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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Next month, we’re introducing a new way to focus on the hottest themes in fintech through our new event series. Dubbed FinovateFocus, the new series includes two micro-events that take place on the last Thursday of every month.
Each micro-event– FinovateFocus Connect and FinovateFocus Roundtable– serves up new content and ample networking opportunities to help you stay ahead of the curve on a new topic in fintech while forming relationships with key players. And we’re keeping things simple; FinovateFocus Connect is only one hour while FinovateFocus Roundtable is an hour and a half.
You can choose which format works best for you:
FinovateFocus Connect
This event maximizes your time by bringing you nine presentations and nine meetings, all within the span of an hour. The platform will alternate between three-minute presentations and three-minute meetings, which are pre-assigned based on common interests.
FinovateFocus Roundtable
This discussion-based event includes your choice of two moderated, 30-minute roundtables with 15 minutes of networking before and after the roundtable conversation. To encourage engagement, each roundtable is limited to eight participants each.
For the February event, here are the roundtable discussions to choose from:
Earning customer trust in the digital age
Future of payments –are we turning into a cashless society?
Effective customer acquisition, engagement, and retention – the Experience Age
Boosting CX in banking with AI – conversation banking: exploring back-end technologies
Authentication, biometrics, and digital identity in digitized society
Chatbots, AI, automation as a platform for revolutionizing the CX
Personalization and customization with data in the banking and payments industry
Insights into how to support financial futures for customers in a post-COVID-19 world
Customer Service NOW
Video banking as a preferred means of customer communication
What do customers want – Meeting customer needs
APIs and Open Banking – Putting the customer in the driver’s seat
More themes each month
If February’s topic of digital UX doesn’t pique your interest, we’ll be highlighting Small Business Survival in March and Maximizing Your Data’s Value in April. We’ll release the remainder of next quarter’s topics soon so stay tuned.
See you next month!
FinovateFocus starts on February 25 with the topic of digital user experience. The Connect portion will run from 9 am to 10 am Central time while the Roundtable portion will run from 10:15 am to 10:45 am Central time.
Registration opens soon so get ready to secure your spot!
The following is a guest post by Jack Warner, a cybersecurity expert with Techwarn.
According to a recent ImmuniWeb study, 98 percent of the world’s top 100 fintech startups are vulnerable to cyberattacks. And it’s not surprising that fintech is an attractive target for threat actors.
The rapid growth of financial technology combined with lagging regulations means there’s much more data to analyze and too few rules to govern how data is protected. These same factors make the sector susceptible to breaches and vulnerabilities, particularly in the wave of COVID-19 inspired cybercrime.
Financial institutions are increasingly adopting fintech solutions to handle the digital wave that’s happening all over the world. This swift tech transformation comes hand in hand with emerging cybersecurity risks, alongside a few old “favorites.”
With that in mind, it’s imperative that fintech enterprises take appropriate measures to secure data and systems as well as possible. Here, we take a look at the most pressing cyber risks facing fintech and why cyber resilience and not just cybersecurity is critical.
The cyber risks fintech companies face
While not comprehensive, the below attack types and recognized vulnerabilities are among the most concerning in the financial technology sector. Let’s begin with one of the most common attacks, malware.
Malware
Malware is a portmanteau term that combines malicious and software, and it designates any program that is explicitly designed to cause harm, be it to devices, data, or individual users. Within fintech, hackers may design malware to breach a company’s system and collect sensitive or critical information.
The Gustuff banking trojan, for example, emerged in the first half of 2019 and has since targeted numerous traditional institutions but also newer players, such as PayPal and Revolut.
Data breaches
Because many fintech platforms allow customers to store payment data such as card details and password credentials for convenience’s sake, these platforms are inherently vulnerable, and an attractive target. Even a small breach could lead to sensitive financial user details being compromised.
If third-party providers are involved, the risks are heightened, which is exactly how the 2020 Dave breach occurred.
Cloud environment vulnerabilities
Fintech providers often lead the pack when it comes to incorporating cloud-based computing into their information management systems. It’s something the industry can pride itself on and something other sectors lack. However, strong cloud security measures matter. If the cloud environment is vulnerable, so too is the company’s data.
Why cyber resilience is important for fintech companies
Firstly, it’s helpful to consider the differences and similarities between cybersecurity and cyber resilience, and how these two are intimately linked.
Cybersecurity versus cyber resilience
Cybersecurity refers to a set of defensive tools, strategies, standards, and protocols, all of which are designed to keep threats out of a fintech enterprise’s systems. In this sense, cybersecurity is purely a defense strategy.
Cyber resilience, on the other hand, encompasses cybersecurity’s aim to defend against threats, but takes things a few steps further. Cyber resilience can be defined as an entity’s ability to prepare for, respond to, and recover from a cyber attack.
It merges cybersecurity in the preparedness phase but also integrates solid business strategies to ensure an organization stays afloat after an attack occurs. After all, an attack doesn’t end after the fact, rather, the effects are long-lasting, expensive, and highly damaging to a company’s reputation.
In fintech, losing customer confidence is much more damaging than in other industries as we are dealing with financial information. To that end, having a solid cyber resilience plan in place is essential. That plan should cover all the bases, from getting prepared to financially recovering and mitigating reputational losses — the more detailed and in-depth, the better.
Creating cyber resilience
A fintech company’s cyber resilience plan may be more or less detailed depending on the size of the organization, any third-party links, the number of platforms available to clients, and other such factors. However, some basics should be standard across all companies:
Create a culture of cybersecurity — All staff should be aware that cybersecurity is everyone’s job, not just the IT department’s domain. Good digital hygiene and exacting standards make a lot of difference. Starting from the ground up means the company’s culture accepts cybersecurity as integral. Staff training and regular updates to standards and procedures help here.
Use a full suite of cybersecurity tools — Of course, logging out of accounts and avoiding suspicious links can only get an entity so far. Proper cyber resilience covers preparedness, and that’s where security software like VPNs and email scanners comes in. One of the functions of VPNs is encrypting data transmissions, while email scanners detect threats and can make a big difference to a company’s defenses.
Ask what happens when an attack occurs — Understand that an attack is more likely a matter of when and not if. How will the company deal with the immediate fallout, who does it need to inform and when, and how can the threat be removed as swiftly as possible?
Staying afloat — Fintech companies should have plans in place for retaining clients, getting back on their feet after an attack, and continuing to be financially viable. This part of a resilience plan can include all sorts of factors, such as post-attack PR and ways to pay off any regulatory fines.
There’s no doubt about it, cybersecurity risks and threats are increasing both in number and sophistication. Attacks can and will occur, so having a proper cyber resilience strategy in place is critical, especially in an industry where clients entrust us with their most sensitive information.
Jack Warner is an accomplished cybersecurity expert with years of experience under his belt at TechWarn, a trusted digital agency to world-class cybersecurity companies. A passionate digital safety advocate himself, Warner frequently contributes to tech blogs and digital media sharing expert insights on cybersecurity and privacy tools.
More than two years in the making, the FedNow payments initiative – launched by the U.S. Federal Reserve to accelerate payments and transfers – is picking up speed. The project currently has more than 110 banks, financial services providers, and other organizations slated to participate, and among them are ten Finovate alums.
“We’re gratified by the industry’s tremendous interest and willingness to devote time and energy to help us develop the FedNow Service,” Esther George, executive sponsor of the Federal Reserve’s payments improvement initiatives, said. George, who is also President and CEO of the Federal Reserve Bank of Kansas City, added that the pilot has had to “adjust” to accommodate greater than expected interest.
The idea behind the service is to expand the reach of instant payment services offered by financial institutions and enable businesses and individuals to send and receive instant payments, with full access to their funds within seconds. The FedNow Service will leverage the Federal Reserve’s FedLine network, which connects to more than 10,000 financial institutions directly or via their agents.
The pilot program is designed to review the technology’s features and functionality, assess the user experience, and greenlight the product for further testing and eventual general availability. Participating institutions will be retained, post-launch, to provide additional review and advice with regard to issues like adoption roadmap, industry readiness, and overall payments strategy.
“The FedNow Service marks a turning point in the industry’s move to making real-time payments a reality,” Booshan Rengachari, founder and CEO of Finzly, explained. Finzly is one of Finovate’s newest alums – most recently demoing its technology at FinovateWest Digital last fall – and is one of the participants in FedNow’s pilot program.
Rengachari further suggested that this “turning point” was a moment his company had anticipated. “We created our Payment Hub specifically to help FIs prepare and go to market faster with newer RTP networks,” he said. Finzly’s CEO added that this helps “address the challenges of offering single payment API for multiple payment networks without having to run disparate payment systems from multiple vendors.”
The 10 Finovate alums participating in the FedNow project are listed below.
Digital home lending solutions provider Roostifylanded $32 million in funding yesterday, bringing its total capital to $65 million.
The round was led by Ten Coves Capital, and included contributions from Cota Capital, Mouro Capital, Colchis Capital, Point72 Ventures, and JPMorgan Chase. The investment will help the San Francisco-based company make home lending faster and more transparent for all parties by leveraging AI.
The Series C funding comes at a time of growth for not only Roostify, but also the mortgage industry in general. The Mortgage Bankers Association (MBA) estimates that purchase originations will grow 8.5% to a new record of $1.54 trillion in 2021, thanks to low mortgage rates and low housing supply boosting demand.
Roostify has seen the effects of this growth. Last year, the company experienced a 250% increase in the number of applications submitted through its system and processed just under 1.5 million loan applications.
And while Roostify was prepared to handle both the volume and the demand for digital that came in 2020, many mortgage providers were not. “While the recent record-breaking origination volume was certainly welcomed, it also overburdened outdated mortgage lending processes and systems,” said Roostify Founder and CEO Rajesh Bhat. “We need to adopt a digital-first mentality that relies on technology-enabled transformation to solve real business problems. In order to thrive in a digital-first world, mortgage lenders need critical digital transformation initiatives, such as cloud-based technology, self-service solutions for consumers, and meaningful AI deployments.”
Founded in 2012, Roostify helps 200+ lending institutions collectively handle around $50 billion in loan volume each month.
As for what’s next, Roostify said it will continue to focus on leveraging data to transform the mortgage lending process. Key to this goal is the company’s partnership with Google Cloud AI. The two companies announced their collaboration last October in which Roostify began integrating Google Cloud’s Lending DocAI solution into its digital lending platform. As a result of Google Cloud’s AI and ML capabilities, Roostify’s digital lending tool now helps lenders analyze, categorize, and extract data from documents in an automized manner.
Despite the company’s growth, Bhat said that Roostify is “still in its infancy” in terms of its potential impact on the mortgage lending industry. “My team and I believe that it’s not enough to simply do digital lending better. We’re here to empower lenders to go beyond the efficiencies and cost-savings and forge a true connection with the end-user. We’re creating a world where financial success is possible for everyone, thanks to a simplified home lending experience.”
In a round led by SBI Investment and Sony Innovation Fund, open banking payments platform company Token has raised $15 million in new funding. The Series B round also featured participation from existing investors Octopus Ventures, EQT Ventures, and Opera Tech Ventures, the VC arm of BNP Paribas. The company, which made its Finovate debut at FinovateSpring in 2015, now has $50 million in total capital.
“The market’s appetite for open payments accelerated dramatically last year as more merchants and payment providers have tuned into the cost and efficiency gains that they offer,” Token CEO Todd Clyde explained. “Token’s payment volumes have more than doubled every month since March and our platform is now processing live transactions through PSD2 APIs from over 600 banks in 14 countries across Europe.” He added that the investment was an affirmation that Token would continue to lead in the open payments space and will help fuel further development in the company’s technology.
An early innovator in the open banking payments space in the U.K., Token was one of the first companies in the U.K. to earn authorization from the Financial Conduct Authority (FCA) as a payment initiation and account information service provider (PISP, AISP). In 2018, Token was the first PISP to complete an end-to-end payment via a PSD2-compliant bank API.
“Token offers a credible alternative to card and wallet payments while helping merchants, PSPs, and banks offer streamlined UX’s that deliver better payment experiences for customers,” said Sony Innovation Fund Chief Investment Manager Gen Tsuchikawa. Token’s open payment and data services support the transition away from traditional payment methods and toward account-to-account payments. This not only helps lower the cost of digital payments; it also introduces a variety of use cases for open payments, from funding accounts and billpay to credit risk analysis and cash flow management. Combine this with what SBI Investment Director and Chairman Yoshitaka Kitao described as “Token’s unrivaled bank connectivity and depth in payment services” and you have a company Kitao called a “market leader” that “has continued to outperform the competition.”
Founded in 2015 and maintaining offices in London, San Francisco, and Berlin, Token brings Pan-European connectivity to more than 3,000 banks. The company’s partners include Sberbank, Konsentus, Caxton, and HSBC, which recently launched its online payment alternative, HSBC Open Payments.
One of the top themes of 2020 was cybersecurity. The increase in online traffic, spurred by social distancing and stay at home orders, offered cybercriminals more hacking opportunities than in previous years.
This means that for fintechs like Dashlane, it’s time to shine. Dashlane was founded in 2009 and its password management technology has since gained a cult-like following.
The Dashlane app stores the user’s passwords and autofills the corresponding username and password on each of their accounts. In addition to account logins, the app can also help streamline the checkout experience by filling in forms with address and payment card information.
This week, the New York-based company made headlines with the announcement of its new CEO. Dashlane appointed JD Sherman to lead the company. Sherman, who is filling the shoes of former CEO Emmamuel Schalet, comes to the company with decades of experience from leadership roles at IBM, Akamai, and most recently HubSpot, where he served as President and Chief Operating Officer.
“The need for better security practices has become more important than ever for everyone, from individuals to small businesses and larger enterprises, especially with the increase of remote work across every industry,” said Sherman. “I’m thrilled to be joining the Dashlane team at a pivotal moment of growth, and look forward to working with this group of world-class security experts as we continue to build a simpler digital future for people and businesses through secure access.”
The change in leadership comes at a pivotal time for Dashlane as the company seeks to forge more enterprise partnerships. “This is about thinking about its next leg of our scaling strategy, more B2B monetization after being strong in B2C,” Sherman said in an interview with TechCrunch.
Sherman isn’t exaggerating about being strong in the B2C space. The company has scaled to 15 million users– up from 10 million users just two years ago. And since so much of consumers’ lives have moved online in the past year, this growth is expected to increase.
Dashlane has raised a total of $211 million after most recently pulling in $110 million in a Series D round led by Sequoia. While there is no word on an updated valuation for the company, Dashlane was last valued at $500+ million in 2019.
Dashlane’s Finovate debut was at FinovateFall 2012. The company also demoed at FinovateEurope 2013.
Cash management innovator MaxMyInterest has sealed a new integration deal with Redtail Technology, a leading client relationship management (CRM) firm. The integration will enable advisors and client service teams that rely on Redtail’s CRM to have one-click access to an onboarding solution that will give their clients access to preferred rates of up to 0.75% APY on their FDIC-insured cash deposits.
“We are excited to bring our cash management solution to Redtail users and honored to work with a company whose dedication to innovation in the advisor community matches our own,” MaxMyInterest Head of Partnerships and Business Development Michael Halloran said.
“Max provides advisors with a quantifiable value add by providing the ability to offer a high-yield solution for a typically overlooked and under-earning asset class,” Halloran added. “By integrating with Redtail, we are excited to help even more advisors grow their AUM, while their clients earn the highest yields in the market.”
A service of Six Trees Capital, MaxMyInterest made its Finovate debut at FinovateFall 2014. The company offers a way for individuals to optimize the interest they earn on their cash by providing a solution that automatically allocates cash balances to those banks offering the best interest rate at any given point in time. The technology ensures that balances are kept below the FDIC-insured limits at each institution, and features additional cash management functionality including monthly cash sweep and intelligent funds transfer.
Last year, MaxMyInterest announced an integration with Morningstar, combining its automated cash management technology with Morningstar ByAllAccounts’ data aggregation service. Last month, the company announced that veteran banking executive and fintech investor Jill Denham – founder and president of Authentum Partners – had joined MaxMyInterest’s advisory board.
“I see the MaxMyInterest team as true fintech innovators, dedicated to helping clients get the highest interest rates on insured deposits,” Denham said. “Their platform is notable in the manner in which the relationships they build between banks, depositors, and their financial advisors make all parties better off, and I’m excited to join and bring my expertise to their Advisory Board.”
Founded in 2013, MaxMyInterest is headquartered in New York City. Gary Zimmerman is CEO.
Financial app building platform TrueLayer has long been using the power of open banking to facilitate payment activities. Today, the U.K.-based company is taking another step to make the online payments experience even easier with the launch of a new payments product, PayDirect.
PayDirect combines open banking with Europe’s payment rails to offer a customizable solution for instant payments, instant payouts, and smoother payment reconciliation.
“PayDirect builds on our open banking expertise to streamline onboarding, pay-in and payout, to help operators deliver an experience that is fit for the digital age,” said the company’s Chief Product Officer, Ossama Soliman.
Because PayDirect relies on open banking and Europe’s fast payment rails, the solution circumvents many of the headaches associated with traditional card payments. Cards can expire, require manual entry, and are subject to spending limits. These hurdles generally result in an 85% success rate. PayDirect, in comparison, has a 96% success rate. PayDirect also eliminates chargebacks and reduces fraud by authenticating via biometrics directly with the consumer’s bank.
Here’s how the checkout experience works:
Financial services companies that use PayDirect benefit from a single interface for onboarding users, receiving instant deposits into their account, and providing instant withdrawals. Customers, on the other hand, benefit from low risk of fraud, faster refunds and withdrawals, less false positives during fraud checks, and a faster checkout experience.
Founded in 2016, TrueLayer is best known for its payments API that helps financial services companies provide online payments, bill payments, and account top-ups.
The company has offices in five countries across the globe, including London, Sydney, Milan, Hong Kong and Dublin. Francesco Simoneschi is co-founder and CEO.
Is fintech’s final frontier the last chapter for banks?
A provocative new essay from Andreessen Horowitz General Partner Alex Rampell suggests that the way governments have directly intervened to provide financial support to citizens and businesses during the COVID-19 crisis could point the way to a new banking relationship between “people” and “We, the People” – with fintechs playing a starring role.
Rampell’s theme is disintermediation, which he calls the Internet’s greatest legacy. By enabling individuals to get access to the things they want – products, services, information – without a series of (often) fee-charging and rent-seeking gatekeepers, disintermediation has empowered users and rewarded those institutions that are best able to respond – quicker, safer, more accurately, and more completely – to customer demand.
The spectacle of governments – particularly the U.S. government – attempting to provide COVID-19 relief funding was for Rampell a dramatic example of what can happen when effective gatekeepers are NOT present. Because the U.S. government has few options to provide quick financing to its citizens and their businesses, a host of intermediaries were enlisted to help get relief money from Washington, D.C. to the American communities where it was needed. This, as we have since learned, has been time-consuming. Unfortunately, in some instances, it has also appeared to be wasteful in directing some funds to areas where none were needed and, in instances where support was needed, not distributing available funding, at all.
As Rampell put it: “The reason why things like the Paycheck Protection Program (PPP) have been such a disaster , or that stimulus checks still have to be mailed in 2021, is that there is no ‘direct connection’ between consumers and government for money. The government is the mainframe for money, but there’s not really an Expedia yet.”
And Rampell doesn’t see the point in waiting around for one, either. Instead, he asks why not use what the government already has access to, namely, social security accounts, and treat them like bank accounts?
“With an SSN as a permanent financial account with the government,” he writes, “the government could deposit money directly to consumers, or allow person-to-person transfers, or pay overnight interest on deposits directly.” Rampell imagines not only the ease of paying taxes (or receiving tax refunds) under such a regime, but also how much more efficient a government relief program might be with this SSN 2.0 approach.
Rampell is quick to insist that he is not interested in nationalized banking or what he called “postal banking” (generally, the idea of turning post offices into bank branches). Instead he argues that, in some instances, incumbent financial institutions are playing no more than a filtering role when it comes to facilitating savings in a country. And while this filtering has a role in modern capitalist economies, it is not exclusive and there is a good argument against treating legacy financial institutions as if it is.
“Fintech—’apps for money’—represents the most powerful tool that governments have to make their monetary services available directly to their own citizens,” Rampell writes, “helping accomplish monetary and policy goals and benefiting consumers equally.”
There’s more to Rampell’s discussion – including a key caveat on the role of private capital and risk-taking in such a system. But in a world that is getting increasingly comfortable with government playing an active role in the economy, a disintermediation that brings citizens closer to the government that rules in their name may be an idea whose time has arrived.
This comes after investment firms Apollo Global Management and Hudson Executive Capital initially agreed to buy the ATM operator last month. NCR agreed to a $2.5 billion deal, agreeing to purchase Cardtronics for $39 a share. This beat the bid from Apollo and Hudson, which totaled $2.3 billion at $35 per share. NCR was required to pay a termination fee of $32.6 million.
Cardronics CEO Edward H. West said that the deal is “a testament to the strength and value of Cardtronics, our talented team and customer base, and the complementary nature of our two businesses.”
NCR anticipates that Cardtronics’ Allpoint ATM network will complement its own payments platform and that combined they will connect retail and banking customers.
“This transaction accelerates the NCR-as-a-Service strategy we laid out at Investor Day in December, further shifts NCR’s revenue mix to software, services and recurring revenue, and adds value for our customers,” said NCR President and CEO Michael D. Hayford. “We have had a long-standing relationship with Cardtronics and its outstanding team… Simply put, we are better together.”
The deal, which has been approved by both companies’ Boards of Directors but is still subject to regulatory approvals and closing conditions, is expected to close in mid-2021. Once the deal is finalized, Cardtronics will become a privately held company.
A black-owned, family-focused financial wellness app, Goalsetter, has raised $3.9 million in seed funding. The company said that the new funding will help it boost subscriber growth and enhance the Goalsetter offering, which includes a debit card (Cashola) and a financial literacy curriculum designed specifically for teens and youth.
The round was led by Astia, and featured participation from PNC Bank, Mastercard, US Bank, Northwestern Mutual Future Ventures, Elevate Capital, Portfolia Rising America, and Pipeline Angels, among other investors.
To be fair, “among other investors” is doing quite a bit of work. Goalsetter’s roster of angel investors is impressive, with National Basketball Association stars Kevin Durant, Chris Paul, and Baron Davis – as well as philanthropist Robert F. Smith, among the ranks. Also involved in the funding were actors Sterling K. Brown and Ryan Bathe.
Goalsetter, featured last fall as the Apple App of the Day, includes financial literacy modules that award users money for correctly answering questions on financial education topics (“Learn to Earn”), as well as a feature (“Learn Before You Burn”) that enables parents to freeze their child’s Goalsetter debit card if they have not completed their financial literacy lessons in a timely fashion.
Goalsetter is not only black-owned, it is female-run, as company founder and CEO Tanya Van Court underscored in the firm’s funding announcement. “As the only black-woman owned fintech company focused on the kid’s fintech space, we know how critical early finance education is to all kids in our country, and to black and brown kids in particular,” she said. Van Court emphasized the importance of raising children who are “smart spenders” rather than merely “conspicuous consumers,” and added that learning about financial education, saving, and investing are “the building blocks for achieving generational wealth.”
Founded in 2015 and headquartered in New York City, Goalsetter is partnered with Evolve Bank & Trust, which provides the company’s savings accounts. Goalsetter’s’ Cashola Prepaid Debit Mastercard is issued by MetaBank.
Fintech veteran Bryan Clagett is making moves within Moven this year. Clagett was recently appointed Chief Revenue Officer of Moven after serving as an advisor to the New York-based company for six months.
“Bringing on Bryan was an essential next step in expanding our business maturity as we look to expand our U.S. market presence,” said Moven Founder Brett King. “Having worked on and off with Bryan for 10 years, I’m glad we finally snagged him at a time when our U.S. operations are accelerating rapidly and where COVID has created an extraordinary demand for digital differentiation in the retail digital banking space.”
Clagett’s fintech career started three decades ago, his most notable position being Chief Marketing Officer and Investor at Geezeo, where he served for ten years until the digital banking company was acquired by Jack Henry in 2019. During his tenure, Clagett helped Geezeo grow to more than 550 clients and achieve profitability.
Since his time at Geezeo, Clagett has served as an advisor to Conotext, Blip Labs, Procurity, and StrategyCorps.
“I’m extremely excited to join Moven to lead sales, marketing and partnership strategy as we evolve the company’s growth trajectory. Moven’s client-centric philosophy and emphasis on helping financial services via flexible and innovative, data-driven solutions made this a great fit for me. I’m looking forward to expanding into new markets, strengthening our relationships with our partners, and building the leading GTM function in our space,” said Clagett.
Moven’s appointment of Clagett comes after Moven made a major pivot in March of last year, dropping its B2C offering to focus on its enterprise arm that serves financial institutions. The new B2B approach has been flourishing in recent months, as banking-as-a-service tools have been gaining traction thanks to firms’ heightened focus on their digital presence.
