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SLEEPLESS NIGHTS AND STRESSFUL DAYS: MONEY WORRIES TAKE A TOLL ON UK WORKERS

Worrying about money is the leading cause of stress and harm to the wellbeing of British workers, according to a major study of over 2,000 employees from around the UK, published today.

 

Topping the list of worries, financial concerns were a problem for 36% of those surveyed.

 

Perhaps surprisingly, money worries were found to be significantly greater (73%) than concerns in other key areas of peoples’ lives, including relationships (38%), career (52%) and health (47%).

 

Personal relationships also suffer greatly, those with financial worries are 12 times more likely to have troubled relationships with friends and family.

 

And those with money troubles were shockingly four times more likely to be suffering from anxiety and panic attacks (43%), and five times more likely to feel depressed (46%)*, compared to those with positive financial wellbeing.

 

The annual study, conducted by Salary Finance – a financial wellbeing employee benefits provider – also showed that sleepless nights were 15 times more common among those with financial worries, a significant increase on the ‘nine times’ reported in the 2018 study carried out by the firm.

 

The 2019 research by Salary Finance identified a fourfold decrease in an employee’s ability to complete everyday tasks compared to last year’s study, with those in dire financial situations 12 times more likely to procrastinate or leave work incomplete. It also showed on average, those with money worries spend at least three hours dealing with personal financial issues on a weekly basis.

 

Money troubles are also affecting people in more unlikely ways, with those suffering from low financial wellbeing eight times more likely to have troubled relationships with work colleagues (up from ‘six times’ in 2018). What’s more, those with financial stress are nine times more likely to see the quality of their work affected negatively.

 

On average, employees take one sick day per year to deal with financial issues and, while this may not seem much on the surface, the cost in lost working days of an entire workforce to a business can build up quickly. Financial stresses result in almost 30 productive days lost overall annually and the financial consequence for employers is significant – estimated to equal 9-13% of their payroll.

 

Asesh Sarkar, CEO and co-founder of Salary Finance, said: “The research shows a direct correlation between low financial wellbeing and poor mental health in an increasing number of employees across the UK. An employer’s role to address this is more prevalent than ever before and the statistics show that businesses can make significant savings if they implement the right financial wellbeing strategies.

 

“We strongly believe that an organisation that has a mental wellbeing strategy without a financial one alongside it is driving along with its foot on the accelerator and the brake pedal simultaneously.  This issue will not go away on its own so the time for employers to act is now. I am confident that the insights in this research will be a big step towards a more efficient and driven workforce across the country.”

 

Almost a third of those surveyed, regularly run out of money before payday and are forced to resort to payday loans, credit cards and overdrafts to get them through to the next paycheque, all of which contribute to an increase in the stress and anxiety they feel on a daily basis.

 

Interestingly, the study found financial stresses of an employee are not necessarily eliminated with pay rises; according to the findings almost one third of those earning between £40-60k still have money worries and those earning over £100k per annum have the same level of financial worries as those that earn less than £10k.

 

The report identified that employees largely fall into one of two main groups. ‘Planners’ (40% of employees) find it relatively easy to save first and spend later, and are engaged and interested in personal finance, whereas ‘Copers’ (28% of employees), tend to spend first and save whenever they can. It’s perhaps not surprising that Copers therefore tend to have more financial worries than Planners – 62% of Copers versus  21% of Planners.

 

What was surprising, and contrary to common opinion, was the finding that Copers and Planners both know the importance of budgeting and saving. Less than 4% of employees don’t know how to budget. The study also found that 86% of employees know and understand the importance of saving, this was broadly consistent across all levels of financial wellbeing. The research suggests that, when it comes to budgeting and saving, there isn’t necessarily an education gap – people know what they need to do.

 

Jason Butler, Head of Financial Education at Salary Finance commented on the financial habits of these groups. He said: “We know that all employees have similar intentions when it comes to managing finances and savings. Both groups want to save and know they need to save, but what sets them apart is their mindset and how they turn this intention into action.

 

“We strongly believe that financial wellbeing is more about behaviour and your everyday habits than it is about education or having a long-term plan in place. Employers today are uniquely placed to help their workforce address this and can, with the right solutions in place, help them save better and avoid debt. By providing tangible, practical and high impact solutions through payroll and easy-to-use financial products, businesses can effectively help employees help themselves every day.”

 

For more information please visit www.salaryfinance.com/uk/

 

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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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