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Need a business broadband package? Here’s what you need to know

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Author: Kerry Fawcett, Digital Director at Radius Payment Solutions

 

Does your business have a broadband supply that is speedy, cost effective, and most importantly, reliable? If not, now is the time to put that right. Online is king in this day and age, and no matter the size of your company, a good business broadband supply is vital to allowing staff to work as they need to. Here are some tips to find your organisation a business broadband package that fits it like a glove.

 

  1. You need to choose the right business broadband package

There are a number of reasons why your business might need a business broadband deal. Such reasons can include email which helps you stay in touch with customers and suppliers, social media access so that you can communicate with your customers and provide support, research and web browsing that your employees may need to do as part of their jobs, and general marketing tools which are nowadays more often than not web-based and require an Internet connection.

Also, let’s not forget that the people who want your products and services are online too—they use the Internet and search engines to find what they need. If this is your product or service and you do not have an online presence, their business will go to your competition.

That said, the decision on which broadband package to opt for is far more complex than simply choosing the deal with the fastest speed, or the cheapest price. Depending on the business, things to account for include data management, other services like email, and backup options.

With any package, however, it is important to look closely at the services being offered and whether they match up with what you are looking for. Also, check to make sure that they are built with business use in mind and have not been designed solely for consumer-grade activity.

To ensure your business chooses the right broadband package for its needs, make sure that you account for these three things. By doing so, you end up in a much better position to begin comparing options:

  1. Before choosing a broadband package, be sure to look at and understand how your business uses the data it is creating and storing. This will ensure that your broadband package can handle the data loads your business produces.
  2. Make sure to read and study service level agreements (SLAs). Every single half-decent business broadband package will have one of these—if they don’t, avoid the supplier—and looking closely at the clauses helps you avoid nasty surprises.
  3. Look for a broadband provider that has a bandwidth utilisation of below 50%. This will avoid bottlenecks and make your website and general broadband services a lot faster, enabling more data to be processed more quickly.

Price is certainly a factor, though. Whether comparing the price of business broadband, business mobile phone tariffs, or anything else, it makes solid business sense to make sure you are getting the best deal possible for your ideal product.

 

  1. Be aware – business broadband is not the same as home broadband

It is wrong to assume that business broadband is the same as the broadband that the vast majority of us have at home—it’s not. Business broadband packages include features that are specifically designed for business customers.

Generally speaking, a business broadband connection is set up and optimised to meet the increased demands of a business. Therefore, the features that are often found in a business broadband deal include prioritised customer support on-hand to provide immediate relief should something go wrong, faster upload and download speeds that can cope the bandwidth demands of a commercial office, better security features that protect your assets and data, and static IP addresses that allow you to run CCTV, host your own website, and authenticate intranet users.

What’s more, business broadband packages will usually come with generous—often unlimited—usage limits and competitive price points that aren’t too dissimilar to home broadband packages and plans.

 

  1. Explained: Business Broadband vs Home Broadband

For any readers still wondering about the most important differences between home and business broadband, here are four things that you don’t tend to get with a home broadband deal.

  1. Guaranteed service levels
    Returning to the point made about SLAs, business broadband providers will offer customers a guarantee to keep the broadband service up and running, and to do all they can to bring it back online should things go wrong. If a situation occurs where a provider is unable to do this in a pre-agreed timeframe, your business will often be compensated.

It is rare for home broadband packages to come with such a guarantee.

  1. Prioritised traffic
    Some of the best-known business broadband providers such as TalkTalk and BT prioritise traffic for their business customers over non-commercial home broadband customers.

This of course means that the speed and quality of your Internet connection will not be negatively affected by other customers’ usage patterns during peak times, such as when HD media and games are being streamed and played.

  1. Business-centric customer support
    As a business, it is vital that your broadband connection is restored as soon as possible should it go offline. If you don’t, you run the risk of losing revenue and having your reputation harmed. Business broadband providers know this all too well, and for that reason they typically offer around-the-clock, UK-based customer support.

This is in contrast to home broadband where customer support operatives are only available at select times, usually during business hours.

  1. A static IP address
    Most business broadband deals provide you with a static IP address. This type of IP address enables you to use your business broadband for some very useful business-critical operations, such as:
  • The hosting of your own server (vital for CCTV, file transfers, client services);
  • The hosting of your own website and domain name servers;
  • Enabling remote connections by your employees to their work desktops; and
  • Making available systems that require authentication, such as intranets.

Instead of a static IP address, home broadband packages include a dynamic IP address which changes each time a new connection to the Internet is established.

Business

How can businesses boost employee experience for finance professionals?

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By Martin Schirmer, President, Enterprise Service Management, IFS

Over the course of the last year, The Great Resignation has seriously impacted organisations across the globe. Staff are quitting in huge numbers, leaving companies unprepared and struggling to fulfil their workloads. In fact, mass departures are happening at all levels of the labour market, as employees attempt to adapt to the hybrid working model and growing socio-economic uncertainty.

In light of this, optimising the employee experience (EX) to attract and retain talent has become a top priority for employers. Organisations have come to understand the necessity of taking immediate steps to drive employee engagement and reshape workplace culture.

The financial services (FS) industry is no exception to this trend. From increasing employee burnout to growing career dissatisfaction, the pandemic has exacerbated the need for transformation across finance teams. This is exemplified by recent data from Spendesk, which found that approximately 40% of finance professionals are willing to leave their roles or already have concrete plans to do so.

Organisations looking to get ahead of the competition must put in extra efforts to retain their existing workforce. The fact is that employee expectations and requirements have irreversibly changed, with more workforces becoming increasingly distributed. Today’s hyper-connected workforce values flexibility and simplicity, and it is organisations which offer these experiences that will succeed in the long term.

As part of this process, finance companies must look towards the power of technology to create seamless user experiences across devices. From automating workflows to improving overall efficiencies, Enterprise Service Management (ESM) can help organisations to boost user satisfaction and go that extra mile for their employees.

How poor EXs are driving finance teams to quit

With over 40% of employees spending a significant proportion of their time carrying out mundane, manual tasks, it is not surprising that poor EXs are having a detrimental impact on job satisfaction. Finance teams in particular have been slower to digitise core processes, leading to a heavy reliance on manual tasks. This not only increases the amount of time spent on each task, but also impacts the engagement levels of finance professionals who cannot focus on more strategic aspects of their roles.

As a result of the pandemic, flexibility has also moved to the forefront of finance teams’ desires. Given the fast-paced nature of this industry, the conversation surrounding work-life balance has increased rapidly. Failure to offer flexible working policies, coupled with a lack of technology to facilitate this flexibility, has led to poor EXs across the board.

Most notably, the overarching move to omnichannel, digital-first approaches has dramatically reset both customer and employee needs. Finance is the third-slowest running corporate function behind legal and IT. Operating in a competitive environment, 73% of finance operations are facing pressures to speed up, improve efficiency, and prioritise automation.

Mitigating the problem using technology

ESM, an offshoot of IT Service management (ITSM), is the cornerstone of smart digital transformation for organisations. It can help finance teams to streamline and automate routine processes, such as monitoring the status of service requests, approving expenses, sending invoices, and tracking payments. In turn, this will free up employees’ time, reducing the burden of manual tasks and enabling them to focus on the more strategic tasks.

Another advantage ESM can offer finance teams is the ability to adapt to each department’s minimum requirements for data privacy. Accounting, for example, needs additional layers of compliance built into the system.

ESM can also facilitate cross-departmental collaboration, helping finance professionals to communicate with the wider business and perform tasks more effectively.  Organisations can use ESM to incorporate all internal services into a single platform, offering employees a well-rounded view of the business and promoting a sense of community across all levels of an organisation. This will boost productivity, whilst enhancing visibility and control.

Ultimately, the current job landscape has brought with it a new set of challenges. Organisations in the FS industry looking to navigate the storm and retain top talent must refocus their efforts on bolstering the EX. Embracing a new era of technological innovation that empowers employees and boosts engagement is a critical step in this process.

 

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Business

CBDCs: the key to transform cross-border payments

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Dr. Ruth Wandhöfer, Board Director at RTGS.global

 

If you work in finance, you’ll have been hearing a lot about central bank digital currencies (CBDCs) and the moves different markets are making towards using, regulating and evaluating the viability of moving to an economy based on digital currency.

We are already seeing progress in the research, piloting and introduction of CBDCs into the financial system. The Banque de France for example, recently launched its second phase of CBDC experiments in line with the “triple digital revolution” unfolding in the financial sector. The infrastructures of financial markets and fintechs, however, are not prepared to accommodate their security, stability, and viability.

This could be an issue in the not too distant future. Each year, global corporates move nearly $23.5 trillion between countries, equivalent to about 25% of global GDP. This requires them to use wholesale cross-border payment processes, which remain suboptimal from a cost, speed, and transparency perspective. In fact, the G20 cross-border payments programme considers improving access to domestic payment systems that settle in central bank money, as one of the key components in facilitating increased speed and reducing the costs of cross-border payments.

The current state of cross-border payments

International transactions based on fiat are currently slow, expensive, and highly risky due to today’s disconnected financial infrastructure, messaging, and liquidity. Wholesale cross-border payment settlement can take 48 hours or longer, which is not practical in today’s digital world. Even if not every market moves to CBDCs, in an increasingly digital era, cross-border settlements between central banks will unavoidably involve dealing with CBDCs. So, not only will we have different currencies, we’ll have different technical forms of currency being exchanged – digital and fiat – as markets adopt CBDCs at different rates, adding another layer of complexity to cross-border settlements.

While there is much anticipation about the opportunities CBDCs can bring, the adoption of this technology will only be widespread if payment and settlement capabilities are overhauled to allow for new innovations in currencies.  This need for transformation represents an opportunity to redesign existing infrastructure to support cross-border CBDC transactions.

The current cross-border payments system involves correspondent banks in different jurisdictions using commercial bank money. Uncommitted credit lines used in cross-border transactions are a potential risk for any bank that relies on credit provided by a foreign correspondent bank. Interestingly, there is no single global payment and settlement system, only a complicated network of interbank relationships operating on mutual trust. While trust has allowed financial systems to function smoothly, when it begins to fail, as it did during the 2008 financial crisis, the result can be catastrophic.

Following the crisis, the Bank for International Settlements (BIS) implemented the Basel III agreement, which required banks to maintain additional capital against correspondent banking account exposures. These risk-weighted assets impose a costly capital charge on positions held by banks at other banks under correspondent arrangements. While this framework helps combat risk, it neglects to address the inherent problems in traditional correspondent banking that contribute to these risks.

Making the case for CBDCs

CBDCs can offer an improvement in settlement risks and are certainly thought to have potential benefits by the BIS. If implemented correctly, wholesale CBDCs can indeed accelerate interbank transactions while eliminating settlement risk. They can also encourage a more efficient and straightforward method of executing cross-border payments by reducing the number of intermediaries.

It is likely the evolution towards CBDCs will initially see the financial market supplement rather than replace existing payment instruments with new types of digital currency. CBDCs will coexist with current forms of money in a wholesale context, and their payment rails will also work alongside the existing payment systems. In simple terms, CBDCs will need to be linked to the broader capital markets ecosystem and applications such as securities settlement, funding, and liquidity.

If built with an innovation-first mindset, the future of banking infrastructure should provide full interoperability and convertibility between fiat, CBDCs, and any other type of digital money used in wholesale payments.

The future of CBDCs

To unlock the full potential of CBDCs, a ‘corridor network’ will need to be formed. This involves combining multiple wholesale CDBCs into a single, interoperable network under common governance agreed upon by all central banks involved. The legal framework of this platform would then allow for payment versus payment (PvP) or, where applicable, delivery versus payment settlement.

Practical wholesale CBDCs appear to be on the horizon, either as a supplement to existing financial systems or as part of a transition to a digital, cashless world. Looking ahead, central banks would benefit from collaborating with fintechs that provide innovative cloud native technology to enable seamless wholesale cross-border payments without interfering with the flow of funds. If wholesale CBDCs are to become a reality, fintechs must be prepared to accommodate them.

 

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