Data Privacy - FinTecBuzz

The Unseen Link: Connecting ITAM, Employee Satisfaction, and Fintech Customer Experience

Syed Ali — Wed, 04 Sep 2024 12:30:42 +0000

Customer-centricity, shown through exceptional user experiences, is vital for fintech success. While the industry recognizes the importance of seamless and intuitive customer interactions, it often underestimates the crucial role that employee experience plays in achieving this goal.

Fintechs are now heavily investing in AI to gauge credit risk, analyze customer behavior to identify customer needs, and to provide digital customer service. However, it is equally important to have the right technology in place to manage the employee experience – which directly affects the customer experience.

For fintech companies to deliver exceptional customer experiences, they must first ensure their employees have the tools and resources they need to perform their jobs effectively. This is where a robust IT Asset Management (ITAM) solution comes into play.

A good employee experience, facilitated by advanced ITAM solutions, can ensure employees efficiently manage assets, maintain security and compliance, and minimize downtime—all of which directly translate into a superior customer experience.

Some of the top outputs of a strong ITAM solution in enhancing the employee experience include:

Asset tracking and management: An ITAM solution allows employees to keep track of all hardware and software assets. This ensures that resources are available when needed, reducing frustration and inefficiencies caused by missing or outdated equipment.
Security and compliance: ITAM solutions help maintain security and compliance across all devices by ensuring authorized access to software with assigned roles.
Reduced downtime: An effective ITAM solution helps schedule preventive maintenance, ensuring that all equipment and devices are in optimal condition. When technical issues arise, an effective ITAM solution enables employees to create tickets on a help desk and escalate an incident for faster resolution, minimizing employee downtime. Features such as a Service Catalog can help employees self-cater to small technical concerns and access needed IT services spontaneously – streamlining the IT support process. This is crucial in a fast-paced industry where every minute counts.
Streamlined onboarding and offboarding: New employees can be quickly set up with the necessary tools and access, allowing them to hit the ground running. This reduces the time and cost associated with onboarding and training. Access can also easily be revoked and all equipment collected with a smooth offboarding process; critical to reducing asset loss, misplacement, ensuring data privacy and preventing unauthorized access.

By enhancing the employee experience, fintech companies can ensure that their workforce is productive, engaged, and capable of delivering high-quality service. This, in turn, leads to a better customer experience.

Connecting EX and CX: The path to fintech success

The relationship between employee experience and customer experience is symbiotic. A positive employee experience, supported by an efficient ITAM solution, leads to more motivated and capable employees. These employees are better equipped to serve customers, providing timely and effective solutions to their needs.

When employees have a seamless experience managing technology and assets, they can focus more on delivering value to customers. For instance, a customer support representative who experiences minimal downtime due to IT issues can handle more inquiries and provide quicker resolutions, leading to higher customer satisfaction. Similarly, a financial advisor with access to up-to-date tools and information can offer more accurate and personalized advice.

As fintech continues to evolve, companies must adopt a holistic approach that prioritizes both customer and employee experiences. Ensuring that employees have the best possible experience through effective ITAM solutions is equally important.

By investing in EX, fintech companies can create a virtuous cycle where happy employees lead to happy customers, driving growth and success in the industry. The future of fintech lies in this balanced approach, where technology and human experience work hand in hand to deliver exceptional value.

Fintech success is not just about adopting the latest technologies but also about creating an environment where employees can thrive. A good employee experience translates into a good customer experience, and together, they form the foundation of a successful fintech company.

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Syed Ali, founder and CEO at EZO

Syed Ali is the founder and CEO at EZO and has over 25 years of experience in the tech sector. Ali specialized in the field of Computer Science and is an alumni of LUMS and University of Illinois at Urbana-Champaign. Under his leadership, EZO has evolved to offer a suite of four innovative products that streamline critical asset management processes, increase accessibility, reduce costs, and boost productivity for organizations.

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Zama raises $73M Series A lead by Multicoin Capital, Protocol Labs

Zama — Thu, 07 Mar 2024 13:55:36 +0000

Zama, an open source cryptography company building state-of-the-art FHE solutions to protect privacy in blockchain and AI, announced a $73M Series A round led by Multicoin Capital and Protocol Labs, with participation from Metaplanet, Blockchange Ventures, VSquared, and Stake Capital, as well as blockchain pioneers Juan Benet (founder of Filecoin), Anatoly Yakovenko (co-founder of Solana), and Gavin Wood (co-founder of Ethereum and co-creator of Polkadot). The funds will be used to hire talented engineers, software developers, and researchers in cryptography to maintain its open-source libraries, and collaborate with strategic partners to develop a new class of Fully Homomorphic Encryption (FHE) applications.

As demand for robust data protection grows internationally, businesses and organizations need a way to protect consumer data without compromising its utility. FHE provides a novel encryption technique that makes it possible to compute over encrypted data for the first time, revolutionizing what’s possible with data privacy for organizations, governments and consumers alike. Over the course of four years, Zama has built a suite of open source cryptographic libraries and solutions that make FHE readily available to developers to build privacy-preserving applications.

“We envision a world where data privacy isn’t an afterthought, but rather guaranteed by design. With the support of our investors, our talented team, and over 3,000 developers in our community, we can make FHE and privacy synonymous and ubiquitous,” said Rand Hindi, CEO of Zama. “This funding gives us the resources to add to the best and brightest cryptography minds we already have on the team, while also continuing to advance the state of the art of what’s possible in data privacy. Our investors, Multicoin and Protocol Labs in particular, lend valuable experience as we bring FHE to market in the blockchain sector.”

Zama has been at the vanguard of FHE innovation since its inception in 2020. To date, the company has secured multi-million dollar deals in the blockchain and AI space, and has successfully released four cutting-edge FHE solutions. The company’s most recent solution, fhEVM, is the first confidential smart contract protocol for EVM blockchains. Using FHE, the fhEVM enables on-chain state and transaction data to remain end-to-end encrypted during processing, addressing the core data privacy challenge in blockchain.

“FHE is the most important foundational cryptographic primitive for the next decade of computing. Zama’s technology is the key to build multiplayer, privacy-preserving applications,” said Kyle Samani, Managing Partner of Multicoin Capital. “Zama’s groundbreaking work on open source FHE tooling is only the beginning. We are proud to help them build the next generation of crypto-enabled, privacy-first applications.”

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Tookitaki launched Compliance-as-a-Service (CaaS) solution

PRNewswire — Mon, 07 Aug 2023 13:30:50 +0000

Tookitaki, a trusted leader in the anti-money laundering space, announced the launch of its Compliance-as-a–Service (CaaS) solution for small and mid-size financial institutions globally. This innovative SaaS offering, optimised for cost and efficiency, gives financial institutions (FIs) access to Tookitaki’s flagship compliance solution – the Anti Money Laundering Suite (AMLS) on a secure, self-service platform.

Tookitaki’s AMLS is trusted by leading universal banks such as UOB, regional banks, digital-only banks, e-wallets, and payment companies, including global front-runners like Tencent. The CaaS solution delivers complete risk coverage across screening, transaction monitoring and customer risk scoring. It comes with standardised payload specifications, and APIs for seamless integration, enabling FIs to go live in two weeks. The FIs can also leverage pre-packaged watchlist data for screening in addition to existing watchlist data that they have.

It is a flexible, pay-as-you-go solution that scales horizontally, delivering high reliability and performance for rapid growth. The service includes industry-standard certifications spanning risk, security, and data privacy, such as SOC2, substantially reducing the dependency on internal IT.

Mr Abhishek Chatterjee, Founder and CEO of Tookitaki, stated, “Tookitaki has a proud legacy of supporting both traditional banks and large fintech enterprises with our cutting-edge AML solution. The launch of our Compliance-as-a-Service solution is a significant step in making AMLS more accessible. This SaaS model allows fast-growing fintechs to get to market sooner, and future-proof their financial crime mitigation strategies with regular updates.”

The head of compliance at one of the largest e-wallet players has remarked that Tookitaki’s CaaS solution is an excellent fit for them as it is lightweight, scalable and offers full risk coverage, along with a predictable low-cost footprint.

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2022 Data Privacy in Banking Market Research Report

BusinessWire — Tue, 10 May 2022 18:00:05 +0000

The “Data Privacy in Banking – Thematic Research” report has been added to ResearchAndMarkets.com’s offering.

Data underpins and enriches all aspects of retail banking, whether optimizing channel interactions, personalizing risk assessment, or helping customers make better financial decisions. Data is also critical to the development of transformative new technologies such as artificial intelligence, big data, and the Internet of Things. This report examines the impact the data privacy theme will have across the retail banking industry.

Whoever consumers trust most with their data, they are more likely to permission additional data to and engage with them more frequently overall. Provided necessary technology changes are made, incumbent banks can capitalize on this advantage to deliver more personalized, contextual digital services amid the onslaught of new entrants.

Doing so will require forward-thinking IT teams to balance the value of collecting, storing, and processing large volumes of data against the pressing requirements for privacy, security, and compliance. Different customers often feel differently about what data to share, when to share it, and how. The same customers can feel differently depending on what they get in return, the provider, or the sensitivity of data.

Engaging in a personalized way will increase the chance of conversion (or consent). Incumbent providers need segmentation models for privacy that recognize that data permissions and consent are a constant trade-off between what customers want to reveal and what they want to get back.

Scope

Since the introduction of GDPR in 2018, more than 60 jurisdictions around the world have enacted or proposed a privacy or data protection law – including Brazil, Japan, Thailand, and various states around the US. These regulatory initiatives are both a manifestation of consumer concerns in data and a driver of them.
The more comfortable consumers feel about sharing personal data with companies, the more likely it is that they will use their products and services. Providers can increase comfort levels by segmenting customers by privacy preferences rather than assuming a one-size-fits-all policy.
Various types of privacy-enhancing technologies – such as encryption, anonymization, and pseudonymization – can enable data mining without violating data privacy, thus not requiring explicit customer consent.

Reasons to Buy

Understand key technology, macroeconomic, and regulatory trends impacting the data privacy theme.
Identity priority application areas for privacy-enhancing technologies and the vendors and banks delivering these experiences to end users.
Access firm-level insight on the leading players within data privacy.

Key Topics Covered:

Executive Summary
Players
Thematic Briefing
Trends
Industry Analysis
Value Chain
Companies
Sector Scorecards
Glossary

Companies Mentioned

Amazon
Google
Facebook/Meta
Apple
Alphabet
Tinkoff Bank
AIB
Capital One
WeBank
MYbank
Monzo
NatWest/RBS
Danske Bank
DBS
TSB
BBVA
Citibank
mBank
Revolut
Credit Agricole
Barclays
CreditLadder
NovaCredit
Experian
Equifax
TransUnion
Tink
Bud
Plaid
TrueLayer
Cornami
Decentriq
Immuta
Inpher
Statice

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