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How financial services can navigate social media in the time of COVID-19

How financial services can navigate social media in the time of COVID-19

By Rachael Samuels at Sprout Social.

COVID-19 has changed almost everything we once considered regular, and the way we use social media is no exception. Consumers and brands have changed both how digital platforms are used and when people are using them. From a brand perspective, the best times to post on social media and interact with consumers have also changed, especially for financial services businesses, who are relying on digital communication with their customers now more than ever.

Research from social media management platform Sprout Social, which used data science to pull trends from its customer base of 20,000+ to understand when the best times to post on social media are, found that the best times to post have indeed changed, as people’s daily financial operations, from consumer banking to business investments, have shifted to be primarily online. In fact, social media behaviours, and therefore the best times to post, have changed more significantly in the past few weeks than they did from 2019 to 2020.

The best times for financial organisations to post on social media varies depending on the platform, this is broken down as follows.

The platform for business engagement – LinkedIn

Rachael Samuels

Rachael Samuels

For financial firms using LinkedIn for business, it may be a saving grace that engagement levels on the platform have remained largely similar. This is most likely due to the fact that it is a professional network, so its usage was generally oriented around the working day. That said, the best times to post have shifted slightly. Previously the peak times were on Wednesday from 8–10am and noon, Thursday at 9am and 1–2pm, and Friday at 9am. Now, the best times to post on LinkedIn are Wednesday at 3pm, Thursday at 9–10am and Friday from 11am-noon.

Many people have found that their working hours have changed slightly as they have adjusted to remote working which has cut commutes and therefore also cut browsing time on the commute, as well as juggling additional factors such as child care. This change is reflected in LinkedIn activity where we have seen that the hours of regular weekday engagement now start and end a little later, starting at 8am rather than 7am and ending at 4pm rather than 3pm. with activity starting up at 8am rather than 7am and wrapping up around 4pm rather than 3pm.

The social platform – Facebook

Previously the best time to post on Facebook was on Wednesday overall with the peak from 11am to 2pm. Now, weekdays in general show the highest engagement with Monday, Wednesday, and Friday from 10-11am as the optimum time. Indeed, 11am every day is a peak compared to the rest of the day. Financial services organisations should be aware that the lowest level of engagement occurs every day after 5pm, especially on weekdays when remote workers may find the demands on them increase after the end of the working day.

The opinion platform – Twitter

Over the course of the pandemic Twitter has continued to act as a source for up to date financial and banking news and information. As a result, there hasn’t been a significant change to the best time to post on Twitter as engagement has remained consistently high. Previously the peak was on Wednesday and Friday at 9am, now the best time to post on Twitter is on Friday from 7-9am with 9am still showing as the peak.

The visual platform – Instagram

The platform that has seen the most change in terms of engagement is Instagram. Previously the best times to post on Instagram were on Wednesday at 11am and Friday from 10am–11am, now, the peak is more evenly spread across weekdays within working hours. The peak now falls on Monday, Tuesday, and Friday at 11am and Tuesday at 2pm.

Financial firms engaged with high levels of consumer interactions may want to take note that activity on weekdays tends to decrease after 6pm, in contrast to previously where there was generally consistent engagement throughout the day. The biggest change in terms of Instagram engagement is that weekends are now significantly more active, especially from 9am-5pm – which may be a new opportunity for financial firms and consumer banks. This is very different to before when Sunday was considered the worst day to post.

This change may be reflective of that fact that because our lives are now carried out within our homes our weekends look significantly different to before where we may have been out visiting friends, shopping, going to museums and various other activities. Now that we are inside, our phones, and by extension Instagram, have taken on a larger entertaining role, so this could be a great time for financial services organisations to target new consumers.

Even as the world transitions out of pandemic lockdowns, the COVID-19 crisis will mean that financial operations will increasingly go online – both for businesses and consumers. As financial services continue to utilise social media to connect with audiences more, understanding when they’re most engaged – and how that’s changing – is more important than ever before.

Technology

How sustainable AI improves the triple bottom line

How sustainable AI improves the triple bottom line 1

An investment in green AI enables financial services firms to align people, profit, and planet

By Nick Dale, EVP business development, Verne Global

Green investing is widely regarded as a mega trend, with chief executive Larry Fink of BlackRock, the world’s largest money manager, stating, “Climate change has become a defining factor in companies’ long-term prospects … awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance.”

The recent seismic shift in public opinion about climate change has not only increased attention on the sustainability and societal impact of investing in a company, it’s also influencing the decisions being made in finance industry boardrooms overall, whether that’s implementing innovative business models or adopting new partnerships and technologies. However, as business leaders strive to make green choices, many are unaware of the hidden environmental costs of the technologies they are employing.

AI in the finance industry

The use of AI has become ubiquitous across industry sectors, and is now an integral part of the technologies being used in financial services, from optimising asset portfolios and underwriting loans to assessing risks.

AI is especially beneficial for things like quantitative trading, which uses large data sets to identify patterns that can then inform strategic trades. AI’s machine learning models can analyse vast and complex data and make predictions accordingly. But AI models are not only data-hungry, they are power hungry.

Power-hungry AI

Supercomputers train and test mountains of data for AI models, and can run 24-hours a day, for hours, days, or even weeks. These applications consume huge amounts of energy, and as AI technology continues to grow and develop, the computations behind it are also increasing in size and complexity. The carbon emissions from training a single AI model for language translation is roughly equivalent to 125 round-trip flights from New York to Beijing (AI Now 2019 Report).

The carbon cost of AI becomes even higher when you factor in the energy required to keep the computing equipment housed in data centres cool – overheating can impact performance and damage equipment. As a result, in a conventional data centre, at least 40% of all energy consumed goes towards cooling.

But sustainable AI is possible if financial services organisations take positive steps to minimise its environmental impact.

Minimising AI’s carbon footprint

Location, location, location

Many tech giants are committing to reducing their carbon footprint, with Amazon pledging to reach 80% renewable energy by 2024, and Google investing in data centres in Nordic countries specifically for better energy efficiency.

Nick Dale

Nick Dale

This is because in the Nordics, data centres are largely powered by renewable energy sources. Iceland, in particular, uses 100% renewable hydroelectric and geothermal power – with no nuclear power sources – and is connected to a reliable power grid. These renewable energy sources are much less harmful to the environment because, unlike fossil fuels, they don’t cause pollution and don’t generate greenhouse gases. Not to mention, renewable energy is based on natural resources that can be replenished within an average human lifetime, as compared to fossil fuels, which can take thousands—or even millions—of years to replace.

Over 80% of compute doesn’t need to be near the end-user, and in those situations, choosing data centre locations in cool climates has a significant impact on carbon emissions. AI compute can be located in places like Iceland, which can utilise all-year-round, free cooling due to its temperate climate.

Data centres that are located in hot climates, like Arizona in the US, require high-powered cooling systems in operation around the clock. With average high temperatures of 40° Celsius in the summer, these data centres can use up to 4 million gallons of water a day to absorb heat through evaporation into cooling towers. Consequently, when location doesn’t hamper performance or accessibility, housing AI compute in data centres with natural cooling is a no-brainer.

Energy efficient and cost-effective

Many in the financial sector have traditionally viewed sustainability as a trade-off between profit and planet, but when it comes to green AI, financial services firms can have it both ways. By housing the servers that train AI models in data centres powered by renewable energy sources, businesses can substantially reduce energy expenses and benefit from long-term, fixed pricing.

And when renewable energy sources are combined with year-round, cool climates, the energy demands and costs of AI can be dramatically reduced. AI is here to stay, but by making the right choices, companies in the finance sector can still drive profitability whilst making real and measurable progress on sustainability.

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Technology

Survey of IT decision makers exposes the increased pressures IT organisations face amidst covid-19

Survey of IT decision makers exposes the increased pressures IT organisations face amidst covid-19 2

Independent Survey Uncovers the Limitations Traditional IT Infrastructure Imposes, Exacerbated by a Remote Workforce

Nebulon, Inc.®, the pioneer of Cloud-Defined Storage, released today the results of an independent survey completed by IT decision makers at 500 companies in the IT, financial services, manufacturing, retail, distribution and transport industries across the UK, US, Germany and France. Conducted in June of this year, the survey exposes the biggest challenges enterprises face in transforming their on-premises application storage environments, which have only been exacerbated during this COVID-19 era. While IT organisations cite multiple restrictions, the survey reveals limited infrastructure automation and high CAPEX as the most significant challenges for those deploying enterprise storage array technology, forcing them to re-examine IT spending and operations even more so than usual amidst the pandemic.

While increasing automation and reducing costs may seem like mainstream initiatives for any large organisation, the pandemic and resulting workforce restrictions mandate significant progress in days or weeks, versus months or quarters. The results of the survey, undertaken by Vanson Bourne, further reinforce this as respondents also highlighted their on-premises application storage environments are difficult to maintain, and reveal that they lacked the in-house expertise necessary to manage them. Even more disconcerting, respondents indicate that their traditional external storage arrays are not suited to handle new workloads, including containers and NoSQL databases. This is unsurprising as modern workloads have been architected for local versus shared storage resources.

British IT decision makers specifically ranked “expensive” highest, with 57% making this one of their top three challenges, followed by “time consuming to maintain” (50%) and “difficult to automate at scale” (49%). Respondents from smaller organisations (1,000-2,999 employees) were more likely to mark “lack of in-house expertise” highly compared to larger organisations (3,000+employees) (59% compared to 31%) while these larger companies were more likely to consider cost a top challenge (61% compared to 35%).

“The impact of the pandemic is forcing CIOs worldwide to reconsider their operations,” said Siamak Nazari, Co-Founder and CEO of Nebulon, Inc. “Reducing costs through server-based storage alternatives without the restrictions of hyperconverged infrastructure, and reducing operating cost pressure through cloud-based management of the application storage infrastructure are crucial initiatives for IT organisations looking to survive this new normal.”

For companies with a growing class of mission-critical data that cannot or should not move to the public cloud, Cloud-Defined Storage is an alternative to expensive storage arrays, offering enterprises a cloud-managed, server-based approach for mission-critical storage. By combining a cloud-based control plane, called Nebulon ON, with server-based storage that is powered by the Nebulon Services Processing Unit (SPU), Nebulon enables organisations to reduce cost for enterprise storage by up to half without compromising on enterprise data services. This is made possible by Nebulon’s unique architecture that makes use of commodity SSDs in industry standard servers, Ethernet in favour of Fibre Channel, and by eliminating operational complexities by moving management to Nebulon ON with an as-a-service model.

Nebulon ON uses AI to analyse application workloads during operations, provides actionable recommendations for IT organisations and provides a single API endpoint that greatly streamlines automation at-scale. Customisable application templates, tailored for customer’s application clusters, eliminate the guesswork in configuring infrastructure and produce repeatable, reliable infrastructure services for modern, mission-critical workloads. With the architectural and operational simplicity of Cloud-Defined Storage, application owners gain a self-service infrastructure provisioning that is unmatched with existing on-premises storage solutions.

“IT organisations have been seeking a cost-effective alternative to external storage arrays for years,” said Nazari. “With our Cloud-Defined Storage offering, they finally have the opportunity to reduce costs while also deploying a self-service solution for application owners that also reduces the operational burden.”

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Technology

Are you ‘prescribing’ the right security solution to your merchants?

Are you ‘prescribing’ the right security solution to your merchants? 3

By Sandra Higgins, Chief Marketing Officer at Sysnet Global Solutions, draws parallels between taking multivitamins for the body to keeping small businesses ‘healthy’ using an all-in-one security solution

When it comes to leading a healthy lifestyle, eating the right food, taking regular exercise, and maintaining a positive mindset are key. However, despite these best intentions and practices, you still might not get all the nutrients your body needs to ensure it is working as effectively as possible. To combat this, a doctor might suggest taking a daily multivitamin as an insurance policy, to guarantee the body gets all the minerals and vitamins it needs, avoiding any shortfalls. Makes sense, right?

This same logic can be applied to businesses and the importance of cybersecurity and compliance solutions, especially in the current climate and the risks associated with remote working. Like a doctor prescribing a multivitamin to help their patients’ minds and bodies function effectively, in the same way, acquirers can offer security ‘prescriptions’ to help merchants keep on top of business health. The prescription is then deployed by a security software provider, much like a pharmacy would, dispensing the multivitamin of data security services and tools to help keep businesses in good health.

Just what the doctor ordered

With a wide variety of data security and compliance solutions available, like the streams of vitamins you see on pharmacy shelves, smaller businesses can often become overwhelmed by the sheer volume of available tools and may forego sourcing their business ‘medication’ altogether.

Taking the stress out of trying to understand what the business needs, it’s an acquirer’s responsibility to prescribe one solution that allows merchants to stay security fit and prevents them from becoming overwhelmed at the choice available. That way, merchants don’t end up buying the wrong solutions or supplementary add-ons at additional cost, that they don’t actually need.

The benefits of an all-in-one solution

Like with medicine, merchants need to know the long-term benefits of prescriptions before administering it, and with an all-in-one solution, the benefits are vast. In addition to easy compliance with payments standards such as PCI DSS and access to security tools that are appropriate to business set-up, other benefits of all-in-one security solutions include;

  1. Increased energy levels. With business security taken care of, business owners will have more time to focus on what matters, giving them more energy to run other areas of the business.
  2. Reduced fatigue. If a business has to work hard to manage its security levels, or its owner is losing sleep over not managing it at all, resulting in overdrive just to perform simple tasks, being compliant with regulations, like the PCI DSS standard, becomes much harder.
  3. Long-term healthy lifestyle. By taking an all-in-one security solution, businesses will become ‘compliance and security fit’. Everything will run more efficiently, without security issues slowing things down and preventing a business from moving forward.
  4. Improved mood. Certain studies have shown that a daily multivitamin has positive effects on a person’s mood and emotional well-being. Not having to think so much about security and compliance lifts a burden and has the same effect – business owner don’t feel guilty about not paying it enough attention and there’s no need to worry about breaches or facing fees from not being PCI compliant.
  5. Reduced stress and anxiety. Similar to having an improved mood, by simply attending to security matters, businesses will have one less thing to worry about.

Strength in numbers

Not only is there a multitude of long-term benefits attached to having a fully managed data security solution prescribed by acquirers, allowing businesses to be faster, simpler and more profitable, it also means that costs are kept low. Many people buy vitamins in bulk to help share the cost with family or close friends. By buying security tools at scale, costs are kept down for merchants. This means that when a business is weighing up their budgets, they can be sure their compliance and security cost is entirely affordable.

When buying a multivitamin, customers will likely buy from a reputable brand so that you can rely on the quality and effectiveness of the daily dose, as reputable multivitamin providers undergo meticulous analysis and rigorous quality controls during the manufacturing process. In the same vein, humans wouldn’t want a substandard multivitamin for their own body, so businesses wouldn’t expect this from an acquirer’s prescription.

Easy to consume

Multivitamins can provide patients with numerous health benefits but the biggest benefit of all is having these solutions in one place. It makes it easier to ensure the body gets all it needs to stay healthy. It is the same thing for businesses. Taking a security ‘multivitamin’ will greatly take the stress out of addressing compliance and security, and provide a business with more time to focus on other pressing tasks.  If small businesses, in particular, can get into the habit of taking a regular multivitamin, a straightforward all-in-one solution, to address compliance and security at their business, they will be more open to trying other things too that may lead to an evolution of the business.

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