Connect with us

Latest News

Legacy IT Systems Lose U.S. Lenders $407 Million Every Year, Reveals New Divido Research

Published

on

Reading Time: 2 minutes

 

Divido, the multinational white label platform for point-of-purchase lending, has today released the findings of its latest research, The Global Lending Report. The report provides insights and trends into the future of the global point-of-sale lending market. Divido surveyed senior decision-makers in the banking/lending space across seven different regions, including the U.S., U.K., GermanyFranceSpainItaly and the Nordics.

Point-of-sale finance is booming

Fuelled by consumer push-back on credit cards and a desire to have more flexibility when it comes to spending, the average U.S. lender estimates point-of-purchase finance will be worth almost $407 million to their individual business over the next 12 months.

Alongside this, U.S. lenders are set to invest an average of $45 million each into their point-of-purchase IT infrastructure over the next year. Across the seven markets, investment into point-of-sale finance is a priority for lenders, with two-thirds planning to invest between $1-500 million in this space over the next 12 months.

The wounds from failed projects are still fresh

Lack of appetite for investment following previous failed legacy IT projects remains a major concern, with 54% of U.S. lenders ranking it as the biggest challenge when it comes to delivering payments technology. Alongside this, in the last 12 months, IT projects for lenders in the U.S. ran over budget on average by $11.7 million.

“Banks are in a tough place. They’re facing competition from multiple directions but can be held back by increasingly expensive legacy systems that limit product development in-house,” said Christer Holloman, CEO and co-founder, Divido. “There is another option, banks can look to use third party fintech companies to release the increasing pressure on internal legacy IT resources. By doing this, they can safely turn their attention to focus on more timely core business issues, such as defending market positioning, addressing regulatory changes and winning new deals.”

Concern around new fintech players

New entrants are a top concern for 75% of lenders. No lenders agreed that they are confident about their ability to compete with these new market entrants, with 32% highlighting the ease at which new entrants can integrate with other businesses’ IT infrastructures, as their biggest concern.

That said, global collaboration among lenders and fintechs is firmly on the rise, with two-thirds stating that would consider partnering with a third party platform provider to deliver services to consumers.

Divido’s lending platform is quick to integrate with, works in multiple markets and with multiple lenders. It is currently available in the U.S, UK, GermanyFranceSpain, Italy,  and the Nordics.

To read the full report and access the different market guides, including the U.S. one, please go to The Global Lending Report.

Methodology

The Global Lending Report is an independent research project, conducted by Coleman Parkes in April and May 2019. It surveys 700 IT decision makers at financial service providers with over 1,000 employees in the U.S., UK, Nordics, GermanyFranceSpain and Italy that offer loan and credit services. Represented in the survey are job titles such as CEO, CTO, COO, CIO and IT Director.

 

SOURCE Divido

Latest News

Supply Chain Management Association Becomes Supply Chain Canada

Published

on

Reading Time: 2 minutes

 

At its AGM yesterday, the Supply Chain Management Association™ announced its name change to Supply Chain Canada™. The association also launched a new website as part of an overall rebranding initiative.

“The new name and look are part of a transformation that we have undertaken as the association enters its second century,” said Christian Buhagiar, President & CEO of Supply Chain Canada. “Today’s supply chains are dynamic and fast-paced. The association for Canada’s supply chain professionals must reflect that.”

Through the rebranding process, the association has also acquired a meaningful new logo and tagline, “Professionals advancing the future.”

The logo’s maple leaf design not only conveys our nationality; it also represents the connectedness of the supply chain, illustrating the networks and collaboration that are so essential to supply chain success, and the interconnectedness of the association’s federation, institutes and members. Its connected dots can be seen, as well, as the complex route of a global supply chain.

“Professionals advancing the future” succinctly communicates both the professional status of supply chain practitioners and their forward-looking perspective. It is intended to:

  1. Elevate the perception of supply chain practitioners as professionals, acknowledging the value they bring to their organizations and to the Canadian economy.
  2. Encompass the several ways that the association and its members “advance” – in their personal careers and knowledge, and for the profession, the country and the economy.
  3. Express the future focus of the association – with its emphasis on the development of skills and policies – and of the supply chain itself, now so focused on AI, blockchain, robotics, automation and so on.

The new website, now at www.supplychaincanada.com, is enhanced with a modern look and new functionality that enables location-based content for users across Canada.

These changes are not simply style enhancements. They are part of a larger plan to strengthen the association. Supply Chain Canada consolidates the organization’s brand across the country under a single name in every province and territory, removing any possible confusion from its federation structure. “The unity that this will ensure will help us improve recognition in the sector, and thereby provide stronger leadership to the Canadian supply chain community,” said Buhagiar.

The association’s transformation began in 2018 with a new vision and mission, as well as an ambitious three-year strategic plan. The new name and rebranding announced yesterday are part of a larger evolution that will continue over the next two years with the introduction of new and revised educational offerings, new initiatives to engage with industry, more value-added membership benefits and more.

 

SOURCE Supply Chain Canada

Continue Reading

Latest News

Wirex Launches Enhanced Cryptoback™

Published

on

Reading Time: 1 minute

 

Today, payments platform Wirex launched a supercharged update of their revolutionary Cryptoback™ rewards programme. Customers can now earn up to 1.5% back in Bitcoin on Wirex Visa card purchases.

Released in 2018, Cryptoback™ was the world’s first rewards programme that paid out 0.5% in cryptocurrency for all in-store spending with the Wirex Visa card. Thanks to the recent launch of the Wirex Token (WXT), customers can now triple the amount of BTC they earn – making investing in cryptocurrency easier than ever before.

Depending on the amount of WXT held, in-store Wirex card purchases now generate up to 1.5% in Bitcoin. There are three levels of crypto rewards available:

  • 500,000 WXT = 1.5% Cryptoback™
  • 100,000 WXT = 1.0% Cryptoback™
  • 50,000 WXT = 0.75% Cryptoback™

Wirex have calculated that the average UK consumer stands to earn more than £300 in Cryptoback™ every year, just by using their Wirex Visa card for day-to-day spending. Unlike many other cashback programmes, Wirex doesn’t impose restrictions on what customers can do with their rewards. Cryptoback™ can be redeemed instantly into their Bitcoin accounts, or quickly and easily exchanged into fiat for spending.

Enhanced Cryptoback™ is just one of the ways that holding Wirex Tokens allows customers to get even more out of their account. They can also enjoy heavily discounted fees based on the same structure, with access to premium products, merchant offers and airport lounges coming soon. As Wirex co-founder Pavel Matveev explains:

“We created the Wirex Token to be something that provides tangible value and benefits for holders beyond its market trajectory. Enhanced Cryptoback™ is the perfect example of this, as it allows customers to earn and invest in digital currency with a minimum of fuss. We’re looking forward to introducing even more benefits for WXT holders soon.”

 

SOURCE Wirex

Continue Reading

Latest News

Export Portal to Address Best Practices in Sustainable Trade Facilitation at the Asia-Pacific Trade Facilitation Forum

Published

on

Reading Time: 2 minutes

 

Export Portal CEO Ally Spinu will be adding her take on the alignment of trade facilitation and sustainable development goals at a session at the 9th Asia-Pacific Trade Facilitation Forum (APTFF) in New Delhi.

“The Asia-Pacific region is a wealth of unexplored opportunities which lay deep in the communities of local businessmen and women that just need support in bringing their amazing products to the world to see and buy,” Ms. Spinu said. “I am looking forward to this event and being a part of the change that will help local businesses from this part of the world sell their products globally. I deeply believe that shifting attention to developing SMEs is the major change international trade and local economies have been waiting for.”

This year’s APTFF will focus on how digital and sustainable trade facilitation measures and practices can bring prosperity in the Asia-Pacific region. The forum will investigate opportunities from trade digitalization for sustainable progress of the area and challenges ahead in materializing such opportunities. APTFF will feature panel discussions as well as interactive and informative sessions. These sessions will allow participants to share experiences and perspectives on different aspects of trade facilitation, including trade finance, cross-border eCommerce and paperless trade, transit, innovative application of emerging technologies, and more. APTFF will bring relevant regional initiatives and implementation cases to each session, making it a unique opportunity to share knowledge and practical lessons. The forum will also include many side-events providing a more in-depth exploration of the pertinent trade facilitation issues.

“Agricultural products are the fastest category and industry growing within Export Portal, and I can say that is just natural that SMEs around the world are actively looking for new ways for selling their products around the world,” Ms. Spinu said. “The role of innovative technologies such as Export Portal is crucial in helping these SMEs integrate within the world supply chain of food with ease and at optimal costs. I want to explain the current issues existing within SMEs’ integration in international trade due to the high cost involved and how technology slowly but surely changes this.”

Export Portal’s trade goals align directly with the purpose of this session, as its international B2B trade platform is an affordable and all-encompassing solution for SMEs all over the world. The features that are available and being developed on Export Portal, such as the panel of experts (EP+), the educational hub (EPU), and data flow insights (EPI), provide SMEs with the resources they need to trade effectively on an international scale safely, securely, and efficiently.

The Digital and Sustainable Trade Facilitation for Regional Prosperity session is co-organized by ADB, ESCAP, Ministry of Commerce, India and Confederation of Indian Industry and will be held on Wednesday, September 18, from 9:00 to 10:45 AM.

 

SOURCE Export Portal

Continue Reading

Trending

Roboticulized is a news publishing website which digests / hand picks the latest news about the AI industry, and serves them to you daily.

Contact us: pressroom@roboticulized.com

© Roboticulized.com 2019 - part of PICANTE Media. All rights reserved. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania