Category Archives: Finance and Banking

Finance and Banking, News, Sport

FRAN KIRBY CELEBRATES THE POWER OF ‘SUPPORT SQUADS’ AS THEIR IMPACT ON THE SUCCESS OF ELITE WOMEN PROFESSIONALS IS UNVEILED

  • Superstar footballer Fran Kirby shines a spotlight on the importance of support networks in life, in business and on the pitch as part of new Visa campaign
  • Female entrepreneurs more than twice as likely to experience business growth if they have a strong support network, with 91% admitting it’s key to achieving goals
  • As official partner of the FIFA Women’s World Cup™, Visa will also be awarding women entrepreneurs and small businesses with $500,000 total grant funding throughout the tournament
  • Visa has championed women’s football for over 15 years, including being the first worldwide FIFA Women’s Football Partner, and the first standalone sponsor of UEFA Women’s Football

Visa, a world leader in digital payments and Exclusive Payments Technology Partner of FIFA Women’s World Cup Australia & New Zealand 2023™, today launches a new campaign with England hero Fran Kirby to celebrate the power of ‘support squads’ helping elite female footballers and entrepreneurs achieve their professional goals, on and off the pitch.

New research commissioned by Visa finds that women small business leaders who have a very strong ‘support squad’ (a group of friends, family or colleagues) are almost twice as likely to report business revenue growth in the last year, than those who say their squad is not strong at all (67% vs 32%).

Just over nine out of 10 (91%) women small business leaders surveyed in the UK say that their support network is key to achieving their professional goals, according to the study, with more than three quarters (78%)  saying their business wouldn’t be where it is today without one.

These networks play an incredibly important role, in life, in business and on the pitch, which is why Visa is championing the importance of having a strong, diverse support group while shining a spotlight on Team Visa footballers, small business owners and its own workforce.

England and Team Visa footballer Fran Kirby comments: “My own support network has been instrumental in my journey, celebrating my successes and picking me up during the tough times, such as my current injury. It’s so rewarding to see the women’s game going from strength to strength, and be that powerful platform for promoting gender equality and empowering women and girls to achieve their dreams. That’s why I’m partnering with Visa to put ‘support squads’ at the heart of this celebration of women on the world stage.” 

Building a supportive squad

According to the research, trustworthiness (51%), honesty (42%) and positivity (40%) are the three top attributes women business leaders look for when building their ‘support squad’. Diversity of thought was also found to be key, with more than three in four (78%) of women business leaders saying that they value different perspectives and viewpoints when it comes to achieving their professional goals.

Visa has teamed up with renowned business psychologist, Dr Lynda Shaw, who has provided the following advice for women to take when building their squads, and how they can make the most of them to achieve their professional goals:

  • Enlist open communicators – to build a support squad based on honesty and positivity, consider how people interact with others. They should not feel threatened by other people’s successes because they recognise their own strengths and weaknesses. They will often be enthusiastic but, at the same time, focused. Their optimism will be realistic and sensibly brave.
  • Encourage mutually beneficial goals – an effective support squad shouldn’t need micro-management. Instead, openly discussing the best way to move forward with bumps in the road, and trusting other people’s judgement is more beneficial. Remember also, that intrinsic motivation often trumps extrinsic motivation, so find out what each member of your squad is motivated by and identify how this can support your goals too.
  • Embrace diverse opinions – crucial to building a successful support network is ensuring that each member respects and relishes different points of view, and that they will want to learn from one another. Diversity of ideas and thoughts is extremely beneficial to organisations, so it’s wise to support your squad in ways that they get to know one another well.

As the world gears up for what’s anticipated to be the biggest women’s football tournament to date, Visa is inviting countries across the UK and Europe to join its celebration of support networks, focusing on the individuals behind-the-scenes that are helping women reach their full potential.

Supporting women at every stage

Visa’s new Celebrating Squad Goals campaign underscores its commitment to elevating women while driving excellence, equality and inclusion across the whole economy. As part of this, Visa is putting small business owners centre-stage, highlighting the important role they play in powering our economies. Supporting this, Visa will use its sponsorship of the FIFA Women’s World Cup™ Player of the Match Award to recognise women-owned small businesses. The winners will be announced live at the athlete trophy presentation across 64 matches awarded with $500,000 in total grant funding.

Visa was the first FIFA Women’s Football partner and became the first standalone sponsor of UEFA Women’s Football in 2018. Team Visa is proud to be supporting 37 professional female footballers globally, which includes those participating in the tournament, providing them with tools, resources and support. Visa also founded The Second Half, a career development programme, in collaboration with Karen Carney MBE and Kim Little MBE to help female professional players plan for a smooth career transition beyond the football pitch, in the UK and Spain.

Mandy Lamb, Managing Director, UK & Ireland, Visa comments: “When it comes to women’s football, Visa has been in it for the long game, championing women every step of the way – during their playing career and in life afterwards. As our research shows, support networks are really the unsung heroes of the economy and for this reason, we’re urging everyone to join us in putting the individuals that help them thrive in the spotlight. 

“We at Visa are determined to grow the sport at all levels, driving acceptance, increasing visibility, and future-proofing the women’s game, and by celebrating squad goals, we hope to elevate their success in business, sport and life.”

For more information about Visa’s sponsorship of FIFA Women’s World Cup Australia & New Zealand 2023™and initiatives helping women to thrive, visit: https://www.visa.co.uk/about-visa/sponsorships-events/fifa-womens-world-cup.html

Finance and Banking

Risk Management In Payment Facilitation: Best Practices For Your Business   

Are you running an online business that accepts payments? If so, payment facilitation has risks, including credit risk, account takeovers, and payment fraud. In 2021, businesses lost an estimated $32.9 billion to payment fraud, according to Statista. 

Your business doesn’t have to suffer from such risk. Following best practices helps protect your business from fraud, chargebacks, and other threats. In this article, you’ll discover top risk management best practices for online businesses: 

 

  • Consider PayFac-as-a-Service (PFaaS)  

PayFac-as-a-Service allows you to outsource payment processing to a third-party provider, avoiding the hassle and expense of managing your infrastructure.  

It can also be a valuable tool for risk management in payment facilitation. PFaaS providers typically have robust fraud detection and prevention systems. They also handle all compliance requirements associated with payment processing, helping you avoid liabilities, costly fines, and penalties while reducing financial losses. Request detailed reports on your payment processing activity to identify and mitigate risks early. 

 

  • Establish Robust KYC  

Know Your Customer (KYC) procedures form the backbone of a sound risk management strategy for any payment facilitator. With these processes, you can thoroughly vet prospective merchants and their legitimacy and credibility.   

Stringent KYC processes can verify their identities, business models, and compliance with regulations. This screening helps identify potential risks and prevents onboarding fraudulent or high-risk merchants.   

  • Monitor Transactional Data Regularly  

Chargebacks can lead to financial losses and damage to your reputation. Mitigate these risks by ensuring merchants adhere to the best customer service and product quality practices. These include providing excellent customer service, resolving issues quickly and fairly, and ensuring their products meet customer expectations.  

It’s also important to communicate your chargeback policies to your merchants. This includes explaining a refund, how it can happen, and its consequences. You should also provide your merchants with the necessary support to handle customer disputes efficiently. It includes providing them with templates for responding to chargeback requests and training on collecting evidence to support their case.  

These steps can mitigate chargeback risks that damage your business finances and reputation.

 

  • Mitigate Chargeback Risks  

Chargebacks can lead to financial losses and damage to your reputation. Mitigate these risks by ensuring merchants adhere to the best customer service and product quality practices. These include providing excellent customer service, resolving issues quickly and fairly, and ensuring their products meet customer expectations.  

It’s also important to communicate your chargeback policies to your merchants. This includes explaining a refund, how it can happen, and its consequences. You should also provide your merchants the necessary support to handle customer disputes efficiently. It includes providing them with templates for responding to chargeback requests and training on collecting evidence to support their case.  

These steps can mitigate chargeback risks that damage your business finances and reputation.  

 

  • Maintain Adequate Reserves  

Reserves are a financial cushion that you can use to cover unexpected losses or liabilities like lawsuits, natural disasters, product recalls, or fund future growth or expansion. 

But how many reserves does your business need? That will vary depending on factors, but it all boils down to the losses incurred.  

For example, if your business sells products prone to recalls, you’ll need a larger reserve than a business selling services. Or, if your company has more transactions, you’ll also need a larger reserve. That’s because the higher the risk and volume of your business, the larger the losses can be.    

 

  • Regularly Update Security Protocols  

The digital landscape constantly evolves, with it, the threats to businesses’ sensitive payment information.   

To protect your business, maintain robust security protocols, including strong data encryption, multi-factor authentication, and regular security audits.  

You should also stay informed about the latest security threats and industry best practices so that you can adapt your security measures accordingly. By following these tips, you can help to protect sensitive payment information and keep your business safe.  

 

  • Ensure Compliance With Industry Regulations  

Compliance with relevant industry regulations is non-negotiable. Thus, you must keep abreast of payment card industry standards, anti-money laundering (AML) regulations, and data protection laws. Not complying with such can lead to severe penalties, legal repercussions, and damage to your reputation.   

Collaborating with compliance experts to establish robust procedures and ensure adherence to all regulatory requirements may be best.   

 

Manage Your Risks 

By following these best practices, you can safeguard your business, build lasting relationships with your merchants, and establish a reputation for reliability and security.   

Remember, efficient risk management is a journey, not a destination. That’s why you must continuously assess and refine your strategies to stay ahead in the dynamic payment facilitation landscape. Start your risk management odyssey today and watch your business flourish like never before.   

 

FInance, Finance and Banking, News

The Impact of Deepwater Drilling on Oil Trading

As the demand for oil continues to grow, the search for new sources of oil has led to the development of deepwater drilling. Deepwater drilling refers to the exploration and extraction of oil and gas reserves located in deep sea waters. This technology has revolutionized the oil industry, providing access to previously inaccessible reserves. However, the impact of deepwater drilling on https://oiltraderpro.org/ is complex and multifaceted.

Environmental Concerns

Deepwater drilling presents a significant environmental risk. Oil spills from deepwater drilling can cause significant damage to marine ecosystems, affecting wildlife and the local economy. The 2010 Deepwater Horizon oil spill in the Gulf of Mexico is a prime example of the environmental risks associated with deepwater drilling. The spill caused significant damage to the local environment, and the cleanup efforts were costly and time-consuming. As a result, deepwater drilling is subject to strict regulatory oversight to minimize the environmental impact.

Price Volatility

The impact of deepwater drilling on oil trading can be seen in the price volatility of oil. Deepwater drilling is expensive and time-consuming, which means that oil produced from deepwater drilling is more expensive than oil produced from traditional onshore sources. As a result, the price of oil is influenced by the availability of deepwater oil reserves. When deepwater drilling is in high demand, oil prices tend to be higher, and when deepwater drilling is not in high demand, oil prices tend to be lower. This price volatility can have a significant impact on the global economy.

Market Competition

Deepwater drilling has led to increased competition in the oil market. With the development of deepwater drilling technology, countries with offshore oil reserves have been able to increase their production and compete with traditional oil-producing countries. This increased competition has led to a shift in the balance of power in the global oil market, with new players entering the market and traditional oil-producing countries facing increased competition.

Supply Chain Challenges

Deepwater drilling presents unique supply chain challenges. The cost and complexity of deepwater drilling mean that the oil produced must be transported long distances to market. This transportation requires specialized equipment and infrastructure, which can be costly to develop and maintain. Additionally, the environmental risks associated with deepwater drilling mean that the transportation of deepwater oil is subject to strict regulatory oversight.

Conclusion

Deepwater drilling has had a significant impact on oil trading, but this impact is complex and multifaceted. The environmental risks associated with deepwater drilling, the price volatility of oil, increased competition in the oil market, and supply chain challenges are all factors that must be considered. As the demand for oil continues to grow, it is likely that deepwater drilling will continue to play a significant role in the global oil industry.

 

Business Advice, Finance and Banking, News

How Virtual IBANs Can Streamline Financial Operations for Your Business

Staying ahead of the competition is crucial in today’s rapidly evolving business landscape. One area where businesses can gain a competitive edge is in their financial operations. Traditional banking systems and processes can often take time and effort.

However, a solution has been gaining traction – Virtual IBANs. These innovative tools offer a streamlined approach to managing financial transactions, providing businesses greater efficiency and flexibility.

This article will explore how Virtual IBANs can revolutionize your business operations, offering benefits such as enhanced cash flow management, improved reconciliation processes, and simplified international transactions. Let’s dive in and see how Virtual IBANs can transform how you handle your finances.

Understanding Virtual IBANs

In today’s fast-paced digital world, businesses constantly seek ways to streamline their financial operations. One innovative solution gaining traction is the use of Virtual IBANs. In this blog article, we will explore the concept of Virtual IBANs and discuss how they can benefit businesses in managing their financial transactions more efficiently.

What is a Virtual IBAN?

Virtual IBAN, or Virtual International Bank Account Numbers, is a virtual representation of traditional IBANs. Virtual bank accounts enable businesses to send and receive payments without opening multiple physical bank accounts in different countries.

Streamlining Financial Operations

By leveraging Virtual IBANs, businesses can centralize their financial operations and simplify managing global transactions. Instead of maintaining multiple physical bank accounts in various countries, companies can use a single Virtual IBAN to receive customer payments and make payments to suppliers. This streamlines the reconciliation process, reduces costs associated with international transfers, and provides better visibility and control over financial transactions.

Enhancing Efficiency and Accuracy

Virtual IBANs also enhance efficiency and accuracy in financial operations. With traditional bank accounts, businesses often need help with timely payments, manual reconciliation, and errors in transaction data. Virtual IBANs automate these processes, ensuring faster payments, real-time transaction tracking, and accurate financial reporting.

Mitigating Currency Risks

Another advantage of Virtual IBANs is the ability to mitigate currency risks associated with international transactions. With Virtual IBANs, businesses can hold funds in multiple currencies, easily managing foreign exchange and minimizing currency conversion costs. This reduces the impact of fluctuating exchange rates and gives companies more control over their finances.

Increasing Security and Compliance

Virtual IBANs also offer increased security and compliance measures. With traditional bank accounts, there is always a risk of fraudulent activities and unauthorized access. Virtual IBANs provide enhanced security features such as two-factor authentication and encryption, ensuring that financial transactions are secure and protected.

How to get a Virtual IBAN for your business

To obtain a Virtual IBAN for your business, you will need to follow these steps:

  1. Research and choose a reputable provider, such as Openpayd, that offers Virtual IBAN services.
  2. Contact the provider and provide them with the necessary information about your business, such as legal identification and proof of address.
  3. Complete any required application forms and provide any additional documentation requested.
  4. Pay any applicable fees or charges associated with obtaining a Virtual IBAN.
  5. Once your application is approved, the provider will assign you a unique Virtual IBAN number.
  6. Start using your Virtual IBAN to streamline your financial operations and enjoy the benefits it offers to your business.

In conclusion, Virtual IBANs offer a convenient and efficient solution for businesses to streamline their financial operations. By centralizing transactions, enhancing efficiency and accuracy, mitigating currency risks, and increasing security and compliance, Virtual IBANs provide numerous benefits to businesses.

Finance and Banking, News

ACCA comments on HMRC R&D tax relief report

This afternoon, HMRC published its Approach to Research and Development tax reliefs.

Lloyd Powell, head of ACCA Cymru/Wales, said:

“Businesses and agents are bearing the brunt of HMRC inefficiencies. The R&D tax relief system is in a desperate state.

“ACCA is calling for a radical approach to fix the system, so that the UK can continue to be open for business and investment. Too often members are telling us that businesses are looking to move to other jurisdictions for R&D.

“Businesses are being put off claiming R&D relief and looking to move jurisdictions to escape the inefficiencies of the UK system.

“HMRC needs significant investment. In particular it needs to develop appropriately trained people to deal with R&D queries. ACCA and its members don’t see those skill sets at the moment.

“The R&D tax relief system is opaque. There is lack of transparency and process and a lack of contact with individual officers. This all needs to be rectified.

“Members are telling ACCA that HMRC is not reading the reports that are sent to them (supporting R&D claims). HMRC staff are struggling and need support. HMRC needs to invest in training on technical details to stop some turning to unsuitable tools like general internet searches to reach incorrect conclusions.

“The government says it want to keep investment in the UK – it wants the UK to be at the forefront of research, innovation and development. HMT know the sort of forest they want, but HMRC can’t see the wood for the trees and are chopping down everything for fear that something bad might grow.

“ACCA will continue to support HMRC but if HMRC cannot make significant improvements to its R&D capacity, then we would recommend a more radical change. HMRC should restrict R&D claims to only agents who are signed up to the PCRT (Professional Conduct in Taxation Group). PCRT has an established set of standards and requirements. Such a move would reduce HMRC workload on R&D and the businesses would be able to benefit from much needed investment.

“At the moment HMRC is using a sticking plaster on a gaping wound of a regime. This can’t go on.”

Finance and Banking, Investment, Investment News

Firms seeking funding for growth urged to seek expert advice.

Firms in Manchester that are seeking funding for growth are being advised to seek specialist advice as private equity deals in the region over the first half of the year dropped by 22% against the same period last year.

The data from CMBOR, the Centre for Private Equity and MBO Research, also showed that deal volume decreased by 30% when compared to the second half of 2022.

Fresh Thinking Advisory has issued the advice to help growing firms access the funding they need. It assists firms in preparing for funding by developing a growth plan and value proposition.

Commenting on the sector, Oliver Reece, managing director of Fresh Thinking Advisory, said: “As the number of deals completed is falling,  firms looking to grow have fewer options available to them. So, finding the right advice is more important than ever. It’s important that entrepreneurs receive independent advice on the best funding options available to them. Our team of experts can help entrepreneurs navigate the best options.”

High street lending is also under pressure. While bank lending to businesses increased during the pandemic as companies took advantage of state-subsidised financing programmes (growth in 2020 sat at 8%), and it climbed in 2022 (3.7%), this year it is predicted to decline by over 4% (-£18.8 billion)*.

As businesses, both large corporations and SMEs, experience pressures from greater loan payment costs, decreased profitability, and ongoing disruptions to the world’s supply chains, having the correct funding structure in place is more important than ever.

Fresh Thinking Advisory assists businesses looking for a wide range of secured and unsecured finance options. The company offers a whole market debt advice service.

—
*https://www.ey.com/en_uk/news/2023/02/uk-business-lending-to-contract-sharply-this-year#:~:text=While%20bank%20lending%20to%20businesses,%25%20(%2D%C2%A318.8bn).

Finance and Banking

Scalping vs swing trading: choosing the right approach for your Forex trading style

Forex trading is a popular term for buying and selling foreign currencies. It is an investment activity that allows traders to take advantage of price fluctuations in different currencies due to global economic events and trends. Forex trades are usually conducted through online platforms offered by brokers. As with any other type of investment, it’s essential to understand the basics before committing your money.

Forex trading in the UK has become increasingly popular to make money. As with any other form of trading, the ultimate goal is to be profitable. To achieve that goal, one must choose the right approach for their trading style – scalping or swing trading. Here are some advantages and disadvantages of scalping vs swing trading and why selecting the proper method for your goals and risk appetite is essential.

Scalping and swing trading are two distinct strategies Forex traders use when seeking profits in currency markets. Scalpers look for small but frequent gains from price movements, while swing traders target more significant profits over an extended period.

Scalping

Scalpers look to take advantage of short price movements in a currency pair by opening and closing trades quickly, often within minutes or even seconds. This forex trading strategy requires intense concentration and technical analysis, as scalpers must watch the market closely for indications that may lead to profits, such as news releases or price breakouts. As the reward from scalping is usually small, it’s essential to have good risk management in place to ensure losses don’t exceed gains.

Advantages of scalping

A scalper can capture many trades within a short period, which leads to more opportunities for profits.

  • Scalpers only need a little capital, and their stop-losses are relatively tight, reducing exposure to more significant market swings.
  • The low level of risk involved makes it suitable for new traders who may need to be more comfortable with more significant risks.

Disadvantages of scalping

  • Due to the nature of scalping, the strategy requires a trader to constantly watch the market and monitor for potential trade opportunities.
  • As scalpers look to take advantage of small price movements, profits are typically low compared to other trading strategies.
  • Scalping requires considerable technical analysis skills, a fast computer, and an excellent internet connection.

Risks of scalping

  • Scalpers are exposed to high levels of market volatility and must be prepared for fast-paced price movements.
  • Trading costs in the UK can add up quickly due to the number of trades a scalper makes daily.

Swing trading

Swing traders look to take advantage of significant price actions that occur over more extended periods, such as days or weeks. This strategy allows them to buy low and sell high in various currency pairs, aiming for more significant gains than scalpers can obtain with their short-term trades. To be successful with this approach, swing traders must identify entry points through momentum indicators and chart patterns. Swing traders need more capital than scalpers, as their stop-losses are generally larger.

Advantages of swing trading

  • Swing traders can only actively monitor the market during the day, which makes it less time-consuming than scalping.
  • Trades take longer to reach profit or loss targets so swing traders can benefit from more significant gains and losses than scalpers.
  • Swing trades require less technical analysis knowledge and skills than scalping strategies.

Disadvantages of swing trading

  • Markets can change rapidly, meaning opportunities may be missed if a trader needs to pay attention.
  • Swing traders must know they’re exposed to more significant risks when holding positions for extended periods.
  • It requires more capital than scalping, which can be prohibitive for some traders.

Risks of swing trading

  • Swing traders are constantly exposed to the risk of large price movements due to extended holding periods.
  • Since trades are held for an extended period, trading costs will be higher than with scalping strategies.

Which approach is best?

The decision of which approach to use depends on a trader’s goals, risk appetite, and experience. Scalping requires traders to monitor the market continuously, while swing trading involves more capital but is less time-consuming. New traders may opt for scalping due to its lower capital requirements and shorter holding period. Experienced traders looking for greater profits over extended periods can choose the swing trading strategy.

The bottom line

Choosing the right approach to Forex trading is a personal decision. Scalping and swing trading have advantages and disadvantages, so it’s essential to consider your goals and risk appetite when selecting an approach. If you’re new to Forex trading, it’s recommended that you begin with scalping, as it requires less knowledge and capital while still offering the potential for profits. However, swing trading may be better if you have more experience and access to significant capital. Ultimately, you must choose the method that best fits your individual needs and circumstances; only then will you be able to maximise your profits in the Forex markets.

 

Finance and Banking, Fintech, News, Tech

Nearly half of banking customers say they are missing the human connection in banking

Research released today shows that banking customers are frustrated with their banking experience and are craving a more human connection from their interactions with their bank. The research has been commissioned by experience services business – Foolproof, a Zensar company.

Findings show that – as a consequence of banks closing branches and making a move towards more faceless solutions (such as telephone banking, automation and chatbots) – customers are frustrated with these services as they are falling short of being useful, especially in the current climate where many customers are more financially vulnerable due to rising costs.

 

Highlights from the research showed:

  • Human interaction is what nearly half (46%) of banking customers want.
  • Nearly a third of people (29%) stated that they want more high street branches.
    • This number rises to 45% for over 55s, a demographic that may typically be viewed as having lower levels of digital capability or access.
  • 47% say chatbots are not answering their questions.
  • 23% believe their banking experience has gotten worse in the last 12 months, across all age groups.
    • Only 19% of over 55s think their banking experience has improved. However, 31.5% of under 35s think it has improved.
  • 74% of people don’t think banking is personal enough.

 

Foolproof has distilled the following insight from the research:

  • Customers missing the human connection: Banks have evolved to a large percentage of their customer interactions being faceless, for convenience and facilitating an ‘always on’ offering. However, many digital systems need work to avoid frustrating customers at a time when they could conceivably need communication with their bank more, due to rising costs. If banks can’t solve the frustrations for customers quickly, consideration should be given to what temporary experiences could be put in place to provide support – albeit digital or face-to-face – while work happens on aligning and designing digital experiences that fit with current customers. Short-term investment could create a lot of value and minimise the potential risk while generating brand good-will and value for customers in the process.
  • AI experiences need a next-generation look & feel: Banks should be careful not to roll out generative AI solutions to customers, without doing the work to understand what customers want from AI-powered experiences. Many of the current solutions are causing more pain than good. However, next-generation technologies could bridge this gap, going deeper into solving customer requests and eliminating the need for human interaction by better meeting customer needs with the right level of design to aid successful implementation.
  • Blend of human + digital experiences is the support customers desire: With something as sensitive as money matters, Foolproof’s experience of interviewing banking customers has shown that they crave the right balance of digital convenience with opportunities for human interaction if digital experiences aren’t meeting their needs. Especially during this period when financial worries may be heightened for many. However, with banking businesses driving for cost-savings and increased efficiencies, digital teams should be looking at how to utilise next-generation technologies and design to improve digital experiences in a way that brings human interactions to life in more sophisticated ways.

Foolproof, a Zensar company, has a long history of working with many of the largest banks in the world, helping them define their digital offerings. These findings fall under a wider initiative to garner more understanding of how customers are interacting with digital products and services within the sector today.

When discussing the research, Anup Rege, Chief Business Officer, Integrated Studios at Foolproof said:

“As the data shows, customers are rightfully expecting some kind of change in their relationship with their bank. While it’s not realistic to expect a return to bricks and mortar branches, or to see an expansion of call centres given a focus on reducing cost to serve and large investments in offering a better digital experience, it is reasonable for customers to expect a better relationship with their bank. Especially during this time of economic precarity.

“There are technological advancements being made inside banks to evolve chatbots and other automated process functions to take them to the next level because they recognise the opportunity for innovation and the ability to improve experiences and self-service at a lower cost, without a loss of service. Moreover, with the rise of LLMs, creating chat and automated functions which solve customer problems at a deeper level would be incredibly timely and useful. What is required now is a step change rather than the optimisation of existing tools, systems or even digital products themselves, this means releasing these next-generation automations and the experiences which house them.

“It is also crucial for banks to understand the pains customers are experiencing, especially at a time when people’s relationships with all financial products and services particularly mortgages, loans and other credit products, are under increased strain. This means designing and radically overhauling help, support, chat and other digital experiences to offer more of a human edge to banking to meet the need of the hour. This might also mean putting touchpoints which are high touch under the microscope, this could enhance systems that support a call centre or online advisor, increase efficiency and drive down cost while still offering a more human connection if they were designed better, with a grounding in employee and customer needs.

“Solving this desire for a more human connection is not about some great outpouring of emotion from banks in marketing or digital design but rather connecting with and understanding customers better. This work should facilitate understanding and comprehension through content and design as well as being fundamentally usable and useful. While this may mean a short-term incursion of cost, it will give banks a better chance of maintaining customers and projecting a strong brand when customers need someone to trust.

“The end goal of this work should be creating banks or financial products that are as dynamic as people’s lives. What we could see coming to the fore is Open Banking powered financial products which meet more specific needs through more targeted design and service. Banks need to wise up now to respond to this threat.”

 

Business & Property News, Finance and Banking, News

Keller lays foundations for growth with anticipated $300M debt private placement led by HSBC

Global geotechnical specialist contractor Keller Group successfully signed a note purchase and guarantee agreement, in relation to the proposed private placement of $300m of loan notes (“the Notes”) by its corporate subsidiary, Keller Holdings Limited, scheduled to take place on 10 August 2023, subject to the fulfilment of certain conditions precedent.

Having demonstrated resilient delivery during the last two COVID-impacted years, and with a robust order book, Keller is expecting a period of sustained growth. The Group has made 27 acquisitions since 2000 and is also keen to acquire further businesses that will help it enhance its product offering or increase market share in target markets.

The financing, which will take the form of an unrated, fixed rate, debt private placement, saw HSBC act as an advisor and arranger between Keller and institutional investors in a private sale of debt securities.

The transaction was upsized from an initial amount of $150 million to a final figure of $300 million following strong demand. Upon the fulfilment of certain conditions precedent, two separate tranches of Notes will be issued with $120 million in seven-year Notes and $180 million in 10-year Notes.

This financing will allow Keller to strengthen its long-term relationships with existing investors and increase funding sources with complimenting new institutional investors.

David Burke, Chief Financial Officer at Keller Group, said: “This transaction represents an important milestone in our growth journey. It is strategically aligned to our objectives of increasing Keller’s market presence in our chosen markets and focusing on attractive projects that positively impact communities around the world.”

Carling Colfer, Vice President of UK and European Private Placements at HSBC added: “Keller continues to be a world leader in geotechnical solutions. Our initial private placement relationship with Keller started nearly a decade ago, and we’re delighted to continue working with the company to facilitate the financial backing it needs to achieve its global ambitions.”

Established in 1860 and listed on the London Stock Exchange in 1994, Keller Group is now the world’s largest independent geotechnical specialist focusing on ground engineering and foundations. Keller Group is a constituent of the FTSE 250.

Keller uses its foundation and ground improvement techniques to solve a wide range of challenges across the entire construction sector, from commercial and residential projects to infrastructure construction, as well as projects to address environmental challenges. Every day, people around the world live, work and play on ground prepared by Keller.

Business, Finance and Banking, News

Welsh businesses optimistic despite challenges in Q2

Businesses in Wales have demonstrated resilience and optimism in the second quarter of 2023 according to the latest Quarterly Economic Survey from Chambers Wales South East, South West and Mid.

The Chamber’s quarterly economic surveys are independent surveys of business sentiment and a leading indicator of UK GDP growth, with the results closely watched by policymakers.

The survey revealed a boost to business confidence in Wales in Q2, despite the ongoing challenges faced by the UK economy.

There were noteworthy improvements regarding cashflow, with fewer businesses experiencing worsening conditions compared to Q1. 31% of businesses in Wales reported an increased cashflow in the last three months, a figure higher than the national picture (25%).

Growing business confidence in turnover and profitability is also evident, with 60% of businesses in Wales expecting their turnover to improve in the next year and 53% predicting that profitability will also improve.

However, Welsh businesses continue to face challenges as 64% of firms stated that they are currently operating below capacity, primarily due to low order numbers for their goods or services.

Recruitment challenges persist, particularly for skilled manual, technical, professional and managerial roles, with 71% of businesses in Wales experiencing difficulties. Businesses are also under pressure to raise prices due to labour costs such as salaries.

Inflation also remains a top concern for businesses as although the peak appears to have passed, inflation figures did not fall as quickly as expected in April and stalled in May.

 

Paul Butterworth, CEO of Chambers Wales South East, South West and Mid, said: “Despite lingering challenges, the results of our latest survey highlight minor improvements compared to Q1, showcasing the resilience of the Welsh business community.

“It is encouraging to see Welsh businesses looking forward with optimism. We hope that this confidence can be sustained in Q3 and Q4 if inflation continues to ease, allowing businesses to have certainty to be able to invest in their future.

“However, as we see consistently in our surveys, businesses face barriers in the form of recruitment and skills which obstruct them from realising their growth potential. Action is required, whether that is support or investment, to help employers with skills development and training to support their existing workforce and attract new employees.”