Strategic Consultant
Harnessing tech as a driver of business success.
Unpack emerging digital tools, platforms, and innovations that are reshaping industries. This category focuses on practical ways technology can be leveraged to unlock efficiency, scalability, and competitive differentiation.
Tokenized deposits are digital representations of traditional bank deposits, secured by actual funds and issued on a blockchain. They enhance stability, transparency, and accessibility while allowing real-time transactions. Despite challenges like regulatory compliance and potential liquidity issues, they could significantly reshape finance by bridging traditional banking and digital assets' world.
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) are replacing one-time passwords (OTPs) with digital tokens for bank account access starting in November. This move aims to enhance security by prompting users to authenticate transactions through app-generated prompts and eliminating OTP vulnerabilities. However, users should remain cautious of phishing tactics.
In a recent speech at an AI summit in Switzerland, IMF's Gita Gopinath warned that the full disruptive effects of AI on the economy may not be apparent until a downturn, potentially leading to a crisis. She highlighted AI's potential to exacerbate recessions, posing risks in labor markets, financial markets, and supply chains. Gopinath recommended enhanced regulation, investment in human capital, robust AI models, and collaborative international efforts to mitigate these risks.
In today's digital age, our lives are intricately woven into the digital fabric, with memories and essential information stored on devices. World Backup Day, observed annually on March 31st, serves as a reminder to protect our digital assets. Data loss can be devastating, so implementing a robust backup strategy is crucial. Evaluation of current backup methods and automation of regular backups are key steps. By embracing proactive backup practices, individuals and organizations can empower themselves with digital resilience, ensuring the safety and accessibility of their digital lives.
The increasing demand for convenient, secure, and rapid transactions has driven the widespread adoption of digital payments such as card payments and e-wallets. Two-thirds of adults globally are now engaging in digital payments, with significant growth in developing nations, particularly in Africa and Asia. Despite the benefits, challenges such as privacy concerns, cybersecurity risks, and exclusion of vulnerable populations need to be addressed for a smooth transition to a digital economy.
In the era of digital transactions, the capacity of different payment systems to interoperate, that is, work together seamlessly, is essential for the success of instant payments. The lack of interoperability creates barriers to the growth of digital transactions. The Indian platform UPI exemplifies interoperability, with users able to send and receive payments across different UPI apps. Beyond fostering competition and innovation, this interoperability supports cross-border transactions and boosts financial inclusion. Despite challenges varying from technical complexity to regulatory restrictions, stakeholders can adopt common standards, use APIs, and heighten security to attain interoperability for instant payments.
Digital attacker banks have demonstrated that they can delight customers, scale up quickly and expand into new products, geographies and customer segments. Digital attackers are lower cost, faster to innovate and can transform their traditional parents. As an alternative to embarking on a multiyear, hugely expensive systems transformation, some incumbent banks have launched attackers with the aim of transforming the core business.
The banking industry has been revolutionized by rapid technological advancements over the past decade. Mobile banking has emerged as a key player, significantly improving customer access to financial services globally, particularly in developing nations. Iraq's banking sector has undergone a remarkable transformation, with the Central Bank's push for mobile banking and the introduction of mobile banking apps by individual banks. This evolution highlights the profound impact of technology on economic development and financial inclusion.
Payments are made using payment instruments. Cash, for example, is a payment instrument. So too are cheques. Digital payment is a way of payment which is made through digital modes. In digital payments, payer and payee both use digital modes to send and receive money. Innovation has been one of the biggest drivers for the growth of India’s digital payments economy. Along with the increasing adoption of smartphones, the availability of affordable mobile internet is doing wonders for the digital payments market in India.
In today's digital era, easy access to information and constant connectivity through smartphones blurs the line between work and personal life. France's "right to disconnect" law aims to address this issue, but implementing similar laws in developing countries faces challenges. Research shows the impact of email on well-being and productivity, emphasizing the need for balance in digital work culture.
Indrajit Roy Choudhury 