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Why the experience of COVID-19 will accelerate progress towards digitalisation and automation

Author

Listed:
  • Giralt, Mariano

    (Managing Director, Global Head of Tax and Regulatory and EMEA Digital Lead, BNY Mellon Asset Servicing, UK)

Abstract

This paper explores the weaknesses within securities operations highlighted by the coronavirus disease-2019 (COVID-19) pandemic and considers the extent to which COVID-19 will serve to accelerate progress towards a more digitised and automated industry. It is illustrated with a review of the practical challenges that the COVID-19 lockdown caused for obtaining tax relief on overseas investments. These challenges arose primarily from the difficulties involved with moving the paper documentation — including physical documents with wet ink signatures — needed to obtain withholding tax relief. An often cumbersome, costly and time-consuming administrative process in normal times, COVID-19 exposed its vulnerabilities, leading to a backlog of claims.

Suggested Citation

  • Giralt, Mariano, 2020. "Why the experience of COVID-19 will accelerate progress towards digitalisation and automation," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 13(1), pages 6-12, December.
    • Handle: RePEc:aza:jsoc00:y:2020:v:13:i:1:p:6-12
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    More about this item

    Keywords

    digitisation; automation; standardisation; withholding tax; COVID-19;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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