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MORE THAN HALF OF SMES DO NOT CURRENTLY USE THE CLOUD

According to research by Close Brothers, 58% of UK SMEs do not use cloud-based computing where software, storage and other services are delivered over the internet using remote servers.

In total, a third of small and medium sized businesses (33%) say that they do not use the cloud at all and 25% say that they are not currently using the technology, but plan to implement it in the next 12 months.

The reasons given for not using the cloud for business vary. Of those not using the technology, over a third of companies (36%) do not trust that it is secure enough. A further 29% believe transferring to the cloud would be too time intensive, and 16% say that they cannot afford to invest in it.

There is also a knowledge gap when it comes to cloud technology. Three quarters of SME senior business decision makers (73%) say they do not understand it well. One in ten (10%) admit they do not know what it is.

Smaller enterprises are least likely to be familiar with business clouds. In companies with an annual turnover of less than £250,000, 14% claim they understand the technology well. In comparison, in firms with a turnover of over £5,000,000, 45% say that they do.

However, firms of all sizes recognise the value of using the cloud for business. According to responses, the top reasons SMEs would consider adopting the technology are to enable flexible working (29%), to save space (28%) and to improve organisation and documentation (25%).

David Thomson, CEO of Close Brothers Invoice Finance, said: 
“SMEs appear to still be at the early stages of adopting cloud technology, but these businesses could gain the most. Companies should consider how virtual servers could be used in their organisation and what kind of system might best fit their specific requirements.

“The cloud offers a number of benefits for smaller businesses, including increased storage space, remote access to data, and reduced costs. It can also protect against a loss event as companies no longer need to rely on hardcopies of documents, manual back-ups or local infrastructure.

“However, while this technology has the potential to enhance operations, it is important to make an informed decision when choosing how to use internet-based applications. Businesses should remain alert regarding IT security and sharing sensitive information.”

https://www.closeinvoice.co.uk/

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EIS LAUNCHES IN THE UK AS INSURANCE COMPANIES LOOK BEYOND PROTECTION TO DELIVER MORE VALUE TO CONSUMERS

Leading digital insurance platform expands global footprint to meet UK insurance market demands

EIS, a core and digital platform provider for insurers, today announces its entry to the UK market. The San Francisco-based insurtech has launched its coretech platform in the UK to help insurers offer a new generation of insurance products and services, in response to changing consumer habits and an evolving regulatory landscape.

“For the Insurance company of the future, providing the right cover and good service to policyholders are table stakes,” says Tony Grosso, Head of Marketing at EIS, “The real winners will be those who can move beyond protection and operate in an ecosystem of value with other, non-insurance providers.”

In fact, a recent EIS poll of UK insurance providers and insurtechs showed that 1 in 3 respondents identified “moving beyond protection to deliver more value to customers” as the most important objective for the insurer of the future.

In response to the wave of innovation in the UK insurance sector, 75% of insurers are leaving legacy technology behind in favour of more dynamic and flexible ‘as a service’ models. EIS aims to help UK carriers with the introduction of its coretech platform, which unlike modern legacy technology, allows insurers to rapidly create and deploy new and innovative products and services via open APIs. This new, flexible platform allows insurance companies to operate seamlessly with insurtechs and other providers to deliver lifestyle solutions beyond protection to consumers.

With customers at the heart of the EIS platform, insurers globally can now take a personalised approach to their customer experience by recognising and engaging customers as a whole, across all their insurance needs, rather than individual policy numbers.

“The agility and flexibility of the platform will be invaluable to UK insurers as they look to adapt to and sync regulatory changes post-Brexit and the demands of the market,” says Tony. EIS is already helping forward-thinking insurance businesses in EMEA, North America and APAC.

“As we enter the UK market we see high demand for innovative approaches to insurance. More so than other markets, in fact,” said Olivier Vayesse, Senior Vice President, EMEA at EIS. “EIS been resourceful in responding to this demand. One example is a local initiative where we are  developing an intelligent digital ecosystem  to enable insurers  to take a more radical approach to transformation, offering a greenfield platform for transitioning away from legacy technology.”

“EIS is committed to expansion in the UK market, creating jobs and revenue opportunities, in conjunction with our partner program,” Olivier continued.

 

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TINK TECHNOLOGY ENABLES MULTI-BANKING FOR NORDEA’S NORDIC APP CUSTOMERS

Tink’s account aggregation, data enrichment and personal financial management technologies have been integrated into Nordea’s mobile banking app to deliver a personalised financial overview for the bank’s customers in Sweden, Norway, Finland and Denmark. The new app features will be rolled out gradually by Nordea in the Nordic markets — starting with Sweden, today.

 

Open banking platform Tink and the leading Nordic bank Nordea have worked together to add new multi-banking features to Nordea’s mobile banking app. The new features will make it possible for Nordea’s app users to get a comprehensive overview of their finances in one place, including mortgage, savings, loans and current account — even from other banks.

From today, these new features will be available to customers in Sweden using Nordea’s app, with the same capabilities due to launch in Norway, Finland and Denmark in the coming months. Additional features based on Tink’s open banking technologies — including the possibility for Nordea’s app users to categorise costs, analyse their spending and set budgets— will be added to the app later this year.

 

Anders Nicander, Head of One Digital, Nordea, said: “Nordea is dedicated to providing great digital experiences, and we want to be seen as a relevant partner to our customers. As part of that, Nordea is happy to see that our customer experience in the Nordea Mobile App is improved through our collaboration with Tink. Providing Swedish customers with a more complete financial overview is our first delivery together with Tink. Now we look forward to bringing this to our other markets and at the same time develop other exciting functionalities based on Tink technology.”

 

Daniel Kjellén, co-founder and CEO of Tink, added: “Our open banking technology has already helped millions of bank customers across Europe to get a better overview and understanding of their finances. We are very proud to now make our technology available to almost 11 million bank customers in Sweden, Norway, Finland and Denmark through our partnership with Nordea.”

Since launching in Sweden in 2012, Tink has been dedicated to enabling banks, fintechs and startups to develop data-driven financial services. Through one API, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions and build personal finance management tools. Today, Tink has more than 270 employees globally and is Europe’s leading open banking platform — enabling customers to connect to more than 2,500 banks that reach over 250 million bank customers across Europe.

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