Weekly Analysis & Opinion Highlights – 25 January 2021

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More fintech insights on finance, digital assets, technology, banking, alternative data and information transparency. This week’s analysis & opinion piece focuses on digital identity and other topics as part of The Davos Agenda 2021, consequences of UK’s Lockdown 3.0 on remote trending, in-depth analysis on Bitcoin, Tethers and dollars, the role of AI within financial integration, stricter regulations for crypto called out by the ECB, why omniaccess is the new buzz word for the 21st century bank, alternative data, and the importance of corporate disclosure of information in the financial space.

Happy Monday!

Digital Identity on The Davos Agenda 2021…

How digital identity can improve lives in a post-COVID-19 world (World Economic Forum)

As part of The Davos Agenda 2021, this analysis highlights the need for industries ranging from travel to health to education to collaborate with the financial sector for a quick recovery. One of key features is building trust with citizens around the secure usage of personal data will be key to creating effective frameworks. Thus, policymakers need to move as quickly as the technology. Read more

UK FCA on Lockdown 3.0…

Lockdown 3.0: The continued implications of remote trading (Bobsguide.com)

David Woolcock, writer at Bobsguide.com, highlights that for Lockdown 3.0, the UK FCA has initiated the Market Watch for 2021 in January, covering recording telephone conversations and electronic communications when alternative working arrangements are in place, including increased homeworking. Another key area that has been emphasized by the UK FCA is around market abuse and surveillance, which, having so many staff working from home, was difficult for many firms to monitor. Read more

On Bitcoin, Tethers and Dollars…

How Are Bitcoin, Tethers And Dollars Connected? An Interview With RealVision President Travis Kimmel (Forbes)

Travis Kimmel, RealVision’s President, states in an interview conducted by Forbes the current tumultuous relationship between Bitcoin, Tethers and Dollars that has sparkled debates on social media. “As a fan of crypto and DeFi generally, what I’d like to see is a framework for how we think about and stablecoins (generally, not just Tether) and an established set of practices for auditing their reserves. In my view, establishing some common practices here would strengthen the overall integrity of the crypto ecosystem,” Kimmels added. Read more

On AI and financial integration…

The Artificial Intelligence opportunity in the global Financial Services sector (Finextra)

Steven Rackham, Senior Solutions Engineering Manager at EMEA Global NetApp, explains why the financial services sector as a whole is remaining behind in terms of providing customer-centric experiences, despite the numerous available technological solutions on the market, such as AI. One of the biggest challenges that financial firms face when it comes to AI is its architectural nature, as well as being a component innovation, meaning that its requirements extend beyond new technology and ideas, to include joining up old technology and ideas in a different way.  Read more

ECB on Bitcoin regulations…

ECB President Christine Lagarde Wants Global Regulation of Bitcoin Due to Money Laundering Concerns (Crowdfund Insider)

Christine Lagarde, the President of the European Central Bank (ECB), emphasizes the  need to regulate Bitcoin on a global level. Moreover, recent actions undertaken by the Financial Action Task Force (FATF), a global entity that was created to battle money laundering, hints towards accomplishing this mission. With the implemented “travel rule”, “virtual asset service providers” (VASPs) are required to maintain exacting records on both buyers and sellers of crypto – somewhat similar to what banks must do now. Read more

Omnichannel vs omniaccess…

Omniaccess is the strategic imperative for the 2020s (The Finanser)

According to Chris Skinner, an independent commentator on the financial markets, the bank of the 21st century should be focused on digitalization, the internet, networking and cloud. With today’s banking design emphasizing the importance of banking through software and servers, data and customer experience are becoming predominant. Instead of banks focusing on an omnichannel approach, which entails layering cloud and digital on old legacy structures and dodging the requirement to rationalise and consolidate, the bank of the 21st century should be all about omniaccess – starting with a rationalised and consolidated core of customer data that can be analysed and assessed with intelligence, artificial and human. Read more

Is there demand for Alternative Data?

What is Alternative Data? Quandl’s Hamza Khan Explains (The Fintech Times)

In an interview conducted by The Fintech Times, Hamza Khan, the head of European Data at Nazdaq’s Quandl, analyzes in-depth the concept of alternative data, its benefits to investors and how regulation has affected its uptake in Europe. With data stemming from traditional market research, alternative data collects information digitally, at much more increased speed and accuracy. One example of innovation from alternative data is for PSD2 and user consent, where spending is taking place in real-time, instead of having to wait for surveys to be carried out and analysed. Read more

New areas to explore for financial services: zooming-in on the “four P’s”…

Companies must prepare to share much more non-financial data (Financial Times)

Kevin Martin, researcher at Financial Times, explains why corporate stakeholders, ranging from employees and customers to board members, investors, partners and regulators, are requesting for greater data transparency and disclosure of information when it comes to people, profit, planet and purpose (the 4Ps). The main driver behind this trend is due to intangible assets, such as the brand and culture of a company, combined with the crises of 2020 which disclosed multiple work misconducts, such as racial, social and economic inequities. Read more

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