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.
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.
Santiago Segura He has fulfilled a dream that has accompanied him since he was a child watching the James Bond movies: “Be the villain”. “Sean Connery had nothing to do with me,” he jokes, “I always identified with the bad guy.” The opportunity has been given LOL: If you laugh, you lose, the first entertainment format of Amazon Prime Video in Spain. In it, he leads – and punishes – ten comedians locked up for six hours in which they are forbidden to laugh. Its first five installments will premiere this Friday may 14 on the platform and, a week later, on the 21st, its finale will be broadcast.
Amazon puts a face to the comedians who will accompany Santiago Segura in ‘LOL’, from Yolanda Ramos to Arévalo
Yolanda Ramos, Silvia Abril, Rossy de Palma, Paco Collado, Mario Vaquerizo, El Monaguillo, Edu Soto, David Fernández, Carolina Noriega and Arévalo make up the varied casting that, for the presenter, “is very well chosen”, because of how they have achieved a range of comedians with disparate audiences. Of them stands out his work “improvising” within the species of “Big Brother, but without sex “, as defined in the presentation, which constitutes the program.
The also jury of The challenge celebrates having been able to count on “two henchmen”, Cañita Brava and Xavier Deltell -Also present in this interview-, who accompany him on the mission of monitoring the contestants through the 51 cameras distributed on the set and taking them the yellow and red cards when they break the rules.
Santiago, at the beginning of the first chapter you define yourself as “the evil genius” and that it was something that caught your attention since you were little, what was it that attracted you to this role?
Santiago Segura: The first thing, presenting a contest, a talent show is something that I love. Also Amazon as a platform because I knew they were going to pamper the show. And being a James Bond villain because since I was little I watched movies and yes, I really liked James Bond; But I was seeing Sean Connery and it had nothing to do with me. I always identified with the bad guy. That he was always bald, ugly, fat … That could be me (laughs).
It has come a little late in life, but I have made it. Be a villain and have my own crime complex, Marina LOL [así es cómo llaman al lugar en el que encierran a los cómicos]. Also, when I said that if I could have minions, they asked Amazon “but what do you mean?”. I told them that I have two people that I like to bring along whenever I can, who are Cañita Brava and Xavier Deltell. They said go ahead, so I’m the happy villain.
Do you think they would have endured more than six hours locked up? What could have happened if it had been 10 or even 24?
SS: It would have ended sooner. This program has been so complicated … In the first episode, as we got these creatures, who are like schoolboys, they all started laughing. We did not know what to do. Do we give seven yellow cards as soon as we start? They had all laughed. This program has been done in several countries and this had not happened in any edition. I finally walked in and said “guys, how about we focus a little bit?” Everyone asked for forgiveness and then they concentrated; but enough that they lasted the six hours to do the six programs.
They asked us if a lot of material had been lost with the edition. This program could have been done live, the entire six hours could go out because there was a lot of grace all the time. It has been edited and the best remains, but what they have excluded was just as good.
Xavier Deltell: One more special could be made.
SS:LOL: If you laugh, you lose It is like the pipes, when you want to realize they have run out. It’s great to see comedians improvise. The cast is very well chosen because there is always one that you like. They all have their fans and they are all very funny. You see them in their purest form because they are improvising except when they use their joker. A card with which they force the rest of their classmates to pay attention to them for three minutes. That’s when they do their show that they can bring prepared from home, but the rest is improvised. I, who am not an easy laugh, laughed.
XD: Yes, we were laughing. We were aware of all the cameras controlling. There is more than one moment in which someone who had laughed had not realized it. We have discovered it because we are a kind of VAR.
Have your possible predictions been fulfilled as to who would be better able to hold the laughter and who would not?
SS: In your mind you make a cheer because you know them very well and you know how funny they are; and you say “sure that this one does not laugh”. But suddenly, the surprise arrives and people who you thought would last until the end, laugh and come out of the first. It is very curious because the person who makes you laugh the most does not necessarily have to be the one who wins. You can be the one who laughs the most, but also the one who laughs the most easily. It’s fun.
Would you have liked to attend as contestants? How do you think you would have gone?
XD: Good … until sometime bad. I usually put up with laughter a lot, but it is true that there are moments that, especially when they improvise, really surprise you. You ask yourself: How is he doing this now? How did you get that? Of course, I think Santiago would have won.
SS: If I had competed I would have won because I am very generous (laughs) and competitive. I don’t think about going anywhere where I think I’m not going to win.
You lead the first Amazon Prime Video program in Spain, do you think there may be an upward trend and that humor is increasingly sneaking onto platforms?
Amazon has realized that humor is critical because people need to laugh; and also that humor does not travel especially well. What makes Germany laugh in Spain leaves us indifferent, and vice versa. Have this format and bet on the version of each country; like the one from Mexico with Eugenio Derbez, the one from Germany with Michael Herbig and the Spanish one with me shows that they have made an effort to have that humor and local. Yes it may be the new flowering of humor on the platforms.
“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.”
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.
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.
Attention, music lovers of the old school, melancholic of other times in which the records were heard from end to end while absorbing information from the booklet o Inside CD booklet: better put your wonder to the test because music industry news can be disconcerting.
Recently, the three largest record companies in the world (Warner Music, Sony and Universal Music Group) reached an agreement with the social platform TikTok, which in a certain way can be interpreted as that the luck of the songs will be played in videos of 15 seconds long.
That is how long the stories last in that social network, which is on the rise worldwide and especially among the youngest. And that repetition and viralization that reaches only a small portion of all the content that is uploaded there has become the new source of hits Generator of views of millions, far above other platforms, such as Spotify or YouTube.
That is the summary of a long note who developed the site TechRadar, entitled “TikTok is changing the rules of the music industry”, adding that “the future is here, and it lasts 15 seconds”.
To put it in context, it is worth saying that during 2020 and in full quarantine, the video platform was (after Zoom, obviously) one of the applications that grew the most in downloads and active users.
From there, absolutely unexpected phenomena occurred. Fleetwood Mac, for example, had an unusual revitalization after an unknown user of the platform reached stratospheric levels of viralization with a short clip of him skateboarding and drinking juice, while the band’s classic was playing, Dreams, from the year 1977.
But in reality there are many songs that can hit you randomly, such as the one that best illustrates bloopers on virals, known for her chorus that simply says “Oh no, no no no.” How to measure the “indecipherable carambola” that these may have hits virals in combination with algorithms, the original theme of that remix is Remember (walking in the sand), from an old girl band from the ’60s called The Shangri-las. Or, much more here and on another scale, what happened in recent years with the song The pupera, by Mona Jiménez, which today is synonymous with Friday and celebration in the social networks of Cordovan users.
“There are some elements that just ‘work’ in the app. We are looking for a 15 second vocal hook, often with clear and actionable words, a kind of call to action. Something that the user can apply to his own life, “he explained to TechRadar Dylan Easter, music partnership manager in the company of marketing in Fanbytes social networks.
The expert reveals that he has worked to position artists who on YouTube had three million views, and who on TikTok reach 17.4 million. That percentage would be a common difference between platforms.
Some sources in the music industry estimate that 50 percent of the songs played on TikTok are not licensed, which has sparked a long series of lawsuits with record labels (something that would now supposedly be solved with the signed agreement).
The “challenge” as a new standard
Often these phenomena occur with dances, movements or situations that become challenges, or challenges in the networks, which are replicated in an unstoppable domino effect of incalculable dimensions. What continues to sound is the music that accompanies the viral, while its reproduction grows exponentially.
Some analysts see a panorama in which all the singles (the format par excellence at this time in the music industry) are edited “by default” with their own challenge for its launch, almost as it happens naturally with video clips.
The music, well in the background
There are a couple of substantive questions to ask. The first and obvious one is that, like practically everything in this new pandemic reality, the music industry is extremely hit economically, with the sale of physical copies as a thing of the past (although they also explode the heart of the fan who pays whatever for the vinyls).
In this context, the figures produced by these digital platforms are of course more than tempting to point the guns at this form of consumption and see how monetization is achieved.
For the artists themselves, this also represents another interesting potential source of income, although they warn that, if the deal has been made with a major label, “they will only receive between 10 and 15 percent of the profits generated.”
And the second question is to ask oneself about the role, increasingly secondary and almost like ambient music, that is given to the songs. The songs become an instrument that no longer operates due to its own melodic, harmonic or semantic content characteristics due to its lyrics, but as an indissoluble complement as part of its exploitation within another larger platform, in this case TikTok.
To make matters worse, with the addition of the ultravolatility of these times: if the miracle does not occur in 15 seconds, a scroll and another thing, that for something they have made them infinite.
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.
TELEMUNDO 47 AND NBC 4 NEW YORK’S COMPETITIVE GRANT PROGRAM “INNOVATION PROJECT” OPENS IN 2021 WITH MORE FUNDS
FORT LEE, NJ – (Jan 8, 2021) – Telemundo 47 / WNJU, NBC 4 New York / WNBC and Comcast NBCUniversal Foundation will introduce their competitive grant program, Project Innovation for the fourth consecutive year when grant applications open on the 8th January 2021. Those local nonprofit organizations that are helping communities move forward, fostering a culture of equity and inclusion, creating avenues for people to participate and volunteer in community engagement efforts, fostering the next generation of storytellers and providing young people with the tools they need to be successful in multiple disciplines, including entrepreneurship, they are encouraged to submit a grant application for Project Innovation in nbcuproyectoinnovacion.com or in english in nbcuprojectinnovation.com between January 8 and February 12, 2021.
“Local nonprofit organizations have been on the front line throughout the pandemic, offering essential services and working 24 hours a day to support our neighbors in need,” said Cristina Schwarz, President and General Manager of Telemundo 47. “Project Innovation is one of the most important vehicles of our station to recognize these good works and celebrate their success. We strongly encourage tri-state nonprofits to participate in this year’s grant round. Regardless of the language they speak or the neighborhood they serve ”.
Telemundo 47, NBC 4 New York and Comcast NBCUniversal Foundation will award a total of $ 315,000 (compared to $ 225,000) to up to 12 community organizations in participating markets in May 2021. In total, across all participating markets, A total of $ 3,475 million will be awarded to eligible nonprofits, compared to $ 2,475 million awarded in previous years.
“Our grant program benefits local nonprofits that share WNBC’s commitment to diversity, opportunity creation, civic engagement and community service,” said Eric Lerner, President and General Manager of NBC 4 New York. “Through our partnership with the Comcast NBCUniversal Foundation we have raised additional funding for Project Innovation and are going to award more money to many more community organizations than ever before. This will make a difference in our neighborhoods and generate positive social change. “
To learn more about the program, join an informational webinar on January 27 at 1 PM. Confirm your attendance here. Access the rules and program eligibility at nbcuproyectoinnovacion.com. To access information in English, including the grant application, as well as the rules and program eligibility requirements, visit nbcuprojectinnovation.com.
Featured in 11 markets including New York, Telemundo 47 and NBC 4 New York will select and award grants to eligible nonprofits located and operating in New York, with a budget of more than $ 100,000 (defined by presentation plus organization’s recent IRS 990-N), and whose programs are helping solve everyday community problems in any of the following four grant categories:
1. Community Participation: Programs that allow people to participate and volunteer in their communities.
2. Culture of Inclusion: Programs that promote equitable access, opportunities and resources for traditionally underrepresented communities.
3. Next Generation Storytellers: Programs that promote access and develop avenues for emerging talents, diverse voices, and underrepresented youth to explore careers in news, entertainment, sports, and the arts.
4. Youth Education and Empowerment: In-school and out-of-school programs that equip youth with the tools they need to be successful, including STEM / STEAM education and youth entrepreneurship.
Participating markets in Project Innovation 2021 include: New York (WNBC, WNJU), Southern California (KNBC, KVEA), Chicago (WMAQ, WSNS), Philadelphia (WCAU, WWSI), Dallas-Fort Worth (KXAS, KXTX), Boston (WBTS, WNEU, NECN), Hartford, CT (WVIT, WRDM), Washington, DC (WRC-TV, WZDC), Miami-Fort Lauderdale (WTVJ, WSCV), San Francisco Bay Area (KNTV, KSTS ) and San Diego (KNSD, KUAN).
For more information on the competitive grant program, Project Innovation, including a list of past winners from the local area, click here. Follow the show on social media at @NBCUFoundation and #ProjectInnovation.
Once saturation with the series’ marathons and movie run set in, music became the favorite haven and company of inmates and essential workers.
Platforms such as Spotify and measurement companies such as Nielsen revealed that many combined their self-created playlists with the enjoyment of entire albums – as was done before – some of them delivered and conceived in 2020.
Here are the ones that left the biggest mark in order of appearance: