Cloud

The end of IBOR – what will change for the financial industry?

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The end of IBOR – what will change for the financial industry?

How can the transformation process succeed?

Dr. Lars A. Ludwig has been an expert in business software in the finance sector and a managing director for more than 25 years Targens. With his passion for innovation and organizational development, he was awarded the highest German IT award in 2011 "CIO of the year “. He has a wide range of experience from AI research and management consulting to software engineering, especially in the field of financial services. Targens supports banks and insurance companies with tailor-made solutions.

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Dr. Lars A. Ludwig has been an expert in business software in the finance sector and a managing director for more than 25 years

Dr. Lars A. Ludwig has been an expert in business software in the finance sector and a managing director for more than 25 years Targens. With his passion for innovation and organizational development, he was awarded the highest German IT award “CIO of the year” in 2011. He has a wide range of experience from AI research to management consulting to software engineering, especially in the area of ​​financial services. Targens supports Banks and insurance companies with tailor-made solutions. © Copyright: www.werbefotografie-stuttgart.de

In a first step, financial institutions have tackled the identification of relevant positions and a list of the affected products as well as the evaluation of financial, legal, regulatory and operational risks. It was important to note that the new reference interest rates are integrated in all new and old contracts that run beyond 2021. Customers must also be informed about the contract changes. Since many different customer groups are affected by the reform, targeted communication and transparency are particularly crucial.

The next step was concern analyzes. Fallback clauses had to be identified and contracts checked for fallback clauses before further scenario analyzes could be carried out. An implementation plan could then be drawn up that determines the effects on the bank’s product portfolio and the necessary changes to infrastructure and processes. Many banks are currently already in the process of implementing an IBOR reform program including budget, human and resource allocation.

As a result of the replacement, manipulations will be much more difficult in the future than in IBOR times. But one thing is also clear: the changeover to the new reference interest rates cannot succeed overnight. Financial institutions should expect that the transition process will not be completed with the replacement of IBOR at the end of 2021, but will keep the industry busy for several years.

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How financial institutions can differentiate themselves today

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How financial institutions can differentiate themselves today

Carsten Dalquen is Account Director Digital at the IT service provider Macaw

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Carsten Dalquen is Account Director Digital at the IT service provider Macaw

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Carsten Dalquen is Account Director Digital at the IT service provider Macaw

The financial sector has undergone significant changes in the past few years. As new players, fintechs are putting pressure on traditional financial institutions, and customer behavior has changed fundamentally. Today, banking and insurance customers are more informed and more willing than ever to switch. If they are no longer satisfied with the products and services of their provider, they quickly migrate to the competition – after all, they are only a few mouse clicks away.

Differentiating yourself is becoming more and more difficult. Almost every bank today offers its customers mobile access to their current account and practically every insurance company makes its policies clearly available on an online portal. An optimal customer experience has developed from something unique to a hygiene factor in recent years.

So how can financial institutions differentiate themselves from the competition under these circumstances? By taking the next step in terms of customer experience and offering their customers real added value. You can start at four central points:

Optimize continuously. Products and services launched today are likely to be out of date tomorrow. That is why they should always be critically examined and adapted to the wishes and needs of the customers. What are your requirements and how would you like to manage your financial affairs? When answering these questions, financial institutions should not shy away from new approaches and rely on new technologies such as blockchain.

Rely on cooperation. The IT of many financial institutions still consists of individual silos: departments with their own systems that hardly exchange data with one another. The result: Customers have to provide their data several times and not all departments are up to date with the current status of the customer journey. The elimination of these silos is therefore a crucial prerequisite for optimally serving customers. But cooperation with external partners can also help. For example, financial institutions can react to the increasing demand for sustainable financial products by cooperating with environmental or climate protection organizations.

Ensure flexibility and scalability. When it comes to new products and services, it is crucial to bring them to market quickly. This requires flexible and scalable IT systems. Therefore, financial institutions should consider moving away from their on-premises environments and at least partially migrating their systems to the cloud. Local servers are not only expensive and time-consuming to maintain – they also have limitations in terms of flexibility and scalability. The cloud, on the other hand, enables financial institutions to react quickly to increasing data traffic and to access customer data in real time.

Collect customer data and make it transparent. Extensive data is generated in the interactions between financial institutions and their customers. They can be used to optimize your own services and financial products and better adapt them to customer expectations. When financial institutions collect this data and make it transparent, they get a complete picture of their customers and can proactively address their needs. Tools such as no- / low-code platforms help them to make the large amounts of customer data more accessible and usable for all relevant stakeholders in the company – and to use them specifically to create real customer added value.

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99% of Canada has been cold since early May, except this sector

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99% of Canada has been cold since early May, except this sector

Tuesday, May 11, 2021 at 6:31 PM – It’s been cold since the beginning of May, all of Canada is left with below normal temperatures, with the exception of an area which is above normal: Nunavut

In short :

  • A boss who allows the cold to slide to Quebec;
  • A start to the month below normal;
  • The trend is reversing.

A cold coming down

The atmospheric pattern has allowed the cold to descend very low in the country, up to the American border, since the beginning of May. Only northern Canada was spared by the trough responsible for the descent of arctic air. Thus, Nunavut is the only sector to record highs and lows above normal since the beginning of the month. On average, minimum temperatures have been warmer than expected for the maximum for this period. In Iqualuit, the average maximum temperature between May 1 and May 9, 2021 was 2.27 ° C, while the average minimum temperature was -2.06 ° C. The average temperature was therefore 0.11 ° C… while the normal is -6.4 ° C.

TEMP IQALUIT

Beginning of month below normal

Since the start of the year, Quebec has recorded above normal temperatures. The beginning of May broke this trend. The mercury remained below normal and there were episodes of freezing on the ground. However, the second half of the month could see the month end near or slightly above normal.

TEMP MONTREAL

Him again…

The main culprit of this generalized cold: the famous blockage of Greenland. This high pressure area remained in this position for most of the winter and spring. The result is not very interesting for Quebec: the trajectory of the high winds prevents the heat from reaching the province.

COLD PATTERN

Return of sweetness

Fortunately for Quebec, a more zonal trajectory of the jet stream will allow the softness to return to Quebec. From Thursday, temperatures will again reach 20 ° C in the south of the province. The mercury should remain near 20 ° C for several days. Although the first third of May was chilly, the month is expected to average near or slightly above normal.

HOT PATTERN

SEE ALSO: More than 800 new young residents at the university

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The Czech authorities can start using the cloud. The Ministry of the Interior has published the supplier

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The Czech authorities can start using the cloud. The Ministry of the Interior has published the supplier

Each ministry now uses a number of information systems, variously developed and expensive, which often do not communicate with the registers and records of other authorities. The long-term goal is for the state to manage unified data centers and platforms, and ministries and authorities will use the individual services they need – such as e-mail, population registers or the property register. However, this will continue.

“The use of cloud services will help speed up the digitization of public administration services, which will have a positive impact on citizens. The citizen will have at his disposal a simple, scalable and secure operating environment for public administration information systems, “said Jiří Korbel, a spokesman for the Ministry of the Interior, which is in charge of eGovernment. According to him, it is not clear how much it will cost, state institutions should order services from their budgets.

The Cloud Computing Catalog is intended to meet the offers of solution providers and the demands of individual offices. A few days ago, the offers of the first six companies that met the security criteria, T-Mobile, Alef Nula, Atos IT Solutions and Services, AutoCont, DNS and exe, appeared here. Businesses can offer solutions in three categories: hardware solutions such as data centers and networks, software programs such as databases and web servers, and finally application services such as e-mail. According to Korbel, solutions from the first two categories will move to the cloud in the first phase.

The only inquirer is now the Ministry of the Interior, which is looking for, for example, a cloud file service solution, which should include, for example, document registration, filing, electronic signing, sealing and shredding. The department’s economy, including budget management, public procurement management and accounting, is also to be transferred to the cloud. In addition, the ministry wants to have internal issues on the cloud, such as salaries, employee attendance, as well as e-mail and intranets.

The interior also expects that all registries that are important for citizens will go to the cloud, such as the registry, the real estate register, land and construction proceedings or the registration of offenses.

“Data in the cloud is backed up and encrypted and protected against cyber attacks many times better than when stored in the repository of one of many public institutions,” says Lenka Axlerová, director of the Microsoft public administration sector. “We can offer the government a cloud solution both in the form of our virtual data center and in the form of services related to Microsoft products Azure and M365,” explains Kateřina Mikesková, a spokesperson for T-Mobile.

Sharing cloud services is ultimately to reduce the cost of using IT services. Many ministries have faced criticism in the past for the expensive purchase and operation of information systems.

The use of the cloud is linked to the law on further electronic procedures of public authorities, nicknamed DEPO, which was returned by the Senate to the Chamber of Deputies at the end of April with minor changes. The National Office for Cyber ​​and Information Security has already completed several follow-up decrees dealing with the criteria for the provision of cloud services or the classification of systems into several security categories.

What could go to the cloud?

Population records – population records with continuous data control and connection to other systems.

Matrix – detailed records of registry and related events, citizenship, name change.

Real estate register – a comprehensive overview of real estate of all types with current data from the cadastral office.

Offenses – records of offenses for an overview and effective solution of all phases of the life cycle of an offense.

Territorial and construction proceedings – support for the activities of the building authority in carrying out activities governed by the Building Act.

Cemetery administration – comprehensive records of graves, deceased, tenants, owners and other cemetery data.

Legalization and sighting – Verification of the literal conformity of the copy or the authenticity of the signature.

The Municipal Police – solution of all phases of misdemeanor proceedings with the possibility of lustration in the register of misdemeanors.

Citizen’s portal – continuous access to selected electronic services to citizens.

Source: Demand from the Ministry of the Interior in the Cloud Computing Catalog

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Artificial intelligence is bypassing bank customers

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Artificial intelligence is bypassing bank customers

Dr. Werner Steck, partner at Senacor

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Dr. Werner Steck, partner at Senacor

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Dr. Werner Steck, partner at Senacor

“With artificial intelligence, you can create aha effects and surprise customers,” says Dr. Werner Steck, partner at Senacor. “It is easy for people to get excited about something that they have never seen before. Many customers don’t know what they want until someone shows them. On the other hand, those who only fulfill what is required anyway never end up at the top, but always in the field of pursuers. “

How banks come up with these new ideas that AI makes possible can be summed up in three words: discover, understand, design. In doing so, the banks first start with ideas on how they want to use artificial intelligence. Then they start an AI experiment to understand where opportunities and threats arise and what they have to do to ensure that customers benefit too. The services to be designed follow from this and can be checked again. The cycle continues until a product is ready for the market. “Anyone who works in agile teams benefits in particular in AI projects because IT and specialist colleagues have to work closely together,” explains Steck.

Instead of starting from scratch, more and more banks are now cooperating with fintechs, which have often already implemented specific ideas with an AI. Startups from the USA have grades during their studies, the SAT score (Scholastic Assessment Test) or payment data from online marketplaces evaluated by an AI in order to decide who gets a loan and who doesn’t. The question for banks is how they can get the data they need for their projects. “Cooperations such as that of Deutsche Bank with the Finanzguru app show where the journey can go,” explains Prof. Dr. Fridgen. “The train has not yet left because the field is not that ripe.”

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CRM and BI: a promising partnership

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CRM and BI: a promising partnership

From business intelligence to marketing intelligence

In order to ultimately contact customers in a targeted manner, cross-channel marketing is used. Companies try to reach consumers through multiple touchpoints along their entire customer journey. Social networks, email targeting, websites or smartphone apps are just a few examples of these so-called points of contact that allow companies to conduct targeted marketing. Purchasing decisions depend to a large extent on reaching the consumer at the right time, at the right touchpoint and with the appropriate product. “How successful the marketing is depends on the data analyzed by the CRM systems bundled with BI,” explains Litz. “Thanks to the pre-segmented customer types, companies know which product is of interest to the respective target group and can therefore act in a targeted manner.” With CRM and BI, corporations create a promising partnership. Together they provide a basis for realizing tailor-made offers that profitably increase market efficiency.

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Bringing digital transformation on track with new data backup

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Bringing digital transformation on track with new data backup

© momius – Fotolia

Many companies want to be more data-driven and want to invest in their cloud strategy. These trends accelerated in 2020, as did the use of collaboration tools to enable remote working. This is not only related to the Covid-19 pandemic. These shifts started before that and will continue after the crisis ends. However, over the past year they have accelerated exponentially.

However, there are still barriers to digital transformation that are preventing companies from investing in their own growth strategy to make their business less risky and future-proof. The opportunities and the necessity of digital transformation have become very clear in the last 12 months, whereby there is one factor in particular that is holding them back: data protection and the ability of a company to keep its data available at all times.

If data protection is not modernized, it will undermine initiatives to transform many companies in EMEA. The Veeam Data Protection Report 2021 found that almost a third of EMEA companies slowed or stopped their initiatives in the past year. A high number when you consider that for the vast majority of businesses that operate online, enabling remote workers and migrating data systems to the cloud is a business continuity issue.

In addition, many of the companies that are increasing their spending on digital transformation and the use of cloud services are building on a weak foundation of data security. Globally, our report shows that 58 percent of all backups fail. That is, companies try to run before they can run when it comes to investing in technology. So the majority of data is not adequately protected.

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Viral Photos of Colored Sky Phenomenon After the Earthquake, This is a Scientific Explanation

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Viral Photos of Colored Sky Phenomenon After the Earthquake, This is a Scientific Explanation

KOMPAS.com – On social media, photos are circulating showing the closed sky cloud and emitting rainbow colors, Saturday (10/4/2021).

The narrative written by the uploader, this celestial phenomenon occurs after earthquake earth.

Several other Twitter users also posted the same photo, showing clouds with light rays.

As of Sunday (11/4/2021), the photo has been re-shared 62 times and liked more than 565 times by other Twitter users.

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How do you explain this celestial phenomenon?

Head of Mitigation Division Earthquake Earth and Tsunami Agency for Meteorology, Climatology and Geophysics (BMKG) Daryono said the celestial phenomenon had nothing to do with the earthquake that occurred in Malang on last Saturday.

“There is no connection,” said Daryono when contacted Kompas.com, Sunday (11/4/2021).

According to him, the phenomenon of radiance on clouds after the earthquake was just a coincidence.

Phenomenon cloud irisdence

Meanwhile, when contacted separately, Indonesian amateur astronomer, Marufin Sudibyo, said that the cloudy sky phenomenon seen in the photo above and emitting rainbow light is called an irritating atmospheric phenomenon or cloud irisdence.

“This is a pure atmospheric phenomenon due to the presence of a strong light source (the Sun) and a cloud barrier whose edges are thinner,” said Marufin to Kompas.com, Sunday (11/4/2021).

He said that the light appeared considering the angular distance between the colors seen and the position of the Sun was relatively small (less than 45 degrees).

Marufin explained that this phenomenon is the same as when someone plays soap bubbles in a bright place during the day.

In the bubble, you will see rainbow colors glow caused by the diffraction of sunlight by nanoparticles that make up a thin layer of soap bubbles.

“Because sunlight is a combination of rainbow colors, when it is diffracted it will form rainbow colors as well. Not as dark and light patterns,” he continued.

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Related phenomena cloud irisdence which happened on Saturday (10/4/2021) afternoon, Marufin said, it happened when the sunlight was blocked by high clouds.

Then, the edges are quite thin and are composed of water droplets or micro ice crystals. At that time, light diffraction occurred.

Marufin explained that when the light from the diffraction products is transmitted to Earth until it reaches the observer’s eye, it will appear as rainbow colors.

The appearance of a rainbow of colors is determined by the size of the ice crystals.

“If the crystal grains are bigger, what will be formed is the halo (halo) phenomenon,” said Marufin.

In contrast to the fire rainbow

It is necessary to know, said Marufin, a phenomenon cloud irisdence different from the phenomenon of the rainbow fire.

He explained, fire rainbows are not a celestial phenomenon because actually fire rainbows occur in the Earth’s atmosphere.

“The fire rainbow occurs through a mechanism similar to that of the Halo Sun enomene, which is the refraction of the Sun’s light by micro-ice grains with a hexagonal plate structure in high clouds such as Cloud Cirrus, “ujar Marufin.

“So the formation process is similar to a rainbow. It’s just that in a rainbow, the position of the Sun is behind us while the raindrops are in front of us,” he continued.

Furthermore, the rays of the sun are refracted by the raindrops and then reflected perfectly so that the direction is the opposite of the direction of the sun’s light.

The process forms a semicircular arc of light equipped with a rainbow color component.

There is no factor from the earthquake

From this explanation, Marufin revealed, a phenomenon cloud irisdence does not occur because of the earthquake.

This sky phenomenon appears during the day and there are scattered clouds with high tops such as cumulus / altocumulus clouds in the central and eastern parts of Java.

“If this factor does not exist, then we think that it may be related to earthquakes. Because these factors exist and they occur more frequently, then the relationship with earthquakes cannot be withdrawn,” said Marufin.

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The Process of Forming Clouds and Their Types

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The Process of Forming Clouds and Their Types

Suara.com – When it’s sunny, cloud looks so beautiful with a combination of white and blue which is so contrasting. If you ask how clouds form, here’s an explanation the process of forming clouds and types.

The cloud itself is a mass of condensed water droplets (ice crystals). Because they are light, they float in the atmosphere. According to Nasa (National Aeronautics and Space Administration, this condensation occurs due to condensation).

Please note, air contains water vapor. The water vapor then overflows into droplets of water to form clouds. Here is the cloud formation process that you need to know.

1. Hot air contains water vapor

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Renewable and Non-Renewable Energy and Examples

It is known that hot air contains water vapor in the air. Then the hot air overflows until it is in the lowest temperature layer. Then, the steam melts and forms a cloud.

2. Clouds are formed

The process of forming clouds and their types – photo as an illustration. (Pixabay / Free-Photos)

After the cloud is formed, the water droplets contained in the cloud will get bigger so that the cloud becomes heavier. Slowly, the earth’s gravitational force will pull the clouds down to a level, then the grains become rain.

3. Clouds disappear

It should also be noted, if the water droplets are brought into contact with hot air, then the water droplets will evaporate which makes the clouds disappear. This is what makes the cloud shape change often. The water contained in the clouds will alternately evaporate and melt.

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Fossil Fuels: Their Formation Process, Types, and Uses

The factor of cloud formation is influenced by a number of elements. The elements are wind, air pressure, air humidity, and cloud form (air mass, cloud temperature, air motion).

1. High Clouds

This type of high cloud means a cloud that is at an altitude of about 6 -12 kilometers above sea level. This type of cloud consists of ice crystals and has a number of categories, namely: cirrus, cirrostratus, and cirrocumulus.

2. Medium Cloud

This type of intermediate cloud means clouds that are at an altitude of about 3-6 kilometers above sea level (above sea level). The types of intermediate clouds are: Altocumulus and Altostratus.

3. Low Clouds

This type of low cloud means clouds that are at an altitude below 3 kilometers above sea level. The groups that enter this type of cloud are: stracomulus, stratus, and nimbostratus.

4. Clouds Due to Rising Air

Clouds due to rising air mean clouds that are at an altitude of about 500 to 1500 masl (meters above sea level). The categories for this type of cloud are: Cumulus and Cumulonimbus.

This is the information about the cloud formation process and its types. Hopefully this information is useful for readers.

Contributors: Ulil Azmi |

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“There is no getting around cloud solutions in banking”

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“There is no getting around cloud solutions in banking”

© Brian Sarubbi @Pixabay

In the last year, many banks have managed to change processes quickly and smoothly and to adapt them to the new circumstances. Projects in the area of ​​business continuity management (BCM), which the supervisory authorities had repeatedly warned for other reasons, have proven themselves in the current emergency. How is your experience here over the last few months?

Boris Strucken: I would agree with the positive conclusion here. On the whole, the banks managed to maintain their services during the crisis despite the dramatic situation. In the crisis situation in particular, the financial institutions ultimately had the important role of passing the government’s aid measures on to companies. This responsibility has been met. Of course there were technical problems here and there.

The issue of cybersecurity will also have to become even more important in the coming months and years. But the digitization measures started in recent years have already paid off during the crisis. However, it must also be clearly stated that the habits of bank customers have also changed in recent months. Online banking, contactless payments and online payments are on the advance with seven-mile boots. For banks, this means that you have to vigorously continue on the path you have chosen.

An almost unsolvable problem with banks is the old legacy history. What has changed here in the last few months?

Boris Strucken: In the last few months, large projects have been on the back burner due to the situation. Banks had their hands full keeping their business operations going and adapting to the new circumstances. In a highly regulated environment, working from home is of course not without its problems. I also assume that we will not see any more huge migration projects like in the past. The Big Bang harbors too many operational dangers for institutes – but also the image of faux pas for technology.

I am therefore convinced that in the next few years we will see developments in the direction of a step-by-step transformation. Exceptions at this point, however, could be merger projects, because the bank consolidation is building up pressure here. The renewal of the engine room remains the greatest challenge in order not to come up against the natural architectural limits in the long term with increasing online transactions.

Core banking systems from the cloud: what is your assessment. Exciting or dangerous because of “restore from hell”?

Boris Strucken: There is no getting around cloud solutions in banking; cost and scaling advantages alone are too significant. In the last few months we have observed various projects that show that financial institutions have shed their shyness about technology. European cloud projects like Gaia-X also have what it takes to address and further minimize concerns about data security.

Every bank must also think about how the new solutions can fully develop their potential – and at the same time avoid excessive dependencies. Core banking systems from the cloud are ultimately also indispensable in order to meet customer requirements in terms of flexibility and speed.

With cloud-based systems it is much easier for banks to offer new products and services, and links to other service providers can be implemented quickly using APIs. I am convinced that, for example, income from non-banking services for institutes will come more into focus. Thanks to cloud-based solutions, there are completely new opportunities in the future.

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