Tech

IT teams at the point of burnout

The decision makers of IT being pushed to the point of burnout because of the pressure asserted on them. A new research from Pulsant which is the leading UK provider of regional data centre and cloud infrastructure services said that almost two thirds of UK’s IT decision makers went through the immense pressure in order to keep their organisations running smooth and efficiently in the past couple of months. Approximately 80% of them admitted that this pressure harmed their health and wellbeing. The survey was conducted on 201 UK IT ‘s decision makers – 40 percent of them reported back saying they are experiencing anxiety , 35 percent suffering from unsustainable stress which might lead to burnout if not addressed soon, 24 percent did experience burnout which resulted to be absenting from business. 20 percent have already either resigned or in search of a new job.

With the increase in expectations of 77 percent of IT decision makers have said that there is an increase pressure and it has risen within their organisation from past 12 months.

The focus on security and compliance constituting of about 45 percent , 39 percent of the exception in working with more areas of the business , 38 percent of the IT expectations to provide support and to have knowledge on a wider range of technologies , 36 percent to develop the ageing infrastructure and the last 35 percent being expected to deliver projects quicker. An accelerating change that IT teams are under more pressure to support more critical initiatives and deliver faster results while they ensure business systems remain available, secure and complaint, says Simon Michie.

A divide in opinions on the purpose of IT where in it seemed like both a care taker of information and technology and also the driver of innovation across business. Where half of the business leaders saw the role of IT as a mere help desk front and the other half of the decision makers saw it the innovation enabler responsible for business critical systems. It became influential in board level business decision making gaining the majority of 87 percent from IT decision makers claiming that IT was involved in setting up business strategies. With the 93% of the IT team on the board representing the sector helped in highlighting that IT is now widely used critical function.

The positive factor is that both business leaders and IT decision makers recognise the role of IT in driving innovation at the same time it is evident that more support and attention needs to be provided to the IT sector for it to perform efficiently and maintain the wellbeing of its professionals at the same time.

Tech

AI role in customer experience in banking

The concept of banking first sprung up around 8000 BC. Then, there came various drastic changes to expand their services and innovate their business models. Artificial Intelligence (AI) and Machine Learning (ML) are applied to help banks and financial institutions nowadays. A survey by the Economist Intelligence Unit (EIU) showed that 77% of banking executives believe that the use of AI will ultimately differentiate between winning and losing banks.

This pandemic has triggered a sudden socioeconomic shift from physical to digital. There is a rapid switch to digital channels. Recent research by YouGov was conducted in June 2021. And that revealed that digital services have become the de facto way of conducting business and access services during the pandemic. EIU’s survey showed that enhancing the user experience through better personalisation ranked first in the most valuable uses of AI.

Customer propositions are no longer fit-for-all. It involves both banking and non-banking products and services. To identify the customers’ needs the banks must take an entirely new approach to innovation. They should adopt a customer-centric view. This starts with understanding the customer needs. AI makes it much easier to analyse customer preferences. The redesigning of customer loyalty program gives banks an accurate understanding of customer. Effective personalization offers customers not only better leads but also a more unique experience. The customer experience can be improved by applying AI. Banks must also build out their capabilities to strike new partnerships.

Businesses across all industries are working hard to retain their customers, including banks. AI can become a banking institutions’ superpower. This can take the customer experience to new heights, resulting in happier and more loyal customers. It will also reduce a bank’s operating costs and enable increased revenue per customer. To become AI First, banks must focus on streamlining their technology layer. They also require a strategy to engage customers through channels owned by them and their non-banking partners. Business and technology must work hand in hand, with cross-functional teams breaking up organisational silos.

Tech

Amazon to offer insurance to UK businesses

The technology giant’s first foray into business insurance in the country, broker Superscript said that Amazon is going to start offering insurance to small and medium-sized UK business customers. Members of Amazon’s Business Prime program will be able to buy cover from superscript such as contents insurance, cyber insurance and professional indemnity insurance. Superscript spokesperson said that those would be underwritten by major UK insurers. A discount of 20% will be offered to current rates. This is to entice the businesses over to them.

50% of customers are prepared to buy insurance from non-traditional players. A recent survey of 12,000 people globally by consultants Capgemini showed this. Cameron Shearer, co-founder and CEO of Superscript, said in a statement that the insurance industry needs to bridge the divide between insurers and customers. Amazon’s move into UK business insurance comes after U.S. insurtech Next Insurance said that it was offering cover to U.S. small businesses. And that too via Amazon Business Prime. Molly Dobson, Country Manager for Amazon Business UK & Ireland, said in the statement that as the businesses come out of the pandemic, they want customers to have the best-in-class tools to run their business.

Financial institutions are worried that tech firms will steal their business. But industry sources said that the insurers and tech firms are more likely to forge partnerships. Because of the given difficulties and expense for outsiders in entering the highly regulated finance sector. Amazon also offers warranty insurance and “buy now, pay later” services in Britain.

Tech

In NFT fantasy soccer game, SoftBank leads funding

Blockchain-based fantasy soccer game Sorare has raised $680 million. This is through a funding round, which is led by SoftBank. According to the company, it includes players such as ex-England international Rio Ferdinand and Spain’s Gerard Pique. Paris-based Sorare said that the investment valued the company at $4.3 billion. Sorare is an online game, since 2018. Here players buy officially licensed cards that represents soccer players. They can build teams and play against each other. This is based on the players’ performance in real-life games.

The cards are traded in the form of non-fungible tokens (NFTs). The market for NFTs has seen major growth in 2021. Michel Combes, president of SoftBank Group International, said that they think NFTs represent a new paradigm in the collectability, usability, and engagement with assets. This evolution from physical assets to digital assets is very powerful. This also creates a lot of exciting potential business models. NonFungible.com is a website that tracks NFT market data. According to them, Sorare is the largest sports-based NFT platform by sales volume. They are planning to open an office in the United States. So that they can expand into other games out of Sorare.

Nicolas Julia, CEO and co-founder of Sorare said that they saw the immense potential that blockchain and NFTs brought to unlock a new way for football clubs, footballers, and their fans to experience a deeper connection with each other. They believe that this is a huge opportunity to create the next sports entertainment giant. Since January 2021, there have been $150 million of sales on Sorare. The fundraising round was SoftBank’s first time investing in Sorare. SoftBank’s Latin America fund also contributed. Other investors in Sorare’s raise are such as venture capital firms Accel and Bessemer Ventures, Pique, Ferdinand, Antoine Griezmann and Spain’s Cesar Azpilicueta.