Report Shows A Shift For UK Fintech To Ubiquitech
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Dr. Ruth Wandhöfer, Chair of the Ubiquitech Group, has shown a report revealing practical recommendations for improving the United Kingdom’s digital economy. The report highlights the importance of delivering access to sustainable infrastructure, building trust, and securing data freeways for the digital age.
The report showcases the transition to Smart Data and the importance of creating cross-industry partnerships to quicken innovation. It also displays the urgency for improved security as cybercrime and fraud escalate.
Dr. Ruth’s Report Shows Eminent Progress Across Open Banking In 2021
According to the latest report, there has been some progress across open banking in 2021 after the Kalifa Review. Dr. Ruth speculates that the sector is on the verge of Smart Data. It enhances innovation across agriculture, healthcare, and other industries.
As growing technology becomes worldwide, Dr. Ruth’s working group suggests the focus on developing the digital economy. This is to ensure that the United Kingdom remains on par with other countries that have established digital agendas. Otherwise, there may be risks affecting the quality of living in the United Kingdom.
The reports further highlight that the major factors behind the paradigm shift are specified. One of these factors is the difficulty in upholding competitiveness due to possible complacency. Others include the transition to digital human connection and the importance of sustainability.
Ubiquitech Report shows the need for the latest and forthcoming empowering legislation to exploit the digital future. The introduction of decentralization and Web3 also demands a thorough overhauling of current digital operating models.
It also stresses the insufficiencies of recent processes and systems Based on a paper-based past. It calls for a major transition to real-time identity authentication and verification in the digital era.
The Report Revealed Five Pillars That Enable Data Usage And Management Shift
The report has revealed five important pillars that could bring a fresh approach to data usage and management. The first on the list is cyber security and fraud controls. It’s vital to gain the trust of organizations and customers, the government should be most concerned about this point, according to the report.
Other pivotal pillars include authentication and verification of users, assets and entities, networks, systems, and processes, digitizing international trade systems, and digital skills education and inclusion.
Michael Mainelli, the Lord Mayor of London, mentioned that if data flow is the cornerstone of the economy, standards serve as its beating heart. He also said that From Fintech to Ubiquitech presents an embraced and timely intervention. This has outlined the important steps to fully exploit the possibilities of digital innovations in all sectors.
Dr. Wandhöfer stated that Ubiquitech, as an Innovation Centre and a Global Trust Hub, has provided a golden moment for the United Kingdom. This moment needs to be seized, Wandhöfer remarked.
