Connect with us

News

2020: THE YEAR THAT CHANGED US ALL

There isn’t an industry that hasn’t felt the impact of 2020. Every sector has had to adapt to deal with the storm we’re calling COVID-19. Companies have had to be agile, preparing its workforce for immense change, all while reassuring its customers and partners that things will continue as usual. Despite the turmoil, however, the pandemic has encouraged change that will futureproof and improve many businesses. In a recent poll by BIAN of 139 professionals from the finance, technology and consultancy sectors, over half (55%) believe that COVID-19 has encouraged its organisation or customers to prioritise digital transformation initiatives.

 

The non-profit organisation that promotes and provides a common framework for the banking industry also found that one in five respondents believe that the pandemic will be the primary driver for change over the next several years.

 

“The pandemic has highlighted just how vital digital transformation initiatives are to the present and future of business, said Hans Tesselaar, Executive Director of BIAN.

 

“If we look at the financial services sector, for example, we saw just how quickly the use of cash declined. Stats showed that the use of cash halved because of fears over cash potential harbouring the virus. The lack of choice now means the portion of the nation who favour cash will be forced to shop and bank online.

 

“Banks will need to play a vital role in ensuring that the demographic of cash-first users can navigate this digital world. They will also need to ensure that their systems can withstand the additional activity. At such a difficult time, customer experience will be paramount to a bank’s success both now and in the future. The coronavirus has forced a lot of changes to our everyday lives. I expect, when we start to recover from this pandemic, that many of these changes will stick, including our continued use of digital services.”

 

This aligns with the fact that 37% of professionals believe the changing of customer demands will drive the most significant change of the next few years. This is followed by Open Banking (24%), the development and implementation of AI (14%) and the adherence to regulation (5%).

 

When we look at Open Banking, it is clear that the initiative and regulation has already had a tremendous impact on the financial services sector. The poll revealed that 72% of those asked are already benefitting from Open Banking. A further 22% are currently investigating the impact it will have on their business.

 

The success of Open Banking has also contributed to the growing concept of Open Finance. A term described by KPMG as “the extension of Open Banking data-sharing principles to enable third party providers to access customers’ data across a broader range of financial sectors and products, including savings and investments.” The research found that over half (53%) of respondents believe there is a demand for Open Finance in their country, based on the success of open banking.

 

“Open Banking is transforming the financial services sector for both businesses and consumers. A recent publication by Open Banking UK shows that the users of open banking enabled products in the UK have doubled in just over 6 months and stands at 2 million now”, said Arnab Mitra, Programme Manager at BIAN.

 

“It has enabled FinTechs and banks to provide enhanced customer experience, increased access to data and services while providing customers with the opportunity to increase their financial wellness. Open Finance attempts to take Open Banking to the next level, with the possibility of broadening the scope to savings, mortgages, pensions, investments and insurance policies and more”

 

Tesselaar added “to make the most out of the opportunity presented by Open Finance, banks, technology providers, FinTech players, academics and consultants must collaborate to define a revolutionary banking technology framework that standardises and simplifies the overall banking architecture. Through greater collaboration, we are able to future proof the industry, weather any storm that comes our way, but we need to control the costs”.

 

News

EIS INTRODUCES USAGE-BASED INSURANCE SOLUTION THAT UNIFIES PERSONAL AND COMMERCIAL CAR USE FOR CONTINUOUS COVERAGE

Includes Ridesharing Solution Enabling Insurers to Cover Drivers Based on How Far, How Well, When and – Now – Why They Drive

 

EIS, a core and digital platform provider for insurers, today announced the introduction of EIS UBITM, a new Usage-Based Insurance software solution that makes it easy for insurers to price, underwrite, and service drivers based on how far, how well, when and even why they drive. The first iteration of the new offering is EIS UBI for Ridesharing, which bridges the traditional divide between personal and commercial lines and provides drivers with continuous coverage.

“With EIS UBI, we are solving one of the biggest challenges to insurers as consumers increasingly demand coverage tailored to fit their lifestyle, be it infrequent drivers seeking mileage-based policies, safe drivers who want to be rewarded for their good driving habits, or drivers earning income from ridesharing, carsharing, and other commercial uses,” said Joel Yarde, Technology Marketing Lead, EIS. “EIS UBI enables insurers to innovate and deliver products for specific uses, take better advantage of telematics and deliver a great customer experience.”

Through seamless integration of data from a wide variety of telematics and mobile devices, EIS UBI can support multiple models including miles only, driver behavior, change of use, or any combination of these and other factors.

“The pandemic has been a catalyst for the UBI market, as insurers across the size spectrum look to ramp up programs. Programs to support various telematics and usage-based-insurance initiatives, including ridesharing, are becoming increasingly important,” said Mark Breading, Partner, SMA.  “It is vitally important that modern core platforms like EIS offer new capabilities to support these programs.”
Solution for Ridesharing
The first iteration of the new solution is EIS UBI for Ridesharing, which solves the challenge insurers currently face in accurately underwriting and pricing based on “why” the car is in use. Rideshare drivers may cycle through four phases that cross over commercial and personal lines of coverage: off the clock, on the clock waiting for the first customer, pickup and driving to the destination, and on route to the next pickup. However, typical rideshare policies cover only stages with riders in the car.

EIS UBI for Ridesharing enables insurers to provide continuous coverage with accurate rates and premium billing according to each phase of use, whether personal or commercial. Furthermore, it allows companies to embed insurance offers directly into the driver experience through their driver app and enable real-time or near real-time interactions. EIS UBI for Ridesharing is already in use by one insurer to provide quotes and service to drivers of a top three global ridesharing company.

 

Driving Innovation

The foundation of EIS UBI is the powerful and extensive event-driven architecture of EIS Suite that makes thousands of policy, billing, claims and customer management tasks, transactions, and interactions available for creating usage-based insurance products.  EIS UBI is the next generation of usage-based insurance capabilities available in EIS’ PolicyCore policy administration platform.

This enables EIS clients to innovate for a wide variety of scenarios from providing unified coverage for vehicles or equipment used for personal and agricultural use, to public and private carsharing, and commercial fleet.

“EIS UBI provides insurers with the tools to create and deploy usage-based products for today’s sharing economy, and to ‘future proof’ their offering as new models of car usage emerge,” said Yarde. “EIS clients have embraced the capability to create new auto coverages and use EIS UBI as a platform to test-and-learn new product innovations.”

 

Continue Reading

News

ONGUARD WELCOMES ADRIAAN KOM AS CHIEF COMMERCIAL OFFICER

Onguard, the fintech company dedicated to the order-to-cash process, has today announced it is welcoming Adriaan Kom as its new Chief Commercial Officer. Responsible for overseeing the development and commercial strategies of the business, Adriaan’s appointment strengthens the management team and Onguard’s ongoing commitment to building its market position and international growth within Europe.

 

Adriaan Kom is no stranger to the fintech world. For the past 14 years, he has held various commercial and strategic roles at Onguard’s partner Altares Dun & Bradstreet, including as director of business development and partnerships and general manager of product solutions.   In his career, Adriaan has advised B2B organisations at both national and international level on how to apply optimal data management in the areas of credit management, compliance, fintech, sales and marketing. This wide-ranging experience and eye for innovation makes him the perfect fit for Onguard.

 

Adriaan Kom comments on his appointment at Onguard: “I am delighted to have joined Onguard, given its credentials in the market for being a forward-looking, innovative organisation. I look forward to working with the team to build on the company’s growth. The market is on the move and the strategy we choose to follow will be crucial to future success. My goal is to create a healthy, internationally successful organisation where the customer is central and our employees are proud to be a part of our journey and are rewarded with opportunities to grow professionally.”

 

Marieke Saeij, CEO at Onguard, adds: “I am delighted to welcome Adriaan Kom to Onguard. With his knowledge, experience and customer-oriented approach, I am sure that in the role of Chief Commercial Officer he will realise added value for our customers and contribute to Onguard’s ambition to grow further within Europe.”

Continue Reading

Magazine

Trending

Business2 hours ago

HOW FINANCE FIRMS CAN IMPROVE THEIR CUSTOMER COMMUNICATION IN 2021

Amy Robinson, Senior Brand Development Manager, Esendex 2020 has certainly thrown a curve ball to all businesses across the world,...

Technology2 hours ago

HOW FINANCIAL INSTITUTIONS CAN PROTECT THEIR ONLINE ACTIVITY FROM HACKERS

As working from home becomes the new normal, senior leaders of financial institutions need confidence that their company information will...

Finance3 hours ago

2021 TRENDS: TECHNOLOGY CONTINUES TO TRANSFORM FINANCIAL SERVICES

By Angus Panton, Head of Banking and Financial Services at Expleo   Angus is responsible for leading strategic client relationships and...

Top 1015 hours ago

2020: THE PARADOXICAL YEAR THAT HAS RESHAPED THE FUTURE OF MOTOR INSURANCE AND RELATED SECTORS

By Alan Inskip, Tempcover CEO & Founder   There’s no doubt that 2020 will be remembered as the year that...

News15 hours ago

EIS INTRODUCES USAGE-BASED INSURANCE SOLUTION THAT UNIFIES PERSONAL AND COMMERCIAL CAR USE FOR CONTINUOUS COVERAGE

Includes Ridesharing Solution Enabling Insurers to Cover Drivers Based on How Far, How Well, When and – Now – Why They Drive   EIS, a core and...

News16 hours ago

ONGUARD WELCOMES ADRIAAN KOM AS CHIEF COMMERCIAL OFFICER

Onguard, the fintech company dedicated to the order-to-cash process, has today announced it is welcoming Adriaan Kom as its new Chief Commercial Officer. Responsible for overseeing...

News16 hours ago

NETTING IS A PRIVILEGE NOT A RIGHT

It is nearly a year since the European Central Bank (ECB) introduced its new process for the recognition of netting...

Finance16 hours ago

IN THE AGE OF ‘NEAR ME’ SEARCHES, FINANCIAL SERVICES MUST LEVERAGE TECHNOLOGY TO WIN NEW CUSTOMERS

by Paul O’Donoghue, VP solution engineering, Uberall   The coronavirus pandemic has seen a dramatic increase in digitalisation across all aspects...

News16 hours ago

SINNAD OFFERS FLEXIBLE ISLAMIC BANKING PROCESSING IN THE MIDDLE EAST

Less than two years after SINNAD went live with its new processing platform built on Compass Plus software, SINNAD has completed the...

News17 hours ago

FINTECH LEADERS OPTIMISTIC FOR QUICK RECOVERY DESPITE COVID-19 IMPACT

Pandemic exposes urgency for digital transformation in the financial services industry, which is likely to drive increased demand for fintech...

News17 hours ago

AGILITAS SECURES INVESTMENT TO ACCELERATE GLOBAL CHANNEL SERVICES GROWTH

Leading global channel services provider, Agilitas IT Solutions, is delighted to announce the completion of a management buy-out led by...

News17 hours ago

A QUARTER OF BANKING CUSTOMERS NOTED AN IMPROVEMENT IN CUSTOMER SERVICE OVER LOCKDOWN, RESEARCH SHOWS

SAS research reveals that banks offered an improved customer experience during lockdown   A quarter (27%) of banking customers noted...

Wealth Management17 hours ago

THE RISE OF THE ‘ALL-INCLUSIVE’ HOME

By David Rowark, Head of B2B Sales, Freesat   With television becoming ever more important to us all, it is time...

Finance2 days ago

CFOs PLAY A STRATEGIC ROLE IN RECOVERY

Frederic Portal, Finance Solution Director at Workday   With so much uncertainty around what the next year may have in...

Finance4 days ago

MASTER YOUR DATA: TACKLING CUSTOMER RETENTION CHALLENGES IN FINANCIAL SERVICES

Helena Schwenk, Market Intelligence Manager at Exasol   Customer retention has always been crucial to financial institutions (FSIs), with the majority...

Wealth Management4 days ago

HOW ALGORITHMS CAN BOOST YOUR TRADING PROFITS

Gabriele Musella is CEO and co-founder of Coinrule   Trading, whether for cryptocurrencies or stocks, is about buying and selling...

News5 days ago

BLACK FRIDAY WEEKEND SET TO SMASH ONLINE SALES RECORDS, ACCORDING TO ECOMMERCE EXPERT

The Black Friday weekend is anticipated to be the largest for online sales on record as the UK remains in lockdown, according...

News6 days ago

ONE IN FIVE INSURANCE CUSTOMERS SAW AN IMPROVEMENT IN CUSTOMER SERVICE OVER LOCKDOWN, RESEARCH SHOWS

SAS research reveals that insurers improved their customer experience during lockdown   One in five insurance customers noted an improvement...

Technology6 days ago

PASSWORDS, BIOMETRICS AND BEYOND

By: Hicham Bouali, Pre-Sales Director EMEA of One Identity, a specialist in identity and access management   At any given...

News6 days ago

AVATRADE NOW SUPPORTING DEPOSITS VIA PAYPAL AND RAPID TRANSFER

AvaTrade continues to grow its customer offering by adding PayPal and Rapid Transfer to its supported payment methods. AvaTrade’s customers...

Trending