Yet, our working days are getting more demanding and the time we must juggle both our personal, and professional lives seems to be even more restricted.

Maintaining a positive work-life balance is a key factor for employee happiness. Because of this, and in order to better work around personal lives and work demands, dynamic working, which was once a somewhat unfamiliar term, is now a highly sought-after workplace benefit. Below Derren Bevington, Business Director at Michael Page Finance, explains further.

Dawnconsultancy offers full range of dynamic consultancy including Dubai offshore company in UAE, providing best innovative financing solutions to help troubleshoot any business problem with ease.

In fact, in previous research, we found that 66% of professionals working in banking and financial services would like to see flexible working hours offered by their employer and 53% also listed work from home options in their top three desired benefits. However, only 26% of those surveyed had actually been given the option to work from home.

Why is it important?

A recent study conducted by Michael Page shows that millennials expect flexible working to be offered as standard in the workplace and not as an additional benefit. However, this doesn’t mean that those who fall outside of this age group don’t equally enjoy the benefits of dynamic working or want them to be included as part of their working life. The ability to plan work around personal life events allows individuals to better organise their time, take care of their physical and mental wellbeing, and ensures that they are in the best position to manage a productive work schedule. As we are in a candidate-short market, it is important good people are retained. Being able to adapt to the changing motivations of employees to drive forward retention in later years is key.

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How to introduce dynamic working

What’s important to remember is that flexibility in the workplace is defined differently by everyone; what works for one person may not work for another. The key to success is to ensure that it is tailored to the individuals in the workforce and that they have the option to choose what is important to them.

Flexible working does not mean fewer working hours. It is a way to show employees they are trusted to do their job no matter the time or location they choose to work in.

Flexible working does not mean fewer working hours. It is a way to show employees they are trusted to do their job no matter the time or location they choose to work in.

These are my top tips for implementing flexible working successfully:

• Facilitate home access - the ability to work from home or a remote location can significantly improve productivity. Workers in these industries are usually comfortable with reviewing their emails first thing in the morning or responding to queries well after 5:30. In fact, the ability to sign in during a commute can amount to a lot more getting done, well before the rest of the team have even signed in.
• Establish flexibility champions - these individuals should be from right across the business, to demonstrate how they make it work best for them. This employee may be someone who takes a longer lunch break but comes in an hour early to compensate. Alternatively, it could be a parent who comes in later so they can drop their kids off in the mornings. Some companies have also enabled some of their employees, particularly those who live further distances from the office, to leave early as a means of making an earlier train but encourage them to log back in once they get home.
• Highlight great performance - this should happen for both employees in the office and those who on occasion work dynamically. However, if there is a noticeable improvement in an individual’s performance after adopting a dynamic working schedule, be sure that it is known across the company.
• Agree weekly deliverables - regardless of flexibility requirements - work from home, longer lunches, or later start times - every employee needs to know their KPIs and daily responsibilities to ensure they are working effectively. When dynamic working is introduced, this becomes increasingly important to ensure employees know what is expected of them.
• Consider job sharing - where it is feasible, perhaps two employees would work better on a part-time basis sharing the responsibilities of a single role on a week to week basis? Job sharing is a workable solution if two colleagues or new starters are only able to work restricted hours during the week. The key consideration for this working arrangement is to ensure each employee is effectively communicating with the person they are handing the job over to, this is so they are aligned in the requirements for the following day.

Ultimately, it’s important to define what dynamic working means in your business before implementation and ensure this is communicated to everyone in the company. The secret to maintaining a flexible working approach is to always make certain it remains adaptable to everybody’s needs. This working arrangement should be adjustable to the ever-changing schedule of people’s lives and encourage employees to produce their best work.

This is according to Henry Umney, CEO of ClusterSeven, as he offers his views on the regulatory and risk management trends in the banking and financial services industry for 2019.

Brexit will confound banks in 2019, whatever the outcome

The UK’s departure from the EU at the end of March will continue to have a significant impact on the banking, insurance and asset management sectors throughout 2019, almost regardless of the nature of the final departure. Brexit uncertainty is presently forcing banks to implement their most stringent contingency plans, in terms of re-locating critical business services, processes, and in extremis, specific roles and personnel. To this end, division of data, processes and responsibility need to be managed carefully to ensure these changes are executed smoothly, efficiently and with full auditability. Further complexity is provided by the UK’s Prudential Regulatory Authority’s (PRA) announcement that institutions will be able to continue to trade as branches of their head office, rather than as a (more capital intensive) subsidiary post-Brexit. This, alongside the European Banking Authority’s (EBA) recent announcement that it sees ‘back to back trading’ between the City of London and the EU as beneficial, suggests that there is a willingness to find a modus vivendi that allows complex cross-border transactions and business processes to continue as normal, almost regardless of the final Brexit outcome.

This complex, conflicted environment will place a premium on understanding how disparate business processes and applications, including how end user supported processes (e.g. using spreadsheet-based applications) are configured, allowing institutions to respond quickly to new developments – and potentially even reversing previous decisions about re-locating people, roles and business units.

Regulators and auditors will demand mature model risk management

In the US, the momentum for a mature approach to model risk management will gather further pace as government frameworks including SR 11 7, CCAR/DFAST stress testing and CECL, for example, are more closely scrutinised and audited by regulators. Increasingly these governance frameworks are being extended to include the tools that feed the models and there is recognition of the significance of the spreadsheets and other end user supported applications to the models covered by these frameworks.

This approach to sophisticated model risk management will find favour with European regulators too, a trend that is already in motion with regulations such as TRIM and SS3/18. This is fundamentally driven by regulators’ collective objective of demanding visibility of critical models and enhancing the operational resilience of financial institutions. Effective data management, including that stored in spreadsheet-based and other end user supported applications, is central to these frameworks.

To meet the excellence in data governance and auditability as demanded by the regulators in the UK and US, financial institutions will be forced to apply the same level of controls to their end user supported application environment – as they apply to their broader corporate IT environment. This reflects that spreadsheets are often the ‘go to’ tool in developing a broad range of business and financial models.

The transition away from LIBOR will present a major operational challenge

Due to the enormity of the transition from LIBOR (London Interbank Offered Rate) to alternative reference rates (e.g. SOFR, Reformed SONIA SARON, TONAR), financial institutions will begin adjusting their processes and systems, in preparation for the switch to new reference rates by the end of 2021. The clock is ticking.

With a parallel universe of spreadsheets connected to enterprise systems such as risk, accounting models and a plethora of non-financial contracts, financial institutions will need to ensure that the relevant changes are also accurately reflected in the spreadsheet-based processes. Given the broad range of potential alternatives to LIBOR, it seems possible that multiple replacements may be in use in different jurisdictions. There will be a premium on being able to identify transactions and contracts quickly and efficiently, and applying the appropriate reference rate, quickly, efficiently – and again with full transparency and auditability.

GDPR has the hallmarks of expanding into a global framework, its compliance will need to be in organisations’ DNA

GDPR has all the makings of becoming a global standard. Already, California is taking the lead with the California Consumer Privacy Act (CCPA), which comes into force in 2020. Other US states are also considering similar regulations to protect the rights of their residents.

With a fine of $1.6 billion levied on Facebook this year, the EU has clearly demonstrated that it means business. In 2019, organisations will have to shift their GDPR focus to ‘sustainable compliance’. They will realise that inventorying IT systems for GDPR-relevant and sensitive data was merely a good first step to meet the compliance requirements on 25 May 2018. GDPR compliance will need to part of their DNA – requiring it to be a ‘business as usual’ activity. With unstructured confidential data (e.g. personal details of clients and employees) often residing in spreadsheets, visibility alongside continuous monitoring, controls and stringent attestation of information will be essential to meeting GDPR demands such as the right to be forgotten and data portability. Automated spreadsheet management will become critical to sustaining GDPR compliance.

The long-awaited General Data Protection Regulation (GDPR) becomes legislation in a week, on 25 May 2018. Below Narrinder Taggar, Partner and defendant personal injury insurance litigation specialist at Shakespeare Martineau, sheds light on the extended implications of the regulation on the insurance sector.

With GDPR coming into play, organisations across a wide variety of sectors and industries, including insurance companies, will be forced to adjust and assess their data protection strategies or face fines of up to €20 million or 4% of annual turnover, whichever is greater.

The GDPR contains rules protecting individuals when their personal data is processed. This also includes further rights around how this personal data is handled and shared with other parties.

The sensitive nature of personal information used in many insurance claims could cause a serious headache for the industry and is set to cause significant disruption to how all parties involved in the insurance claims process store, manage and process personal data. The risk created when information is shared between claimants/their advisors, brokers; insurers and other parties, such as medical professionals, all of which would be classed as “data controllers”, is great.

A data controller determines the purposes, conditions and means of the processing of personal data. The data processor is the entity that processes data on behalf of the data controller.

But what about accident investigators, who are instructed to process data on behalf of the data controller? They may well be data controllers for the purposes of obtaining and drafting witness statements which would be subject to legal professional privilege until such time the statements are disclosed to any third parties. Of course, it should be noted that a claimant does not have a right to access any data which is subject to legal professional privilege.

With the GDPR placing a greater emphasis on transparency and accountability, the insurance industry will have to be even more careful with the storage of sensitive data. With personal data being intrinsically linked to the claims process and regularly being shared with third parties, the need to be prepared is particularly urgent and parties must rethink exactly how this information is shared during the process.

Hard copy documents such as instructions to barristers may have previously been sent in the post. However, under the new GDPR it remains to be seen whether this way of sharing sensitive documents will still be deemed to be a compliant activity. Instead, encrypting files containing sensitive personal data is set to become the norm.

Under the GDPR all data controllers will be responsible to ensure not only that the receiver, or processor, is GDPR-compliant, but also to find how they intend to store and use data and delete the data once it is no longer required. This can be achieved through the arrangement of a data sharing agreement. This might include a description of the data processing, an assessment of any possible risks and how those risks will be mitigated. Because of the need to ensure compliance throughout all stages of the process, those involved in insurance claims, for example insurers and their solicitors, should set up data sharing agreements with their contacts and suppliers; including other data controllers.

However, duty of compliance also continues after the claims have been settled. The 'right to be forgotten' places a responsibility on the controller to delete any personal data if requested by the subject and not to keep data any longer ‘than is necessary for the purposes for which the personal data is processed’. Yet, there are a number of grounds in which data controllers may keep personal data, including if it needs to be retained in case of any further legal proceedings for example appeals. Therefore, organisations may need to set their own retention periods for data depending on the information in question and how it may be used in future. It is worth remembering in this case that any data deemed relevant must be recorded and held securely offline.

Under the new requirements, data controllers will be obliged to report breaches to the relevant authority within the first 72 hours. Should a breach occur under the new legislation, the fault will lie not only with the data controller but could also lie with the data processor who shared the information, making it vital for all parties to be accountable for the information they process.

The GDPR has undoubtedly changed the goal posts for the insurance industry and many questions still remain around the identification of sensitive information and how the usual correspondence between parties will be affected after the new legislation is introduced. With such large penalties coming into play, the worry of doing something wrong has never been greater.

The industry currently awaits further guidance from the UK Information Commissioner on what the legislation will really mean in practice. However, with the deadline fast approaching, doing nothing is no longer an option. The industry must prioritise collaboration and transparency, in order to ensure they are fully prepared for the changes ahead.

The world of banking, perhaps more than any other industry, has undergone significant change in recent years. As technology, strategies and partnerships progress, we’re beginning to see new avenues of growth such as gamification, which according to Karen Wheeler, Vice President and Country Manager UK at Affinion, may hold the key to enhanced customer engagement for the banking sector.

The digital revolution has transformed the way people interact with their banks, within-branch visits falling  as the rise of mobile banking has led to customers being able to manage their finances whenever, and wherever they are. And this trend is set to continue, with new figures from CACI revealing that mobile transactions are set to rise by around 121% between 2017-2022, and the average branch visits dropping from seven to four by 2022.

Traditional providers have also been faced with the uprising of challenger banks, which are striving to capture the attention of millennials with their agile, digital offerings. The territory of the high street stalwarts is being encroached on by the likes of PayPal and ApplePay which have disrupted the payments market, traditionally an area which banks dominated.

To stay relevant and encourage loyalty in an increasingly competitive industry, banks know they need find new ways to engage with their customer base. With today’s consumers never far from their smartphones, and moving fluidly between digital platforms, could gamification be the answer in the quest for greater engagement?

Gamification explained

Gamification originates from the computer games industry, and aims to engage with the principles of basic human psychology. In particular, it involves an understanding of what motivates people, how we want to be rewarded – and what will make us play again. Or, for banks: stay loyal.  At its core, gamification has a human centred design; optimised for feelings, motivation, insecurities and engagement.

Some of the aims of gamification include: driving a level of competition within users that results in increased usage and engagement; tapping into the human need for esteem and self-actualisation to increase the levels of motivation; playing on the human desire for power in an attempt to drive users to log back in and increase their status; and evoking similar reactions to those elicited by gaming by releasing chemicals which invoke feelings of excitement, euphoria and pleasure.

So, what does this mean in practice; how can gamification be used within the customer experience?

Bringing gamification to life

There are normally a number of different mechanics used in gamification which include points (normally the main method of currency in a gamified system, as they play on the human urge to collect resources), and rewards, when a user earns points which can be translated into a ‘currency’ for exchange of goods and services (whether real or virtual), and gives the user something to work towards.

Building on the idea that we are all naturally seeking power and status, badges are also used to symbolise accomplishments and play on the human desire to show competence, and leaderboards are used to recognise achievements and promote friendly competition between users.

In recent years, gamification has evolved from its traditional rewards-based platform, to one fuelled by sophisticated data-driven capabilities which allows businesses to offer personalised, user-centric experiences. This is no surprise when you consider the way we now live our lives; the proliferation of devices, apps and social media channels means our expectations of the digital customer experience are high.

How can banks use gamification in the customer experience?

Gamification is actually not a new concept in banking; it has always been part of their  set-up and is now growing, driven by customer behaviour and digital capabilities. Back in 2011, Gartner predicted by 2015, more than 50 percent of organisations that manage innovation processes will gamify those processes. With this date now far behind us, how accurate was this prediction?

Back in 2013, Spanish bank BBVA led the way with incorporating gamification into the experience it offered customers. The provider analysed how its customers interacted, and found that many felt more secure in going to the branch to complete their transactions. BBVA Game was launched to encourage customers to use its digital platform; with the ultimate aim to improve their customer retention and online customer experience.

The game allows people to make account enquiries, pay bills and carry out different kinds of transactions. Where the gamification element comes in to the mix is that, with each completed transaction, the users will earn points. There are also challenges and missions for users to undertake, with medals and badges being rewarded – which can then be shared to social media.

What can traditional banks learn from challengers?

BBVA has also invested in the development of Atom, the digital bank leading the charge for challengers. In a clear sign that Atom wants to its customers something different, it acquired software company Grasp, which specialises in games and virtual reality development, to build its digital platforms. Atom claims to “celebrate your individuality in every way”, by allowing its customers to choose a logo, name and colours to personalise the app experience.

By allowing customers to adapt the interface to suit their preferences, Atom is tapping into the psychology of taking control by allowing customers to make their banking experience truly unique. European bank OTP banka Hrvatska has also recently announced impressive results from its new gamification platform, with 16.1% more clients signed up for mobile banking services and the number of clients using prepaid Mastercard increasing by 12.8%.

The future of gamification

Banks have to work hard to keep customers loyal, so changing the perception of banking away from a boring necessity to something more engaging is essential if they want to maintain their relevance and value in people’s lives. Gamification should be seen as a route to engagement; a part of the customer journey, not something separate.

Gaming creates positive emotion, drives social relationships and fosters feelings of accomplishment, by combining banking with fun, personalised and reward-based games.. This shift away from ‘banking as a service’ to ‘banking as an experience’ gels with the gamification model, and is one we can expect to see financial providers – both new and old – capitalise on as the digital revolution marches on.

The financial sector has paid 465% markup for IT products.

Suppliers are exploiting a lack of transparency in the IT market to inflate product prices, according to the annual KnowledgeBus IT Margins Benchmark Study.

Now in its fourth year, the study shows that the practice of charging excessive margins by suppliers is still commonplace across the financial sector.

Identifying the best price for IT products is notoriously difficult, given the short lifecycle of products and the constant fluctuation of trade costs. Although industry best practice, as specified by the Society of IT Managers, states that organisations should not pay more than a 3% margin to suppliers.

Despite this guidance, the research revealed that one supplier successfully charged a financial company a margin of 465% for an order of memory sticks.

The study suggests that awareness of the high mark-ups charged by some suppliers may in fact be worsening. The average margin paid across the financial sector was actually found to have risen to 19% in 2015 from 14% in 2014.

This also compares unfavourably with the average margin paid across the board by buyers, which currently sits at 17.6%.

Al Nagar, head of benchmarking at KnowledgeBus, said: “Organisations are getting better at scrutinising purchases and negotiating better deals with suppliers. But the analysis shows the many purchases are far in excess of industry best practice.

“The most extreme example of excessive margins are regularly found on those lower volume, spontaneous, ‘as and when’ purchases. These are typically unplanned purchases consisting of items such as memory sticks, power adapters and cables.

“All procurement officers need to be aware of this trend. Although this type of purchase may be perceived to be of a lesser value, compared to major pieces of IT infrastructure, they can make up a good 25% of the IT budget. By the end of the year, this can easily add up to a six figure difference to the overall IT budget.

‘‘Today’s procurement managers don’t have endless amounts of time to talk to multiple suppliers to find the best price. What they need is for there to be greater transparency between suppliers and customers. With the right tools organisations can gain that transparency and bring those margins down to 3%.’’

For organisations looking to achieve best practice levels on IT product purchasing, Al Nagar offers three key tips:

1. Benchmark

Organisations can empower their negotiators, and speed up the IT procurement process, by deploying benchmarking tools. This provides IT buyers with access to up-to-date and validated trade level information that will identify the exact margins suppliers are charging.

2. Agree ‘cost plus’ contracts

Companies can agree ‘cost plus’ contracts with their suppliers to ensure no IT product purchased exceeds an agreed maximum margin level. Procurement teams can use their benchmarking tools to police these contracts.

3. Monitor price trends

By analysing historic or seasonal trade price trends, IT buyers can identify the best times to buy. When trade prices fall to their lowest, suppliers often try to maximise margins achieved, but by monitoring the market, companies can counter this practice.

(Source: KnowledgeBus)