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Generational divide as millennials look to avoid human interaction

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Employees will delegate tasks they’re not confident in to robots

Millennials plan to use robots to avoid human interaction at work, as revealed by research commissioned by ABBYY®, a global provider of content intelligence solutions and services.

The research, of 1,200 employees in the UK, found that 17% of 18-34 year olds hate speaking to customers, yet only 4% of over 55s felt the same. What’s more, 1 in 10 (10%) of 18-34 year olds would delegate speaking to customers to robots, again compared to only 4% of over 55s.

As the younger generation grow alongside technology, they are becoming accustomed to menial tasks being more efficiently conducted through automation. However, the survey highlights that this is allowing them to also hand over some tasks which require their attention, such as human interaction, potentially causing a huge plug in communication.

Millennials were far less interested in speaking with customers for example, with 17% regarding it as one of their most hated tasks, over four times more than those over 55 (with just 4% agreeing).

The study also found the following when it came to communication in the workplace:

• 63% of 35 year olds and over would prioritise speaking to customers, compared to only 47% of 18-34 year olds
• 61% of over 55s prioritise communicating with colleagues and do it straight away, compared to only 34% of 18-34 year olds
• 43% of over 55s prioritise speaking to their boss and do it straight away, compared to only 23% of 18-34 year olds

However, only 5% of those aged 18-34 believe robots would be better at speaking to customers, or communicating with colleagues (2%), demonstrating that millennials are aware of the importance of human involvement within these tasks. The fact there is ambition for these tasks to be handed over to robots could therefore show a lack of confidence from the younger generation in taking on these tasks themselves.

In fact, the older generation show much more confidence in themselves as workers – indeed half (50%) of over 55s don’t believe a robot could do better than them at tasks, compared to only 34% of 18-34-year-olds. The older generation are also much less willing to hand over certain tasks to robots, with 44% of over 55s claiming they wouldn’t delegate any tasks to robots.

Yet, in some instances this means that the older generation are prioritising doing menial tasks that COULD be delegated to a robot. For example, the results found:

• 60% of over 55s would prioritise electronic filing and do it straight away, compared to only 21% of 18-34 year olds.
• 62% of over 55s would prioritise maintaining databases and do it straight away, compared to only 43% of 18-34 year olds.

Neil Murphy, VP Global Business Development at ABBYY says, “Our survey shows that millennials are keen to hand over valuable tasks, such as human interaction, yet the older generation aren’t yet willing to give up the tasks that could be delegated to robots. What’s important to understand therefore is which tasks require human-to-human interaction and which don’t, and educating staff on how best to make the most of their time alongside automation.”

There is a huge value in humans being involved in tasks which include other humans – a personal experience for both colleagues and customers alike builds relationships and trust, and there is a large demand for this type of interaction, with robots unable to improvise during conversations and lacking emotional intelligence.

Murphy concludes, “Once staff understand how to work in partnership with robots, they will be able to spend more time adding value to their business where it matters most and building their confidence in tasks which require their involvement – such as communicating with customers and colleagues. The administrative tasks, such as content automation, can therefore be taken by content intelligence solutions, for example, without replacing workers.”

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TINTRA PLC FINALISES JOINT VENTURE WITH ARTIFICIAL INTELLIGENCE PARTNER TO BUILD INDUSTRY CHANGING REGULATORY TECHNOLOGY

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TINTRA PLC FINALISES JOINT VENTURE WITH ARTIFICIAL INTELLIGENCE PARTNER

Innovative fintech company, Tintra PLC(https://tintra.com/), has formed a joint venture with award-winning Artificial Intelligence and Machine Learning business, TMC2, via its subsidiary Finsensr.

The Joint Venture will utilise or create advanced, end-to-end AI tech – some already patented – to revolutionise how compliance between developed and emerging market economies works. This exciting tech stack includes the utilisation of lightning-fast large scale predictive modelling and semantic embeddings of financial data; together with the development of scalable efficient solutions based on customised shallow classifiers, deep learning, and Bayesian inference for robust and explainable predictive modelling.

Tintra is focused on enabling financial institutions, EMI’s, multi-nationals, and large corporates in the emerging world to gain access to banking systems that understand their geographic need. Using pioneering payments technology and compliance infrastructure will evolve the global banking industry. Where other fintech’s iterate, Tintra will innovate across the space.

In forming a joint venture with TMC2 – the team behind Mashtraxx, the AI engine being used to power a multi-billion dollar US based social media platform – Tintra aims to eliminate or radically improve the well documented emerging market issues of KYC & AML. The mission is to utilise these solutions to democratise financial regulation and level the playing field for all markets and make access to the global market place as seamless in Africa or Asia as it is in Europe or the United States.

 

Gary Wright, lead for TMC2 in the transaction stated, said “We are extremely excited to enter into this long-term partnership with Tintra to support the expansion of its business through the use of our leading-edge artificial intelligence. 

Our in-house team includes PHDs in Artificial Intelligence & Machine Learning. A Senior Executive Team with experience in the financial sector across financial services, Technology, Corporate banking, Investment management, Fund Management, and transaction services. With our key personnel gaining experience in institutions including Sungard, Mann Group, Royal Bank of Scotland, M&G, Prudential, Simplex Technology amongst a host of others

We are setting out to create the next generation of intelligent automated AI RegTech that we are confident will help power another billion-dollar unicorn, like Mashtraxx before it. We hope that this will revolutionise how the financial services industry fulfils the complex demands of KYC and AML compliance and regulatory legislation”

Tintra PLC is publicly listed on the AIM market of the London Stock Exchange and also available on the OTCQB Venture Market in New York.

In early November 2021, the PLC unveiled plans to raise additional capital to accelerate its growth strategy.

 

For more about Finance Derivative.

 

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CELLPOINT DIGITAL PARTNERS WITH VYNE TO ENABLE INSTANT OPEN BANKING PAYMENTS FOR MERCHANTS

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CELLPOINT DIGITAL PARTNERS WITH VYNE TO ENABLE INSTANT OPEN BANKING PAYMENTS FOR MERCHANTS

The partnership will allow CellPoint Digital customers to incorporate Vyne into its payment ecosystem and access instant payments without a need for direct integration.

 

Payment orchestration leader CellPoint Digital today announces a partnership with full stack account-to-account (A2A) payments specialist, Vyne. This partnership allows the Vyne platform to offer instant payments to CellPoint Digital’s merchant customers, allowing users to check-out faster than ever before and reducing merchant transaction costs.

Through CellPoint Digital’s Velocity Payment Orchestration Platform, merchants can easily incorporate Vyne into their payment ecosystem, providing all the speed and convenience of instant payments without the need for a direct integration with an open banking provider. With transactions intelligently routed and monitored in real-time, merchants can analyse performance and use data to cut costs, boost acceptance rates, and simplify operations via automated reconciliation.

By partnering with Vyne, CellPoint Digital’s merchants can now access improved payment experiences too. Harnessing open banking technology, the Vyne solution allows online shoppers to check out in as few as three clicks and offers settlements within seconds.

 

CellPoint Digital CEO, Kristian Gjerding, said: “The partnership with Vyne represents a significant addition to CellPoint’s payments offering. Merchants currently using our Velocity Payment Orchestration Platform can utilise all the benefits of the Vyne platform within their payments ecosystem and this will provide merchants with a greater opportunity to grow their business.

“At CellPoint, we put much stock into our partnerships. To us, they are more than simply functional and with Vyne being fellow innovators in the payments space with a track-record of supplying top tier merchants, we look forward to developing a long-lasting, collaborative relationship.”

The Vyne solution functions by using a customer’s existing online banking app to initiate and authenticate a transfer. As a result, the customer does not need to enter their account information online and sensitive financial details are never held by the merchant, resulting in a more secure process for both parties. By enabling a payment method that can be completed in just three clicks, the platform provides a simple and seamless experience that can help to reduce cart abandonment.

 

Vyne CEO, Karl MacGregor, said: “Existing payments and banking solutions are broken, and stacked against the merchants and consumers that use them. Payment methods come with a variety of settlement formats and can take anything from days to weeks to complete with customer conversions impacted by manual card data entry.

Vyne provides a new, alternative payment method for merchants and their customers and we’re delighted that more people will benefit from it through this partnership. CellPoint merchants will now experience instant fund settlement and their customers will be able to complete payments through their own banking apps in just a few taps with no card details needed. Merchants can also engage customers at the right time, through the right channels, using pay by link or QR codes, which can be sent via email, SMS, in app or used for in person sales.

“We look forward to working closely with CellPoint and empowering merchants with a level of payments functionality that can drive real, measurable growth.”

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