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BANKING ON DIGITAL

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BANKING ON DIGITAL

Mike Sewart, Director of Digital Services UK & Ireland, Fujitsu

Digital has never been more embedded in our lives than today. For most of us, digital is the new ‘norm’ – whether we are using digital services to shop online or to connect with people across the world – and it is becoming increasingly pervasive. It continues to strengthen our relationships with organisations, opening up new opportunities to make our lives easier across every sector.

Take the financial sector in particular. It is an industry that is truly taking advantage of digital services. Over the last few months alone, we have seen new financial players emerge to shake up the market. From the announcement of Fidor Bank, a “cool and funky” social media bank applying for its UK banking licence, to Atom Banka new digital-only bank, an increasing number of financial services organisations are starting to offer digital services to appeal to a more tech-savvy generation.And traditional players are also getting involved, in the last few weeks Halifaxhas launched new heartbeat authentication, an application which will truly transform how we access our payments.

Digital services and applications have completely altered consumer behaviour from the way consumer’s access information to how we interact with organisations. The financial sector lends itself particularly well to this shift, with the majority of consumer activity based around high frequency and low value transactions. At the same time, this regular interaction provides organisations with an opportunity to move these activities to a platform that is accessible anywhere and anytime, helping to promote both cost savings for the company and time saving for the customer.

To explore this in more detail, Fujitsu undertook research looking into the UK’s digital landscape. The research looked at a number of verticals and while the financial sector rarely leads when it comes to consumer opinion polls, online banking took the top slot for both most valued and most used (67% and 63% respectively) digital service of all sectors.It was also a leader in satisfaction – nearly two-thirds of consumers revealed that they are satisfied with the digital services provided by the industry.

However, employees in the financial sector have a different view. According to the report, while62 per cent of employees said they had a fair understanding of the technology services and applications available to them, only a third (33%) understood them completely.In addition, 42 per cent citied lack of training as the main issue in using digital services in the work place.

These results highlight that whilst financial services organisations have invested heavily in delivering a strong digital front-end there is still work to be done in underpinning this with a digitally-enabled back-end. There is a clear discrepancy in digital services available externally and those being provided internally.This issue is often compounded through organisations providing tactical digital front-end services acting as a “digital veneer” to aging complex back-office systems. The sector needs to look more holistically as digital transformation to ensure that end-to-end systems are in scope for any digital transformation strategy. This will ensure back-office efficiencies are realised and will provide appropriate support services (including training) for internal users of transformed services.

It is imperative for any organisation to have the right balance of digital – for both consumers and employees. From one perspective, consumers value digital services because of the improved channels of engagement making conversations easier and more efficient than before. However, there are still many people who remain more comfortable with dealing with humans. On the other side of the coin, many employees still don’t understand how to use digital services. With the pressure of consumer popularity in digital services continuing to grow, there is more to be done from organisations to improve the backend infrastructure to help employees gain a better understanding.

So what does the digital future hold? The digital and technology landscape is only going to evolve and create even more ways to interact and engage with organisations. As such, organisations need to holistically consider a digital transformation strategy that addresses front and back-office systems. This should be driven from consumer business services but should not neglect the complexity of the legacy environments that still remain in place within more enterprise organisations. Refreshing the back-office in concert with front-end services will ensure digital service transformation meets the needs of the employees as well as customers.

Financial and banking organisations who haven’t taken advantage of digital must act nowor risk falling behind the newer players in the market. It has never been more critical for businesses to have a digital strategy in place to benefit both their customers and their employees.

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How technology has made us communicate better in crisis

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How technology has made us communicate better in crisis 1

By Pete Hanlon, CTO of Moneypenny

COVID-19 has taught us a lot. We have embraced technology, some might say, survived so far because of it, yet also craved that human interaction. Working hand-in-hand, these two elements will shape our future.

The impact of COVID-19 has been immense, not just health-wise but also economically. To date, people have shown their resilience, adapting quickly to a remote way of working and through the use of technology.

We have embraced working remotely, using video conferencing tools, for example to give us some contact, some ‘normal’. We have proven we can do it, so the question is will this new normal we have adapted to, be sticking around?

Pre-pandemic, Moneypenny was operating in thrive mode and we rapidly had to switch to survival mode. The first challenge was arranging for our 1,000 employees to all work from home during the initial lockdown whilst offering a near seamless service to our customers. No mean feat for a company that had always been office based for our front line people.

Luckily for us, the first Covid lockdown happened 3 weeks after we’d just finished an 18 month long tech project to move our telephony system from on premise to the cloud. This meant we had some options but we did need to work tirelessly to get everyone home without missing any customers call.

We spent February and March trialing solutions and coming up with a plan and then we moved people to home working, team by team to assess call quality. Three weeks later everyone was working from home and it was service as normal for our clients.

This wouldn’t have been possible without a little strategizing and a lot of tech, not to mention a superb team that worked tirelessly to make it happen. Using our already brilliant tech as well as working with tech giants including  Microsoft Teams, Twillio, Workplace by Facebook and Amazon Workspace, for example, who have all reported record levels of usage, we were able to look after our customers and our people. Our weekly mindfulness sessions took place online instead of in the office, team meetings happened virtually  with vouchers for pizza, chocolate brownies were delivered to employees doors  as a well-earned treat and our management teams shared their business and personal experiences via video conferencing.

Maintaining communication was, and remains, key. The very nature of our business gave us a head start in helping businesses, large and small, manage their calls throughout this, specifically tailoring our systems to their specific needs at any given time. Yet, we have embraced further new tech to work alongside our people for our clients: We quickly integrated Microsoft Teams into our systems so that our PAs could keep a track of their clients’ availability and efficiently manage calls whilst clients were working from home; We developed new online screening bots for clients to use in order to give them piece of mind that customers were symptom-free before any necessary meetings and using the same innovations to ensure social distancing and wellbeing to those who come into the office when restrictions allow. It seemed a very natural extension to the support we provide for businesses.

Pete Hanlon

Pete Hanlon

We are also finding that our customers are using our in-depth analysis systems to get a better understanding of call duration and patterns in calls and so on, as well as for reporting. And we are using them alongside deep learning technologies to identify common requests and common themes so that we can better serve our clients.

Before the pandemic there was significant movement towards more of a conversational and interactive experience when it comes to digital assistant technologies. This has only been heightened as natural language processing is advancing exponentially.

This demand for digital switchboard and new innovations has been a growth area during lockdown as companies were looking at ways to manage all their calls without in-house receptionists and switchboards.

As part of our business model, we offered digital switchboard for free to businesses for three months to help them at the start of lockdown allowing people to engage with an automated assistant by simply talking. Through this use, we’ve found that a voice-controlled switchboard is really gaining in popularity following the widespread adoption and acceptance of technologies like Alexa and Google in people’s homes.

A key area of focus for us, is the area of natural language processing (NLP), bridging the gap further between how we communicate and what a computer can understand. The field is advancing rapidly, and we are actively leveraging pre-trained transformer-based models such as BERT, RoBerta, Longformer to analyze and summarize live chat content. We are also monitoring and testing emerging deep learning models, such as Bigbird from Google and GPT-3 from OpenAI, to help advance our chat and digital switchboard offerings further.

Speech detection continues to get stronger. Currently the technology does not outperform our brilliant people, in my opinion, but it is starting to get closer to the matched experience. For us, however, our tech works hand-in-hand with our people enabling them to deliver brilliant and highly efficient customer service. I can’t see technology replacing people anytime soon. I do see it super-charging people in a way to be even better at what they do so we will just have to watch this space.

We always put trust at the heart of our tech roadmap and ask ourselves ‘Do our customers or our customers customers’ benefit from this tech innovation and does it improve the overall customer experience’. If the answer is yes, we progress

And finally, linking back to the relationship between humanity and tech, I believe that the future will be in video-based communication. It is increasingly important to us and we are investigating how deep learning can be applied to real-time video in order to power the future.

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Why cybercriminals have ‘Gone Vishing’ during the COVID-19 Pandemic

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Why cybercriminals have ‘Gone Vishing’ during the COVID-19 Pandemic 2
  • More than 215,000 vishing attempts in the last year alone

As new coronavirus restrictions look set to confine much of the UK population to their homes this winter, cybersecurity specialists Panda Security are warning consumers to be on guard for an explosion in ‘Vishing’ attempts by cybercriminals.

Vishing, or voice phishing, is a social engineering technique used by fraudsters posing as someone from an IT helpdesk or support services, in order to obtain personal information from a victim. They will then look to use this information to hack into secure systems and defraud victims.

Vishing has increased as hackers are taking advantage of employees working remotely. Since August last year, HM Revenue and Customs (HMRC) has received reports from the public of more than 215,000 vishing attempts. These scams often offer fake tax refunds or help with claiming Covid-19 related financial support.[i]

The hacker can be very convincing and will often have done a lot of research into the company and the person they are contacting, to make what they are asking you for sound plausible. At times they even spoof phone numbers, so it looks like the caller ID is authentic and the same number as the real business.

European Cybersecurity Month: Keeping the ‘Vishers’ at bay

During European Cybersecurity Month, Panda Security is raising awareness of the dangers of vishing and is calling on consumers and businesses alike to take some simple measures in order to protect their data.  Hervé Lambert, Global Consumer Operations Manager at Panda Security, gives his top tips to avoid being a victim of a vishing attempt this winter.

  1. Never give out your personal details: You should never give anyone your personal details such as bank details or passwords verbally over the phone or via email. Hackers will often find data about you on the internet and through social media networks and use this to convince you they are legitimate
  2. Be suspicious: It is right to be apprehensive of unknown callers, particularly if you are not expecting the phone call. Ask the caller questions or give deliberately false statements, and if you do not feel comfortable with their answers, hang up and phone the company or person back directly
  3. Don’t always trust caller ID: Hackers can often spoof legitimate phone numbers and make you believe that the phone call is coming from a credible source. Remember that legitimate businesses will never ask for your personal details unsolicited over the phone
  4. Install security measures: While internet security will not completely protect you from fraud, installing measures such as antivirus software will help protect your digital identity and make the job of the hackers much more difficult
  5. Keep calm: Often the hacker will try to panic you into reacting very quickly and scare you into providing them with your information. Take a moment to breathe and slow the conversation down

Commenting on the raise in vishing attempts, Hervé Lambert, Global Consumer Operations Manager at Panda Security says: “Vishing is not a particularly new or sophisticated technique, and yet the “new normal” of working from home has been a boon for cybercriminals looking to exploit vulnerable people in this way. Hackers will scour the Internet and social media networks for any information they can glean about a potential victim before making a call. Once they have secured the victims trust they are then in a position of power to defraud them.”

Lambert continues: “It is essential that consumers take preventative measures to protect their digital identity, while remaining vigilant and question anything that seems unusual. Our key piece of advice remains: never give out your personal details over the phone.”

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Five golden rules of recruitment

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Five golden rules of recruitment 3

Former investment banker and entrepreneur, Connie Nam, discusses five ways in which basing your recruitment process around understanding a candidate’s personal passions, motivations and personality can improve staff retention and strengthen your workforce.

Ex-investment banker Connie Nam saw a niche in the UK jewellery market and built a £10m business from her kitchen table in just eight years. Today, as CEO and founder of cult jewellery brand Astrid & Miyu, she is continuing to grow her business as well as her team despite the unprecedented challenges of a global pandemic.

As founder and CEO of a rapidly growing business, Nam’s role is ultimately to create a clear vision, run the business, continue its growth and – most importantly – lead and support her team in their work and in their progression within the business. Nam started her business on her own and, as the brand grew exponentially, she had to become quickly accustomed to managing people and continually refining her recruitment process to attract and retain the best talent to grow with the business.

Now, with a team of more than 80 across the business, Nam and her senior management team have built a rigorous recruitment process, driven by strong cultural values, to identify the perfect candidates and ensure there are world class managers heading up each department as her team continually expands.

The key to recruitment and retention according to Nam, is that the people and culture element is part of the wider company strategy, not just part of a HR strategy in silo. Nam believes that people should be at the heart of any business and that taking the time and asking the right questions to understand a candidate’s personal passions, motivations, goals and personality during the recruitment process is vital to building and retaining a unified team. Here are five key benefits of taking this approach, according to Nam:

  1. Bring any missing qualities into a business

We’re always reviewing our business and team which allows us to identify gaps and bring in missing qualities into the business. One thing I do – which I’d recommend any business leader does – is hold strategy meetings with my leadership team every quarter where we review the brand, business, and above all team strategy. These meetings allow us to find out what we’re missing in a team – in terms of communication, skillsets, values and personalities – and look to bring people in to fill those gaps.

  1. Craft a cohesive team

When crafting a cohesive team, it’s important to recruit based on values and ensure that a candidate’s own values align with those of the business. Values are such an important part of our business and this is true to everyone’s heart in the business; it’s not just coming from me – or from the top – it’s not corporate spiel rather it is instilled in everything we do.

We recently redefined our values which are: grow together, celebrate each other and break all boundaries (or throwing out the rulebook!). We take these values very seriously and build the team on these foundations. Whenever we recruit, we look for these three signals and if people don’t fit into these three values then they won’t be hired – values are not just a company buzzword, they are important and just underpin everything you do as a business and as a team.

We are also planning to put these three values formally into our appraisal system so when we do our biannual reviews with colleagues – aside from the business KPIs – these values will be a very important factor in their progression and development within the business. I would advise any business leader to make sure you take the values seriously and live and breathe them so everyone in your team feels equally passionate – that is the secret to crafting a truly cohesive team.

  1. Enable empowerment of individuals

Empowering individuals in your team is so important, not only for their own personal development, but for the benefit of the wider team and even the business as a whole. It’s important to allow people to play to their own strengths and give them a sense of ownership if you want them to fulfil their role with as much passion as though it was their own business.

As we have grown so rapidly, it has put a lot of challenges and pressure on the team, but at the same time they have been able to grow as individuals and step up very quickly to becoming industry leaders in their fields. Our last value is to break all boundaries and we give a lot of freedom to individuals and allow them to take risks (within the means of their roles). Everyone at Astrid & Miyu owns some segment of the business; they have clear boundaries and budgets but –if they act within that and meet business targets and KPIs – they’re free to do their job however they like. They can take risks and if they fail, we don’t have a blame culture. If they fail within the means, we actually celebrate it as it allows people to reflect on the key learnings which I think is quite powerful in terms if empowering individuals.

  1. Enhance job satisfactionFive golden rules of recruitment 4

Job satisfaction seems like an obvious one, but it really is one of the most important elements of maintaining a loyal and motivated workforce. As I’ve already mentioned, we ensure everyone has a very specific role with strong sense of ownership, and we let people run with their work within very clear boundaries with clear expectations. Aside from business KPI reviews we also carry out regular personal development reviews where every individual comes up with what they want to learn for the full year or for the quarter and how they want to develop and their manager will guide them – even if it’s not related to their immediate job – so they have something to look forward to which keeps them satisfied in their role and motivated. That learning and sense of ownership, development and progression really enhances employee satisfaction.

  1. Improve staff retention

Clearly, staff retention goes hand in hand with job satisfaction – if people are satisfied, they will stay in their role. As well as having a sense of ownership, having clear goals and enough progression opportunities form a big part of staff retention; teams and individuals need room to grow. We have always made sure there are progression opportunities for our people, though we have been lucky to experience continual growth that allows us to have even more progression opportunities for those who are able to keep up.

We have a very transparent progression scale, which includes total transparency when it comes to pay – something that isn’t common in the fashion industry or a start-up environment but is vital for ensuring teams are motivated and trusting of the company. Everyone at Astrid & Miyu knows what their salaries would be if they get promoted to certain levels and what their band is – if they’re on the same level, everyone is on the same pay, so I think that’s highly motivating. This is something we implemented at the end of last year to make things very transparent and open and I think people are definitely more motivated because they’re not left in the dark, which can be the feeling when remuneration is done on a case by case basis. Now we have a very clear process and salaries attached to job titles so there’s no room for complaints and the team all know exactly what they need to do to progress.

The fact it’s very clear and transparent makes people trust the business and trust the leadership. Our transparency when it comes to pay is reminiscent of the structured progression routes you see in the corporate arena of banking and accountancy which is where I started my career – I know it can become political and chaotic if you don’t have this, which is not going to aid staff retention, it will do the opposite.

Though these are the five building blocks of a successful recruitment and retention strategy, I would add that businesses should not be afraid of making hard decisions. Although it’s important to foster a supportive workplace culture and help your people with their career progression, the onus needs to be on the individual – if they are not working hard and to the business’ values, their role within the company should be reviewed – don’t let people slip at the detriment to the wider team. This can be avoided if you find the right people at recruitment stage which is why recruitment is so important because, if it doesn’t work out, companies should not be shy of letting people go if they are not committed and the right cultural fit. I think that is motivating for the people who do work hard – it can be very disheartening for employees who are working hard to see one of the team is not pulling their weight. It is important that businesses are constantly reviewing their recruitment strategy and that there is a strong set of values and a clear onboarding process to ensure a strong and united workforce.

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