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Financial institutions must become digital innovators

first_imgFor decades, the products offered and the channels used to deliver financial solutions have changed very little. There was small risk to being complacent, because the consumer was modestly satisfied with what the industry provided. With little competition, the only time a banking relationship was “in play” was when a consumer moved or was in the midst of a major lifestage change.Modern digital technology has disrupted this legacy banking model on all levels. First, it has dramatically altered the balance of power between consumers and their financial institution(s). In a relatively short period of time, consumers have more insight and choice at their fingertips. The competitive playing field has expanded exponentially, with thousands of new non-traditional organizations leveraging consumer insight and digital channels to create entirely new financial solutions. Finally, digital technology has drastically improved the economics of banking (at least for those organizations not saddled with legacy infrastructure).The result is an increasing need for financial institutions of all sizes to become digital innovators. Without a constant reinvention of both the products offered and channels supported, banks and credit unions run the risk of losing their most valuable relationships in a “digital moment,” with a click on a mobile device. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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Investing in the ecosystem

first_img continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr At Visa, trust, security and reliability are fundamental to everything we do. As a leading payments technology company, we take seriously our responsibility to maintain the global ecosystem and continually improve capabilities that enable individuals, businesses and economies to thrive.This is an undertaking that has grown more complex and challenging in recent years. As commerce has moved increasingly online, the opportunity for fraud and cyber threats has grown. At the same time, fraud rates have remained near-historic lows, at less than one-tenth of one percent for the past two decades. And while Visa’s processing volumes have nearly doubled over the last 5 years,[1] VisaNet, our core authorization platform, has consistently performed at 99.999 percent reliability.[2]To manage the constantly changing threat environment and growing demands on our infrastructure, we devote significant resources to our talent and technology. Over the last five years, we’ve invested nearly $9B in enhancing and securing our core technology platforms and launching new products and capabilities for our clients, partners and employees.[3] These investments include:World-Class Technology Platform: At the heart of Visa lies a technology infrastructure that powers more than 138 billion payments annually[4], each in just a few milliseconds. This platform consists of hundreds of software applications, a massive fleet of best-in-class hardware, highly resilient data centers, and a vast telecommunications network spanning more than 10 million route miles[5]. Each of these components is wrapped in multiple security technologies and backed by numerous redundant layers, so if one component fails, another kicks in to ensure continuous processing.last_img read more

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Forte urges assembly to back Cardiff Bay

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Still no details on Japanese COVID-19 patient who reportedly visited Indonesia: Govt

first_imgPreviously, Japanese public broadcaster NHK reported that the Tokyo metropolitan government announced on Saturday that the man, a Tokyo resident in his 60s, had been infected with the novel coronavirus.Read also: Japanese man tests positive for COVID-19 after Indonesia visit: ReportHe had reportedly visited Indonesia from Feb. 15 and was hospitalized upon his return to Japan on Feb. 19 with severe difficulty breathing, and is said to be in a “serious condition”. The NHK did not specify the man’s destination in Indonesia.Foreign Ministry acting spokesperson Teuku “Faiz” Faizasyah said there had been no official communication from the Japanese authorities about the man. Indonesian authorities have yet to receive additional details about the Japanese man who reportedly tested positive for the novel coronavirus disease (COVID-19) shortly after visiting Indonesia, ministry officials said.The Health Ministry’s Disease Control and Environmental Health Directorate General secretary Achmad Yurianto said that although the ministry had contacted the Indonesian Embassy (KBRI) in Tokyo about the man, they were still unable to verify his identity.“We don’t know his name or which part of Indonesia [he visited]. So what can we investigate?” Yurianto told The Jakarta Post on Sunday. “That’s the problem, until now there has been no information yet from Japan,” Yurianto said.Bayu Krisnamurthi, who headed the National Committee for Avian Flu Control and Pandemic Preparedness between 2006 and 2010, said that people infected with the coronavirus outside Indonesia could spread it inside the country through droplets from coughs and sneezes.“The health authorities should quickly clarify this case. It should be assumed that the virus could have been transmitted to someone else before the symptoms appeared,” Bayu told the Post.Meanwhile, Amin Soebandrio, the director of the Eijkman Institute for Molecular Biology said that if the Japanese man showed no symptoms during his stay in Indonesia he could be undetected despite already carrying the virus during the incubation period, which is up to 14 days.“This is not just in Indonesia. [The man would be undetected] in any country if no symptoms were shown before he returned to Japan,” Amin told the Post.Amin also said that the Indonesian government had followed proper procedures according to the World Health Organization (WHO), including requiring health cards and quarantining travelers who recently visited China.“So the problem is not in our ability to detect [the coronavirus] or not, because we have put all the measures in place,” Amin said.There have been no confirmed cases of COVID-19 in Indonesia to date.Topics :last_img read more

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Robin van Persie gives advice to Nicolas Pepe after Arsenal’s win against Manchester United

first_img Video Settings Comment PLAY 1 min. story Advertisement And Van Persie has urged the winger to improve his movement in front of goal when balls are delivered from the left wing. Pepe scored Arsenal’s opening goal against Manchester United (Getty Images)‘With Pepe I do believe that today he played really well but he can go one level up,’ Van Persie told BT Sport.AdvertisementAdvertisement‘If he makes those runs in the final third.‘Because now with crosses from the other [left] side, he’s still enjoying the moment, he’s still watching the game.’More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CityRio Ferdinand also believes Mikel Arteta could play a key role in Pepe’s development following the Spaniard’s work with wingers at Manchester City.‘Massive signing, hasn’t produced, today he looked like a new player,’ Ferdinand said.‘That comes from confidence from a manager, showing belief.‘He’s young, it’s youth, and I think he’s got time to work.‘It’s been well documented how much influence Arteta had the likes of Leroy Sane and Raheem Sterling [at Manchester City], young wingers, Pepe falls into that category, can he improve?’ About Connatix V67539center_img Metro Sport ReporterThursday 2 Jan 2020 2:39 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link17.7kShares Robin van Persie has advised Nicolas Pepe to improve his movement in Arsenal’s attack (Getty Images)Robin van Persie has urged Nicolas Pepe to step up his efforts to score more goals after Arsenal’s win over Manchester United on New Year’s Day.Pepe scored the opening goal before Sokratis doubled the Gunners’ lead to secure a 2-0 victory and a first win for Mikel Arteta.Since joining for £72 million in the summer, Pepe has struggled to make an impact at Arsenal.But the 24-year-old delivered an encouraging display up against Luke Shaw and provided a constant threat on Arsenal’s right flank.ADVERTISEMENT Full Screen Arteta speaks after Arsenal beat Man Utd 2-0To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 6:30FullscreenArteta speaks after Arsenal beat Man Utd 2-0 is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.More: Manchester United FCRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starNew Manchester United signing Facundo Pellistri responds to Edinson Cavani praiseEx-Man Utd coach blasts Ed Woodward for two key transfer errors Advertisement Robin van Persie gives advice to Nicolas Pepe after Arsenal’s win against Manchester Unitedlast_img read more

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Most homeowners remain oblivious to what their mortgage is costing them

first_imgMany homeowners just sit and forget once they take out their first mortgage.THE majority of homeowners don’t know what the interest rate is on their mortgage, despite it being the biggest financial transactions many will ever be involved in.New research by UBank found only 17 per cent of Queensland mortgage holders knew exactly what interest rate they were paying.This was despite 58 per cent saying their current financial situation caused them to be stressed or loose sleep.UBank CMO Jo Kelly, said homeowners in particularly should be evaluating their financial situation ever six months, because refinancing cost save them thousands.She said many people didn’t know what their monthly expenses were and many were too scared to know.The survey found about a third of Queenslanders constantly worried about their financial future, while only one in five though they had full control of their finances.Many respondents said it was too hard to work out.More from newsNew apartments released at idyllic retirement community Samford Grove Presented by Parks and wildlife the new lust-haves post coronavirus21 hours agoNationally 82 per cent of homeowners didn’t know their exact interest rate – a slight improvement on last year when it was 85 per cent.“While there was a slight improvement on last year, there are still too many Aussies out there who don’t know their mortgage rate,” it said.“We encourage people to do their research and stay on top of their mortgage rate, as thousands of dollars can be saved by simply understanding where the best offers are and refinancing.”Ms Kelly said she was initially surprised the first time they did the annual survey to see so many people didn’t know where their money went and the stress it caused.“Many people get a mortgage and sit and forget about it,’’ she said.“A lot of people just get a mortgage and go “that’s my lot for the rest of my life’’Ms Kelly said while it might be difficult for people to see exactly what they were spending, once they did they could make moves to reduce costs and find extra money in their pocket.More importantly, she said, they would be less stressed.last_img read more

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Mandate roundup: Swiss scheme tenders low vol brief via IPE Quest

first_imgThe scheme added that as a second step, there might be a request for proposal as a follow up and for an in depth due diligence the fund would contact four or five managers directly.Applications can be in either English or German. the deadline to participate is 10 January 2020, 17:00 UK time.IPE Quest Discovery is a pre-RFP service allowing institutional asset owners to carry out a preliminary search for managers.The IPE news team is unable to answer any further questions about IPE Quest, Discovery, or Innovation tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email A swiss pension fund has put out a request for information as a first step to define its requirements and needs in terms of both possible asset region allocation and the equity management for a low volatility mandate, via IPE Quest’s Discovery service.According to search DS-2587, the pension fund is seeking to invest $500m (€448m) in global core low volatility equities, follwoing the MSCI Minimum Volatility Indices.The fund is considering passive, enhanced index or active approaches, and can eitehr be a pooled or segregated contract.Managers applying shoudl have at keast $1bn of assets under management for the asset class, and should state performance data to 30September 2019, net of fees. Brunel appoints Blackrock to provide bespoke risk management frameworkBrunel Pension Partnership has appointed BlackRock to deliver bespoke investment risk management services to the investment pool’s Local Government Pension Scheme (LGPS) clients.Brunel undertook a thorough search for the right partner to deliver the best possible solution, with a view to offering its clients the ability to manage a range of risks, including inflation, interest, equity and currency risks.David Cox, head of listed markets at Brunel, said: “Rather than limiting risk management to traditional liability driven investment (LDI), we are keen to offer our clients a comprehensive risk management framework.”He added that Brunel is “keen to empower” its member funds and this includes “equipping them to manage their strategic risks and exposures across asset classes.”The framework being offered with BlackRock ”will enable us to meet the investment risk management requirements of our clients in these uncertain times,” Cox continued.BlackRock was selected due to its technical expertise, range and scale, and its ”willingness to understand and address the particular needs of the LGPS,” he said. Their track record should be of at least five years and have at least 10 clients/mandates within low volatility equities management. Hymans Robertson advises on £800m longevity swap for FTSE100 pension schemeConsultancy Hymans Robertson has led the advice on a £800m (€945m) longevity swap transaction with Zurich for a FTSE100 sponsored pension scheme.The longevity swap protects the scheme against the risk of its pensioner and dependant members living longer than expected, the advising firm announced. Hymans Robertson acted as lead adviser on the transaction, and, together with legal transactional counsel, CMS, negotiated a new efficient structure with Zurich to meet the requirements of the scheme.The majority of the longevity risk was reinsured by Hannover Re, with the scheme benefitting from diversification of counterparties under an ‘Enhanced Pass Through’ structure.The transaction was unique in its demographics and covers a significant proportion of non-UK overseas lives, providing the scheme with valuable protection.A trustee at the scheme said: “This continues the trustees’ strategy to de-risk the scheme, with this transaction significantly reducing the key outstanding risk for the scheme.”The official added that Hymans Robertson’s specialist experience in the longevity insurance market “was invaluable”. “Through their efficiency and tailored broking approach the Scheme was able to save money at each stage of the process.”Baljit Khatra, risk transfer consultant at Hymans Robertson and lead adviser, said: “The scheme had already taken significant steps to reduce financial risks, and we identified longevity as being a material outstanding risk for the scheme.”last_img read more

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​Danish pensions lobby bags top networker to spearhead push

first_imgDanish pensions lobby Insurance & Pension Denmark (IPD) has just revealed the identity of its new leader as the association tries to take a more active role, hiring the Confederation of Danish Industry’s (DI) political director to replace its long-time chief executive officer.Kent Damsgaard, the DI director heading up political and related areas, has been appointed as the new CEO of IPD from 1 September, replacing Per Bremer Rasmussen, who is leaving the top job at the association on 1 August after 15 years in the role.Laila Mortensen, chair of IPD’s supervisory board, said: “We want Insurance & Pension Denmark to continue at its high level of professionalism and at the same time play an even more active role in ensuring the industry has a good framework for providing the best solutions to the individual Dane.”The board believed Damsgaard was the right person to be at the forefront of this work, said Mortensen, who is CEO of the labour-market pension fund Industriens Pension. When Bremer Rasmussen’s resignation was announced in February, he said a new CEO should be the one to roll out the association’s new action plan “Strategy 2025”, which had been adopted by the supervisory board at the end of 2019.That plan stated that the insurance and pensions industry wanted to be known for its contribution to solving some of the biggest challenges facing Danish and international society, and emphasised the welfare and security of individuals, alongside sustainability and the green transition in Denmark and abroad.“Kent Damsgaard is used to leading professional environments, he is a skilled networker and has long experience safeguarding interests at the highest level,” Mortensen said.“At the same time, he is a recognised leader who can prioritise and motivate, and he can also communicate clearly,” she said.Before working at DI, Damsgaard has been a deputy director of Denmark’s largest pension fund ATP, a head of department at the Danish Ministry of Taxation and chief economist at the Liberal Party of former Prime Minister Lars Løkke Rasmussen.Incoming CEO Damsgaard said the insurance and pensions sector was a key player in ensuring the welfare and security of the individual Dane, as well as in the green transition of Danish society.“At the same time, the industry is facing major changes and opportunities as a result of digital development. So there are many important community agendas that we need to be driven by,” he said.Looking for IPE’s latest magazine? Read the digital edition here.last_img read more

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Nightmare for employers if cannabis legalised – expert

first_imgNewsHub 7 May 2019Family First Comment: “An employment expert is warning legalising cannabis will be a nightmare for employers wanting to ensure health and safety in the workplace.”An employment expert is warning legalising cannabis will be a nightmare for employers wanting to ensure health and safety in the workplace.On Tuesday, the Government announced Kiwis will vote on legislation to legalise recreational cannabis at the 2020 election.Draft legislation will include an age restriction of 20 years to use cannabis, regulations and commercial supply controls, and limited home-growing options.Cannabis consumption would be allowed within private homes and on licenced premises.That concerns employment law specialist Max Whitehead, who told Newshub employers already face the issue of alcohol consumption disrupting workplace productivity and health and safety.Legalising cannabis may only add fuel to that fire and lead to frequent drug tests for employees.“We have already got alcohol which is impairing employees’ judgement and their ability to work in unsafe situations. Drugs are only going to compound that matter,” he said.READ MORE: read more

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Nineteenth CARIFORUM meeting critical –Dr McIntyre

first_img 6 Views   no discussions Share Share Share Tweetcenter_img Chairperson of CARIFORUM Hon. Dr Colin McIntyreChairperson of the Council of Ministers of the Caribbean Forum of African, Caribbean and Pacific States (CARIFORUM) and Minister with responsibility for Employment, Trade, Industry and Diaspora Affairs of Dominica, Dr Colin McIntyre has described the nineteenth (19th) meeting of CARIFORUM as “critical for providing the organization with focused direction and context”.CARIFORUM is a grouping of Caribbean States which are signatories to the Lome IV Convention and was created in 1992 for cooperation between Caribbean countries and the European Union. CARIFORUM monitors and co-ordinates the allocation of resources out of the European Development Fund (EDF) for the purpose of financing regional projects in the Caribbean Region within the framework of the Lome IV Convention.Dr McIntyre who assumed chairmanship of CARIFORUM on July 1st, 2011 and will serve in that capacity until the 30th of June, 2012 noted that the organization must know what it wants, where it is going and how it intends to get there.“This 19th meeting of CARIFORUM, in my mind, is critical for providing CARIFORUM with focused direction and context. The agenda also highlights the challenges facing CARIFORUM and the short, medium and long term issues which require addressing so that the region can advance its various causes at the appropriate fora, through its various representatives including the Chair of CARIFORUM.”According to the Chairman, an important issue discussion is a proposed new approach to Development Aid and its proposals for a new approach to budgetary support as a delivery mechanism.“I anticipate in our discussions on the subject, we will make arrangements to define our own development vision before we react to EU proposals on its approach to Development and Aid. In other words, we must own our Development Vision and Strategy and invite our partners to assist us in the implementation of that vision and strategy.”Meantime Secretary-General of CARIFORUM and CARICOM Ambassador Irwin LaRocque also described the meeting as a crucial juncture in CARIFORUM’s history considering that countries are slowly climbing out of the financial and economic crisis of 2008.Ambassador Irwin LaRocque, Secretary-General of CARIFORUM and CARICOM“While our countries are yet to climb out of the financial and economic crisis of 2008, we are beginning to feel the effects of a new global period of stagnation with low or no economic growth, high unemployment and burdensome sovereign debt in most of our major trading partners as well as member states. This meeting of the CARIFORUM Council of Ministers comes at a crucial juncture, particularly since our major international development partner, the European Union (EU), is itself experiencing problems, as is evidenced by developments in Greece, Spain and Italy.”Ambassador LaRocque further explained that these developments in Europe should signal to member states the necessity of ensuring that resources received from the EU for the 10th EDF Regional Indicative Program are efficiently programmed and utilized.LaRocque also noted that the challenge for CARIFORUM lies in the ability of member states to “enhance their competitiveness and productivity in order to take advantage of the opportunities provided by the EPA”.He says whatever decisions are made at this meeting will “shape how CARIFORUM responds to the various challenges facing our region”.The Secretary-General concluded by expressing confidence that “under the guidance of the Chair the decisions taken by this Council will redound to the benefit of the people of CARIFORUM”.All member states of CARIFORUM are represented at the nineteenth meeting and include Antigua and Barbuda, The Bahamas, Barbados, Belize, Cuba, Dominica, Dominican Republic, Grenada, Guyana, Haiti, Jamaica, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago.The nineteenth meeting of CARIFORUM is currently underway in Dominica at the Fort Young Hotel.Dominica Vibes News Sharing is caring! LocalNews Nineteenth CARIFORUM meeting critical –Dr McIntyre by: – November 25, 2011last_img read more

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