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Cybersecurity: The Greatest Challenge for The Financial Sector?

Posted by Anna Mielczarek on 20-Nov-2018 07:30:00

Cybersecurity has always been a concern for banks and financial institutions. As data becomes more relevant and in most cases crucial to the core business activities, cybersecurity has quickly evolved into a great challenge to plethora of organisations. And these organisations have every right to worry but, it is the financial sector that should make cybersecurity awareness its top priority.

According to 2018 half year fraud update by UK Finance, which represents almost 300 UK-based, banking, mortgage, markets and payments services providers, financial services firms have been facing an unprecedented level of cyberattacks in recent months. UK Finance distinguishes and publishes data on losses due to few different kinds of fraud, these are: unauthorised fraudulent transactions made using payment cards, online and telephone banking and cheques, and authorised push payment (APP) scams. 

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Topics: Emerging Technology, Challenges, Finance, Digital Transformation, Disruption and Change

Lloyds Bank Invests in New Digital Banking Platform

Posted by Anna Mielczarek on 13-Nov-2018 07:30:00

On Tuesday, the 6th of November Lloyds Banking Group announced that it had invested in a FinTech company as a part of digital shake-up aimed at enhancing the bank’s digital presence.

A £3bn transformation and technology investment programme includes the investment of £11m for a 10 % stake in cloud-based core banking start-up Thought Machine, which focuses on building technology to revolutionise current online banking system.

Thought Machine’s core product, Vault is able to run any type of banking product. It aims to simplify outdated online systems while providing customers with maximum security and reliability.

However, that’s not all – Lloyds Bank plans to cut 6,240 jobs whilecreating 8,240 new digital positions as part of its huge shift towards Digital Transformation.

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Topics: Digital Transformation, Challenges, Change and Innovation, Finance

7 Barriers to Digital Transformation

Posted by Anna Mielczarek on 08-Nov-2018 07:30:00

Every business today is undergoing some kind of transformation. Emerging technologies; increasing demands of the customers regarding their relationship and experience delivered by companies; pressure to change and innovate, enterprise mobility – all these factors make firms realise that they cannot carry on for much longer without implementing Digital Transformation into their business, and changing their operating models.

But of course, just like any other change or transformation, even when necessary, implementing Digital Transformation enterprises will face certain challenges and barriers in their digital efforts.

From a plethora of potential barriers to Digital Transformation, whether small or big, we’ve chosen the top 7 you should definitely know about.

Have a read and see if you can recognise any of them in your business.

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Topics: Digital Transformation, Challenges, Change and Innovation

Digitalisation Will Make Most Banks Irrelevant by 2030 - Gartner

Posted by Anna Mielczarek on 06-Nov-2018 07:30:00

Traditional banks and insurance companies are facing extinction in the next 12 years due to increased digitisation in the financial services sector. 80 percent of traditional banks and financial services firms will be made irrelevant by 2030, and only 20 percent of traditional financial firms will remain as ‘winners’ according to a new research by Gartner.

These findings were presented to the audience on the 29th of October at Gartner Symposium/ITxpo 2018 on the Gold Coast, Australia by David Furlonger, vice president and distinguished analyst at Gartner.

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Topics: Digital Transformation, Challenges, Change and Innovation, Finance

Building Your Digital Dream Team

Posted by Anna Mielczarek on 01-Nov-2018 07:30:00

Digital Transformation has become a buzzword lately. A lot has been said about the positive impact of digital changes on firms. And no one is surprised that Digital Transformation is the key to the great success and longevity for many businesses. In our previous articles, we addressed some of the crucial aspects of implementing a successful Digital Transformation, ranging from key success factors and success stories, common mistakes to avoid, to how Digital Transformation is impacting different industries such as finance or retail.

Do you remember our 4 Steps to Digital Transformation? You need to empower your people! But what kind of people? In order to successfully implement Digital Transformation, you need to build a team that is going to support you all the way there.

In this article, you will find out how to build your Digital Dream Team, because the right team will have as much impact on your success as any of the other elements.

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Topics: Digital Transformation, Challenges, Leadership, People, Success

Going Digital Creates New Risks in The Financial Sector

Posted by Anna Mielczarek on 30-Oct-2018 07:30:00

The massive global movement of companies going digital is continually forcing essential changes in what new products and services are created, and how they are delivered to financial services customers.  The position of well-established, traditional banks is changing dramatically due to the emergence of new start-ups companies, and new business and operating models they use and promote.

In its recent paper ‘Moving from analog to digital: a new paradigm for risk management.’ EY states that industry transformation is afoot on an unprecedented scale.

Demographic change; radical new technologies and data usage; a changing regulatory paradigm; and a fast-changing and ever-more-complex ecosystem of competitors, partners and vendors are all listed as key trends that are supporting Digital Transformation. And although, they do force the necessary changes and provide firms with new opportunities, there are also associated with an uncertainty.

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Topics: Digital Transformation, Emerging Technology, Challenges, Finance, Risk Management

Are Banks Still Not Ready for Digital Transformation?

Posted by Anna Mielczarek on 23-Oct-2018 07:30:00

Digital Transformation can be a real challenge for the financial sector. In the past few years a great majority of well-established, traditional banks have tried to become more digital in order to address the emergence of new challenger banks that have been slowly taking away their customers. But unfortunately, many projects end in failure as financial institutions have a hard time getting real results. Most banks are focusing on polishing the front end so much that they almost seem to forget that it must be supported by back end as well. And this approach results in crushing systems which leave customers unable to log into their bank accounts.

So, what are some of the examples of banks not being fully prepared for digital changes they have implemented?

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Topics: Digital Transformation, Emerging Technology, Finance, Challenges

B60 Blog in Swedish: Digital Förändring - 5 Misstag du bör undvika till varje pris

Posted by Anna Mielczarek on 11-Oct-2018 10:21:15

Digital förändring är för många företag fortfarande ett relativt nytt begrepp – det kan ge en rad fördelar till företaget om den implementeras på rätt sätt.

Bara en handfull företag kommer förmodligen lyckas i sin strävan efter att förändra sin organisation. För andra kommer Digital Förändring även fortsättningsvis att vara en utmaning eftersom de ständigt fortsätter göra samma misstag vilket leder till att den digitala resan misslyckas.

Det är väl inte nödvändigt att påpeka att när digital förändring görs på fel sätt kan både företagets operationer och strategier komma i oordning, vilket i sin tur leder till stor tveksamhet hos dina anställda och minskad lust att prova på saken igen.

Här följer 5 vanliga misstag du bör undvika om du vill att ditt företag ska hantera och implementera den digitala förändringen på ett effektivt sätt.

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Topics: Digital Transformation, B60 Blog in Swedish, Common Mistakes, Challenges, People

4 Steps for Digital Transformation

Posted by Anna Mielczarek on 04-Oct-2018 07:30:00

Digital Transformation is not a matter of choice, it is a matter of survival, and it’s everywhere. Every single business and organisation in every industry is shifting towards technologies in some way, and even if some of them don't realise it – this is what we call Digital Transformation.

Nowadays, storefronts of almost every retail brand are replaced with online shops, consumer services amplify their reach via web, mobile, even in virtual assistants; manufacturing goes high-tech to improve efficiency and productivity, and reduce cost. Some of more innovative companies reinvent their business and launch digitally native products, like Amazon’s Alexa.

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Topics: Digital Transformation, Challenges, People, Success

Digital Transformation Is Reshaping Financial Services

Posted by Anna Mielczarek on 02-Oct-2018 07:30:00

Usually described as resistant to change and quite conservative, financial sector has no choice but to follow other industries in their digital journey. Well-established, traditional banks have been challenged by financial technology start-up companies that take over industry by combining digital technology, social media, and big data analytics to replace traditional models with financial products and services enabled by new technology.

So, as disruptive changes occurring in the financial services industry are largely the result of digital technologies that have been developed and refined over the past decade, it comes as no surprise that in order to survive, and stay competitive the financial services industry and its CIOs are increasingly embracing Digital Transformation to improve their IT infrastructures.

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Topics: Digital Transformation, Change and Innovation, Challenges, Finance, Emerging Technology