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FINANCE AND INSURANCE ORGANISATIONS’ COMPLIANCE AND PROTECTION FAIL TO KEEP PACE WITH CLOUD TRANSFORMATION, VERITAS RESEARCH SHOWS

  • 12% increase in businesses prioritising cloud since COVID-19
  • Two-thirds of organisations unlikely to move all data to the public cloud
  • Security challenges of public cloud considered a major concern for 84% of IT leaders 

 

The finance and insurance industries are failing to maintain data backups, visibility and scalability in their digital transformation ambitions and journey to the cloud. This is according to the latest research from Veritas Technologies, a global leader in data protection and availability.

 

The Veritas 2020 Data Management in a Multi-Cloud World: Finance and Insurance report explores the pressures facing both industries as they continue to transform to meet competition, compliance, flexibility and security challenges. The report reveals that cloud adoption is experiencing strong growth, with almost half (48%) of organisational data stored or managed in the public cloud. IT decision makers in finance and insurance expect this figure to rise to 78% in just five years’ time.

 

The disruption caused by COVID-19 has only accelerated this process. Prior to the pandemic, 50% of respondents listed cloud adoption among their top three organisational priorities. Following the outbreak, this has shot up to include 62% of finance and insurance IT leaders. Cloud has become a central tool to help companies cope with modern working practises, which have only been exacerbated by working from home during the pandemic.

 

Somewhat unusually for the finance and insurance sectors, one third (32%) of organisations believed they would happily run all applications and workloads from the cloud, despite continued concerns around security and compliance.  Security fears are unsurprisingly the most likely barrier to embracing the cloud, with 84% of IT leaders citing them as a concern when adopting public cloud technology. Stringent regulatory requirements are another major barrier. Over half (52%) of respondents indicate that the risk of non-compliance is one of their biggest challenges around cloud adoption. Indeed, nine-in-ten (89%) agree that legislation and regulation make data management more challenging.

 

“Cloud service adoption is increasingly likely for most industries, and finance and insurance is no exception. Yet, the need for hybrid- and multi-cloud technology is tempered by fear of what might happen if something goes wrong,” said Ian Wood, Senior Director and Head of Technology at Veritas Technologies. “Arguably, these fears are holding these institutions back from technical advantage that could see them matching and exceeding the abilities of their younger and more agile competitors.”

 

Another area that appears to be lacking is data backup solutions. Just 21% of respondents claim their organisation has the ability to back up all workloads equally effectively. The scalability of backups and disaster recovery is another issue. While the majority (96%) of IT leaders think the process is achievable for their organisation, 87% believe it could be easier.

 

These challenges aren’t helped by the fact that 83% use multiple vendors or solutions within their data protection infrastructure.  Only 13% of finance and insurance companies have a consolidated on-premise and cloud solution. Couple this with the fact that just 15% claim their existing tools and processes give them full visibility of unstructured data, it’s clear data management remains an on-going issue for the sector.

 

The report shows that almost all (95%) respondents admit that their organisation could also improve their approach to managing and processing Subject Access Requests (SARs). IT leaders admitted their organisations need to improve on speed (84%), scalability (76%), and visibility throughout the process (74%) when it comes to SARs.

 

Wood continued: “So long as finance and insurance organisations lack control and visibility over their data, they remain vulnerable. They’re likely victims of cyberattack, regulatory punishment and reputational damage. However, these industries know where they can improve and are taking the steps to do so. At present, backup processes are often not automated or comprehensive enough, data visibility needs improving, and scalability of data management as cloud deployments grows is not yet optimised. Organisations must continue to improve their data management so that they have the all-encompassing data visibility to ensure they remain compliant and secure.”

 

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CORE BANKING PROVIDER OHPEN APPOINTS DOUWE-KLAAS BIJL AS CFO AND BOARD MEMBER

Ohpen, the first fintech platform to bring a bank to the cloud, today announces the appointment of Douwe-Klaas Bijl as its new CFO. Joining the Executive Board, Douwe will be responsible for Ohpen’s continued expansion from a financial, risk, legal and compliance perspective.

 

This latest appointment forms part of Ohpen’s wider growth strategy and vision. Last month, Ohpen acquired Davinci, Europe’s STP number one loan and mortgage software company, to challenge leading core banking software providers. As a result, Ohpen now holds assets under administration in the region of $100 billion. Douwe brings his 15+ years of international experience across finance, strategy and operational implementation in the financial services sector to continue the seamless and successful integration of Davinci.

 

Douwe spent over 10 years with McKinsey, some of which was working at McKinsey Australia and United Kingdom, both advising clients on corporate finance and strategy and supporting them through large scale transformation programmes. He was part of the team that set-up and scaled LeasePlan’s European used-car marketplace, responsible for finance, analytics and business intelligence.   Most recently, Douwe served as the CFO for Digital Insurance Group, focusing on fundraising and growth.

 

“Ohpen is at an incredibly exciting stage of growth and Douwe’s experience will be crucial to our continued expansion and momentum. He has a strong perspective on the benefits of integration and a careful eye for both commercial and efficiency opportunities. He will be a key asset as we continue working on our mission of setting financial institutions free from legacy software,” said Matthijs Aler, CEO of Ohpen.

 

On his appointment, Douwe said, “I feel privileged to join Ohpen at the brink of its next wave of growth and innovation. It is uniquely placed to challenge legacy technology providers in the financial services sector and its client proposition as the only cloud-native core banking engine to offer a full suite of products is not just compelling, but proven. I am thrilled to be playing a role changing the face of finance by joining the team.”

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ABBYY DIGITAL INTELLIGENCE SELECTED BY PARAGON CUSTOMER COMMUNICATIONS TO DRIVE DIGITAL TRANSFORMATION

ABBYY, a digital intelligence company, has announced a collaboration with Paragon Customer Communications – the leading provider of insightful customer communications solutions – that is expected to further accelerate the Paragon’s wider digital transformation offering.

 

The strategic partnership between the two companies will create enhanced efficiencies supporting Paragon’s delivery of frictionless customer communications for its clients.

 

By teaming up with ABBYY, and utilising the company’s content intelligence platform, 90% of Paragon’s inbound workload can now be processed by the innovative digital solution. ABBYY’s software handles the capture, extraction, and categorisation of inbound communications for enhanced efficiency and accuracy.

 

Integration of the ABBYY technology into Paragon’s inbound proprietary Integr8 technology platform means Paragon is able to reduce reliance on manually sorting and categorising millions of documents, supporting their clients’ digital objectives while reducing process risk.

 

Paragon’s inbound team currently processes over 35 million pages of inbound customer communications annually, across multiple document management facilities in the UK.

 

On a daily basis, Paragon’s nationwide sites process and digitise unstructured data such as complaint letters and ad-hoc notifications of change, as well as structured data like application forms, onboarding paperwork and account servicing documents.

 

These documents come via post, email, and remote location scanning, with in excess of 250,000 documents also arriving via fax machine each year – creating a growing challenge to process them quickly and efficiently to meet customer expectations.

 

Neil Murphy, VP at ABBYY, said: “We’re proud to be working with Paragon as they help banks, insurers, Government bodies and other critical businesses communicate better with customers when they need it most.

 

“All too often, manual processes and endless paperwork gets in the way of good quality customer communications. Automating this manual work with digital intelligence means staff can focus on business-critical tasks, leaving the paperwork to their ‘digital’ colleagues; digital intelligence holds immense value for businesses and the economy.”

 

Richard Machin, Director of Technology Services for Inbound Platforms at Paragon Customer Communications, said: “With the support of ABBYY and their digital intelligence solution, we will be able to grow our business at a time when good customer communications are more important than ever before.

 

“By using automation for the manual heavy-lifting, and using our people and their skills where they can have most impact, we can drive efficiency and value, which will ultimately help us onboard more clients. Thanks to ABBYY, our inbound business has the tools it needs to support growth, while still providing the best possible service to our clients.”

 

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