Published
Claudia Colombo
Product Markeing Specialist at Appway
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- 09:00 am
Demand from end users for better ‘User Experience’ and the changing ‘Technology’ landscape have challenged enterprises across domains to constantly reinvent themselves. With changing markets and industry trends, it is imperative for an evolution in solutions that enable process optimization for newer business models, efficient productivity and lower TCO (Total Cost of Ownership). 3i Infotech, a global IT company, unfurls its strategic design in delivering the most comprehensive end-to-end services portfolio for its customers to empower them in their continuous business transformation journey.
Backed by over 24+ years of experience, the well-recognized industry leader Mohua Sengupta, who has recently joined 3i Infotech as EVP & Global Head of Services, aims to establish 3i Infotech as a partner of choice for innovation in the IT services sector. While planning towards accelerating the services business, Mohua says, “We are ever expanding our talent-pool of visionary leaders, domain experts, and far-sighted technical architects augmented by meticulous delivery, structured operations and flexible engagement models to form our global services offerings of tomorrow. Success stories engineered by our Services Business, pivoted on industry verticals, viz; Banking & Financial Services (BFS), Insurance & Healthcare (IHC), Government and Enterprises across North America, Asia-Pacific, South-East Asia, Middle-East and India, provide us an excellent foothold to outshine in the digital race”.
For any connected enterprise of tomorrow, the digital transformation journey is a holistic review & revamp of process, people and technology. Aiming to strive excellence in this journey for customers, 3i Infotech aims to leverage on its core global domain expertise in BFS and IHC, backed by a robust infrastructure to devise the most innovative go-to-market strategy.
Adds Mohua, “Innovative solutions aligned to digitalization and focused on quick turnaround of proof of concepts & prototyping, along with flexible engagement models and flawless delivery are some of the key strengths of 3i Infotech Services Team. Equipped with all these, I am very confident that the 3i Infotech Services arm will not only be a true partner to our clients in their digital transformation journey, but also an employer of choice to a global talent pool, giving them a challenging and invigorating environment.
Being a truly global company, with our teams spread across locations, 3i Infotech is able to offer agile and smarter Go-to-Market solutions to customers. Nurturing talent, backed by efficient business and technology acumen is what makes 3i Infotech a preferred vendor, and an employer of choice.
- 07:00 am
Today Nasdaq, one of the world's leading providers of technology and services to the capital markets, reported the launch of a venture investment program, Nasdaq Ventures, dedicated to discovering, investing in and partnering with unique fintech companies worldwide. The program's main objective is to identify and collaborate on new technologies and groundbreaking services and solutions which align with Nasdaq's clients' needs and the company's long-term objectives in the global capital markets.
"With the launch of our new venture investment program, we are reinforcing our focus on driving growth and innovation by evaluating, distributing, licensing and integrating disruptive technologies for the long-term benefit of our global clients," said Adena Friedman, President and CEO, Nasdaq. "Investing in pioneering fintech firms, who are developing unique technologies, continues our history of being a platform and partner of choice for the most innovative companies in the world. In addition, through this program we plan to accelerate the pace of innovation to ensure our clients continue to benefit from the technologies that are reshaping the capital markets."
As part of Nasdaq's Corporate Strategy function, Nasdaq Ventures will be led by Gary Offner who will report to Jean-Jacques Louis, Head of Corporate Strategy. Offner has more than 20 years of continuous private equity, venture capital and strategic direct investment experience with an emphasis on minority growth capital investments in technology companies, and is a long-time veteran of Morgan Stanley.
The minority stake investments made by Nasdaq Ventures are expected to range from less than $1M to approximately $10M and will include seed to late-stage venture rounds. Every potential investment will receive a rigorous review with an established internal committee to ensure that each partnership is aligned with Nasdaq's overall financial and strategic goals, as well as an existing business line or business strategy in order to guarantee that every investment furthers the company's competitive and strategic position in the chosen businesses. Areas of initial focus will include: digital transfer/blockchain; machine learning and artificial intelligence; emerging and frontier marketplaces; and next generation data, analytics and content aggregation. The venture investing program will not have any material implications on Nasdaq's capital allocation strategy.
- 06:00 am
Huddlestock, a fintech company based at Level39 in London and Pier X in Oslo, has signed an agreement with its first institutional client, the Icelandic Pension Fund, Sparnaður, based in Reykjavik.
Huddlestock is currently trading in a closed beta environment with over 700 clients. The company continues to improve its offering in preparation for phase 2, which includes introducing ‘huddles’, which allows for collaboration between clients in the form of virtual funds, and a mobile app.
“That we’re being taken seriously by institutional clients is a big step forward for a small company like ours. It shows that our value proposal rings true and that fintech companies are being considered as viable alternatives to the incumbents. Together with Sparnaður we’ll be looking to setup the first huddles on the platform which will help them reach a global audience while directly benefiting their clients,” says Chief Investment Officer, Michel van Tol.
- 03:00 am
Applications will soon open for Asia-Pacific’s fourth annual FinTech Innovation Lab, Accenture’s (ACN) 12-week program that helps early- and growth-stage fintech companies accelerate product and business development by gaining exposure to top financial institution executives.
“Fintech isn’t new or hot, it’s a basic requirement; it has to be a part of standard operating procedures for financial institutions today because if you’re not innovating you’re not keeping pace with what your customers want and you need to do for your business,” said Jon Allaway, senior managing director at Accenture and the executive sponsor of the FinTech Innovation Lab Asia-Pacific. “But startups still struggle to meet senior executives of financial institutions unless they get an introduction through programs like our Lab.”
The FinTech Innovation Lab Asia-Pacific is for entrepreneurs that are developing cutting-edge and disruptive technologies for the financial services sector - particularly in the areas of big data; analytics and cognitive computing; security and identity management; risk management and compliance; digital marketing and social media; cloud; payments; blockchain technology; talent management; and, Internet of Things applications.
Chief technology officers and senior technology executives from the financial institutions will select up to eight of the applying fintech companies to participate in the Lab through a competitive process and will then provide them with intensive in-person mentoring in Hong Kong.
The principal financial institutions are: Bank of America Merrill Lynch, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Macquarie Group, Morgan Stanley, Nomura, Societe Generale, Sun Life Financial. In addition, supporting financial institutions and investment firms include: China CITIC Bank International, China Construction Bank, Manulife, Maybank, Point72 Asset Management, Siam Commercial Bank, Sumitomo Mitsui Financial Group (SMFG).
Applicants must have a working beta version of their technology. The Lab, which begins on August 21, 2017, will partner the chosen fintech entrepreneurs with senior-level financial institution executives and leading technology entrepreneurs, to help them fine-tune and develop their technologies and business strategies through a series of workshops, panel discussions, user-group sessions, networking opportunities, one-on-one meetings and presentations. Cyberport, which houses the largest fintech community in Hong Kong, will provide work space to participating entrepreneurs, and J Plus Hotel by YOO will assist with accommodations. The Lab culminates in November 2017 with a Demo Day presentation by selected participants in front of an audience of venture capitalists and financial industry executives.
“The program provides an excellent opportunity for start-ups in Asia Pacific to connect to our global financial and technology expertise,” said Simon Lucocq, head of Asia-Pacific technology & operations at Bank of America Merrill Lynch. “As a global financial institution, we’re investing US$3 billion in technology growth initiatives - specifically in digital, mobile and online platforms. Here in Asia Pacific, we believe we can play a valuable role in fostering start-ups to be sustainable and successful companies.”
- 02:00 am
Since launching last April, close to 1,000,000 Canadians have signed up for TD MySpend, a mobile money management app that makes it easier to track spending habits and gain greater control over personal and family finances. The app features instant notifications, spending insights and category tracking to give users greater insights into their spending.
How App Users Spend
Coffee and Cravings: Spending on morning coffee routines and afternoon snacks adds up. According to TD MySpend data, app users spend most frequently on dining out. Most spending occurs in small increments - between $5 and $8 dollars each time.
Home Sweet Home: For TD MySpend users, the top spending category by dollar amount was on home-related purchases, with mortgage, insurance and renovation costs leading in terms of where our money goes.
Leaving Cash in the Past: Only 12% of all TD MySpend transactions were cash withdrawals. The vast majority were digital or card transactions.
Move Me: TD MySpend users spend as much on transportation as they do on groceries.
Who Spends Less?
The More You Use It… On average, frequent TD MySpend users (those who use the app one to five times per month) are spending 8% less per month, while occasional users (those who use the app at least once a month) are spending an average of 4% less per month.
More About TD MySpend Users:
Millennials trust TD MySpend: 25% of active app users are between the ages of 18 and 25 years old; 33% are between 25 and 35.
Notify me: More than 500,000 TD MySpend users have signed up for instant push notifications so they can be alerted each time a transaction is made - giving them the opportunity to adjust their spending in real-time and make adjustments if need be.
A companion app for iPhone and Android, TD MySpend uses a traffic-light spending insights meter to provide users with a snapshot of whether they are above, at, or below their typical spending with each transaction from eligible TD bank accounts or TD credit cards. Everything is automatic, and based on a user's historic spending, with no need to manually enter expenses or link up accounts. Close to 1 million TD customers use the app to track spending from over 2.4 million TD chequing and savings accounts.
"When we created the app and worked with TD to introduce it as TD MySpend to their customers, our goal was simple - provide people with visibility into their spending so they can make more informed decisions going forward," said Brett King, CEO, Moven. "It sounds simple, but with busy lifestyles, many individuals struggle to find time to understand their finances and we wanted to use innovation to solve for this. Through this relationship with TD, we've been able to deliver this experience to close to a million TD customers, and we're thrilled it's adding real value to their lives."
- 07:00 am
Enabling robust order details to be shared in real time between cardholders, merchants and issuers, Order Insights enables issuing banks and cardholders to determine the legitimacy of a sale at the time a billing inquiry or dispute arises, thereby reducing fraudulent claims and unnecessary chargebacks as well as avoiding loss of sales and profits.
Today’s Dispute Process Creates Significant, Shared Challenges
Today, up to 86% of cardholders bypass the merchant and contact their issuing bank directly to dispute or question a charge on their bill. Disputes can often occur for a variety of reasons ranging from the cardholder simply being confused over unclear or incomplete billing descriptors to legitimate instances of criminal fraud. Many however, have become accustomed to using the dispute process as a refunding tool resulting from buyer’s remorse or those seeking to “game the system” through first party or “friendly fraud.” According to industry research firm, Aite Group, 60 to 70% of chargebacks are the result of first party or “friendly fraud.”
Lacking the information or purchase details needed to legitimize a sale, the most common option for the issuing bank is to credit the cardholder and issue a chargeback. Merchants lose valid sales and profits to significant and unnecessary chargeback fees and drained resources. In the worst cases, the cardholder abandons the brand altogether while issuers are challenged to provide the best customer experience. Issuers incur added operational and representment costs as merchants dispute valid sales lost to unwarranted chargebacks. Customers ultimately see the result of all of this in higher prices. It’s a multi-billion-dollar global problem that affects everyone.
Order Insight – The Right Information for the Right Parties at The Right Time
Integrated with top issuers, Order Insight’s patent pending platform provides robust transaction details including the merchant’s name and contact information, date of purchase, name of device used in the order process and item or service descriptions (size, color, style). Order Insights can integrate this data directly into the issuing bank’s online or mobile applications. In most cases having access to this data can resolve a questionable charge and avoid a phone call to the issuer, saving the sale as well as wasted time, resources and costs for all parties that would occur through the dispute representment process.
When a cardholder elects to call the issuing bank, Order Insights equips the bank’s call center representatives with the compelling evidence they need to identify true instances of fraud, flag unethical cardholders looking to game the system or resolve the confusion created by vague billing descriptors before the matter escalates into costly chargebacks and resulting losses. For those disputes that are not addressed upfront, Order Insight facilitates the efficient resolution of the dispute between the merchant and the issuer to stop it from escalating to an expensive chargeback.
- 06:00 am
Today Dash Financial Technologies announced the appointment of Ari House as Chief Financial Officer.
Mr. House has spent nearly 20 years working in various capital markets roles and has accumulated extensive experience successfully operating private equity-backed software and information services businesses. He joins Dash from The Association of Certified Anti-Money Laundering Specialists (ACAMS), where he served as Chief Financial & Corporate Development Officer. During his tenure at ACAMS, he was instrumental in managing the firm’s significant growth and eventual acquisition by Becker Professional Education, a subsidiary of DeVry Education Group. Prior to that, Mr. House served as Director of Financial Planning & Analysis / Corporate Development for Fortent, a leading provider of anti-money laundering compliance software solutions that was acquired by Nice Systems. He began his career in Salomon Smith Barney’s corporate finance division after graduating from the University of Pennsylvania.
“We are very excited to welcome Ari to the Dash leadership team,” said Peter Maragos, Chief Executive Officer. “He brings deep experience from across the capital markets and a strong background in fostering a culture of operational and financial excellence. I look forward to partnering with Ari as we work to execute on the shared vision we have for our firm.”
Mr. House added: “This is obviously an extremely exhilarating time in the company’s history. With the LiquidPoint team and technology platform now fully in the fold, I am excited to join a very talented group as we work to help Dash continue to grow and remain a positive and disruptive force in the industry.”
- 06:00 am
Societe Generale and Wavestone are holding the first innovation awards competition in the banking cybersecurity sector: the “Banking Cybersecurity Innovation Awards”. Security has emerged as a fundamental issue for the banking sector, and especially for its clients.
Cybersecurity at the centre of Societe Generale and Wavestone’s priorities
With the arrival of new technologies and the emergence of new practices, the instantaneousness of the digital experience and the exponential growth of data production, threats and incidents linked to cybercrime are constantly increasing. Against this backdrop, Societe Generale is measuring the risks of this growing cybercriminality and prioritising the protection of its information systems and the data entrusted to the bank by its clients.
Wavestone, one of Europe's leading consulting firms, is adopting innovative approaches to supporting its clients by identifying and minimising these new risks.
The “Banking Cybersecurity Innovation Awards” invites European startups and innovative SMEs to submit and promote their cybersecurity solutions. This major open innovation initiative aims to increase contacts and exchanges with ecosystem players in order to co-build security solutions for the bank’s systems and exchanges with its clients and to maintain its role as a trusted third party.
A jury combining expertise and strategic vision on cybersecurity issues
The jury, selected for its technical and strategic expertise, will choose the winners following the two qualifying stages (written proposal and pitching). It will convene in Wavestone’s innovative and collaborative workspaces and will be comprised of:
Françoise Mercadal-Delasalles, Societe Generale Group Head of Corporate Resources and Innovation
Laurent Goutard, Head of Retail Banking of Societe Generale France
Thierry Olivier, Societe Generale Group Ciso
Pascal Imbert, Wavestone CEO
Reza Maghsoudnia, Wavestone Strategic Development Director
Gérôme Billois, Wavestone Senior Manager Cybersecurity Manager
Guillaume Poupard, Director general of ANSSI
Patrick Duvaut, Director of Research at Telecom ParisTech
Sébastien Couasnon, Journalist and Host of Tech & Co on BFM Business
Prizes will be awarded for three categories at a ceremony to be held on 5 July 2017 at “Les Dunes”, Societe Generale’s new technology park that embodies the Group’s digital transformation:
Digital Confidence for the Bank: for solutions aimed at ensuring the security of the bank's internal systems, both for the business lines and those related to IT infrastructures.
Digital Confidence for Customers: for solutions aimed at ensuring the security of exchanges between the bank and its customers; these are solutions that are visible to customers or set up on customer terminals.
France Special: for a startup whose head office is based in France and whose capital is held mainly by French persons or entities.
The three winners will have the opportunity to test their solutions within Societe Generale and to join Wavestone’s startup accelerator programme, Shake’Up.
- 09:00 am
NAB collaborates with Girl Geek Academy to create a program that will see its CEO and leading technologist Sarah Moran join the technology team at NAB during 2017.
Girl Geek is an Australian group that encourages women to learn skills and expertise in technology by delivering face-to-face programs that help move the needle on the gender ratio of women in tech. Sarah said that she was drawn to sharing her expertise and helping NAB build its Connecting Women in Technology program as it has one of the largest tech teams in Australia and is changing the gender ratio in tech.
“I chose to join the team at NAB because I wanted to know how they are doing what no organisation in Australia seems able to - changing the gender ratio of women in technology - and be part of the company’s success,” Sarah said.
“The culture at NAB is a rare find in a company - it’s a culture where women are empowered to advance their career in technology.”
The program will deliver this year innovative programs designed and created by Girl Geek Academy, including bringing Girl Geek Academy’s flagship programs #SheMakes and #SheHacks to NAB - an all-female hackathon where people learn new skills and test new business ideas.
Founder of NAB’s Connecting Women in Technology program and Divisional CIO of Technology Support Services Dayle Stevens says Sarah is bringing an outside-in perspective that is helping NAB ensure its Women in Technology program has the greatest impact.
“Sarah and the Girl Geek Academy pitched the Girl Geek in Residence idea as an opportunity to come together, use our knowledge and our networks to tackle the issues facing women in technology together,” Dayle said.
“As a major employer in the technology industry, this partnership is helping us deliver on our commitment to supporting gender diversity and the push to see more women in technology.
“I knew Girl Geek Academy were already changing outcomes for women in tech and having great success - and this was an opportunity to broaden the program’s reach and positively impact NAB employees too.”
“At the same time, Sarah gets to pilot Girl Geek Academy events and ideas with us, taking their programs from smaller groups to hundreds here at NAB and even more beyond.”
Through NAB’s Connecting Women in Technology program, since 2014 NAB has seen the number of women in senior technology roles increase from 18-27 per cent.
