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Summoning the Will to Act



john lipsky

john lipskyJohn Lipsky—Acting Managing Director, International Monetary Fund
Annual Meeting of the Bretton Woods Committee
For nearly three decades, the Bretton Woods Committee has played an invaluable role in supporting the work of the IMF and of other international institutions. With the Bretton Woods institutions adapting to meet new global realities, your efforts to promote understanding of our mandate and our work remain essential for us to be effective. You also provide valued feedback and commentary on how we can better fulfill our unique global role.
Today, I’d like to focus on how we can build a stronger global economy. My principal point is straightforward: The prospective contribution of greater policy cooperation in enhancing systemic stability and in preventing crises—and in containing their costs when they occur—is more important today than ever.
Supporting this cooperation lies at the heart of the IMF’s mandate. In the wake of the crisis, we undertook important reforms to our surveillance and lending tools. But as the world continues to change, we must do so as well.
In particular, I will focus my remarks today on the steps we are taking to enhance the framework for our unique surveillance activities. For example, we are seeking to deepen our understanding of the complex and growing interlinkages across the world, with an emphasis on the drivers of capital flows. We also are looking to sharpen our awareness of the quality of growth within countries—including such considerations as income distribution and unemployment—and its relation to macroeconomic stability.
As part of our efforts to enhance systemic stability, we are examining how the global financial safety net can be made more effective. We’ve made progress since the crisis hit in force in 2008. Nonetheless, we are far from the point where countries can be confident that they will have secure access to international liquidity at times of systemic crises. At the same time, we have to remain alert to the need to create proper incentives in designing safety net tools, in order to insure that the results of our efforts aren’t paradoxical.
Before explaining the strategic changes currently underway at the IMF in greater detail, let me briefly outline the economic backdrop against which they are taking place.
A strengthening, yet fragile recovery
Overall, the global recovery is gaining strength. But it remains fragile and uneven, and beset by uncertainties. So there is no room for complacency in dealing with the challenges that still threaten the recovery. These challenges fall into two camps.
First, countries are still dealing with the aftermath of the crisis.
In the financial sector, substantial progress has been made already to re-build buffers and strengthen regulation. But the work is far from over, especially when it comes to supervision and cross-border resolution. Fiscal reform is another pressing issue. At the end of 2010, government debt was as much as 25-30 percentage points of GDP above the pre-crisis level for several advanced economies—and is projected to continue rising, in the absence of bold measures to rein it in. Credible solutions will be required for the serious fiscal challenges facing many advanced economies, notably in the European periphery, but also in the United States and Japan.
Turning to Europe, several peripheral euro area countries today remain in critical situations. And there is no easy solution. Without any doubt, the primary responsibility for restoring their economic health lies with the peripheral countries themselves. Difficult and demanding measures will be required in order to avoid an even more serious crisis and to restore economic health. At the same time, there are compelling reasons for their European neighbors and the global community—operating through the IMF—to support these countries’ reform efforts. The only viable option for Europe today is a solution that is comprehensive and consistent—and that is also cooperative and shared. Such a solution inevitably will include: (i) strengthening area-wide crisis management frameworks; (ii) accelerating financial sector repair; (iii) improving fiscal and macroeconomic coordination; and (iv) promoting high-quality growth.
For our part, the IMF is supporting our European members as they seek to put their economies back on a sustainable footing. Last week, we agreed on a joint IMF-EU financing package for Portugal worth €78 billion, aimed at reigniting growth and employment. This week, we completed the first and second reviews of Ireland’s program. And in Greece, a mission is currently in the field, working closely with the authorities to identify the policies needed to underpin the adjustment program going forward.
The second challenge to the global recovery reflects its unevenness.
In many advanced economies, we are experiencing a moderate recovery. Unemployment remains stubbornly high in most of these countries, raising the risk of higher structural unemployment. Only in a few advanced economies that have improved their competitiveness through structural reforms, such as Germany, is growth notably above-trend, thus reducing the margin of excess capacity.
In the emerging economies, by contrast, the recovery has been quite robust—and in some, overheating is an increasing concern. That is why we have welcomed recent steps in many of these countries to tighten macroeconomic conditions—though further action likely will be warranted. This strong recovery in the emerging economies has been associated with a run-up in commodity prices and a rise in headline inflation rates. Increasing food prices—that recently eclipsed the highs set in 2008—have particularly difficult implications for low-income countries.
The uneven global recovery also is affecting international policy cooperation. During the crisis, most countries faced similar economic challenges. This made it easy to agree on the policy solutions. Today, countries are at different stages of recovery—thus making cooperation more challenging. But as we learned from the crisis, global problems require global solutions. In our increasingly interconnected world, we need policies that are right for the national interest and right for the global interest.
The IMF—with its near-universal membership of 187 countries—has a vital role to play in promoting international cooperation. Let me explain in more detail how we are changing to achieve this.
A new surveillance for an interconnected world
Modernizing IMF surveillance remains critical to increasing our effectiveness. We have already done a lot since the crisis to strengthen our ability to identify potential vulnerabilities. Let me give just two examples. Since its inception in 2008, the Early Warning Exercise has become firmly established, and provides timely warnings to global policymakers. And last year, the Financial Sector Assessment Program (or FSAP) was made mandatory for countries with systemic financial sectors.
The ongoing Trilateral Surveillance Review—which should be completed this fall—will provide an important opportunity to take stock of recent initiatives and recommend further steps. In particular, it will consider how well the Fund is positioned to detect and warn about risks, and the effectiveness, candor, and evenhandedness of our surveillance. But we are already moving forward in a number of areas. I’ll focus on three in particular: spillovers, capital flows, and the quality of growth.
The first is the issue of spillovers. Over the last decades, we have witnessed a tremendous increase in the interlinkages among countries—of trade but especially of finance. These interlinkages have provided great opportunities for investment and growth. But rising interlinkages also make each country more exposed to spillovers from policy decisions and economic developments in other countries.
With this in mind, we are now focusing on how an improved understanding of interlinkages can support better policy collaboration. This year, we are undertaking in-depth analysis of the outward spillovers from the five largest economies in the world—China, the Euro Area, Japan, the United Kingdom, and the United States. The results of our experimental work will be presented in a series of Spillover Reports, to be discussed by our Board, alongside each country’s Article IV report, this July. By shedding light on the impact of one country—or region’s—polices on others, we hope to facilitate the process of finding policies that serve both the national and the global interest.
We also are supporting the G-20’s efforts to increase policy collaboration, with the goal of securing strong, sustainable and balanced global growth. The G-20’s Mutual Assessment Process—or MAP—already has made substantial progress in creating a forum for productive policy dialogue. During the current phase, the MAP is focusing on the internal and external imbalances that are most problematic for global growth and stability. With analytical support from the IMF, the G-20 is analyzing impediments to adjustment, and the measures that might address them.
As we all know, capital flows have grown to dominate international transactions for many countries. While capital flows confer many benefits, their size and volatility can exacerbate macroeconomic and financial stability risks. Understanding these risks is especially important, given that it is only reasonable to expect cross-border capital flows to increase in size for years to come, reflecting the emerging economies’ impressive growth potential. Recipient country authorities typically are concerned with coping with the volatility of net capital flows. Our analysis suggests that the first line of defense in dealing with surging capital inflows should be macroeconomic policies, though capital flow management measures could be useful in certain circumstances. More generally, countries are advised to adopt structural reforms—including the deepening of domestic financial markets—that increase their capacity to absorb capital inflows efficiently, and prudential measures that strengthen their financial system’s resilience.
In the period ahead, we will be working to gain a better understanding of the drivers behind capital flows—in supplier and recipient countries. We also are exploring how a voluntary and cooperative approach to global capital flows—perhaps through an agreed reference framework for individual country policies—could help make them less volatile, and hence less costly. By bringing together the views of both importers and exporters of capital, the Fund can play a constructive role in the discussion.
A third issue is the quality of growth, and its impact on macroeconomic sustainability. Recent developments in the Middle East and North Africa show that we must deepen our understanding of the broader factors that may affect macroeconomic stability. This applies to many advanced economies as well, where high unemployment remains a serious threat to the recovery. At the Fund, we are working to gain a better appreciation of the social factors that affect macroeconomic stability, drawing on outside experts in this field. These factors must play a bigger role in our analysis and in our policy advice.
A strengthened global financial safety net
Turning briefly to the developments regarding the global financial safety net, we’ve already taken significant steps to enhance the provision of liquidity in times of extreme volatility. The IMF’s financial resources have been increased notably, and we have created insurance-like instruments intended for crisis prevention, rather than crisis resolution. These include the Flexible Credit Line for members whose policies already are deemed to be appropriate, and the Precautionary Credit Line for members implementing policy adjustments. However, doubts remain about whether the global financial safety net adequately reflects potential risks, in view of rising trade and financial linkages
Ensuring that we have the right tools can help to prevent future crises, and to reduce their costs when they do occur. To gain a better appreciation of the need for global liquidity at times of stress, we are now looking more carefully at the causes of systemic crises—drawing in particular on our work on cross-border linkages across different types of economies, and on analysis of past systemic crises and policy responses.
We also continue discussing possible ways to provide short-term liquidity at times of systemic stress, including via collaboration with institutions such as major central banks, systemic risk boards, and regional financial arrangements. In the recent crisis, emergency short-term liquidity was provided through ad hoc arrangements deployed on a one-off basis by central banks. Clearly, there are lessons to be learned from this experience. Ongoing work on the role and composition of the SDR also holds the potential to improve mechanisms to provide global liquidity.
As the global recovery strengthens, it might be expected that policymakers will focus more on domestic priorities, and worry less about global issues. But in our increasingly interconnected world, the two cannot be separated. The recent crisis demonstrated that even the largest economies cannot effectively set their policies in a vacuum, and that effective international cooperation can improve economic prospects for all.
How best to sustain collaboration? For our part, the IMF can:
– Increase our understanding about global economic interlinkages;
– Demonstrate analytically the benefits of enhanced policy collaboration; and
– Facilitate the international dialogue needed to find global solutions.
And you, the Bretton Woods Committee, also play an important part in summoning the will of policymakers to act. By advocating for international cooperation, you remind leaders that by acting in the global interest, they are acting most directly in their national interest.

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TCI: A time of critical importance



TCI: A time of critical importance 1

By Fabrice Desnos, head of Northern Europe Region, Euler Hermes, the world’s leading trade credit insurer, outlines the importance of less publicised measures for the journey ahead.

After months of lockdown, Europe is shifting towards rebuilding economies and resuming trade. Amongst the multibillion-euro stimulus packages provided by governments to businesses to help them resume their engines of growth, the cooperation between the state and private sector trade credit insurance underwriters has perhaps missed the headlines. However, this cooperation will be vital when navigating the uncertain road ahead.

Covid-19 has created a global economic crisis of unprecedented scale and speed. Consequently, we’re experiencing unprecedented levels of support from national governments. Far-reaching fiscal intervention, job retention and business interruption loan schemes are providing a lifeline for businesses that have suffered reductions in turnovers to support national lockdowns.

However, it’s becoming clear the worst is still to come. The unintended consequence of government support measures is delaying the inevitable fallout in trade and commerce. Euler Hermes is already seeing increase in claims for late payments and expects this trend to accelerate as government support measures are progressively removed.

The Covid-19 crisis will have long lasting and sometimes irreversible effects on a number of sectors. It has accelerated transformations that were already underway and had radically changed the landscape for a number of businesses. This means we are seeing a growing number of “zombie” companies, currently under life support, but whose business models are no longer adapted for the post-crisis world. All factors which add up to what is best described as a corporate insolvency “time bomb”.

The effects of the crisis are already visible. In the second quarter of 2020, 147 large companies (those with a turnover above €50 million) failed; up from 77 in the first quarter, and compared to 163 for the whole of the first half of 2019. Retail, services, energy and automotive were the most impacted sectors this year, with the hotspots in retail and services in Western Europe and North America, energy in North America, and automotive in Western Europe

We expect this trend to accelerate and predict a +35% rise in corporate insolvencies globally by the end of 2021. European economies will be among the hardest hit. For example, Spain (+41%) and Italy (+27%) will see the most significant increases – alongside the UK (+43%), which will also feel the impact of Brexit – compared to France (+25%) or Germany (+12%).

Companies are restarting trade, often providing open credit to their clients. However, there can be no credit if there is no confidence. It is increasingly difficult for companies to identify which of their clients will emerge from the crisis from those that won’t, and whether or when they will be paid. In the immediate post-lockdown period, without visibility and confidence, the risk was that inter-company credit could evaporate, placing an additional liquidity strain on the companies that depend on it. This, in turn, would significantly put at risk the speed and extent of the economic recovery.

In recent months, Euler Hermes has co-operated with government agencies, trade associations and private sector trade credit insurance underwriters to create state support for intercompany trade, notably in France, Germany, Belgium, Denmark, the Netherlands and the UK. All with the same goal: to allow companies to trade with each other in confidence.

By providing additional reinsurance capacity to the trade credit insurers, governments help them continue to provide cover to their clients at pre-crisis levels.

The beneficiaries are the thousands of businesses – clients of credit insurers and their buyers – that depend upon intercompany trade as a source of financing. Over 70% of Euler Hermes policyholders are SMEs, which are the lifeblood of our economies and major providers of jobs. These agreements are not without costs or constraints for the insurers, but the industry has chosen to place the interests of its clients and of the economy ahead of other considerations, mindful of the important role credit insurance and inter-company trade will play in the recovery.

Taking the UK as an example, trade credit insurers provide cover for more than £171billion of intercompany transactions, covering 13,000 suppliers and 650,000 buyers. The government has put in place a temporary scheme of £10billion to enable trade credit insurers, including Euler Hermes, to continue supporting businesses at risk due to the impact of coronavirus. This landmark agreement represents an important alliance between the public and private sectors to support trade and prevent the domino effect that payment defaults can create within critical supply chains.

But, as with all of the other government support measures, these schemes will not exist in the long term. It is already time for credit insurers and their clients to plan ahead, and prepare for a new normal in which the level and cost of credit risk will be heightened and where identifying the right counterparts, diversifying and insuring credit risk will be of paramount importance for businesses.

Trade credit insurance plays an understated role in the economy but is critical to its health. In normal circumstances, it tends to go unnoticed because it is doing its job. Government support schemes helped maintain confidence between companies and their customers in the immediate aftermath of the crisis.

However, as government support measures are progressively removed, this crisis will have a lasting impact. Accelerating transformations, leading to an increasing number of company restructurings and, in all likelihood, increasing the level of credit risk. To succeed in the post-crisis environment, bbusinesses have to move fast from resilience to adaptation. They have to adopt bold measures to protect their businesses against future crises (or another wave of this pandemic), minimize risk, and drive future growth. By maintaining trust to trade, with or without government support, credit insurance will have an increasing role to play in this.

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What Does the FinCEN File Leak Tell Us?



What Does the FinCEN File Leak Tell Us? 2

By Ted Sausen, Subject Matter Expert, NICE Actimize

On September 20, 2020, just four days after the Financial Crimes Enforcement Network (FinCEN) issued a much-anticipated Advance Notice of Proposed Rulemaking, the financial industry was shaken and their stock prices saw significant declines when the markets opened on Monday. So what caused this? Buzzfeed News in cooperation with the International Consortium of Investigative Journalists (ICIJ) released what is now being tagged the FinCEN files. These files and summarized reports describe over 200,000 transactions with a total over $2 trillion USD that has been reported to FinCEN as being suspicious in nature from the time periods 1999 to 2017. Buzzfeed obtained over 2,100 Suspicious Activity Reports (SARs) and over 2,600 confidential documents financial institutions had filed with FinCEN over that span of time.

Similar such leaks have occurred previously, such as the Panama Papers in 2016 where over 11 million documents containing personal financial information on over 200,000 entities that belonged to a Panamanian law firm. This was followed up a year and a half later by the Paradise Papers in 2017. This leak contained even more documents and contained the names of more than 120,000 persons and entities. There are three factors that make the FinCEN Files leak significantly different than those mentioned. First, they are highly confidential documents leaked from a government agency. Secondly, they weren’t leaked from a single source. The leaked documents came from nearly 90 financial institutions facilitating financial transactions in more than 150 countries. Lastly, some high-profile names were released in this leak; however, the focus of this leak centered more around the transactions themselves and the financial institutions involved, not necessarily the names of individuals involved.

FinCEN Files and the Impact

What does this mean for the financial institutions? As mentioned above, many experienced a negative impact to their stocks. The next biggest impact is their reputation. Leaders of the highlighted institutions do not enjoy having potential shortcomings in their operations be exposed, nor do customers of those institutions appreciate seeing the institution managing their funds being published adversely in the media.

Where did the financial institutions go wrong? Based on the information, it is actually hard to say where they went wrong, or even ‘if’ they went wrong. Financial institutions are obligated to monitor transactional activity, both inbound and outbound, for suspicious or unusual behavior, especially those that could appear to be illicit activities related to money laundering. If such behavior is identified, the financial institution is required to complete a Suspicious Activity Report, or a SAR, and file it with FinCEN. The SAR contains all relevant information such as the parties involved, transaction(s), account(s), and details describing why the activity is deemed to be suspicious. In some cases, financial institutions will file a SAR if there is no direct suspicion; however, there also was not a logical explanation found either.

So what deems certain activities to be suspicious and how do financial institutions detect them? Most financial institutions have sophisticated solutions in place that monitor transactions over a period of time, and determine typical behavioral patterns for that client, and that client compared to their peers. If any activity falls disproportionately beyond those norms, the financial institution is notified, and an investigation is conducted. Because of the nature of this detection, incorporating multiple transactions, and comparing it to historical “norms”, it is very difficult to stop a transaction related to money laundering real-time. It is not uncommon for a transaction or series of transactions to occur and later be identified as suspicious, and a SAR is filed after the transaction has been completed.

FinCEN Files: Who’s at Fault?

Going back to my original question, was there any wrong doing? In this case, they were doing exactly what they were required to do. When suspicion was identified, SARs were filed. There are two things that are important to note. Suspicion does not equate to guilt, and individual financial institutions have a very limited view as to the overall flow of funds. They have visibility of where funds are coming from, or where they are going to; however, they don’t have an overall picture of the original source, or the final destination. The area where financial institutions may have fault is if multiple suspicions or probable guilt is found, but they fail to take appropriate action. According to Buzzfeed News, instances of transactions to or from sanctioned parties occurred, and known suspicious activity was allowed to continue after it was discovered.

Moving Forward

How do we do better? First and foremost, FinCEN needs to identify the source of the leak and fix it immediately. This is very sensitive data. Even within a financial institution, this information is only exposed to individuals with a high-level clearance on a need-to-know basis. This leak may result in relationship strains with some of the banks’ customers. Some people already have a fear of being watched or tracked, and releasing publicly that all these reports are being filed from financial institutions to the federal government won’t make that any better – especially if their financial institution was highlighted as one of those filing the most reports. Next, there has been more discussion around real-time AML. Many experts are still working on defining what that truly means, especially when some activities deal with multiple transactions over a period of time; however, there is definitely a place for certain money laundering transactions to be held in real time.

Lastly, the ability to share information between financial institutions more easily will go a long way in fighting financial crime overall. For those of you who are AML professionals, you may be thinking we already have such a mechanism in place with 314b. However, the feedback I have received is that it does not do an adequate job. It’s voluntary and getting responses to requests can be a challenge. Financial institutions need a consortium to effectively communicate with each other, while being able to exchange critical data needed for financial institutions to see the complete picture of financial transactions and all associated activities. That, combined with some type of feedback loop from law enforcement indicating which SARs are “useful” versus which are either “inadequate” or “unnecessary” will allow institutions to focus on those where criminal activity is really occurring.

We will continue to post updates as we learn more.

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How can financial services firms keep pace with escalating requirements?



How can financial services firms keep pace with escalating requirements? 3

By Tim FitzGerald, UK Banking & Financial Services Sales Manager, InterSystems

Financial services firms are currently coming up against a number of critical challenges, ranging from market volatility, most recently influenced by COVID-19, to the introduction of regulations, such as the Payment Services Directive (PSD2) and Fundamental Review of the Trading Book (FRTB). However, these issues are being compounded as many financial institutions find it increasingly difficult to get a handle on the vast volumes of data that they have at their disposal. This is no surprise given that IDC has projected that by 2025, the global “datasphere” will have grown to a staggering 175 zettabytes of data – more than five times the amount of data generated in 2018. As an industry that has typically only invested in new technology when regulations deem it necessary, many traditional banks are now operating using legacy systems and applications that haven’t been designed or built to interoperate. Consequently, banks are struggling to leverage data to achieve business goals and to gain a clear picture of their organisation and processes in order to comply with regulatory requirements. These challenges have been more prevalent during the pandemic as financial services firms were forced to adapt their operations to radical changes in customer behaviour and increased demand for digital services – all while working largely remotely themselves.

As more stringent regulations come in to play and financial services firms look to keep pace with escalating requirements from regulators, consumer demand for more online services, and the ever-evolving nature of the industry and world at large, it’s vital they do two things. Firstly, they must begin to invest in the technology and processes that will allow them to more easily manage the data that traditional banks have been collecting and storing for upwards of 50 years. Secondly, they must innovate. For many, the COVID-19 pandemic will have been a catalyst for both actions. However, the hard work has only just begun.

Legacy technology

Traditionally, due to tight budgets and no overarching regulatory imperative to change, financial institutions haven’t done enough to address their overreliance on disconnected legacy systems. Even when faced with the new wave of regulation that was implemented in the wake of the 2008 banking crash, financial services organisations generally only had to invest in different applications on an ad hoc basis to meet each individual regulation. However, as new regulations require the analysis of larger data sets within smaller processing windows, breaking down any and all data siloes is essential and this will require financial institutions that are still reliant on legacy systems to implement new technologies to meet the regulatory stipulations.

With this in mind, solutions which offer high-quality data analytics and enhanced integration will be key to the success of financial institutions and crucial to eliminate data silos. This will enable organisations to achieve a faster and more accurate analysis of real-time and historical data no matter where they are accessing the data from within smaller processing windows to keep pace with regulatory requirements, while also benefiting from low infrastructure costs.

This technology will also play a huge part in helping financial institutions scale their online operations to meet demand from customers for digital services. According to PNC Bank, during the pandemic, it saw online sales jump from 25% to 75%. Therefore, having data platforms that are able to handle surges in online activity is becoming increasingly important.

Real-time analysis of data

Tim FitzGerald

Tim FitzGerald

While the precise solution financial services institutions need will differ based on the organisation, broadly speaking, the more data they are storing on legacy solutions, the more they are going to require an updated data platform that can handle real-time analytics. Even organisations that have fewer legacy systems are still likely to require solutions that deliver enhanced interoperability to help provide a real-time view across the business and enable them to meet the pressing regulatory requirements they face. Let’s also not lose sight of the fact that moving transactional data to a data warehouse, data lake, or any other silo will never deliver real-time analytics, therefore, businesses making risk decisions based on this and thinking it is real-time is completely inappropriate.

As such, financial services firms require a data platform that can ingest real-time transactional data, as well as from a variety of other sources of historical and reference data, normalise it, and make sense of it. The ability to process transactions at scale in real-time and simultaneously run analytics using transactional real-time data and large sets of non-real-time data, such as reference data, is a crucial capability for various business requirements. For example, powering mission-critical trading platforms that cannot slow down or drop trades, even as volumes spike.

Not only will having access to real-time data enable financial institutions to meet evolving regulatory requirements, but it will also allow them to make faster and more accurate decisions for their organisation andcustomers. With many financial services firms operating on a global basis, this is vital to help them keep up not only with evolving regulations but also changing circumstances in different markets in light of the pandemic. This data can also help them understand how to become more agile, help their employees become productive while working remotely, and how to build up operational resilience. These insights will also be vital as financial institutions need to consider the likelihood of subsequent waves of the virus, allowing them to gain a better understanding of what has and hasn’t worked for their business so far. 


The financial services sector is fast-paced and ever-changing. With the launch of more digital-only banks, traditional institutions need to innovate to avoid being left behind, with COVID-19 only highlighting this further. With more than a third (35%) of customers increasing their use of online banking during this period, it is those banks and financial services firms with a solid online offering that have been best placed to answer this demand. As financial institutions cater to changing customer requirements, both now and in the future, implementing new technology that provides access to data in real-time will help them to uncover the fresh insights needed to develop new and transformative products and services for their customers. In turn, this will enable them to realise new revenue streams and potentially capture a bigger slice of the market. For instance, access to data will help banks better understand the needs of their customers during periods of upheaval, as well as under normal circumstance, which will allow them to target them with the specific services they may need during each of these periods to not only help their customers through difficult times but also to ensure the growth of their business. As financial institutions not only look to keep pace with but also gain an advantage over their competitors, using data to fuel excellent customer experiences will be essential to success.  

With the current economic uncertainty and market volatility, it’s critical that financial services are able to meet the changing requirements coming from all angles. With COVID-19 likely to be the biggest catalyst for financial institutions to digitally transform, they will be better able to cater to rapidly evolving landscapes and prepare for continued periods of remote working. As they look to achieve this, replacing legacy systems with innovative and agile technology solutions will be crucial to ensure they can gain the accurate and complete view of their enterprise data they need to comply with new and changing regulations, and better meet the needs of consumers in an increasingly digital landscape, whether they are located in an office or working remotely.

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