Important Role of International Financial & Technological Renaissance for Global reincarnation

The Global Financial System refers to those financial institutions and regulations that act on the international level, as opposed to those that act on a national or regional level. This is the interplay of financial companies, regulators, and institutions operating on a supranational level.

Important Role of International Financial & Technological Renaissance for Global reincarnation

Overview of International Financial & Technological status Financial and Technological Services areinternationally recognized enterprises serving corporate and national needs in these important sectors. On the Financial side in these trying times, most banks have a policy to lend money only to those companies that do not really need it. Additionally, most banks are one-dimensional and only do one type of financing. They are not able to provide all the different types of financing small to medium-sized businesses need. Global Financial Services, with our expertise and our partnerships with national lenders can provide all your financing needs.

The Global Financial System refers to those financial institutions and regulations that act on the international level, as opposed to those that act on a national or regional level. This is the interplay of financial companies, regulators and institutions operating on a supranational level. The Global Financial System can be divided into regulated entities (international banks and insurance companies), regulators, supervisions, and institutions.

The global financial system is in the midst of profound transformation. This shift represents both a great opportunity for the United States in terms of job creation and potential growth and a new set of national security dilemmas. The danger we face is the very real possibility that our policymakers will misunderstand what is happening and block sensible change—or perhaps even move us in an unfortunate direction. On the Technological side Artificial intelligence (AI), automation and other rapidly developing digital technologies. Rapid shift to virtual, remote work environments. Changes in the geopolitical landscape. Shifting customer preferences and demographics. Fragile supply chains. Wildfires and hurricanes. Volatile unemployment levels and record low interest rates. Escalating competition for specialized talent. Immigration challenges. Cyber breaches on a massive scale. Terrorism. Big data analytics. Future of work.

Challenges Global Financial Services

The continuing global challenges and potential existential threat posed by the ongoing COVID-19 pandemic. Political divisiveness and polarization. Social and economic unrest. Gridlock.

These and a host of other notable risk drivers are all contributing to significant levels of uncertainties, making it extremely difficult to anticipate what risks may lie just over the horizon. Unanticipated events are unfolding at record pace, leading to massive challenges to identify the best next steps for organizations of all types and sizes, regardless of where they reside in the world. No one is immune to the significant levels of uncertainty, and C-suites and boards need to be vigilant in scanning the horizon for emerging issues. Because no one can possibly anticipate everything that lies in the future, organizations must focus on building trust-based, resilient cultures, led by authentic leaders, that can pivot at the speed of change.

  • Macroeconomic risks likely to affect their organization’s growth opportunities.
  • Strategic risks the organization faces that may affect the validity of its strategy for pursuing growth opportunities.
  • Operational risks that might affect key operations of the organization in executing its strategy.

For more than a decade dating back to the years following the global financial crisis, regulatory compliance concerns have topped the risk agenda of financial services companies. Over time, the industry began shifting its attention to the future, keeping pace with digital innovation, and competing with “born digital” competitors, but the challenges of regulatory compliance remained the major concern. This was true in our 2020 Top Risks survey, when regulatory compliance concerns and the threat of digital disruption were once again revealed as the top two risks. In addition, the Financial Services industry last year also signaled growing apprehension about the softening global economy, citing concerns that economic conditions might restrict growth opportunities and that changing interest rates might have a significant effect on operations.

And then … COVID-19 arrived and thoroughly upended financial institutions’ priorities, strategies, and how and where their employees work and serve their clients. Unsurprisingly, the effects of these dramatic changes dominate our Top Risks Survey results. In 2021, concerns about the economy and its impact on business have dislodged regulatory compliance concerns from its place at the top of the risk list, dropping it to the sixth place based on the aggregated global responses for the industry group. The two risks topping the list for financial services companies in 2021 are:

Pandemic-related policies and regulation impact business performance – This is a new risk area that was added to the survey this year to recognize the environment in which we are living.

Current interest rate environment – Interestingly, concern over this risk declined slightly from last year even as interest rates fell even further year over year. This likely reflects the expectation that ongoing extraordinarily high levels of fiscal stimulus across much of the world, coupled with increasing confidence that vaccine rollouts will enable an eventual economic recovery and surge, will finally create inflation pressure that will drive interest rates back to more normal (and for financial institutions, more profitable) levels.

Rounding out the 2021 top five risks for financial services are the adoption of digital technologies requiring new skills or significant efforts to upskill/reskill existing employees; economic conditions constraining growth opportunities; and privacy/identity management and information security.

The nexus between economic concerns and COVID-19 is apparent. While digital adoption is not new to the list, it, along with privacy/security risks, likely reflects the realities of COVID-19, which required financial organizations to pivot more quickly than planned to digital offerings requiring either limited or no face-to-face customer interaction. This raised new privacy/security concerns that were reinforced by frequent warnings and reported incidents of the cyber risks of remote operations.

Interestingly, although respondents’ views of the magnitude and severity of the risks their organizations face this year increased compared to last year, expectations that additional resources would be dedicated to risk identification and management declined. Concerns about the ability to coordinate risk activities across the three lines of defense declined as well. Coupled with declining scores on digital risks, this suggests that financial institutions expect to remain laser-focused on managing the impacts of COVID throughout 2021, and that pre- existing transformation and aligned assurance efforts that donot directly benefit the COVID response may be de- prioritized this year.

There are lots of challenges which have to cross if international finance has to reach at highest level.

  1. Challenge of Protection of Natural Resources

When there is more international finance, its growth will affect the natural resources. For example, after increasing the number of banks in India, ACs are used at large scale due to this, there is increasing the temperature of India. Who is responsible for this. Surely international banks are responsible who are opening the branches in India. Every increase in the number of bank branch means, 5 new installations of ACs which increases open environmental temperature. So, this is big challenge of international finance. It has to reduce by planting the tree and not to use ACs in office.

  1. Terrorism

Terrorism is also main challenge of International Finance. If any country will increase the terrorism in other country, its international finance will be affected. Motherland is first and then, there is any international finance. India should ban all international finance and business relating to the countries which are promoting terrorism in India. Other countries which have the problem of terrorism, should strictly ban on it if it has to increase its international finance with other countries.

  1. Culture

International finance has also challenge of culture of each country. India is veg. country. So, McDonnell and other non-veg. country should ban to produce the non-veg. in India.

  1. Follow the Political Policies and Law of Nation

If business people have to grow international finance in any country, they have to make their policy according to the law and political policy of same country.

  1. International Currencies

International finance also affects from international currencies.You have some foreign currency if you have to deal with foreign country. At the time of dealing, you know what the current market rate of forex is. If your own currency is low value, you should wait for business, otherwise, your own capital will decrease at fast rate.

Economic Concerns Reflect a Current and Future View

Since COVID-19 spread worldwide in Q1 2020, we have viewed the ultimate economic impact on financial institutions as being dependent on the duration and extent of government support for the economy on the one hand, versus the timeline and effectiveness of public health measures to bring the virus under control and allow economies to reopen on the other. Thus far across most of the world, ongoing government support has been sufficient to limit credit losses to a fraction of what many had anticipated as of Q2 2020, and many institutions have started to release loan loss reserves taken at that point. For most of the world, we expect this tenuous balance to hold and for COVID-19 ultimately to go down in the history books as a public health and economic disaster (particularly for lower income households and small businesses), but not one that spreads into a broader financial crisis.

In the United States, 2021 began both with the inauguration of a Democratic presidential administration and the Democrats now controlling both the House and the Senate. As a result, the likelihood increases that, if additional relief is needed to offset what has so far been a slower than expected vaccine rollout, it will be easier and faster to get bills to the floor for vote or to take advantage of the budget reconciliation process than what we observed in the second half of 2020.

After the immediate challenges posed by COVID-19 subside, the Financial Services industry faces a number of other economic risks. These include an uneven recovery likely to unfold as the economy moves into the “next normal” state, and the geographic and sector exposures that some institutions will face as a result. For example, how long will it take for the commercial office real estate market to recover, and will it ever fully recover to pre- COVID levels? Similar questions exist for industries dependent on business and international travel. Also, will the trend of migration out of larger cities and high-tax states continue if employees are no longer tethered to where their headquarters are based, and what does that mean for institutions that have credit or asset exposure in those “move from” markets? Finally, there is sure to be disruption in capital markets as all of the various government monetary and fiscal programs that took us through COVID are unwound – 2013’s Federal Reserve “taper tantrum” may look tame by comparison – and many organizations likely will face higher corporate tax expenses as the bills for all of that deficit spending come due.

2021 Trends: Technology continues to transform financial services.

Concerns about the pace of digital transformation efforts and the threat of digital disruption remain high among our respondents, but scores related to this attribute declined slightly year over year. We view this as a temporary pivot to address the urgent pressures posed by COVID-19 and believe the aftereffects of the pandemic will accelerate, rather than diminish, digital transformation efforts.

The financial services industry has evolved at an incredible rate in recent years, underpinned by rapid advances in technology.In fact, our own consumer research into people’s attitudes toward technology revealed that 62% of people consider easier and faster banking one of the best technological developments of the past decade. And it seems traditional banks are listening, with 56% now putting digital disruption at the heart of their strategy.

At the same time, rather than going away as traditional banks would have hoped, younger banks like Monzo and Starling have matured into formidable rivals for customers and their cash, putting pressure on the rest of the financial services sector to step outside its comfort zone, innovate rapidly and embrace a fail-fast culture.

As we look past the end of 2020 and into the future, technology is only going to play a bigger role across the banking sector. With that in mind, we’ve outlined the biggest tech-driven trends we can expect to see in 2021 and beyond those financial services need to take note of.


Marketing experts have promoted the benefits of personalisation to attract, and keep, customers. Big data – and artificial intelligence that helps us process, store, and drive insights from the data – means that personalisation will be possible on a scale never seen before.

Banks now have information about their customers’ behavior and social and browsing history. AI enables real-time multi-channel integration of these insights to deliver a personalised one-to-one marketing experience for their customers at the time when the information is most relevant and useful (e.g a car loan or credit card).

Robotic Process Automation (RPA)

Already, financial firms have quietly introduced machines that think. Moving forward, RPA will continue to impact financial institutions to help them be more efficient and effective.

This includes processes such as customer onboarding, verification, risk assessments, security checks, data analysis and reporting, compliance processes as well as most other repetitive administrative activities. This frees up a bank’s workforce to perform more complex, value add activities.Importantly, RPA should notbe seen as a risk to jobs, it should be seen as an exciting opportunity to innovate. After all, with basic processes taken care of, people will have more time to focus on creativity in order to drive improvements.


It is estimated, by 2020, chatbots will interact with the customers of 85% of banks and businesses. According to one report, financial chatbots save over four minutes on every interaction, so it’s within a bank’s interest to use them.

Customers of financial institutions have come to rely on the 24/7 service these conversational interfaces provide, as the possibility of an instant response and quick complaint resolution improves the experience of personal banking significantly. Conversational interfaces also provide an easy and economical way for organisations in the financial sector to receive customer feedback.


Blockchain will continue to disrupt financial institutions, beyond just ensuring data security.Cases across the globe are already proving the value of blockchain in a wide variety of banking and investment applications, such as solving challenges faced by investment banks, to helping customers make safer payment transactions.

Industry-wide adoption of blockchain is unlikely to occur until we reach a tipping point, however – when that time arises, the regulators will need to determine best practice and how to oversee its use.

Biometrics – especially around mobile payments

Mobile payment innovations could do away with traditional wallets entirely as global consumers become less reliant on cash. Google, Apple, Tencent, and Alibaba already have their own payment platforms and continue to roll out new features such as biometric access control, inducing fingerprint, and face recognition, which is likely to become the preferred route of access over the next decade.

Policy evolution and strategy

For the second time in just over a decade, governments andregulatory authorities are facing the prospect of balancinga supervisory agenda with the need to ensure that the widereconomy is given breathing space to recover from a crisis.Policy agendas have been revised accordingly. In Europe,the EC has published an updated Capital Markets Union (CMU) action plan, which seeks to bolster market financing, reduceover-reliance on bank financing, and address COVID-19 impacts. The CMU plan contains policy objectives that willresonate globally, such as the search for a greener economywith broader capital markets that deliver more lending acrossall sectors while addressing conduct issues with a focus on retailcustomer outcomes.

In the US, the current administration will be reconnectingwith a policy agenda that has seen relatively limited recentactivity. However, it now looks likely to focus on supervision ofsystemically important financial institutions, consumer protectionand financial inclusion, sustainability, implementation of publicsupport measures and housing finance reform. The International Organization of Securities Commissions (IOSCO), along withseveral other international bodies, has identified the systemicrisks and liquidity mis-matches presented by non-bank financial intermediation (NBFI).

The Government has implemented a judicious mix of fiscal and monetary policies to mitigate the negative impact of COVID-19 on the economy. On May 12 2020, Government announced the AatmaNirbhar Bharat Package (ANBP), a special economic and comprehensive package of Rs 20 lakh crores – equivalent to 10% of India’s GDP with an aim to encourage business, attract investments and strengthen the resolve for ‘Make in India’.

Under the ANBP, the Government has implemented several measures, which, inter-alia, include:

  1. Relief measures for households such as in-kind (food; cooking gas) and cash transfers to senior citizens, widows, disabled, women Jan Dhan Account holders, farmers; insurance coverage for workers in the healthcare sector; and wage increase for MGNREGA workers and support for building and construction workers, collateral free loans to self-help groups, reduction in EPF contributions, employment provision for migrant workers (Pradhan Mantri Garib Kalyan RojgarAbhiyaan).
  2. Relief measures for MSMEs such as collateral-free lending programme with 100% credit guarantee, subordinate debt for stressed MSMEs with partial guarantee, partial credit guarantee scheme for public sector banks on borrowings of non-bank financial companies, housing finance companies (HFCs), and micro finance institutions, Fund of Funds for equity infusion in MSMEs, additional support to farmers via concessional credit, as well as a credit facility for street vendors (PM SVANidhi), amongst others.
  • Regulatory and compliance measures: postponing tax-filing and other compliance deadlines, reduction in penalty interest rate for overdue GST filings, change in government procurement rules, faster clearing of MSME dues, IBC related relaxations for MSMEs, amongst others.
  1. Structural reforms announced as part of the ANBP which, inter alia, include deregulation of the agricultural sector, change in definition of MSMEs, new PSU policy, commercialization of coal mining, higher FDI limits in defence and space sector, development of Industrial Land/ Land Bank and Industrial Information System, revamp of Viability Gap Funding scheme for social infrastructure, new power tariff policy and incentivising States to undertake sector reforms.

The Union Minister of State for Finance & Corporate Affairs stated that on the monetary front, the Reserve Bank of India (RBI) responded with a mix of conventional and unconventional monetary and liquidity measures to mitigate the negative economic fallout of COVID19. The policy rates have been significantly reduced and around INR. 9.57 lakh crore or 4.7% of GDP have been injected since February 2020 to enhance the credit flow in the economy.

The Union Minister of State for Finance & Corporate Affairs said that RBI has taken several developmental and regulatory policy measures to enhance liquidity support for financial markets and other stakeholders, ease financial stress caused by COVID-19 disruptions while strengthening credit discipline, improve the flow of credit, deepen digital payment systems and facilitate innovations across the financial sector by leveraging on technology. It has announced certain regulatory measures wherein, in respect of all term loans (including agricultural term loans, retail and crop loans) outstanding as on March 1, 2020, all regulated lending institutions were permitted to grant a moratorium of six months on payment of all instalments falling due between March 1, 2020 and August 31, 2020. Subsequently, it has provided a framework to enable the lenders to implement a resolution plan in respect of eligible corporate exposures without change in ownership and personal loans.

Secured Governance strategy for Sustainability

As things go forward there is need for a robust system to have long term sustainability for global growth. Here Secured Governance which gives self-sustained strategy through Valuation for Techno Economic growth comes as a sweetener. This should be adopted on top of the initial building blocks of all existing system. This would complement taxonomy, disclosure,another milestone will be the integration of climate andsustainability considerations by financial institutions wheninvesting on behalf of or advising clients. However, progress mayshorter with long term gains. During 2020, we have already seen not just regionaldifferences of opinion but new rules and guidance that seemto restrict, rather than expand, the considerations that informstewardship and investment. Institutions with a global footprintmay encounter multiple and varied requirements if the pace ofchange is not uniform.

Most of 2021 is likely to be dominated by supervisoryand policy actions designed to address the impact of theCOVID-19 pandemic.After that, regulators returning to several keyagendas that were already in motion and in various stages ofdevelopment: conduct risk, climate risk, digital, operationalresilience, data protection, cybersecurity, and financial crime. Here Secure Governance will give fresh breath to the systems for recurring theme across the post-pandemic regulatorylandscape will need for supervisors and standard settersto identify and collect new, standardized data sets that caninform policymaking that allows the new frontiersof technology,sustainability and ESG to expand while maintaining appropriatelevels of resilience and risk sensitivity.Central banks and regulators will need to consider the lessonslearned and amendments to the supervisory framework goingforward. Some of these may include:

  • New approaches to understanding the effects of contagionin financial markets, especially in the non-banking space
  • Regulation of markets and participants
  • Approaches to stress testing
  • A crisis policy framework that incorporates a financial marketsresponse (this may be aligned with or may include elements ofclimate change and environmental risk framework responses)

For firms, the immediate challenge will be to maintain risk andcompliance standards, implement digital transformation andat the same time settle on an efficient set of operations thataccommodate more remote and flexible working and can beresponsive to similar crises in the future. An additional factor inthe coming period, compared with previous post-crisis phases,will be the extra priority that firms must give to sustainability,diversity, inclusion and wider corporate responsibility. The nextphase will therefore contain a set of varied challenges.

The Finance Need to Evolve

Financial Services technology is currently in the midst of a profound transformation, as CIOs and their teams prepare to embrace the next major phase of digital transformation. The challenge they face is significant: in a competitive environment of rising cost pressures, where rapid action and response is imperative, financial institutions must modernize their technology function to support expanded digitization of both the front and back ends of their businesses.

Furthermore, the current COVID-19 situation is putting immense pressure on technology capabilities (e.g., remote working, new cyber-security threats) and requires CIOs to anticipate and prepare for the “next normal” (e.g., accelerated shift to digital channels). Most major financial institutions are well aware of the imperative for action and have embarked on the necessary transformation. However, it is early days—based on our experience, most are only at the beginning of their journey. And in addition to the pressures mentioned above, many are facing challenges in terms of funding, complexity, and talent availability.

Financial Management


Today the greatest risk of worldwide catastrophe is the fear created by the pandemic which has devastated the systems by fear. The transparency that we have gained through this current COVID-19 situation, we now understand that we were not geared up for this pandemic situation. We need to be prepared for many pandemics with proper advance planning for individual and collective level. What we need is preparedness. In all the Secured Governance would play a great role in long term stability with technology continuing tohave exponentially advanced role to create valuations for the humans,institutions, and societies to adopt and stabilize. This would accelerate adapting to it and continue investing in building the technology systems for the preparedness. After the COVID-19 outbreak, it is evident that, from AI to robotics, the technology innovations are helping to manage the epidemic and better equip to fight future public health emergency in a timely, systematic, and calm manner.

Financial institutions have a lot on their plate: emerging competitors, shifting demographics, rising customer expectations, and changing regulations. Technology offers solutions, allowing financial institutions to cut costs and become more efficient at what they do.

Dr. P. Sekhar,
Dr. P. Sekhar the policy times
Unleashing India Global Smart City Panel,

Dr. Uppiliappan Gopalan,
Important Role of International Financial & Technological Renaissance for Global reincarnation
Award-winning Globally acclaimed Corporate expansion and Turnaround Specialist;
Asia’s most admired Business Leader,
Peter Drucker Awardee & Advisor in the Panel of World Economic Forum.

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Important Role of International Financial & Technological Renaissance for Global reincarnation
The Global Financial System refers to those financial institutions and regulations that act on the international level, as opposed to those that act on a national or regional level. This is the interplay of financial companies, regulators, and institutions operating on a supranational level.
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