Effective Use of Intent Data for Financial Institutions

Intent Data for Financial Institutions

The world began its course to become a digital open book after the internet came into existence. With almost everything available for purchase, the internet has brought the world to the buyer's doorstep. With the purchase, comes the data, and with effective use of the data collected within a period, any industry can speculate the buyer’s journey and take compelling steps to attract the buyer.


Looking at the facts, around 93% of purchases start with internet research. Intent data is the name of the collection of the behavioral signals that a user shows while purchasing anything. This data helps businesses be available at the right time and the right place to pitch their product to the customer who is already interested in buying what they are selling.

Businesses can analyze these signals, accurately understand where the prospect is in its buying journey and can give a solution to the problem. With intent data, even financial institutions can up their game and generate greater ROI while accurately predicting the buyer’s position in its purchase journey, and provide the best value to attract him/her. With over terabytes of intent data available for use, financial institutions can use it to flourish in this pandemic hit economy, using fewer resources and marketing their services to ready to buy consumers.

Since its inception, intent data is on the top priority of every marketer’s to-do list, with its usage in advertising campaigns, outreach campaigns, content creation, SEO, etc. This article covers how financial institutions can use intent data to their advantage, provide value to the user, and draw massive attention to their platform to reach their ultimate goal and generate more revenue.

Before going further, let’s understand the basic concept of intent data and its type that comes into the use for financial institutions.

WHAT IS INTENT DATA?

Intent data refers to collecting information on online behavioral insights of internet users or prospects, allowing you to better focus on the audience that has more chances of buying your products or services.

To put it simply, intent data will help you display your product or services to those already searching for it. For example, your financial department is facing challenges to keep the accounting on track, checking the organization’s financial status, etc.

While, you look for the solutions online, you Google “best financial tool for in-house accounting.” Out of millions of search results, your search concludes with some of the top tools like Robotic Press Automation (RPA) in accounting kept aside. Now, your search would be more specific and according to the selected tools.

Now, for comparing and selecting the best tools, you may Google-
“How RPA keeps track on accounting?”

“What is the ROI of RPA in accounting for small enterprises?”

“What is the role of RPA in accounting?”

And so on. Notice how your search query got specified after some informative searches. Imagine having the power of intent data of your customers and satisfying them with your content. Intent data helps you nurture a highly targeted audience and eventually convert them into your clients.

When prospects face challenges, they search for the solution online. While providing the solution for any specific query, websites ask the prospects to accept their cookies. These cookies monitor their intent of searching and this data is then pushed to the marketers to mold their campaigns suited better for these targeted customers.

Let’s look at how financial institutions can focus their campaigns on highly targeted prospects with types of intent data.


TYPES/SOURCES OF INTENT DATA

The types of intent data divide the vast information of intent into three types - first party, second party, and third party.

First-party

The data you now gather on known contacts and anonymous visitors is first-party intent data. It can also involve prospective website connections, newsletters, emails, and social media. You can use the first-party intent data to segment messages, build workflows, and get more leads. You can assist your marketing and sales team in determining how to approach and convert a prospect.

Second-party

Second-party data refers to data collected by another company. It is like gaining insights into your prospects from the shops they have visited earlier. The second-party intent data includes review websites and publishing networks. And all this information is voluntarily provided by the user. Sometimes, the user may also share the contact details and their business email id.

Third-party

While some systems only track a network of pages, third-party intent data is gathered from all across the web. In several cases, this intent data is extracted using one of 3 techniques: reverse IP lookup, Bidstream data from ad networks and widgets, and media exchange/publishing participants. Third-party intent data can show the user’s intent that is relevant to your campaign.

STEPS TO BUILD GREATER ROI FROM INTENT DATA

How can a financial institution decide whether a particular lead is worth its investment? Answer: By lead qualification.

By segregating each lead into three types, you can decide whether the prospect is an active buyer or someone who wants some information over the web. It allows the marketing team to use their time efficiently and target the leads which are likely to convert. For significant ROI from intent data, financial institutions should gather intent data and segregate it into three types of B2B data- Fit data, Intent data, and Opportunity data.

Fit data

Fit data shows how well your product or services fit the need of the customers. Imagine if a financial institution provides loans on a low credit score, and a user searches for loans on a low credit score, we can call this collection of information as fit data. With this information, you can efficiently use your time and investment to target a specific prospect. This information collection may include the prospect’s age, sex, job level, job function, and the residing location. Fit data is generally the data that won’t change quickly. It may give you a right fit of prospects for your campaign but cannot tell you the right time or context of search intent. 

Opportunity data

Opportunity data is event-based data on particular prospects. Suppose, you are a financial institution providing a car loan on reduced interest rates, and you come to know that a specific company is crediting bonus salary to its employees. If you market your car loan services to their employees, you can have more leads as you know they have a bonus salary in their account. This is called an opportunity data, which sometimes is also referred to as data scoops that give you information about favorable conditions for sale. As the name suggests, the opportunity data gives you the data of a perfect opportunity to market your services to targeted prospects.

Intent data

Intent data indicates that the time has come to engage with folks who actively express a desire to acquire a solution. When the intent data is integrated with other signals and a solid fit, the chances of conversion increase dramatically.

It's helpful to know when there's movement at a company, but if you don't know who to connect with and don't have a phone number or email address for them, it's only informative. You need actionable data along with intent data to perform a perfect marketing campaign.

COMMON USE OF INTENT DATA


A Segment to sort out active prospects

With the use of intent data, B2B marketers find companies actively looking for products or services they are serving. Intent data solutions provide segmentation tools that you can utilize to sort out active prospects that fit perfectly with your services.

This segmentation tool can help you filter your prospect with an unlimited combination of the type of company, contact details, location, industry, and technology they use.

Intent data for Account-Based Marketing

Leading B2B marketers use intent data to drive their ABM campaigns as it naturally fits these campaigns. ABM and intent data are  the two sides of the same coin, as ABM delivers results through specific account’s interest and intent data provides timely opportunities to initiate the contact. Integrating both helps you elevate your marketing reach.

Intent Data for marketing campaign Optimization

Integrated marketing strategies help financial institutions because marketers can pump useful insights to drive effective and relevant demands. The sales team of financial institutions get into the conversation with the buyer while having more information on their pain points and what solutions they are looking for, giving them an upper hand in exchange. 

SIGNIFICANT FINANCIAL MARKETING TREND


Insight-driven marketing

With the help of effective machine learning and artificial intelligence, insight-driven marketing helps financial institutions to offer financial assistance to the right fit of customers. Marketers can further collect the right type of customers that fits the services and not the other way around. Prospects with other financial needs can be routed to more appropriate services you offer.

Awareness of the customer journey

Intent data helps financial institutions optimize and understand the customer journey and correctly map customer interactions. It enables to influence the end-to-end experience of the customer. By having a perfect understanding of where the customer stands in the customer journey, financial institutions can market their services according to their needs.

Increased personalization

Intent data allows the marketers to look further into the minds of their prospects. It enables them to read the customers as an open book while segmenting them on their thought process. For example, which customer is more savings-oriented? Which one is planning for their retirement? With these insights, marketers can match the right customers to their services with the relevant type of marketing to compel the audience.

TYPES OF MARKETING SIGNAL AVAILABLE

Signals are the hints prospects resonate, showing financial institutions they are ready for being potential customers. These signals are everyday actions like Googling stuff they need orLike hard searching online, clicking on financial institution ads, applying for any loans, and paying off debts. Financial institutions can use these signals to run highly specific marketing campaigns.

Let’s look into these marketing signals further.
Most marketing signal falls into three major categories, such as:

Behavior-based

The behavior-based marketing signal includes hard searching like credit inquiries and online searches that signal intent to look for services. It may also include some minor changes that indicate future requirements like a change of residence or buying intent of large purchases like automobiles and real estate.

Event-based

Event-based marketing signals include automobile lease expiring, mortgage rate settings, or child passing the high school. These are the hints that indicate the prospect is going to have a requirement for your services. These signs show that the customer is about to have a significant financial shift, and financial institutions can use this opportunity to market their services.

Predictive

Predictive signals are passive hints that prospects show. It may not be as obvious as behavior-based, but it can set a boundary to your targeted customers. Some of the predictive marketing signals could have data of savings, debit consolidation, and mortgage refining. Predictive marketing signal can give low fidelity and can assure you the maximum coverage of your marketing campaign.

CONCLUSION

Using signals to attract and retain consumers is an effective component of a well-thought-out marketing strategy. Moving to a signals-based strategy, on the other hand, does not have to be a huge overhaul of your current procedures. Continue to use your tried-and-true strategy, but experiment with new ways of analyzing and responding to signals.

Worried about how much money you'll need to set aside to fund the signal-based marketing strategies?

You can assess the ROI of the marketing strategy before expanding your program if you start with a scalable service with no commitments.

Traditional signals continue to be relevant and form the basis for customer-focused marketing. Combining them with potentially powerful signals that indicate purchase intent will enable proactive communication and elevate financial marketing initiatives to the next level.

Spotlight

Generali

The Generali Group is one of the most significant players in the global insurance and financial products market. The Group is leader in Italy and Assicurazioni Generali, founded in 1831 in Trieste, is the Group's Parent and principal operating Company.

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Industry Leaders Pioneering Transformation in Insurance Software

Article | May 24, 2024

Uncover the transformation in insurance software through this article. Discover how top insurance software companies are integrating AI to revolutionize claims processing and risk assessment. Contents 1. Fundamentals of Insurance Software 2. Diverse Types of Insurance Software Solutions 3. Advantages of Embracing Modern Insurance Software Solutions 4. Overcoming Challenges in Digital Insurance Solution Software 5. Top Insurance Software Companies Setting New Standards 5.1 ePayPolicy 5.2 Aclaimant 5.3 OneShield ClaimseaMaker 5.4 360Globalnet 5.5 Snapsheet 5.6 DataCare 5.7 Tia 5.8 Zywave 5.9 JBKnowledge 5.10 JW Software 6. Future of Insurance Software Industry 1. Fundamentals of Insurance Software The insurance industry is continually evolving, driven by advances in technology and changing consumer expectations. A crucial aspect of this transformation is the integration and enhancement of insurance software, which offers a comprehensive suite of tools designed to manage day-to-day operations effectively. At its core, insurance software assists brokers, agents, agencies, and carriers in optimizing their workflows, thereby maximizing efficiency and reducing costs. Transformation in insurance software has introduced capabilities that extend beyond traditional functionalities, integrating advanced analytics, artificial intelligence, and machine learning. These innovations improve operational efficiencies and also enable more personalized and predictive services. On the administrative side, the software supports essential tasks such as underwriting, policy issuance, team management, claims tracking, regulatory compliance, and timely policy information updates. On the client-facing front, modern insurance software systems offer enhanced user interfaces and interactive platforms. These facilitate seamless interactions for customers, allowing them to perform a range of activities such as making policy inquiries, checking eligibility, applying for insurance, submitting forms, and making online payments. Moreover, the integration of chatbots and automated customer support tools has revolutionized client service, providing instant responses and support. 2. Diverse Types of Insurance Software Solutions Various solutions are available to address specific insurance requirements, with many software solutions integrating with other tools and applications to offer comprehensive insurance management capabilities. Here are some of the categories of software utilized by insurance firms and their respective features. Document Management Software: Insurance companies require document management software to securely store, organize, and retrieve essential documents such as policy applications, customer proofs, contracts, and policyholder agreements. Nonetheless, insurers may not necessarily require a standalone document management system, as functionalities for this purpose are often provided by their CRM, ERP, or other internal systems. Customer Relationship Management:CRM software designed for insurance companies offers a comprehensive platform that enhances operational efficiency by connecting teams, distribution channels, agents, and sales personnel. Apart from managing customer relationships, CRM is crucial for driving digital transformation in insurance software. It provides extensive functionality beyond lead management, facilitating product management, team coordination, and channel optimization, which improves processes like verification, policy sales, renewals, and cross-selling. Insurance Workflow Automation Software: Workflow automation involves the utilization of software systems to organize, monitor, control, and coordinate diverse business processes encompassing human resources, sales and marketing, lead management, and more. An example of workflow automation in insurance software is straight-through processing (STP) or digital sales, where the entire insurance process undergoes automated progression, from lead generation and online application to verification and policy issuance. Policy Management Software:Insurers employ policy management software to create, administer, and oversee insurance policies. Some software solutions offer facultative arrangements and reinsurance treaties, enabling insurers to mitigate risks and manage reinsurance processes efficiently. Underwriting Software: Underwriting constitutes a critical facet of the insurance business, involving the assessment of risks associated with insuring assets or individuals. Underwriting software facilitates the management of underwriting processes for insurance companies, enabling the formulation of rules and policies for automatic execution during the underwriting process. This reduces the manual efforts and minimizes human errors. Insurers also utilize ERM solutions to digitize their risk assessment processes. Claims Management Software:This software aids insurers in streamlining claim management workflows, automatically generating claim documents, managing payments, detecting fraudulent claims, and integrating policy administration systems. Enterprise Resource Planning Software:ERP solutions tailored for insurance companies facilitate the tracking of customer credentials, transactional data, and legal agreements. Integration of ERP with CRM enables effective management of operations and customer relations. Mobile Applications for Field Agents and Representatives:Insurance firms equip their field sales representatives with mobile CRM applications to monitor activities, plan schedules, receive meeting recommendations, identify upselling and cross-selling opportunities, and instantly update meeting notes, among other functions. Call Center Software:This software enables sales representatives and call center agents to communicate with existing and prospective customers via voice, web, chat, or email. Modern approaches involve integrating CRM software with cloud calling, Voice over Internet Protocol (VoIP), or telephony systems, allowing representatives to directly call customers from the portal and eliminating the need for manual dialing and record updates. 3. Advantages of Embracing Modern Insurance Software Solutions Operations within the insurance sector encompass a myriad of tasks and interactions among diverse stakeholders, including consultants who offer expertise, agents who facilitate transactions, and third-party agencies involved in various aspects of policy administration. These operations historically encountered challenges marked by redundant processes and interdependencies, resulting in considerable delays and inefficiencies. However, contemporary software solutions have emerged as effective remedies to these issues, revolutionizing the insurance industry and significantly improving the overall customer experience. Some of the advantages of modern software solutions comprise: Enhanced efficiency and productivity:Insurance software solutions inherently understand data storage formats and centralize information retrieval, allowing for streamlined operations as well as significant time and resource savings for agents and organizations. Improved client communication:These solutions facilitate positive client-agent relationships by providing real-time access to information on form statuses, memos, and deadlines, thereby reducing errors and miscommunication. Cost reduction:By optimizing processing operations and minimizing manual errors, insurance software systems enable employees to work more efficiently, leading to reduced operational hours and costs. Enhanced communication with agents and carriers:Access to real-time policy information empowers agents and brokers to swiftly compare rates and policies across multiple insurance companies, enabling quicker response to customer needs. Compliance management:In-built compliance protocols ensure adherence to evolving regulations, sparing firms the expense of rectifying errors and the time-consuming task of manually interpreting changing directives. Superior customer service:Prompt communication facilitated by insurance software enables accurate assessment of client needs and timely provision of quotes, alongside convenient service request processes. Advanced features like opportunity management in insurance CRM software further elevate customer service by providing upsell and cross-sell signals to sales representatives and agents. Enhanced data security:Opting for automation over manual methods significantly enhances data protection, with insurance software solutions typically incorporating user authentication and encryption protocols. Analytics and reporting:Integrated CRM/ERP systems provide robust analytics and reporting capabilities, furnishing standard statistical reports and enabling data export for deeper insights into firm performance. Accuracy:Insurance software solutions boast built-in tools for data authentication, including QA systems, audit systems, and address converters, thereby minimizing errors. Additionally, dedicated solutions aid in fraud detection and expedite investigation processes, with artificial intelligence adopted by the insurance industries and RPA technologies to further enhance operational efficiency. 4. Overcoming Challenges in Digital Insurance Solution Software While the benefits of custom insurance software development are numerous, tackling the road to successful implementation comes with its own set of challenges. By anticipating these challenges and implementing appropriate solutions, insurance businesses can ensure the successful development and implementation of custom insurance software. Let's explore these common hurdles and the solutions that can effectively address them: Legacy System Integration Integrating new software solutions with existing legacy systems poses a significant challenge in insurance software development. However, employing strategies such as API integration, data migration, and phased implementation can ensure a smooth transition. API integration facilitates communication between new and legacy systems, while data migration ensures the preservation of essential information. Phased implementation allows for gradual adjustments, minimizing the risk of operational disruption. Security and Compliance In the insurance sector, safeguarding client data against breaches is critical, while simultaneously adhering to stringent regulatory standards to ensure ethical management and confidentiality. Failing to meet these obligations can result in severe legal penalties and loss of consumer trust. Measures like encryption, access controls, and adherence to industry standards and regulations are essential to safeguard data and ensure compliance. Custom software solutions can be designed with built-in security measures and compliance checks to mitigate risks effectively. User Adoption and Training Resistance to change can present a significant challenge during the implementation of new software. Ensuring that the software features a user-friendly interface can enhance its acceptance among users. Additionally, providing comprehensive training programs and ongoing support can equip employees with the knowledge and confidence to effectively utilize the new system. 5. Top Insurance Software Companies Setting New Standards Here’s a list of pioneering firms that are at the forefront of transformation in insurance software. These insurance software vendors are leveraging cutting-edge technologies to revolutionize customer experiences, streamline claims processing, and enhance data security and compliance, setting new standards in the industry. From advanced analytics to AI-driven automation, explore how these insurance leaders are crafting the future of insurance through technological excellence and innovative solutions. 5.1 ePayPolicy ePayPolicy is recognized as the premier solution for swift and highly secure financial transactions within the insurance sector. It simplifies the payment process considerably, requiring no contracts, setup fees, or concealed charges. Importantly, it demands no technical efforts for initialization. Numerous insurance firms rely on ePayPolicy to enhance the efficiency of their payment systems using an integrated, user-friendly platform. The service includes secure processing for both ACH and credit card transactions, a daily collection of checks, and a comprehensive network for managing payables, all accessible via a unified dashboard. Additionally, it features integrations with numerous management systems, significantly reducing time spent on administrative tasks and simultaneously increasing satisfaction levels among accounting teams and clients alike. 5.2 Aclaimant As the initiator of active risk management, Aclaimant equips organizations to diminish risk-related costs and enhance productivity by integrating every employee into the risk management framework. This approach revolutionizes the management of data, personnel, and procedures through superior RMIS capabilities, encompassing workplace safety, incident and claims management, and analytics. The system automates the risk management process from the initiation of an incident to the conclusion of claims and transforms proactive safety protocols such as job safety analyses, job hazard analyses, observations, and inspections into digital formats. This comprehensive workflow system not only standardize business operations but also enhance collaborative efforts in incident documentation, inquiry, and evaluation of claims, all supported by instantaneous analytical feedback. 5.3 OneShield Claims OneShield offers business solutions tailored for property and casualty insurers and managing general agents of varying sizes. The company's offerings encompass cloud-based and SaaS platforms that provide comprehensive capabilities including enterprise-level policy management, billing, claims, rating, relationship management, product configuration, business intelligence, and smart analytics. These solutions, specifically designed for personal, commercial, and specialty insurance, facilitate support across more than 80 lines of business. OneShield's client base includes some of the world's foremost insurers who gain from optimized workflows, pre-built content, seamless upgrades, collaborative implementations, and pricing models that aim to minimize total cost of ownership. The principles of security and compliance are integral to the company's delivery methodology, ensuring simple and secure access to the digital realm for all users. 5.4 360Globalnet 360Globalnet heralds a new era in insurance claims management by digitizing the entire claims lifecycle from first notice of loss (FNOL) to settlement. It utilizes a no-code online digital claims core system technology, while its modular infrastructure seamlessly integrates with existing legacy systems, revitalizing their functionality and prolonging operational viability. 360Globalnet equips leading global insurers to deliver a digital customer experience that rivals top online retailers and simplifies the transformation of claims processes. Its eFNOL is merely the initial step; the technology empowers insurers to set up automated workflows and orchestrate the entire supply chain from a desktop environment, eliminating the need for IT development teams, cutting operational costs, and allowing claims specialists to concentrate on providing empathetic customer service during critical times. 5.5 Snapsheet Snapsheet has emerged as a leader in the introduction of virtual appraisal technology and cloud-native claim management software globally. It offers a flexible approach that enhances customer experience, increases organizational agility while delivering transformational benefits. The company's advanced InsurTech solutions revolutionize claims management by providing a cloud-based platform that streamlines every aspect of the process. Key features include efficient damage estimation, swift payment processing, and seamless communication with claimants, enabling automation and significant reductions in time and costs. By leveraging Snapsheet's capabilities, organizations can unlock the full potential of their claims operations and experience the transformative power of advanced technological solutions. 5.6 DataCare DataCare offers software solutions tailored for the workers' compensation industry, aimed at enhancing the management of medical treatment and billing. The Medical Process Manager and UR platforms from DataCare facilitate the integration of medical components into the claims workflow and accelerate the communication process between the Utilization Review Organization (URO) and the requesting physicians. Specializing in workers' compensation and managed care, this software company delivers tools via a web-based platform to support nurses, physicians, and adjusters. These tools are essential in case management, utilization review, and claims workflow processes. The company provides a cloud-based solution that adheres to HIPAA compliance and SOC 2 certification standards, accompanied by dedicated support customized to meet the specific business needs of each organization. 5.7 Tia Tia provides open and flexible software solutions to insurers globally. Recognized as the ‘system of records’, the company supports all core processes within insurance companies and offers a comprehensive portfolio of add-on solutions that enhance digital and analytics capabilities. In 2020, Tia was acquired by Sapiens, which further strengthened the software offerings available to insurers. This acquisition has provided enhanced support and development opportunities, as well as access to a wider range of additional products and offerings. This collaboration aims to infuse speed and agility into insurance ecosystems, striving to become the first choice for insurers in the core markets and to establish long-term relationships with satisfied customers. 5.8 Zywave Zywave stands out by providing comprehensive solutions necessary for automating growth. A leader in insurance technology, Zywave spearheads business expansion with an extensive range of cloud-based solutions encompassing sales management, client delivery, content, and analytics. The company boasts a wealth of robust data and an unrivaled content library, enabling smarter business decisions across the customer lifecycle, thereby promoting health, wellness, and safety. As a pioneer in innovation, Zywave continuously seeks new methods to support business enhancement, ensuring adaptability to industry changes. The company's commitment to development and innovation remains unwavering, always prioritizing the enhancement of business capabilities. 5.9 JBKnowledge JBKnowledge's Insurance Technology Solutions division offers software and technology services specifically for the insurance services industry, with particular expertise in workers' compensation, property and casualty, as well as health and life commercial lines. The company is recognized for pioneering the first mobile application for claims management, which facilitates the collection, uploading, storing, retrieval, and issuance of claims documents and data. JBKnowledge's solutions are adept at analyzing, managing, and reporting performance data. A highly customizable dashboard enables users to interact with real-time graphical representations, tables, and charts detailing claims, reserves, payments, and workers' compensation statistics. These visual tools are designed for easy adjustment to enhance monitoring and accessibility, with options to integrate additional widgets as required to consolidate or present necessary data from risk management records. 5.10 JW Software JW Software operates as a privately held entity committed to delivering premier claims management software. The company is recognized as a pioneering force in claims management, policy administration, and underwriting. With over 30 years of service to the insurance sector, JW Software team provides client partners with robust tools for business management that promote workflow automation and productivity enhancements throughout their operational cycle. The company's flagship software, FileHandler, offers claims organizations a user-friendly, cost-effective means to enhance business operations, incorporate automation, and expedite data access. 6. Future of Insurance Software Industry The future of the insurance industry is tightly interwoven with advancements in digital technology. As insurers increasingly depend on digital solutions to enhance product development, claim assessments, and customer experiences, the overhaul of core IT systems becomes imperative. This transformation, driven by the need to optimize costs through effective procurement and vendor management, and the necessity for agile application development and maintenance, positions IT as a strategic partner rather than a backend support. The path forward includes modernizing legacy systems, developing new proprietary platforms, or adopting standard software packages, with the choice heavily reliant on a thorough cost-benefit analysis. Such strategic IT modernization is crucial for improving front-end interactions while enabling real-time data integration and comprehensive digitalization across the insurance value chain, ultimately amplifying the overall business model.

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Beyond the Cart: Best Order Management Software Trends in 2024

Article | January 31, 2024

Read this article on order management software trends in 2024 to discover how order management system (OMS) technologies are setting new standards and transforming the way businesses handle orders. Contents 1. Significance of Order Management System 2. Top 10 Order Management Software Trends in 2024 2.1 AI and Predictive Analytics Integration 2.2 Blockchain for Transparency and Security 2.3 Real-time Order Tracking 2.4 Personalized Customer Experiences 2.5 Integration with IoT Devices 2.6 Voice-enabled Order Processing 2.7 Augmented Reality for Order Visualization 2.8 Robotic Process Automation for Order Processing 2.9 Dynamic Pricing Strategies 2.10 Multichannel Order Management 3. Future Scope 1. Significance of Order Management System Order management system (OMS) plays a crucial role in enhancing efficiency and customer satisfaction within the logistics and retail sectors. Businesses encounter complex challenges in processing customer orders, ranging from acquiring inventory to swiftly shipping products. By automating and integrating tasks such as stock management with e-commerce and inventory systems, OMS enables companies to manage the complexities of order processing more easily and accurately. This move toward digital tools not only streamlines operations but also provides real-time updates on orders and stock levels, improving business operations and customer support. 2. Top 10 Order Management Software Trends in 2024 Order management systems are undergoing significant transformations, with major technological innovations and new ideas making processes more efficient, accurate, and customer-friendly. Here are the top 10 order management software trends in 2024 that are making a significant impact. These include utilizing AI to enhance data understanding, ensuring a seamless shopping experience across various platforms, among others. Discover how these key trends in order management systems can streamline business operations. 2.1 AI and Predictive Analytics Integration Integrating AI and predictive analytics into order management significantly improves how businesses manage orders, offering advantages by using technology to analyze large datasets. This analysis helps predict customer demand with greater accuracy, considering factors like historical data and market conditions, and adjusting inventory accordingly. AI also boosts efficiency and accuracy in order picking by automating processes and optimizing routes, and it improves packing by selecting suitable materials and ensuring packages meet quality standards. Additionally, AI improves shipping reliability and flexibility, aiding in carrier and route selection, and providing real-time tracking of shipments. Predictive analytics enhances these benefits by helping forecast data, optimizing inventory management, and increasing supply chain performance. 2.2 Blockchain for Transparency and Security This order management software trend in 2024 represents a transformative shift toward leveraging blockchain technology's decentralized and immutable ledger capabilities to enhance supply chain transparency, traceability, and security. This innovative approach addresses the challenges of globalized trade and complex supply chains by recording every product's journey from production to consumer, significantly reducing information gaps and vulnerabilities to fraud and counterfeiting. Blockchain technology enhances supply chain management by offering real-time tracking, verifiable transactions, and an unparalleled level of precision, streamlining operations and optimizing efficiency. This approach not only minimizes the risk of errors and fraud but also builds trust among stakeholders, setting a new standard in the pursuit of operational excellence. 2.3 Real-time Order Tracking The trend of integrating real-time order tracking software in OMS marks a pivotal shift toward more efficient and responsive retail operations. This capability enables businesses to quickly identify and address any issues within the order cycle, thus enhancing customer satisfaction. According to a report by Optimoroute, 24.6% of online shoppers said they want to return to a brand that offers real-time order tracking [Source: Invensis] Moreover, real-time data tracking is crucial for understanding customer demand patterns and market trends, playing a vital role in strategic planning. Enhanced by powerful data integration and transformation tools, this technology ensures a seamless connection between various systems, maintaining consistent and accurate data across order, inventory, and supply chain management. Automated inventory tracking and real-time visibility into stock levels prevent common issues such as overselling or shortages, leading to smoother order fulfillment, fewer errors, and reduced delays. This method streamlines operations and significantly reduces costs by eliminating stockouts, overstocking, and product expiration. 2.4 Personalized Customer Experiences Personalized customer experiences in order management refer to the increasingly customized approach businesses adopt while fulfilling orders for their customers. It not only enhances customer satisfaction, but also strengthens the relationship between businesses and their clientele, potentially increasing loyalty, satisfaction, and, ultimately, sales. A positive customer experience is hugely meaningful to a retailer’s success: it yields 20% higher customer satisfaction rates, a 10-15% boost in sales-conversion rates, and an increase in employee engagement of 20-30%. [Source: McKinsey] The process involves tailoring the ordering, processing, and delivery phases to align with individual customer preferences, needs, and expectations. By collecting and analyzing data on customer behavior, preferences, and past interactions, companies can offer personalized recommendations, adjust their services based on customer feedback, and ensure that every aspect of the order management process is as convenient and satisfying as possible for the customer. Possible customizations include personalized packaging, tailored messages, flexible delivery options, and even specific product selections. 2.5 Integration with IoT Devices IoT devices revolutionize order management in warehouses and distribution centers, leading to more automated, efficient, and secure operations. This shift reduces goods damage and empowers staff to focus on customer-related tasks, boosting productivity and safety. IoT devices revolutionize order management in warehouses and distribution centers, leading to more automated, efficient, and secure operations. This shift reduces goods damage and empowers staff to focus on customer-related tasks, boosting productivity and safety. Nearly 72% of respondents have agreed to IoT as the key and most impactful technology within their premises or organization [Source: Fact.MR] Robotics, smart shelves, and wearable tech enable unparalleled real-time information gathering and monitoring. In transport logistics, IoT ensures optimal routing and item condition tracking, allowing quick managerial responses. IoT enhances workplace safety by using sensors to detect hazards, preventing accidents and reducing risks. Predictive maintenance through IoT data analytics predicts equipment failures, reducing downtime and costs, and maintaining productivity. 2.6 Voice-enabled Order Processing Voice-enabled order processing marks a transformative step in enhancing interactive and efficient customer service in order management. Currently, approximately half of the U.S. population already rely on voice search features on a daily basis, with 71% of consumers preferring to conduct queries via voice rather than typing [Source: Hypotenuse AI] By integrating advanced voice recognition technology, such as VoiceOS powered by artificial intelligence, this innovation simplifies the ordering process. Customers can effortlessly place new orders, manage existing ones, inquire about inventory levels, and track their shipments through straightforward voice commands, bypassing the need for traditional and often cumbersome order-taking methods. This automation frees staff to focus on providing exceptional service, improving operational efficiency, and ensuring a seamless customer experience. The adoption of voice-enabled order processing reflects a broader trend toward more accessible, convenient, and personalized customer interaction, setting a new standard for customer service practices in the digital age. 2.7 Augmented Reality for Order Visualization AR in order management represents a transformative shift toward interactive and immersive customer experiences. AR is bringing in extremely high satisfaction levels with 73% of mobile AR users reporting high satisfaction levels. [Source: Webinar Care] By integrating AR technology, businesses are now offering customers the ability to visualize products in their own environments before making a purchase decision. This innovative approach enhances the shopping experience by providing a realistic representation of products and also reduces the likelihood of returns and dissatisfaction. Furthermore, for logistics and inventory management, AR facilitates the efficient organization and retrieval of items, thereby streamlining operations and improving accuracy. Overall, augmented reality in order management is setting a new standard for customer engagement, operational efficiency, and the way companies manage their orders and inventories. 2.8 Robotic Process Automation for Order Processing Robotic process automation (RPA) employs software robots to automate complex, redundant, and rule-based tasks in order processing on a daily basis. The global robotic process automation (RPA) market is forecast to grow to more than 13 billion U.S. dollars by 2030, an increase of more than 12 billion compared to 2020 [Source: Statista] This includes tasks such as reading customer-provided item details, checking inventory availability, and efficiently managing order notifications and invoicing with unparalleled speed and accuracy. This technology significantly reduces task completion times from minutes to seconds, enhances precision, and addresses key challenges like manual order processing and non-standard data management. By eliminating the need for manual 'swivel-seating' between systems, RPA streamlines complex workflows, improves order fulfillment, and supports 24/7 operational capabilities without manual intervention. Its flexibility in task scheduling and resource allocation highlights the multitasking ability of RPA bots. Financially, RPA delivers substantial returns on investment by cutting down the need for additional personnel and reducing administrative mistakes, offering a compelling value proposition for the order processing sector and other industries seeking efficiency and accuracy improvements. 2.9 Dynamic Pricing Strategies Dynamic pricing is an advanced pricing strategy where the cost of goods or services is adjusted in real time according to market demand, offering benefits like enhanced revenue, efficient inventory management, and improved customer satisfaction. This approach utilizes various methodologies, including time, demand, segmentation, and event-based pricing, while requiring consideration of customer perception and competitor pricing to remain effective. Key strategies within dynamic pricing include penetration pricing to build initial market presence, competitive pricing that balances quality and value, segmented pricing for tailored offers to specific customer groups, and psychological pricing to influence buying behavior. The adoption of dynamic pricing, facilitated by sophisticated order management software, allows businesses to optimize prices based on current market conditions, thereby maximizing profitability and maintaining a competitive edge. 2.10 Multichannel Order Management Multichannel order management system trend represents a pivotal shift in how retailers and brands manage their sales and inventory across diverse platforms. The multichannel order management market size is estimated at USD 3.27 billion in 2024 and is expected to reach USD 5.01 billion by 2029, growing at a CAGR of 8.92% during the forecast period (2024-29) [Source: Mordor Intelligence] This innovative software solution integrates order and inventory control for businesses operating across various sales channels, including brick-and-mortar stores, e-commerce sites, and online marketplaces. By centralizing order and inventory data onto a single platform, it simplifies the management of operations ranging from order placement to fulfillment, shipping, pricing, and warehouse oversight. This consolidation eradicates the manual burden of tracking and reconciling each channel's orders and inventory, streamlining processes, minimizing errors, and enhancing overall efficiency. Furthermore, it supports a comprehensive approach to multichannel sales, enabling businesses to optimize operations, boost customer satisfaction, and seize the evolving opportunities within the retail landscape. Multichannel order management solutions, particularly beneficial for businesses focused on online commerce, offer functionalities for manual order placements, refunds, exchanges, and a host of order-related tasks while providing real-time inventory data, thereby promoting operational profitability and expedited fulfillment processes. 3. Future Scope The future of order management is poised to be reshaped by a suite of emerging technologies that extend beyond current trends, aiming to further enhance efficiency, accuracy, and customer satisfaction. Quantum computing could revolutionize logistics and inventory management through superior optimization capabilities, while digital twins offer a virtual modeling solution to predict and streamline supply chain dynamics. The integration of 5G and edge computing promises ultra-fast, real-time data processing, enabling more agile decision-making. Advances in neural networks and machine learning will refine demand forecasting and return process optimization, making inventory management more precise and reducing waste. Sustainable technologies will become increasingly central, focusing on reducing environmental impact through smarter logistics and eco-friendly practices. Furthermore, the use of collaborative robots (cobots) in warehousing and biometric verification for secure deliveries will enhance operational efficiency and security. These developments collectively indicate a move toward an online order management system that is not only interconnected and smarter but also sustainable.

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Fintech

Building Blocks for Success: Top 10 Accounts Receivable Books

Article | March 5, 2024

Explore advanced strategies in accounts receivable books, ideal for professionals aiming to optimize cash flow. Learn how to master credit control with insights from top accounts receivable books. Contents 1. Introduction 2. Compilation of 10 Must-read Accounts Receivable Books 2.1 Accounts Receivable Management Best Practices 2.2 Financial Statement Analysis: A Practitioner's Guide 2.3 Essentials of Credit, Collections, and Accounts Receivable 2.4 The Accounts Receivable Blueprint 2.5 Managing Accounts Receivable 2.6 Paid in Full: Effective Collection of Accounts Receivable 2.7 Credit Management Handbook 2.8 Collect Your Money 2.9 Accounts Receivable Factoring Guide 2.10 Accounts Receivable Ledger 3. Wrap Up 1. Introduction Introduction In finance and business management, mastering the intricacies of accounts receivable is paramount for ensuring smooth operations and sustained growth. As such, exploring accounts receivable literature becomes not only beneficial but essential for professionals and entrepreneurs alike. Reading accounts receivable books is crucial for business professionals as they offer insights into financial health, cash flow management, risk assessment, customer relationship management, compliance, performance evaluation, and strategic decision-making. By analyzing accounts receivable, businesses can manage liquidity, monitor cash flow, mitigate risks such as bad debts, adjust credit terms for customer relations, ensure accounting standards compliance, assess credit processes efficiency, and inform decisions on credit policies, pricing, and forecasting. 2. Compilation of 10 Must-read Accounts Receivable Books This article delves into fundamental principles and effective accounts receivable strategies, catering to the needs of finance professionals and small business owners. These top 10 accounts receivable books will help readers gain insights into optimizing cash flow, enhancing credit control, and minimizing debt. 2.1Accounts Receivable Management Best Practices Author: John G. Salek This book explores the significance of effectively managing accounts receivables and offers established principles by the author, who is a seasoned financial professional with over sixteen years of experience. Geared toward managers directly responsible for overseeing receivables, directors of customer financial services, credit managers, as well as those indirectly responsible, including controllers, treasurers, and CFOs, this book serves as a guide to: maximizing the effectiveness of an accounts receivable management system, demonstrating the potential benefits of implementing the best practices outlined in the book, using real-world examples to elucidate key concepts, highlighting best practices with a proven track record across various industries, encompassing U.S., multinational, and foreign companies serving customers in both private and public sectors, and addressing policy and procedural best practices to ensure compliance with Sarbanes-Oxley regulations. The book equips readers with practical techniques that can be promptly implemented to drive improvement. 2.2Financial Statement Analysis: A Practitioner's Guide Authors: Martin S. Fridson and Fernando Alvarez The 5th edition of Financial Statement Analysis presents a comprehensive framework for examining financial statements, whether for stock evaluation or valuation in mergers and acquisitions. Moving away from the conventional approach of accepting financial reports without scrutiny, this updated edition provides readers with practical analytical techniques to reveal the hidden realities concealed within the numbers. Amidst today's volatile markets and uncertain economic conditions, this updated edition provides fresh insights essential for the analysis of financial statements. What to expect from this book? The accounts receivable book is crucial for professionals and investors seeking to enhance their understanding of financial statements, recognizing the tactics companies employ to distort information. By mastering the interpretation of both GAAP and non-GAAP standards, readers can elevate their decision-making processes, refine stock valuations, and optimize strategies for mergers and acquisitions. Packed with real-world examples and expert insights, this edition is a valuable resource for analysts, investors, and students alike, facilitating deeper comprehension and interpretation of financial statements. 2.3Essentials of Credit, Collections, and Accounts Receivable Author: Mary S. Schaeffer The book deals with a deep understanding of the intricacies involved in managing credit processes within organizations. The author has projected various facets of credit management, offering readers a comprehensive toolkit to deal with this complex terrain effectively. The author elucidates key concepts and provides actionable insights, along with strategies for optimizing credit processes. Real-world case studies/span> and examples demonstrate application in diverse organizational settings, thereby enhancing its value for practitioners across industries. The book delves into best practices for extending business credit. It offers proven techniques to prevent unauthorized deductions and mitigate unearned discounts. Additionally, it provides insights into the latest advancements in Internet, electronic, and high-tech applications, all of which are relevant to credit management. The book presents practical real-life strategies aimed at improving collections. 2.4The Accounts Receivable Blueprint Author: Simon Andrew ‘The Accounts Receivable Blueprint: Unlocking Financial Success with Proven Strategies’ offers a comprehensive guide to mastering the art of accounts receivable management and unleashing the full potential of businesses. The book provides a wealth of proven strategies, best practices, and expert advice to optimize accounts receivable processes, covering crucial aspects from credit assessment and invoicing to collections techniques and risk management. Readers will learn to design effective credit policies, establish credit terms, and nurture customer relationships for timely payments, as well as refine invoicing, streamline billing processes, and handle disputed invoices adeptly. Additionally, the book explores the transformative power of automation, technology solutions, and integration with other business systems to enhance efficiency and accuracy. Essential performance measurement techniques, continuous improvement methodologies, and real-world case studies are also provided to bring concepts to life. Readers gain invaluable insights into assessing credit risks, preventing fraud, and mitigating non-payment risks. Furthermore, readers will gain insights into upcoming trends in accounts receivable management, such as advanced automation, data analytics, and improved customer interactions, positioning them at the forefront of industry advancements. Whether individuals are business owners, financial professionals, or accounts receivable managers, this book serves as their essential tool for attaining financial success. 2.5Managing Accounts Receivable Author: Bob Oros This concise 70-page booklet ‘Managing Accounts Receivable: How 54 Sales Professionals Collect Past Due Accounts’ offers a focused examination of the strategies employed by 54 seasoned sales professionals in the recovery of overdue accounts. While it may not cater to those seeking a comprehensive volume packed with intricate details, it serves as a valuable resource for individuals seeking a succinct overview of effective techniques in this field. Designed for distribution among sales teams, especially suitable for those who prefer a streamlined approach to information consumption, this booklet provides practical insights into accounts receivable management. Furthermore, it underscores the importance of maintaining a reasonable balance of accounts receivable, typically between 1.5% to 2.5% of gross income, as a hallmark of sound financial management. Statistical findings highlighted within the book indicate that while a considerable portion of overdue payments are eventually settled, the longer they remain outstanding, the lower the likelihood of collection. 2.6Paid in Full: Effective Collection of Accounts Receivable Author: Timothy R. Paulsen This book offers strategic insights aimed at enhancing the efficiency of accounts receivable collection processes, with a focus on fostering effective communication and negotiation skills to facilitate prompt payments. It presents a compendium of proven techniques designed to expedite the collection of outstanding debts while maintaining positive customer relationships. Covering essential aspects such as the phases of a collection call, mastering the appropriate tone, and addressing common objections, it serves as an invaluable resource for both novice professionals embarking on their careers and seasoned executives seeking to refine their proficiency. This accounts receivable book transcends mere informational content by captivating readers with a plethora of real-life examples and anecdotes. It sheds light on the often misunderstood collections, emphasizing their critical role in asset management and customer relations within the business sphere. It intersperses thought-provoking quotes from diverse sources, further enriching the reader's journey through its pages. The book acknowledges communication mediums, advocating for proficiency not only in verbal exchanges but also in written correspondence, including letters, faxes, and internet-based communication. 2.7Credit Management Handbook Author: Cecil J. Bond The ‘Credit Management Handbook: A Complete Guide to Credit and Accounts Receivable Operations’ is designed to assist the credit department in significantly contributing to a company's monthly cash flow. This comprehensive handbook guides effectively screening, selecting, and monitoring accounts, as well as enhancing collection efforts to ensure the necessary cash inflow into the company's financial pipeline. Comprising 31 detailed chapters, each addressing a critical aspect of credit management, the handbook is supplemented by over 100 essential forms, sample letters, reports, and exhibits. Practical examples elucidate the application of advice to real-world decision-making scenarios. The book covers key topics such as establishing a flexible credit policy, optimizing departmental organization, improving decision-making processes, efficient account monitoring, effective collection techniques, handling international credit sales, and leveraging Uniform Commercial Code provisions for asset safeguarding. Additionally, the handbook provides strategies for securing creditor status in bankruptcy scenarios and outlines contingency planning measures to mitigate the impact of economic fluctuations on receivables. Regardless of economic conditions or company size, the Credit Management Handbook serves as a comprehensive resource to maximize internally generated cash flow and support long-term business growth. 2.8Collect Your Money Author: Cody Flecker The book ‘Collect Your Money: A Guide to Collecting Outstanding Accounts Receivable for Your Business’ highlights how poor management of accounts receivable has emerged as a significant factor contributing to the 16% surge in business bankruptcies. Avoiding such pitfalls is imperative for sustaining their financial health. This comprehensive manual elucidates the strategies necessary to achieve this objective. By mastering the art of persuasive communication outlined within these pages, businesses will effectively transition overdue accounts into current, non-delinquent ones. This accounts receivable book equips readers with the tools to optimize recovery efforts. ‘Collect Your Money’ is crafted to empower individuals of all educational backgrounds to become proficient producers of overdue income. Its accessible language, coupled with practical examples and time-tested techniques, facilitates understanding and practical application. A groundbreaking resource, it is a must-read for every small business striving to overcome challenging financial situations and recover lost revenue. This invaluable guide is highly recommended for any small business seeking to enhance its financial viability. 2.9 Accounts Receivable Factoring Guide Publisher: Green Initiatives Narrator: Jack Chekijian The audiobook ‘Accounts Receivable Factoring Guide: Definition, Best Companies, Cost Guidance. Expedite Your Business Cash Flows Today’ explores the intricacies of accounts receivable financing. This invaluable resource delves into the utilization of accounts-receivable financing as an alternative funding avenue, strategically designed to enhance a business's liquidity and foster growth, particularly tailored for enterprises in a phase of expansion. This audiobook elucidates the nuances of accounts-receivable financing in clear and accessible language. It offers practical insights and actionable advice to empower businesses to capitalize on this financing method, amplifying and expediting cash flow processes. The pages of this audiobook present invaluable resources on the premier factoring companies, delineations of service types, elucidations of cost structures, and an exploration of various factoring rates. 2.10Accounts Receivable Ledger Author: E. Pepperstone Press The 'Accounts Receivable Ledger: Accounting Book Sheets Simple Layout to Track Customer Payments' is an indispensable resource for businesses. It offers a practical and structured approach to monitor and manage customer payments efficiently. The book provides businesses with a straightforward layout for recording and tracking customer payments, ensuring accurate financial records. Its user-friendly design includes columns for customer details, invoice numbers, payment dates, amounts owed, received payments, and outstanding balances. By utilizing the strategies discussed in this book, businesses can streamline their accounting processes, enhance cash flow management, and promptly follow up on overdue payments. It simplifies the complex task of managing accounts receivable, making it an invaluable asset for businesses striving for financial clarity and efficiency. 3. Wrap Up These accounts receivable books are essential guides for professionals grappling with accounts receivable challenges and seeking effective solutions. Through a blend of theoretical understanding and practical strategies, these resources emphasize the importance of AR management in optimizing cash flow, improving customer relationships, and managing the complexities of financial reporting. By equipping readers with the skills to efficiently manage and analyze their ledgers, these books lay the groundwork for financial success, ensuring that professionals are well-prepared to tackle the modern-day challenges of financial management with confidence and proficiency.

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Fintech

How Insurance Software Tools Are Transforming Insurance Practices

Article | March 5, 2024

Read this article to find out how these insurance software tools are catalyzing insurtech innovations, streamlining processes, improving efficiency, and propelling the insurance industry forward. Contents 1 Adapting to the Digital Era with Insurance Software Tools 2 Latest Insurance Software Tools for Modern Practices 2.1 OneShield Claims 2.2 360SiteView 2.3 Snapsheet 2.4 InsuredMine 2.5 BriteCore 2.6 Origami Risk 2.7 Ventiv Claims 2.8 myCOI 2.9 AgentSync 2.10 ePayPolicy 3 Future Prospects 1. Adapting to the Digital Era with Insurance Software Tools The insurance industry, known for its inherent complexities and constant evolution, is experiencing a significant shift with the introduction of advanced insurance software tools. These tools, utilizing technologies such as AI, IoT, and blockchain, are changing how insurance companies operate. The implementation of these technologies significantly improves operational efficiency and simplifies intricate processes through meticulous data management. This capability helps insurance firms make better decisions, offer customized experiences to customers, and conduct accurate risk assessments. This article illustrates the crucial role of insurance software tools in updating insurance practices, highlighting the necessity for their strategic adoption by insurance companies aiming to thrive in the digital era. It showcases the significant impact these tools have on improving operations and leading the way in developing innovative and competitive insurance products and services. 2. Latest Insurance Software Tools for Modern Practices These must-have insurance software tools highlight their unique features and explain why they stand out at the forefront of insurance technology. These tools can streamline operations, enhance customer engagement, and facilitate accurate risk assessment. 2.1OneShield Claims OneShield Claims plays an instrumental role in augmenting operational and procedural efficiencies. It elevated service levels for agents and members, reducing financial exposure and sustaining customer retention. Its key features include the following: It can be accessed and managed through a web browser, facilitating the automation of sales and service of insurance products across personal, commercial, and specialty lines. It emphasizes the importance of delivering solutions within the agreed timeframe, ensuring clients receive timely support for their insurance needs. It also facilitates the tracking of activities and identification of opportunities before claim conversion. It offers First Notice of Loss (FNOL) Reporting, which is essential for initial claim reporting. It utilizes cloud-based and SaaS technologies to offer scalable, accessible, and efficient insurance management solutions. It assigns claims based on criteria such as user role, skill set, location, and line of business, among others. It coordinates service requests for vendors throughout the claim's lifecycle. It identifies recovery opportunities across various types such as salvage, subrogation, reinsurance, deductible, etc. 2.2360SiteView 360Globalnet introduces a new era in insurance claims management by digitizing the entire claims lifecycle, from FNOL to settlement, through the implementation of a no-code online digital claims core system technology. This insurtech innovation offers policyholders a seamless customer experience that aligns with their contemporary consumer expectations while simultaneously reducing the operational costs of claims management through supply chain orchestration and automation. Other benefits of this insurance software include the following: It presents advanced, cost-efficient claims solutions directly to insurers. These solutions encompass specialized crowdsourced investigation, digital drainage surveillance, subsidence examination/repair, as well as services for the escape of water, flood, and fire claims. A transformative aspect lies in its no-code architecture, which allows for the construction of workflows and processes directly from the desktop without the need for coding expertise. 360SiteView facilitates the automation and orchestration of all parties involved in a claim, including agents/brokers, customers, third-party supply chains, and so on. It allows virtual interactions with every party involved in the claims process with embedded live-streaming functionality, supporting the management of any sort of media, including paperwork, video, and photography. Moreover, it achieves this across various domains, including property, casualty, accident/health, and life. 2.3 Snapsheet The insurance software solutions provided by Snapsheet redefine the claims management process, presenting a cloud-based platform that revolutionizes each stage. The advantages of this customized insurance software include digital automation, seamless integration, and dedicated support. These benefits aim, to reduce time, cost, and stress in insurance claims processing. Other characteristics include the following: From precise damage estimation to rapid payment processing and seamless interaction with claimants, Snapsheet equips users with the ability to automate claims handling effortlessly. Through the optimization of the claims process, Snapsheet effectively minimizes both time and expenses, facilitating the maximization of profits and the stimulation of business expansion. The tool transforms claim operations, fully unlocking their potential. Snapsheet simplifies insurance claims processing through its advanced cloud-based software platform. It supports streamlining appraisals, claims, payments, or all three with a digital end-to-end solution. 2.4InsuredMine InsuredMine stands as a comprehensive digital platform, merging a suite of integrated technologies specifically designed to empower independent agents and carriers. Other key attributes are: It delivers an omnichannel experience to clients, facilitating growth through enhanced lead conversion, improved contact engagement, and extended client retention. This effective insurance software boasts a wide array of features. These include a CRM tailored for insurance agents, task management, goal setting, a dashboard equipped with charts, widgets, and KPIs, marketing automation, a sales & service pipeline, management of opportunities, chat functionalities through app & text, Google reviews, and an Insurance Wallet Mobile App. InsuredMine simplifies the journey from capturing leads to policy renewal with its insurance CRM, automating tasks for increased operational efficiency and growth. 2.5BriteCore BriteCore is a core cloud insurance solution designed specifically for Property & Casualty (P&C) insurers. It administers policies, manages billing and claims, quickly configures new products, and provides access to comprehensive reporting and analytics within a unified core system, which includes portals for agents and policyholders. Other principal components: The reporting and analytics component of BriteCore features executive dashboards tailored to different user personas, advanced analytics, and extensive reporting capabilities. This functionality facilitates the identification and pursuit of new business opportunities for growth or cost optimization. BriteCore is constructed for adaptability and rapid execution in real-time, utilizing contemporary technologies such as in-memory databases, machine learning, and data visualization. The design of this software for insurance companies emphasizes ease of use in product and rating modifications. Thus, it ensures that changes can be implemented swiftly by the users' team or by BriteCore's professional services team. Pre-established templates and workflows support the swift introduction of new insurance products, with version control providing an additional layer of security. This advanced insurance software is designed to be interconnected, allowing for the evolution and integration of the latest trends and technologies within the insurance industry. Through its ecosystem, BriteCore introduces many new capabilities by partnering with a broad array of third-party insurance solution providers. Moreover, built-in APIs facilitate the rapid development of new, value-added integrations by BriteCore and its community, enhancing the platform's overall utility and adaptability. 2.6Origami Risk Origami Risk offers a sophisticated and versatile, integrated SaaS platform tailored for insurance, risk, safety, and compliance management. It furnishes entities with a unified system to streamline essential workflows, amass data, utilize analytics, and interact with stakeholders. Other benefits of this insurance software solution include the following: The P&C Insurance solution by Origami encompasses policy administration, rating, billing, claims administration, and loss control, alongside analytics, dashboards, and reporting features. Its Risk Management solution consolidates data on insurable and non-insurable risks, facilitating the automation of risk, audit, compliance, health, and safety processes. Origami's cloud-based platform is tailored to the diverse needs of the risk and insurance sectors. The platform supports clients across government, healthcare, construction, insurance, retail, manufacturing, energy, and waste management. The tool’s Risk Management offers advanced SaaS solutions to enhance operational efficiency for organizations. It improves workflow management, analytics optimization, and stakeholder engagement across various industries. 2.7Ventiv Claims Ventiv Claims operates as an extensive claims administration platform, integrating several Claims Management modules. Its key enhancements include a variety of supporting modules like Absence Management, Enterprise Legal Management, Workers’ Compensation, Policy Management, Billing Management, Claims Intelligence, Corrective Action Plans, and Incident Reporting. The advantages of this insurance software tool comprise the following: Originating from the perspective of claims examiners, the system is designed to streamline the claims management process. It incorporates intuitive features such as diaries, business rules, workflow management, notepads, and financial management tools. The system allows for the creation of custom workflows. These help improve the efficiency of claims, documents, and policy administration tailored to the specific needs of each client. It facilitates control over key areas: incident intake, claims consolidation and administration, supervision, and management of legal risks and litigation. The tool tracks all claim details, including loss descriptions, causes, and financials, with options to define claim types, payment buckets, and detailed transactions. Ventiv Claims enables monitoring of claim trends, identification of loss drivers, optimal reserve setting, promotion of successful coverage outcomes, and accurate loss data provision for actuarial analysis. 2.8myCOI Established in 2009, myCOI offers a comprehensive COI software and service solution using AI and cloud technology. It is designed to protect organizations from costly claims and ensure compliance. Some of its distinguished features include the following: myCOI automates COI management, compliance tracking, and risk reporting for vendors, suppliers, tenants, subcontractors, franchisees, and carriers. Streamlines the manual process of verifying, storing, monitoring, and tracking COIs, including validation of vendor information and coverage dates. Simplifies the labor-intensive process of managing certificates of insurance, making it easier to maintain accurate and up-to-date information on expiration dates and coverages. Its tracking software enhances the management of insurance certificates. It ensures accuracy, facilitates timely renewals, and improves compliance with insurance regulations. By automating critical processes, it renders insurance management and certificate tracking more efficient, reducing administrative burdens, and elevating compliance and risk management capabilities. 2.9AgentSync AgentSync constructs contemporary infrastructure for enhancing efficiency within the insurance sector. Its solutions are designed to mitigate obstacles, enhance efficiency, and ensure regulatory compliance. Some of the other features of this modern insurance software include the following: Refines onboarding, contracting, licensing, appointing, and compliance maintenance processes for insurance producers and brokers across property-casualty, life, health, and annuity markets Utilizes client-focused design, smooth APIs, automation, and superior service to simplify and improve onboarding, licensing, and appointing procedures Enables insurance carriers, agencies, and MGAs to unlock operational efficiencies, minimize risk, and propel growth Enhances sales efficiency and effectiveness through improved data visibility Reduces costs and boosts sales productivity by automating producer compliance management 2.10ePayPolicy Over 6,000 insurance firms utilize ePayPolicy to enhance payment efficiency through a user-friendly, integrated platform. It enables secure ACH and credit card transactions, along with daily check collection and a comprehensive payables network accessible via a unified dashboard. Some remarkable features of this insurance software consist of the following: The tool features integrations with management systems to optimize accounting processes, thereby increasing satisfaction among accounting teams and customers alike. Recognized as the fastest and most secure method for financial transactions within the insurance sector, it simplifies the payment reception process. Offers a contract-free service devoid of setup and hidden charges, requiring no technical effort for implementation. Registration is quick, requiring merely 5 minutes on epaypolicy.com, with the ability to start accepting online payments within 24 hours. Introduces CheckMate, a solution designed to alleviate the challenges associated with paper payments by facilitating swift check routing and reconciliation, manageable via the ePayPolicy dashboard. 3Future Prospects Insurance software tools play a crucial role in modern insurance strategies, clearly showing their critical significance. These tools are essential as they offer complete solutions to the complexities of the insurance industry. By incorporating AI in insurance, alongside advanced technologies such as data analytics and blockchain, insurance software not only enhances operational efficiency but also enables more precise risk assessments. Additionally, it enriches decision-making processes and tailors customer experiences to individual needs. This technological integration also enables personalized customer service, significantly enhancing client satisfaction and engagement. Insurance companies that leverage modern insurance software solutions secure a significant competitive edge, establishing themselves as frontrunners in the industry. Moreover, to keep pace with the latest technologies in the insurance software industry, engaging in insurance software events and networking with industry peers is crucial. Such participation enables individuals to discover trending innovations and solutions. The strategic adoption of the latest tools transcends basic operational improvements, embodying a crucial strategy for ensuring the long-term resilience and prosperity of the business within a digital framework. This highlights the significant influence and essential need for choosing the right insurance software, which is key to steering the future course of insurance practices.

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Spotlight

Generali

The Generali Group is one of the most significant players in the global insurance and financial products market. The Group is leader in Italy and Assicurazioni Generali, founded in 1831 in Trieste, is the Group's Parent and principal operating Company.

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Synechron Launches 'Synechron Nexus' AI Solutions Suite in Fulfilling the Promise of AI With Ready-to-use Solutions

Synechron | February 02, 2024

Synechron, Inc., a leading global digital transformation consulting firm focused on financial services and technology organizations, announces the launch of its Synechron Nexus suite of nine Artificial Intelligence (AI) solutions that are ready to be deployed within weeks. This array of generative AI-led solutions was designed to span the nexus between human expertise and AI, while enabling users to automate manually intensive tasks, increase project speed, drive operational efficiencies, and reduce costs across various key business tasks. Each solution, divided among three value streams, allows Synechron clients to improve their operations, reduce friction in their processes and boost productivity. Business Growth: Practical, innovative applications that enhance business capabilities Synechron Amplifai is a GenAI-powered market research solution. Its automated research capability saves significant time in a wide range of use-cases, reducing the tedium of gathering, analyzing and reporting market news, trends and strategies. Synechron Clarifai is a tool for summarizing and analyzing call-center transcripts. Conversations are flagged for non-compliance and further human review/actions. Synechron Simplifai centralizes project portfolio data and metrics for streamlined executive decision-making, informing effortless, data-backed decisions for executive and steering committee groups. Operational Efficiency: Advanced solutions to streamline processes and elevate internal operations Synechron Nexus Chat is built on a conversational AI model, understands and engages in a comprehensive range of scenarios and supports plug-ins for real-time data and integration, while delivering human-like conversational responses and text, safely and securely. Synechron Replai is an AI-driven, RFP and proposals tool, streamlining proposal creation with high-quality, insightful responses, with the ability to search the internal knowledge repository for fast access and content re-use. Synechron Unifai is an AI-driven HR solution, designed to simplify interactions between company HR functions and employees, such as policy information and employee-specific payroll details. Synechron Identifai collects comprehensive online market intelligence and provides an in-depth understanding of business, emerging technology trends, or any research topic. Developer Productivity: Toolkit to optimize timelines, minimize costs, and automate practices across the Software Development Lifecycle (SDLC) Synechron Codifai is an SDLC productivity improvement tool, using automation in code generation, unit test case generation, legacy code migration, code optimizations, and automatic code documentation. It works closely with Synechron Verifai which addresses software testing aspects. Synechron Verifai is a GenAI tool for SDLC productivity, using automation in code generation with a focus on QA test case generation, automated test script generation, synthetic test data generation, and bug detection and bug fixing. It works closely with Synechron Codifai which addresses software development efficiency. This new Synechron Nexus AI suite of real-world, practical business solutions, combined with the five formalized RiskTech.AI Accelerators (launched in October 2023), leverages Synechron's AI Practice expertise globally. The creation of AI-led business solutions has been a passion of Synechron's for over a decade, and the firm's commitment to innovative excellence has won the firm eight prestigious AI industry awards to date. Faisal Husain, Synechron's Co-founder and CEO, said of the launch of the Synechron Nexus AI Suite of solutions, "We are proud to be releasing this extensive array of AI-enhanced solutions that go beyond the hype, and provide significant, tangible benefits to business operations. AI and GenAI-rich tools are not just ideas we offer to our clients, but key process accelerators that we ourselves at Synechron are deploying across our company, as we offer ways to integrate the benefits of this technology with human expertise." Ryan Cox, Co-head of Synechron's AI Practice in the UK, added, "Our team has developed, tested, and successfully integrated these advanced AI solutions. Our approach is to strategically guide our clients to integrate AI effectively within their business processes. We identify the key areas where AI can bring the most impact, aligning our solutions to their unique business needs. This targeted approach ensures significant value creation with maximum benefit." Prabhakar Srinivasan, Co-head of Synechron's AI Practice in Bangalore, India, commented, "Artificial Intelligence has proven to be a wonderful force for driving business enhancements by quickly synthesizing extraordinarily large data sets. The Large Language Models used learn over short span of time on how to optimize each firm's proprietary information, thereby boosting productivity and allowing businesses to realize time and cost savings as they optimize tasks." About Synechron At Synechron, we believe in the power of digital to transform businesses for the better. Our global consulting firm combines creativity and innovative technology to deliver industry-leading digital solutions. Synechron's progressive technologies and optimization strategies span end-to-end Artificial Intelligence, Consulting, Digital, Cloud & DevOps, Data, and Software Engineering, servicing an array of noteworthy financial services and technology firms. Through research and development initiatives in our FinLabs we develop solutions for modernization, from Artificial Intelligence and Blockchain to Data Science models, Digital Underwriting, mobile-first applications and more. Over the last 20+ years, our company has been honored with multiple employer awards, recognizing our commitment to our talented teams. With top clients to boast about, Synechron has a global workforce of 15,000+, and has 48 offices in 19 countries within key global markets.

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Core Banking

Webull partners with Dow Jones to drive greater financial literacy and empower retail investing decisions

Webull Corporation | January 30, 2024

Webull, a leading online broker for global investors, has launched an initiative to drive financial literacy, announcing its partnership with Dow Jones, a global news and business information services provider and the publisher of The Wall Street Journal (WSJ). The agreement aims to drive greater levels of financial literacy among retail investors by empowering Webull customers with curated award-winning content from The Wall Street Journal, including news, analysis, and essential insights on managing personal finances. The collaboration provides access to the publication's trusted and reliable journalism to help Webull users make better educated and informed decisions around their financial goals. Webull users will receive a curated round-up of WSJ articles on its news feed within the app. New and renewing Webull customers will also receive a WSJ subscription. "Webull was founded on the principle of democratizing investing and making it more accessible and inclusive - especially for first time investors. In this regard, we've already seen success, with a robust number of our active members being first-time investors," said Anthony Denier, Webull Group President. "Through this partnership with Dow Jones, we want to put the power of the world's leading financial publication straight into the hands of our customers with content that helps investors make better financial decisions with greater confidence." "Financial literacy, powered by trusted and credible journalism, leads to better decisions," said David Martin, Chief Revenue Officer for Business Intelligence at Dow Jones. "We are delighted to work with Webull and look forward to putting the Journal's high-quality and award-winning business news, information and analysis at the fingertips of millions of Webull users on its platform to help elevate their decision making process." Financial literacy has been identified as a key barrier to entry to investing for many people, with research from the World Economic Forum revealing that 40% of non-investors chose not to invest because they do not know how or find it too confusing. In addition, approximately 70% said they would be more likely to invest, or invest more, with expanded financial education. With the trend of retail investors skewing younger, the initiative aims to address knowledge gaps by providing access to actionable and outcome-oriented information to help educate and shape the way new and existing users navigate fast-changing markets in an informed and responsible manner. About Webull Webull is a leading digital investment platform built on next generation global infrastructure. The Webull Group is headquartered in St. Petersburg, Florida and backed by private equity investors located in the United States, Europe and Asia. Webull serves tens of millions of users from over 180 countries, providing retail investors with 24/7 access to global financial markets. Users can put investment strategies to work by trading global stocks, ETFs, options and fractional shares, through Webull's trading platform, which is currently available in the United States, the United Kingdom, Hong Kong, Singapore, Japan, South Africa, Australia, Indonesia, Mexico, Brazil and Canada. Webull also offers investment education services, with lessons covering a wide range of topics. About Dow Jones Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of the world's largest news-gathering operations globally. It is home to leading publications and products including the flagship Wall Street Journal, America's largest newspaper by paid circulation; Barron's, MarketWatch, Mansion Global, Financial News, Investor's Business Daily, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, OPIS and Chemical Market Analytics.

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Payments

ServiceNow announces five-year strategic alliance with Visa to transform payment services

ServiceNow | January 25, 2024

ServiceNow the leading digital workflow company making the world work better for everyone, announced a five-year strategic alliance with Visa, a world leader in digital payments, to transform payment services. The initial phase includes the launch of ServiceNow Disputes Management, Built with Visa—a single, connected disputes resolution solution for issuers. Managing disputes currently involves multiple systems and teams, and many financial institutions often use siloed solutions that are not fully integrated with one another. This disconnected approach creates complexity, delays crediting and resolving disputes, can create potential losses, and ultimately, impacts the customer experience. ServiceNow Disputes Management, Built with Visa is a streamlined solution that blends the best of ServiceNow’s AI-first platform and the company’s Financial Services Operations solution with Visa’s deep technology investments. Each year, Visa helps prevent $30 billion in fraud for consumers and small businesses using cutting edge technology, including tokenization and AI, deployed throughout the entire payments ecosystem, including disputes management. “At the heart of our alliance is a commitment to build industry-leading products that help financial institutions boost employee productivity, create great customer experiences, and drive business growth,” said John Ball, senior vice president and general manager, customer and industry workflows, ServiceNow. “By making Visa’s services available through ServiceNow’s intelligent, AI-first platform, we’re powering innovation and setting a new standard in the payments industry.” “Solving customer pain points is core to our business at Visa, and collaborating with an industry leader like ServiceNow will allow us to help issuer partners resolve disputes more efficiently,” said Vanessa Colella, global head of innovation and digital partnerships, Visa. “ServiceNow and Visa look forward to offering clients the latest technology solutions, so they can focus on delivering an excellent experience for their customers.” ServiceNow Disputes Management, Built with Visa will unite the entire dispute management process – from the first indication that a charge is questionable to early resolution, investigation, and final resolution. It includes a single experience for solving disputes so that employees can have high quality engagements with cardholders, as well as dashboards, automation, alerts, and the ability to audit all transactions. Two standout features enhance its efficiency: a modern, user-friendly low code platform that allows financial institutions to make swift updates to their disputes management process, and generative AI-powered experiences that improve customer intake and agent investigation. The solution also incorporates ongoing changes to disputes rules and applies industry best practices for processes, workflows, and staying ahead of fraud. “Banks should prioritize their CX efforts around the drivers that most influence customer loyalty. For example, resolving problems and issues quickly remains one of the most important drivers of CX and retention for many banks,” wrote Alyson Clarke, principal analyst at Forrester Research. “Banks that adopt modern and flexible digital banking processing platforms will find it easier and faster to deliver innovative (and profitable) customer solutions.”1 ServiceNow is committed to revolutionizing financial services with new products and services. This initial integration marks the beginning of a more extensive, multi-phased relationship between Visa and ServiceNow. The companies will continue to build new solutions and will distribute Visa products and services to joint customers. Together, ServiceNow and Visa will help clients improve dispute management. 1Forrester, Consumer Banking Trends, 2024: Trends Shaping Retail Consumer Banking In The Current Economic Climate, Jan 17, 2024 About ServiceNow ServiceNow makes the world work better for everyone. Our cloud‑based platform and solutions help digitize and unify organizations so that they can find smarter, faster, better ways to make work flow. So employees and customers can be more connected, more innovative, and more agile. And we can all create the future we imagine. The world works with ServiceNowTM.

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Financial Management

Synechron Launches 'Synechron Nexus' AI Solutions Suite in Fulfilling the Promise of AI With Ready-to-use Solutions

Synechron | February 02, 2024

Synechron, Inc., a leading global digital transformation consulting firm focused on financial services and technology organizations, announces the launch of its Synechron Nexus suite of nine Artificial Intelligence (AI) solutions that are ready to be deployed within weeks. This array of generative AI-led solutions was designed to span the nexus between human expertise and AI, while enabling users to automate manually intensive tasks, increase project speed, drive operational efficiencies, and reduce costs across various key business tasks. Each solution, divided among three value streams, allows Synechron clients to improve their operations, reduce friction in their processes and boost productivity. Business Growth: Practical, innovative applications that enhance business capabilities Synechron Amplifai is a GenAI-powered market research solution. Its automated research capability saves significant time in a wide range of use-cases, reducing the tedium of gathering, analyzing and reporting market news, trends and strategies. Synechron Clarifai is a tool for summarizing and analyzing call-center transcripts. Conversations are flagged for non-compliance and further human review/actions. Synechron Simplifai centralizes project portfolio data and metrics for streamlined executive decision-making, informing effortless, data-backed decisions for executive and steering committee groups. Operational Efficiency: Advanced solutions to streamline processes and elevate internal operations Synechron Nexus Chat is built on a conversational AI model, understands and engages in a comprehensive range of scenarios and supports plug-ins for real-time data and integration, while delivering human-like conversational responses and text, safely and securely. Synechron Replai is an AI-driven, RFP and proposals tool, streamlining proposal creation with high-quality, insightful responses, with the ability to search the internal knowledge repository for fast access and content re-use. Synechron Unifai is an AI-driven HR solution, designed to simplify interactions between company HR functions and employees, such as policy information and employee-specific payroll details. Synechron Identifai collects comprehensive online market intelligence and provides an in-depth understanding of business, emerging technology trends, or any research topic. Developer Productivity: Toolkit to optimize timelines, minimize costs, and automate practices across the Software Development Lifecycle (SDLC) Synechron Codifai is an SDLC productivity improvement tool, using automation in code generation, unit test case generation, legacy code migration, code optimizations, and automatic code documentation. It works closely with Synechron Verifai which addresses software testing aspects. Synechron Verifai is a GenAI tool for SDLC productivity, using automation in code generation with a focus on QA test case generation, automated test script generation, synthetic test data generation, and bug detection and bug fixing. It works closely with Synechron Codifai which addresses software development efficiency. This new Synechron Nexus AI suite of real-world, practical business solutions, combined with the five formalized RiskTech.AI Accelerators (launched in October 2023), leverages Synechron's AI Practice expertise globally. The creation of AI-led business solutions has been a passion of Synechron's for over a decade, and the firm's commitment to innovative excellence has won the firm eight prestigious AI industry awards to date. Faisal Husain, Synechron's Co-founder and CEO, said of the launch of the Synechron Nexus AI Suite of solutions, "We are proud to be releasing this extensive array of AI-enhanced solutions that go beyond the hype, and provide significant, tangible benefits to business operations. AI and GenAI-rich tools are not just ideas we offer to our clients, but key process accelerators that we ourselves at Synechron are deploying across our company, as we offer ways to integrate the benefits of this technology with human expertise." Ryan Cox, Co-head of Synechron's AI Practice in the UK, added, "Our team has developed, tested, and successfully integrated these advanced AI solutions. Our approach is to strategically guide our clients to integrate AI effectively within their business processes. We identify the key areas where AI can bring the most impact, aligning our solutions to their unique business needs. This targeted approach ensures significant value creation with maximum benefit." Prabhakar Srinivasan, Co-head of Synechron's AI Practice in Bangalore, India, commented, "Artificial Intelligence has proven to be a wonderful force for driving business enhancements by quickly synthesizing extraordinarily large data sets. The Large Language Models used learn over short span of time on how to optimize each firm's proprietary information, thereby boosting productivity and allowing businesses to realize time and cost savings as they optimize tasks." About Synechron At Synechron, we believe in the power of digital to transform businesses for the better. Our global consulting firm combines creativity and innovative technology to deliver industry-leading digital solutions. Synechron's progressive technologies and optimization strategies span end-to-end Artificial Intelligence, Consulting, Digital, Cloud & DevOps, Data, and Software Engineering, servicing an array of noteworthy financial services and technology firms. Through research and development initiatives in our FinLabs we develop solutions for modernization, from Artificial Intelligence and Blockchain to Data Science models, Digital Underwriting, mobile-first applications and more. Over the last 20+ years, our company has been honored with multiple employer awards, recognizing our commitment to our talented teams. With top clients to boast about, Synechron has a global workforce of 15,000+, and has 48 offices in 19 countries within key global markets.

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Core Banking

Webull partners with Dow Jones to drive greater financial literacy and empower retail investing decisions

Webull Corporation | January 30, 2024

Webull, a leading online broker for global investors, has launched an initiative to drive financial literacy, announcing its partnership with Dow Jones, a global news and business information services provider and the publisher of The Wall Street Journal (WSJ). The agreement aims to drive greater levels of financial literacy among retail investors by empowering Webull customers with curated award-winning content from The Wall Street Journal, including news, analysis, and essential insights on managing personal finances. The collaboration provides access to the publication's trusted and reliable journalism to help Webull users make better educated and informed decisions around their financial goals. Webull users will receive a curated round-up of WSJ articles on its news feed within the app. New and renewing Webull customers will also receive a WSJ subscription. "Webull was founded on the principle of democratizing investing and making it more accessible and inclusive - especially for first time investors. In this regard, we've already seen success, with a robust number of our active members being first-time investors," said Anthony Denier, Webull Group President. "Through this partnership with Dow Jones, we want to put the power of the world's leading financial publication straight into the hands of our customers with content that helps investors make better financial decisions with greater confidence." "Financial literacy, powered by trusted and credible journalism, leads to better decisions," said David Martin, Chief Revenue Officer for Business Intelligence at Dow Jones. "We are delighted to work with Webull and look forward to putting the Journal's high-quality and award-winning business news, information and analysis at the fingertips of millions of Webull users on its platform to help elevate their decision making process." Financial literacy has been identified as a key barrier to entry to investing for many people, with research from the World Economic Forum revealing that 40% of non-investors chose not to invest because they do not know how or find it too confusing. In addition, approximately 70% said they would be more likely to invest, or invest more, with expanded financial education. With the trend of retail investors skewing younger, the initiative aims to address knowledge gaps by providing access to actionable and outcome-oriented information to help educate and shape the way new and existing users navigate fast-changing markets in an informed and responsible manner. About Webull Webull is a leading digital investment platform built on next generation global infrastructure. The Webull Group is headquartered in St. Petersburg, Florida and backed by private equity investors located in the United States, Europe and Asia. Webull serves tens of millions of users from over 180 countries, providing retail investors with 24/7 access to global financial markets. Users can put investment strategies to work by trading global stocks, ETFs, options and fractional shares, through Webull's trading platform, which is currently available in the United States, the United Kingdom, Hong Kong, Singapore, Japan, South Africa, Australia, Indonesia, Mexico, Brazil and Canada. Webull also offers investment education services, with lessons covering a wide range of topics. About Dow Jones Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of the world's largest news-gathering operations globally. It is home to leading publications and products including the flagship Wall Street Journal, America's largest newspaper by paid circulation; Barron's, MarketWatch, Mansion Global, Financial News, Investor's Business Daily, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, OPIS and Chemical Market Analytics.

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Payments

ServiceNow announces five-year strategic alliance with Visa to transform payment services

ServiceNow | January 25, 2024

ServiceNow the leading digital workflow company making the world work better for everyone, announced a five-year strategic alliance with Visa, a world leader in digital payments, to transform payment services. The initial phase includes the launch of ServiceNow Disputes Management, Built with Visa—a single, connected disputes resolution solution for issuers. Managing disputes currently involves multiple systems and teams, and many financial institutions often use siloed solutions that are not fully integrated with one another. This disconnected approach creates complexity, delays crediting and resolving disputes, can create potential losses, and ultimately, impacts the customer experience. ServiceNow Disputes Management, Built with Visa is a streamlined solution that blends the best of ServiceNow’s AI-first platform and the company’s Financial Services Operations solution with Visa’s deep technology investments. Each year, Visa helps prevent $30 billion in fraud for consumers and small businesses using cutting edge technology, including tokenization and AI, deployed throughout the entire payments ecosystem, including disputes management. “At the heart of our alliance is a commitment to build industry-leading products that help financial institutions boost employee productivity, create great customer experiences, and drive business growth,” said John Ball, senior vice president and general manager, customer and industry workflows, ServiceNow. “By making Visa’s services available through ServiceNow’s intelligent, AI-first platform, we’re powering innovation and setting a new standard in the payments industry.” “Solving customer pain points is core to our business at Visa, and collaborating with an industry leader like ServiceNow will allow us to help issuer partners resolve disputes more efficiently,” said Vanessa Colella, global head of innovation and digital partnerships, Visa. “ServiceNow and Visa look forward to offering clients the latest technology solutions, so they can focus on delivering an excellent experience for their customers.” ServiceNow Disputes Management, Built with Visa will unite the entire dispute management process – from the first indication that a charge is questionable to early resolution, investigation, and final resolution. It includes a single experience for solving disputes so that employees can have high quality engagements with cardholders, as well as dashboards, automation, alerts, and the ability to audit all transactions. Two standout features enhance its efficiency: a modern, user-friendly low code platform that allows financial institutions to make swift updates to their disputes management process, and generative AI-powered experiences that improve customer intake and agent investigation. The solution also incorporates ongoing changes to disputes rules and applies industry best practices for processes, workflows, and staying ahead of fraud. “Banks should prioritize their CX efforts around the drivers that most influence customer loyalty. For example, resolving problems and issues quickly remains one of the most important drivers of CX and retention for many banks,” wrote Alyson Clarke, principal analyst at Forrester Research. “Banks that adopt modern and flexible digital banking processing platforms will find it easier and faster to deliver innovative (and profitable) customer solutions.”1 ServiceNow is committed to revolutionizing financial services with new products and services. This initial integration marks the beginning of a more extensive, multi-phased relationship between Visa and ServiceNow. The companies will continue to build new solutions and will distribute Visa products and services to joint customers. Together, ServiceNow and Visa will help clients improve dispute management. 1Forrester, Consumer Banking Trends, 2024: Trends Shaping Retail Consumer Banking In The Current Economic Climate, Jan 17, 2024 About ServiceNow ServiceNow makes the world work better for everyone. Our cloud‑based platform and solutions help digitize and unify organizations so that they can find smarter, faster, better ways to make work flow. So employees and customers can be more connected, more innovative, and more agile. And we can all create the future we imagine. The world works with ServiceNowTM.

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Events