Global Banking & Finance Review Issue 47 - Business & Finance Magazine

Five critical factors for banks’ climate risk management

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To deliver an ESG strategy, a company must build an ESG culture

The key for cost-cutting and sustainability goals

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editor FROM THE

Dear Readers’

I am pleased to present Issue 47 of Global Banking & Finance Review. For those of you that are reading us for the first time, welcome.

This issue is filled with exclusive insights from financial leaders across the globe. Climate Risk Management, ESG and Sustainability are on the minds of business leaders everywhere.

In this issue Richard Bennett, CEO of Razor Risk discusses the five critical factors for banks’ climate risk management. (Page 38)

Shibu Nambiar, COO, Europe, Africa, and the UK at Genpact explains that to make sustainability sustainable and deliver a successful ESG strategy, businesses must first build an ESG culture. (Page 20)

Don’t miss, the insights from Jonathan Rothwell, CEO & Co-Founder D55 where he explains how the cloud is key for cost-cutting and sustainability goals 32.

We strive to capture the breaking news about the world's economy, financial events, and banking game changers from prominent leaders in the industry and public viewpoints with an intention to serve a holistic outlook. We have gone that extra mile to ensure we give you the best from the world of finance.

Send me your thoughts on how I can continue to improve and what you’d like to see in the future.

Enjoy!

Wanda Rich Editor

Stay

14

The future of digital banking and the growth of cheaper, faster and better services online Jeff Parker Managing Director International at Marqet

08

System Integration is key to successful mergers and acquisitions Nathan Shinn Founder and CSO BillingPlatform

To deliver an ESG strategy, a company must build an ESG culture

Should businesses use ChatGPT for content marketing?

12

A holistic future – How can the pensions sector keep pace with widespread digitisation whilst serving the client’s needs

Chris Corfield VP, Banks & Non-Bank Financial Institutions at Crown Agents Bank

Top Financial Practice Trends in Store for 2023

Travis Forman Portfolio Manager at Strategic Private Wealth Counsel –Harbourfront Wealth Management

16 How biometrics provides retailers security, trust and competitive advantage

Interview with Aida Hosseini –Global Marketing Manager Fingerprints

Cloud is key for cost-cutting and sustainability goals

Jonathan Rothwell CEO & Co-Founder at D55

6 Fintech Trends to Embrace in 2023

Ankur Rawat Director, Products and Solutions, Banking and Financial Services Newgen Software

Lissele Pratt Co-Founder at

Why Banking & Financial Services Organizations Must Prioritize Domain Security

Richard Cahill Regional Leader at CSC Digital Brand Services

BVSC HONORABLY NAMED TO BE IN THE TOP 100 VIETNAMESE SUSTAINABLE ENTERPRISES 2022 AND EXCELLENCE IN INNOVATIONNEW TRADING SYSTEM VIETNAM 2022

Read about it on page 22

System Integration is key to successful mergers and acquisitions

Since 2010, over 500,000 mergers and acquisitions (M&A) have been completed globally – and that number keeps growing. According to a survey from KPMG , global mergers and acquisition activity in 2021 even surpassed pre-pandemic levels, nearly meeting the peaks of activity from 2007 and 2015.

As a growing business tool in today’s economy, M&As can function as an essential method for corporate development. With the number of M&As predicted to climb over the upcoming years, a multitude of businesses are searching for ways to improve their M&A capabilities.

The benefits M&As can provide businesses are endless, offering more products and services, and greater financial strength and economic power, leading to a higher market share and reduced competitive threat. They contribute to developing new social and economic environments that can help companies expand into new markets. However, whilst M&As offer a range of benefits, the challenges they produce are important to take note of.

The main challenge

A primary reason as to why M&As can collapse is the failure of establishing a solid IT integration strategy. IT is the main challenge during a merger as each company has its own data and processes, therefore conjoining two businesses and combining or replacing methods of operations, information and technologies is a time consuming and difficult process. Thorough planning for system integration in advance is vital for a smooth transition, from reducing the threats of interruption to guaranteeing continued data integrity.

Data integration is vital, allowing businesses to address the significant data difficulties that can be encountered post-transaction and gain maximum value from the deal. Each business maintains private, confidential and important information which ranges from customer account history, to prior billing and invoicing information, which must be integrated if the newly established firm aims to uphold their reputation and provide clients with assured quality service.

The absence of an appropriate data integration strategy can result in the inability to be proactive, restricting the ability to respond to opportunities in a timely manner. Firms risk tainting the quality of service that their customers have come to expect, which could result in a loss of business and profits. In addition, an ineffective cost structure post-merger or acquisition could make achieving the synergies anticipated from the initial deal a challenge, costing revenue and failing to produce the outcomes originally guaranteed or forecasted to board members and shareholders.

To efficiently and effectively merge data from two companies, such as customer billing and invoicing information, businesses need to obtain tools which can manage the extraction and loading of data into a solution of choice. They require solutions that possess the capability to collect, deduplicate, consolidate, convert and route the information, matching records where possible and creating new accounts where necessary.

However, organisations often forget that bringing in a multitude of new platforms and technologies, or relying on legacy solutions, to merge customer data have their own set of complications. Instead, firms should search for a single solution they can implement, which can be easily integrated and run existing processes, from data extraction to creating new accounts.

Finding a simple solution

Proactive businesses are solving this issue by prioritising cloud-native solutions which not only reduce time to market and costs, but offer scalable and flexible solutions capable of consolidating disparate and legacy systems into a single, automated platform to store all customer-related activities. Supporting practically any business model, they offer tools which ensure continuous delivery and improve customer experience.

By being able to identify cloud solutions that support M&As better, the acquiring or newly established firms can constructively bring data together from separate organisations without having to overload the process with numerous technologies, or depend on outdated and inefficient platforms. Cloud solutions can accelerate the integration process without harming the customer experience, or the merger and acquisition benefits from the second the transition takes place.

As more firms begin to develop and evolve, the business sector continues to grow competitive. M&As are rapidly becoming a significant mechanism for businesses striving to consolidate and expand their positions in current and new markets. Although M&As can provide multiple benefits, their challenges, including data integration, must not be overlooked. Should they be neglected, firms risk hindering the benefits of an M&A.

Poorly handled and unorganised system integration between merging companies can jeopardise business goals. By implementing cloud-based solutions to collate, consolidate and manage all data in one place, businesses can ensure that their merger or acquisition deals are a success while maintaining their reputation and customer satisfaction too.

Nathan Shinn Founder and CSO BillingPlatform

A holistic future - How can the pensions sector keep pace with widespread digitisation whilst serving the client’s needs

In the UK, around 54% of adults aged 75 years and over are internet users — a number which has nearly doubled since 2013. As a result, it’s becoming increasingly common for pensioners to have access to timesaving, seamless, tech to manage their pensions and finances. But while the world is forging into the future and embracing digitisation, those without access or ability to go digital, cannot be forgotten. The global pensions sector faces a unique balancing act; where some of its client pool are, if not borndigital are certainly digital-resident, and others in markets with increasingly ageing populations or limited digital infrastructure where traditional processes and approaches are expected and demanded.

Embracing digitisation

There is clear evidence of the benefits of embracing digital technologies for businesses, including improved customer experience and efficiency, but it needs to be balanced with the differing needs of an ever-evolving client base. For the pensions sector, embracing tech and implementing digital enhancements is a must for those members that demand an improved pensions management experience. However, this needs to be complemented with the traditional, often paper-based, process for those members who have not yet or will never embrace the online offering due to age, location or socio-cultural differences.

To stay relevant to all its clients, the pensions sector needs to embrace a multitrack approach; one where it provides the best online self-service options possible alongside more traditional manual management processes for members. Efficient and reliable digital proof-of-life solutions and chat functions via mobile applications or the web need to sit side by side with well-staffed phone lines and deskbased paperwork.

The long-term benefits of digitisation

In an industry where user needs diversify frequently, embracing digitisation can have a variety of benefits for the pensions sector, such as:

• Improving overall customer experience – using digital technologies transforms the overall customer experience. For international pensioners, or those who hold pensions in multiple countries, digitisation makes it easier for them to access and manage their funds more easily.

• Providing data-driven insights –going digital gives pensions funds and their members access to metrics and data, often in real-time, which can then be used to enable increased self-sufficiency.

• Increasing optionality and agility

– the use of digital technologies provides the pensions sector with the flexibility and agility it needs to keep pace with ever changing customer demands.

Providing a holistic approach

It’s undeniable that embracing technology has myriad benefits for both pension providers and partners and the retirees they serve. However, given that a vast number of people who require access to these services are yet to become digital-native –and the move towards embracing digitisation is set to be gradual as people slowly become more comfortable with digital solutions –a holistic approach is required.

Digital gaps do exist, with varying access to services dependent on the country a pensioner resides in, a range of social and economic factors, and a stark number of pension-age consumers still reluctant or unable to use digital technologies. As such, pension providers must give their clients options as to how they want to manage and access their funds. Indeed, many pensioners will be happy to embrace digitisation, but this may take time. Equally, pensioners who live abroad may not have access to the same level or type of service as pensioners who remain in their native countries, such as access to customer service phone lines or the ability to visit providers in-branch.

To ensure no one is left behind, and provide a holistic approach which serves those who prefer traditional services and those who live abroad, pension providers need to offer both traditional and digital-native services in an intuitive manner. It’s not just about offering the latest technology, it’s about meeting people where they live, in the way they need and want to be served. For example, offering a telephone service as well as online chat functions, and offering traditional proof of life solutions as opposed to just biometric solutions.

Fundamentally, it’s about giving clients the opportunity to select the type of service that’s right for them and building a global, connected, pensions sector that serves their needs.

Chris Corfield VP, Banks & Non-Bank Financial Institutions Crown Agents Bank

The future of digital banking and the growth of cheaper, faster and better services online

For the new breed of challenger banks, and those existing banks looking to get ahead, digital banking is a key strategy in the race to increase customer engagement and extend lifetime value.

After a surge in adoption post-COVID, mobile wallets and contactless payments have held firm as the goto consumer payment option, and are increasingly becoming available everywhere. In Marqeta’s 2022 State of Consumer Money Movement report from May 2022, 75% of people surveyed globally cited that they have used a mobile wallet – a virtual wallet that stores payments information on a mobile device – in the last 12 months.

Digital options for banking have changed how consumers want to view and manage their money. Customers have moved away from wanting a physical in-branch experience, instead demanding online digital user-friendly tools that allow them to control finances quickly in real time and with few human interactions. This is especially true for millennial and Gen Z digitally native generations, who have grown up online and generally expect to handle things online, from deposits, to mobile transfers, to payments, to applying for loans and even personalised money management services.

This has made it even more important for organisations to fully embrace digital channels. As a result, fintech and big banks have continued to evolve digital banking throughout 2022, improving everything from overall online experiences, to the increased use of customer service chatbots, mobile wallets and other new features on mobile banking apps.

As we look to the future of digital banking in 2023, we are likely to see an increase in more cost-effective, faster and better digital services and as a result, more reliance on real time data to provide deeper customer insights and personalised banking options.

Big banks wave goodbye to legacy platforms

In the current environment there is an increasing consumer desire for fast, flexible, and tailored support from banks. As a result, consumers are seeking newer digital options. Marqeta’s 2022 State of Consumer Money Movement Report found that less than half (46% ) of consumers surveyed globally said they used cash on a weekly basis. The use of cash is expected to decline significantly across the globe with cash as a POS payment method expected to reduce from 26% to 17% in Europe between 2021 & 2025.

Leading fintech firms have learnt from this, and are aiming to eradicate friction from customer experiences by using an increasingly digital self service approach that ensures a more positive experience for card holders.

Now, the pressure is on traditional banks to do the same and over the last few years, we have seen digital options becoming increasingly available from these institutions. For example, the amount of online and mobile transactions NatWest processed grew by over 200% between 2010-2015 . The bank has also been developing its own chatbot, Cora, and, as of 2021, it announced that Cora’s usage grew 58% year on year, with over 40% of interactions completed without human intervention.

This trend is likely to continue into 2023 as consumers become accustomed to cheaper, faster, and better services online. So, the question is now going to be: how do the bigger banks, which have historically struggled to build these capabilities due to the size and variety of services they need to offer and their reliance on existing legacy platforms, keep up with the pace of smaller, more nimble, tech savvy fintech’s?

Overcoming this requires a move away from large, cross channel tech transformation projects, and towards banks relying on the capabilities provided by external tech providers that can provision better services via multiple channels, specifically digital.

It's likely that the traditional banks will increasingly look to new digital services, such as modern card issuing platforms, where customers and banks can get access to resources, such as transaction activities in real time. This enables them to access deep customer insights to inform new digital products and services and launch new features quicker, meaning more innovation for their customers.

It IS personal

As financial services are conducted in a face-to-face environment less and less, digital offerings need to find new ways to improve user experience (UX). In 2022, this has often been through increased personalisation, which can be something as simple as customising apps by being able to hide things from the home screen.

The next step for digital challengers who are displaying customers data effectively is beginning to use this data to tailor experiences and meet the individual needs of customers by improving knowledge of what customers want. It’s all well and good using customer data for things like spending pots, but organisations need to go beyond this by setting things like customer’s personalised spending goals and tailoring offers, loyalty, and credit. Following up with how customers have leveraged this personalised offering to their benefits would create a closed loop and demonstrate enhanced value to customers.

Banks using this knowledge to improve customer experiences is already happening in some places, but it will become much more common beyond 2022. As the UK faces a challenging macro environment and a cost of living crisis, digital technologies will need to also provide individuals with personalised notifications and allow for practises such as customised daily spending limits.

Customers understandably, are demanding more from their digital offerings, and once they are provided with personalised goals by some companies, they may expect the same everywhere. So, as the services offered are increasingly streamlined and clear, financial institutions need to extend their offering to provide advice and goals to customers.

Will Digital Banking Be The New Netflix?

I believe the goal-based, hyperpersonalised digital banking we are likely to see in the future will be similar to other digital, consumer platforms, such as something like Netflix.

For example, if you're scanning for shows to watch on Netflix, the algorithm is designed to show a variety of options that are recommended to that particular viewer. If the banking industry puts the Netflix paradigm into a banking app with the right UX, customers could then receive useful updates, such as ‘58 people in a similar circumstance to you did this’, or provide you with tailored offerings based on your spending behaviour and geo location. The opportunities are endless.

Receiving banking data around what other people in a similar position have done is useful to consumers and highlights the benefits of open banking, which allows third-party providers of financial services to access relevant financial information from consumers, with their express

permission. Recent research by The Economist revealed that in retail banks, open banking and digital banking are becoming the key strategic priorities globally.

Open banking has given organisations a way to gain customer consent to securely access and then interpret the right financial data. This is likely to increase in the future as data continues to be democratised and financial institutions are likely to use this rich, real-time data to understand customers like never before. For example, to offer the right support at the right time through personalised products and services including money management tools.

Digital technologies and open banking are the means, but it’s important to remember that the end goal is seamless digital services that add value to the daily lives of customers keeping them engaged and happy. We have seen digital banking offerings improve in both traditional and challenger banks, and as we move further into 2023, we can expect to see the growth of fast, flexible, and tailored support for customers through digital banking.

Jeff Parker Managing Director International Marqeta

How biometrics provides retailers security, trust and competitive advantage

In this interview, Aida Hosseini, Global Marketing Manager at Fingerprints shares her insights into the landscape of retail card issuers, and how they can differentiate their card portfolios

1. How do retail brands influence consumer’s payment choices?

It’s all part of the consumer’s decision-making process. From the goods and services we buy, to the stores we visit, brands make up a big part of a consumer’s decision-making process. And the same is true for our finances.

Traditionally, consumer banking has been dominated by long-established, highly recognizable names. This has meant that many consumers adopted a ‘bank-for-life’. But this has changed. Most recently, neo banks and fintechs have made the headlines but retailers, airlines and other non-traditional providers have also carved out their share of financial services. Alongside savings, loans, mortgages, and insurance, many retail brands now issue credit and debit cards.

Many of these brands have a specific customer demographic and a card strategy to match. One common approach often sees them tie their card products to wider reward programs such as points or air miles.

2. What else can retailers that are card issuers do to increase competitiveness and protect their loyal customer base?

Much like their traditional banking counterparts, there’s an opportunity to consider biometrics as a key security and convenience differentiator within card strategies.

3. What is the current state of in-store consumer payment preferences?

With 77% of consumers using their card weekly or even daily , contactless cards are the most-used payment method in-store. Consumers praise contactless payments for its user-friendliness and 63% of consumers would like to use the payment method even more in the future.

4. Are customers still concerned about their security when making payments?

Customers are increasingly aware of their privacy and security. However, over the years, payment card technology has evolved significantly from embossed cards and magstripes through to Chip&PIN and contactless.

Each technology solution has brought greater security and often a change in the user experience. The introduction of contactless payments was one of the few developments to notably improve convenience. But convenience can come at the cost of security.

53% of UK consumers claimed that they were worried about the risk of contactless fraud should their card be lost or stolen. And this was before the £100 limit came into play, potentially exposing consumers to much greater financial risk – particularly since contactless cardholders can now spend up to £300 without needing any form of authentication. It’s no wonder that the payment method has been publicly labelled a ‘thief’s dream’.

On top of this, there are signs that the rises in contactless limits and differences in limits per country, have created even more confusion. Some retailers have chosen not to adopt the new limits. This leaves consumers unsure how much they can spend with a tap.

5. How can biometrics address these concerns?

Adding a fingerprint sensor to the payment card addresses and suppresses these concerns. Every transaction can be authenticated strongly, while retaining the swift and convenient contactless experience that cardholders love.

Issuers that introduce biometric payment cards can also enable their customers to tap and pay for any amount, every time and never have to worry about the payment cap again.

Biometric payment cards also provide a way to harmonize the payment experience. Consumers are already used to unlocking their smartphone with a fingerprint sensor. With mobile payments and banking apps on the rise, biometric authentication is now increasingly common in consumer finance.

By offering biometric technology in payments cards, banks and retailers can offer their customers the same convenience and security they are used to from their mobile banking.

6. What are some of the benefits of biometric technology?

Growing your customer base is retail issuers’ best way to increase revenues from card schemes, particularly considering 50% of consumers are willing to pay extra for a biometric payment card.

56% of issuers have also said they could bundle biometric cards with other value-added services, creating new differentiation in the market and compelling propositions for current and potential cardholders.

Creating these value-added services is not only important for driving revenue from customer acquisitions, but also for reducing the cost of losing customers.

To regain a lost customer takes 5 times the cost of keeping one, and with consumers increasingly ‘shopping around for financial services’, retaining them with up-to-date and value-adding services is crucial.

Besides supporting customer acquisition and retention, biometric technology itself can also increase revenue by reducing fraud and increasing transaction volumes. Not to mention the savings from reduced ‘lost PIN management’ internally.

7. What are consumers looking for in a payment card?

Affluent, executive, and millennial consumers are often drawn to innovative design. It’s no surprise that 48% of consumers would like a biometric card, and 62% would even switch banks to get one. This shows the excitement around the technology, both for functional and emotional reasons.

Our research found that ‘modern’ and ‘personalized’ cards are the highestrated design traits for consumers. Most importantly, they want a card they feel they can show off and that is intuitive to use.

This is where biometric payments cards can help retail issuers boost their brand image. Beyond the security and convenience that biometric cards offer, the technology brings a sense of futuristic innovation to consumers’ favorite payment method.

By offering consumers this latest technological advancement, banks can stay ahead of the curve, thereby increasing customers’ loyalty and, crucially, attracting new customers.

Aida Hosseini Global Marketing Manager Fingerprints

8. So what does this mean for the future of payment cards?

Banks around the world are already moving with more than 30 pilots and commercial roll outs in progress. All issuers – retailers, airlines and more – can benefit from this next evolution of payment cards.

Card manufacture and personalization partners have already adopted biometric cards and can do so swiftly, thanks to extensive work to pre-certify the technology, ensuring it integrates seamlessly into existing manufacturing processes.

For retailers and other non-traditional issuers, biometric cards offer a way to differentiate from the crowd to drive customer acquisition, build loyalty through an improved user experience and develop trust with the most secure payment card on the market. And retailers with physical stores will even get higher throughput at checkouts as an added bonus.

Top Financial Practice Trends in Store for 2023

A breadth of new trends has surfaced. Many of these are set to change the financial services sector and individually affect advisory practices within it.

It’s a good thing despite the fact that the level of change expected to hit the industry is not welcomed by everyone. Fortunately, that’s ok - for now. Taking a slow and steady approach is what’s really needed, given it takes time to understand new technologies, solutions, and processes, and proficiency is more important than quick adoption.

Here are some of the trends that are in store for 2023.

Advancing Beyond Legacy Tech - And Understanding New Tech

The financial industry is somewhat being forced to change thanks in part to the rise of fintech startups and alternative financial services providers.

These newer industries are very techreliant and are pushing the envelope across an array of indirectly and directly related sectors. Many firms and practices within the financial services space, specifically, have integrated technologies into their operations, but what will be more important beyond simple integration in 2023 is actually being able to understand the tech that is used and well.

The individuals who collectively make up a firm and/or practice need to know why they are using certain tech applications and how they benefit them. Once they understand this, the benefits can be communicated - through action - to their clients. An important caveat is that given the industry has been known to be slow in its transformation efforts, advisors

may face situations where their clients are more proficient in using certain tech-centric solutions. For example, sharing files, collaborating via google docs, putting together aesthetic-looking reports, etc. These are examples of extremely simple but important actions that will dictate the course of your perception - especially for those that do not know how to do this.

Legacy systems must be replaced with more user-friendly technologies and additionally, they must be understood by their users.

Artificial Intelligence in Fintech

Artificial intelligence is already impacting financial services in many ways, from banking to investing. From automating manual tasks in back office operations to helping clients find the right financial products and services, AI has the potential to completely transform the financial services industry. Moreover, AI can analyze large volumes of data to identify unique insights that humans simply aren’t capable of discovering themselves. AI can then use these insights to generate predictions and recommendations, making

AI is a great tool for financial advisors looking to improve their client experience. AI can help advisors identify client pain points and develop personalized recommendations for asset allocation. The best part is that AI-centric tools are available in so many different and cost-effective forms. Tools like Otter.ai are invaluable software solutions to aid in conversations between clients and their advisors.

The importance here will be in striking a balance between machine learning technology and the human-centric approach that has been most valued in financial institutions.

IoT in financial services

The Internet of Things (IoT) is a network of physical devices connected to the internet. IoT technology has the potential to transform financial services in a number of ways. For example, devices such as smart sensors can be used to detect and prevent cyber-attacks. They can also be used to monitor health and safety risks in the physical world, as well as offer new financial products and services.

From managing insurance claims to managing investments, there are many potential use cases for IoT in financial services. Financial institutions that adopt IoT can expect to see cost savings and increased revenue. They can also expect to see improved customer satisfaction.

Education

Finally. The most important trend for last. Education is posed to be a lasting trend that set to be accelerated in 2023. Financial education and literacy are now more valued by clients than ever, given the rocky few years anyone who has been investing in the market has faced.

This rockiness has pushed investors to become smarter about the decisions they make and shift away from using a ‘back-seat driver’ mentality when it comes to their finances. This means they want to be active participants in their investment decisions, and in order to do so, advisors need to be ready to teach and inform their clients of new changes occurring in the market.

New technologies, digital services, and working to meet the demands and needs around client education have completely changed the customer experience in many industries, especially financial services. To successfully navigate the changing landscape, advisory practices need to develop strategies for the future now. After all, what you do today shapes tomorrow. This is why it’s so important to understand how new trends will impact you moving forward.

Travis Forman Portfolio Manager at Strategic Private Wealth Counsel Harbourfront Wealth Management

To deliver an ESG strategy, a company must build an ESG culture

The United Nations first coined the phrase “environmental, social, and governance” (ESG) in the early 2000s to urge more ethical investment practices.

Today, ESG is so much more than that. Now, it is a reputational necessity –a transparent business plan to help the environment, support diversity and equal opportunities, and ensure responsible corporate decisions. With global ESG assets expected to reach $53 trillion by 2025 , businesses are urged to rise to the occasion and treat ESG as a key competitive advantage, not just a tick box exercise. This is especially true as investors –both major investment banks and individual investors like you and me - demand more transparency on ESG commitments from the businesses they invest their money into.

However, most companies need help executing their ESG strategy. The current confusion is wider than a single industry or sector and is undeniably exacerbated by the fact that there are currently over 600 ESG reporting standards. The uncertainty around ESG impacts business in a myriad of ways. It affects reporting frameworks, verifiable ratings, external communications, growth strategies, stakeholder expectations, and more.

To make sustainability sustainable and deliver a successful ESG strategy, businesses must first build an ESG culture through smart employee relations, savvy hiring, and responsible business partnerships. And the time to act is now.

ESG must be all pervasive

While the acceleration of ESG practices is a high priority for those in the C-suite, that cannot be the only place or role that cares. ESG must be a mindset that permeates the entire business – from graduates to longterm senior executives.

Employees are eager to join and work for a company that is not focused on profits alone, but also on building a better world. This is particularly true of younger generations who are widely seen as the most ethical. A recent Bupa study found one in three (31%) Gen Zs “would turn down roles in companies with poor ESG credentials, and over half (54%) would take a pay cut to work for a business that reflects their ethics.”

People leaders must collaborate with executives across all functions to develop a solid governance framework and build programmes that demonstrate the company’s values and positively impact the planet. Investing heavily in reskilling programmes will boost employees’ learning, curiosity, and passion. Corporate initiatives and projects that allow employees to take their skills and expertise to social businesses help tackle some of the world’s biggest challenges – like food cultivation and healthcare improvements – as well as reaffirm a company's ownership of impact.

Recruitment as the catalyst for change

Reports already show that the demand for ESG skills is outpacing supply. A Funds Europe study found that 72 percent of asset manager respondents believe there is a potential shortage of climate-risk specialists. With a recession looming, some short-sighted leaders may be pulling back on their ESG initiatives. But ESG must remain a focus when searching for talent.

Business and people leaders can highlight desired ESG skills and the company purpose in job postings as well as recruit from universities prioritising ESG within their curriculum. In the UK, universities have spotted a niche and now offer degrees in data science for ESG specifically, which highlights the eagerness of young students to incorporate aspects of ESG into their careers from the outset.

LinkedIn’s Global Green Skills 2022 report found that 10% of job postings explicitly required at least one green skill in the past year. Take this recent chief financial officer posting: “The candidate should be a qualified accountant (CPA, ACA, ACCA) with deep technical knowledge of accounting and with a desire to drive forward the company's sustainability agenda. He or she should have a good understanding of the landscape of sustainability and climate-related global initiatives such as net-zero targets, climate risk, and impact assessment.”

department

The planet and profits go hand in hand

While ESG considerations for supplier selection, hiring, and building brand reputation have been in play for a while, the shift toward more sustainable practices has skyrocketed over the past couple of years.

Companies will only meet sustainability goals with responsible sourcing, and the actions of a single chief procurement officer can have a positive ripple effect on millions of suppliers across the world.

One way this happens is through consumer goods companies’ creation of deforestation-free supply chains - those that take social and environmental considerations into account as they manage their supplier relationships. This type of commitment means products will

come from estates and factories that are verified as deforestationand conversion-free, which benefits the health of consumers, livelihood of suppliers, and protection of the planet. A strong ESG proposition with more sustainable products can attract B2B and B2C customers and attain better access to resources through stronger community and government relationships.

Organisations across industries are rethinking their definition of success – shifting from a singular focus on financial goals to ethical and sustainable outcomes too.

There is no doubt that ESG can be a key transformation lever for businesses to attract investors and positive partnerships as well as unlock competitive value. But without building an ESG culture today –supported by all individuals across the organisation – a cohesive ESG strategy will remain but a dream.

Shibu Nambiar COO, Europe, Africa, and the UK Genpact

No matter the

– all roles can lead the sustainability charge.

BVSC HONORABLY NAMED TO BE IN THE TOP 100 VIETNAMESE SUSTAINABLE ENTERPRISES 2022 AND EXCELLENCE IN INNOVATIONNEW TRADING SYSTEM VIETNAM 2022

As of September 2022, the Review Board of Corporate Sustainability Index in Vietnam in 2022 (CSI 2022), including the Vietnam Chamber of Commerce and Industry (VCCI), the Ministry of Labour, Invalids & Social Affairs, the Ministry of Natural Resources & Environment, the Vietnam General Confederation of Labour, UNICEF, VBCWE, CERED, EPRO, and Deloitte Vietnam, evaluated 142 applications from hundreds of applicants to pass the finale. With a positive spirit and fairness, they have selected typical businesses that have well implemented a sustainable development strategy. This year, the application form would be submitted through the online application system to make the process of assessment and requesting additional documents become more efficient.

In addition, the CSI 2022 also builds award categories to reward businesses with excellent achievements in the application of the circular economy model, responding to climate change; promoting women's empowerment and gender equality in the workplace; and respecting human and children's rights. On December 1, Bao Viet Securities was named among the Top 100 Sustainable Businesses at the Announcement Ceremony of Sustainable Enterprises in Vietnam 2022, taking place at Sheraton Hotel, Ha Noi. This is the 5th time in a row that we have received this award.

Adopted as a basis for assessing corporate sustainability this year, the Corporate Sustainability Index (CSI) 2022 was updated with 130 indicators, of which 68% are legal compliance indicators, mandatory for all businesses, and 32% are sustainability indicators. BVSC is proud to be an enterprise that always focuses on long-term development values with the slogan “Solid Trust, Firm Commitments”, which similarly reflects the spirit of the award.

Besides ensuring business goals, BVSC pays attention to human resource development and social activities. After the severe global recession with differential impacts of the Covid-19 pandemic, BVSC has performed 3 vaccinations for all employees in order to strengthen the community's immunity; renewing the health insurance policy for employees with 5 comprehensive health care packages with benefits increased by 42% compared to the previous year; implement periodical health check-up in accordance to ensure the physical and mental health of employees to increase the dedication and commitment to work their best.

The recruiting and training programs for the young labor force (Future Broker 2022 and Next Gen 2022) would continue to be held in Hanoi and Ho Chi Minh City, with the desire to create more opportunities for the career progression of the young generation in the financial - services sector and prepare high-quality human resources for the general market.

This year, the annual charity program "Bringing warmth to the highlands 2022" was held in Nam Chay commune, Van Ban district, Lao Cai province, giving winter coats, blankets, food, solar water heater, and cement to improve the quality of life in Nam Chay community. In September 2022, Bao Viet Securities Joint Stock Company had a journey to the source in Quang Nam province to visit and give gifts to Vietnam heroic mothers, and wives of Martyrs in Thach Tan hamlet, Tam Thang commune, Tam Ky city, Quang Nam province

Overcoming many enterprises in the financial - banking sector from many countries around the world, Bao Viet Securities Joint Stock Company (BVSC) added to the list of achievements when being awarded the Excellence in Innovation - New Trading System Vietnam 2022 voted by Global Banking & Finance Review Magazine . This is a prestigious award to honor businesses that have made a breakthrough in technology, aiming to provide digital value to customers and investors in the financial services sector.

This is the second year in a row and the fifth time BVSC has received an award honored by GBAF. Besides B-Wise web trading, BVS@LiveBoard price board or eKYC online account opening tool, in mid-2022, the upgraded BVSC Mobile application has contributed to perfecting the digital transformation ecosystem.

BVSC has shown the market demand and long-term vision in researching and upgrading the trading system to promptly grasp changes in digital technology. The interests and satisfaction of investors are the central goals for BVSC to constantly create and innovate. Going forward, BVSC promises to make improvements to both web, mobile, and database optimized versions. Newly upgraded versions will be regularly updated at Play Store and App Store on Android and iOS operating systems.

Bao Viet Securities Joint Stock Company (BVSC) is one of the leading and most prestigious securities companies in Vietnam, providing professional financial and investment services for domestic and foreign individuals and institutions, investment funds, and banks. BVSC was established in 1999 as the first securities company in Vietnam, with the founding shareholder being Vietnam Insurance Corporation (Bao Viet Holding) which operates under the supervision of the Ministry of Finance.

For more information about BVSC, please visit the website www.bvsc.com.vn.

The Top 100 Sustainable Enterprises in Vietnam in 2022

Mr. Vu Duy Vuong – Company Secretary, representative of Bao Viet Securities received the award

How real-time payments are shaping the future of the payments Industry

Real-time payments are revolutionising the way we think about money and its movement. They are no longer a futuristic concept but a reality shaping the future of the payments industry as we know it. The ability to transfer funds and make payments instantly, with near real-time confirmation, has the potential to greatly benefit consumers, businesses and the economy as a whole.

So we're exploring the technology behind real-time payments, their advantages, and the challenges that must be overcome to realise their potential fully. We'll also look at how real-time payments are being used today and what the future holds for this innovative payment method. Let's dive in!

How Real-Time Payments Work

Real-time payments, also known as immediate payments, are electronic payments that are processed and settled in near real time. This means that funds are transferred and made available to the recipient within seconds or minutes, as opposed to traditional payment methods such as ACH or wire transfers which can take several days to clear. The technology behind real-time payments is based on a combination of real-time gross settlement (RTGS) systems, messaging protocols, and interbank networks.

The market for real-time payments is expected to grow significantly in the coming years. According to a recent report , the global real-time payments market size was valued at $13.8 billion in 2021, and is projected to reach $123 billion by 2031, growing at a CAGR of 24.5% from 2022 to 2031. This growth is driven by increasing demand for faster and more efficient payment methods, as well as the rise of digital technologies and the shift towards cashless societies.

Advantages of Real-Time Payments

Real-time payments offer a number of advantages over traditional payment methods. One of the most significant advantages is the immediate funds availability. With real-time payments, funds are transferred and made available to the recipient within seconds or minutes, allowing faster and more efficient transactions. This can be particularly beneficial for businesses, as it allows them to access funds and make payments more quickly, improving their cash flow and helping them to better manage their finances. According to a survey conducted by ACI Worldwide , 77% of merchants worldwide are expecting real-time payments to replace physical payment cards, as it is becoming more and more popular globally. In fact, in 2015, only 14 countries had the capability to enable real-time payments, but today, 56 nations have enabled this function.

Another advantage of real-time payments is increased security. Because these payments are processed and settled in near real-time, there is less opportunity for fraud or errors to occur. Additionally, real-time payments can be authenticated and authorised using various methods, such as biometrics or one-time passwords, providing an added layer of security.

Real-time payments also provide an improved customer experience. With the ability to make payments and transfer funds instantly, customers can complete transactions more quickly and efficiently.

Additionally, the ability to receive real-time notifications of payment confirmations can give customers peace of mind and greater control over their financial transactions.

Real-World Applications of Real-Time Payments

Real-time payments are being used in various industries and businesses today, and their use is likely to expand in the future. Some examples of industries currently using or planning to use real-time payments include:

• ●Retail: Retail businesses can use realtime payments to process transactions more quickly and efficiently, improving the customer experience and reducing the risk of fraud.

• ●Banking and finance: Financial institutions are using real-time payments to improve their own internal processes, such as the settlement of securities transactions, and to offer new services to customers, such as real-time account-to-account transfers.

• ●Government: Governments are using real-time payments to improve the delivery of public services, such as the disbursement of welfare payments and the collection of taxes.

These are just a few examples of the many ways in which real-time payments are being used today. As the technology and infrastructure behind real-time payments continue to evolve, the possibilities for future uses and implications for the broader economy will likely expand.

Building the Future of Real-Time Payments

As real-time payments continue to gain popularity and widespread adoption, industries and businesses need to consider ways to further improve and expand the technology and infrastructure behind it. Some considerations for building the future of real-time payments include:

• ●Investing in better infrastructure: As the demand for real-time payments continues to grow, it's important for financial institutions and other organisations to invest in the necessary infrastructure to support the increased volume of transactions. This includes upgrading systems and networks to handle the high speeds and low latency required for realtime payments.

• ● Developing new technologies: The technology behind real-time payments is still evolving, and new innovations such as blockchain and artificial intelligence (AI) could further enhance the speed, security, and efficiency of these payments.

• ●Improving interoperability: To fully realise the potential of real-time payments, it's important to ensure that different systems and networks can communicate and work together seamlessly. This includes developing standards and protocols to facilitate real-time payments across different countries and currencies.

• ● Compliance with regulations: As with any financial service, real-time payments must comply with local and international regulations, including data protection and anti-money laundering laws. Financial institutions and businesses must ensure that they meet these requirements and keep up with any updates or changes.

Building the future of real-time payments requires a holistic approach that takes into account the various factors that will impact its growth and development. By investing in better infrastructure, developing new technologies, improving interoperability, enhancing customer experience, and complying with regulations, industries and businesses can help to ensure that real-time payments will continue to evolve and deliver new opportunities for the broader economy.

Final Thoughts

Real-time payments are changing the face of the payments industry in a big way. They offer a more efficient and secure way of conducting transactions, which greatly improves the customer experience and enables businesses to better manage their finances.

The technology behind real-time payments is still developing, but it is showing enormous potential for future growth and expansion. As more and more countries are embracing realtime payments, it is becoming increasingly crucial for businesses and financial institutions to stay ahead of the curve. The future of the payments industry looks promising with real-time payments playing a vital role in it.

Lissele Pratt Co-Founder Capitalixe

As Co-Founder at Capitalixe, Lissele Pratt helps international companies access the latest financial technology, payments, and banking services globally.

With 7+ years of experience in the financial services industry and her global perspective, the entrepreneurial-minded Lissele is a recognised expert in financial technology, business development, and relationship management. She has a proven track record in developing and executing successful sales strategies and building and maintaining key relationships with clients, prospects, partners, and other stakeholders.

Lissele's hard work and determination landed her a spot on the Forbes 30 Under 30 Finance list in 2021. She has also been shortlisted for this year's Great British Businesswoman Awards , European Women In Finance awards , and the Women in Finance UK awards.

Should businesses use ChatGPT for content marketing?

It’s no exaggeration to say that ChatGPT has taken the world by storm. The AI chatbot was released in late 2022 to a whirlwind of hype, with many labelling it as a seminal moment in the evolution of artificial intelligence. In fact, some have even remarked upon ChatGPT’s potential for shifting the trajectory of humanity altogether because of how advanced an AI tool it is.

The chatbot harnesses a type of AI called “Natural Language Processing” (NLP) to respond to users as if it were a human and create content depending on the nature of their questions and requests. For example, it can write poems, screenplays or essays, answer test questions, compose music, or generate lines of code. ChatGPT is a skilled researcher too, and can phrase and present pages of information from the internet in a matter of seconds, no matter how general or granular the question is.

However, the tool isn’t perfect, and has faced criticism for its uneven factual accuracy, political bias, and inability to answer questions that are worded in a specific way, among other drawbacks.

Content is king for marketers, so it’s inevitable that many businesses will consider using ChatGPT for content marketing purposes. Type in “write a 1000 word blog on SEO” for instance, and it will do just that. But is using the chatbot for content marketing a good idea in reality?

The pros of using ChatGPT for content marketing

It makes research easier

With ChatGPT’s ability to quickly and comprehensively provide information on a topic, it can be a great tool for research purposes. For example, some students have already started to use it to research their dissertations , and it can be just as useful for researching marketing content. Unlike scouring multiple websites to find the information you need, ChatGPT can provide all of the relevant facts in one place.

That said, there are concerns around the accuracy of the information provided by ChatGPT, plus potential bias. However, this is just as true for high ranking web pages on Google (even with the search engine attempting to fight misinformation) , making crosschecking vital in any case.

It comes up with ideas

Similarly, ChatGPT can help users brainstorm content ideas in the first instance. Just by asking something along the lines of ‘give me 10 ideas for articles about content marketing’, it will come back to the user with concepts they can potentially use.

It offers content frameworks

Users can even ask ChatGPT to write fully fleshed out articles on their behalf, seeing as it understands how to write complete sentences and paragraphs.

Content marketers should always thoroughly check and edit content created by ChatGPT — more on these drawbacks in a moment — but it can at least provide businesses with comprehensive content frameworks to work with, speeding up the content creation process.

The cons of using ChatGPT for content marketing

It’s not always accurate

One of the biggest issues with ChatGPT is inaccurate information. This is demonstrated by Fast Company writer Harry McCracken, who asked the chatbot what the first TV cartoon was. Unfortunately, ChatGPT came back with different answers every time. For content marketing, propagating misinformation like this can both harm a brand’s authority and search engine optimisation (SEO) efforts.

It has SEO limitations

Speaking of SEO, ChatGPT has many other limitations when it comes to writing optimised content for Google. Users have found that the chatbot doesn’t include a title or subheadings, nor any images. These features are crucial for both keyword optimisation and user experience.

ChatGPT’s content is also unoriginal and relies on pre-existing information. Publishing such content can see a brand inadvertently falling foul of duplicate content, potentially leading to being penalised by Google and suffering drops in online visibility as a result.

It doesn’t have the human touch

Quite simply, ChatGPT just can’t quite write content in the same ways humans can. Although you can ask it

to include jokes in a piece of copy, for example, it’s unlikely to be able to write content to align with a specific brand tone or with empathy and context.

Likewise, the tool can’t replicate original thought leadership. It can succinctly summarise existing insights, but ChatGPT won’t be able to share original thoughts. This can be an issue for innovative brands looking to make people think differently and get ahead of their competitors.

Using ChatGPT for content marketing: The verdict

It’s clear that ChatGPT can be a useful tool for content marketing, particularly when it comes to ideation. However, using the chatbot alone for creating content is a big no-no — at least at the moment.

Content created by humans is almost always going to be more accurate, original and better optimised for SEO and user experience. For now, the chatbot should remain another tool in a brand’s content creation toolbox — not the primary producer.

Edward Coram James CEO Go Up

Banking in the Year Ahead:

Industry Standards and Digital Transformation Become Business Practice

The future of banking is the history of banking flipped on its head. The industry which used to compete based on backoffice efficiencies, will increasingly compete based on frontoffice customer experiences going forward.

Banks Face Competing Priorities

In our IBM Institute for Business Value's latest expert insight, 2023 Global Outlook for Banks and Financial Markets, we stress the significance of collaboration across business and technology teams as a means of navigating the uncertainty ahead. This style of collaboration manifests as a virtuous cycle, generating new revenue opportunities, containing costs and mitigating risks.

Most importantly, these efforts must be underpinned by exponential technologies, such as AI and hybrid cloud, which are reducing operational costs, facilitating enterprise-wide agile innovation and enabling platform-based business models.

This said, the financial services industry is facing significant hurdles that may hinder the realization of these benefits –most notably, the pervasive use of legacy technology. The key to overcoming these obstacles is the adoption of industry standards, a strategy which enables banks to achieve the competing goals of revenue growth and cost takeout while simultaneously managing risks all with finite resources.

Multiple Hurdles Impede Transformation

Beyond the widespread use of legacy technologies and slow pace of industry standards adoption, three additional impediments come to mind.

One, as the role of the independent software vendor (ISV) and partner ecosystem expands, existing business and technology architectures are unable to rapidly incorporate and adopt these capabilities.

Two, as banks move to build digital capabilities or acquire neo-banks, some have generated costly technical interdependencies and redundancies.

Three, and perhaps most pressing, complexity, risk aversion and cultural resistance to operating model transformation is slowing the adoption of the new workforce and workplace models. This is compounded by a misalignment of incentives across business and IT units within financial institutions.

Adopting a Hybrid Cloud Approach and Industry Standards as a Growth Strategy

By adopting hybrid cloud techniques and practices such as application programming interfaces, microservices, containers, DevOps and site reliability engineering, financial institutions can better manage integrated operations and enable four distinct value levers:

• Simplification and acceleration of application development;

• Deployment of application components to any compatible platform in any connected data center, including on-premises, public cloud and edge;

• Ability to secure, govern and operate consistently across deployment locations with resilience; and

• Standardization with the use of open technologies and ecosystems and the simplification of skill requirements.

As a result, business ideas can be implemented and automated at the speed of thought. This pivot realizes the full potential value of shifting from cloud as infrastructure to hybrid cloud as the operating model.

To further overcome challenges, banks must adopt industry standards like Banking Industry Architecture Network (BIAN) to enable faster and more seamless collaboration both interenterprise and with business partners and the ISV ecosystem.

They must also implement a modern reference architecture and supporting data models to ease the movement of information across the banking services landscape while deploying value office and design authority mechanisms to advance alignment between business and IT for critical initiatives.

Other salient priorities include talent transformation initiatives and embracing AI as a catalyst for change. When it comes to AI adoption in banking, domains for consideration include the modernisation of customer care, credit risk evaluation, workforce engagement, and financial crime protection.

Many financial institutions look to BIAN as a starting point to help define and organise their IT and services needs in a standard, rationalised way. As such, BIAN has long been a key partner for IBM. The architectural standards created by BIAN, paired with IBM’s history of deep industry and technology expertise,

are enhancing the ability of the financial services industry to create a plug-and-play application landscape. This greatly improves the agility of banks’ IT organizations to deliver on the needs of their businesses.

2023: A Pivotal Year of Execution

In our view, 2023 will stand out as the "year of execution" among forwardthinking financial institutions. By embracing industry standards, they will unleash the acceleration of their execution efforts, enabling them to simultaneously achieve new growth potential, greater efficiencies and superior risk management.

Shanker Ramamurthy Managing Partner Global Banking & Financial Markets IBM Consulting

Cloud is key for cost-cutting and sustainability goals

With consumer demand and governmental pressure ushering a sector-wide focus on sustainability; businesses operating amid a recession must aim to cut costs while meeting environmental objectives. Businesses are taking a head-on approach, aiming for carbon neutrality and net zero by 2050

Eyeing these targets many businesses adopted new technologies without considering old hardware at the base of operations. It proves far more effective to first overhaul antiquated legacy storage systems and rebuild to meet the demands of today’s markets rather than layering new technology on top of old. With correct support and strategy, doing so presents various opportunities to save future costs and meet sustainability objectives.

Out with the old - Legacy storage systems vs cloud

The way we collect and use data has changed dramatically in recent years. Businesses reliant on legacy IT systems that are archaic in physical and technological capacities will experience a much tougher task when even contemplating how to achieve lower costs and emissions.

Legacy IT and storage systems are often on-premise, meaning the business itself takes responsibility for the working order, effectiveness and efficiency of the infrastructure. When these systems were built, they were rarely implemented to consider future optimisations as a

business scales up, and capacity is therefore finite. Equally, green energy alternatives and energy usage optimisations were low on the list of priorities, or excluded altogether.

Legacy systems also harbour additional risks - working on premise means that if a localised power outage or hardware problem occurs the system will fault at that single point of failure. Units also take up considerable space, limiting operations by taking space from other obligatory operational elements, such as stock storage.

On the other hand, cloud-based systems are externally managed by a cloud provider. These systems take into account modern considerations for cost and sustainability optimisations and allow a business to worry about their services and products without much consideration of their storage capabilities. Cloud storage is also more robust and risk-free, with centres housed in various locations mitigating single-point-of-failure issues. Providers also take on improvements, maintenance or repairs in-house, removing the need for IT data specialists to directly serve the business.

While digital transformation extends beyond the cloud, moving systems, data and storage onto external, ondemand data centres provides a surefire method of modernising and optimising operational processes. An effective cloud strategy in place can lead to comprehensive future-proofing, allowing businesses to react quicker and more effectively to market changes.

Considering these differences, it is clear that a revamp of data-storage systems is imperative to meeting future goals. Businesses are already aware of this, with 60% of global organisations’ corporate data now being stored via the cloud. SMEs will soon follow; as 58% of SMEs are not currently taking advantage of the cloud. Indeed, the cloud computing sector has grown dramatically over the last decade, with forecasts predicting a similar outlook for the next ten years. The global cloud computing market size was valued at USD 405.65 billion in 2021. The market is projected to grow from USD 480.04 billion in 2022 to USD 1,712.44 billion by 2029, exhibiting a CAGR of 19.9% during the forecast period.

Successful cloud transformation does not happen overnight. On the contrary, it takes time, expertise and resource management to assemble a futureproof cloud data system strategy.

PwC’s Cloud Business Survey found that more than half (53%) of companies have yet to realize substantial value from their cloud investments while additional research details that 16% of SMEs believe that they cannot afford to abandon legacy systems. However, businesses understand the dynamics at play here, with 56% saying that have migrated viewing the cloud as a platform for innovation and growth. They understand the cloud is not a quick fix, but a long-term strategy built with longevity in mind.

Cost-cutting in the cloud

First, cloud providers like AWS ensure that businesses are only paying for the amount of storage and compute power they are consuming. As opposed to a fixed cost with on-premise legacy systems, cloud pricings scale to reflect business needs. Essentially, this helps reduce vital costs when businesses may be experiencing a downfall in usage whilst ensuring they are prepared for sudden spikes in data requirements.

Second, all hardware maintenance, repairs and improvements are handled by the cloud provider. This dynamic improves business resilience and predictability, negating the need to monitor, repair or improve storage systems in-house. Hardware issues do not affect provider prices and data centres networks form from various locations, removing a single point of failure risk. In simple terms, if a cloud provider’s system breaks down, your business will not be affected.

Businesses transitioning to the cloud can also free up space in offices or warehouses that would have been used to store bulky hardware. For SMEs, the effect this can have on operational scale-up and growth can be significant, particularly considering the heightened cost of renting physical spaces and the ever-growing move toward digital.

Due to its limitless nature, the cloud excels in facilitating the unification of various data streams. The ability to do so improves speed-to-market by working across platforms far more holistically than siloed legacy systems. When you install a cloudbased infrastructure, you are gaining operational agility as well as costcutting potential, affecting far more than your data usage figures.

Sustainability

As legacy systems grow larger, energy consumption snowballs. On the other hand, cloud data centres are a relatively new build and have been made directly with reduced reliance on non-regenerative fuel sources and energy-efficient processing in mind.

Cloud providers like AWS adhere to government-based guidelines and objectives for a greener future too. For example, AWS will operate 100% of its cloud banks with renewable energy by as soon as 2025 . Businesses can access these green credentials to support their sustainability journey, by leaving environmental concerns to the provider, businesses can put resources into energy saving elsewhere in the organisation.

Equally, by having serverless computing baked into a cloud strategy, businesses can further utilise energy scaling for increased energy efficiency benefits, as server costs are based entirely on required and actual usage.

Cloud’s ability to scale usage does not just benefit cost-cutting, it also works to operate on the minimum energy required. Legacy systems cannot do this, and access maximum storage requirements day-in day-out, leaking energy and cost waste year-round.

Cloud storage centres have also been built with future optimisations in mind, meaning the systems themselves are reactive to the constant evolution of green energy use, greener IT implementations, and sustainability-focused best practices for data management. Ultimately, as technology becomes greener so will your data processes.

Cloud for the future

The pressure is on for businesses to save costs, enforce greener practices and future-proof against the next tidal of technological innovations and customer demands. Migrating to cloud data centers garners significant opportunities to meet cost-cutting and sustainability goals, particularly if serverless applications can be achieved. Despite implementation costs and employee learning curves, leveraging cloud technology is an imperative first step. The cloud is the foundation for greener and more cost-efficient operations; businesses should migrate now to avoid falling behind in the very near future.

Jonathan Rothwell CEO & Co-Founder D55

6 Fintech Trends to Embrace in 2023

The era of fintech has long begun and is here to stay. Customers now demand the privilege of modern, easy-to-access, and affordable financial services at their fingertips. Therefore speed, efficiency, and innovation are of the essence. The faster banks and financial institutions can render their services to match customer expectations, the better.

All these advancements have prompted digital leaders to embrace the many recent changes shaping the financial world and capitalize on them. As competition rises and improvements continue, many cutting-edge technologies have permeated the world of financial services and notably reshaped it.

Let's take a look at six technology trends that will transform the fintech landscape in 2023.

Open Banking to Enable a Superior Customer Experience

For a superior customer experience, open banking will prove to be a promising investment. When third-party financial service providers are given consent-based access to consumer banking transactions and other financial data through APIs, it's called open banking. It guarantees rules-based client data collection, secure data access, and a reliable and robust banking system.

As per a 2020 McKinsey global survey on APIs in banking, around 75 percent of banking APIs are used for internal purposes, and banks plan to double the number of internal APIs by 2025. These open API solutions enable smooth integration and can readily integrate with fintech companies. This, in turn, will allow customers access to more customized products while providing.

AI/ML for Top and Bottom-line Growth

The growing domination of new-age technologies like AI/ML across every industry can no longer be denied, and the financial services landscape is no exception. When it comes to financial institutions, AI helps in bringing about top-line and bottom-line growth. For instance, AI's ability to interpret customer data allows it to identify crossselling opportunities, thereby helping to boost revenue. By automating routine tasks, AI also helps in operational efficiency.

Apart from rule-based credit scoring, AI/ML algorithms will also be leveraged by financial institutions to define their credit scoring systems. This intelligent technology-based precise credit scoring will allow for more personalized loan allotment decisions. AI/ML's capability to understand past customer behavioral patterns will also be seen as an advantage and used for risk management and default reduction

User Experience-oriented Approach

How smooth and seamless is your service? How easy to use is it? How fast can it get the job done? These are just some of the questions crossing the minds of every customer who avails of any financial service.

Take this scenario for instance: A customer who is thinking of purchasing a car and is looking for a car loan comes to your bank’s website. What the customer gets are loan offers that are not personalized to fit his needs. He has to figure out the best loan option. What if you are able to anticipate the customer’s needs and offer him a loan that fits caters to his needs? An excellent customer retention strategy I would say.

Most banks today have digitized their online journeys but don’t offer a true digital portal. A complicated portal with a lengthy and tedious form becomes a potential red flag. Customers today want an Amazonstyle experience when it comes to financial transactions. They need a simple and intuitive customer portal, an omnichannel experience that allows them to access the portal anytime and anywhere, and an easyto-understand interface that can fulfill all their requirements, free of any hassles. So financial institutions need to rethink their user experience that not only matches but also exceeds customer expectations and reduces the risk of abandonment.

Digital Lending Platform for Faster Loan Processing

With digital lending platforms, banks can now automate the entire lending process. As the lending process gets digitized, financial institutions will benefit in several ways. Loan processing will improve, decisionmaking will accelerate, adherence to regulatory compliance will improve, and there will be significant cost savings.

Digital lending platforms streamline the digital journey for all stakeholders - customers, brokers, attorneys, appraisers, inspectors, and engineers. Financial Institutions will invest in digital lending platforms to enable consistency, enhance business efficiency, and optimize their loan underwriting procedure.

Seamless Onboarding with Fraud Management Technologies

Delivering a frictionless onboarding experience is no longer an easy feat for banks in the midst of rising fraudulent apps. To combat these concerns banks have begun focusing heavily on tools that can help mitigate fraud by boosting security and supporting customer-friendly processes for authentication.

Fraud mitigation is likely to become a top priority for banks in 2023 to deliver a high level of data protection. A platform that supports IP whitelisting, SSN/Email blocking, AI/ML-powered pattern recognition, and seamless integration with other vendors can go a long way in mitigating the menace caused by fraudulent apps.

Cryptocurrency usage in Banking

The rise of cryptocurrency has been subject to a considerable degree of doubt and skepticism by banks, who had perceived it as a grave threat.

But this opinion has, over time, been experiencing a turnaround. Many well-known banks like JP Morgan and Goldman Sachs have started investing in cryptocurrency and infusing it into their services.

The decentralized nature of cryptocurrency and the added edge of additional privacy, secure payment, and ease of transactions make it a promising investment. Banks are embracing cryptocurrencies in diverse ways. Some are introducing their own cryptocurrencies in the blockchain landscape, offering cryptocurrency investments, and launching trading desks for cryptocurrencies like Bitcoin. Some are also rendering custodial services to customers to store and secure their digital assets like NFTs.

2023 will be a year dominated by digitized financial services

The fintech landscape will only continue to grow and expand in the coming years as technologies advance and digitization accelerates. Banks and other financial institutions will have to evolve and embrace this new digital era to avoid being left behind. Digital leaders must prepare to invest in a platform that can incorporate these trends and help them enhance and expedite their financial services.

Ankur Rawat Director, Products and Solutions, Banking and Financial Services Newgen Software

Five critical factors for banks’ climate risk management

Introduction

It is widely recognized that continued emission of greenhouse gases will cause further warming of the Earth.

Indeed, a rise in temperature above 2° Centigrade (2°C), relative to the pre-industrial period, could lead to catastrophic economic and social consequences for the globe. Such is the threat that in December 2015, nearly 200 governments agreed to strengthen the global response to the threat of climate change by “holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels”, referred to as the Paris Agreement.

This is just one example of multiple pieces of national and international legislation, all carried out against a backdrop of a much more environmentally aware audience, that is placing pressure on all powerful organisations to “do their bit” when it comes to protecting the environment. Banks – as one of the most powerful global organisations – therefore have a huge role to play. Just as they are the leaders in global finance, they have the perfect opportunity to carve out a role as a leader in global ESG matters.

However, their efforts to increase their green credentials must be done against two important factors. On the one hand, they need to manage their own financial exposures, while on the other they must finance the climate change that will be critical to mitigate the impact of global warming.

An imperative in both cases is agile and considered climate risk management. The regulatory backdrop

It is important to note that regulation is increasingly becoming an unavoidable feature that banks must adhere to for the good of managing climate risk. However, while some banks have made a promising start, many must still formulate strategies, build their capabilities, and create risk-management frameworks.

The imperative now is to act decisively and with conviction, so effective climate risk management will be an essential skill set in the years ahead. Banking regulators around the world, now formalising new rules for climate- risk management, intend to roll out demanding stress tests in the months ahead. Many investors, responding to their clients’ shifting attitudes, already consider environmental, sustainability, and governance (ESG) factors in their investment decisions and are channelling funds to “green” companies.

The commercial backdrop

The commercial imperatives for better climate risk management are also increasing. In a competitive environment in which banks are often judged on their green credentials, it makes sense to develop sustainable-finance offerings and to incorporate climate factors into capital allocations, loan approvals, portfolio monitoring, and reporting.

Some banks have already made significant strategic decisions, ramping up sustainable finance, offering discounts for green lending, and mobilising new capital for environmental initiatives.

The key factors for climate risk management

As they seek to become effective managers of climate risk, banks need to quantify climate factors across the business and put in place the tools and processes needed to take advantage of them effectively.

At the same time, they must ensure that their operations are aligned with the demands of external stakeholders. Five critical factors will support this transformation. They should be applied flexibly as the regulatory landscape changes.

1. Governance - Climate risk. It will be of crucial importance for top management to set the tone on climate risk governance. Banks should nominate a leader responsible for climate risk; chief risk officers (CROs) are often preferred candidates. To ensure that the board can keep an eye on exposures and respond swiftly, banks should institute comprehensive internal-reporting workflows. There is also a cultural imperative: responsibility for climate risk management must be cascaded throughout the organization.

2. Modify business and credit strategy. Climate considerations should be deeply embedded in risk frameworks and capital-allocation processes. Many Banks have decided not to serve certain companies or sectors or have imposed emissions thresholds for financing in some sectors. Boards should regularly identify potential threats to strategic plans and business models.

3. Align risk processes. To align climate risk exposure with risk appetite and the business and credit strategy, risk managers should inject climate risk considerations into all risk-management processes, including capital allocations, loan approvals, portfolio monitoring, and reporting. Some Banks have started to develop methodologies for assessing climate risk at the level of individual counterparties.

4. Undertake Scenario Analysis and Stress Testing. Scenario analyses and stress tests, which are high on business and regulatory agendas, will be critical levers in helping banks assess their resilience. In preparing for tests, they should first identify important climate hazards and primary risk drivers by industry, an analysis they can use to generate physical and transition-risk scenarios. These in turn can help banks estimate the extent of the damage caused by events such as droughts, floods, and heat waves. Finally, banks must quantify the impact by counterparty and in aggregate on a portfolio basis. Risk-management teams should also prepare a range of potential mitigants and put in place systems to translate test results into an overview of the bank’s position. Since regulators are prioritising stress testing for the coming period, acquiring the necessary climate-modeling expertise and climate- hazard and asset-level data is an urgent task.

5. Invest in technology, data, and people. Banks often lack the technical skills required to manage climate risk. They will need to focus on acquiring them and on developing a strategic understanding of how physical and transition risks may affect their activities in certain locations or industry sectors. Banks usually need “quants,” for example—the experts required to build climatefocused counterparty- or portfoliolevel models. They should therefore budget for increased investment in technology, data, and talent.

Conclusion

The ability to have a watertight ESG risk-profile is no longer a nice-tohave for the banking sector, it is a must-have.

However, banks are not – and cannot be expected to be – experts in ESG matters. Their day-job always has always been to make money and protect the financial interests of their clients. To ensure the sector remains healthy, especially in the face of an ever-changing geo-political landscape, this must remain unchanged.

However, they have a central role to play in all things to do with climate risk management, this cannot be ignored. This is something that will be welcomed by multiple generations, starting with those of us in the present, to our ancestors, way into the future.

Richard Bennett CEO Razor Risk

Job Market Predictions for 2023

Following a year of mass layoffs, hiring freezes and record low unemployment, employers, recruiters, and candidates alike are all navigating the ever-changing world of work. As we head into the new year, here is what we can expect for the 2023 job market.

The Talent

Since the pandemic shook up the world of work, employees have realized their world shouldn’t revolve around work. The calls for a work-life balance, greater benefits, and more flexibility have been at the forefront of conversations from the technology industry to education and healthcare.

For the first time ever, talent is calling more of the shots than employers. Those open to work and potential candidates in all sectors expect far more out of employers than in previous years. Negotiations begin with high salaries before transitioning to sign on bonuses, work from home flexibility, and more.

The best candidates have multiple job offers, requiring employers to counter and continue increasing salaries and benefits. Talent is playing a game that is outside of the corporate playbook, throwing the entire process of kilter.

The Playing Field

The market is not only affected by talent looking for roles, but also everything that goes on in the world around us. Last year, we saw multiple diseases sweep the nation, war, continued supply chain shortages, and rising inflation.

Those stressors will continue playing a large role in 2023.

The Russian invasion in Ukraine is going on its 11th month, inflation continues to play a key role in prices everywhere, and interest rates are on the rise. The 2022 election cycle may be over, but the 2024 cycle is just beginning, bringing with it challenges that will affect both employers and employees.

Supply chain challenges will continue wreaking havoc on the market as well.

Given the global conflicts involving Ukraine and Russia and underlying tensions with China, the supply chain dynamics is requiring entire sectors to reimagine not only where they will move their primary activities, but also their alternatives as new geographies and suppliers are explored.

The Fuel

Despite the unpredictable hiring market, growth and innovation continue to lead the charge. Growth and innovation that comes from private and public investments.

Venture Capital and Private Equity are repricing and still available for good models.

The venture markets are still slower than public markets in readjusting for the markets at hand. The emerging technology markets had a very frothy run over the past 5 years and we can expect flat rounds, and more likely, down rounds when it comes to follow up financing activities. The ego and pride of investors, entrepreneurs, and existing investors are likely to get in the way of new financings.

Public markets are stabilizing and appropriately adjusted. The IPO and SPAC markets are going to have a tough year. The fact that companies have a less than ideal path to public markets and venture dollars are going to be more prudent with their investments - this will make the acquisition pathway to exit more likely. Having said that, it will be a buyers market.

Tech and the Reckoning

There were 153,937 tech workers laid off from 1,020 companies in 2022, according to Layoffs.fyi . The internet sector is the tail that wags the dog. For years, companies like Twitter, Apple, and Amazon have gotten away with massive over-hiring of talent, over inflated salaries, and working 15 hours a week, rather than the 50 other tech employees are used to. Following the intense scrutiny and watchful eye the internet sector faced in 2022, all eyes will be on the biggest names in the game.

In 2022, Elon Musk purchased Twitter and pulled back the curtain on the model, exposing the status quo of the tech company workplace. Amazon has been overbuilt from the COVID era

where online purchasing was the only way to go. Apple, Lyft, Shopify, Netflix, Stripe, and more have felt the shift, with stock prices falling and employees vocalizing their unhappiness.

Over-promising and over-optimism was the name of the game in the internet economy. Those business models, like the entitled generation that has been affected by last year’s shift, are getting an overdue dose of common business sense.

The Cycle

• Hard times create strong businesses.

• Strong businesses create good times.

• Good times create weak businesses.

• Weak businesses create hard times.

What you should be doing

1. Build your brand. Make sure your LinkedIn, Social Accounts, and online presence illustrate what you would bring to the table. Great brands come out of hard times much faster than those that do not have a brand.

2. Double down on your existing talent. Enhance training and skills. Increase communication with your team. Don’t be afraid to include them in tough conversations as you lead them through the battle. The great ones love the battle, by the way.

3. Hire when there is blood in the streets. Short-sighted companies will not take care of their high performers like they should. Bring in “tip of the spear” individuals. Those who drive sales, R&D, innovation, and new business models in your category. Then, outwork everyone.

As we go into 2023, I am incredibly optimistic for the year and for the organizations that are built for revenue, have great leadership, hypercommunicate with both their market and customer base, and empower their teammates. The best is yet to come!

Joe Mullings Chairman & CEO The Mullings Group

About Author:

Joe is the Chairman & CEO of The Mullings Group The Mullings Group Companies, including TMG Search, Dragonfly Stories and TMG360 Media. The search firm is responsible for more than 8,000 successful searches in the medtech / healthtech / life sciences industry with clients ranging from multibillion-dollar companies to emerging tech startups worldwide. Dragonfly Stories, which produces attention and awareness campaigns for companies globally, is the media production company behind the AwardWinning video docu-series, “TrueFuture,” of which Joe is the host. TMG360 Media utilizes the power of media and outreach in medtech / healthtech to move businesses and health forward.

With home energy prices soaring, offices need to prepare for an influx of workers

Energy bills in the UK have been rapidly increasing in the past year, leaving many wondering what they can do to reduce the amount they are paying. With this in mind, many workers are using this as an opportunity to halt their remote working and return to the office, as a means to save money.

Truth is, the remote working lifestyle introduced during the pandemic has become less attractive now that it has become more expensive to use energy at home. So how can facility managers monitor and keep their buildings / offices at the right temperature, whilst keeping energy bills low and employees comfortable?

Luckily, there are several sustainable ways companies can make sure they’re responsible for their energy consumption.

Take advantage of off-peak electricity times

Some energy suppliers charge lower rates for electricity used at night. If your energy supplier does this, then the price of electricity will increase or decrease depending on the time it is used. It’s cheaper when demand for power is at its lowest, known as off-peak hours, generally somewhere between 10 pm and 8 am, or when there is a higher output of renewables compared to demand. The remaining time is considered the peak hours, the period when energy demand is at its highest, although the tariff changes vary from location to location. It is worth looking into this for your specific region and your specific contract terms.

If you have a time-of-use tariff, you can take advantage of heating the building before everyone comes into the office. This way the building will already be warm and body heat takes over, rather than waiting for everyone to come in first. Facility managers and business leaders could turn the heating on between 5 am and 6 am, to get energy at a cheaper rate.

Not all energy suppliers follow these time-of-use tariffs, with many offering fixed-rate tariffs which stay at a flat rate, regardless of the time it's being used. Make sure you find out what tariff you have before.

Flexible energy solutions

With the onus being to reach net zero by 2030, many leading organisations are looking ahead for energy-saving solutions before it’s too late. As a result, ‘energy flexibility’ services have become increasingly popular in urban areas, due to their effectiveness in reducing overall energy consumption, playing a vital part in balancing the local electricity networks.

New technology that addresses commercial buildings’ non-essential energy consumption is enabling businesses to reduce their expenditure on energy, without sacrificing performance or comfort. Demand side response (DSR), for example, is a method that is being employed to reduce non-essential energy consumption, especially in larger buildings. DSR uses flexibility within a building to balance electricity networks through aggregators that operate virtual power plants connected to National Grid or Local Distribution networks.

During a DSR event, the ‘Box-onthe-wall’ technology interfaces with a building’s management system to instruct it to lower electricity consumption where usage can be lowered for a short window of time, with no adverse effects on the building’s environment. Therefore, a DSR event has no impact on the operational running of the building or the working conditions of the people who are in the building.

Employing DSR generates a consistent income, with businesses receiving money for taking part, as well as benefiting from energy and carbon savings. This way, businesses can meet their energy optimisation goals, helping the country to reach its net zero targets.

With everyone returning to the office, the responsibility is on business leaders to play their part. By following these tips, companies can ensure that they keep everyone happy in the most cost-effective way possible.

Chantel Scheepers Chief Executive Officer OakTree Power

Why Banking & Financial Services Organizations Must Prioritize Domain Security

Banking and financial services industries are known for being at the forefront of cyber protection and innovation. Yet they are also among the most targeted by phishing attacks, social engineering, CEO fraud and business email compromise (BEC) due to the sheer number of clients and financial data they own.

According to the Carnegie Endowment International Peace, cyber risks to banking and financial industries have grown in recent years and is becoming more frequent, sophisticated, and destructive. As cyber risks continue to increase, these institutions face greater challenges in quantifying them and addressing their capacity for harm.

One area of cybersecurity that banking and financial industries continue to struggle with is domain security. Web domains are a crucial part of any businesses’ operations, supporting client facing websites, organizations email, client or supplier portals, and much more. But like anything else that’s critical to an organization, they are also a key piece of the external attack surface that companies need to protect. Whether it be typosquatting, lookalike domain attacks, or phishing/ malware campaigns, bad actors will find ways to conduct cyberattacks and take advantage of these assets.

Over the last three years, we have been reporting on the domain security posture of the Forbes Global 2000 companies annually. One of the key findings from this year’s 2022 Domain Security Report , captured in the chart below, was that Banking was the top industry being targeted with fake domain registrations, followed closely by Diversified Financial companies tied for the 5th spot.

One of the key findings in this report is that out of all of the Global 2000 companies, over 75% of homoglyph domains are owned by third parties. And of those domains owned by third parties (not owned by the brand owner) that are online for malicious purposes, 14.6% of these domains are targeting the Banking and Diversified Financial companies alone – a high percentage given the number of industry classifications within the Global 2000.

Additionally, the report provided domain security scores to showcase top companies or industries with domain security best practices and protocols deployed. Further analyses of the report’s data showed in the chart below that Banking and Financial Services industries ranked in the middle of all industries for deploying security measures that can prevent domain or DNS attacks from happening.

Overall, from the report, we’re seeing some organizations becoming more secure, but there is still a portion of companies with considerable domain security risk. This year’s report reveals that 75 percent of the Global 2000 companies and their brands are being e maliciously registered as fake domains by third parties, as they fail to implement key domain security measures.

Many governing bodies have begun to focus on domain security, including the UK National Cybersecurity Center, and the Central Digital and Data Office, which offers a list of best practices . Below are four key steps a bank or financial institution can take to safeguard their domains and brands from online abuse and fraud:

• Adopt a defense-in-depth approach for domain management and security

• Eliminate third-party risk by assessing your domain registrar’s security, technology, and processes along with your company’s domain name system (DNS) management provider. Be sure to also identify and secure vital domain names, DNS, and digital certificates.

• Continuously monitor the domain space and key digital channels

• Register domains that could be high-value targets related to your brands and make sure you identify domain and DNS spoofing tactics as well. It is also important to identify trademarks and copyright abuse on web content, online marketplaces, social media and apps.

• Use global enforcement, including takedowns and internet blocking

To reduce the risk to your organization, it is vital to use phishing monitoring and a fraud-blocking network of browsers, partners, ISPs, and security information and event management systems. We also recommend using a range of technical and legal approaches for enforcement including takedowns and worldwide fraud blocking networks to mitigate these online scam sites by having an enforcement provider ‘on standby.’

• ●Confirm vendor business practices aren’t contributing to fraud and brand abuse

The following issues are often common with consumer-grade domain registrars:

o Operating domain marketplaces that drop catch, auction, and sell domain names containing trademarks to the highest bidder

o Domain name spinning and advocating the registration of domain names containing trademarks

o Monetizing domain names containing trademarks with pay-perclick sites

The risk of a bank or financial institution not addressing their domain security can be catastrophic. Domains that are not protected pose a significant threat to cybersecurity posture, data protection, consumer safety, intellectual property, supply chains, revenue, and reputation. We can expect awareness of these issues to grow, and for cyber insurance providers to start holding clients accountable for the quality and rigor of their domain defense strategies and approaches.

In today’s world, artificial intelligence (AI) will significantly increase cybercriminals’ skillsets when launching attacks so defense tools need to be as smart as the technologies used by bad actors. With innovations such as ChatGPT, the best course of action to protect banks and financial institutions is to continue to elevate the awareness of these threats and share best practices, so that organizations can improve their domain security posture and safeguard their domains and brands from online abuse and fraud.

Richard Cahill Regional Leader CSC Digital Brand Services