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ACHIEVING FULLY DATA-DRIVEN PROCESSES STILL A LONG-TERM AMBITION FOR A QUARTER OF ORGANISATIONS

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Leveraging data to better respond to market trends is a key goal for 23% of organisations

 

26% of organisations will not be fully data-driven for another four to five years, according to findings from the latest FinTech Barometer survey of finance professionals, carried out by Visma | Onguard, the fintech company that focuses on the order-to-cash process. This reflects a move to becoming data-driven being a long-term agenda item for many businesses, with only 15% hoping to reach this goal within the next year.

In the wake of a year of disruption and uncertainty, the most popular driver for becoming fully data-driven was the hope of being more responsive to market developments and trends (23%). Wanting to improve the customer experience was also front of mind for 22% of businesses, reflecting the need to keep pace with rapidly evolving consumer expectations in order to remain competitive. In line with this, 16% were hoping to use their data to increase service/product offering.

Despite a significant portion of businesses stating that they are still working towards becoming fully data-driven, for most organisations, data is already contributing to their digital strategies. 38% currently utilise data in a supporting capacity to assist in their businesses processes, while over a quarter (27%) of businesses also possess large amounts of data but are unsure of how to maximise its potential. Only 6% of respondents reported not leveraging data in any way.

Although fully data-driven processes remain a long-term objective in the main, finance professionals have high expectations when it comes to the potential of big data. Second only to artificial intelligence (40%), the big data trend is expected to have the greatest impact on the order-to-cash process in the financial sector (34%), with cloud & SaaS (32%) following closely behind.

Marieke Saeij, CEO at Visma | Onguard: “The journey to becoming a fully data-driven organisation is undoubtedly a long-term process fraught with challenges, supported by the fact that over a quarter of businesses expect to spend at least four years making the transition. What’s clear however is the recognised need among businesses to be more agile in their operations and meet changing market developments, particularly after the challenges of the last 12 months.

“The rapid emergence of supporting technologies, such as Intelligent Automation (IA), which is the combination of big data, artificial intelligence and the Internet of Things, allows business processes that are not repetitive or predictable to be automated through intelligence, immediately allowing organisations to leverage their data in a more effective way.”

 

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Wombat partners with Currencycloud to launch its new, free Instant Investment service to open up investing for a wider market.

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UK-based micro-investment platform Wombat has partnered with Currencycloud, the experts in simplifying business in a multi-currency world, to launch its new, free, Instant Investing account to give investors the ability to invest instantly in the UK, and in US stocks during opening hours.

In line with Wombat’s goal of making investing effortless and accessible for all, the easy-to-use Instant Investing account lets people who want to trade more frequently, and with more choice, do so with no initial subscription fee and only small FX transaction fees. An investor can now instantly place a trade, commission-free, during US market hours. The new account adds to Wombat’s range of carefully chosen, low-cost, theme-based exchange traded funds (ETFs) and fractional UK, US and EU shares.

By partnering with Currencycloud and integrating its APIs directly into their app, Wombat is able to offer its customers instant access to popular US stocks and shares by executing instant buy and sell orders with unlimited commission-free trading and low FX rates. These customers can trade regularly in real time, and instantly convert USD to GBP and vice versa when it suits them and without incurring any hidden FX fees.

Says Kane Harrison, CEO and Co-founder of Wombat: “The addition of Instant Investing is really exciting for us as it gives our users the opportunity to further their investment journey. For those who want to be able to trade shares more regularly, our new instant account will give them flexibility and greater options with access to real-time investments and live market pricing. These new features are fundamental to the next stage of our development and give our users the tools they need to invest the way they want.”

Nick Cheetham, Chief Revenue Officer at Currencycloud, commented: “The growth of Wealthtech over the last couple of years has been meteoric. Working with a brand like Wombat, that provides investment opportunities to the layman is a perfect example of our mutual goal of levelling the playing fields within financial services.”

Wombat is available to download from Apple’s App Store and Google Play now.

 

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Urban Company rolls out health insurance for service professionals in partnership with ACKO Insurance

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  • Health insurance plan to benefit 40,000+ service partners in India
  • Service partners can avail up to 12 free-of-cost online doctor consultations in a year
  • Urban Company already provides Group Life and Accidental Insurance cover to all the service partners associated with the platform   

Urban Company, Asia’s largest tech-enabled home services marketplace, today announced that it is introducing a comprehensive health insurance plan for its service partners in India. The company has tied up with ACKO Insurance to craft this insurance cover.

Under the newly launched health insurance policy, all UC Plus service partners will get an insurance cover of INR 2 lac. The policy will also provide family medical insurance for spouse and two children and up to 12 free medical consultations per year. This is in addition to the existing Group Life and Accidental Insurance cover. Service partners without UC Plus subscription will benefit from a health insurance cover of INR 1 lac, with up to 12 free medical consultations per year for self, along with the existing benefits of the Group Life and Accidental Insurance cover.

Commenting on the initiative, Varun Khaitan, COO & Co-founder Urban Company, said, “Health insurance provides a shield against unexpected medical expenses that can throw individuals and families in dire financial situation. To protect our service partners from such a scenario, we are introducing a specially designed health insurance plan. At Urban Company, our priority has always been the well-being of our partners and we constantly strive towards that through our continued focus on safety net and wealth creation for them.”

Brijesh Unithan, Senior Vice President of Partnerships, ACKO Insurance said “Health Insurance has become a critical aspect in financial planning, and kudos to Urban Company for planning this on behalf of their service professionals. We are excited about the partnership and will keep refining the benefits with more experience to make it a one-stop shop for Urban Company’s service professionals to access all their health insurance needs. 

ACKO Group Medical Cover (GMC) empowers partners to choose from a wide range of benefits offering flexibility to change benefits as per the changing needs of the family and reduces the burden of expensive medical care and the soaring medical inflation. In addition, ACKO GMC eliminates the tedious paperwork by making the entire insurance journey accessible on the app.

Urban Company has a structured approach towards partner development and well-being centered around 4 key pillars: improved earnings, safety net, training and wealth creation. This announcement is part of the Urban Company’s efforts to further strengthen the safety net it offers to its partners. All active partners on the UC platform in India are covered under the Group Life and Accidental Insurance cover. Some of the key aspects covered under the policy are life insurance (INR 6 lakhs), disability cover (INR 6 lakhs), accidental hospitalization (INR 70,000), accidental OPD treatment (INR 10,000), among others.

Recently, Urban Company also announced an industry-first ‘Partner Stock Ownership Plan (PSOP)’ initiative for its service partners. Under this initiative, the Company plans to award stocks worth INR 150 Cr. to thousands of service partners over the next 5-7 years. This will enable Urban Company service partners, including plumbers, electricians, cleaners, beauticians, and massage therapists etc., to become equal stakeholders in the company’s growth.

 

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