Tech has a major role to play in the survival of companies during the COVID-19 pandemic. Where traditional solutions are unavailable, automation is proving its worth in keeping things moving.
Since the beginning of the Coronavirus Business Interruption Loan scheme, lenders have provided over £4.1 billion to small companies, with more than £1.33 billion being provided in the week beginning 21 April, data has shown.
We’re living in a time of uncertainty. Stress and anxiety levels are high for many and we’re all in desperate need of a relaxing getaway. And although we can’t travel right now, there’s no harm in dreaming of the precious moments when we’ll be able to escape from the madness in the world again.
The UN has estimated that in 2020 the global economy could shrink by up to 1% due to the COVID-19 pandemic, instead of grow by 2.5% as it was originally predicted. Economists have warned that the damage from the coronavirus crisis could be similar to that from the 2008 recession. From announcing tax cuts and massive rescue packages of loans, through to offering grants for businesses, governments across the globe are spending big in a desperate attempt to stop the coronavirus pandemic wrecking the economy. But whose approach is the best? Below we explore what some of the major economies are doing to mitigate the risks that the pandemic poses.
With cyberattacks on a dramatic rise amid the current pandemic, we look at how cryptography, containerisation and other fintech measures can safeguard the financial sector from emerging threats.
As COVID-19 continues to shake up the economy and with most of the world in lockdown, a global
recession has already begun with the economy falling faster than in the early days of the financialcrisis and The International Monetary Fund (IMF) predicting that the pandemic will cause the economy to face its worst recession since the Great Depression. While stock markets crash across the globe, gold is moving in the opposite direction, continuing to rise - and recently reached its highest price point since 2012 due to its safe-haven status.
Over the last 25 years, financial marketers have relied on third-party cookies to fuel digital marketing campaigns. Tracking consumers from website to website across the web, third-party cookies inform marketing strategies, allowing financial institutions to create highly personalised ads based on user patterns and behaviour. For example, third-party cookies have enabled banks and building societies to send tailored offers around mortgages to first-time buyers based on searches on online estate agents such as PurpleBricks and Rightmove.
COVID-19 has effectively moved our entire economy online in what likely would have taken five to ten years to fully take effect. Though there is still a way to go for many organisations, this virus has cast a bright spotlight on companies, particularly banks, which have been lackadaisical with their digital strategy plans. Prior to March, only 17% of banks had a sound digital strategy in place. Many banks had plans to become more digitally native but did not feel pressured to do so until they were forced to make the leap to online practically overnight.
Alternative Data has experienced rapid growth over the last decade, where increasing numbers of traders now rely on other means of economic insight exterior to that provided by the government or other influential organisations.
To hear about ESG risk, we reached out to Paolo Capelli, Head of Risk Management at Etica - an asset management company which offers socially responsible investment funds.
It was around the year 2000 when e-commerce became widespread and more popular among people. Online businesses were showing great potential and were promising returns. On a global level, we began to embrace the concept of using the internet to improve our businesses. In 2003, this growth was hampered by the Severe Acute Respiratory Symptom (SARS) pandemic. Some businesses were having problems due to a lack of resources and manpower. Amidst this pandemic, Payment Asia was able to help its clients - the company made sure to take care of their business; from doing their marketing, maintaining their websites and making sure they will still be able to receive payments which are essential to keep the business going. 17 years later, the world is facing a much bigger threat which is already damaging the global economy – the COVID-19 pandemic.
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