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Articles by Chris Ibbitson
Joanna Swash - Elite Business
Joanna Swash Joanna Swash is Group CEO of Moneypenny, a global leader in telephone answering, live chat and digital comms. Recruited as Moneypenny’s first salesperson in 2005, today Joanna leads an international business based on a unique culture of mutual respect and trust that has been recognised as a Sunday Times Best Company to Work For for over a decade.
Why the FCA fair price ruling will drive product innovation and benefit consumers
The FCA consultation on fairness in pricing is closed. The industry now knows when they must have new controls, systems, and rules in place by September, and be ready to go live with new price and auto-renewal processes at the end of the year. So, insurers are now firmly on course to ensure pricing for new and existing customers must be the same, ending a pricing partition that has persisted for years.
Safety nets on the Cloud Highway
Safety nets on the Cloud Highway Whatever could be the reason, worldwide cloud enabled banking transformations has picked pace at an unprecedented speed. Evidence is everywhere like the raise of Opex models, higher share of SAAS offerings, Digital only branches, and usage of Multi tenancy etc. So is also the raise of leakages and the attacks on the cloud.
Serco, G4S and the Value of Compliance
Two companies, a similar crime and significantly different penalties. Here’s what lessons we can learn from the G4S and Serco cases. Head of the Serious Fraud Office Lisa Osofsky has used a speech at a Society of Corporate Compliance & Ethics conference to show why the SFO will go easier on those firms which have made efforts to cooperate and comply, using two linked cases with slightly different outcomes, to illustrate the SFOs approach.
UK Financial Services - Cyber Stress Test
On Friday the Bank of England’s Financial Policy Committee (FPC) published their latest policy summary and record. As part of the summary, they shared an update on the plans for the next “cyber stress test”.
PEP Reset: Take a risk-based approach to Politically Exposed Persons
How risky are Politically Exposed Persons for your financial institution? Financial institutions are required to consider and appropriately manage Politically Exposed Persons (PEPs) and their close associates as higher risk customers. They are required to impose strict measures when establishing new business relationships with PEPs and to ensure continual risk evaluation throughout the entire client lifecycle.
Implementing a remediation programme: Critical success factors
As financial institutions move to integrate, automate and streamline their systems (all in the face of a toughening regulatory environment), process flows and the underlying data points are coming under increasing scrutiny. As such, customer and operational remediations continue to be a common occurrence. Despite this many remediation efforts have become a blocker to the successful implementation of wider strategic objectives within financial institutions.
Building modern applications - what to consider around data, value and security
Fintech and banking teams today are building new applications or modernizing their existing ones, and they have to meet strict compliance objectives. At the same time, they want to deliver software innovations faster and more efficiently. To achieve this, software teams are using containers, microservices and APIs to decouple and modularize their monolithic apps into smaller discrete components.
Enabling and being compliant with AI in Banking
In my last blog, I shared some thoughts on how different forms of AI could not only help improve the customer experience, but also ensure that the bank remains in compliance with various industry regulations. As promised, the focus of this blog will be on how AI can both help ensure/monitor regulatory compliance, as well as some of the regulatory considerations when it comes to using AI in financial services. No matter where in the world a bank operates, regulatory compliance is key.
From remote to hybrid working - the shift that will help businesses in the long run
Chris Ibbitson, Chief Technologist at Hewlett Packard Enterprise shares his insights into the changing office culture and the role flexibility plays in enabling businesses to meet any eventualities.
The State of Invoice and Payment Fraud Heading into 2021
The unprecedented events of 2020 have had a significant impact on the way cyber criminals have developed and administered attacks. Not only are we seeing the emergence of Ransomware 2.0, we're also seeing a continued explosion in invoice and payment-based business email compromise (BEC) fraud. A BEC attack, also known as man-in-the-email, involves cyber criminals masquerading as, or directly compromising a business email account in order to extort trusting individuals into taking a certain action.
Covid, Lending and The Road Ahead
Kaustuv Ghosh Managing Partner Volante Asia Pacific Pte Ltd Member since 11 Dec Location Singapore Blog posts 1 This post is from a series of posts in the group: Banking Strategy, Digital and Transformation Latest thinking in respect to Banking Strategy, Digital and Transformation. Harnessing our collective wisdom to make banking better. Ambrish Parmar See all
Using AI to transform the customer experience in banking
In my last blog, I shared some thoughts on how different forms of AI could help transform financial services, along with some challenges that needed to be overcome to ensure successful enterprise wide adoption. As promised, this blog will focus on how AI can help improve the customer experience in banking; both directly, and more so indirectly behind the scenes.
Catalyst for change - How covid is driving banks to improve customer experience
As covid-19 accelerates the take-up of digital banking services, banks have a unique opportunity to address two of the biggest problems facing the sector: customer satisfaction and trust. When the coronavirus struck, banks reacted like every other sector, by focusing on business continuity. They had to keep their infrastructure going and sustain their business, while also supporting customers, many of whom were struggling financially.
Digital transformation in investment management: Adapt or adopt?
Digital transformation - two words that, depending on your nature, may terrify or delight you. Yes, it's a significant undertaking and usually requires high upfront budget and effort. However, depending on your current state of play it may actually prove to be the most cost effective and expedient approach too. There are two fundamental approaches organisations often consider when they are facing the challenges of an underperforming system.
EAT OR BE EATEN: THIS IS THE POST-COVID CHAMPION IN BANKING!
Looking at the 2020 strategic banking game to detect the winners! The battle on the banking customer has become intense. Therefore, I researched the underlying competences that drive current and future success in banking. Since September 11th, 2020, I have written a series of 5 blogs that illuminate banks’ differentiation in cost/income strategy, customer experience strategy, innovative risk strategy and customer centric innovation strategy.
Finance Leaders: Your New Year Priorities
Even with the most careful preparation, planning for the new year may look a little different this time around. Despite a turbulent year nearly being visible in the rearview mirror, external factors are unlikely to conform to our 12-month calendar and will continue to serve up disruption and opportunity in 2021. In the UK, for example, ‘lockdown’ has been declared the ‘word of the year’ as the country manages the second set of government restrictions.
Parallelising with TERADATA - The right way
Background and Motive Data predominantly is core to any and every organisation and so does Data Engineering. Especially in financial/banking industry where data’s availability and its fast processing in timely manner is even more important, from different perspective like customer retention, decision-making and regulatory requirements too. An ask for sufficient processing power along with efficiently persisting exponentially increasing data has its challenge that are to be looked at.
The promise of AI in Financial Services
Artificial Intelligence, in all of its different forms, isn’t new in the financial services space. As is often the case with new technologies, banks were early adopters of AI, with early use cases being focused on chat bots, RPA, as well as fraud and risk management. However whilst, according to McKinsey, 60% of firms have at least one AI capability deployed, to date many organisations have struggled to scale deployments.
The move to cloud-native banking and the role for continuous intelligence
According to research by Finastra and Efma, banks saw digital transformation as their most pressing issue for the future. 81 percent listed the move to digital as their biggest priority for the next one to three years, while 66 percent listed adopting new technologies as their next big project. Around 56 percent listed innovation as where they needed to put the most effort. To achieve these goals, you may have been looking at the role that the cloud can play.
What Chess Can Teach Us About Assessing Vendor Risk
Assessing vendor risk is a key topic for many enterprises, seeking fit for purpose solutions to get the job done. Over 60% of data breaches coming from vendor portfolios combined with mounting regulatory requirements and data privacy fines are all significant imperatives to get it right. Just like aligning chess pieces -- applying the right tools in assessing vendor risk can help protect your most valuable assets. Why are you playing chess with your vendors?
Seamless 2x2 ID verification is critical during and post pandemic
What is clear from the pandemic is that financial institutions need a standout online presence if they are to prosper today and in the future. The health crisis has hastened acceptance and reliance on digital solutions for home working and shopping. The same goes for banking and payments as consumers become increasingly comfortable engaging with their bank online and embracing new technologies that help them access their accounts and make payments securely, in real time.
From compliance to innovation: the acceleration of DX in FS
The COVID-19 pandemic has helped to drive focus for financial institutions onto systems resilience and operations. Once cast in a role of planning for different worst case scenarios, CIOs have been tasked to help banks continue to service customers in the new ‘stay-at-home’ era, focusing on delivering self-service systems, modernising and enabling more access to mobile apps. This has accelerated an existing trend.
No time for downtime in financial services
No enterprise has ever wanted unplanned downtime of their services; and that is especially true in the financial services industry. Over the last two years, there have been multiple banking system failures in the UK market that have hit the headlines. Some have been that major that they have actually seen customers actively switching to competitor banks, after enduring days of not being able to access their accounts.
Importance of data in the digital age
It isn’t an understatement to say that a day won’t go by when digital transformation isn’t talked about – whether on Twitter, LinkedIN, or in the business press. Whilst too much focus is often put on the technology aspect of a digital transformation or being digital, a key foundation and enabler for the digital age has to be data.
Status check: China's regulatory landscape
China’s FinTech industry is incomparable to the rest of the world. It is home to eight of the world’s leading FinTech unicorns, with an average value of $26.8BN – eight times greater than the average value of North American FinTech unicorns. But, behind China’s rapid FinTech development lies a country with unique circumstances, consisting of a large, tech-savvy population, and an open regulatory environment.
How a focus on the customer can help you fight for a digital finance transformation
This is the first in a series of three blog posts which looks at how a digital finance transformation enables a future-ready finance department - one that can use data, technology and human talent to go beyond governance to provide commercial leadership to the business. In this series we outline how digital finance transformation enables efficient operations, smart data exploitation, strategic cloud usage, seamless user experience and an expanded role for finance.
Cloud Paralysis
Cloud Paralysis: an organisations inability to migrate and optimise workloads or applications to a modern platform due to the constant change of the underlying technology or latest new capability that will change the world. A new term I’ve coined to try and explain to myself (and others) why organisations aren’t moving as fast as expected. Why, with all the technology progress and innovation has this been happening for some time now at least in the context of public cloud?
2020 banking technology focus
As we enter 2020, I wanted to share what I think will be the technology focal points for Banks throughout this year. Operational Resiliency Following both the Treasury Select Committee, and the UK Regulators papers around Operational Resiliency, how firms ensure they are able to overcome operational disruptions will continue to be high on the agenda for banking technology leaders.
Multi-cloud in Financial Services
This year’s Enterprise Cloud Index report, reported that financial services outpaced all other industries in the adoption of hybrid cloud reaching 21% penetration today, compared to a global average of 18%.
Getting the 'edge' on customer experience in retail banking
It won’t be a surprise to anyone that the explosion in connected devices continues. Based on research by Ericsson, it is predicted that by 2022 there will be 29 billion connected devices. These devices will range from connected cards, meters, wearables, home devices, building controls and consumer electronics. These devices, or “things” reside in the Internet of Things (IoT). Each of these “things” generate data, and they typically generate it in large volumes.
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