Connect with us

Technology

Dark data: A golden opportunity for the fintech industry

Published

on

The future of fintech is bright in 2020 despite challenges

By Yann Stadnicki, Chief Data Officer, iBanFirst

The rise of dark data

Since the turn of the century, the data revolution has allowed companies to analyse and understand large amounts of data by accessing multiple sources, cleaning it, aggregating it and correlating it to create valuable insights.

Companies across the globe can now use data to inform important business decisions, enabling them to improve their services and fuel their rapid expansion. This has been taken a step further with ‘dark data,’ even though for many companies a large amount of this data is unknown or unused.

Harnessing dark data is crucial for all businesses, including fintechs, looking to drive growth and stay resilient in a competitive international environment. To help companies manage this untapped opportunity, the use of automation and emerging technologies, like artificial intelligence (AI) and machine learning, are key.

What is dark data?

Dark data may be an unfamiliar term for many in the fintech industry. In technical terms, dark data is information collected as a by-product of normal business activities but is not used to generate income.

We also can think of dark data more simply. Think of all data as research sources. If you’re researching a specific topic such as international payments and you only use a search engine to look for sources written about this subject, you end up neglecting other important sources, such as online journals, subscription-based newspapers, magazines and journals. While not as targeted as a string of search terms, these additional sources of information could still offer valuable information on how to interpret the sources that you do use.

Dark data represents the information assets that slip through the cracks but are key to better understanding a business’ customers and the market conditions. Types of dark data can range from internal data, like email correspondences and financial statements, to external data, such as customer profiles and information. By analysing these data sources, businesses can contextualise existing insights and generate new intelligence to inform their business models, strategies, and day-to-day operations. Therefore, dark data is crucial to decision-making.

The good news is that almost all companies will have an abundance of dark data because as the volume of data increases, so does the volume of dark data. However, many businesses have neglected dark data and its impact, so they are missing out on vital information and intelligence that could transform their business.

Tapping into dark data with emerging technologies

Harnessing dark data – by transforming it into coherent and structured data – can often seem overwhelming. This is where automation and emerging technologies come in by enabling businesses to accelerate the learning process. For example, a business can use AI to perform a repetitive task previously carried out by an employee, with that employee being moved to a part of the business where they can add additional value and increase the company’s ROI.

With access to dark data, companies can better understand their business, and anticipate, detect, and navigate costs. As a result, they will be more informed when it comes to making critical business decisions. For instance, a large European hotel chain analysed its internal dark data, in the form of Wi-Fi usage data, to identify and solve their customers’ issues regarding excessive waiting times to check in and out, as well as improving staff allocation across the hotel. Dark data helped the business to optimise its resources while improving their customer experience.[1]  Similarly, research by Accenture shows that dark data has helped insurance companies unlock valuable insights, increasing their profits by up to 21%.

Dark data offers the same business benefits for fintechs, allowing them to generate stronger analytics and potential business opportunities.

Business resilience in a post-COVID-19 world

For those approaching dark data for the first time, it is not too late to begin leveraging it. Dark data offers businesses of all sizes – from SMEs to multinationals – a means to remain competitive and profitable in the current international environment. In particular, there is a significant opportunity for hyper-growth companies since they will have built up vast amounts of dark data over a short space of time.

As we move in a 2021 post-COVID-19 world, all businesses will be striving for resilience. The difference between companies that sink or swim will be how closely aligned they are with market conditions and customer expectations.

Dark data is key to resilience. It is a golden opportunity for fintechs to make informed, data-led business decisions. So, by leveraging dark data as part of their organisation’s business model, CFOs can drive new business opportunities while providing their business with a significant edge over their competitors.

Technology

First of a kind Virtual Coffee Machine app with social meeting moments to support workforce wellbeing in a remote workplace

Published

on

First of a kind Virtual Coffee Machine app with social meeting moments to support workforce wellbeing in a remote workplace 1

Powell Software’s first in a series of wellbeing technology innovations help remote employees socially connect with colleagues and keep the workplace culture alive

As the third UK lockdown continues and many countries worldwide face severe restrictions, Powell Software, a global organisation creating digital solutions and tools for the digital workplace, has launched the first of its kind Virtual Coffee Machine, an application within Microsoft Teams to ensure employees stay better connected, positively engaged and take regular breaks while working from home.

With employee wellbeing at the top of the global workforce agenda for 2021, Powell’s Virtual Coffee Machine app positively connects employees through virtual chats to maintain a culture of togetherness, even when apart.

Replacing the absence of the in-person coffee catch up, HR can swiftly set up a Virtual Coffee Machine break within any Teams channel, encouraging employees to take regular short breaks while inspiring networking and socialising between colleagues.

Matthieu Silbermann, Chief Product Officer at Powell Software said: “The effects of the Pandemic have reshaped the Digital Workplace and research has found that three quarters of employers intend to shift some employees to remote work permanently. However, with one in five remote employees naming loneliness as their top complaint regarding work from home, reinforcing togetherness needs to be a top priority.”

Take a virtual coffee

HR can set up a Virtual Coffee Machine meeting within any Teams channel defining time, frequency and date, and number of people. The app then uses an algorithm that collects data from employees registered in Powell Teams, automatically comparing outlook calendars and generating meeting invites based on the criteria of the meeting. For example, if the Virtual Coffee Machine meeting criteria was set at a maximum of five people and ten people are available to join then two meeting invitations would be sent.

Virtual Coffee Machine consciously avoids one to one or full team meetings, focusing on creating intimate, short social breaks where employees can take time out to engage with colleagues in a positive digital space.  Colleagues can also ‘travel’ to differently located virtual offices across their organisation to meet colleagues for a coffee break in different virtual buildings.

Employees are unaware of who else will join the group until the event, to encourage different team members to meet, chat and get to know each other. The app automatically books an agenda and also suggests ice breakers like ‘what was the last film you saw or book’?

If a team member does not want to or cannot join a Virtual Coffee Meeting, they simply decline the meeting invitation.

Silbermann continues: “Powell Software is passionate about connecting employees to their organisation and to each other, ensuring that they have a positive and stimulating experience at work, every day. Remote workers need to be connected, they need to feel part of the company, the culture and feel able to socialise in the hybrid or remote workplace.

“Powell’s new Virtual Coffee Machine app is all about the employee. We all miss the little social moments at the office, whether they be at the coffee machine or the cold water fountain. Coffee Machine allows us to progressively see our workplaces positively come to life again in a virtual way, promoting connectivity, collaboration and employee wellbeing. It’s part of a bigger goal and series of initiatives to bring the virtual building to life.”

Continue Reading

Technology

Top 5 Ways To Lose Your Video Files

Published

on

Most Video Content Created in the Summer Months, Finds Veritas Research

There are lots of reasons why you can lose video files in your system or device. While some of these problems are avoidable, others are inevitable. Simply put, it is only a matter of time before the latter problems will be experienced. The major challenge is that most people don’t understand why their video files are either missing, damaged or deleted.

Are you amongst those mentioned above? Do you always ask why a video file can get lost, deleted or damaged? Don’t waste time to rack your brain on a such topic/matter. This is because you have come to the right place. This well-researched blog will provide you all the top reasons why you are losing your video files. Before thinking about which video recovery software to start using, it is recommended you know why files are getting lost in your system.

Power outage

This is a common problem that is responsible for loss of data. However, most people are yet to discover it. Have you ever noticed any situation whereby there is sudden power outage in your system? Simply put, your system suddenly shuts down. In such case, applications and other files (photos, videos, audios and doc) will be closed without any prior warning. The implication of this is that your video files are likely to get damaged.

Top 5 Ways To Lose Your Video Files 2

You may want to argue that systems come with batteries. Therefore, there will not be a problem of power shut down. This is not true in any way as power shut down can happen due to some reasons. It could even be that your system is malfunctioning. Even when your video files are not damaged through such incident, there is every chance that your hard drive will be adversely affected.

Faulty hard drive

If your hard drive is damaged due to one reason or another, there is every chance that your video files will be lost, damaged or deleted. Most of the cases related to data losses can be traced to malfunctioning hard drive. In case you don’t know, hard drives are very fragile. They can easily become faulty because of poor handling. If your hard drive crashes, it is recommended you find out what must have led to such problem. Trying to use a data recovery tool without knowing the root cause of the problem won’t do any good.

There are numerous factors responsible for a faulty hard drive. These could be hot system, frequent crashing, constant freezing, slow processing speed, booting up issues. The longer you ignore these problems; that is how your hard drive will be further damaged. This will in turn lead to loss of video files.

Human error

The truth is that as humans, we are always bound to make mistakes. These could sometimes prove very costly since they can bring about loss of video files. There are cases when important business files have been deleted mistakenly in the past. Human errors are very common. They can bring about formatting of hard drive, data loss and repair of system.

The only way to avoid this problem is to ensure you understand files to be deleted or retained. Most people don’t read messages displayed in dialogue boxes before clicking on “Delete” buttons. This is an easy way to delete important video files without knowing.

Computer viruses

Computer virus is one of the major reasons why people lose video files. Just as the digital world is becoming increasingly popular, viruses and malware are also waxing stronger. One of the most notable causes is when you begin to explore unsecured websites. It can also happen when corrupt files are downloaded and installed in your system.

When your system has been compromised by viruses and malware, there is a very high chance of losing vital files like doc, videos, audios and photos. You will try to open these files but they won’t respond. The best way to overcome this problem is using anti-virus software. This will help to monitor your browsing habit online.

Hard drive formatting

This happens to be another major cause of data loss. Most people format their hard drive without backing up vital files. In the end, these files are lost. Without the help of a paid or free recovery software, you may struggle to get back such data.

It is recommended that you backup important video files before initiating such a process. There are lots of ways to do this. For instance, you can use an external hard drive or even store such files online. This will save you the stress of spending unnecessarily on a data recovery software.

Final words

When it comes to losing your video files, there are lots of reasons which could be responsible for such problem. The tips shared above can help you to a great extent. All you have to do is ensure they are avoided.

 

This is a Sponsored Feature.

Continue Reading

Technology

BNP Paribas joins forces with Orange Business Services to deploy SD-WAN for 1,800 retail sites in France

Published

on

gbaf1news
  • Co-construction approach ensures business continuity during deployment

BNP Paribas has chosen Orange Business Services to deploy an SD-WAN solution in more than 1,800 bank branches across France. Focused on developing and integrating new digital solutions, BNP Paribas continues to provide the highest standards to improve user experience for customers and employees alike.

By integrating Flexible SD-WAN from Orange Business Services, BNP Paribas benefits from a modern and agile technological platform to accelerate its digital transformation. This enables quick and easy deployment of multiple services, such as dynamic routing and path selection, with scalability and flexibility. It also empowers administrators to monitor infrastructure performance and resolve potential network congestion through simple software modifications, thereby optimizing application performance. By deploying SD-WAN, BNP Paribas can take advantage of a fully secure hybrid network that is natively multi-cloud, multi-access and multi-application. The Bank will also benefit from optimized and centralized management and intelligent routing for its new infrastructure.

Close collaboration between business and IT for greater agility

From the start of the project, experts from Orange Business Services and BNP Paribas built the solution design together and prioritized the features to be deployed. More than 3,600 access lines—two per branch, including one Internet access line – are currently being rolled out with a focus on maintaining business continuity for each site during the migration. In addition to the SD-WAN overlay, firewalls for enhanced security are also part of this deployment.

“It was paramount for us to choose a partner who already had proven experience implementing and operating SD-WAN solutions. Orange Business Services stood out as this trusted partner. In addition to their IT expertise, the Orange teams demonstrated a great ability to understand our business challenges, and they knew what needed to be done to support our end-to-end digital transformation. This close collaboration between our teams from the very beginning of the project was one of the keys to its success and to a smooth roll out,” said Bernard Gavgani, Chief Information Officer at BNP Paribas Group.

“We are delighted to support BNP Paribas in their transformation program and deploy the first large-scale SD-WAN project in the retail banking industry for the French market. An indepth understanding of our customers’ business needs is essential to co-develop customized and innovative solutions. Orange Business Services will continue to accompany BNP Paribas’ central and local teams to learn and develop their SD-WAN skills,” said Nadine Foulon-Belkacémi, Executive Vice President, French Major Clients at Orange Business Services.

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

How can we benefit from mandated e-invoicing? 3 How can we benefit from mandated e-invoicing? 4
Business2 hours ago

How can we benefit from mandated e-invoicing?

By Mark Stephens, the CEO of Blackstar Capital Electronic invoicing is at a tipping point. On the one hand, only...

World Tourism Organization (UNWTO) and Sommet Education launch Hospitality Challenge Pitch 5 World Tourism Organization (UNWTO) and Sommet Education launch Hospitality Challenge Pitch 6
Events2 hours ago

World Tourism Organization (UNWTO) and Sommet Education launch Hospitality Challenge Pitch

World Tourism Organization (UNWTO) and Sommet Education launch Hospitality Challenge Pitch – a series of online discussions focusing on revealing some of the winners...

Is MiFID II still fit for purpose in a post-COVID financial landscape? 7 Is MiFID II still fit for purpose in a post-COVID financial landscape? 8
Finance5 hours ago

Is MiFID II still fit for purpose in a post-COVID financial landscape?

By Martin Taylor, Deputy CEO and co-founder at Content Guru January 2nd, 2021 was the third anniversary of the implementation...

First of a kind Virtual Coffee Machine app with social meeting moments to support workforce wellbeing in a remote workplace 9 First of a kind Virtual Coffee Machine app with social meeting moments to support workforce wellbeing in a remote workplace 10
Technology7 hours ago

First of a kind Virtual Coffee Machine app with social meeting moments to support workforce wellbeing in a remote workplace

Powell Software’s first in a series of wellbeing technology innovations help remote employees socially connect with colleagues and keep the...

Most Video Content Created in the Summer Months, Finds Veritas Research Most Video Content Created in the Summer Months, Finds Veritas Research
Technology8 hours ago

Top 5 Ways To Lose Your Video Files

There are lots of reasons why you can lose video files in your system or device. While some of these...

FSS and India Post Payments Bank AePS Partnership Advances Financial Inclusion in India 12 FSS and India Post Payments Bank AePS Partnership Advances Financial Inclusion in India 13
Finance3 days ago

FSS and India Post Payments Bank AePS Partnership Advances Financial Inclusion in India

New Delhi, January 12th,2020: FSS (Financial Software and Systems), a leading global payment processor and provider of integrated payment products,...

Seven lessons from 2020 14 Seven lessons from 2020 15
Top Stories3 days ago

Seven lessons from 2020

Rebeca Ehrnrooth, Equilibrium Capital and CEMS Alumni Association President   Attending a New Year’s luncheon on 31 December 2019, we...

Over a quarter of Brits now have an account with a digital-only bank 16 Over a quarter of Brits now have an account with a digital-only bank 17
Banking3 days ago

Over a quarter of Brits now have an account with a digital-only bank

The number of Brits with a digital-only bank account has gone up by a percentage increase of 16% Almost 1...

Fintech M&A: the terrible teens? Fintech M&A: the terrible teens?
Business4 days ago

How fintech companies can facilitate continued growth

By Jackson Lee, VP Corporate Development from Colt Data Centre Services The fintech industry is rapidly growing and, in the...

gbaf1news gbaf1news
Technology4 days ago

BNP Paribas joins forces with Orange Business Services to deploy SD-WAN for 1,800 retail sites in France

Co-construction approach ensures business continuity during deployment BNP Paribas has chosen Orange Business Services to deploy an SD-WAN solution in...

Newsletters with Secrets & Analysis. Subscribe Now