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

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  • 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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EXPERTS SHARE SIX STEPS TO RAISING MONEY SAVVY KIDS

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The ability to manage finances is not something that is known naturally; it must be taught to us as we go through life. From understanding the value of money, to knowing when to save or spend, it’s certainly a valuable life skill.

However, the way in which financial literacy is taught in schools around the world varies massively, often meaning young people grow up with limited understanding of how to manage their money.

To mark International Day of Remittances (16 June), which aims to improve access and understanding of remittances worldwide, experts at global cross border payments company, WorldRemit, have curated advice on how to give children an understanding and appreciation of money.

  1. Talk money 

As a parent, it may seem natural to not discuss finances around children. Instead, try to involve them in conversations about everyday expenses such as food shops and transport. Giving them exposure to these conversations in their everyday life will allow them to understand the essential things that need to be bought before they can have games and clothes, helping to build an appreciation of money and budgeting from an early age.

  1. Introduce money during playtime

When your children reach an age where they begin to understand numbers, starting to show them physical money can be beneficial. Teach them to count cash and understand it at its most basic level. Games such as Monopoly or playing cashier are perfect for this and makes showing them the value of money an enjoyable yet educational experience.

  1. Start budgeting

Once your kids are at an age that they are earning pocket money, you can teach them how to budget. Doing this visually works best and can show them how much money they’re getting and where they need to spend it. Creating a very basic budget with your children will teach them that they can’t just spend all their money on treats, and that it needs to last until their next instalment of pocket money.

  1. Start saving

Not everything can be bought from your paycheck, and kids need to learn that expensive items must be saved for. Start a savings account for them, whether that’s a piggy bank or an actual bank account, to give them somewhere to put money aside and give them sight of this once they’re old enough to understand. Not only will they be able to save for a new bike or video games, but they will also learn discipline and the reward of goal setting.

  1. Spending responsibly

Now they know the value of money, how hard they have to work for it, and what they need to use it for, you can let them spend it with set limits. It can be easy to go too far and make money feel like something that isn’t to be enjoyed, so it’s important to show the joy that can come with buying their favourite toy or sweet treat. Your children will finally feel the reward of treating themselves to something new, whilst being careful not to overspend and appreciating where the money has come from.

 

A spokesperson for World Remit commented: “It’s easy to get caught up in the many lessons and subjects our children are taught at school and forget some of the fundamentals of being an adult. At WorldRemit, we are passionate about educating everyone, adults and children alike, about how to use money wisely.”

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CORE BANKING FINTECH OHPEN APPOINTS JERRY MULLE AS UK MD TO FUEL CONTINUED GLOBAL EXPANSION

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Ohpen, the first fintech platform to bring a bank to the cloud, today announces the appointment of Jerry Mulle as its new UK Managing Director, signifying its commitment to the UK market. Bringing 30+ years’ experience gained from prior roles at Sopra Banking Software, IE Digital and RBS / Natwest, Jerry will ensure Ohpen’s solutions are firmly placed in the UK market for financial institutions to leverage.

 

Last year, Ohpen’s acquisition of Davinci, Europe’s STP number one loan and mortgage software company, made it the only cloud-native core banking engine to offer a full suite of products across savings, investments, loans and mortgages. Now with a 100% configurable platform fueled by powerful APIs, Jerry will continue to position Ohpen as the go-to partner for financial institutions, helping them to navigate the explosion of digital tools at pace and scale.

 

Jerry has driven digital change since internet banking came to the fore. A visionary when it comes to technology enablement in financial services, he has also led the digital evolution of specific financial products, like mortgages. His decade of experience at Natwest / RBS across retail and commercial banking means that Jerry has a deep understanding of the challenges and opportunities facing UK financial services organisations today.

 

In this role, Jerry will be dedicated to bringing Ohpen’s serverless, microservices-based solutions to all types of UK financial institutions, from lenders and building societies to pension providers. Taking an initial laser focus on the mortgages proposition, he will enable FIs to harness Ohpen’s one-of-a-kind platform to free them from legacy systems and embrace true digitisation.

 

“It continues to be an extremely exciting time for Ohpen. We have been busy working on putting the 25% increase in R&D, gained through the acquisition, into practice – with a clear focus on this market. Our technology continues to disrupt banking and liberate financial institutions of burdensome software. Jerry’s experience and deep knowledge of the market, teamed with his proven track record, is why I have no doubt that he will be critical to our success in the UK.” said Matthijs Aler, CEO of Ohpen.

 

On his appointment, Jerry said, “Ohpen’s commitment to the UK market makes this an exciting opportunity. Now is absolutely the time to bring this innovative technology, built on decades of expertise, to UK providers and their customers in a way that works for them.

 

“In the mortgages space, UK customers are crying out for a less complex and more streamlined process, and with Ohpen’s STP ability, I genuinely believe that our proposition allows financial institutions to offer exactly this. Ohpen is positioned to be the number one driver of this in the UK and I look forward to being part of the growth journey.”

 

Jerry joins a growing team of senior executives, with his hire coming shortly after the appointment of Xandra Niehe as Chief People & Culture Officer (CPCO). She will be dedicated to building a culture that facilitates this level of growth while keeping its combined core values in place.

 

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