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NEW RESEARCH FINDS THE LONDON MARKET IS READY FOR CHANGE, BUT EXECUTION REMAINS A BARRIER

New research from NTT DATA UK, a recognised leader in consulting and IT services, shows that The London Markets, the premier marketplace for insurance and reinsurance against complex risk, is ready to embrace technological change and innovation in the digital era. The research surveyed 100 individuals from a range of brokers, managing agents and syndicates and found the majority (78%) have a vision and digital strategy that is well communicated across the business. However, the research uncovered that executing on the strategy is difficult, with nearly half (43%) of those questioned feeling they were falling behind the competition.

 

The need for change is understood

The need for change is clearly understood by those in the London Markets, with two thirds of respondents seeing investment in innovation as key to success. Yet, while 50 per cent stated they are up-to-date in the adoption of the latest technology and processes in their industry, many are concerned by emerging competition: 63% of respondents identified that new entrants are more agile due to their technology; 69% of respondents also confirmed that if they do not invest they will be left behind.

 

Kim Gray, Head of Insurance & Head of Diversity & Inclusion at NTT DATA UK said: “The London speciality insurance market is the leading global hub for insurance and reinsurance, but that enviable position is under serious threat from other hubs and tech start-ups with a much lower cost base. They are smaller and more agile, making them better able to embrace technological change, and the resulting step-change, in improved customer service that smart new digital systems promise.”

 

ROI on change is still lacking and execution barriers prove problematic

The research confirmed that 85% of respondents saw little benefit delivered through the historic implementation of change. The same number of respondents stated they have not seen any significant cost savings by implementing new technology.

 

The challenges in execution include legacy technology (53%), inconsistent data (66%) and a lack of understanding on how to use that technology to an advantage (48%). Additionally, two thirds identified their change functions and personnel lacked empowerment and were unable to push through the change required for success.

 

Kim Gray concluded: “The research makes it clear that the London Markets understands the requirement of change and the majority have a vision and strategy in place to maximise on the opportunity the change agenda presents. However, having a strategy is one thing, but implementing it is quite another. The good news is, there are ways around these constraints, such as ensuring buy-in from all key stakeholders at all levels and managing for outcomes, not just activities. Moreover – when it comes to executing to reach your vision – rather than focusing on ‘big concept’ projects, The London Markets must focus on easy-to-implement solutions that target key business problems in an agile way. Continuous incremental change will get you where you need to be.”

 

The research report is being launched at the History>>Made Faster event on 20th November at the Leadenhall Building. The History>>Made Faster research and event programme unites leading figures to debate and share insight into how London can maintain its place at the top of the global insurance market for the next 300 years.

 

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SONY BANK SECURES AND ENHANCES MOBILE BANKING WITH ONESPAN’S MOBILE SECURITY SUITE

SONY BANK

App shielding, biometric authentication and additional technologies secure and improve the customer experience for Sony Bank’s mobile banking app

 

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that Sony Bank is protecting its mobile banking transactions with OneSpan’s Mobile Security Suite. OneSpan helps the bank secure and improve the customer experience by detecting and preventing mobile threats in the background, while integrating convenient features like facial recognition and fingerprint biometrics.

 

Mobile banking adoption continues to increase and the frequency of mobile attacks like malware and trojans continue to rise. Sony Bank was able to address both customer experience and security by launching its banking app and securing it using OneSpan’s suite of mobile SDKs. Mobile Security Suite integrates application security, biometric authentication and Application Shielding, which detects and mitigates fraudulent activities and helps ensure the integrity and protection of apps and data.

 

“Addressing security and customer convenience was key for us, and with OneSpan’s solutions we are able to achieve both,” said Sony Bank Senior Manager of the Systems Planning Department, Shuichiro Sumimoto. “The technology comprehensively protects the device and the application, while providing an easy way for our customers to complete mobile transactions.”

 

“OneSpan’s Trusted Identity solutions enable banks to simultaneously fight an ever-increasing number of threats while ensuring a seamless and easy customer experience,” said OneSpan CEO, Scott Clements. “With Gartner predicting that by 2022, at least 50% of successful attacks against mobile apps could have been prevented using in-app protection,[i] Sony Bank is taking the right steps to future-proof its business.”

 

While mobile threats are on the rise, so too are regulations designed to make banking more secure and transparent. In particular, the global move toward Open Banking has triggered regional regulations such as the Amended Banking Act of 2017 or the Second Payment Services Directive (PSD2) in Europe. Using OneSpan’s technology, Sony Bank can address today’s PSD2 requirements with the aim of using the technology to address potential future regulations.

 

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KOREA’S KB BANK USES TRUSTONIC IN-APP PROTECTION TO ENHANCE MOBILE BANKING EXPERIENCE

MOBILE BANKING

Using Trustonic Application Protection enables KB Bank to dramatically improve the authentication experience for users of its mobile banking app and allow secure high value transactions

 

Mobile cybersecurity leader, Trustonic, today announces the successful implementation by KB Kookmin Bank (KB Bank) of Trustonic Application Protection (TAP™) to enable a simpler authentication experience for users of its KB Star Banking app. By combining TAP with its new digital authentication certificates, the bank is dramatically simplifying customers’ access to banking services and enabling them to authenticate higher value transfers in-app, without the need for cumbersome user authentication practices like security tokens.

The largest Korean bank by number of mobile users, KB Bank provides online and mobile banking services to over 10 million customers. Trustonic’s mobile application protection is enabling the bank to provide faster, simpler and more secure digital banking services by isolating authentication certificates in the hardware security of today’s smartphones. Since launching in summer 2019, the app has acquired 3 million active users, and adoption among KB Bank customers continues to grow rapidly.

Mr. Han, Senior Executive Vice President, Kookmin Bank commented: “In Korea, users need to install authentication certificates to use mobile banking services. This can be a complex and time-consuming process that often requires revalidation and multiple passwords. With our long-standing partner Trustonic, we are able to vastly improve the in-app user experience and allow our users to authorize much higher value transactions. Some security solutions make you choose between security, user experience and performance but with TAP there’s no compromise.”

 

Enhancing user experience & enabling high-value transactions with advanced security

Historically, public certificates need to be regularly renewed by the app user, which can be frustrating and time consuming. Now, because the new KB Mobile Certificates have the advanced in-app protection provided by TAP, they do not need to be renewed unless revoked by the customer or unused for one year. This significantly simplifies and enhances the user experience.

High-value in-app payments are now possible because of this advanced protection. KB Bank customers can transfer up to 2 million won (approx. $1,700 US) using their account password, and up to 50 million won (approx. $41,000 US) with a password and six-digit PIN. Amounts between 50 million won and 500 million won (approx. $413,000 US) can be verified by entering their password and PIN before receiving an additional authentication code via an automated phone call.

 

Improving in-app functionality through trust

The TAP in-app protection platform protects mobile applications by securing sensitive code, data and processes in a highly protected environment. The environment dynamically upgrades over the course of an app’s lifecycle to take advantage of the most advanced hardware and software security technologies available on smartphones. Banking, payment, acceptance and fintech app developers benefit as they can use the TAP SDK to build secure next-generation experiences.

Dion Price, CEO of Trustonic, says: “Korea’s certificate-based authentication infrastructure has historically limited the user experience for mobile banking apps. By making its banking app more seamless and secure with Trustonic’s unique combination of hardware and software in-app protection, KB Bank has vastly improved the user experience. This is a perfect example of how advanced security can enrich apps for end users, which is why TAP is being adopted to protect financial services across payments, banking, fintech and mPOS.”

For more information about how TAP is enhancing both security and user experiences, visit the Trustonic website.

 

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