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LONDON LEADS SIEMENS ATLAS OF DIGITALIZATION AS MOST ‘DIGITALLY READY’ GLOBAL CITY

  • Atlas identifies digital readiness and potential for six cities: Buenos Aires, Dubai, Johannesburg, London, Los Angeles, and Taipei
  • London has the potential to capitalize on its digital lead in the fourth industrial revolution
  • Atlas aims to inspire new thinking on the global journey to City 4.0

 

Siemens has launched a new web-based application which reveals the readiness and potential of six major cities to embrace digitalization and develop new ways of living, working and interacting. The Atlas of Digitalization is based around the interconnected themes of Expo 2020 Dubai – Mobility, Sustainability and Opportunity – and assesses how the fourth industrial revolution has already impacted urban life around the world, and the potential it could have in the future.

 

Data from 21 indicators has been analyzed from Buenos Aires, Dubai, Johannesburg, London, Los Angeles, and Taipei. From this analysis a Digital Readiness Score has been defined, considering areas such as smart electricity and transport systems, internet connections and digital governance services. The score reveals the current level of maturity of each city’s digital infrastructure, and its preparedness for a connected future.

 

Juergen Maier, CEO Siemens UK said:

“It is tremendous that London is leading the charge in digitalization among these global cities. In spite of all the economic uncertainty we have been facing in the UK over the last two years this study shows we are still well placed to achieve leadership globally in the fourth industrial revolution if we continue to invest, innovate and grow responsibly and sustainably.”

 

“However there is more to the UK economy than London and our Northern cities particularly in the Northern Powerhouse must also benefit from innovation and investment. Each city here in the UK and globally must address its own unique mix of challenges and opportunities by embracing digitalization; the key to sustainable, economically vibrant future cities.”

 

“The Atlas of Digitalization gives us an insight to the current status of digitalization in global cities, and the data tells us London has already made excellent progress. We hope the Atlas will inspire new ways of thinking to shape all the smart cities of tomorrow and realize the global potential of City 4.0,” added Maier.

 

The analysis takes into account areas such as innovation, greenhouse gas emissions and time spent in traffic to give the cities a Digital Potential Score, indicating where there is opportunity to grow digital capabilities to transform society and economy. Together, the Readiness and Potential scores illustrate the different capacities each city already has, and where they can develop to effect change and growth.

 

The Atlas recognizes London’s advanced implementation of digital technologies in areas such as the introduction of the congestion charge and the Ultra Low Emission Zone which will dramatically cut nitrogen oxide (NOx) emissions. Currently road traffic in London is responsible for more than half of the city’s NOx emissions.

 

The Atlas also identifies potential for digitalization to positively impact areas in London such as improving mobile internet speeds and opening up new opportunities for internet-enabled services based on the Internet of Things such as ‘vehicle to everything communications’ to improve efficiency.

 

Mark Jenkinson, City Director, London, at Siemens said: “As part of the Mayor of London’s ‘Smarter London Together’ plan to transform London into the smartest city in the world, the Greater London Authority has set out how they want to collaborate with the capital’s boroughs and services, from Transport for London to the National Health Service: working more effectively with the tech community, universities and other cities to make their vision a reality.”

 

Data from the 21 indicators has been mapped across three themes: Sustainability, Mobility and Opportunity, creating unique visualization of each city’s digitalization landscape. Visitors to the Atlas of Digitalization can interact with each city and explore its data, taking an in-depth look into how each is addressing its own challenges and opportunities, and how it will impact work and life in future cities.

 

The Sustainability, Mobility and Opportunity themes are identified by Expo 2020 Dubai as having the power to build partnerships, inspire progress and develop our future cities. Siemens is Infrastructure Digitalization Partner to Expo 2020 Dubai and will use digital solutions to connect, monitor and control buildings at the site using MindSphere, the cloud-based operating systems for the Internet of Things.

 

Visit the Atlas of Digitalization here: https://atlas.dc.siemens.com/

 

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FINASTRA GLOBAL SURVEY SHOWS APPETITE FOR OPEN BANKING PICKING UP PACE WORLDWIDE

  • 86% of global banks surveyed are looking to use open APIs to enable Open Banking capabilities in the next 12 months
  • Banks believe regulators are stifling innovation: almost half (48%) believe ‘regulation is too tight’ and that there is ‘not enough government or industry support to foster innovation’

Finastra research reveals that 86% of global banks are looking to use open APIs to enable Open Banking capabilities in the next 12 months. In addition, 30% of banks surveyed believe Open Banking is already making a tangible impact in delivering improved overall customer experience. This is against a backdrop where regulation is perceived to be tighter than a year ago and close to half (48%) of those audited believe that regulators are holding back innovation.

The research, which was conducted prior to the Coronavirus outbreak amongst 774 financial institutions and banks across the US, UK, Singapore, France, Germany, Hong Kong and UAE1, shows a maturity of API adoption and calls for the harmonization of regulations between geographies.

Key findings include:

  • Open banking is on the up in 2020 compared to 20192: The percentage of financial institutions looking to leverage open APIs has substantially increased in the US (+23%) and UK (+17%), while Singapore (+1%), France (-1%) and Germany (-4%) are relatively stagnant since our research in 2019.
  • Improvements in the overall customer experience accelerate API adoption: the US (45%), Hong Kong (42%) and France (36%) are leading the way in harvesting this benefit of Open APIs (UAE: 32%; Germany: 20%; Singapore: 20%; UK: 19%). Overall, 41% of global banks say that they are ‘still in the early stages of adoption’, so it’s difficult to measure the impact of Open Banking on their business so far.
  • Regulation is perceived to be tighter than a year ago and industry or government support is required to foster innovation: Almost half of those audited believe that regulations are holding back innovation. 48% state that ‘regulation is too tight’ – 10% more than 2019 – and the same percentage (48%) believe there is ‘not enough government or industry support to foster innovation’, particularly so in Hong Kong (62%), France (50%) and Singapore (49%), compared to 38% in the UK.
  • A call for harmonization: 83% of financial institutions and banks agree that regulations regarding fintech innovation should be harmonized across different geographies.
  • Cost of fintech research and development is of concern in some regions: Cost of R&D in the US, UAE and APAC regions is highlighted, more so than in the UK. (USA: 55%; Hong Kong: 55%; Singapore: 51%; UAE: 46%; France: 43%; Germany: 34%; UK: 33%).

 

Simon Paris, CEO at Finastra said, “It’s encouraging to see Open Banking maturing on a global scale, but it’s still seen by many to be in its teenage years, with scope for creating even greater opportunities. We believe it will be the first step towards Open Finance which will see the next wave of innovation in financial services being created through collaboration on open platforms, like FusionFabric.cloud, using open APIs and open software solutions.

“Currently banks and technology vendors are rightly focused on business continuity and keeping their workforces safe. We’ve also seen many of these firms moving with amazing pace to bring innovative solutions to market, with the help of technology, to support customers in this new environment. As we come through this situation together, we must endeavor to emerge stronger, and it will be interesting to see how Open Banking and collaboration accelerate when this outbreak ends.”

 

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LIBERTY BANK REINFORCES ITS FRAUD STRATEGY TO FURTHER PROTECT ITS CUSTOMERS

Liberty Bank, the third largest bank in the Georgia, has reinforced its fraud strategy to address the rising volume of fraud the industry is currently seeing. The bank has teamed up with long-term partner Compass Plus to launch a new fraud detection and prevention system built on their solutions.

 

Following the completion of the project, which was implemented with technological support from Compass Plus, Liberty Bank can efficiently and effectively monitor and act on suspicious transactions, enabling them to substantially reduce the risk and losses associated with a wide range of fraudulent activities, while protecting their customers.

 

The key drivers for Liberty Bank choosing Compass Plus software were the ability to quickly create their own algorithms to detect and prevent suspicious transactions, the integration of the solution within their existing infrastructure, and the capability to provide services to sponsored banks.

 

“The partnership between Liberty Bank and Compass Plus began in 2005, and the implementation of this project has, once again, demonstrated the flexibility of Compass Plus’ software and its ability to meet the latest industry requirements and trends. With the help of our new fraud detection and prevention system, we are able to combat fraud on a brand new level – not only can we promptly respond to any potential threats, but also prevent suspicious transactions, making our card products convenient and safe for customers,” said Levan Tkhelidze, Deputy Director General  at Liberty Bank.

 

“Our long-term partnership with Liberty Bank is important for us, and for them to choose our software to build their fraud strategy around showcases not only the strength of our relationship, but the reliability and robustness of our solutions. This project has once again confirmed that Compass Plus solutions meet the advanced industry standards and correspond to market conditions, in which the volume of card fraud is constantly growing, and methods used by fraudsters are becoming increasingly complex,” said Dmitry Lenshin, AVP & Regional Business Development Director at Compass Plus

 

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