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Gigged.AI launches report that reveals UK Technology Industry in Mental Health Crisis

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Report reveals the UK’s technology industry is reaching critical levels of burnout due to skills shortages and failed digital transformation ambitions.
LONDON, Sept. 19, 2023 /PRNewswire/ —  Gigged.AI, the AI driven Talent Platform, has today released a 28-page report entitled, ‘Digital Transformation in Crisis: The Impact of Skills Shortages, Talent Trends and Burnout on the UK’s Technology Industry’. The brand-new report, which surveyed 255 professionals working in or managing digital transformation, reveals that IT and technology professionals are reaching crisis point when it comes to burnout.

THE TECH SKILLS GAP
A huge 90% of respondents said they are experiencing a tech skills shortage to some extent. These skills challenges are present across a wide sweep of technology & IT roles however the biggest gaps are to be found in software development (37%), a problem experienced by almost half of large (501+ employee) companies (48%), cybersecurity (37%) and digital marketing (36%).
Things are getting even tougher with over half (57%) of respondents saying that the tech talent shortage has increased compared to last year, rising to 74% of those companies already experiencing it at a large extent. The reasons for such extensive shortage of talent include not able to find qualified candidates (34%) and in second place, 32% say it’s a lack of budget. 
So, whilst there doesn’t seem to be the talent available, concerningly 58% of respondents said they have also experienced a hiring freeze in the past year in their company which suggest there are bigger problems at hand.
THE HUMAN TOLL: AN EMERGING CRISIS
A substantial 92% of respondents said they’re experiencing some form of work-related stress, with over a third (36%) claiming to be “very” or “extremely” stressed – rising to 43% for 35-44-year-olds.
A third (33%) are doing an extra four to five hours work per week working outside their job description.A quarter (26%) have had to work whilst on holiday.27% of respondents are regularly working outside of their agreed hours, particularly in companies with 501+ employees (35%) versus SMB with 51-100 employees (18%).This kind of chronic pressure is having a significant impact on mental and physical health, wellbeing and workplace performance. Due to work-related stress, over a third (37%) of respondents report spending less time with their family, rising to 54% of those over 45. A quarter (26%) say they’re less efficient because of the stress, a fifth (22%) have thought several times about leaving their job, which would turn up the pressure on those left behind in the workplace.
Respondents are in no doubt as to one of the main causes of this increasingly unbearable workplace pressure. Nearly two-thirds (62%) lay the blame on the tech talent shortage, this rises to a massive 80% when you look specifically at Senior Management. Plus, with nearly half (47%) of those claiming the end result has been to increase their workload.
Employers are also aware of the growing mental toll that tech shortages are taking on their IT and digital workers as 69% say they offer mental health support to employees. 69% of respondents say they’d use such services if offered. However, a quarter of those are unlikely to use support services say they don’t want work to know (24%) or they worry people will think their mental health challenges will impact their ability to do their job.
THE STATE OF DIGITAL TRANSFORMATION TODAY
72% of UK businesses surveyed are currently taking part in digital transformation projects. However just a third claim to be well on their way, with “a lot achieved” so far. 48% at least have a plan in place, whereas a fifth (19%) admit there’s still much to do.
For those who are not currently making good progress on their digital transformation journey, the main reason given is that things are taking longer than expected (45%). A further third (30%) claim there is too much work to do and not enough people to do it, while over a fifth (22%) don’t have the right talent in place to do it, rising to 29% for those with a hiring freeze in place.
HOW CAN BUSINESSES BETTER TACKLE THESE ISSUES?
With talent shortages and burnout reaching crisis point, it’s time for organisations and policymakers to think about more flexible ways to tackle these challenges.
Over a quarter (27%) of those asked said they’re creating training programmes to upskill current employees, in a bid to plug talent gaps.80% report that their company offers employees the opportunity to take on additional digital responsibilities, with more than half of them (44%) hoping to take advantage of this.Nearly two-fifths (37%) of respondents also offer on-the-job training, and around a third are ramping up salaries (33%) and benefits (32%) for existing staff. However, under a quarter (24%) of those asked are looking at more flexible options such as freelancers or consultants to fill the gap, and only 15% are looking at rehauling their approach to hiring.
There’s also hope that technology could help in time to alleviate skills shortages. Generative AI in particular has been hailed for its ability to generate code and perform as a kind of virtual assistant, boosting worker productivity. Over half (52%) of respondents think tools like this will help alleviate tech skills shortages, although 44% have concerns about the ethical impact of replacing roles previously occupied by humans.
Gigged.AI, CEO and Co-Founder, Rich Wilson said, “As boardrooms continue to put their money behind ambitious digital transformation initiatives, the demand for digital expertise will only grow and it’s vastly outstripping today’s limited talent supply. Burnout is now reaching crisis point, and it’s time for management to step in with support. These concerning figures reveal that the tech talent shortage is indeed causing alarming levels of mental health stress for employees, and companies need to quickly assess their employee and hiring needs to ensure that their workforce is not leading to a severe and damaging case of burnout”.
About Gigged.AI  
Gigged.AI is on a mission to make hiring tech talent simpler for global enterprises. Its proprietary AI-powered talent platforms provide businesses with dependable solutions to tech skill shortages. The On-Demand Talent Platform gives instant access to verified, on-demand tech talent to accelerate digital projects. Its Internal Talent Marketplace captures the skills within a workforce and matches them to the right project, reducing the need for lengthy and expensive recruitment, and improving retention. Gigged.AI has 15,000 highly skilled tech professionals on its platform, covering 450+ skills in 43 locations globally. Find out more at Gigged.AI. 
About research study 
The survey was conducted among 255 UK business decision makers responsible for making decisions around digital transformation programmes, working in a range of departments.
The interviews were conducted online by Sapio Research in July and August 2023 using an email invitation and an online survey.
Gigged.AI PR Contact DetailsHex PR & CommsDanielle Heximer+447870 596 [email protected]

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ZA Tech Rebrands as Peak3, Raises US$35M Series A led by EQT

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SINGAPORE, June 19, 2024 /PRNewswire/ — ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance. Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich for their digital and traditional business. It has also partnered with leading digital platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded insurance businesses.
Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding coincides with another major milestone: Issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American customers and the first ones to be issued in Africa.
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co-Founder. “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.”
Bill Song also emphasised the growth opportunity: “There is an incredible tech investment backlog in the US$7-trillion global insurance industry. Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.” 
To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia. With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach cashflow breakeven over the coming quarters.
“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT.
J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.
For media inquiries and interview requests, please contact Carling Sia, Global Head of Branding and Marketing, at [email protected].
For more information on Peak3, please visit www.peak3.com. For more information on EQT, please visit www.eqtgroup.com.For more information on Alpha JWC Ventures, please visit www.alphajwc.com.
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Lucinity Recognized as One of the Top 100 AI Fintech Companies Globally

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REYKJAVIK, Iceland, June 18, 2024 /PRNewswire/ — Lucinity has been featured in the AIFinTech100 list for 2024, marking its recognition as one of the top AI companies in the financial services industry. The AIFinTech100 list, curated by industry experts, highlights the most innovative fintech companies globally. Lucinity was selected from over 2,000 fintech firms for its problem-solving, market potential, innovation, and customer engagement. Earlier this year, Lucinity was also highlighted as a RegTech100 company.

 
 
This recognition comes amid rapid AI adoption in fintech. According to Fintech Global, research predicts the AI market in fintech will grow from $42.83 billion to $44.08 billion by 2024, reaching $50.87 billion by 2029. Banks alone are expected to spend $4.9 billion on AI platforms by 2024, with a 21.8% annual growth rate since 2019.
Lucinity’s inclusion in the AIFinTech100 list reflects its success in developing AI solutions that enhance efficiencies and cost savings for financial crime operations teams. Notably, Luci, the world’s first Generative AI copilot for financial crime investigations, launched in 2023, leverages Microsoft OpenAI technologies to augment human analysts’ capabilities, reducing investigation times from 3 hours to just 30 minutes. 
Lucinity also recently launched Luci as a copilot plugin at Money20/20. Financial institutions are now able to integrate Luci with any web-based enterprise application including CRM systems, Case Manager systems, and Excel, delivering immediate ROI with zero upfront integration. 
Security remains a significant challenge in AI adoption. Lucinity addresses this by partnering with Microsoft Azure develop a secure infrastructure. With a strong emphasis on compliance, Luci offers comprehensive auditability through its detailed Audit Log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, comments, “Being named in the AIFinTech100 showcases our impact amongst banks and fintech through advanced AI. It underscores our platform’s ability to empower compliance teams, deliver ROI, and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added, “AI is revolutionizing financial services, increasing efficiencies and offering personalized products. This year’s AIFinTech100 list includes top innovators transforming the industry with AI applications.”
Lucinity’s inclusion in the AIFinTech100 list for 2024 follows several achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Lucinity was also included in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024 and was recognized as the best tool for Workflow Automation.
Name: Celina PabloEmail: [email protected] +354 792 4321
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CRISIL wins Model Validation Tools and Accelerators category award, other recognitions from Chartis

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Recognized among top 50 financial services firms for analytics and risk tech
MUMBAI, India, June 18, 2024 /PRNewswire/ — CRISIL, a global provider of advanced analytics and risk management solutions, has won the Solution Category award for Model Validation Tools and Accelerators as part of the latest Chartis STORM 2024 report.

Published by Chartis Research, the leading provider of research and analysis on the global market for risk technology, STORM 2024 is an annual report on quantitative technologies and the computational infrastructure supporting it.
Following an extensive evaluation process, which included a risk technology survey, product demo, customer reference checks, and third-party sources of information, CRISIL won the following recognitions:
Solution category award for Model Validation Tools and AcceleratorsRanked Top 25 (#24) in QuantTech50 2024 rankingsRanked Top 25 (#24) in BuySideRisk50 2024 rankingsRanked Top 50 (#38) in RetailFinanceAnalytics50 2024 rankingsThe recognitions reflect the unparalleled value CRISIL brings to its clients through deep domain expertise, specialized analytical and technical knowledge and our global perspective.
Says Jan Larsen, President and Head, CRISIL Global Research & Risk Solutions, “CRISIL is honored by the recognition across multiple STORM50 award categories this year, including being named first place for Model Validation Tools and Accelerators. This is a great testament to the contributions of our team in giving clients and their regulators confidence in the models they use for making critical decisions.”
The core tenets of CRISIL’s value proposition include expertise across asset classes and risk stripes, analytical excellence and regulatory experience, tailored solutions focused on client delight, continuous improvement and technological innovation. 
Says Ashish Vora, President, CRISIL Market Intelligence and Analytics, “This prestigious recognition underscores the global acceptance of our risk management solutions and highlights our unwavering commitment to excellence in the risk technology space. Our Credit+ technology solutions have been instrumental in offering AI-enabled advanced analytics and driving efficiency, and we are particularly proud of the exceptional client feedback we have received for these solutions. We are constantly exploring new ways to enhance customer value and are investing in cutting-edge technology and domain expertise to maintain our position at the forefront of the industry.”
Notable examples of CRISIL’s platforms that help demonstrate this value proposition include: 
Model Infinity: A leading platform for model inventory management and model risk management. This innovative platform empowers our client to centralize all model activities, eliminates manual processes and operational risk, and provides a full audit trail of approvals for modeling assumptions and updates. Scenario Expansion Manager (SEM): A platform for clients to expand, analyze and track all regulatory and internal scenarios used for stress testing. As a centralized repository of scenarios, SEM allows institutions to eliminate redundant internal work and even provide clients the ability to share internal scenarios with one another. Credit+ ICON: The platform enables credit decision-making through its extensive financial spreading and front-end based credit risk scorecard hosting capabilities. Powered by deep domain expertise, AI-driven analytics and extensive configurability, it serves 40+ global clients across 15 countries.Credit+ Early Warning Signals: The AI-powered solution provides banks with actionable insights to monitor their credit quality, lower loan-loss contingencies and track corrective action plan.About CRISIL Market Intelligence & Analytics
About Global Research & Risk Solutions
About CRISIL Limited
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK 
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Disclaimer
This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
CRISIL has taken due care and caution in preparing this press release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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