tag:blogger.com,1999:blog-64086186190830308222024-03-13T03:44:32.651-07:00Joy Macknight, journalist/editorJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.comBlogger366125tag:blogger.com,1999:blog-6408618619083030822.post-57375339312393268462024-01-03T00:25:00.000-08:002024-01-03T01:01:11.739-08:00Redefining the World Bank<p>Modifying the venerable 78-year-old institution’s mission statement to incorporate sustainability objectives is an important achievement for its new president. Joy Macknight reports.</p><p>Even before officially taking up the role as 14th president of the World Bank, Ajay Banga embarked on a world tour to gain first-hand knowledge of what is happening on the ground in many of the bank’s 189 member countries. The tour continued after starting his five-year term on June 2 and, to date, he has met around 90 governments, 100 civil society organisations and 20 CEOs of various asset managers and pension funds.</p><p>https://www.thebanker.com/Cover-story-Redefining-the-World-Bank-1704184261</p><p>VIDEOs</p><p>https://www.thebanker.com/video/v/6341713606112/in-conversation-with-ajay-banga-state-of-the-world</p><p>https://www.thebanker.com/video/v/6341798571112/in-conversation-with-ajay-banga-redefining-the-world-bank</p><p>https://www.thebanker.com/In-conversation-with-Ajay-Banga-sustainability-and-resiliency-1701427110</p>Joy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-71419088961004222832022-04-05T09:49:00.003-07:002022-04-05T09:51:00.275-07:00Filling in the skills gaps in financial services<p>5/04/2022</p><p>By forecasting their future skills needs, banks can reskill their workforce instead of relying on recruitment to solve the skills shortage.</p><p style="background-color: white; border: 0px; color: #333333; font-family: MillerDisplay, Georgia, serif; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 1em 0px; padding: 0px; vertical-align: baseline;">The global war for talent shows no sign of cooling down. Banks are competing for highly skilled staff against both fintechs and big techs, as well as other industries going through digital transformation. According to research by the UK’s Financial Services Skills Commission (FSSC), 92% of its member firms had hard-to-fill vacancies in 2021.</p><p style="background-color: white; border: 0px; color: #333333; font-family: MillerDisplay, Georgia, serif; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 1em 0px; padding: 0px; vertical-align: baseline;">To get ahead, financial institutions need to take a proactive approach in identifying future skills requirements that will help them address rapid technological and societal changes. And in addition to looking externally for talent, they need to be creative in reskilling and upskilling their existing workforce.</p><p style="background-color: white; border: 0px; color: #333333; font-family: MillerDisplay, Georgia, serif; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 1em 0px; padding: 0px; vertical-align: baseline;">In its recent report, ‘<a href="https://wp.financialservicesskills.org/wp-content/uploads/2022/03/FSSC-Future-Skills-Interactive-V12.pdf" style="border: 0px; color: #b80200; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: none; vertical-align: baseline;" target="_blank">Mind the gaps – skills for the future of financial services 2022</a>’, the FSSC encourages banks to map out their skills needs. Almost 80% of its member firms (which collectively employ one third of the overall UK financial services sector workforce) report that they plan for future skills capabilities; however, 20% do not yet collect such data.</p><p style="background-color: white; border: 0px; color: #333333; font-family: MillerDisplay, Georgia, serif; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 1em 0px; padding: 0px; vertical-align: baseline;">Through its research, the FSSC identified five skill clusters – three technical and two behaviours – which are seen as critical to business success: data analysis and insights, software development, digital literacy, creative thinking and coaching. Data and analytics are a clear priority for 38% of participating member firms, with the highest number of votes as a top priority.</p><p style="background-color: white; border: 0px; color: #333333; font-family: MillerDisplay, Georgia, serif; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 1em 0px; padding: 0px; vertical-align: baseline;">However, the report points out that the half-life of technical skills is decreasing. “This means the time it takes for a skill to become half as valuable is accelerating because of innovation and technological change. This increases the pressure to keep up and regularly forecast skills requirements,” says the report. It lists eight best practices in skills forecasting, including building allies for forecasting across the business, generate trust in the process and ensure accountability.</p><p style="background-color: white; border: 0px; color: #333333; font-family: MillerDisplay, Georgia, serif; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 1em 0px; padding: 0px; vertical-align: baseline;">Despite the vast majority of FSSC members planning for future skills requirements, three quarters of firms surveyed do not hold data on proficiency levels. This restricts firms’ ability to develop effective upskilling and reskilling paths, according to the industry-led body, at a time when the skills shortages in the UK means that banks can’t rely on recruitment alone.</p><p style="background-color: white; border: 0px; color: #333333; font-family: MillerDisplay, Georgia, serif; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 1em 0px; padding: 0px; vertical-align: baseline;">Additionally, investing in skills offers clear benefits. According to the survey, 65% of firms have seen a tangible positive impact of investing in future skills for their business, reflected in a reduced need to hire externally. In a previous <a href="https://wp.financialservicesskills.org/wp-content/uploads/2022/01/Reskilling-A-business-case-FINAL-Jan-2022.pdf" style="border: 0px; color: #b80200; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: none; vertical-align: baseline;" target="_blank">report</a>, the FSSC estimated that firms could generate cost savings of up to £49,100 per worker through reskilling individuals who would otherwise have been made redundant into roles that would have required external hires.</p><p style="background-color: white; border: 0px; color: #333333; font-family: MillerDisplay, Georgia, serif; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 1em 0px; padding: 0px; vertical-align: baseline;">The FSSC plans to launch a skills gap analysis toolkit in the first half of 2022, which could be useful for banks that face similar skill challenges in markets across the world.</p><p style="background-color: white; border: 0px; color: #333333; font-family: MillerDisplay, Georgia, serif; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 1em 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Joy Macknight is editor of </i>The Banker<i style="border: 0px; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">. Follow her on Twitter <a href="https://twitter.com/joymacknight?lang=en%20" style="border: 0px; color: #b80200; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: none; vertical-align: baseline;" target="_blank">@joymacknight</a></i></p><p style="background-color: white; border: 0px; color: #333333; font-family: MillerDisplay, Georgia, serif; font-size: 16px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: inherit; margin: 1em 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><a href="https://www.thebanker.com/ftuser/register%20" style="border: 0px; color: #b80200; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: none; vertical-align: baseline;" target="_blank">Register</a> to receive the Editor’s blog and in-depth coverage from the banking industry through the weekly e-newsletter.</i></p>Joy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-70216635135109982002018-12-08T08:37:00.003-08:002018-12-08T08:37:54.493-08:00The power of QR codes20/11/2018<br />
The use of QR codes for payments has seen widespread take-up across Asia and other emerging markets due to the low-tech, low-cost deployment. But will they be able to compete with established card rails in the developed markets? Joy Macknight reports.<br />
<br />
To read more: https://www.thebanker.com/Transactions-Technology/The-power-of-QR-codes/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-41302277326913224452018-12-08T08:36:00.002-08:002018-12-08T08:36:40.714-08:00Santander’s digital dreams move ahead with Openbank3/12/2018<br />
Starting a bank from scratch is many an incumbent banker’s dream. Ezequiel Szafir, CEO of Openbank, talks to Joy Macknight about constructing Santander’s fully digital experiment from the ground up.<br />
<br />
To read more: https://www.thebanker.com/Techvision/Santander-s-digital-dreams-move-ahead-with-Openbank/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-89069624807619096202018-12-08T08:35:00.002-08:002018-12-08T08:35:35.219-08:00Chinese banks’ profitability under pressure1/11/2018<br />
The leading banks in China have seen their balance sheets balloon in recent years and their cost to income remains low, yet profitability is much lower than these positive metrics would indicate. Joy Macknight reports.<br />
<br />
To read more: https://www.thebanker.com/Banker-Data/Chinese-banks-profitability-under-pressure/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-16177152377530421772018-12-08T08:34:00.002-08:002018-12-08T08:34:36.878-08:00Fortifying the ATM estate1/11/2018<br />
ATM malware attacks are on the rise and gaining in sophistication and scale, yet historic threats persist, including skimming and brute force attacks. How can banks best defend their ATM networks? Joy Macknight investigates.<br />
<br />
To read more: https://www.thebanker.com/Transactions-Technology/Fortifying-the-ATM-estate/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-4153238702037423022018-12-08T08:33:00.003-08:002018-12-08T08:33:50.646-08:00MKB Bank undergoes core replacement to become digitally fit1/11/2018<br />
Replacing a core banking system is not for the faint of heart. Márk Hetényi, MKB Bank’s chief digital, retail and strategy officer, talks to Joy Macknight about staying the course towards a digital future.<br />
<br />
To read more: https://www.thebanker.com/Techvision/MKB-Bank-undergoes-core-replacement-to-become-digitally-fit/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-86629100951326519312018-12-08T08:32:00.003-08:002018-12-08T08:32:48.710-08:00A shift in securities services1/10/2018<br />
While securities services have traditionally been viewed as unexciting, back-office, post-trade administrative activities, emerging technologies are giving providers an opportunity to move up the value chain. Joy Macknight reports.<br />
<br />
To read more: https://www.thebanker.com/Transactions-Technology/A-shift-in-securities-services/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-38419924450255546852018-12-08T08:32:00.000-08:002018-12-08T08:32:04.718-08:00Why open banking is the only way for ANZ1/10/2018<br />
ANZ’s banking services business domain lead talks to Joy Macknight about how open banking will foster digital transformation, and where blockchain technology and cryptocurrencies fit in.<br />
<br />
To read more: https://www.thebanker.com/Comment-Profiles/People/TechVision/Why-open-banking-is-the-only-way-for-ANZ/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-58151936880511925152018-12-08T08:31:00.003-08:002018-12-08T08:31:15.765-08:00Redefining GDP31/08/2018<br />
Although gross domestic product is a far-from-perfect expression of a country’s economic vitality, economists are not yet ready to abandon it completely. But is it time for a radical revision? Joy Macknight investigates.<br />
<br />
To read more: https://www.thebanker.com/Banking-Regulation-Risk/Redefining-GDP/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-33065446336286135032018-12-08T08:30:00.002-08:002018-12-08T08:30:31.163-08:00Ecobank puts Africa on the digital map31/08/2018<br />
Ecobank is present in 33 African markets, giving it an enviable reach across a widely underbanked continent. Its CEO, Ade Ayeyemi, tells Joy Macknight how the bank's appetite for digital and fintech-related solutions is bringing widespread benefits to this population.<br />
<br />
To read more: https://www.thebanker.com/World/Africa/Ecobank-puts-Africa-on-the-digital-map/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-47089199333946112812018-12-08T08:29:00.002-08:002018-12-08T08:29:32.502-08:00Wells Fargo innovation R&D chief embraces digital disruption3/09/2018<br />
Bipin Sahni, Wells Fargo’s head of innovation research and development for its innovation group, talks to Joy Macknight about laying the foundation for innovation through an R&D mindset. <br />
<br />
To read more: https://www.thebanker.com/Techvision/Wells-Fargo-innovation-R-D-chief-embraces-digital-disruption/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-28924325546613729422018-12-08T08:28:00.005-08:002018-12-08T08:28:50.957-08:00Emirates NBD’s new digital lead brings a fintech mindset1/08/2018<br />
Evans Munyuki, recently appointed as group chief digital officer at Emirates NBD, talks to Joy Macknight about his plans to take the digitally mature bank to the next level of innovation.<br />
<br />
To read more: https://www.thebanker.com/Comment-Profiles/People/TechVision/Emirates-NBD-s-new-digital-lead-brings-a-fintech-mindset/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-50478040990395562342018-12-08T08:28:00.002-08:002018-12-08T08:28:08.163-08:00Has the time come for banks to get quantum-fit?1/08/2018<br />
Quantum computing promises the possibility of performing an infinite amount of computations almost instantaneously. But the technology is still in its early stages. Joy Macknight investigates how banks can cut through the hype to what is real.<br />
<br />
https://www.thebanker.com/Transactions-Technology/Has-the-time-come-for-banks-to-get-quantum-fit/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-68301667030169530912018-12-08T08:27:00.002-08:002018-12-08T08:27:27.625-08:00France’s digital minister banks on the fintech ecosystem1/08/2018<br />
Mounir Mahjoubi, the French secretary of state for digital affairs, spoke to Joy Macknight at the Money 20/20 Europe conference about the value created through bank-fintech partnerships and how France is fostering an attractive environment for fintechs, which is of growing importance due to Brexit.<br />
<br />
To read more: https://www.thebanker.com/World/Western-Europe/France/France-s-digital-minister-banks-on-the-fintech-ecosystem/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-35478544729939784032018-12-08T08:26:00.003-08:002018-12-08T08:26:45.479-08:00Faster, cheaper, smarter: blockchain in trade finance2/07/2018<br />
As the hype around blockchain technology ebbs, real-world applications are coming to life, particularly in trade finance. Joy Macknight examines market initiatives, lessons learned and the role that blockchain could play in driving the digitalisation and growth of global trade.<br />
<br />
To read more: https://www.thebanker.com/Transactions-Technology/Faster-cheaper-smarter-blockchain-in-trade-finance/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-57936528510729173702018-12-08T08:25:00.002-08:002018-12-08T08:25:36.591-08:00Swift gpi chief ticks off the milestones2/07/2018<br />
Swift, together with 45 member banks, launched the global payments innovation (gpi) initiative in early 2016, to increase the speed, transparency and predictability of cross-border payments. More than 180 banks have signed up to the service, with over 60 banks now live. As of May 24, 25% of all Swift cross-border payments traffic is now being sent as gpi. Joy Macknight talks to Wim Raymaekers, Swift’s gpi programme director, about the latest developments.<br />
<br />
To read more: https://www.thebanker.com/Transactions-Technology/Swift-gpi-chief-ticks-off-the-milestones/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-32858435074025063262018-12-08T08:24:00.002-08:002018-12-08T08:24:46.620-08:00Using blockchain to revamp cross-border payments2/07/2018<br />
Is blockchain living up to its potential in revolutionising the cross-border payments space? Joy Macknight investigates how far the technology has come.<br />
<br />
To read more: https://www.thebanker.com/Transactions-Technology/Using-blockchain-to-revamp-cross-border-payments/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-49462813824154358852018-12-08T08:23:00.005-08:002018-12-08T08:23:57.037-08:00VTB’s digital strategy embraces co-operation4/07/2018<br />
Olga Dergunova, VTB Bank’s deputy president, hails a new era of co-operation in Russia’s banking industry, not just bank-to-bank but bank-to-fintech and, importantly, bank-to-regulator. Joy Macknight reports.<br />
<br />
To read more: https://www.thebanker.com/Comment-Profiles/People/TechVision/VTB-s-digital-strategy-embraces-co-operation/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-7233624136245696812018-12-08T08:23:00.002-08:002018-12-08T08:23:05.999-08:00Riding the real-time payments wave1/06/2018<br />
While 2017 is widely recognised as the year real-time payments took a qualitative leap forward, 2018 is predicted to be one of transformative change, as innovative services built on top of the new rails come to market. Joy Macknight reports.<br />
<br />
To read more: https://www.thebanker.com/Transactions-Technology/Riding-the-real-time-payments-wave/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-73650491169989260222018-12-08T08:22:00.003-08:002018-12-08T08:22:25.221-08:00SocGen’s UK innovation lead looks to clients and fintechs for inspiration1/06/2018<br />
Société Générale’s head of innovation for the UK, Anthony Woolley, talks to Joy Macknight about accelerating the French bank’s digital transformation through an open innovation strategy inside and outside the organisation.<br />
<br />
To read more: https://www.thebanker.com/Comment-Profiles/People/SocGen-s-UK-innovation-lead-looks-to-clients-and-fintechs-for-inspiration/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-45281369986243816582018-12-08T08:21:00.002-08:002018-12-08T08:21:35.613-08:00Nordic FX: volatility ahead?1/05/2018<br />
The Nordic countries’ currencies are renowned for stability and low risk, but concerns are surfacing around the currencies of Norway and Sweden, nicknamed the 'nokkie' and the 'stocky'. Joy Macknight reports.<br />
<br />
To read more: https://www.thebanker.com/World/Western-Europe/Finland/Nordic-FX-volatility-ahead/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-5386875832570245112018-12-08T08:20:00.003-08:002018-12-08T08:20:51.129-08:00Constructing the branch of the future1/05/2018<br />
'Hi-tech, high touch' is the mantra of many banks looking to revamp and revitalise their branch networks. But after years of increasing digital interaction, declining footfall and extensive branch closures, can banks entice customers back into the branch? Joy Macknight investigates.<br />
<br />
To read more: https://www.thebanker.com/Banking-Regulation-Risk/Retail-Banking/Constructing-the-branch-of-the-future/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-73486735785017545932018-12-08T08:19:00.002-08:002018-12-08T08:19:58.416-08:00Northern Trust’s chief architect dreams in DevOps1/05/2018<br />
Managing innovation in a 129-year-old financial institution is not an easy job. Northern Trust’s director of architecture and innovation and chief architect, Len Hardy, talks to Joy Macknight about transforming legacy applications, processes and people.<br />
<br />
To read more: https://www.thebanker.com/Comment-Profiles/People/TechVision/Northern-Trust-s-chief-architect-dreams-in-DevOps/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0tag:blogger.com,1999:blog-6408618619083030822.post-39584868737480830952018-12-08T08:16:00.002-08:002018-12-08T08:16:13.243-08:00The women behind JPMorgan’s EMEA transaction banking business3/04/2018<br />
JPMorgan has long been committed to diversity in its workforce and its approach is yielding results. Joy Macknight talks to the women heading the US bank’s Europe, the Middle East and Africa treasury services business lines to gain insight into the drivers of change in the region.<br />
<br />
To read more: https://www.thebanker.com/World/Africa/The-women-behind-JPMorgan-s-EMEA-transaction-banking-business/(language)/eng-GBJoy Macknighthttp://www.blogger.com/profile/11136726269017492215noreply@blogger.com0