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FIVE HOT TOPICS FOR MONEY20/20 EUROPE

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Paul Thomas is Managing Director of risk analytics and decisioning solutions provider Provenir

Money20/20 comes to Europe next month, providing the perfect platform for industry players and commentators to discuss developments, issues and challenges in the world of financial services and payments. It promises to be an exciting few days of debate, information exchange and networking.

As always, in this fast-paced and ever-changing industry, there will be much to talk about. The rate at which services and solutions supported by financial technology are being developed shows no sign of slowing down. Meeting the demands of regulation more effectively and efficiently dominate many agendas, as do the challenges of rising customer expectations and increasing levels of competition.

Five hot topics that I expect to hear about during the course of the event span the diverse areas of mobile payments, credit risk analytics, digitisation, vendor collaboration and small business lending.

  1. Taking the friction out of mobile payments

Online spending is on the rise and mobile commerce is contributing an increasing proportion of revenue. However, online shopping cart abandonment continues to be a problem for retailers and merchants with 66 per cent of laptop shoppers leaving without checking out and as many as 82 per cent using smartphones. Long, difficult online checkout processes contribute to factors that cause shoppers to abandon their purchases.

This is particularly the case for mobile users. What may pass as acceptable to the home-PC shopper doesn’t always work for the mobile shopper. This includes the most basic, until recent times fundamental, need to input payment information. Mobile shoppers don’t want to draw attention to themselves by taking out their credit cards in public. The raft of personal and payment details required by the online checkout process is a considerable obstacle for these customers.

Technology solutions can reduce the hassle of online transactions, particularly on mobile. Swedish e-commerce company Klarna, recognising that the lengthy tapping-in of information and revealing of sensitive credit card details is a significant barrier, takes friction out of the online buying process by separating the buying from the paying. Klarna makes a rapid risk decision on every transaction so shoppers need input only basic personal information – no credit card numbers – and can choose to make payment after goods have been received, creating a better customer experience. Through the Klarna partnership, merchants experience a 20 to 30 per cent increase in conversion rates.

  1. Expanding credit risk analytics

In today’s digital age, would-be borrowers generate huge quantities of behavioural and lifestyle data online all the time. This includes interactions through social media. The amount and type of data out there has changed, and the way it is shared has fundamentally altered.

Such data can provide indicators of creditworthiness and ability to repay that is useful to credit risk scorers. As complementary data sources to established resources, these can provide a possible alternative route to a credit decision.

Innovations in data analytics look to keep pace with the changing spectrum of customer data. For credit and lending, this can be instrumental in providing credit risk analytics that can dynamically tap resources to provide access to an enlarged data bank. Through advanced analytics that can make unstructured data useable, such output can help credit and loan providers serve the underbanked who may have struggled to secure funding in the past.

  1. The digital transformation trend

Across industries businesses are working to digitise. Isolated, manual, paper-based processes are limiting to all businesses. They are slow, error-prone, restrict action to one department at a time and are difficult to scale.

Customers won’t wait days for a credit or loan decision anymore. They expect rapid decisions, instant transactions and quick turnaround of requests. In short, they expect a near real-time experience.

This is unachievable for financial institutions tied-up by complex, resource-intensive processes. Manual processes and silos in the work stream are still common place and continue to be obstacles to the fast and efficient sharing of information.

Changing the situation to meet customer demands and be nimble enough to adapt in an ever-changing regulatory environment, requires a digital transformation of systems and processes. It’s a far-reaching, challenging exercise but through it, automation can increase productivity, reduce costs and improve customer service.

Information held and processed digitally provides greater traceability through a real-time status view across business functions. Not only does this improve operational efficiency, scalability and business insight but also helps with regulatory compliance.

  1. A wave of collaboration

Customer-centric businesses recognise that focusing on the core business of serving customers is central to success. There is a finite level of return from the proprietary development of internal technology. Through successful collaboration with technology partners, financial institutions can upgrade back-office systems and processes to best-of-breed solutions to match the digital customer-facing services they provide. Through such an association they can secure scalability and the flexibility to upgrade work flows across product sets.

Fintech provides exciting opportunities for financial institutions faced with expensive, resource-intensive regulatory and risk management obligations. Through collaboration with technology partners, enterprises can cut through patchworks of legacy systems, business process silos and labour-intensive manual processes.

Success in a vendor partnership lies in its ability to fulfil integration needs – to seamlessly integrate risk analytics and decisioning solutions with data sources and customer relationship management tools, and a single solution to meet the needs of all business lines.

  1. Bridging the SME lending gap

Small businesses, especially start-ups lacking a credit history, can struggle to secure funding from traditional lenders. It can be hard to assess the level of risk they carry and loan amounts tend to be smaller. For lenders, who have to satisfy internal safeguards and external regulatory mandates, the effort can outweigh the reward.

Plugging the gap, we see services built around technology solutions. Innovators working with the latest technology can build solutions specific to particular finance needs. They are unencumbered by legacy infrastructure and the ongoing need to support a wide ranging product set and customer base. Resulting innovations have been used to good effect, underpinning services such as peer-to-peer lending and e-commerce solutions. They have created an alternative, viable option for SME financing.

Through financial technology, traditional lenders can similarly deliver solutions that enable them to compete in their established markets, as well as helping to improve their own processes. Cloud-based software services free up institutions from building and maintaining everything themselves. Sourced from specialised solutions providers, they can support not only the processes that underpin credit and lending, but also the entire credit lifecycle.

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

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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.”

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Top 5 Ways To Lose Your Video Files

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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.

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

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  • 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.

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