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COUPA BUSINESS SPEND INDEX REVEALS TRADE AND POLICY UNCERTAINTY WILL CONTINUE TO WEIGH ON BUSINESSES IN 2019

An early warning system for economic health, the Q3 Coupa Business Spend Index projects that business spending will slow over the coming months

 

Coupa Software (NASDAQ:COUP), a leader in Business Spend Management (BSM), today announced the findings of the Q3 Coupa Business Spend Index (BSI), which revealed that globally, businesses appear to be growing more cautious about the economy through at least the end of 2019. By analysing billions of dollars of business spend transactions in the Coupa BSM Platform, the Coupa BSI reflects businesses’ confidence in the economy, serving as an early warning system for economic health.

Today, businesses often rely on economic reports containing data that is based on past behaviour or human confidence in future performance. The Coupa BSI is an early indicator based on actual business behavior, which can be a realistic predictor of future economic growth.

“Companies are always looking to economic indicators that they can trust to make smart decisions about their business,” said Rob Bernshteyn, chairman and chief executive officer at Coupa. “At Coupa, we believe that the wisdom from our BSM community is a powerful tool to help companies of all sizes spend smarter together. The Coupa BSI analyses hundreds of global companies and their real-time spend behaviour, showcasing implications on the growth prospects of the global economy.”

 

What to Expect Over the Coming Months:

  • Businesses Overall: In the aggregate, business optimism heading into the second half of 2019 is weaker than it was in the early part of this year. According to the Q3 Coupa BSI, all industries, with the exception of manufacturing and technology, are less optimistic about economic growth through 2019.
  • Financial Services: Sentiment in Financial Services appears to be weakening, indicating more caution over the next six months. Geopolitical issues such as Brexit and trade conflicts have contributed to uncertainty in the sector.
  • Health and Life Sciences: Sentiment in Health and Life Sciences appears to be above trend, but weakening, likely driven by uncertain government policy.
  • High Tech: Any risk to the global supply chain is likely to depress growth. Somewhat surprisingly, sentiment in High Tech was slightly up.
  • Manufacturing: Sentiment in Manufacturing seems to be increasing although slightly below trend as manufacturers look to domestic options due to global trade tensions.
  • Retail: Sentiment in Retail over the last few quarters has been high, which correlated with consumer spending reported in the Q2 GDP release. Looking forward, retailers’ confidence in economic growth appears to be slowing from where it has been.

 

“Having an early warning system that allows line managers to make smarter spending decisions is invaluable,” said Rone Luczynski, area vice president of supply chain/procurement for Service Corporation International. “Being able to leverage the power of community data from hundreds of businesses is a great example of crowdsourced data benefiting enterprises. Coupa is delivering something truly unique to its customers and beyond.”

 

The Power of the Coupa BSI

Business investment is an indicator used today by the Federal Reserve when making decisions about raising or lowering discount rates. As mentioned by Chair of the Federal Reserve Jerome Powell during his speech on July 31, 2019, “Looking through this [trade policy tension] our business contacts tell us that the ongoing uncertainty is making some companies more cautious about their capital spending.”

At the heart of the Coupa BSM Platform is Coupa Community Intelligence, an AI-powered engine that objectively analyzes the transactional spend data flowing through the Coupa BSM Platform and prescribes instant insights that help companies mitigate risk, remain compliant, identify smarter spending opportunities, and improve process efficiencies across all their business spend.

 

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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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