history, Principles for a global central bank digital currency and a single global payment system, Navigating the new normal – how to redefine KYB and enhance the SME experience, Building out a payments hub with Infosys Finacle, Written by Samina Rizwan, enterprise architect, United Bank Ltd. 55, No. Mr Ang said: "(It) comes down to the culture in organisations. I fully expect the crooks will now pivot and will be talking about vaccines next.". Pakistan being a part of 2.7% contraction as per stats, will face a reversal of the progress in the past few years. While WFH and online transactions will keep rising as per experts, the dark side of the digital and online banking will remain to be active more than ever. fintechfutures.com/2020/12/how-ba…, Six ex-JPMorgan executives have co-founded Vestrata, a wealthtech which raised a $4 million investment round this w… twitter.com/i/web/status/1…, Useful insights, strong opinions, and a fintech buzzword jailhouse, Matching the right talent with the right organisation, https://www.fintechfutures.com/wp-content/themes/fintech_child/assets/images/logo/fintech-logo.png. Learn more in: Consumed Consumer Within the Framework of New Communication Technologies 14. A closer look at Brazil's digital transformation and how … Save my name, email, and website in this browser for the next time I comment. We follow this distinction in this article and define digitization as the material process of converting individual … The number of mobile connections increased by 9.6 million (+6.2%) between January 2019 and January 2020. While the banks need to work on the pricing and fee structures for all government-to-person (G2P) and person-to-government (P2G) payments to include more people to be banked. Despite its relevance, there are no studies on the relationship between information about digitalisation and firm value. "Organisations have to be able to say, 'Okay, I'm going to give space for you to stop and think before we push the button'. We cover embedded finance, competition, open banking, and CBDCs. Increased digitalization has influenced various business activities including companies’ business models (BMs) by enabling various new forms of cooperation between companies and leading to new product and service offerings as well as new forms of company relationships with customers and employees. Ransomware is malware that infects unprotected computers and locks them down with a note demanding ransom. It also means that the cyber-attack surface - the angles at which the bad guys, the malicious actors, the crooks can attack us - has gone up as well. Use of digital technologies to change a business model. fintechfutures.com/2020/12/swiss-…, How banks are tackling the ‘Frankenstein’ workaround - a look at different approaches Charles Dickens' popular novel, "A Christmas Carol", gets a banking spin. At the same time digitalisation is an intensive subject for entrepreneurs, social partners and politicians. Keen observer on the current and future states of “digital transformation” needs and corresponding “technology ecosystems and responses”. Digital labour can offer a range of operational benefits. to allow for analysis of how people use our website in order to Technology once again was the tool for reconstruction and restarting the economic growth. But a log-in is still required for our PDFs. 2 PDF version The Long and Short of The Digital Revolution. Many businesses are now transitioning online in a bid to streamline the management and day to day running of operations. The intrinsic complex processes and regulations inhibit the fluent foreign investments, fintech and start-ups incubation and funding, that need to change with the help of process re-engineering and technology. The second term is digitalization. Mr Ang recounted how - in his capacity as an executive committee member of the Internet Society's Singapore chapter - he once received a phishing e-mail that impersonated the society's incumbent president to ask the treasurer to transfer some money out of a bank to pay a vendor. Train operating companies (TOCs) are required to face the challenges of on-board connectivity to provide a reliable connection for passengers. Taking a look back at the history of global crisis, of the last century post World War II, launch of technological systems, extensive “industrialisation”, “manufacturing” and “production” were the words of survival and hence represented the mainstay of the present-day world economy, also known as the “Golden Age of Technologies”. fintechfutures.com/2020/12/cloud-…, Despite capital reserves drying up this year, 2020 has still enjoyed a handful of hefty fintech deals - here's a li… twitter.com/i/web/status/1…, . Digitalization, by contrast, refers to “the adoption or increase in use of digital or computer technology by an organization, industry, country, etc.”. As a result of the Covid-19 pandemic, 2020 has been a year marked by rapid digitalisation at an unprecedented pace. It quite clearly breaks down the roll-out of digitalisation of shipping into three sections: Developing new business models and offerings This article is now fully available for you, Please verify your e-mail to read this subscriber-only article in full. Mr Koh said: "Our dependence now on digital infrastructure (such as) smartphones and computers has gone up tremendously (because of Covid-19). Article. A glimpse of which can be seen in this World Bank statistical representation of the recessions starting from 1871 to-date. Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG. At the same time, this digitalization has put pressure on companies to reflect on their … @Cledara, a UK fintech start-up which claims to bring order to “cloud chaos”, lands $3.4m "It will be more efficient and effective if we (CSA) can do it upstream, similar to what PUB does for the real water supply. Her current role is enterprise architect at United Bank Ltd. Insights from our international survey can help healthcare organizations … "Modernising the finance department should be a priority." Candidly shares her insights via articles and views on LinkedIn and the FinTech Futures website. 198402868E. Digitalisation of organisations is rampant in current times. Essentially, customer do desire fast and secure financial services. Come 2008, another crisis resulting upheaval in the global economic conditions across millions being affected financially due to the downfall in the financial sector with deindustrialisation of leading economies. Introducing PrizmDoc Cells, a secure solution in an intuitive, Excel-like web interface. The digital transaction is a very time saving and handy concept as it requires only a computer and the proper internet connection along with the personal information regarding the transaction. The time is now to update your finance operations Experts speaking at a Straits Times webinar on digitalisation and cyber security on Wednesday warned of the dangers lurking online and how to guard against them. Organisations in Pakistan while struggling with their slow economic growth in the past, yet embraced the technological revolution in the recent past few years. Finally, as we are in 2020 and the pandemic has brought the nations to the verge of acute deteriorating health and economic conditions. Article No.18 IMPACT OF DIGITALIZATION ON INDIAN LUXURY MARKET Sheetal Jain Doctoral Scholar, AMU and Director, Bardia Consulting Pvt. This website uses cookies, including third party ones, The story we try to reconstruct and the story we tell ourselves isn’t the full story. By A… twitter.com/i/web/status/1…, Paytech firm @ondotsys acquired by US banking tech giant @Fiserv Pakistan is still heavily reliant on cash transactions as customers prefer to use cash on delivery (COD) options rather than digital financial services. This article first appeared in Forum, The Edge Malaysia Weekly, on November 16, 2020 - November 22, 2020.-A + A. They can read the article in full after signing up for a free account. NEW REPORT: Digitalisation and Responsible Business Conduct. Surprisingly, the number of mobile connections in Pakistan was equivalent to 75% of the total population in January 2020. Mr Koh was joined at the webinar by Associate Professor Steven Wong from the Singapore Institute of Technology, Associate Professor Chang Ee-Chien from the National University of Singapore's School of Computing, and Mr Benjamin Ang, head of the Cyber and Homeland Defence Programme at the Centre of Excellence for National Security. “Compliance and efficient operations are the highest focus at the moment. This is a relatively short, yet incredibly informative article that covers the basics on how digitalisation has impacted the shipping industry thus far. This trend is set to continue as more … Local banks have been able to provide timely aid to the underprivileged masses of the country through the “Ehsaas” programme while using digital platforms and means. It is estimated to reach US$ 14 billion by the end of 2016 from US $8.5 billion in 2013 (Assocham, 2014). AVM is becoming commonplace within the mortgage process, benefitting lenders and consumers alike. Sep 2019; Uma Gunasilan; Digital technologies are also affecting the supply and demand of the sector. Digitalisation is the process of converting material or information into a digital form. It’s a big ask, and everyone is looking at new ways, including using digitalisation, to meet those targets,” explains Jon Nation, General Manager, Marketing, Wärtsilä Marine Business. Samina Rizwan is a veteran IT professional, having been working for the past 25 years across various industries and organisations as a technologist. Share gift link below with your friends and family. But this process has also come with increased cyber-security risks in the form of QR code scams, WhatsApp hijacking and phishing e-mails, as hackers and scammers look to exploit the opportunities that have opened up to them, with more companies and individuals going online. A version of this article appeared in the print edition of The Straits Times on December 11, 2020, with the headline 'Cyber-security awareness must keep pace with rapid digitalisation'. Your email address will not be published. Digitalization is when you use digital technologies to change a business model and provide new revenue and value-producing opportunities. Let go of “legacy” technology and gradually move towards secure green banking adoption while providing financial services to customers anytime, anywhere and on any device. Healthcare’s digital future. Finance & Development, June 2018, Vol. How digital labour helps financial firms cope with market volatility. As per Statista, the blockchain market value share of banks is 29.7% in 2020. We don't want to build a culture where, the moment I see an e-mail asking me to transfer money, I do so straightaway.". Ready or not, digitalization on the way for shipping. Reposition and optimise branch network while providing more self-services to customers as intimidating branch environment keeps the customers off from the branches, hence to provide them with more self-service digital channels and secure banking at their fingertips. Digitization often requires that old wisdom be combined with new skills, for example, by training a merchandising manager to program a pricing algorithm. India has just stepped into the world of digitalization; therefore, it will take time to adapt to it. International Journal of Digital Library Services V IJODLSGeetanjali Research Publication). The gift link for this subscriber-only article has expired. Digitalisation and implications on workforce… The purpose of this study is to investigate the uptake of digital technologies within the transport and mobility sector and the consequent implications on workforce skills development. We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. UK’s Islamic finance sector welcomes ALF announcement from central bank. Starting from branchless banking, financial inclusion, enhanced payment systems, adoption of financial tools by almost 75% of the unbanked population, emerging fintech disruption of old incumbents, mobilisation and inclusion of very few women entrepreneurs in the economic cycle. European Commission is to launch its blockchain regulatory sandbox in 2022. Full-text available. The digital and tech teams of the banks need to “think out of the bank” to create more financial synergies with the outside world. Create and promote “data driven” financial services based on artificial intelligence (AI) algorithms defined with the regulatory guidelines working with structured and unstructured data to provide clear and in-depth insight of your customer from both behavioural and compliance perspective. Statically, as per Pakistan’s Digital 2020 Report published in February 2020, there were 76.38 million internet users in Pakistan in January 2020 which illustrates that the number of internet users has increased by 11 million (+17%) between 2019 and 2020 and internet penetration in Pakistan stood at 35%. Often used interchangeably with digitization as mentioned (and with digital... And here we have three definitions, or better contexts in which the term is used.. amongst the top most in the race. Effective implementation of DDoS, intrusion, threat and malware detection tools, multi-factor authentication (MFA), restricted WiFi usage would somewhat secure. Experts give their take at The Straits Times Reset 2021 Webinar Series: Digitalisation and Cybersecurity on Dec 9. 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