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LEADING THE WAY IN UNCERTAIN TIMES: THE IMPORTANCE OF CORPORATE RESILIENCE

David Poole, CEO

So, how’s the new decade going so far? Not as planned, I don’t imagine – but that is sort of the point. Without wanting to immediately mention a certain pandemic, one of the messages I want to hammer home is that things rarely ever go according to plan – and a good business strategy is one that accounts for that inevitability. A famously wry phrase comes to mind: “the best-laid plans of mice and men often go awry.”

Pandemic aside, Brexit is still up in the air, a potential recession is dawning, climate crises loom, and in the financial industry, regulatory shifts such as IR35 and the transition away from LIBOR threaten to wreak havoc on contracts and risk management. The difficult act of leading and scaling a successful business over the coming decade means staying one step ahead, not only of the competition, but of the next major catastrophe too.

Business leaders may be forgiven this time around for being unprepared. The same cannot be said, however, for a second wave of the pandemic. Or for the effects of climate crises on supply chains, or for shifts in outsourcing patterns, consumer demands and workforce requirements. These are all elements that should now be factoring into executives’ long-term visions.

Business leaders must adopt a more ‘Unagi’ mindset

The key is to build the capacity to adapt swiftly. Resilience must replace raw efficiency as the modus operandi of modern businesses. Much like the economy itself, companies can no longer keep pouring all profits into further growth, and cannot continue to work with zero-margin-for-error supply chains. Contingency planning is essential. When the roadmap drastically changes, how resilient and adaptable is your business? How do you transition from short-term survival tactics to the long-term future-proofing of your organisation?

Overcoming ‘analysis paralysis’

Evidence suggests that the majority of executives are not sufficiently championing innovation. 65 percent of the senior executives surveyed by McKinsey were only “somewhat,” “a little,” or “not at all” confident about the decisions they made in this area. Another Deloitte survey reveals that less than half of executives are confident in their own ability to lead their organisation in the digital economy.

The businesses they are leading share this lack of confidence: a report from MIT Sloan found that less than 10% of respondents believe their organizations have leaders with the right skills to thrive in the digital economy.

Corporate leadership must be redefined to lay the foundation for a future-ready working culture. Executives need to set an example, because studies show that when they do, sustained innovation follows. McKinsey’s sample of 600 managers and professionals suggested that the top two motivators of behavior to promote innovation are strong leaders who encourage it and top executives who drive it.

Faced with a plethora of different technologies and possible strategic paths, however, executives could be forgiven for feeling paralysed by choice. Intelligent automation, Robotic Process Automation (RPA), Natural Language Processing (NLP), Machine Learning (ML), and Optical Character Recognition (OCR) are just some of those on offer, and each comes with a slew of media hype. Do senior decision-makers understand these technologies and the opportunities and risks that they present?

At Emergence, our mission is to help business leaders gain the clarity they need, to build strategies that reconcile short-term gains with long-term ambitions, and to build the resilience required to stay adaptable to challenges presented along the way.

Embracing technology should be a huge part of any business’ plans. This doesn’t mean welcoming new tools hurriedly, uncritically and with open arms; it means diagnosing your pain points and defining a technological vision that will benefit your company and its stakeholders in profound ways. To quote IMD innovation professor Bill Fischer, true innovation comes from mindset, not hardware.

 

Business

CAN TECHNICAL INNOVATION HELP FINANCIAL SERVICES FIGHT BACK AGAINST FINANCIAL CRIME?

By Charlie Roberts, Head of Business Development, UK, Ireland & EU at IDnow

 

It’s no secret that the financial services sector is a top target among cyber criminals. In fact, according to a report from IBM, it retained its top spot as the most targeted sector in 2019.

The consequences of falling victim to an attack can be severe too. It can lead to financial losses and reputational damage as well as loss of customer confidence and therefore sales. One UK financial services firm, for example, was hit by a total loss of $87.9 million.

So, if we consider that the coronavirus crisis continues to drive increased online consumer activity, should financial services be more concerned? Simply put, yes.

We are seeing a significant increase in organisations taking their business online to reach their customers. Banks, for example, in adapting to COVID-19, are offering customers a more convenient way of opening an account given branch visiting restrictions. But while these services offer more choice and ease for customers, it also means that new account fraud is opening up and is becoming a major challenge for organisations to overcome.

Charlie Roberts

Some cyber criminals are even trying to exploit the pandemic as an opportunity for financial crime by posing as trusted organisations like banks and even the World Health Organisation. According to Action Fraud, over £6.2 million has reportedly been lost by UK citizens to coronavirus-related scams. And this figure continues to rise week by week.

 

The role of innovation

The rise in financial crime shows just how much the financial services sector is in need of technological innovation. We’ve already seen great progress. About half of financial services and insurance firms globally already use Artificial Intelligence (AI), according to Forrester.

It has many use cases too. In a recent report published by The Alan Turing Institute, AI is largely being used for fraud detection and compliance. AI is beneficial because its algorithms can analyse millions of data points to detect fraudulent transactions which could otherwise go unnoticed by humans. What’s more, these AI-driven fraud detection systems can now actively learn and calibrate in response to new potential (or real) security threats.

The report also details some of the ways that financial services companies are exploring AI-based fraud prevention alternatives. It includes the use of AI to increase approvals for genuine transactions and the use of real-time and high volume data to help protect schemes, financial institutions and their customers from fraud and financial crime.

It’s perhaps no wonder that, outside of the technology sector, the financial services industry is the biggest spender on AI services according to The Bank of the Future report from Citi. But there is still some way to go in using technology to combat financial crime.

 

The identity verification era

Arguably, identity verification is one of the most important processes that technology can help transform – especially as the current crisis continues to drive increased online customer behaviour. In fact, AI and video based identity verification software can provide financial services organisations with a fast, seamless and secure onboarding process that increases conversion rates and customer satisfaction while providing the highest level of security.

Demand for this software in the UK’s financial services sector has already more than doubled since the start of the year, as growth in scams linked to COVID-19 continue to rise.

It’s this technology that will become critical in validating a person’s identity quickly and confidently while limiting the increased risk of fraud for both businesses and consumers.

IDnow’s AutoIdent is one software solution that has this year been experiencing high demand from the financial services industry. Its AI technology can use the camera on a customer’s smartphone to recognise the country and type of ID document without the need for user input. The technology then captures the machine-readable part of the ID document as well as non-machine-readable areas, such as address fields, before automatically checking the optical security features of the ID documents, such as holograms.

With the subsequent biometric video check of the person and “liveness detection”, the identification process is completed for the customer within just a few steps. The system can then decide if the identification is valid, with a reliability that meets compliance requirements.

 

Fighting back

The threat of financial crime is not going away any time soon and so there is no better way than to fight back with innovation. With the right technology investment, such as in AI identity products, the sector will be in a stronger position to support businesses who have a duty of care to protect their customers from risk of fraud while ensuring they remain resilient during this pandemic.

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Business

TOP 5 LINKEDIN PROFILE OPTIMIZATION HACKS FOR ASPIRING BANKERS

According to Firmex, finance professionals cannot afford to be not on LinkedIn. A significant number of organizations acquire talent in the financial industry through LinkedIn.

Especially for aspiring professionals, your internet presence matters a lot as recruiters are most likely to search your name on the internet before making a decision about your application.

As an aspiring banker on a professional platform, you should consider changing the outlook of your profile, to garner the recruiter’s attention. Your profile is unlikely to get noticed if it is out-of-date and inaccurate.

Here’s how you can optimize your LinkedIn profile:

 

Headline

Here’s an example of a good headline for a banker:

“Aspiring Banker majored in finance specializing in forecasting and risk management best practices”.

Scrolling through most professional profiles for bankers on LinkedIn, these individuals pay little attention to the headline.

A well-optimized headline gives the recruiters reasons to click on a profile. Though you just have 120 characters to make it great and charm the recruiter.

You can include pointers on what you are trying to achieve as a banker, or include your major as a way of connecting the skills-gap. If you are an MBA degree holder, then you can reflect this on your headline along with the major.

Though here are a few things you should know about creating a headline:

  • Be professional and avoid writing words like “superstar worker”, “top performer”, etc.
  • Be discreet with your job search, don’t directly mention “looking for a job”, “unemployed”, etc.
  • Research on other professional’s headlines with a network presence.
  • Include the usage of strong adjectives/action verbs.

 

Connections

On LinkedIn, develop meaningful connections with professionals and recruiters. With little effort, you can significantly increase your number of connections.

However, having 5000+ connections is not valuable if they are irrelevant to your interests. Hence, keep your connections limited to professionals in the finance industry.

  • Connect with individuals that are relevant in the finance industry and send a personalized message along with the connection request.
  • You are most likely to get ignored if you mindlessly send out requests. Though LinkedIn advocates being active, you should derive an invitation strategy for effective network expansion.
  • Message recruiters that are hiring professionals in the finance industry and ask them for advice on how you can further optimize your profile.

 

Professional Experience

Your LinkedIn profile works as a digital resume. It should give an idea of a constructive career progression. Hence, LinkedIn profile optimization becomes quite important.

  • Write points in a bullet form, don’t include long paragraphs.
  • Mentioning your roles and responsibilities isn’t ideal. Construct the points in a way that showcase all your accomplishments & contributions.
  • Add your projects separately; do not add them in the career highlights section.

 

Keywords

As with any other search engine, recruiters are dependent on the algorithm to show them the best profile as per their searches. Based on a certain set of relevant keywords in your industry, recruiters will try to search for candidates on LinkedIn.

Here’s how you can use keywords to optimize your profile:

  • Research: Thoroughly research the keywords that are of prime importance in the finance industry. Check the profiles of other professionals on LinkedIn and refer job postings to gain an understanding of how to sprinkle these keywords in your profile.
  • Section: Utilize each section efficiently of your LinkedIn profile to showcase your contributions and achievements. Don’t just stuff your profile with contextual keywords. In the end, your profile should foremost be easily readable.
  • Industry and Skills: Update the industry in your profile and include all the skills you are familiar with. Further, you can even include skills that you are not familiar with. Let’s say you need to include “Budget Forecasting” in your profile and you have not had any real-life experience with it. You may write it as “Interested in gaining experience in budget forecasting”.

 

Skills & Recommendations

Recruiters look for professionals who can deliver, hence your profile should include the skills that are highly relevant to your targeted profile. Though in the banking industry recruiters search for general skills as well. So, make sure your profile is a match for both.

Further, just listing your expertise is not going to be enough. Get your mentors, employers, etc. to write you a stellar recommendation. If you provide credibility for your skills then it can do wonders for you.

 

Final Word

  • Just as the headline of your profile, your picture is equally important. Make sure you use a professional-looking photograph.
  • Continue to engage with your connections through comments and professional messaging.

As you are a banking professional, your profile is probably going to end up looking like all about your core competencies, However, it is important to include a few pointers about your hobbies that describe your personality as well.

 

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