How Digital Makes Banks Flexible, Responsive And Intimate

While making digital the main channel of customer engagement, banks are also looking to move beyond business as usual, says Amit Anand, a Vice President in Cognizant Consulting’s Banking and Financial Services.

COVID-19 made online channels indispensable for bank customers, including those who preferred in-person banking. This accelerated their digital strategies and created an opportunity to go beyond the basics and become partners in their customers’ pursuit of financial wellness.

As banks bet big on digital, they are looking at technologies such as AI, advanced analytics, and automation to provide personalization, prediction and speed in creating powerful customer experiences. Banks are also increasingly relying on machines to automate repetitive tasks and make complex decisions, creating demand for human skillsets that complement intelligent machines.

Cognizant’s Center for the Future of Work (CFoW), working with Oxford Economics, recently surveyed 4,000 C-level executives globally, including 287 senior banking and financial services executives to understand how banks are adapting to fast and dramatic changes.

The earliest forms of digital banking trace back to the advent of ATMs and cards launched in the 1960s. As the internet emerged in the 1980s with early broadband, digital networks began to connect retailers with suppliers and consumers to develop needs for early online catalogues and inventory software systems.

By the 1990s the Internet became widely available and online banking started becoming the norm. The improvement of broadband and ecommerce systems in the early 2000s led to what resembled the modern digital banking world today. The proliferation of smartphones through the next decade opened the door for transactions on the go beyond ATM machines. Over 60% of consumers now use their smartphones as the preferred method for digital banking.

The challenge for banks is now to facilitate demands that connect vendors with money through channels determined by the consumer. This dynamic shapes the basis of customer satisfaction, which can be nurtured with Customer Relationship Management (CRM) software. Therefore, CRM must be integrated into a digital banking system, since it provides means for banks to directly communicate with their customers.

There is a demand for end-to-end consistency and for services, optimized on convenience and user experience. The market provides cross platform front ends, enabling purchase decisions based on available technology such as mobile devices, with a desktop or Smart TV at home. In order for banks to meet consumer demands, they need to keep focusing on improving digital technology that provides agility, scalability and efficiency.

Seven Ways to Capitalize on Digital

  1. Institute front-to-back digitization. Banks can effectively compete with fintech competitors by becoming digital institutions.
  2. Explore new customer segments and business paradigms. Digital makes it easier than ever for banks to explore small business segments, even as they pursue existing markets.
  3. Emphasize platform centricity and smart aggregation. Open banking standards can help banks to provide personalized products to customers in collaboration with third-party providers and fintechs.
  4. Invest in personalizing the customer relationship. Banks should use personalized experiences to make customers’ lives as frictionless as possible.
  5. Focus on re-building trust and resiliency. Banks need to eliminate any biases in decisions made by machines.
  6. Enshrine inclusivity into your digital strategy. Banks should use digital to reach customers who are left out by being physically and cognitively challenged.
  7. Balance machine-driven and human-centric work. Create sturdy human-machine collaboration by reevaluating jobs for a shared environment.

For more, read our paper “The Work Ahead in Banking: The Digital Road to Financial Wellness”.

Amit Anand is Vice President and North American Practice Leader for Cognizant Consulting’s Banking and Financial Services. Amit has 20 years of experience with firms such as Accenture, Infosys and Cognizant. He has successfully led and managed large business transformation, digital and IT transformation, and associated organizational change management for several financial services clients. Amit is a recognized thought leader with more than 15 publications on topics such as Open Banking, Digital 2.0 and new-age operating models. He can be reached at Amit.Anand@cognizant.com

Manish Bahl leads the Cognizant Center for the Future of Work in Asia-Pacific and the Middle East. A respected speaker and thinker, Manish has guided many Fortune 500 companies into the future of their business with his thought-provoking research and advisory skills. Within Cognizant’s Center for the Future of Work, he helps ensure that the unit’s original research and analysis jibes with emerging business-technology trends and dynamics in APAC, and collaborates with a wide range of leading thinkers to understand and predict how the future of work will take shape. He most recently served as Vice President, Country Manager with Forrester Research in India. He can be reached at Manish.Bahl@cognizant.com

Source: How Digital Makes Banks Flexible, Responsive And Intimate

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4 Tech Tools Your Business Needs During Natural Disasters

Every day brings new headlines about hurricanes, floods, or wildfires disrupting daily life. As a business owner, you have the added responsibility of deciding when to shut down operations, as well as ensuring your workers are safe and informed of developments. You may have to respond to employees who have been displaced from their homes, or are unable to get to work due to unsafe conditions. That can be a huge challenge when electrical grids are knocked out or wildfires disrupt cell towers.

Here are a few tools and tips that can help your business prepare for and even continue functioning in a natural disaster.

1. Set up a Whatsapp group for emergencies

An internet or power outage can cut off employees’ access to email. Consider setting up a group chat on Whatsapp, Telegram, Signal, or another end-to-end encrypted messaging app instead. Such platforms allow users to send and receive messages using either Wi-Fi or mobile data; while most natural disasters pose serious risks to cell and internet infrastructure, one outage may get fixed before the other.

For example, despite an internet outage following the January 2020 earthquakes in Puerto Rico, many people were able to stay connected through mobile networks. Some ISPs will make their public Wi-Fi hotspots available for free during natural disasters.

Whatsapp also allows users to share their live location, which has helped first responders find missing people. Many companies already use Whatsapp or other messaging apps for internal communications, but there are privacy risks associated with regularly using any app. Instead, consider making such apps an emergency-only tool so employees will only have to use them sparingly.

2. Consider a device with LEO connectivity

Satellite internet is still far from common, and far from a necessity. But LEO (low earth orbit) tech will become cheaper and more available in the near future. Apple’s upcoming iPhone 13 reportedly will feature LEO hardware, which means that users can send or receive messages through satellite internet in case 4G or 5G networks are down.

When available, that might be the most cost-effective satellite internet solution; many satellite internet phones range from a few hundred to several thousand dollars. Another option is to set up your employees with satellite internet at home. Satellite internet providers like Viasat and HughesNet have special plans for small businesses.

3. Keep track of fuel shortages with GasBuddy

If you or your employees are struggling to find fuel during a hurricane or snowstorm, a free mobile app can help. GasBuddy, which locates the nearest gas station with available fuel, became one of the most-downloaded apps during the Colonial Pipeline hacks earlier this year. The app also has a crowdsourced dashboard that keeps track of fuel outages by city.

4. Inform customers through social media

If you already have an active social media presence on Twitter, Facebook, and Instagram, those channels can come in handy to announce store closures or any changes in hours. It’s likely many of your customers are scouring social media anyway for the latest updates on the weather. Be sure your post doesn’t get lost in the shuffle by using the name of the disaster as a hashtag or within the text of the post. Clearly mention the day and date, so prospective customers don’t get fooled by an old post. Also, be sure to update your social feeds once your business is operating again.

By Amrita Khalid, Staff writer@askhalid

Source: 4 Tech Tools Your Business Needs During Natural Disasters | Inc.com

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Visa’s 54 Bitcoin-Linked Cards Pave The Way For Younger Generations To Spend Growing Crypto Wealth

Visa V -0.5% is taking robust steps to connect digital currencies to its global electronic payments network in order to prepare for a financial future where digital assets comprise a meaningful amount of a saver’s wealth.

To date, 54 crypto companies have partnered with Visa to enable crypto spending. Much of this progress comes from the issuance of debit cards using Visa’s FastTrack program, which is targeted towards integrating fintech companies with the Visa network. Over the summer, the firm launched two more products, a crypto rewards credit card in partnership with BlockFi and a debit card with major crypto exchange FTX, which just raised a record $900 million at an $18 billion valuation.

Other crypto-friendly card partners include CoinZoom, Coinbase, Zap, Crypto.com, Bitpanda, Fold, Upgrade, Wirex, and ZenGo.

“We saw this opportunity as these crypto platforms grow, as consumers want to gain access to the liquidity that they have held in these assets, issuing a Visa card could become a bridge that unlocks that value and enables it to be spent at any merchant that accepts Visa,” Head of Crypto at Visa, Cuy Sheffield said.

These projects have gained traction — crypto-linked Visa debit cards facilitated over $1 billion worth of transactions across Visa’s 70 million merchants worldwide in the first half of 2021 alone. $1 billion is only a small fraction of the trillion-dollar payments industry, however retail interest in cryptocurrencies is picking up, suggesting the market has room to grow, especially with younger generations. Sheffield says that no single predominant spending category has emerged in crypto-linked card use.

Survey data suggests that younger generations are increasingly diverting wealth into cryptocurrencies and digital assets. This is especially true for the most affluent members of these generations, which are especially prized by financial institutions and card networks.

A Michelmores survey of 501 ‘affluent Millennials’ in the United Kingdom found that one in five have invested in cryptocurrencies and a CNBC survey of 750 investors conducted in April and May of 2021 reports that nearly half of Millennial millionaires have at least 25% of their wealth in cryptocurrencies. Millennial interest in crypto isn’t limited to the Western world — a recent Mastercard MA -0.1% survey found that Middle Eastern and African Millennials surveyed during February and March of 2021 are especially interested in crypto with 67% agreeing they are more open to using crypto now than they were in 2020.

Meanwhile in Asia, India and China each account for 33% of the $9.4 million worth of weekly peer-to-peer payments volume in the region. In both nations, tech savvy millennials with aspirations of wealth are leading the trade. The Covid-19 pandemic only accelerated this trend by simultaneously spurring savings ambitions and interest in cryptocurrencies.

Approximately 70% of burgeoning retail brokerage platform Robinhood’s $80.9 billion assets under custody came from users aged between 18 and 40. $11.5 billion of those assets under custody are cryptocurrencies, according to the firm’s S-1 filing, and for the three months ended March 31, 2021, 17% of its total revenue was derived from transaction-based revenues earned from cryptocurrency transactions. This number is up from 4% for the last three months of 2020. All of this data suggests high interest among retail traders between 18 and 40 in crypto assets.

As retail brokerage accounts boomed, the crypto market was also hitting new heights, adding to the excitement among younger generations. Bitcoin reached its all-time-high price of $64,654 on April 14, 2021, just after the one year anniversary of the start of the pandemic. The market crashed a month later, bottoming out in July at a $1.2 trillion value for all cryptocurrency in circulation. Since then, the crypto economy has started to recover. The market broke past $2 trillion again on Wednesday, August 11, for the first time in nearly three months.

While investors are still mostly thinking long-term, a time will come when they need to generate liquidity from their holdings. Speaking to that effect, Sheffield argues that even if crypto owners intend to HODL (hold on for dear life, a crypto rallying cry), the day will come when they want to spend.

When that happens, Lisa Ellis, partner and senior equity analyst at research firm MoffettNathanson noted that they won’t want to go through the often arduous process of converting that crypto into fiat because of what Visa is doing.

“Brokerages like Fidelity figured out a long time ago that they should — and Merrill Lynch — figured out that they should issue a card against the balance in your brokerage account because that way you can keep your money in the brokerage account and you’re not constantly moving money,” Ellis said. “It’s basically the same. This is just allowing people to keep funds in what’s essentially a brokerage account and keep it in crypto. And then if they need it for spending fine and people like to do that.”

These developments are unlikely to stop with crypto-fiat payments. In pursuit of creating opportunities for seamless crypto transactions, Visa is finding new ways to appeal to crypto platforms who are looking to expand client offerings. Among these upgrades is the ability for crypto firms to settle payments using a dollar-pegged and quickly-growing stablecoin, USDC. As of writing, USDC’s market cap stands at $27.39 billion.

Typically when transactions are carried out with a crypto-linked debit card offered by a company like Crypto.com, that company converts the crypto to fiat and then sends the funds to Visa, who then sends the funds to the merchant’s bank for the appropriate amount and in the correct currency. Through a partnership with the first federally chartered digital asset bank, Anchorage, Visa will now accept USDC, instead of fiat, from card providers like Crypto.com.

“The goal is if we can make it easier for crypto platforms to issue Visa cards and interact with Visa we think many more — and we’re already seeing a ton of demand in crypto companies coming to us — will have a path to creating a Visa card,” Sheffield said. “We are committed to Visa being the preferred network for crypto wallets and so we want to meet them where they are.”

Follow me on Twitter or LinkedIn. Check out my website.

Source: Visa’s 54 Bitcoin-Linked Cards Pave The Way For Younger Generations To Spend Growing Crypto Wealth

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How to Overcome Your Most Pressing Network Challenges

Today’s IT networks must change. As businesses adopt more modern, cloud-native apps and support a fast-growing remote workforce, they can no longer rely on traditional network architectures that use legacy hardware and bolted-on security. They need flexible, high-performance networks that can connect and protect applications across a multi-cloud environment.

Adopting a software-defined networking approach will be key for transforming networks. By using software as the primary means of directing and optimising network traffic and managing security, organisations can support modern applications and empower a remote workforce—all while streamlining management and cutting costs.

Though network transformation is essential, organisations do not have to launch a single all-or-nothing project. No enterprise would be willing to rip and replace a network that reaches from the data centre to the cloud and the edge. The cost to the business would be too high if anything goes wrong, and the investment in time and resources could be enormous.

Instead, organisations can start by addressing what matters most. They might be focused on delivering applications to employees and customers from multiple clouds. Perhaps they must support a suddenly larger remote workforce, providing high-performance connectivity to employees working from home. Maybe they’ve been shaken by a perimeter breach and need to implement Zero Trust security within the data centre immediately. Or they might want to accelerate provisioning of network services and gain more of a public cloud experience in the private data centre.

The VMware NSX® family of networking products helps organisations address these and other critical priorities. By drawing from modular NSX products, organisations can overcome immediate challenges while beginning to build a flexible, scalable and secure modern network that can handle evolving business requirements.

Deliver applications consistently across multiple clouds

IT groups must deliver apps consistently to employees and customers—no matter where those apps are running and how users are accessing them. Maintaining high performance is critical even as demand and usage patterns change. Employees should be productive whether they are remotely accessing a cloud-native app or using a workstation at headquarters to access an enterprise app running in the data centre. And customers should experience responsive apps even during peak usage periods.

VMware NSX Advanced Load Balancer™ is a software-based multi-cloud application delivery service that helps organisations maintain high performance. It provides fast, scalable and secure application experiences, whether applications are delivered from the cloud or from on-premises data centres.

Empower remote workers with a secure, high-performance network

The traditional branch office is a thing of the past. While physical workplaces will never disappear, the virtual office is here to stay. Organizations need to empower employees to work from anywhere—providing performance comparable to headquarters, even if employees are working from their living room couch. At the same time, organisations must enhance security so that remote workers do not put the enterprise at risk by using unsecured networks.

VMware NSX SD-WAN™ delivers reliable, high-performance access to cloud services; private, public and hybrid data centres; and software-as-a-service (SaaS)–based enterprise applications. To strengthen security at the edge, VMware also offers a comprehensive secure access service edge (SASE) solution, which integrates NSX SD-WAN with Zero Trust network access capabilities, a secure web gateway and an AI-driven intelligence, all delivered through a SaaS model. The VMware SASE Platform™ provides next-level security and peace of mind for supporting distributed workforces.

Secure the data centre from the inside out

As businesses expand their networks and run apps in new cloud environments, they must also fortify security. IT groups need ways to secure traffic for virtual, physical, containerised and cloud workloads, safeguarding against lateral movement of malware and ensuring ongoing compliance with strict regulations.

VMware NSX products help establish intrinsic, built-in security to protect apps and data wherever they reside. For example, the VMware NSX Service-defined Firewall™ is a distributed scale-out internal firewall purpose-built to protect east-west traffic across virtual, physical, containerised and cloud workloads. This solution architecture enables a fundamental shift in network security by placing a software-delivered firewall inside the data centre, close to apps, instead of using a traditional perimeter firewall at the data centre edge. IT groups can now thwart lateral movement of malware through advanced threat prevention while controlling costs and complexity.

Gain public cloud agility across all clouds, public and private

To keep up with new business imperatives, many organisations are looking to speed provisioning of networking services and security capabilities. They want the same level of agility they experience with public cloud environments, even as they bring together private clouds, public clouds and edge clouds in a single, integrated network.

VMware NSX products can accelerate delivery of consistent, multi-cloud networking and security capabilities by providing the foundation for software-defined networking. For example, VMware NSX Data Center is a complete layer 2 through layer 7 platform that reproduces the entire network model in software. IT groups can create and provision any network topology—from simple to complex—in seconds. They can consistently manage networking and security policies across data centres and cloud environments from a single console.

Start your network transformation now

As businesses adopt new apps and support new ways of working, they need to transform their networks. Deploying a software-defined network enhances agility for continued change. VMware NSX products enable businesses to create a modern network—built for the cloud, delivered as software and services. As modular offerings, NSX products allow businesses to select the best starting point now and incorporate new products within a unified framework as their network transformation continues.

By VMware

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Moxa

Today’s remote ITS networks are more critical than ever. Upgrading an existing TMS to ATMS network is no longer solely focused on connectivity. This webinar covers 4 major network challenges and how to overcome them. 1. Connecting existing legacy assets 2. Skills Gap 3. Network Complexity 4. Network Security and Management #MoxaConnects#IntelligentTransportation

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