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FUTURE-PROOFING THE WORKFORCE IN THE FS SECTOR: HOW TECHNOLOGY CAN HELP

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Clinton Thomas, Enterprise Sales Director, Financial Services, LHH

The rate of change in our world continues to gather at pace and never more so in 2021. In the past decade alone the pace of digitalisation and automation has had a massive impact on our everyday lives, including how we consume entertainment, interact with friends and family and how we conduct our financial affairs. You’d be hard pressed to find an industry or sector that has not undergone a paradigm shift thanks to technology.

These changes have also had a fundamental impact on businesses and the world of work. In some instances it has created new companies, sectors and in turn job opportunities. On the other hand it has created a demand for a new set of skills that can be hard to fill, and has ultimately meant that some roles have become redundant or are no longer seen as mission critical.

It’s easy to understand where these fears and negative headlines about automation stem from. It doesn’t help when there is a constant stream of sensationalist media headlines, and Hollywood depictions of a robo-takeover. However whenever jobs or tasks are automated or augmented by new technology this doesn’t necessarily have to result in mass lay-offs or workforce reduction. New skills are also required to support this shift and business leaders should seize the opportunity to enhance careers, protect employees and shape the future of work in a way that benefits all. Changes in technology, longevity, work practices, and business models have also created a demand for continuous, lifelong development and this can bring significant value to your workforce.

No organisation is future-proof. The past year alone has taught us that, and the dynamic forces that can have an impact can occur slowly over time or in a blink of an eye. However, the organisations best placed to evolve and survive in tomorrow’s world will be those that have an ongoing strategy to future proofing of their workforce; whether that’s investing in upskilling, reskilling or even making plans for redeployment.

Given the increase in pace and scope of planned and unforeseen changes happening globally it’s now vitally important that companies rethink traditional restructuring and recruiting practices and take steps toward the socially responsible approach of investing in upskilling and reskilling for their staff. This will ultimately lead to a better and faster return than simultaneously laying people off and hiring external talent.

However, this is easier said than done. Firstly, it requires businesses to have a holistic view of their workforce and be able to identify what skills are already present within the organisation, where the gaps lie, who the best candidates for upskilling are and precisely what skills they will need. Of course, even having this oversight will mean nothing without buy-in from the top. Having a CEO or at least several champions on the board who not only believe that people can adapt and learn new skills, but also see the value in doing so, will be vital.

It’s at this juncture that technology and AI can be a force for good when it comes to planning for the evolution of the workforce. Businesses will not only need access to vast amount of data, but they’ll also need the capabilities to turn this data into insight and predictive analytics capable of scenario planning. Having these capabilities, and the data spelled out in black and white will also help with overcoming any aforementioned resistance from the C-suite.

A great example of a company doing just that is Faethm, an AI platform that predicts the workforce impact of dynamic forces such as AI, COVID-19 and robotics on current and future jobs. A platform such as Faethm interprets company–specific data to forecast and scenario plan around strategic, technological, and people impacts so that business leaders can structure, size, and equip their workforces for future opportunities. Platforms such as this help facilitate internal hiring by suggesting novel transition opportunities based on related skills and support short-transition pathways for hard to fill roles by sourcing from the external market.

Having access to predictive modelling capabilities enables forward-looking analytics that indicate which jobs need reskilling versus upskilling, which new jobs may need to be added to the workforce, and the exact skill pathways that can move internal people or external hires to more sustainable future career pathways. The capability also enables data-driven decisions around diversity equity and inclusion categories like gender and age by showing impacts of circumstances on these protected categories of people.

Being able to couple this insight with a holistic view of the current workforce presents businesses with a great opportunity to identify and get ahead of the impact that automation, AI, and other forces will have on their workforce, and to use real data and facts to support decisions and strategic investments in upskilling, reskilling and redeployment.

Has automation and other factors presented businesses with a huge challenge? Of course. However with any challenge comes an even bigger opportunity. It will be the businesses that are able to use technology in order to support the evolution of the workforce that will be able to best withstand the ever changing world of work.

Business

OUTSOURCING YOUR IT SOLUTIONS CAN SAVE YOU FROM COSTLY DOWNTIME

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Amir Hashmi, CEO and Founder of leading IT and Cloud services provider Zsah, discusses why you need full-time professionals if you want to avoid the money pits of IT downtime

 

A lot of wealthy business owners will uphold the following infamous statement – time is money. Many CEOs believe that it should be at the heart of your business strategy. They aren’t wrong, and it is no different when it comes to IT. Therefore, it is high-time that businesses consider the real risks and costs associated with IT downtime, and do all they can to avoid it

In the midst of a post-pandemic technological revolution, it’s now more important than ever to carefully consider who manages your technology. It is essentially the motor that drives productivity, efficiency and growth, and if therefore, if there isn’t a thorough and dedicated system in place, businesses risk system failure, which can risk everything.

Something so essential to a company deserves to be taken more seriously than just to deploy the services of an IT help desk when there’s a significant issue. The answer isn’t necessarily to consider ways in which you can fix a problem once it arises, but instead to ponder upon ways of preventing an issue from occurring in the first place. This is what leads us to managed IT support services: your personal, dedicated team of IT experts that not only fix issues when they occur, but that also constantly improve the software and hardware so there is less chance they ever take place.

 

The real cost of downtime

Whenever your IT isn’t functioning at its full capability, you are losing money. Even the shortest of gaps in service can severely impact the customers’ experience, your reputation, and the output and efficiency of your entire staff.

In 2017, ITIC sent out an independent survey to measure downtime costs. It found that 98% of organisations say that a single hour of downtime costs over USD $100,000, with 81% putting the figure at over $300,000. For 33% of businesses, 60 minutes of downtime would cost their firms between $1 million and £5 million.

Figures from Statista.com reveal 24% of organisations worldwide reporting average hourly downtime costs amounting to between USD 301,000 and USD 400,000, with 14% reporting greater than USD 5 million in costs.

Elsewhere, IHS Markit surveyed 400 companies and found downtime was costing them a collective USD 700 billion per year – 78% of which was from lost employee productivity during outages.

 

Managed IT solutions are the key

Though we may never know the full cost of downtime, it is evident that it costs individuals and businesses a large amount of money. Don’t wait until your next emergency to remedy a problem; get the professionals in now to prepare for the future, rather than just fix problems in the present.

When you work with a managed technology services provider, your network and infrastructure are supervised 24 hours a day, all year round. As with any IT service, this means that issues will be fixed – however the real advantage is more long-term. As technology service providers perform regular proactive upkeep, there will be a reduced chance of suffering from issues in the first instance, and when (or if) they do occur, it will be far simpler to recover data thanks to full cloud integration.

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Banking

HOW TRADITIONAL INSURERS CAN USE TECHNOLOGY TO IMPROVE THEIR RELATIONSHIP WITH CUSTOMERS

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The customer experience with insurance is anomalous, in that one is only required to engage with their insurer if things are going wrong for them. To add value to the relationship, new technology and methods should be adopted, in turn driving loyalty and business growth, writes Oliver Werneyer, CEO and Co-founder of Imburse

Oliver Werneyer

Insurance is one of the oldest industries in the world and it is still, to this day, considered a grudge purchase. Looking back, insurance has a history of having a challenging relationship with its customers. According to an IBM study, in 2008, only 39% of consumers trusted the insurance industry. This percentage has stayed largely similar over the years, having reached only 42% in 2020. For any business with growth ambitions, good customer relationships are crucial.

I believe that now more than ever, the insurance industry not only needs to continue investing in improving relationships with customers, but to really think about new ways of doing so. At a basic level, the moment of truth for an insurance customer is when either they need to pay or are getting paid. Insurers can have the best policy wording, quick claims processes, apps and advisors, but if the experience to pay premiums or to receive a claim is bad, the customer immediately loses trust.

The pandemic has exposed this tenuous relationship between insurers and its customers. The need to move everything online and provide personalised services has exposed significant shortcomings in the service insurers provide. The industry has been too slow to adopt newer technologies and move engagements closer to the customer (self-service and empowered). This is largely due to the legacy systems and processes that insurers failed to modernise over previous years.

This means that the better-positioned incumbents have stronger customer relationships and benefit disproportionately from the pandemic, as they are able to win more new customers and convert customers from other insurers. They also benefit from significantly lower customer acquisition costs and much better growth, as illustrated in this McKinsey report. Even new entrants or InsurTechs are benefitting massively by focusing on improved customer experience and customer relationships.

However, it is never too late for insurers to build better relationships with customers. The main way to build a good relationship with a client is to make life easier, live up to promises and add value through the relationship with them. By working on these key elements, insurers can start building strong relationships with their customers, and, through the right partners, deliver this in a timely and non-disruptive manner.

 

Embedded Services

Insurance products often get a bad reputation because they cost money, but the benefits might only come much later, or never. Customers don’t get to experience a positive relationship with insurance products, either because they never claim and feel like they lost out, or they claim and they’re in a bad situation. By either embedding other services into the insurance experience to deliver a more transactional engagement, or embedding insurance products into general customer experiences such as online shopping or rewards, insurers can enrich customer relationships to generate value.

This way, insurers become a value-adding part of the customers’ everyday activities and not just a product that they have to pay for and may never get anything back from. One example is to embed micro-savings capabilities, often found in banking, into pension savings and insurance products. This can allow customers to save more for pension, attract younger customers and build a portfolio of fiscally disciplined customers.

 

Tailored journeys and personalisation

Customers have come to expect personalised journeys and engagements from product providers. Streaming services, social media, e-commerce or mobility services have shaped the customer expectations. Now, customers are also expecting personalisation for insurers.

Insurers need to invest very heavily in delivering personalisation and customisation to customers as they engage with their products. Failure to deliver this puts renewed strain on the value perceived by the customer and their relationship with the insurer. This applies not only to customer interfaces, but to aspects such as payments. Insurers should make it easy and pleasant for customers to pay and get paid. As the main moment of truth, payment experiences need to work optimally.

 

Perceived customer value metrics and delivery

The value customers derive from insurance products is, generally, monetary. Therefore, insurers must invest in product enhancement to increase its perceived value. Perceived value is not tied to a monetary value. By being able to choose between multiple payment options, such as a $300 pay-out to a bank account or a $320 Amazon voucher, the customer has a higher perceived value of the payment. This can be achieved by leveraging non-insurance products that can be purchased at a discounted price, exclusive access that the customer would otherwise not have or conversion into a form that is more useful to the customer.

Payments, for collection and pay-out, are at the core of delivering this value. An excellent payment experience immediately influences the customer to be positively inclined toward a product (PwC report). In order to offer this, insurers need to leverage multiple technologies and providers, offer any speed of transaction in any market, and deliver faster automation and better risk control. The key is to transform insurance products into transactional value-adds to customers’ lives and use this opportunity to continuously build on relationships with customers.

The main roadblock for insurers is still the operational implications of these activities and the costs that arise. In looking to build a better customer relationship, insurers need to look at partners that are operational enablers to deliver this. Partners that can solve the integration and speed-to-market problem so that insurers are enabled to deliver new capabilities, not bombard them with new ideas and no path to delivery.

Imburse, for instance, enables insurers to access all the global payment providers and technologies available in any market. Through a single connection, insurers can deploy any payment capability into any channel, for collection and pay-outs, without ever again needing to build a direct operational integration to the providers. This gives them full freedom to leverage payments as a key value driver and customer experience enhancer.

Building a better relationship with insurance customers is key for the insurance industry to close the protection gap. Incumbents are in the prime position to look at Insurtech and Fintech partners to rapidly and significantly modernise, digitalise and transform their own capabilities to deliver major enhanced value to their customers.

Imburse is an advanced universal payment connector that enables businesses to gain cost-effective access to complete global payments technology, regardless of the service provider. To learn more, please visit www.imbursepayments.com.

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