Connect with us

Featured

Banks having mid-life crisis

Published

on

Banks are experiencing a midlife crisis. They desperately want to transform and become digitally enabled but they are being hamstrung by legacy systems, data silos and disjointed marketing, says CARLA PETERSEN, Senior Business Director at Acceleration, London.

Digitally maturing organisations who are leveraging technology to redefine their businesses understand that this journey starts with transforming their customers’ experience of their brand through the transformation of their operational models, which ultimately leads to the transformation of their business models.

They, therefore, treat their customer data as an asset and foster a culture that supports rapid iteration, rapid prototyping and risk-taking, enabled through well-integrated marketing technology. If something doesn’t work, they chalk it up to learning and try something else.

Yet, banks are inherently risk-averse. This is not unexpected given that the financial industry is one of the most heavily regulated, especially when it comes to the responsible use of their customer’s personal data. Most have the challenge of integrating expensive legacy systems that are still being used and navigating the slippery slope of digital analytics, mobile, social and cloud solutions that should enable the modern marketing capabilities of their organisations. A common theme, too, is the lack of executive-level buy-in and commitment to drive the type of cultural change that puts the customer at the centre of the business strategy. So where do some of the opportunities lie that will empower banks to be more future ready?

Data silos

A recent study conducted by Wunderman and research partners, Penn Schoen Berland, (in which 250 senior executives from global brands were interviewed) indicate that whilst 99% of all executives surveyed believe that data is critical to achieve success, 62% feel that they are unable to convert this data into insights or action and an even further 68% say they can’t use the data to create relevant messages. 

Banks have a wealth of information about their customers’ income, lifestyles and purchasing behaviour. The problem is that this data resides in silos within the organisation, making it impossible to understand what a customer needs when they need it – much less accurately predicting their needs over time so that the customer benefits from every interaction they have with the brand. The credit card division works off a different dataset to the home loan division, for instance. The result could be that the bank ends up offering a credit card to a customer who already has two or three, rather than offering him preferential rates on a home loan because the bank knows he’s looking to buy a house.

When data is integrated and centralised, all departments work towards a common KPI: to drive business growth by meeting the needs of a particular customer at a particular point in their lifecycle.

Yet, performance in banks is still measured by business-unit KPIs. This has resulted in disjointed organisational cultures and decentralised decision-making.

Stop-gap solution

There is some awareness of this problem though, as seen by the trend towards creating cross-functional teams when launching a new product or brand experience. In these set-ups, brand and product teams, marketing teams and the IT department come together to focus on what a good customer experience looks like and how technology and data can support it.

Once the cross-functional brainstorm is finished, however, the different teams go their separate ways to focus on their individual objectives that usually have nothing to do with the KPIs that result in digital transformation. Digital transformation requires strong leadership and vision to drive the change and reap the rewards.

Customer first

All marketing and digital transformation strategies need to put the customer experience first – and that requires a new approach to data management, a new approach to technology enablement and, most importantly, a new approach to organisational culture.

This cultural change can only be driven from the top and it is imperative that senior executives integrate digital transformation across all their products and services and create a team of digital experts who are experienced in modern marketing practices and understand the customer journey and how data and technology can enable that experience. Until this happens, the agility crisis facing banks will continue, putting their business models at risk.

Featured

Legion gets a pro makeover

Lenovo’s latest Legion gaming laptop, the Y530, pulls out all the stops to deliver a sleek looking computer at a lower price point, writes BRYAN TURNER

Published

on

Gaming laptops have become synonymous with thick bodies, loud fans, and rainbow lights. Lenovo’s latest gaming laptop is here to change that.

The unit we reviewed housed an Intel Core i7-8750H, with an Nvidia GeForce GTX 1060 GPU. It featured dual storage, one bay fitted with a Samsung 256GB NVMe SSD and the other with a 1TB HDD.

The latest addition to the Legion lineup has become far more professional-looking, compared to the previous generation Y520. This trend is becoming more prevalent in the gaming laptop market and appeals to those who want to use a single device for work and play. Instead of sporting flashy colours, Lenovo has opted for an all-black computer body and a monochromatic, white light scheme. 

The laptop features an all-metal body with sharp edges and comes in at just under 24mm thick. Lenovo opted to make the Y530’s screen lid a little shorter than the bottom half of the laptop, which allowed for more goodies to be packed in the unit while still keeping it thin. The lid of the laptop features Legion branding that’s subtly engraved in the metal and aligned to the side. It also features a white light in the O of Legion that glows when the computer is in use.

The extra bit of the laptop body facilitates better cooling. Lenovo has upgraded its Legion fan system from the previous generation. For passive cooling, a type of cooling that relies on the body’s build instead of the fans, it handles regular office use without starting up the fans. A gaming laptop with good passive cooling is rare to find and Lenovo has shown that it can be achieved with a good build.

The internal fans start when gaming, as one would expect. They are about as loud as other gaming laptops, but this won’t be a problem for gamers who use headsets.

Click here to read about the screen quality, and how it performs in-game.

Previous Page1 of 3

Continue Reading

Featured

Serious about security? Time to talk ISO 20000

Published

on

By EDWARD CARBUTT, executive director at Marval Africa

The looming Protection of Personal Information (PoPI) Act in South Africa and the introduction of the General Data Protection Regulation (GDPR) in the European Union (EU) have brought information security to the fore for many organisations. This in addition to the ISO 27001 standard that needs to be adhered to in order to assist the protection of information has caused organisations to scramble and ensure their information security measures are in line with regulatory requirements.

However, few businesses know or realise that if they are already ISO 20000 certified and follow Information Technology Infrastructure Library’s (ITIL) best practices they are effectively positioning themselves with other regulatory standards such as ISO 27001. In doing so, organisations are able to decrease the effort and time taken to adhere to the policies of this security standard.

ISO 20000, ITSM and ITIL – Where does ISO 27001 fit in?

ISO 20000 is the international standard for IT service management (ITSM) and reflects a business’s ability to adhere to best practice guidelines contained within the ITIL frameworks. 

ISO 20000 is process-based, it tackles many of the same topics as ISO 27001, such as incident management, problem management, change control and risk management. It’s therefore clear that if security forms part of ITSM’s outcomes, it should already be taken care of… So, why aren’t more businesses looking towards ISO 20000 to assist them in becoming ISO 27001 compliant?

The link to information security compliance

Information security management is a process that runs across the ITIL service life cycle interacting with all other processes in the framework. It is one of the key aspects of the ‘warranty of the service’, managed within the Service Level Agreement (SLA). The focus is ensuring that the quality of services produces the desired business value.

So, how are these standards different?

Even though ISO 20000 and ISO 27001 have many similarities and elements in common, there are still many differences. Organisations should take cognisance that ISO 20000 considers risk as one of the building elements of ITSM, but the standard is still service-based. Conversely, ISO 27001 is completely risk management-based and has risk management at its foundation whereas ISO 20000 encompasses much more

Why ISO 20000?

Organisations should ask themselves how they will derive value from ISO 20000. In Short, the ISO 20000 certification gives ITIL ‘teeth’. ITIL is not prescriptive, it is difficult to maintain momentum without adequate governance controls, however – ISO 20000 is.  ITIL does not insist on continual service improvement – ISO 20000 does. In addition, ITIL does not insist on evidence to prove quality and progress – ISO 20000 does.  ITIL is not being demanded by business – governance controls, auditability & agility are. This certification verifies an organisation’s ability to deliver ITSM within ITIL standards.

Ensuring ISO 20000 compliance provides peace of mind and shortens the journey to achieving other certifications, such as ISO 27001 compliance.

Continue Reading

Trending

Copyright © 2019 World Wide Worx