Global Banking & Finance Review Issue 57 - Business & Finance Magazine

Issue 57

Natalia Petrova: CEO of Concord AM on Innovation, Ethical Investments, and Aligning with Market Trends

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CONTENTS

FROM THE Chairman and CEO Varun Sash Editor Wanda Rich email: wrich@gbafmag.com Head of Distribution & Production Robert Mathew Project Managers Megan Sash, Amanda Walker Video Production and Journalist Phil Fothergill Graphic Designer Jessica Weisman-Pitts Client & Accounts Manager Chanel Roberts Business Consultants Rick Saikia, Monika Umakanth, Stefy Abraham, Business Analysts Samuel Joseph, Dave D’Costa Advertising Phone: +44 (0) 208 144 3511 marketing@gbafmag.com GBAF Publications, LTD Alpha House 100 Borough High Street London, SE1 1LB United Kingdom Global Banking & Finance Review is the trading name of GBAF Publications LTD Company Registration Number: 7403411 VAT Number: GB 112 5966 21 ISSN 2396-717X. The information contained in this publication has been obtained from sources the publishers believe to be correct. The publisher wishes to stress that the information contained herein may be subject to varying international, federal, state and/or local laws or regulations.

The purchaser or reader of this publication assumes all responsibility for the use of these materials and information.

However, the publisher assumes no responsibility for errors, omissions, or contrary interpretations of the subject matter contained herein no legal liability can be accepted for any errors. No part of this publication may be reproduced without the prior consent of the publisher

02 | Issue 57

editor Dear Readers’ Welcome to another exciting edition of the Global Banking & Finance Review.

As we delve into the complexities and innovations of the finance world, I’m pleased to present to you Issue 57, packed with insightful stories and groundbreaking developments.

In this edition, we are pleased to present the Global Banking & Finance Award® 2023 Award Winners. These accolades celebrate companies excelling in their fields within the financial community. This year's winners have demonstrated remarkable adaptability and innovation in response to the evolving financial landscape. We extend our heartfelt congratulations to all awardees and look forward to their continued success.

Gracing our front cover is Natalia Petrova, the visionary CEO of Concord Asset Management, Bulgaria's second-largest asset management company. Concord AM has pioneered interactive learning for mutual funds in Bulgaria and stands as the country's first and only AIF manager with a full license. In our exclusive interview, Natalia conveyed that she credits a significant proportion of the company’s achievements to its long-term history of breaking new ground. Join us as we explore Concord AM's remarkable journey, marked by a 4.5-fold growth in the last years and groundbreaking initiatives. (Page 20) "Out with the old, in with the new: How to shift from UA to Google’s new analytics tool" by James Santangeli, Analytics Manager at Incubeta, on page 58, delves into the transition from Google's Universal Analytics to the new Google Analytics 4. Santangeli navigates the complexities and changes brought about by this significant update in the digital analytics world.

"Reconsidering climate risk: a return to valuation fundamentals" on page 22, authored by experts from the Berkeley Research Group, discusses the critical issue of incorporating climate risk into business valuations. This article provides a deep dive into the methodologies and case studies relevant to understanding and integrating climate risk in financial decision-making.

At the Global Banking & Finance Review, we're more than just a magazine; we're your compass in the ever-evolving world of finance. Our mission? To bring you unparalleled insights, breaking news, and diverse perspectives. Whether you're knee-deep in the financial sector or a curious onlooker, there's something here for you. Dive in, engage, and do share your thoughts.

Enjoy!

Wanda Rich Editor

®

Stay caught up on the latest news and trends taking place by signing up for our free email newsletter, reading us online at http://www.globalbankingandfinance.com/ and download our App for the latest digital magazine for free on Google Play and the Apple App Store

FINANCE

Inside issue... this

BANKING 10

Digitalize or Displace: the crucial choice for bank treasury departments Abhijit Duge, Global Industry Lead, Capital Markets and Risk Management, Finastra

16

How banks can improve customer care now with generative AI BK Kalra, Global Business Leader, Financial Services, Consumer, and Healthcare, Genpact Moutusi Sau, Vice President and Team Manager, Financial Services, Gartner

46

Adoption of open banking in Europe James Hickman, CCO, Ecospend

BUSINESS 14

Small business, big squeeze: How rising prices are rattling the foundations of SMEs Sarah Wilson, Partner, Audit and Assurance, Gravita

18

With deals set to surge in 2024, don’t forget to manage M&A cyber risk Lawrence Perret-Hall, COO, CYFOR Secure

22

Reconsidering climate risk: a return to valuation fundamentals Kenneth Grant, Managing Director, Andrea Cardani, Managing Director; Jose Jimenez Pereira, Associate Director; Matthew Stein Consultant with the Berkeley Research Group’s Global Economics group

52

Revolutionising digital accounting and finance with intelligent automation Concetta Yates, VP Customer Strategy and Industry Solutions, SS&C Blue Prism

Issue 57 | 03

CONTENTS

TECHNOLOGY 12

Fintech: 2024 will be the year of fintech partnerships Oscar Wall, General Manager EMEA – Recurly

26

The Fintech C-Suite conversations that will dominate 2024 Richard Rosenberg, Group Chief Product and Technology Officer, Spendesk

48

European 2024 Crowdstrike trends & predictions Zeki Turedi, CTO Europe, CrowdStrike

56

FINANCE 08

28

Ron Carter, Executive Vice President of EMV® Cryptomathic

James Santangeli, Analytics Manager,

Transforming Financial Services: The Impact of AI on Customer Service and Profits Are firms prepared for wave of messaging fines headed for Britain?

Oliver Blower, CEO, VoxSmart

54

4 Dynamic trends shaping FinTech (and how to navigate them) Aditi Jaiswal, CEO, Techtrust

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Laurent Descout, Founder and CEO, Neo looks

Out with the old, in with the new: How to shift from UA to Google’s new analytics tool

Exploring the history of pointof-sale devices and standards

Matt Edic, Chief Experience Officer, IntelePeer

50

Rise of AI: Why human customer support remains vital in treasury management

58

Incubeta

FINANCE

Cover Story...

Natalia Petrova: CEO of Concord AM on Innovation, Ethical Investments, and Aligning with Market Trends

Read it on page

20 Issue 57 | 05

FINANCE

Exploring the history of point-of-sale devices and standards

Ron Carter Executive Vice President of EMV® Cryptomathic

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The rise of contactless mobile payments is well documented, and experts expect this trend to continue its current trajectory. According to Juniper, the total number of unique contactless mobile payment users will reach one billion for the first time in 2024.

The rise of SoftPOS technology has ushered a transition away from traditional, purpose-built hardware POS devices. SoftPOS leverages both software and hardware to enable smartphones to act as POS devices. Yet concerns persist about smartphones being a much more attractive, and easier, target for cybercriminals.

Each mobile payment requires some form of point-of-sale (POS) device to complete a transaction. Yet the POS device is not only there to enable seamless transactions, it also hosts security measures that ensure a safe environment for customers to make purchases. These measures are essential for preventing unauthorized access, mitigating payment fraud, and reducing the risk of payment card information theft or fraud.

This requires us to evolve our POS security practices. The development of complete standards for mobile acceptance has taken some time, but now the Payment Card Industry’s (PCI) new standard and compliance program for Mobile Payments on Commercial off-the-shelf devices (MPoC) offers a supportive compliance framework for SoftPOS developers.

FINANCE

The evolution of POS devices Originally, point-of-sale (POS) devices were standalone and designed for the purpose: secure payment transactions. The devices were sealed, only ran dedicated software from the manufacturer, and integrated all necessary security features.

However, the PCI Security Standards Council (PCI SSC) has now released the PCI MPoC, a complete mobile payment standard. This standard is an amalgamation of pre-existing standards and supports all contactless card acceptance when using a commercial off-the-shelf (COTS) device, including the ability to perform PIN entry.

These POS devices, while secure, were expensive and only served a singular purpose. Merchants wanted more flexibility in acceptance, such as offering loyalty schemes or alternative forms of payment.

This marks a huge development in creating safe, secure, and open standards for mobile point of sale compliance, but how did we get here?

As a result, some vendors built hardware platforms that ran a variant of Android as the operating system, enabling an application-based approach. This made the availability of integrations and functionality in the form of apps easier, meeting merchants’ desire for flexibility in acceptance and integration into their systems.

April 2018 – PCI SPoC (Software-Based on PIN Entry on COTS)

From a security perspective, this approach ensured all the necessary security hardware but simultaneously brought software security to the fore, especially when related to the cohabitation of apps.

The development of Android tablets provided interesting possibilities and led to the creation of dongle-type devices (separate to the tablet) that accepted payment cards and enabled the entry of a cardholder PIN. Yet, with the rise of contactless payments and increased support for NFC on mobile devices, the demand for physical card acceptance reduced, in favor of a contactless experience. It was this development that provided the opportunity for mobile POS to become a reality.

Initially, PIN entry was not possible on a mobile device. This was inconvenient for merchants, who had to find other ways to accept PIN entry. As technology evolved, it became possible to enter a PIN via the mobile device, but security concerns persisted about entering a PIN into a mobile phone, especially if the card details were available. There was also no standard for PIN entry on mobile devices, creating potential security risks.

A timeline of POS Standards

This security standard, initially released in April 2018, allows merchants to accept PIN-based payments using COTS mobile devices, such as smartphones and tablets. The SPoC standard provides a secure environment for entering PINs and encryption of sensitive payment data, ensuring the protection of cardholder information during transactions.

The PIN is entered on the device, but a dongle (SCRP, Secure Card Reader – PIN) performs the card acceptance and performs the PIN encryption.

December 2019 – PCI CPoC (Contactless Payments on COTS)

2020 – PIN on Glass Certification (by Mastercard and Visa) While PCI CPoC removed the need for a SCRP for lower-valued contactless transactions, the arrival of the PIN on Glass Certification removed the need for a SCRP for higher-valued contactless payments. Specifically, Mastercard and Visa created a standard that enabled entering a cardholder PIN on the touchscreen display of a merchant’s phone or tablet.

November 2022 – PCI MPoC (Mobile Payments on COTS) Finally, the PCI MPoC standard brings together all of the preexisting standards and delivers a complete Mobile Payment Standard that defines a number of architectures and security requirements.

Contactless card acceptance, including the ability to perform PIN entry, is enabled using just a COTS device, while acceptance of chip and magstripe cards can be done using an SCRP. While the history of POS standards is not very long, the developments achieved in a relatively short period of time indicate a great ability to adapt to customer, merchant and vendor needs. As we increasingly shift towards a cashless society, it is therefore essential that mobile payments, mobile apps and mobile point of sale devices are secure.

Specifically for transactions below the contactless limit that do not require PIN, this standard removes the need for an SCRP for contactless transactions.

PCI CPoC is a security standard that allows merchants to accept contactless payments through cards, phones and wearable devices, using commercial off-theshelf devices such as smartphones and tablets.

Issue 57 | 09

BANKING

Digitalize or Displace: the crucial choice for bank treasury departments The role of a bank’s treasury department has experienced a profound transformation over the past decade.

This transformation has been spurred by emerging challenges and shifts in the industry landscape, driving a reevaluation of traditional methods for overseeing a bank’s financial standing.

Treasury teams have evolved from primarily focusing on operational tasks to assuming pivotal, central, and strategic roles within the organization.

Traditionally, treasury teams in banks prioritized delivering robust risk management, governance, and compliance frameworks, alongside optimizing the bank’s liquidity and funding profile to maintain stability and ensure regulatory compliance. However, the dynamics have shifted dramatically, prompting treasurers to adopt a novel approach to growing their business while prudently managing risks.

A continuously evolving regulatory landscape is one factor behind this paradigm shift. The increasing complexity and stringency of regulatory compliance demands substantial investments from banks to adapt to changes. Traditional banks now also face heightened competition from agile and lightlyregulated non-banking entities that are offering superior customer experiences in various areas, such as FX services and cross-border payments.

Another critical aspect of this changing landscape is the growing emphasis on climate finance, necessitating alignment with net-zero commitments in banks’ lending books and investment strategies.

Macro-economic trends, such as interest rate hikes and looming threats of recession in certain parts of the world, further exacerbate the challenges faced by treasurers.

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To effectively navigate these complex challenges, treasury departments need comprehensive visibility of their exposures and risks in their trading and banking books. Real-time access to data and the ability to analyze different scenarios are imperative for making informed decisions. Data and analytics have become fundamental tools for the modern treasury department, enabling them to traverse the increasingly complex financial landscape.

The imperative to embrace digitalization Recognizing the need for a strategic response to these challenges, several structural shifts in the treasury and capital markets space underline the urgent requirement to digitize banks’ treasury divisions.

An agile operating model and a flexible cost base that aligns with rapidly changing business and regulatory priorities are essential in this evolving landscape.

Technology-led disruptions, such as blockchain-based centralized trade processing infrastructure and digital bond issuance, are also gaining traction.

These disruptions have the potential to fundamentally redefine market infrastructure and business models for banks. Consequently, traditional banks, burdened by legacy, onpremises, and fragmented technology architecture within their treasury and trading divisions, are now compelled to transform to differentiate their offerings and thrive against the competition.

Running an AI/ machine learning model on an outdated technology stack is no longer a viable approach. A fundamental rethinking of systems, processes, and interactions is required to keep up with the pace of change and to remain competitive in the digital age.

Abhijit Duge Global Industry Lead, Capital Markets and Risk Management Finastra

A roadmap for success Undertaking a digitalization program might seem like a daunting task, especially for established financial institutions with extensive legacy systems and processes. A carefully planned and phased approach can ease the transition and ensure successful adoption of digital technologies.

Stage One: Identification and prioritization The first stage involves identifying areas ripe for digitalization and then defining and prioritizing the use cases. This could include addressing delayed visibility of data or lack of visibility, both of which could impact critical business decisions.

Additionally, automating regulatory reporting, which is continually evolving and consumes significant internal resources, is an important use case.

By prioritizing these areas, the treasury department sets the foundation for its digitalization journey.

BANKING

Stage Two: Value Evaluation In the second stage, the focus shifts to evaluating options that deliver the most value in the quickest manner for the identified use cases. A bank has the option to develop an in-house solution or launch an internal project to automate regulatory reporting. However, collaboration with a cloud-based regulatory reporting service that leverages necessary trade data from the onpremises treasury solution is a smarter alternative. This collaborative approach minimizes disruption to the business and the technology stack.

Stage Three: Cloud adoption The bank’s treasury evaluates the wider adoption of the cloud to introduce agility and flexibility into its technology operating model, either to a public cloud or a private cloud managed by a technology partner. By doing so, the bank can refocus on its

core competencies while leveraging the capabilities and expertise of technology partners.

Embracing digitalization for growth and risk management The challenges related to data security in the cloud have been a concern for many organizations, including those in the financial sector. However, considerable progress has been made in addressing these concerns through increased investments in cloud security by service providers. Additionally, regulators have set clear guidelines around data residency and data privacy to provide a framework for secure cloud adoption.

For banks’ treasury divisions, the time for hesitancy has passed; it is now the opportune moment to act. While banks have made significant strides in digitizing their retail and corporate banking infrastructure over the last decade, treasury divisions have been conservative in embracing digitalization initiatives.

Although treasuries have invested in systems to automate their trade lifecycle and upgrade risk and compliance frameworks, there has been a lag in the large-scale adoption of disruptive technologies and smarter tools to unlock the value in treasury activities.

There’s no longer any reason to delay.

Banks’ treasury divisions need to proactively adopt digital technologies, streamline operations, enhance the customer experience, and unlock new revenue streams to thrive in the evolving financial landscape. The strategic shift toward embracing digitalization will not only optimize risk management, but also position banks to capitalize on emerging opportunities. By acting decisively and embracing digitalization, treasury departments can effectively navigate the challenges posed by industry forces and macroeconomic trends, securing a sustainable and competitive future in the financial sector.

Issue 57 | 11

TECHNOLOGY

Fintech: 2024 will be the year of fintech partnerships It’s safe to say that 2023 will go down as a year of big tech stories. From the ongoing news of Chat-GPT to the collapse of multiple cryptocurrency billionaires, the financial technology sector has faced increasing scrutiny and maintained its status at the forefront of technological ingenuity.

And looking forward to 2024, the sector shows no signs of slowing down, turbocharged by AI and pressurised by economic instability – let’s have a look at what the years before and ahead have in store.

Customer retention as a core focus

Oscar Wall General Manager EMEA – Recurly

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In a year dubbed by Mark Zuckerberg as the “year of efficiency”, many businesses have been looking to streamline their processes more than ever before, responding to the wider industry around them. As costsaving decisions have become the reality for many consumers, efficiency has become a top priority for businesses wanting to retain their valuable customer base.

TECHNOLOGY

Fintech acts as an important facilitator of this efficiency, providing flexibility, simplicity, and accessibility to consumers who might be looking to leave their services, cancel their subscriptions, or reduce their spending. For example, a strong billing and payments platform can increase revenue up to 8%, closing many points of inefficiency and leakage for businesses.

Businesses have been looking to fintech to make their offerings smoother and easier for consumers, a challenge that has been met head-on by major players in the industry. Convincing customers to stay despite economic uncertainty requires proactivity – highlighting value at every step of the service process and ensuring concerns are countered quickly and effectively.

The never-ending march of AI It’s no surprise that AI has continued its ascendancy not only in the world of fintech, but also in the public consciousness with Collins Dictionary naming it their Word of the Year for 2023. Companies not developing an AI strategy are being left behind by their more digitally savvy counterparts, as the impact is continually demonstrated across all sectors.

For many in the industry, the development of AI comes as a secondary to the already heavily-utilised machine learning (ML) systems that have been providing analysis and reporting for many years now.

Transforming the insights already gathered from ML has been an opportunity for many to get ahead of the curve when optimising their systems with AI. Subscription businesses with whom Recurly works have used ML and AI technologies for years to ensure streamlined recurring payments for subscription products and service.

For fintech in particular, many have seen benefits in previously labour-intensive processes. This freeing up of human resources, particularly those in skilled, high-demand roles such as software engineers, allows industries to redirect their workforce to their key products and services, rather than maintaining payment software or subscription platforms.

Alternative Payment Methods – Comfort

for customers For consumer-facing businesses, the rise of alternative payment methods (APMs) has been a strong method for maximising conversion rates. More and more customers are turning to APMs for their everyday purchases, relying on comfortable and routine systems such as PayPal or Apple Pay as a simple payment option. Finding novel ways of closing a sale requires businesses to have their finger on the pulse of their consumers, and investments here are likely to continue in 2024.

APMs do not just involve external currencies and third-party services like crypto and pay-later lenders, and many of the most effective methods are business-specific loyalty schemes and coupons. Allowing customers to accrue points and exchange them for rewards or discounts fosters loyalty and trust between businesses and their consumers.

The likes of Netflix, Amazon and the New York Times offer these incentives within their existing subscription services, tying customers into stronger relationships with longer-lasting recurring payments.

What’s on the 2024 horizon?

Software consolidation – packaged with a bow The variety and quality of fintech has improved significantly over the past few years, and this kaleidoscope of innovation has benefited industries from retail to healthcare. With so many options, requirements and add-ons, many are looking for simple alternatives.

The complexity derived from having one solution for month-end accounting, another for customer analysis, and a third for reporting and monitoring is making more and more businesses seek integrated solutions. The concept of bundling services together has long been a staple of the entertainment and media sectors that use subscriptions as a business model, and we will see this continue in the coming year.

Businesses are looking to SaaS to create more value for their customers, providing more expertise, more reporting and more analysis. Viewing the client-SaaS

relationship as a partnership rather than purely transactional builds on growing trends within the industry and prevents customers from going elsewhere for their digital requirements.

Make red tape your 2024 accessory Regulatory compliance is a continuous process and one that fintech companies are well aware of. The level of scrutiny from governments on the financial sector across the world is set to increase significantly in 2024, fuelled by concerns about ethical and fair applications of sophisticated fintech. In the US and nations within the EU, the regulations are set to be widespread, highly technical and likely unique from one jurisdiction to the next. For example, the Digital Operational Resilience Act (DORA) introduced by the EU has far-reaching implications for the fintech sector and requires full compliance

by January 2025, a looming concern for those looking to expand into Europe and those already here.

Staying ahead of these impending changes and forewarning customers will become increasingly integral to the SaaS providers’ relationships with their clients, safeguarding against major service outages and minimising cross-border tensions. This type of best practice will become the gold standard for the industry, ensuring that customers feel supported.

A return to loyalty and personalisation Increasing sophistication of fintech allows for greater personalisation of services for both businesses and consumers, making what were once off-the-shelf products into bespoke services. One situation where this will be employed is the return of valuing customer loyalty – with software facilitating discounts or incentives for longtime customers. The general view of the market today is that customer loyalty goes by unrewarded, and in some cases even punished, with existing customers excluded from the best deals and services.

Following on from the importance of retention in 2023, 2024 will build on this to maximise customer satisfaction, requiring sophisticated fintech capabilities to underpin the efforts.

Issue 57 | 13

BUSINESS

Small business, big squeeze: How rising prices are rattling the foundations of SMEs Although the latest ONS data shows that inflation in the UK has fallen to 4.6%, many businesses across the country still have that sinking feeling. In recent years, UK enterprises have faced a relentless barrage of economic challenges, from rising prices to elevated wage demands and swelling debt burdens.

Britain’s entrepreneurs have repeatedly displayed their resilience through Covid and the cost of living crisis that has followed, and play a critical role as the lifeblood of the UK economy in creating jobs and driving innovation.

But right now UK SMEs are experiencing headwinds that are unlikely to ease any time soon. Founders and management teams must now face this new normal and ensure they are using everything available to strengthen their financial position.

No wiggle room for SMEs With high interest rates and inflation remaining sticky, all businesses are having to contend with higher fixed costs and skills shortages as they try to stay afloat. Unlike larger organisations, SMEs rarely have robust balance sheets leaving them disproportionately vulnerable to the impact of inflation, especially with a ‘higher for longer’ approach now expected by central banks.

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For example, financing is becoming more expensive and more difficult to access for many smaller businesses at a time when revenues and margins are coming under pressure, reducing any financial cushion to absorb the increased costs associated with inflation.

To add to their woes, during volatile macroeconomic conditions, SMEs have less control or choice over supply chains. While larger corporations may have more diversified and resilient supply chain networks, disruptions can lead to soaring costs and delays in production for SMEs at a time when the purse strings are already drawn tight.

The macro elements at play The reduction in R&D tax credits last year has had a detrimental impact on the innovation economy. Thankfully the Chancellor did address this, at least in part, during the recent Autumn Statement by introducing a new ‘simplified’ R&D tax relief scheme. This will combine the existing R&D expenditure credit and SME schemes, reducing the rate at which loss-making tech companies are taxed, from 25 per cent down to 19 per cent. Hunt has also lowered the threshold for extra support for R&D-intensive loss-making small to medium enterprises (SMEs) to 30 per cent.

BUSINESS

Sarah Wilson Partner, Audit and Assurance, Gravita

Hunt has suggested that this will benefit a further 5,000 SMEs, but it remains to be seen whether this will adequately replace the initial cuts imposed. Failing to provide additional tax incentives could result in the loss of promising innovation companies. Amidst fierce European competition, the UK must act to maintain its leadership in early-stage investment, with R&D support playing a pivotal role.

In thinking about the levers to pull, start by going back to basics and look for opportunities to free up cash for working capital and set up backup lines of credit.

In addition, a report by Simply Business reveals that 43% of SMEs now spend between 21-60% more on monthly energy bills compared to the previous year, even with the shift to remote working. Unfortunately, home-based businesses are not eligible for energy bill discounts unless they use over 50% of energy for business purposes.

In this kind of environment, clear communication with people, whether inside or outside the business, is crucial. This means talking openly with employees, who are also dealing with these tough circumstances and might be tempted to leave for better-paying jobs. Any investors should be kept in the loop and not taken by surprise; they could be a financial lifeline if things get worse.

The importance of in person, local banking teams should not be underestimated. Trusted advisory relationships become even more important in challenging times, but post-pandemic we’ve seen a swathe of bank branch closures, meaning SMEs have lost a valuable source of guidance and support at the time they need it most.

What can SMEs do for themselves?

Outside of external support, there is a lot SMEs can do themselves to be in the strongest position possible. Business leaders should explore all the resources available, from regional and national industry organisations like TechUK and the British Business Bank to respected financial service providers who provide free access to guides and webinars with experts on things like the impact of policy changes and best practices.

Once these basics are covered, take a good hard look at the business’ cost structure. Understand how changes in things like unit costs could affect profits. Explore if there are other suppliers available, which might provide some bargaining power to renegotiate existing agreements.

Above all, businesses mustn’t forget to communicate effectively with customers. If price rises are needed it’s always best to be honest and clear about it. Most customers will understand as long as they’re told upfront. Trying to hide or cover up changes can lead to a negative backlash, which will only make things worse.

Resilience and innovation creates opportunity While Britain’s entrepreneurs have been dealt a number of body blows in recent years, they have repeatedly demonstrated their resilience in the face of adversity. Many will also find they emerge with their companies in a position of strength as the economy improves, as the ability to weather storms has equipped leaders with valuable experience and insight.

Government support in the form of tax incentives will be important, especially in a ‘higher for longer’ environment, but ultimately it will be the financial discipline, agility and tenacity of management teams that will make the difference.

Issue 57 | 15

BANKING

How banks can improve customer care now with generative AI Aside from interest rates, generative AI (gen AI) may be the most frequently used phrase on banks’ earnings calls today. And for good reason. It’ll boost banks’ bottom lines and help them deliver better products and services to customers, outrun competitors, and improve productivity.

Banks can implement generative AI to better serve customers across the value chain.

Many banks are already using gen AI. Morgan Stanley uses OpenAI’s GPT-4 to organize its wealth management knowledge base. And both Goldman Sachs and Westpac use it to help their developers write code. As the technology evolves, thousands of use cases are emerging.

So, where should financial institutions start?

One of banking’s most time-consuming tasks is research from qualitative and quantitative information. Now, generative AI can do most of the heavy lifting.

Evaluating the use cases Here’s what banks need to know about where they can use generative AI now, what they need to have in place before beginning, and how to mitigate risk.

Assist customer care agents Recent proprietary research from Gartner prioritizes areas where ChatGPT will add the most value for banks. Customer care — but crucially not unsupervised customer-facing activity — leads the way.

With simple instructions, gen AI can find, digest, and combine real-time information on actual or potential investments from internal and external sources. It can then generate reports that only need a quick check before forming the basis of, say, a client presentation or a morning market commentary.

Such solutions also enable investment advisors to quickly make more thoughtful buy / sell / hold recommendations to clients in those critical minutes before the opening bell rings. And better investment recommendations mean happier customers.

Reduce the ‘time to yes’ for commercial loans

Banks can use generative AI, with human oversight, to immediately and dramatically improve the service their agents provide to customers — for example, by preparing personalized customer insights that help them cross-sell products by rapidly pulling customer data from internal and external sources. The technology synthesizes it and generates a crib sheet, which updates dynamically during conversations or message exchanges.

In commercial lending, generative AI can help relationship managers and credit officers approve a business-to-business loan approximately 60% faster by ingesting the relevant financial documents and writing a credit memo in seconds. The faster commercial clients can draw down on their loans, the more satisfied they are, leading to more business for the bank.

Gen AI can also drive product and service innovation by scouring large volumes of unstructured data, such as contact center calls, to reveal what kinds of problems customers are having, what products they want, and more.

Accelerate financial crime investigations

It can daft rapid, empathetic, context-rich, hyper-local responses in a customer’s vernacular when queried — for example, when denying a customer a product or service but encouraging loyalty with an alternative.

And gen AI can provide agents real-time guidance through natural language chat on how to quickly perform complex transactions and resolve even the trickiest of problems — as it does at Commonwealth Bank, where gen AI interrogates 4,500 documents on the bank’s policies in real time.

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Deliver more thoughtful investment recommendations, faster

While banks already use AI to help them spot financial crime, generative AI can help analysts complete a task in the investigation lifecycle that typically takes up to 30% of their time: narrative writing. For example, Apex Fintech Solutions is using riskCanvasTM, Genpact’s financial crime software suite with integrated Amazon Bedrock generative AI capabilities, to produce suspicious activity reports at the click of a button. “riskCanvas’s generative AI capabilities will allow our analysts to spend more time investigating and less time summarizing in an effort to protect clients better,” says Justin Morgan, head of financial crime compliance for Apex.

BANKING

Five considerations for generative AI Before banks get started with generative AI, there are things they must consider, such as understanding and prioritizing where it will provide the most value. Banks should also consider deploying cloud-based technical architecture that supports AI at scale, embedding analytics across workflows, ensuring strong data management with governance for responsible AI, and developing a scalable operating model that includes programs to nurture new skills and roles for employees.

These fundamentals will help banks manage the headline risks from generative AI: financial crime, regulation, and the technology itself.

Managing the risks from generative AI Fight the financial crime fire with fire Who’s more excited than banks about generative AI? Criminals. Fraudsters are using it to easily and rapidly create thousands of convincing and fully documented fake personas and IDs to beat banks’ know-your-customer and antimoney laundering checks. This means criminals can open accounts, gain access to lines of credit, and more.

To stay ahead, banks must invest in new ways of validating identities — such as bio-verification, voice identification, and location technology — across every customer touchpoint.

Keep pace with regulation As regulators come to grips with gen AI’s potential uses and implications, different regulatory regimes are emerging around three main issues: transparency, fairness, and consumer protection. But other issues, such as intellectual property, are emerging too. As usual, banks will have to keep pace with an ever-evolving regulatory picture.

BK Kalra Global Business Leader, Financial Services, Consumer, and Healthcare Genpact

Moutusi Sau Vice President and Team Manager, Financial Services Gartner

Understand the technology’s inherent risks Gen AI itself poses risks. It neither seeks the truth, nor is guaranteed to deliver it. That’s why banks won’t put it directly in front of customers, for now. While greater transparency can be built into it, the origins of its responses are otherwise a black box without reasoning or references to original sources, and tracing its decisions is hard. It can hallucinate, providing confident but false responses that show no understanding of context. And it must be trained using enough recent, relevant, and unbiased data for its output to be trustworthy.

Banks may solve some of these issues by training their own industryspecific models. Indeed, some are already beginning to emerge. In any event, banks should establish and follow a responsible gen AI framework that applies guardrails to mitigate risks, for example, those that arise due to biases of pre-trained models.

Embrace generative AI Generative AI is here to stay, and it’s improving by the week. Bank executives should quickly and carefully identify areas where they can use it to improve customer care and experience; establish responsible AI governance; and keep one eye on maneuvers in the regulatory sphere. And above all, keep customers at the heart of their efforts.

Issue 57 | 17

BUSINESS

With deals set to surge in 2024, don’t forget to manage M&A cyber risk It’s been a tough year for mergers and acquisition (M&A) deals, but the gloom may be lifting. Industry watchers and business leaders predict activity will bounce back in 2024, with 94 percent of European financial services CEOs expecting to pursue strategic transactions in the coming 12 months. They know dealmaking is fraught with risk for both buyers and sellers. But one factor that is often underestimated is the potential impact of cyber risk on M&A outcomes.

Given the financial and reputational stakes involved, relying on self-disclosure to inform cyber risk is not enough. That’s why business leaders need to carry out comprehensive cybersecurity risk assessments to make better informed decisions. Anything less might lead to a heavy dose of buyer’s remorse.

Due diligence is a must Although global dealmaking is some way from the highs of 2021, there are reasons for cautious optimism in the year ahead. Gartner claims that well capitalised enterprises may swoop for smaller tech-focused startups struggling to raise VC funding in a new wave of “techquisitions”. Moreover, Bird & Bird argues that both buyers and sellers are “prepared to deal” in order to scale their business and/or enter new markets.

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Those boards responsible for making such decisions are well versed in the typical legal, financial, and operational risks that M&A deals can throw up. They also understand the importance of due diligence in uncovering these risks early on in order to make better informed M&A decisions, but cyber risk is still too often overlooked despite the serious impact it can have.

Acquiring companies need to look more carefully at target businesses: serious deficiencies in their security posture or unidentified breaches could have a major impact on deal price, or whether a deal can even be done. Even if a transaction has already gone through, risks should be identified as quickly as possible so remedial steps can be taken to minimise any longterm erosion of deal value.

What might be wrong?

Many organisations sport a blend of legacy on-premises systems and modern, distributed cloud architectures and, combined with a fast-evolving threat landscape, this can lead to cyber risks that even a target company may be unaware of. From cloud-native software development, to AI, Internet of Things, data analytics, and even home working laptops, countless modern investments expand the potential attack surface. And risks extend beyond an organisation’s network: many have opaque supply chains which are often left unmanaged. One 2022 study claims two-fifths of global organisations feel their cyber attack surface is “spiralling out of control”.

BUSINESS

Lawrence Perret-Hall COO CYFOR Secure

Threat actors are primed and ready to take advantage. Tapping a cybercrime economy worth trillions annually, they target organisations at their weakest points. That could be the individual employee, susceptible to phishing links while working on an unprotected laptop at home, or it could be a remote desktop protocol (RDP) endpoint misconfigured to allow a brute force password cracking attack. They are spoilt for choice.

The cybercrime underground provides a readymade marketplace for vulnerability exploits, stolen credentials, and even easyto-use “as-a-service” offerings which lower the bar to entry for non-technical threat actors. With relatively little skill, a budding cybercriminal can gain or purchase access into a corporate network and move laterally unseen until they find sensitive data to steal and/or encrypt for ransom. That’s why 59 percent of midsized UK firms and 69 percent of large businesses experienced a breach in 2022.

And it’s why 2023 is already a record year for publicly reported US data breaches.

Some cautionary tales Cyber due diligence is essential to root out serious problems. It could be widespread vulnerabilities or misconfigurations that need fixing, or dangerously low levels of

staff security training and awareness. It could be the presence of malware or even threat actors inside the network. Or it may be an undiscovered and/or undisclosed data breach. Any of these issues and a range of others may expose the acquiring company to serious financial, reputational, and regulatory risk.

Nor are these merely theoretical risks.

Consider the infamous Verizon acquisition of Yahoo, when the discovery of historic data breaches at the internet pioneer led Verizon to negotiate down its purchase price by $350m, or around 7% of deal size.

Marriott International was not so fortunate when it acquired Starwood Hotels in 2016: its due diligence failed to spot a 2014 mega-breach at the firm which, when finally revealed in 2018, led to major regulatory fines, negative publicity, and class action lawsuits for Marriott.

How to mitigate M&A risk So how should acquiring firms proceed with their cyber due diligence process?

How deep they want to peer into a target organisation will depend on risk appetite.

But at a bare minimum, things like vulnerability assessments and penetration testing can provide useful insight into the cyber-resilience of an organisation’s internal and external networks, devices, and assets.

More broad-based risk assessments may help to uncover a target company’s approach to breach management, disaster recovery, business continuity, and compliance with industry regulations and standards like GDPR or ISO 27001. Dark web monitoring allows organisations to see if corporate data or credentials from a target company have been breached and put up for sale.

With this context, an acquiring company will be able to make better informed decisions. It may mandate that a target company remediates any serious issues before transaction, it may want to reprice the deal, or even walk away altogether.

Even after a transaction has been completed, due diligence can provide critical insight to reduce risk exposure and support compliance programmes as quickly as possible. A virtual CISO service can be invaluable here in helping the acquiring company to develop relevant policies and awareness.

Cyber risk is an increasingly important business risk. Organisations that understand this will be best placed to make a success of their M&A deals. But boards that continue to dismiss IT security as a mere cost centre may have some nasty surprises in store next time they go shopping for a new acquisition.

Issue 57 | 19

COVER STORY

Natalia Petrova: CEO of Concord AM on Innovation, Ethical Investments, and Aligning with Market Trends Concord Asset Management is the second largest asset management company in Bulgaria in terms of assets under management in mutual funds, registering 4.5 times growth over the last six years. The company manages six UCITS funds, one NIF, and two AIFs, one in Bulgaria and one in Luxembourg. Concord AM launched the first interactive learnings for mutual funds and savings plans in Bulgaria, and it is the first and only AIF manager in the country with a full license.

With over 20 years of professional experience in asset management, capital markets, equity and fixed-income trading, and UCITS products and services, Natalia Petrova is the CEO of Concord Asset Management, a Director on the Board of Directors at European Investment Management SICAV - RAIF, a procurator at ABC Finance, and a Chairperson of the Management Board of the Bulgarian Association of Asset Management Companies (BAAMC). With a Ph.D. in Finance, Natalia has spent 20 years as a university lecturer, teaching stock exchange markets, corporate finance, portfolio management and more, and has participated in numerous initiatives to promote the asset management sector and increase the level of financial literacy in Bulgaria.

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About to enter her sixth year with Concord, Natalia told Wanda Rich, editor of Global Banking & Finance Review, that she credits a significant proportion of the company’s achievements to its long-term history of breaking new ground.

“I believe the success of Concord can be largely attributed to our unwavering commitment to innovation from the very start,” she revealed. “Our success is rooted in our proactive approach to introducing new and innovative financial products to the Bulgarian market, aligned with ever-changing investor preferences. Equally as important has been our focus on fostering the next wave of financial experts. By prioritizing the education and empowerment of these professionals, we ensure our continuous alignment with the forefront of all market trends and developments.”

Alongside its efforts to stay attuned to the needs of investors, regulatory dynamics and evolving compliance standards have played a pivotal role in steering product development at Concord Asset Management. “We recognize the evolving preferences of Bulgarian investors for modern solutions and opportunities within growing markets, and we strategically position our team to offer innovative products,” Natalia said.

COVER STORY

“We also understand the significance of aligning with the ever-evolving regulatory landscape, especially in areas such as ESG guidelines. This awareness guides our approach in creating products that not only resonate with investor preferences, but also comply with regulatory expectations and ethical preferences.”

In this vein, she reported, Concord has been observing the growing demand for access to investments in companies that embrace green policies and adhere to ESG guidelines, and is designing two new products conceived to accommodate these requirements. “We’re in the process of developing a suite of funds designed to enable investors to seamlessly place their capital into precisely these kinds of companies in the Bulgarian market, and also the European market as a whole,” she explained. “These include two alternative investment funds: a private equity fund and an infrastructure fund. I believe they will offer a great opportunity for investors seeking both financial returns and positive societal impact.”

Another objective that ranks high on Concord’s agenda is to develop online products that provide not just convenience, but also complete transparency for investors. “It is important to us that every investor has the tools and information necessary to make the best decision for their financial intrests,” Natalia said. “We have developed a complete online portal, called ConcordOnline, for clients to see and manage their investments with us.

The platform is designed to offer our investors the latest insights into their managed investments, and also the ability to manage orders themselves.”

In 2022, Concord Asset Management acquired a RAIF-SICAV platform, based in Luxembourg. Natalia concluded the discussion by sharing with Wanda her thoughts on the expansion and on Concord’s plans for further development.

“European Investment Management S.A. SICAV-RAIF serves as our umbrella platform for managing alternative investment funds from Luxembourg.

We’ve already launched our inaugural alternative investment fund – the Eastern European Fund. Our future plans involve further product development there, by launching new funds focused on investments in sectors linked to green energy and adherence to ESG guidelines, as previously mentioned. This strategic move expands our corporate structure and helps us align with evolving investor demands. We’re excited about future opportunities and expanding our innovative product offerings through strategic cooperation with international financial institutions and reputable investors who recognize our strategy as a successful investment principle.”

Issue 57 | 21

BUSINESS

Reconsidering climate risk: a return to valuation fundamentals As evidenced by the recent release of the Security and Exchange Commission’s climate-related disclosure rule, climate risk has emerged as an important consideration in investment decision-making. Given that climate change is recognized as a risk that eludes diversification, much of the trade literature seeks to account for climate risk in valuation by applying a premium to the rate at which a firm’s expected earnings are to be discounted. This approach, however, oversimplifies the issue and can result in misleading conclusions. The more robust—yet more challenging—approach entails a detailed analysis of the expected impact of climate risks on a business’s projected cash flows.

Incorporating climate risk in valuation The discounted cash-flow method is a widely applied financial tool that assesses the value of a business through the determination of the present value of its expected future earnings. This entails a two-step process: first, estimating the cash flows the business is reasonably expected to generate; and second, discounting those cash flows at a rate reflecting the non-diversifiable risk associated with those earnings.

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The estimation of future cash flows is, perhaps ironically, customarily informed by historical outcomes. That is, the cash flows are often estimated employing scenarios that are partly informed by past events.

The novelty of a risk as complex as climate change—which encompasses the interplay between both market-related risks (such as potential changes in policy, technologies, and consumer preferences) and physical risks (such as more, and more-intensive, natural disasters and longer-term ecological changes like rising sea levels)—complicates its integration into traditional valuation models. All of this is compounded by the systemic nature of climate risk, which can lead investors to eschew consideration of firm-specific analysis in favor of less-precise discount rate premia.

Efforts to integrate climate risk in valuation Given the macroeconomic implications associated with climate-related risk, financial authorities are increasingly requiring companies to identify and disclose their exposure to these risks. Collectively, these efforts, which include the use of scenario analysis, signal a concerted push to integrate climate risks more effectively into investment decision-making processes.

BUSINESS

However, climate risk disclosures, which can assist investors and other stakeholders in identifying which businesses may be exposed to which risks, only partially address the issue. The investor is still required to assess the financial impact of climate change on a firm’s operations. While we respect the challenges investors face in assessing the impact on future cash flows, assessing the likely cash-flow impact and probability of an (identifiable) climate risk is superior to simply applying a ‘climate risk premium’ in the discount rate.

Case study: cement manufacturer To illustrate this point, we consider a simplified example of a cement manufacturer confronting the possibility of a carbon tax. Assume the company expects to generate $100 million annually absent a carbon tax, and its cash flows are discounted at a rate of 6%. This would place the value of the company at $1.7 billion.

How would the firm assess the impact of the potential tax?

First, consider the application of a premium to the firm’s discount rate. This approach relies on the fact that climate change is recognized as a systematic, or market-wide, risk that will impact overall economic performance. By construction, it purports to capture every possible impact of climate risk on the firm’s operations, but in so doing fails to consider the likelihood of the potential specific impacts arising from the specific policy proposal.

To illustrate the potential confusion this approach injects, we can assess the impact of the addition of a 1%, 2%, and 3% climate risk premium to the firm’s discount rate. In our simple example, this would yield a valuation range of approximately $1.1 billion to $1.4 billion.

Next, consider the possible impact of the potential carbon tax on the firm’s expected cash flows. This requires, at a minimum, an assessment of the level of the tax and the likelihood of its enactment.

Assume, for the sake of argument, the following scenarios: 20% probability of a relatively high tax of $75 per ton; 40% probability of a relatively moderate tax of $25 per ton; and 40% probability of the tax not being enacted.

On first approximation, the imposition of a tax would be expected to increase the company’s costs and reduce its earnings. While the magnitude of that reduction requires an assessment of the extent to which the tax can be passed on to consumers, it is reasonable to assume that the costs are principally borne by consumers given the lack of current substitutes for cement.

As a starting point, assume that a detailed analysis of the firm’s operations determines a moderate tax is expected to reduce the firm’s annual earnings by 5%, while the higher tax is expected to cause a 30% decline. Taken together, the scenarios suggest expected annual revenues of $92 million per year, a probability-weighted decline of 8% per year.

Employing the 6% discount rate results in value of approximately $1.5 billion.

The result is considerably greater than valuing the firm assuming no cash-flow adjustment and a 1% climate risk premium to the discount rate. In fact, in our simple example, adding the 1% premium implies that the expected tax would reduce annual cash flows by 14%, far greater than the 8% reduction we estimated via scenario analysis.

Issue 57 | 23

BUSINESS

Considering climate risk in the real world We recognize that the example is a deep simplification of a complex reality. To achieve a comprehensive valuation, one must thoroughly assess the probability of policy measures and their potential impacts on the firm’s revenues, costs, and output. It would extend beyond a carbon tax to include the range of likely potential policy measures and long-term physical risks, which demand careful attention due to the intricate nature of climate modeling.

It may also require consideration of the interplay between transition and physical risks, as effective and timely policy measures can significantly mitigate longterm physical risks.

Nevertheless, this simple case study illustrates the inadequacy of using a climate risk premium as a catch-all adjustment. While the task of evaluating these novel risks in a detailed manner is formidable, investors must develop and refine frameworks and models to better account for these risks and understand their impact and sensitivity on the value of a business. We can enhance these models as we accumulate more information, leading to more accurate valuations over time.

Andrea Cardani Managing Director CYFOR Secure

Jose Jimenez Pereira

It may be that the broader uncertainties associated with climate change alter investors’ appetite for risk. Moving beyond “fudge-factor” adjustments to discount rates and toward comprehensive, scenario-based cash-flow analyses, however, is crucial to accurately value businesses in a world increasingly shaped by climate risks. This approach not only enhances valuation accuracy but also contributes to a better understanding of how climate risks impact different sectors and businesses.

Kenneth Grant Managing Director CYFOR Secure

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Matthew Stein

TECHNOLOGY

The Fintech C-Suite conversations that will dominate 2024 It’s been a topsy-turvy year for fintech. In 2023 we’ve seen huge growth in the Buy Now, Pay Later (BNPL) space as consumers seek to navigate through the economic crisis, the collapse of FTX causing ripples in the crypto economy, while new instant payment service FedNow has gone live in the US.

There are two reasons for this and they both concern the insights that can be gleaned from effective data analysis. Firstly, having access to accurate internal metrics is critical for understanding what decisions the organisation needs to make in order to successfully operate.

There’s been plenty of movement in the area of regulations too, with the Financial Services and Markets Act 2023 coming into effect in the UK, meaning there’s been no shortage of things for the industry to talk about.

Without this fundamental appreciation of what is crucial to the health of the business and how it is measured, C-suite executives will struggle to understand where their problems lie and how much they are impacting the department or overall organisation. If there’s no data to guide them, they may focus on the wrong thing because of a strong opinion of an individual or customer, or – even worse – ignore a key issue that needs immediate attention.

So as we move into 2024, there’s much for fintech players large and small to ponder. Here are three of the big issues the C-Suite will be discussing in the boardroom over the next year.

Placing the focus on data engineers In any tech-focused business, the data engineer is incredibly important, and this fact is likely to come into even sharper focus in 2024. Business leaders should be increasingly attentive to ensuring they have the right people in these roles over the year ahead, and that they have sufficient resources in place to support them.

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Secondly, data is often at the very heart of the product or service a business provides, so it becomes a key differentiator. If an organisation can present data in different and useful ways to its customers, then it can really add value; this will help position the business as a market leader and trusted partner.

TECHNOLOGY

Conversations around AI will move forward

Fintech muscling in on the payment space

In 2024, we expect to see conversations about Artificial Intelligence (AI) move forward away from all the hype; instead centring on governance and security. AI and machine learning are already being used extensively in fintech and banking for a number of different processes.

These include the identification of fraud – including the insidious APP fraud threats we’ve seen coming to the fore in recent years – as well as improving customer support, helping developers to write code more efficiently, and even product innovation.

When it comes to payments, fintech organisations and banks will be continuing their quest to provide greater security and convenience to customers over the coming year. There are a number of aspects to this, including connecting to the right payment networks, offering international services in multiple currencies, and ensuring infrastructure is both scalable and resilient enough to support real-time transactions in high volumes.

However, recent headlines around AI, and in particular about the explosion of generative AI content, have brought the issues of misuse and safety into public focus. The recent AI Safety Summit hosted by the government reflects how concerned leaders around the world are about AI. Within financial institutions and fintech organisations we must keep a watching brief to prevent this technology being used to defraud consumers, but also investigate ways in which it can be used to enhance the customer experience.

Overall, though, I believe that we will see a more measured approach to the role of AI in businesses across all sectors in 2024. Rather than making vast numbers of jobs redundant, I foresee AI being used as an assistant for human operatives in many different job functions; helping them to make better decisions, quickly access insights and make sense of large datasets.

Takeaway: Data-driven decisions will lie at the heart of successful strategies in 2024 With the economy predicted to be tough over the first six months of 2024, business leaders within fintech organisations and financial institutions will be under pressure to make the right decisions. While boardroom conversations around key topics like AI and payments will be driven to a certain extent by market forces, it is of paramount importance that the C-suite have access to the right data at the right time to make the right decisions.

As McKinsey has pointed out, payments are becoming “increasingly disconnected from traditional accounts and other fixed repositories of value”. Customers don’t necessarily rely on traditional banks for payment services any more, with fintech organisations increasingly providing these facilities.

And with fintechs becoming more like traditional banks, traditional banks are looking to become more like fintechs.

The gap between fintech and banks is always closing as the incumbents look to utilise the latest technologies to offer their customers a more secure and convenient service.

The challenge the banks have is the speed at which they can innovate and take new products to market. This is where, very often, the smaller and more nimble fintech organisations have the advantage.

However, we’re seeing increased cooperation between banks and fintechs through partnerships and acquisitions that enable established financial institutions to be more like an agile startup.

Richard Rosenberg group chief product and technology officer Spendesk

Issue 57 | 27

FINANCE

Transforming Financial Services: The Impact of AI on Customer Service and Profits Without question, integrating artificial intelligence (AI) solutions into the dynamic world of financial services stands as a force to be reckoned with, one that promises to reshape customer experiences, enhance operational efficiency, and safeguard against emerging risks. The more we explore the transformative power of AI across the financial sector, the more evident it becomes that embracing innovative technologies is downright necessary in order to stay competitive and resilient in the digital era.

Bridging the Customer Service Gap According to recent statistics, 25% of customers switched banks in 2022, and a staggering 39% of those who switched did so due to poor customer service.

Addressing this challenge is imperative for any financial institution hoping to build and retain a loyal customer base. By offering a multifaceted approach, AI solutions help bridge the gap between digital and traditional banking experiences.

Case in point: AI-driven communication automation platforms enable financial institutions to seamlessly integrate digital communications channels without disrupting existing solutions. This type of continuity ensures a harmonious blend of digital convenience and personalized customer interactions.

Matt Edic Chief Experience Officer IntelePeer

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FINANCE

Automating Tasks for a Smoother Experience AI’s ability to automate various tasks is an absolute game-changer in the pursuit of operational excellence. For example, Generative AI (GenAI) can assist in creating personalized content, from emails to service replies and more, enhancing the overall customer service experience. This automation extends to high-touch situations, like complex branch visits, and no-touch interactions, such as self-service help through online chatbots.

By automating routine tasks, AI allows financial institutions to allocate their resources more efficiently, reducing strain on agents and empowering banking customers to swiftly address their needs. Such capabilities not only streamline procedures but also create time and space for agents to focus on more complex cases, thereby elevating the quality of service provided.

Unlocking Efficiency At the core of AI’s impact on financial services is its ability to optimize efficiency. As such, deploying AI solutions yields transformative changes in various aspects of finance. Whether providing wealth management services, assessing credit risk or generating real-time financial reports, AI proves to be a catalyst for efficiency gains, pivotal in reshaping traditional processes, enabling banks to operate more effectively and deliver superior services to their clients.

AI can enhance customer experiences and translate into tangible returns on investment.

Furthermore, AI-driven solutions—particularly in self-service tools—can drastically improve efficiency. By making self-service tools easy to use and integrating them seamlessly, financial service institutions can enhance the end-to-end experience for customers, ensuring that the 81% who attempt to solve problems themselves are met with intuitive and personalized support.

diverse data sources, including social media and external databases, of the utmost importance, as it enhances the accuracy and responsiveness of fraud detection.

For example, AI-driven fraud detection leverages machine learning algorithms to identify unusual patterns and deviations from normal behavior. This hands-on methodology allows financial institutions to stay ahead of potential risks, providing a layered defense against fraudulent activities.

AI has the capacity to not only identify potential risks but also to provide a robust framework for responding to suspicious activities. This combination of anomaly detection algorithms and predictive analytics ensures a proactive approach, mitigating the impact of fraudulent activities.

Managing Transactions Naturally, transactions are at the heart of the financial services sector, and their effective management is vital for success. Current insights into GenAI’s role in managing customer data reveal that 63% of service professionals believe it helps serve customers faster, saving more than four hours weekly. In other words, automating transaction-related processes ensures a smoother, more responsive service.

AI’s role in managing transactions extends beyond speed; it involves anticipating customer needs and offering personalized recommendations. From automating routine financial planning to providing proactive assistance tailored to individual needs, AI ensures that every transaction is an opportunity to enhance customer engagement.

Proactively Protecting Against Fraud

Integrating AI into the financial services landscape is more than a technological advancement; rather, it’s a strategic imperative for institutions seeking to thrive in the digital era. Through the calculated adoption of AI, financial organizations can transform operational efficiency, placing the customer experience at the forefront of every interaction—interactions that are not only transactional but immersive, secure and forward-looking experiences.

While security and compliance are paramount in financial services, protection against fraud remains atop the list of the most pressing concerns in the industry. Fortuitously, AI-powered systems continuously learn from new data, so they become quite adept at identifying emerging fraud patterns. This makes the ability to leverage

Equipped with an arsenal that includes automation and a healthy ROI, along with full-bodied security measures, efficient transaction management and resilient fraud protection, AI streamlines processes and crafts a future in which financial services are synonymous with efficiency and customer-centric resilience.

Issue 57 | 29

Global Banking & Finance Review 2023 Award Winners

Award Winning Company PT. Sucorinvest Asset Management Arca Fondi SGR Union Bank of the Philippines Infosys Finacle Bite Investments Lloyds Banking Group and Publicis Sapient Lloyds Banking Group and Publicis Sapient Mobile C&C (Cambodia) Co., Ltd. Pio-Tech Aion Digital Global Software Solutions Group Diebold Nixdorf TreasurUp The National Bank of Greece and Infosys Finacle BPC SmartVista NICE NICE NICE NICE MBSB Bank Berhad PaySupp Linklogis Inc. Financial Networks Analytics (FNA) HDFC BANK and Infosys Finacle Fincite Openfinance Christopher Loh

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Award Winners 2023

Award Winning Company Mr. Payong Srivanich, Krung Thai Bank PLC Yang Yang Mrs Nneka Onyeali-Ikpe, Fidelity Bank Plc (Nigeria) Kyawt Kay Khaing DFCC Bank PLC Lloyds Banking Group and Publicis Sapient Ziraat Bankasi DFCC Bank PLC RHB Banking Group Rizal Commercial Banking Corporation Pan Asia Banking Corporation RHB Banking Group Halkbank uab bank CTBC Bank Standard Lesotho Bank BNP Paribas Fortis VietinBank Osotspa Public Company Limited Fosun International Limited UNIQA Macedonia Donaris Vienna Insurance Group Alveo Land Smart Axiata Co., Ltd. Delirian Limited Crowe UAE GFSC Global Global Traders Maldives Pvt Ltd ONEtoONE Corporate Finance Group i-Tail Corporation PCL Absa Bank Moçambique WP Communications Absa Bank Moçambique Mr. Thiraphong Chansiri, Thai Union Group PCL Mr. Ludovic Garnier, Thai Union Group PCL Christine Wu, Absa Bank Ltd Eng. Hani Salem Sonbol, International Islamic Trade Finance Corporation Eng. Hani Salem Sonbol, International Islamic Trade Finance Corporation i-Tail Corporation PCL Mr. Pichitchai Wongpiya, i-Tail Corporation PCL Mr. Chaiwat Charoenrujitanon, i-Tail Corporation PCL Bigo Technology Pte Ltd TSBG Hosting Ltd Iris Technology Noah Matrix AB Ebox Ltd Infosys Finacle Banque Misr

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Award Winners 2023

Award Title

Award Winning Company Commercial Bank of Ceylon PLC Ecobank Ghana PLC Absa Bank Zambia PLC Absa Bank Botswana ARMSWISSBANK CJSC Belfius Bank First Capital Bank Botswana BAC CREDOMATIC PKO Bank Polski QNB ALAHLI TBC Bank Rizal Commercial Banking Corporation Banco Finantia, S.A. Bank for Investment and Development of Vietnam JSC (BIDV) Asia Commercial Bank First Bank of Nigeria Ltd Absa Bank Zambia PLC Habib Bank Limited Banco do Brasil S.A.

Century of Excellence Corporate Banking Sri Lanka 2023 Best Agri Business Bank Ghana 2023 Best Agri Business Bank Zambia 2023 Best Agri Business Botswana 2023 Best Corporate Bank Armenia 2023 Best Corporate Bank Belgium 2023 Best Corporate Bank Botswana 2023 Best Corporate Bank Central America 2023 Best Corporate Bank Eastern Europe 2023 Best Corporate Bank Egypt 2023 Best Corporate Bank Georgia 2023 Best Corporate Bank Philippines 2023 Best Corporate Bank Portugal 2023 Best Corporate Bank South East Asia 2023 Best Corporate Bank Vietnam 2023 Best Corporate Bank Western Africa 2023 Best Corporate Bank Zambia 2023 Best Project Finance Bank Pakistan 2023 Best Corporate Governance Bank Brazil 2023

Prince Bank Plc Ping An Bank Company Ltd Abu Dhabi Commercial Bank Egypt Bank OCBC NISP Bank of Beirut Asia Commercial Bank Coopeuch Crèdit Andorrà ARARATBANK OJSC Cambodian Public Bank Plc. Abu Dhabi Commercial Bank Egypt Jordan Kuwait Bank KCB Group Plc Standard Lesotho Bank Commercial Bank of Ceylon PLC Krung Thai Bank PLC Asia Commercial Bank First Bank of Nigeria Ltd Fosun International Limited Smart Axiata Co., Ltd Apex Group Halkbank ARARATBANK OJSC Eastspring Investments Berhad Stanbic Bank Zambia Thai Union Group PCL CECABANK Lloyds Banking Group and Publicis Sapient Absa Bank Ltd

Best Corporate Governance Bank Cambodia 2023 Best Corporate Governance Bank China 2023 Best Corporate Governance Bank Egypt 2023 Best Corporate Governance Bank Indonesia 2023 Best Corporate Governance Bank Oman 2023 Best Corporate Governance Bank Vietnam 2023 Best Corporate Governance Company Chile 2023 Best CSR Bank Andorra 2023 Best CSR Bank Armenia 2023 Best CSR Bank Cambodia 2023 Best CSR Bank Egypt 2023 Best CSR Bank Jordan 2023 Best CSR Bank Kenya 2023 Best CSR Bank Lesotho 2023 Best CSR Bank Sri Lanka 2023 Best CSR Bank Thailand 2023 Best CSR Bank Vietnam 2023 Best CSR Bank Western Africa 2023 Best CSR Company Asia 2023 Best CSR Company Cambodia 2023 Best CSR Company Mauritius 2023 Best CSR Company Turkey 2023 Best CSR Initiative Armenia 2023 Best CSR Initiative Malaysia 2023 Best CSR Initiatives Zambia 2023 Leading Company in Building Community Resilience Thailand 2023 Best Custodian Bank Spain 2023 Banking Customer Satisfaction & Happiness UK 2023 Digital Banking Customer Satisfaction & Happiness South Africa 2023

Award Winners 2023

Award Award Winning Winning Company Company Shanghai Pudong Development Bank (SPD Bank) Mitrade APM Capital Limited Sukoon Insurance Health360 Ancillary Services WLL AIVA Smart Axiata Co., Ltd Magellan Hub Ltd Habib Bank Limited Habib Bank Limited Habib Bank Limited Habib Bank Limited Philip Morris International, Bank of America, Citi BDSec JSC Banco Santander (Chile) Lombard International Assurance S.A. TISCO Asset Management Co., Ltd. Continental Insurance Lanka Ltd BDSec JSC Banco Carregosa VPS Securities Joint Stock Company QNB ALAHLI Ecobank Gambia Ltd KCB Group Plc alrajhi bank National Development Bank AMEN Bank Swissquote Bank Europe SA. Crèdit Andorrà First National Bank of Botswana Banco Santander (Chile) The Saudi National Bank Ecobank Ghana PLC K&H Bank Nedbank Mozambique Absa Bank Ltd CTBC Bank NCBA Bank Tanzania Limited Liv Cake by VPBank AMEN Bank Daviplata Hattha Bank Plc. Abu Dhabi Commercial Bank Egypt Raven Bank UNO Digital Bank Discovery Bank Ltd Banco Santander (Chile)

Award Title Forex Banking Customer Satisfaction & Happiness Hong Kong 2023 Forex Customer Satisfaction & Happiness Asia 2023 Forex Customer Satisfaction & Happiness UAE 2023 Insurance Customer Satisfaction & Happiness UAE 2023 Insurance TPA Customer Satisfaction & Happiness Bahrain 2023 Investment Management Customer Satisfaction & Happiness Latam 2023 Mobile Telecommunication Customer Satisfaction & Happiness Cambodia 2023 Relocation Services Customer Satisfaction & Happiness Mauritius 2023 Best Infrastructure Project Finance Deal Pakistan 2023 – Ghotki Kandhkot Road and Bridge Company

Best Syndicated Loan Pakistan 2023 – Pakistan Mobile Communications Limited Best Telecom Deal Pakistan 2023 – Tower Power Limited Largest Power Sector Deal of the Year Pakistan 2023 – Power Holding Limited M&A Deal of the Year Nordics 2023 Decade of Excellence Brokerage Mongolia 2023 Decade of Excellence Digital Banking Chile 2023 Decade of Excellence Financial Services Group Europe 2023 Decade of Excellence in Provident Fund Management Thailand 2023 Decade of Excellence Insurance Sri Lanka 2023 Decade of Excellence Investment Banking Mongolia 2023 Decade of Excellence Private Banking Portugal 2023 Decade of Excellence Securities Brokerage Vietnam 2023 Best Bank for Digital Banking Services Egypt 2023 Best Bank for Digital Banking Services Gambia 2023 Best Bank for Digital Banking Services Kenya 2023 Best Bank for Digital Banking Services Saudi Arabia 2023 Best Bank for Digital Banking Services Sri Lanka 2023 Best Bank for Digital Banking Services Tunisia 2023 Best Bank for Digital Investing Luxembourg 2023 Best Digital Bank Andorra 2023 Best Digital Bank Botswana 2023 Best Digital Bank Chile 2023 Best Digital Bank GCC 2023 Best Digital Bank Ghana 2023 Best Digital Bank Hungary 2023 Best Digital Bank Mozambique 2023 Best Digital Bank South Africa 2023 Best Digital Bank Taiwan 2023 Best Digital Bank Tanzania 2023 Best Digital Bank UAE 2023 Best Digital Bank Vietnam 2023 Best Digital Wallet (AmenPay)Tunisia 2023 Best Digital Wallet Colombia 2023 Best New Digital Bank Cambodia 2023 Best New Digital Bank Egypt 2023 Best New Digital Bank Nigeria 2023 Best New Digital Bank Philippines 2023 Best New Digital Bank South Africa 2023 Fastest Growing Digital Bank Chile 2023

Award Winners 2023

Award Title

Award Winning Company Award Winning Company Gránit Bank Intesa Sanpaolo Bank ENBD X by Emirates NBD Credit Agricole Egypt Bank First National Bank (Zambia) Prince Bank First National Bank of Botswana The Saudi National Bank NATIONAL CITIZEN COMMERCIAL JOINT STOCK BANK Stanbic Bank Zambia APM Capital Limited Samuel & Co Trading Pan Asia Banking Corporation National Development Bank ING Bank N.V. Bulgaria Absa Bank Moçambique Rizal Commercial Banking Corporation TSKB (Türkiye Sınai Kalkınma Bankası) HDBank

Fastest Growing Digital Bank Hungary 2023 Most Innovative Mobile Banking App (ISPBA Mobile Banking) Albania 2023 Most Innovative Retail Banking App – UAE 2023 Most Innovative Retail Banking App (BANKI MOBILE) Egypt 2023 Most Innovative Retail Banking App (FNB app) Zambia 2023 Most Innovative Retail Banking App (Prince Mobile) Cambodia 2023 Most Innovative Retail Banking App Botswana 2023 – FNB Banking App Most Innovative Retail Banking App Saudi Arabia 2023 Most Innovative Retail Banking App Vietnam 2023 – NCB IZIMOBILE Best Finance Education & Training Zambia 2023 Best New Forex Education & Trading UAE 2023 Best Online Financial Education & Training UK 2023 Best Bank for ESG Sri Lanka 2023 Best Bank for Renewable Energy Financing Sri Lanka 2023 Best Bank for Sustainable Development Bulgaria 2023 Best Bank for Sustainable Development Moçambique 2023 Best Bank for Sustainable Development Philippines 2023 Best Bank for Sustainable Development Turkey 2023 Best Bank for Sustainable Development Vietnam 2023

Smart Axiata Co., Ltd MAS Equity Partners (MEP) Varma Mutual Pension Insurance Company Traxion Nedbank TSKB (Türkiye Sınai Kalkınma Bankası) JSC BANK FOR INVESTMENT & DEVELOPMENT OF VIET NAM CHOM CAPITAL GmbH Maybank Asset Management Sdn Bhd Insig AI South Indian Bank (SIB) and Infosys Finacle Pan Asia Banking Corporation Halkbank Slater Investments Co-operative Bank of Kenya KBC Asset Management Fosun International Limited Berjaya Sompo Insurance Berhad GMEX GROUP MDOTM Ltd NICE Actimize NICE Actimize NICE Actimize NICE Actimize NICE Actimize NICE Actimize NICE Actimize Nedbank Emirates NBD Group

Best Company for ESG & Sustainable Development Cambodia 2023 Best Corporate Sustainability Strategy Colombia 2023 Best Corporate Sustainability Strategy Finland 2023 Best Corporate Sustainability Strategy Mexico 2023 Best Corporate Sustainability Strategy South Africa 2023 Best Corporate Sustainability Strategy Turkey 2023 Best ESG Bond Vietnam 2023 Best ESG Equities Fund Europe 2023 Best ESG Equities Fund Malaysia 2023 Best ESG Fintech Company Western Europe 2023 Best ESG Initiatives India 2023 Best Green Bank Sri Lanka 2023 Best Green Bank Turkey 2023 Best Investment Management Company for Sustainable Development UK 2023 Best Renewable Energy Financing Eastern Africa 2023 Best Sustainable & ESG Wealth Manager Belgium 2023 Best Sustainable Development Company Asia 2023 Employee Engagement ESG Programme of The Year Malaysia 2023 Most Innovative ESG Platform Europe (Zero13) 2023 Excellence in Innovation – AI Investment Technology Provider UK 2023 Excellence in Innovation – AML Asia Pacific 2023 Excellence in Innovation – AML North America 2023 Excellence in Innovation – AML Europe 2023 Excellence in Innovation – AML LATAM 2023 Excellence in Innovation – Anti-Fraud / Security Solutions Asia Pacific 2023 Excellence in Innovation – Anti-Fraud / Security Solutions Europe 2023 Excellence in Innovation – Anti-Fraud / Security Solutions North America 2023 Excellence in Innovation – Banking App (Nedbank AVO) South Africa 2023 Excellence in Innovation – Banking Group UAE 2023

Award Winners 2023

Award Winning Company Lloyds Banking Group and Publicis Sapient VietinBank Khan Bank and Infosys Finacle Banco Santander (Chile) CIMB Vietnam Mega International Commercial Bank Stanbic Bank Zambia uab bank DailyPay BPC SmartVista Finsimco Elit Capital Mega International Commercial Bank Kwale International Sugar Company Ltd Punjab National Bank and Infosys Finacle Smart Axiata Co., Ltd Tap Payments NOW MONEY i-Tail Corporation PCL NICE Actimize NICE Actimize NICE Actimize NICE Actimize Union Bank of India and Infosys Finacle – for Union Voice Assistant LarrainVial Asset Management Zaggle Emirates NBD Banco Mercantil Santa Cruz Union Bank of India and Infosys Finacle Banco Invest Union Bank of India and Infosys Finacle – for UVConn Basisbank OmniBSIC Bank Ghana Limited Shinhan Bank Vietnam Ceylinco Insurance Co. Pvt Ltd Anchor Insurance Company Limited Sanasa Life Insurance Company PLC Continental Insurance Lanka Ltd CardinalStone Partners Limited BD Swiss JFD Group LTD Cube Invest CJSC Faisal Brokerage Company TDB Securities SC SME Bank of Cambodia JSC Terabank Sacombank Lao Bangko Kabayan

Award Title Excellence in Innovation – Cloud Platform UK 2023 Excellence in Innovation – Contact Center Vietnam 2023 Excellence in Innovation – Customer Engagement Mongolia 2023 Excellence in Innovation – Digital Banking Chile 2023 Excellence in Innovation – Digital Banking Vietnam 2023 Excellence in Innovation – Digital Credit Loan Taiwan 2023 Excellence in Innovation – Digital Loans Zambia 2023 Excellence in Innovation – Digital Payments Myanmar 2023 Excellence in Innovation – Employee Payment Platform US 2023 Excellence in Innovation – E-Voucher Technology Solution Provider Belgium 2023 Excellence in Innovation – GAMIFIED SIMULATION TRAINING UK 2023 Excellence in Innovation – Independent M&A Company Brazil 2023 Excellence in Innovation – Loan Service Taiwan 2023 Excellence in Innovation – Manufacturing Eastern Africa 2023 Excellence in Innovation – Mobile Banking India 2023 Excellence in Innovation – Mobile Telecommunication Cambodia 2023 Excellence in Innovation – Payment Solution Provider Kuwait 2023 Excellence in Innovation – Payroll Solution Provider Middle East 2023 Excellence in Innovation – Pet Food Thailand 2023 Excellence in Innovation – Trade Surveillance Asia Pacific 2023 Excellence in Innovation – Trade Surveillance EMEA 2023 Excellence in Innovation – Trade Surveillance LATAM 2023 Excellence in Innovation – Trade Surveillance North America 2023 Excellence in Innovation – Voice Banking Implementation India 2023 Excellence in Innovation- Asset Management Latin America 2023 Excellence in Innovation Business Spend Management Software India 2023 Excellence in Innovation- Digital Wealth Platform UAE 2023 Excellence in Innovation- Retail Banking Bolivia 2023 Excellence in Innovation Virtual Banking India 2023 Excellence in Innovation Wealth Management Portugal 2023 Excellence in Innovation- WhatsApp Banking Feature India 2023 Fastest Growing Corporate Bank Georgia 2023 Fastest Growing Corporate Bank Ghana 2023 Fastest Growing Corporate Bank Vietnam 2023 Fastest Growing General Insurance Company Maldives 2023 Fastest Growing General Insurance Company Nigeria 2023 Fastest Growing Life Insurance Company Sri Lanka 2023 Fastest Growing Non-Life Insurance Company Sri Lanka 2023 Fastest Growing Investment Bank Nigeria 2023 Fastest Growing Forex Broker Dubai 2023 Fastest Growing Forex Broker Europe 2023 Fastest Growing Securities Brokerage Armenia 2023 Fastest Growing Securities Brokerage Egypt 2023 Fastest Growing Securities Brokerage Mongolia 2023 Fastest Growing SME Bank Cambodia 2023 Fastest Growing SME Bank Georgia 2023 Fastest Growing SME Bank Lao 2023 Fastest Growing SME Bank Philippines 2023

Award Winners 2023

Award Title

Award Winning Company MOGO LOANS IGLOBAL FINANCIAL SERVICES INC Helicap Pte Ltd Funan Microfinance Plc Fosun Wealth Bank of Baroda (Botswana) Ltd. Sacombank Lao Stanbic Bank Zambia Ping An Bank Company Ltd Housing & Development Bank AmBank Group Robinsons Bank Corporation First Capital Bank Botswana Bank OCBC NISP RHB Banking Group SACOMBANK LarrainVial Asset Management Incofin Investment Management LOM Financial (Bermuda) Limited

Fastest Growing Auto Finance Company Moldova 2023 Fastest Growing Business Funding Company Philippines 2023 Fastest Growing Fintech Company Singapore 2023 Fastest Growing Microfinance Company Cambodia 2023 Fastest Growing Private Wealth Management Company Hong Kong 2023 Fastest Growing Retail Bank Botswana 2023 Fastest Growing Bank for Consumer Loans Lao 2023 Fastest Growing Bank for Consumer Loans Zambia 2023 Fastest Growing Retail Bank China 2023 Fastest Growing Retail Bank Egypt 2023 Fastest Growing Retail Bank Malaysia 2023 Fastest Growing Retail Bank Philippines 2023 Best Forex Bank Botswana 2023 Best Forex Bank Indonesia 2023 Best Forex Bank Malaysia 2023 Best Forex Bank Vietnam 2023 Asset Management Company of the Year Latin America 2023 Asset Management Company of the Year Belgium 2023 Asset Management Company of the Year Bermuda 2023

SOMMA Investimentos Concord Asset Management China Asset Management Co., Ltd. The Cyprus Investment & Securities Corp. Ltd (CISCO) Aktia Asset Management Piraeus Asset Management M.F.M.C. PT. Sucorinvest Asset Management Cura & Senectus Investment AG KB PUBLIKUM INVEST AD SKOPJE HSBC Global Asset Management Stanbic IBTC Asset Management Limited Philequity Management Inc Whitestar Asset Solutions S.A. Amundi Asset Management S.A.I. S.A. PT. Sucorinvest Asset Management Columbia Threadneedle Investments Krungsri Asset Management Co Ltd Slater Investments AIVA Hemera Capital Partners Avaron Asset Management Eastspring Investments Berhad TAM Asset Management International Limited QNB Finans Asset Management BOV Fund Service Limited CPF Financial Services NJMPF CPF Financial Services Anadolu Hayat Emeklilik

Asset Management Company of the Year Brazil 2023 Asset Management Company of the Year Bulgaria 2023 Asset Management Company of the Year China 2023 Asset Management Company of the Year Cyprus 2023 Asset Management Company of the Year Finland 2023 Asset Management Company of the Year Greece 2023 Asset Management Company of the Year Indonesia 2023 Asset Management Company of the Year Liechtenstein 2023 Asset Management Company of the Year Macedonia 2023 Asset Management Company of the Year Mexico 2023 Asset Management Company of the Year Nigeria 2023 Asset Management Company of the Year Philippines 2023 Asset Management Company of the Year Portugal 2023 Asset Management Company of the Year Romania 2023 Asset Management Company of the Year South East Asia 2023 Asset Management Company of the Year Switzerland 2023 Asset Management Company of the Year Thailand 2023 Asset Management Company of the Year UK 2023 Asset Management Company of the Year Uruguay 2023 Best Asset Management Company Angola 2023 Best Asset Management Company Estonia 2023 Best Asset Management Company Malaysia 2023 Best Asset Management Company Mauritius 2023 Best Asset Management Company Turkey 2023 Best Fund Administrator Malta 2023 Best Pension Fund Administrator Kenya 2023 Best Pension Fund Administrator South Africa 2023 Best Pension Fund Trustee Company Kenya 2023 Best Pension Plan for Children (BES for my child) Turkey 2023

Award Winners 2023

Award Award Winning Winning Company Company CI Asset Management AB Capital Asset Management NJMPF BPE Partners Apex Group Piraeus Asset Management M.F.M.C. Krungsri Asset Management Co Ltd MAS Equity Partners (MEP) AUCTUS CAPITAL PARTNERS AG BeyondCapital Dr. Ugo Loeser,Arca Fondi SGR S.p.A. Karlis Purgailis, CBL Asset Management Dr. Ingo Krocke, AUCTUS CAPITAL PARTNERS AG Stag Fund Management PAC Asset Management Limited Hemera Capital Partners Hemera Capital Partners Re- Pie Asset Management Company Absa Bank Botswana Absa Bank Moçambique Ahmed Shaheen, Premier Services & Recruitment Atlantik Shoqeri Sigurimesh G.F.A INSURANCE LTD AMI ASSURANCES HNB General Insurance Limited LIGA INSURANCE Botswana Insurance Company Limited FORTE INSURANCE (CAMBODIA) Plc Berjaya Sompo Insurance Berhad MOLDASIG S.A Mongol Daatgal DHOFAR INSURANCE CO. SAOG Jubilee Allianz General Insurance Company of Tanzania Limited SANLAM GENERAL INSURANCE UGANDA GROSS INSURANCE COMPANY JSC Wethaq Takaful Insurance Company Takaful Insurance of Africa Ltd AL MADINA INSURANCE COMPANY SAOG Damaan Islamic Insurance Company (Beema) JSC Insurance Company Imedi L Strategis Insurance Tanzania Limited NowHealth Global Benefits Georgia Al Hilal Takaful B.S.C © Misr Emirates Life Takaful – Salama HNB Assurance PLC Eurolife Cyprus BAOVIET LIFE

Award Title Fastest Growing Fund Management Company Egypt 2023 Fastest Growing Fund Management Company Philippines 2023 Fastest Growing Pension Provider South Africa 2023 Fastest Growing Private Equity Company Egypt 2023 Fund Administration Company of the Year Mauritius 2023 Pension Fund Manager of the Year Greece 2023 Pension Fund Manager Of the Year Thailand 2023 Private Equity Company of the Year Colombia 2023 Private Equity Firm of the Year Germany 2023 Venture Capital Firm of the Year Jordan 2023 Asset Management CEO of the Year Italy 2023 Asset Management CEO of the Year Latvia 2023 Private Equity CEO of the Year Germany 2023 Best New Private Equity Fund Manager Portugal 2023 Best Fixed Income Fund Nigeria 2023 (PACAM EUROBOND FUND) Best Mutual Fund (Fundo Liquidez) Angola 2023 Best Real Estate Fund (Pactual Property Fund) Angola 2023 Venture Capital Company of the Year Turkey 2023 Best Bank for HR and Recruitment Botswana 2023 Best Bank for HR and Recruitment Moçambique 2023 HR & Recruitment Chairman of the Year Egypt 2023 Best Auto Insurance Company Albania 2023 Best Auto Insurance Company Mauritius 2023 Best Business Insurance (Commercial Lines) Provider Tunisia 2023 Best General Bancassurance Provider Sri Lanka 2023 Best General Insurance Company Armenia 2023 Best General Insurance Company Botswana 2023 Best General Insurance Company Cambodia 2023 Best General Insurance Company Malaysia 2023 Best General Insurance Company Moldova 2023 Best General Insurance Company Mongolia 2023 Best General Insurance Company Oman 2023 Best General Insurance Company Tanzania 2023 Best General Insurance Company Uganda 2023 Best General Insurance Company Uzbekistan 2023 Best General Takaful Provider Egypt 2023 Best General Takaful Provider Kenya 2023 Best General Takaful Provider Oman 2023 Best General Takaful Provider Qatar 2023 Best Group Health Insurance Company Georgia 2023 Best Group Health Insurance Company Tanzania 2023 Best Health Insurance Company for Digital Transformation UK 2023 Best Health Insurance Product (Benefits Global Care) Georgia 2023 Best Life & Health Takaful Provider Bahrain 2023 Best Life & Health Takaful Provider Egypt 2023 Best Life Bancassurance Provider Sri Lanka 2023 Best Life Insurance Company Cyprus 2023 Best Life Insurance Company for Families Vietnam 2023

Award Winners 2023

Award Title

Award Winning Company Award Winning Company Pacifico Seguros AIA Insurance Lanka PLC Nan Shan Life Insurance Co., Ltd, BAOVIET LIFE Al-Bahriah Insurance & Reinsurance SAL SALAMA Islamic Arab Insurance Co.P.S.C Thaire Life Assurrance HDFC International Life and Re Allianz Trade Qatar Insurance Company MaxiLife Eurolife Cyprus Mr. Avraam Pekris, Eurolife Cyprus GANIYU MUSA, Cornerstone Insurance Plc Lumnion Jubilee Allianz General Insurance (K) Limited Solidarity Bahrain Democrance Amana Takaful

Best Life Insurance Company Peru 2023 Best Life Insurance Company Sri Lanka 2023 Best Life Insurance Company Taiwan 2023 Best Life Insurance Product (AN KHANG HANH PHUC) Vietnam 2023 Best Marine Insurance Company Lebanon 2023 Best Online Insurance Company UAE 2023 Best Reinsurance Company Thailand 2023 Best Reinsurance Company UAE 2023 Best Trade Credit Insurance Company Asia Pacific 2023 Best Travel Insurance Company Middle East 2023 Best New Life Insurance Company Philippines 2023 Best Insurance Management Team Cyprus 2023 Insurance CEO of the Year Cyprus 2023 Insurance CEO of the Year Nigeria 2023 Best Insurance AI Solution Provider Germany 2023 Best Insurance Product for SME (Jubilee Allianz Premier SME Product) Kenya 2023 Best New Claims Centre Bahrain 2023 Best Cloud Based Insurance Solution Provider UAE 2023 Best General Insurance App Sri Lanka 2023

Nan Shan Life Insurance Co., Ltd, Swissquote Bank Europe SA. Banco de Fomento Internacional, SA Holding PKO Bank Polski TBC Capital Banco BIG Moçambique uab securities Attijariwafa Bank Habib Bank Limited Lesha Bank Nedbank CIB People’s Bank Garanti BBVA Securities Puente Alkes Research Alvar Financial Services Limited Merlion Global Limited MHMarkets HYCM Al Salam for Financial Investments OctaFX Sharq Investment Company (K.S.C.C) COCOA ASSET MANAGEMENT W.L.L COCOA ASSET MANAGEMENT W.L.L OCBC Securities PTE Ltd TradeAll TR Century Financial Consultancy LLC APM Capital Limited Portfolio Personal Inversiones (PPI)

Best Life Insurance Company For Digital Transformation Taiwan 2023 Best Bank for Expat Investors Europe 2023 Best Investment Bank Cape Verde 2023 Best Investment Bank Eastern Europe 2023 Best Investment Bank Georgia 2023 Best Investment Bank Mozambique 2023 Best Investment Bank Myanmar 2023 Best Investment Bank Northern Africa 2023 Best Investment Bank Pakistan 2023 Best Investment Bank Qatar 2023 Best Investment Bank South Africa 2023 Best Investment Bank Sri Lanka 2023 Best Investment Bank Turkey 2023 Best Investment Banking Company Argentina and Paraguay 2023 Best New Investment Bank Uzbekistan 2023 Best CFD Broker UK 2023 Best Forex Broker Asia Pacific 2023 Best Forex Broker Australia 2023 Best Forex Broker Europe 2023 Best Forex Broker Jordan 2023 Best Forex Broker South Africa 2023 Best Investment Management Company Kuwait 2023 Best Islamic Investment App Bahrain 2023 Best Islamic Investment App Europe 2023 Best Mobile Trading Platform Singapore 2023 Best Mobile Trading Platform Turkey 2023 Best Multi-Asset Broker UAE 2023 Best New Forex Broker UAE 2023 Best Research House Argentina 2023

Award Winners 2023

Award Award Winning Winning Company Company Regina Capital Development Corporation InvesCore Capital Capital Securities Corporation ICBC Turkey Yatirim Menkul Değerler A.Ş BIDV Securities Company (BSC) Bahrain Bourse Mongolian Stock Exchange Ajiad Securities Viet Dragon Securities Corporation (VDSC) Portfolio Personal Inversiones (PPI) Abacus Securities Corporation OCBC Securities PTE Ltd APM Capital Limited The Concept Trading Alkes Research AIB-AXYS Africa Nick Spencer Skeen, APM Capital Limited Ping An Bank Company Ltd Ceskoslovenska obchodni banka, a. s.

Millennium bcp Standard Bank Group Kutxabank Thai Union Group PCL Orient Securities Company Limited Raya Holding for Financial Investments Mega Financial Holding Co. Ltd. ZaamZam Bank Jordan Islamic Bank DIB Bank Kenya Limited Bank Nizwa RHB Banking Group RHB Banking Group Hijra Bank Siraj Finance PJSC Absa Bank Zambia PLC National Bank of Kenya Baobab Country Builders Bank Inc. tijara by Bahrain Development Bank Ecobank Ghana PLC tijara by Bahrain Development Bank Bahrain Development Bank Absa Bank Botswana QNB ALAHLI Basisbank Ecobank Ghana PLC Bank OCBC NISP National Bank of Kenya

Award Title Best Research House Philippines 2023 Best Securities Brokerage Mongolia 2023 Best Securities Brokerage Taiwan 2023 Best Securities Brokerage Turkey 2023 Best Securities Brokerage Vietnam 2023 Best Stock Exchange – Financial Literacy Initiatives GCC 2023 Best Stock Exchange Mongolia 2023 Best Stockbrokers Jordan 2023 Best Trading App (iDragon Pro) Vietnam 2023 Most Innovative Online Broker Argentina 2023 Most Innovative Trading Platform Philippines 2023 Most Innovative Trading Platform Singapore 2023 Best New Mobile Trading Platform (APM Trader) UAE 2023 Best New Prop Trading Firm Australia 2023 Best New Securities Brokerage Uzbekistan 2023 Best Securities Brokerage Kenya 2023 Best New Forex CEO UAE 2023 Best Investor Relations Bank China 2023 Best Investor Relations Bank Czech Republic 2023 Best Investor Relations Bank Portugal 2023 Best Investor Relations Bank South Africa 2023 Best Investor Relations Bank Spain 2023 Best Investor Relations Company Asia 2023 Best Investor Relations Company China 2023 Best Investor Relations Company Egypt 2023 Best Investor Relations Company Taiwan 2023 Best Islamic Bank Ethiopia 2023 Best Islamic Bank Jordan 2023 Best Islamic Bank Kenya 2023 Best Islamic Bank Oman 2023 Best Islamic Forex Bank Malaysia 2023 Best Islamic Multi Currency Account Malaysia 2023 Best New Digital Islamic Bank Ethiopia 2023 Best Islamic Finance Company UAE 2023 Best SME Bank Zambia 2023 Best Micro Finance Bank Kenya 2023 Best Micro Finance Bank Nigeria 2023 Best Micro Finance Bank Philippines 2023 Best Mobile app for SME Bahrain 2023 Best Online Services for Micro and SME Ghana 2023 Best Online Services for SME Bahrain 2023 Best SME Bank Bahrain 2023 Best SME Bank Botswana 2023 Best SME Bank Egypt 2023 Best SME Bank Georgia 2023 Best SME Bank Ghana 2023 Best SME Bank Indonesia 2023 Best SME Bank Kenya 2023

Award Winners 2023

Award Title

Award Winning Company Award Winning Company ACLEDA BANK LAO LTD AmBank Group Rizal Commercial Banking Corporation Bank for Investment and Development of Vietnam JSC (BIDV) Commercial Bank of Ceylon PLC Halkbank VPBank Farm Credit Armenia UCO CC UniCredit Leasing Croatia d.o.o.

Yapı Kredi Finansal Kiralama A.O. First Forte Consultancy Perigeum Capital Ltd Latin Securities KCB Group Plc Tradewind Yapı Kredi Faktoring A.Ş Stone Mountain Capital Pan-African Savings and Loans Co. Ltd Gobi Finance NBFI

Best SME Bank Lao 2023 Best SME Bank Malaysia 2023 Best SME Bank Philippines 2023 Best SME Bank South East Asia 2023 Best SME Bank Sri Lanka 2023 Best SME Bank Turkey 2023 Best Mobile Banking app for Micro and SME Vietnam 2023 Best Agricultural Lending Company Armenia 2023 Best Auto Leasing Company Croatia 2023 Best Business Equipment Leasing Turkey 2023 Best Business Financial Advisory Company GCC 2023 Best Business Financial Advisory Company Mauritius 2023 Best Corporate Finance Company Uruguay 2023 Best Digital Wallet Kenya 2023 Best Factoring Company Germany 2023 Best Factoring Company Turkey 2023 Best Financial Advisory Company UK 2023 Best Financial Company Digital Transformation Ghana 2023 Best Financial Institution for Empowering Women in Business Mongolia 2023

National Development Bank Absa Bank Moçambique Lombard International Assurance S.A. Ard Financial Group AL OMANIYA FINANCIAL SERVICES Gobi Finance NBFI ValU Mifundo Dinarak Mobi Asia Sdn Bhd FOO Klarpay AG Kamurj UCO CJSC Ebdaa Microfinance Company B.S.C (C) Smart Credit Compartamos Financiera Pride Microfinance Limited (MDI) Unimoni Exchange LLC SendMN NBFI Al Fardan Exchange Credi YES Bedaya Mortgage Finance Co. Bidaya Home Finance Fagura MFO Lendup Gobi Finance NBFI Alraedah Finance Mr. Aftab Patel, Al Omaniya Financial Services (AOFS) Michal Procházka, TRANS FACTORING S.R.O.

Best Financial Institution for Empowering Women in Business Sri Lanka 2023 Best Financial Institution for Empowering Women Moçambique 2023 Best Financial Services Group Europe 2023 Best Financial Services Group Mongolia 2023 Best Financial Services Group Oman 2023 Best Fintech App (CashOne) Mongolia 2023 Best Fintech Company Egypt 2023 Best Fintech Company Estonia 2023 Best Fintech Company Jordan 2023 Best Fintech Company Malaysia 2023 Best Fintech Company MENA 2023 Best Fintech Company Switzerland 2023 Best Micro Finance Company Armenia 2023 Best Micro Finance Company Bahrain 2023 Best Micro Finance Company Moldova 2023 Best Micro Finance Company Peru 2023 Best Micro Finance Company Uganda 2023 Best Money Exchange Oman 2023 Best Money Transfer Mongolia 2023 Best Money Transfer UAE 2023 Best Mortgage Financing Company Bulgaria 2023 Best Mortgage Financing Company Egypt 2023 Best Mortgage Financing Company Saudi Arabia 2023 Best P2P Lending Platform Moldova 2023 Best SME Finance Company Georgia 2023 Best SME Finance Company Mongolia 2023 Best SME Finance Company Saudi Arabia 2023 NBFI CEO of the Year Oman 2023 Best NBFI CEO Czech Republic 2023

Award Winners 2023

Award Winning Company Tradewind Marina Zevedeou, Aspen Trust Group ALGOGENE FINANCIAL TECHNOLOGY COMPANY LIMITED Jett Digido (Digido Finance Corp.)

Bee Financial Group NBFI LLC BERENDINA MICRO INVESTMENTS COMPANY LTD African Guarantee Fund BERENDINA MICRO INVESTMENTS COMPANY LTD Banco Mercantil Santa Cruz High Payment Solutions LLC Upesi Money Transfer PROMMT Financial Software and Systems Pvt Ltd BPC SmartVista Switch EasyPay Albania PayX LLC Arab Financial Services Hightech Payment Systems (HPS) Acqra Limited PayMate High Payment Solutions LLC Fidelity Bank Plc (Nigeria) eTranzact Ghana Ltd Compass Plus Technologies Infosys Finacle MODIFI Mercury Payments Services Transact365 Bradesco Global Private Bank Ardshinbank CJSC Kathrein Privatbank AG Bradesco Global Private Bank Banco de Credito e Inversiones Ping An Bank Company Ltd BANK OF CYPRUS TBC Wealth Management Bank OCBC NISP Bradesco Global Private Bank Attijariwafa Bank Banco Finantia, S.A. National Development Bank Yapı ve Kredi Bankası A.Ş.

Puente Gulf International Finance Ltd HSBC México Bradesco Global Private Bank Bradesco Global Private Bank

Award Title Best NBFI Management Team Germany 2023 Financial Advisory CEO Cyprus 2023 Best New Fintech Company Asia Pacific 2023 Best New Fintech Company Uzbekistan 2023 Best New Online Lending Services Philippines 2023 Best New SME Finance Company Mongolia 2023 Best Agricultural Lending Company Sri Lanka 2023 Best Financial Guarantee Provider Africa 2023 Best Micro Finance Company Sri Lanka 2023 Outstanding Banking Achievement Award Bolivia 1905 – 2023 Best Digital Wallet Central Asia 2023 Best Money Transfer Company Kenya 2023 Best New Open Banking Payments Solution UK 2023 Best New Payment Technology Platform (Blaze) MENA & India 2023 Best Payment Orchestration Platform Southern Africa 2023 Best Payment Solution Provider Albania 2023 Best Payment Solution Provider Armenia 2023 Best Payment Solution Provider Bahrain 2023 Best Payment Solution Provider Europe 2023 Best Payment Solution Provider Hong Kong 2023 Best Payment Solution Provider India 2023 Best Payment Solution Provider Mongolia 2023 Best Payment Solution Provider Nigeria 2023 Best Payment Solutions Provider Ghana 2023 Best Payment Technology Implementation Project Malta 2023 Best Real time Payments Provider South East Asia 2023 Fastest Growing Cross Border Business Payment Platform Europe 2023 Fastest Growing Payment Solution Provider UAE 2023 Fastest Growing Payment Solution Provider UK 2023 Best Bank for Private Wealth Management Brazil 2023 Best Private Bank Armenia 2023 Best Private Bank Austria 2023 Best Private Bank Brazil 2023 Best Private Bank Chile 2023 Best Private Bank China 2023 Best Private Bank Cyprus 2023 Best Private Bank Georgia 2023 Best Private Bank Indonesia 2023 Best Private Bank LatAm 2023 Best Private Bank Northern Africa 2023 Best Private Bank Portugal 2023 Best Private Bank Sri Lanka 2023 Best Private Bank Turkey 2023 Best Private Banking Company Argentina, Uruguay and Paraguay 2023 Best Private Wealth Management Company UAE 2023 Best Private Wealth Manager Mexico 2023 Most Innovative Private Bank for Digital Client Solutions Brazil 2023 Most Innovative Private Bank for Inter-generational Wealth Management Brazil 2023

Award Winners 2023

Award Title

Award Winning Company Award Winning Company AmBank Group The Hongkong and Shanghai Banking Corporation Limited RHB Bank Cambodia AMEN First Bank Ecobank Ghana PLC AMEN Bank Infinity Trust Mortgage Bank PLC Banco Mercantil Santa Cruz QNB ALAHLI Ecobank Gambia Ltd Ecobank Ghana PLC KCB Group Plc AmBank Group uab bank Rizal Commercial Banking Corporation Guaranty Trust Bank (Rwanda) plc Nedbank Commercial Bank of Ceylon PLC NMB Bank PLC

Best Bank For Digital Transformation Malaysia 2023 Best Bank for International Services Bangladesh 2023 Best Bank for Social Media Cambodia 2023 Best Bank for Youth & Students Tunisia 2023 Best Bank for Youth and Students Ghana 2023 Best Bank Transformation Tunisia 2023 Best Mortgage Bank Nigeria 2023 Best Retail Bank Bolivia 2023 Best Retail Bank Egypt 2023 Best Retail Bank Gambia 2023 Best Retail Bank Ghana 2023 Best Retail Bank Kenya 2023 Best Retail Bank Malaysia 2023 Best Retail Bank Myanmar 2023 Best Retail Bank Philippines 2023 Best Retail Bank Rwanda 2023 Best Retail Bank South Africa 2023 Best Retail Bank Sri Lanka 2023 Best Retail Bank Tanzania 2023

Emirates NBD VietinBank Suryoday Bank and Infosys Finacle Taulia NICE Actimize NICE Actimize NICE Actimize Alexander Jaye, Valerian Smart Axiata Co., Ltd Avelacom Mr.Christian Patouraux, Kacific Broadband Satellites Ltd Salem Y. Itani, touch Lebanon Converse Bank CJSC Belfius Bank QNB ALAHLI MBSB Bank Berhad Rizal Commercial Banking Corporation Banco BAI Europa QNB ALAHLI Ahli Bank Q.P.S.C. Belfius Bank Rizal Commercial Banking Corporation National Development Bank

Best Retail Bank UAE 2023 Best Retail Bank Vietnam 2023 Most Innovative Digital Branch Transformation India 2023 Best Supply Chain Finance Provider – Nonbank Europe 2023 Best Technology Management Team APAC 2023 Best Technology Management Team EMEA 2023 Best Technology Management Team North America 2023 Technology CEO of the Year UK 2023 Best Telecommunications Company Cambodia 2023 Fastest Growing Low Latency Connectivity Solutions Provider APAC 2023 Satellite Telecommunications CEO of the Year Singapore 2023 Telecommunications CEO of the Year Lebanon 2023 Best Trade Finance Bank Armenia 2023 Best Trade Finance Bank Belgium 2023 Best Trade Finance Bank Egypt 2023 Best Trade Finance Bank Malaysia 2023 Best Trade Finance Bank Philippines 2023 Best Trade Finance Bank Portugal 2023 Best Bank for Treasury Activities Egypt 2023 Best Bank for Treasury Services Qatar 2023 Best Cash Management Bank Belgium 2023 Best Cash Management Bank Philippines 2023 Best Wholesale Bank Sri Lanka 2023

Award Winners 2023

Call For Entries INVITING BANKS

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Submit your nomination today to awards@gbafmag.com OR Submit Online at GlobalBankingAndFinance.com

2024

BANKING

Adoption of open banking in Europe In the rapidly evolving world of payments, Open Banking is emerging as a transformative force, reshaping the payments landscape in both the UK and Europe. The surge in card spending, reaching an unprecedented £76 billion in July 2023, shows the rapid growth in the payments industry, and is a huge opportunity for companies looking to enhance payment efficiency.

Across Europe, Open Banking is breaking down traditional barriers and ushering in a new era of accessibility, competition, and customer-centric experiences. Simple and efficient, Open Banking payment methods such as Pay by Bank challenge traditional payment methods and set the stage for a more agile and interconnected financial future.

UK leads the way in payment innovation The UK is a leading hub for innovation when it comes to payments. According to the Open Banking Impact Report, over 1 in 9 (11%) British consumers have become active users of Open Banking, up from around 7% in December 2021.

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Small businesses are adopting the technology too, with a record high of 17% active users. In fact, the Open Banking Impact report found that the first six months of 2023 saw double the volume of payments compared with the first six months of 2022. 9.7m payments were made in June 2023, an increase of 88% on the same month in 2022.

We only expect this number to grow as companies seek to replicate those who have successfully adopted, and reaped the benefits of, Open Banking services. The case for adoption is a strong one for businesses and customers alike.

Why Open Banking improves the payment journey Pay by Bank is an account-to-account payment solution, which uses Open Banking payment initiation services (PIS) to allow consumers to pay merchants directly from their bank accounts. When a customer chooses to pay via Pay by Bank, they are instantly directed to their chosen bank account and do not have to manually input card details. As a result, it has a range of benefits for both consumers and businesses.

For example, unlike traditional card payments, Open Banking transactions eliminate the need for entering card numbers, expiration dates, and CVV codes, simplifying the user experience but also reducing the risk of sensitive information falling into the wrong hands.

BANKING

For refunds, the money can be returned directly to the customer’s account without the need for in-person verification, enhancing customer satisfaction and increasing customer loyalty.

As well as dramatically improving the customer experience, Pay by Bank is also a truly sustainable way of paying, reducing the risk of customer indebtedness created by ‘buy now pay later’ and other credit-based payment processes. By only allowing customers to pay with money they already have, account-to-account payments encourage and promote responsible banking.

A scalable solution Open Banking has significant growth potential. Traditionally, cross-border payments are slow, costly and cumbersome. With Pay by Bank, businesses can enjoy instant money transfers across borders and currencies. The likes of Trustly, a leader in Open Banking, exemplify how this technology can simplify cross-border transactions, serving thousands of merchants across multiple markets.

The momentum of Open Banking shows no signs of slowing down either. In Europe, the market was valued at $6.1 billion in 2020, with projections estimating it to reach $48.3 billion by 2030. The impending Payment Services Directive 3 (PSD3) in 2024 is set to further amplify Open Banking’s reach, introducing new rules and standards to enhance features like emergency data access, consent management, and data access interfaces.

James Hickman CCO Ecospend

Businesses who embrace these opportunities will expand their services, reach new markets, and become more efficient, while those who neglect Open Banking risk losing customers to more agile financial solutions. The future belongs to those who embrace the Open Banking revolution, navigating the changing payments landscape with innovation and adaptability.

Issue 57 | 47

TECHNOLOGY

European 2024 Crowdstrike trends & predictions Cybersecurity is once again at a pivotal juncture ahead of 2024, marked by a rapidly evolving threat landscape that continues to be driven by a year of technological advancement. The digital world continues to expand its horizons, stretching from the Internet of Things to artificial intelligence (AI), making cybersecurity more crucial and complex. And, just as we come to terms with the developments of the previous year, 2024 promises new trends and patterns in cyber threats that will take the industry in new directions.

NIS2 Directive A key change to the European cybersecurity landscape in 2024 will be the impact of the NIS2 Directive on businesses operating in EU member states. While a positive step, the legislation will lead to 12 months of confusion as impacted businesses (those classed as core critical infrastructure) discover how to comply with the new regulations. The objective of this new European Union directive is to establish a higher level of cybersecurity and resilience within organisations of the EU. Since member states will have until October 17th, 2024, to transpose NIS2 into their national legislation, we can expect lots of confusion in 2024 as different countries implement and react to the legislation differently.

For individual companies, many will hope for a “magic on switch” to make them compliant – but the idea of the NIS2 objective is not just technology, it is also about practices and the operation.

The impact of this will correlate to where the company is in their security maturity journey. The implementation of this directive may require a lot of effort for many companies if it is a brand new way of thinking about security. On the other hand, for others who have prioritised modern security practices, the impact of this legislation could be negligible. In any case, 2024 will be a period of adaptation within EU businesses’ cybersecurity practices.

For businesses in the UK, the NIS2 is one to bear in mind. While it will only really matter to those who are still classed as the core critical infrastructure to the European Union, it is a good learning opportunity on a wider scale about what good cybersecurity compliance looks like and which benchmarks to focus on.

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Intelligence Sharing / Victim Notification: The cultural shift towards more open and collaborative intelligence sharing is set to become a cornerstone of cybersecurity practices in 2024.

Currently, there exists a noticeable gap in the extent and effectiveness of intelligence sharing postcyber incidents. This gap is partly due to victims’ reluctance to share information, often fuelled by a fear of victim blaming and the stigmatisation that can follow cyber incidents. Such hesitancy not only hinders the collective understanding of new threats but also impedes the development of robust defence mechanisms.

Recognizing this issue, local governments and regulatory bodies are expected to play a pivotal role in reshaping the landscape of intelligence sharing in 2024. By enforcing policies that encourage or mandate the sharing of cybersecurity incidents and threat intelligence, they aim to foster a more collaborative and less victim-blaming environment. This shift is not just about compliance; it’s about cultivating a mindset where organisations view intelligence sharing as a communal responsibility, vital for collective cyber resilience. As we move towards a culture that prioritises protection, education, and

TECHNOLOGY

prevention over penalization, we can expect a more unified front against cyber threats, benefiting organisations and individuals alike. The emphasis will be on learning from incidents, spreading awareness of emerging threats, and collectively devising strategies to prevent

critical protection that companies should look to strengthen in 2024. Otherwise, adversaries will continually target this weak spot – and they will be successful more often than not.

Convergence of IT and Security Teams As new threats emerge in 2024, blurring the lines between IT and security responsibilities, there is an opportunity to enhance organisational resilience by converging IT and security teams within enterprises. Traditionally operating in separate silos, these teams are finding their objectives and daily operations increasingly intertwined. This shift is driven not only by the rapid advancement of technology but also by the evolving landscape of security risks that directly impact IT infrastructure.

Zeki Turedi CTO Europe CrowdStrike

similar attacks, thereby creating a more secure and informed digital ecosystem.

Continued Rise of Social Engineering Attacks Identity based attacks will continue to be the main weapon for threat actors in 2024, for the simple reason that it continues to be a very fruitful method. As revealed in CrowdStrike’s latest Threat Hunting Report, 80% of breaches occur through compromised identities. Adversaries are not relying solely on compromised valid credentials, either — rather, they abused all forms of identification and authorization, including weak credentials purchases from the underground, and they elevated their phishing and social engineering tradecraft.

Social engineering is the highlight here, as businesses strive to educate their employees about the common ways to recognise they are being deceived.

This makes identity protection the most

This convergence is particularly timely and necessary as singular threats now simultaneously target both infrastructure and security, demanding a unified response. By fostering closer collaboration, sharing technologies and platforms, these once-disparate teams can combine their expertise to bolster defences against sophisticated cyber threats. The advent of new cybersecurity platforms, tailored specifically for IT teams, is a testament to this trend. These platforms are designed to seamlessly integrate with IT operations, providing real-time insights and automated responses to security incidents, thereby reducing the response time and enhancing overall security posture.

Organisations that take security seriously are more likely to survive security threats This won’t come as a surprise, but it’s worth saying – organisations that prioritise cybersecurity are significantly better positioned against emerging threats than organisations that do not. Forwardthinking teams are not only investing in advanced security infrastructure but are also fostering a culture of cyber awareness among their employees.

By integrating robust cybersecurity measures, including state-of-the-art encryption, multi-factor authentication, and real-time threat monitoring systems,

they create a formidable defence against even the most sophisticated attacks.

A proactive approach to cybersecurity will remain a critical factor to mitigating risks, safeguarding digital assets, and maintaining trust in 2024.

Lack of security budget could endanger UK businesses There is an apprehension of the impact of reduced budgets, particularly in the UK IT sector, which could lead to a corresponding decrease in funds allocated for cybersecurity. Such financial constraints could leave the UK’s digital defences weakened, as organisations struggle to keep pace with the necessary investments in cybersecurity infrastructure and training.

The concern is not just about current vulnerabilities but also about the potential for businesses to lose focus on cybersecurity due to other pressing priorities. Many companies are heavily invested in digital transformation and the adoption of new technologies, yet there’s a risk that they may perceive security as a conquered challenge rather than an ongoing, integral part of these initiatives. As businesses grow and evolve, the need to continuously invest in and adapt cybersecurity strategies is critical.

However, if overlooked, this can lead to gaps in their defence mechanisms.

This situation is not universal across all UK businesses, but it highlights the need for a more proactive, continuous approach to cybersecurity especially at a time of budget challenges. It’s essential for UK enterprises to recognise that cybersecurity is not a static achievement but a dynamic, integral component of all business operations, requiring ongoing attention and investment to ensure robust defence against the sophisticated cyber threats of 2024 and beyond.

Issue 57 | 49

FINANCE

Are firms prepared for wave of messaging fines headed for Britain?

The last few years have seen market regulators dole out record numbers of fines to financial institutions over their failure to adequately monitor employee communications on instant messaging applications like WhatsApp. According to Securities and Exchange Commission (SEC) enforcement division chief Gurbir Grewal, the regulator has filed charges against 40 financial firms and imposed more than $1.5bn in fines for such failures since December 2021.

Oliver Blower CEO VoxSmart

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While there is no denying certain regulators have cracked down hard on firms for their messaging practices, this may only be a precursor to much more significant action over the coming years – particularly for firms headquartered in the UK. So far, regulators in Britain have paid little attention to the behaviour of traders conducting business through text and similar platforms that evade regulatory oversight. This is despite the use of instant messaging apps

growing increasingly common among staff following the outbreak of Covid-19, when traders were forced to work and communicate via different channels.

However, it seems this may be about to change, and firms operating in the UK must ensure they are well prepared for a tidal wave of investigations as soon as 2024.

FCA to follow SEC Last month, it was reported there are growing signs that the Financial Conduct Authority may be considering its own probe into how traders use tools like WhatsApp. The FCA has been in conversation with its stateside peer around the SEC’s recent crackdown on the use of messaging apps, and many City lawyers believe this is a clear sign the watchdog has caught the scent of similar misconduct on its own patch.

FINANCE

When questioned whether the FCA would follow the SEC’s recent WhatsApp action and monitor bankers’ messages, executive director of markets at the FCA, Sarah Pritchard, gave reporters a fairly strong hint. She said staying abreast of what the SEC does ‘is something that we absolutely do, and that is something we have been doing with the US authorities in relation to the concerns that you’ve highlighted’.

Various banks headquartered in the UK have already taken preemptive measures against such action. For instance, HSBC last month blocked the SMS function on staff devices, adding to a previous WhatsApp ban. We can likely expect similar action from a host of British banks over the coming months as concerns over messaging fines mount. Nevertheless, financial firms operating in the UK are not the only ones that could be hit with fresh penalties moving forward.

A broader searchlight There are also signs that regulators well versed in issuing such fines, including the SEC, are beginning to cast a wider net with regards to the types of financial institutions they are targeting.

While the sell-side titans of Wall Street have so far taken the brunt of regulatory fines, many more market participants with similar regulatory recordkeeping and monitoring requirements could face similar penalties over the coming months.

The SEC this year requested several hedge funds including the likes of Point72 Asset Management and Citadel assess their employees’ phones for social media misconduct. Unsurprisingly, this was seen by many as an expansion of the watchdog’s WhatsApp crackdown. Given the value of the fines that can be extracted from institutional investment houses worldwide, it seems asset managers and hedge funds may be next in the firing line for regulators. While these firms are not UK-based, similar firms headquartered in Britain appear just as at risk following the FCA’s recent warnings.

In addition, it is worth considering the wider market context firms find themselves in across Europe and further afield. A barrage of economic headwinds including higher interest rates, surging inflation and geopolitical uncertainty have caused markets to contract over the last couple of years, and the outlook looks set to remain uncertain for the foreseeable. Elevated price volatility across asset classes is likely to persist in this environment.

This is doubly concerning for regulators, as research indicates extreme volatility tends to heighten the risk of market abuse.

Scan, don’t ban With this in mind, the prudent move for financial firms of all types is to evaluate how best to mitigate the risk of staff misconduct when using instant messaging apps. As highlighted above, many firms take the rather brash approach of imposing bans on the use of popular platforms like WhatsApp. While this may seem the most effective approach in principle, it falls short in practice. The way humans communicate is constantly evolving, and new platforms with shiny new tools and tricks come to market all the time. Over the last year, we have witnessed the emergence of apps that enable users to send messages that disappear on receipt, while others offer a wider variety of emojis. In this context, imposing a ban on the most popular messaging apps of today is at best a temporary solution.

Another issue with this approach is it inhibits staff flexibility and ultimately productivity. WhatsApp remains one of the most common forms of communication between traders and asset managers, among many other market players.

Attempting to change an entire generation’s preferred medium of communication behaviour hardly seems a feasible way of tackling the issue. After all, the moment has passed for this approach – instant messaging apps are already deeply engrained in the way modern business is conducted.

The solution must instead be to put a greater emphasis on effective supervision and risk management practices to tackle the issue head on. British firms that do not take this approach may find themselves flooded with regulatory fines come the new year.

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BUSINESS

Revolutionising digital accounting and finance with intelligent automation

Concetta Yates VP Customer Strategy and Industry Solutions, SS&C Blue Prism

As business processes become increasingly complex, accounting and finance experts are now at demand across all business operations, ranging from employee management to data analysis, collecting financial insights, and streamlining workflows.

Typically, ideal automation candidates include:

With changing organisational demands, and evolving accounting operations, organisations should seek to incorporate Intelligent Automation (IA) to meet corporate governance requirements, growing regulatory, and audit. Although IA can be advantageous to businesses, it can also be complex, and organisations might not always know where to start.

As your intelligent automation practice advances, the scope of automations expands considerably, including processes involving decision-making, utilizing unstructured or semi-structured data, those poorly defined with multiple variations and much more.

As many accounting and finance operations are composed by tasks which often follow a clear set of rules, such as filing and organising data into financial software, and procedural dayto- day tasks, makes them well suited for automation. By focusing on structured data, employees can target processes that use well- defined data formats such as invoice form fields, and allowing IA to be leveraged for unstructured data formats.

Processes that are leveraged over multiple applications and interact with other departments make good candidates for automation. These operations often have defined workflows, but may have inefficient manual tasks that need to be improved for compliance, regulatory, and improved servicing of clients.

When determining which automation to launch first, single-out a high volume and low complexity process that will deliver compelling ROI and quickly prove the value of IA. Some cyclical business operations only happen occasionally such as an unexpected audit. Processes and tasks like this can often be assisted — if not replaced — by intelligent automation.

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• • • • •

Invoice processing Accounts payable and receivable Financial reporting Payroll administration Purchasing orders

However, it’s not all about reducing time on processes, it is about improving your financial focus. As your intelligent automation matures, finance professionals can utilize their valuable strategic skills once relieved of their rules-based, procedural tasks. The core functions of the business continue, allowing the company to maintain its trajectory. And still, people are free to help the company make better investment decisions, setting the business on a greater path to growth.

Automation for big and for small While “Big Four” firms* are leading this trend, many small independent chartered accountants, mid-size accounting firms, and in-house finance teams are still using traditional software packages to manage contract and payment analysis, payroll, or tax record retention, and oversee employee tax IDs. Today, while most average main street accounting firms still manage annual tax assessments for self-employed workers and book-keeping services, they’re also multifaceted business champions in all areas, from delivering essential accounting and compliance issues to offering tax planning advice and long-term strategic consultancy.

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Equinix, for example, which provides interconnected digital infrastructure for its customers, including 248 data centers located on six continents, used IA’s digital workers as part of its end-to-end automated source-to-pay (S2P) process.

Each year, $3 billion flows through purchase orders handled by this process.

Digital workers pass work to one another as purchase requests, from first request and purchase order creation to validation.

Digital workers also close aged orders and help resolve emailed invoice disputes from over 6,000 global requestors. Executing 98% of vendor, employee, and intercompany payments, digital workers have enabled the finance payables team to focus on issue resolution and strategic initiatives instead of mundane manual work.

These changes have improved data accuracy, reduced errors, and help Equinix pay vendors faster. Equinix’s intelligent automation program has reduced operational costs (currently estimated at $7 million) and improved customer satisfaction.

The savings have been invested into strategic initiatives to enhance the business and employee experience, giving around 175,000 hours back to employees, so they can focus on improving their skillsets and contributing to the business in new ways.

By adopting IA, finance teams are also able to shift focus from chasing paper to providing advisory – and more profitable services – such as financial planning, tax planning, or business strategy.

Firms can offer better value and are more cost-effective when it comes to business planning advice, finance raising, forecasting and management strategies.

Securing the money with intelligent automation Another largely untapped area for intelligent automation is fraud detection.

While detecting fraud often sits within special financial crime or operation controls units, particularly within the FSI industry, there is still opportunity for accounting firms, in-house teams, or operations-led functions to consider how they can benefit from using IA.

The latest PwC Global Economic Crime and Fraud Survey reveals that – in 2022 – 51% of respondents experienced fraud in the previous two years, the highest level in 20 years of research. Globally, financial fraud is a $42 billion issue for large financial organizations, corporations, and enterprises alike.

With identity theft, employment, and insurance fraud on the rise, forensic accountants use their finance with legal investigative techniques to look within organizations for fraud, or financial irregularities, trace funds and identify assets, or validate losses. lA is also an additional weapon in the accounting armory following the financial crash of 2008. Sometimes involved in valuing a business, forensic analytical skills are increasingly used in commercial negotiations. With greater demand for accountability and regulatory reform, forensic accounting has become more prevalent as the business environment has become more complex.

An example of this is Prudential plc, headquartered in London and Hong Kong, providing life, health insurance, and asset management to around 19 million customers in Asia and Africa.

The company uses bespoke fraud detection digital workers created by SS&C Blue Prism to analyze transaction data and detect fraudulent activity, across its 34 life businesses in 23 markets, served by more than 530,000 agents, 170 bank partners and 27,000 bank branches.

The digital workers can perform the same number of 100% approval check authorizations it would take 40 people to do in a year. Improving security for customers and ensuring Prudential’s 1,000 daily claims – worth around $100,000 – are 100% audit compliant, it has also drastically reduced losses due to fraud.

Streamlining accounting in remote teams By making data instantly accessible and flexible in real-time for business owners and accountants, cloud-based automations are also impacting hybrid or remote accounting teams.

With secure user authentication and an internet connection, cloud-based accounting teams can better access and view financial data, and monitor transactions, making accounting possible and profitable from anywhere.

With IA performing automations or generating reports for teams, clients, and contractors alike, timely financial analysis and strategic planning is errorfree and more focused, leaving financial experts to make greater – and more profitable – use of their expertise across every area of any business.

The accounting function of the future While accounting principles and processes have changed little in the last 200 years, automation and cloud has transformed it from siloed function to strategic driving force.

Assisted by intelligent automation, artificial intelligence, and real-time datadriven technologies, finance teams who are able to benefit from more efficient workflows will reap greater benefits from streamlined accounting processes and play a greater role in their organizations.

By implementing and adopting these technologies, companies enable themselves to be more resilient, agile, and productive contributing to have a stronger competitive advantage in the market. *The four largest global accounting firms measured by revenue are Deloitte, Ernst & Young, PricewaterhouseCoopers, and Klynveld Peat Marwick Goerdeler (KPMG).

By using IA to automate mundane highly repeatable tasks, Prudential’s finance and customer teams can spend more of their time focused on higher-impact high-value business activities.

Issue 57 | 53

FINANCE

4 Dynamic trends shaping FinTech (and how to navigate them) In the fast-paced world of financial technology, staying ahead of the curve is not just an advantage; it’s a necessity. To do so, it’s important to know the ever-changing skills and talent required, and how to fill in those gaps within your organization.

After reflecting on the challenges and opportunities that fintech faced in 2023 – emerging technologies, cyber attacks, political unrest, and economic uncertainty, here are four trends I believe will shape our industry in 2024, along with the skills that will be required to get ahead of them.

1.

Aditi Jaiswal CEO Techtrust

Generative AI Demands Data Expertise

In 2024, the true disruptor on the horizon is Generative AI, a force that not only revolutionizes technology but demands a new breed of skills and talent to navigate its potential risks.

While applications like ChatGPT showcase the immense value of Generative AI, we’re witnessing the other side of the coin – uncertainties and regulations. Why? As everything becomes “smart,” predictability reaches unsettling levels. The ease it brings also introduces new fears, much like the paradigm shift with smartphones. They transformed our lives but also brought new challenges like distracted driving and hacking, spurring entire professions and industries to solve them.

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As the adoption of Large Language Models (LLM) and AI tools continues to grow, data becomes the engine, making the ability to handle it crucial. To stay ahead of the curve, the ability to collect and connect data correctly will be paramount, making it a skill that will be in high demand.

2.

Cybersecurity Skills on the Rise

Today’s biggest challenge in tech is cybersecurity, and the need for a robust defense has never been more critical.

Especially for an industry like fintech, where companies are responsible for protecting so much of customers’ personal information.

So, when asked what tech job will gain popularity in 2024, the answer is clear: the roles dedicated to the cyber defense frontlines- cybersecurity engineers, analysts, and the often overlooked infrastructure managers. The rise in demand for cybersecurity experts isn’t a fad; it’s a response to an urgent need. As we face a shortage of defenders, those skilled in data engineering and analytics will have a seamless transition into cybersecurity roles.

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Effective technical hiring also plays a pivotal role here by ensuring teams possess the right skill set to create secure data ecosystems.

Having talent that knows how to break down silos, utilize APIs, and understand software architecture will be some of the ingredients for success in navigating the complex and vulnerable landscape of fintech cybersecurity.

3. Secure Collaborations for Secure Transactions The increasing collaboration between fintech companies and traditional financial institutions will never stop. Reflecting on the transformative journey of the last decade, consider the shift from physically withdrawing cash at ATMs to the convenience of apps like Venmo and Zelle.

However, this evolution comes with its challenges, particularly in the realm of security. Fraud and hacks pose constant threats, demanding collaboration between FinTech and finance to establish robust security norms for secure transactions. As we look ahead to 2024, the collaboration between these entities remains crucial and everexpanding. Beyond security, the interconnected nature of applications with banks is evident in our daily lives, such as making secure payments on platforms like Amazon.

4.

Hiring Beyond the Resume

Companies are increasingly seeking individuals with a balance of experience and creativity, moving beyond traditional hiring methods.

They are looking beyond the candidates’ resumes for a drive and passion to grow and lead.

Unfortunately, many of these companies are clinging to outdated, standardized hiring methodologies, often entrusting critical technical recruitment to traditional recruiters. It shouldn’t be their responsibility to understand the vast complexities and nuances of our rapidly evolving tech landscape. This results in a disjointed focus and gaps in technical acumen.

CEOs must resist the allure of divided attention. The key is not just to secure talent but to empower them strategically, acknowledging the unique goals and aspirations of each tech team.

We recommend consulting technical professionals before hiring your next technical hire. Because financial transactions are sensitive in nature, any recruiting error—whether it be employing a candidate with low experience or someone who can pass for an engineer during an interview—puts clients and businesses in irreparable danger and risk.The crux is clear: meticulous hiring is pivotal in sculpting the stature of a company, a responsibility that cannot be taken lightly.

To overcome these challenges, companies must break free from the big tech echo chamber. Build robust talent pools, and network extensively with top-tier developers.

Fintech needs to create opportunities internally, forge partnerships externally, and find synergy with big tech, transcending the limited pool of traditional talent.

Navigating the fintech landscape of 2024 will require not just adaptability and a visionary approach. The convergence of Generative A.I., the imperative for robust cybersecurity, crucial collaborations, and the evolution of hiring practices herald a new era in financial technology.

In embracing these trends, organizations have the chance to not only stay ahead but to redefine the fintech narrative. It’s a call to innovate, collaborate, and invest in your most valuable asset – talent.

Issue 57 | 55

TECHNOLOGY

Rise of AI:

Why human customer support remains vital in treasury management AI is taking the digitalisation of financial services to the next level, but some functions require a personalised approach.

Laurent Descout, Founder and CEO of Neo looks at why the human touch is essential when it comes to customer support.

The artificial intelligence (AI) boom has caught the attention of businesses across the globe seeking innovative ways to streamline operations and cut costs.

Many treasurers believe that AI could be the next step in the digital transformation of treasury management, with many already reaping the benefits.

Scores of corporates and financial institutions have already implemented AI to improve a range of processes from predicting future liquidity and decisionmaking to chatbots and enhancing transactions.

AI can analyse vast amounts of data in real-time to detect patterns and anomalies that might be missed by human analysts.

This can be particularly valuable in areas like fraud detection and risk management, where speed and accuracy are critical.

While the technology is seen as key for automating and digitising processes, it also has the potential to cause headaches for treasurers. Nowhere is this pain felt more than when dealing with AI-based customer support.

How AI has been implemented in chatbots In recent years, banks have had to increasingly move operations online to adapt to new hybrid ways of working.

Both traditional banks and fintech providers now have digital channels supporting customers to help them manage timely queries including budget re-forecasting and government loan applications.

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Since these digital channels have been introduced, we have seen a boom in generative AI applications such as ChatGPT and Bard.

These new applications have illustrated how powerful large language models (LLM) are allowing the user to have human-like conversations and assisting with tasks like composing emails or writing essays.

Many banks have introduced LLM technology to improve their chatbots so they can streamline customer support and reduce costs.

While chatbots are nothing new, interacting with them has traditionally been a struggle. They were simply a way of answering routine questions and then directing customers to the appropriate resources.

Through these new large language models, chatbot support is closer to one-on-one human interaction and customers can expect a more sophisticated and quicker response to queries.

However, implementing this technology hasn’t been plain sailing for banks. In June this year, the Consumer Financial Protection Bureau (CFPB) in the United States stressed the frustration that customers are having when trying to get straightforward answers from their financial institutions or raise a concern or dispute through AI chatbots. The CFPB received numerous complaints from the 37% of US citizens who had dealt with a bank chatbot in 2022.

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Laurent Descout Founder and CEO Neo

Although LLM technology has advanced, not everything can be straightforward when using a bot. Efficiency gains from chatbots largely come at the expense of customer experience.

Banks need human experts Despite the AI hype and ubiquitous chatbot adoption, people still like doing business with people. A recent survey emphasized that customers still desire human interaction in their banking experiences.

But having humans in customer support isn’t a panacea either. We’ve all been in situations where you’re passed from person to person within a bank, repeatedly being put on hold and hoping to get an answer from someone. It needs to be expert support.

For specialised queries, it is fundamental that banks still employ people who are experts and well-trained to manage these queries.

Why treasurers need expert human support Treasurers have complex and rapidly evolving needs and personalised relationships with providers remain essential. When they do have a problem, they want it solved quickly and having an expert human support team available is the way forward.

As their needs evolve, they will increasingly look for those providers that value delivering exceptional service and expertly resolving issues and queries above cost-cutting.

New research has found that a lack of support from experts at banks has been an issue faced by 25% of CFOs and treasurers at SMEs. This percentage increases to 30% when dealing with foreign exchange (FX), which is a vital part of a treasurer’s role.

Issue 57 | 57

TECHNOLOGY

Out with the old, in with the new: How to shift from UA to Google’s new analytics tool Following our initial farewell to Google’s Universal Analytics (UA) in July 2023, there has been some unrest and anticipation from the digital analytics community as we awaited its successor, Google Analytics 4 (GA4).

So far, GA4 has been met with mixed reactions, with many users embracing the new platform whilst others have expressed their frustration with the significant differences and migration process in the new tool.

This comes down, in part, to the expectation that GA4 would be an improved version of UA. However, that isn’t what we’ve been given. Instead, Google has provided a completely different tool with its own set of features and functionalities, built from the ground up to serve a rapidly changing marketing industry. It is future-ready and privacy forward, designed to cater for marketers in the post-cookie, GDPR focused world of tomorrow.

Richard Rosenberg group chief product and technology officer Spendesk

Yes, the initial migration could probably have been better managed. And yes, we all could have done without that irritating countdown clock loading every time we logged in. But it is also important to recognize the new possibilities that GA4 unlocks.

There will undoubtedly be a learning curve, and patience will be required when getting to grips with the new system. But at the same time, GA4 is receiving consistent updates to rectify any early issues and, ultimately, provides marketers with a powerful tool that offers a huge amount of potential as the future of their industry unfolds.

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TECHNOLOGY

A new and improved GA4 Despite the initial (and some would argue, ongoing) challenges, GA4 is already bringing several new features to the table, many of which are considerable improvements over UA. Firstly, integration with BigQuery – a cloud based , highly scalable data warehouse –, in practice, easier to manage. This is a huge win, not only because it doesn’t cost anything, but also because it opens the door to a simpler analytical process with new possibilities regarding advanced analysis and data processing.

Cross-platform reporting is another exciting feature introduced by GA4. It enables users to easily consolidate data from multiple different sources and view it in a single platform, enabling better informed decision-making processes without the hassle of amalgamating data manually. These reports also only include aggregated data, ticking that everimportant privacy box.

Privacy itself is a key focus of the tool.

Adjustable privacy features and consent mode to offer better control over personal identifiers, helping marketers adhere to GDPR regulations and to prepare data strategies for an increasingly privacycentric future.

On top of this, the revamped data structure has paved the way for simplified tagging and measurement strategies, and increased flexibility over the reporting interface grants users the ability to customize standard reports and build new ones to fit their needs.

There has, of course, been some tradeoff – cardinality and the much maligned (other) row to name but two – but as Google continues to update GA4 a lot of these initial concerns will be fixed, leaving a polished tool that achieves and exceeds parity with its well-loved predecessor.

Reaping the benefits of GA4 While GA4 offers substantial benefits to marketers, it also requires a change of approach in order to unlock its full potential. Again, it is not an upgrade from UA. It is an entirely different product that will take some time to get used to and, for those used to UA, the barrier to entry can be high.

It has the potential to provide incredible new flexibility and integration capabilities to its users and greatly enhanced customisation abilities. However, to unlock these benefits, marketers will already need to have a clear picture of what questions they are looking to answer through their analytics activities. This is likely to involve a fair amount of trial and error, refining the inputs to deliver the desired outputs, but the end result will undoubtedly be worth the effort.

Additionally, the updates and constant changes from Google can (and will) cause further frustration, but keep in mind this is a new product replacing something that has been built upon for years – and each new update is raising the level at which GA4 will operate.

How will GA4 change the future of marketing?

GA4 marks a substantial turning point in the field of analytics, bringing a wealth of exciting new features. The transition has been bumpy, reactions have been mixed, and although the constant updates signal Google’s commitment to improving the platform, they have also led to frustration due to the platform’s perceived instability.

As simple as it sounds though, we just need to persevere. It might not be the polished article we were hoping for (yet), but Google is actively and rapidly working to improve GA4 and provide the powerful, stable, future facing analytics solutions we need. As a product it has come on leaps and bounds in recent months. It is also important to keep in mind that this is a completely new product, and getting used to the way it works will take time – in the same way that it takes time to adapt to the change from Apple to Android, or from a manual car to an automatic.

It is vital that marketers look to embrace this change and understand the unique qualities, customization and flexibility of GA4. Marketers and brands can reap the benefits of GA4’s full potential and create future-ready analytic strategies offering full adaptability.

It is with a heavy heart for some that we bid farewell to UA, but it is time we embrace the changes of GA4 and use this opportunity to build on GA4’s offerings and look forward to what it will be able to achieve in the future.

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