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THE NEXT BIG THING: 94% OF FINANCE PROFESSIONALS ARE LOOKING TO IMPLEMENT INTELLIGENT AUTOMATION… DESPITE 50% NOT FULLY UNDERSTANDING WHAT IT MEANS

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New Visma | Onguard research reveals determination among businesses to adopt the technology

 

Intelligent Automation (IA) is set to become the latest technology buzzword in the financial sector, with 94% of finance professionals stating they are looking to implement the technology. Despite this, 50% of finance professionals do not understand the technology or the benefits it can bring, according to the latest Fintech Barometer study conducted by Visma | Onguard, leaders in providing solutions for the order-to-cash process. The study, which is now in its fourth year, tracks attitudes and challenges impacting the financial sector, surveying more than 1000 finance professionals in the UK annually.

Defined as a combination of artificial intelligence and automation, IA improves efficiency by processing huge amounts of data automatically. Implementation is not just an IT concern, but requires a change in the way businesses work, bringing together humans and technology to accelerate and improve processes that previously could not be automated for better business results.

Marieke Saeij, CEO at Visma | Onguard comments: “It’s a fascinating finding that finance professionals want to implement Intelligent Automation in their organisation, despite the majority admitting they’re unaware of what it is all about. IA is the automation of business processes that are not repetitive or predictable, where some degree of intelligence, either pre-programmed or artificial, is used to achieve the best outcome. At Visma | Onguard, we can only applaud the ambition of finance professionals to implement emerging technologies such as these. However, these findings reveal that we have a clear role to help every finance professional understand what IA is and how it can add value to their organisation. After all, this growing trend makes the work of every finance professional a lot easier, leaving more room for them to add value to the organisation.”

 

The roadmap to implementation

For those businesses planning to implement this technology, the planned timeframe for adoption varies with 37% of professionals indicating that they are working on a 1-2 year strategy for adoption, and only 3% thinking they will implement it within a year. This hesitancy to implement is reflected by the overwhelm being felt due to the volume and variety of data now available to finance professionals, with 41% finding effectively combining outputs from the many different data sources (both external and internal) the biggest challenge when it comes to becoming data-driven.

As part of IA, the survey found that uptake of Robotic Process Automation (RPA) and robotisation also remains modest, with only 21% of finance professionals currently using the technology in their systems. Its potential however is promising, and adoption could be on the rise with 40% saying they are developing ideas on how to integrate RPA or robotisation, with a further 21% in the exploratory phase.

 

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OneID® is now a certified Digital Identity Service Provider (ISP) under the UK Digital Identity & Attributes Trust Framework (DIATF)

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  • OneID® is now a certified Digital Identity Service Provider (ISP) under the UK Digital Identity & Attributes Trust Framework (DIATF)
  • OneID® is the first provider with a 100% digital process to achieve this certification
  • OneID® is also the first ‘Scheme Owner’ to be certified against the DIATF for any roles

 

OneID® has today announced that it is now a certified Digital Identity Service Provider (ISP) under the UK Digital Identity & Attributes Trust Framework (DIATF), becoming the first provider with a 100% digital process to achieve this certification.

The firm is also the first Orchestration Service Provider (OSP) to receive certification. As an OSP, OneID® plays the role of a ‘hub’ to connect all of the UK’s high street banks with providers of any online journey that needs customers to identify themselves.

OneID® is also the first ‘Scheme Owner’ to be certified against the DIATF for any roles. OneID® operates a multi-sector scheme that enables bank customers to consent to safely share their bank-verified identity information. OneID® ensures that all businesses in the scheme have been vetted and are given the OneID® Trustmark so you know that the business you are dealing with online is legitimate.

OneID® is unique as it is the only fully digital identity service. The customer’s journey is friction-free and requires no app or account setup, no scanning of paper documentation or selfie-taking, and no data entry. The service enables safe and frictionless identity proving for over 40 million people in the UK. If your customer uses internet or mobile banking, they already have everything they need to use the OneID® service.

The certification of Digital Identity Providers under the UK Digital & Identity Attributes Trust Framework is a huge step forward in establishing a national approach for digital identity solutions in the UK. Enabling people to prove who they are online easily and securely, improving user experience, increasing security, and boosting the UK’s economic growth.

OneID®’s core aim is to enable trust, and the firm believes that a national approach is needed to ensure the internet becomes a truly safe and trusted place for individuals and businesses. This certification recognises OneID®’s part to play in that world.

Why choose a certified Identity Service Provider? 

Digital Identity is a fast and evolving market with many providers, offering a broad variety of solutions to digital identity which can be confusing. Selecting a certified identity service provider gives businesses assurance that their service provider has met or exceeded all the necessary criteria to provide a trusted digital identity service.

Certification provides assurance to businesses and individuals that OneID® meets relevant framework rules and the standards and Level of Confidence for identities as set out in the trust framework.

This assurance follows a rigorous audit process undertaken by the Digital Identity Systems Certification service authorised by DCMS and UKAS, giving the confidence that OneID® has passed all the necessary checks to be certified to provide a trusted digital identity to businesses and give the level of protection consumers of digital identity require.

Disclosure and Barring Service (DBS) Checks 

Temporary alternatives to face-to-face ID verification for employers were put in place by the Government during the pandemic; these were quickly adopted by employers who have seen the benefits of moving to remote screening. In April 2022, legislation came into effect allowing UK employers to use the services of digital Identity Service Providers (ISPs) to carry out DBS checks. The temporary legislation expires in September 2022, by which time employers will need to revert to physical forms of identity verification or adopt digital identity from a certified supplier.

OneID® provides a 100% digital identity without the need for physical documents, removing the friction from the DBS process and improving the security of the check by using bank-verified information to perform the check.

 

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Lack of corporate disclosures forces asset managers to cast a wide net for ESG data

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Buy-side financial services firms using an average of close to ten ESG sources today

 

More than seven out of ten (71%) of executives working for buy-side financial services firms across the UK, US and Asia say their organisation uses more than five ESG data sources. The average number of sources used by these businesses is 9.3, with the US using the most (9.7) and Asia with the least at 8.9.

These findings are among the highlights of new research commissioned by Alveo, a leading provider of cloud-based market data management services, polling executives working for buy-side financial services firms in the UK, US and Asia. In terms of ESG data set types, organisations across all three regions are using multiple types, but are utilising ESG ratings provided by third parties most. In all, just under three-quarters (74%) of respondents said that their organisations were using these ratings.

Mark Hepsworth

The most common response in all three regions is to have between 6-10 ESG data sources, with corporate disclosures being the least common data source cited. External ratings is the most common, with far more use of sentiment data in the US when compared to the UK or Asia.

57% of firms overall are currently using third party expert opinions on factual information such as carbon emissions, but Asia respondents have more frequently centralized ESG data management with 68% of respondents in Asia stating there is a dedicated and separate ESG team in place that owns this data, compared to 52% in the US and 46% in the UK.

What is clear is that firms need to cast a wide net to get the ESG data they require including external ratings, expert opinions and sentiment data to supplement corporate disclosures.

“Asset management firms are looking to materially ramp up their ESG data management to fast-track the supply of consistent, aggregated ESG content to different stakeholders. Firms are looking to make use of the latest technologies for ESG data analysis but material issues in data quality can hamper the effectiveness of these. Drawing on the services of an expert solutions provider and adopting Data-as-a-Service models may prove to be the best route to address these,” said Mark Hepsworth CEO at Alveo.

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