From Share Value to Shared Value: Exploring the Role of Accountants in Developing Integrated Reporting in Practice

| September 1, 2016

article image
The corporate reporting landscape has evolved in the last 20 years from financial reporting to sustainability reporting to “integrated reporting.” The corporate reporting history abounds with different attempts at integrating sustainability accounting with financial accounting (e.g., the Corporate Report 1975 and the “Triple Bottom Line” concept) and thereby attempting to report in an integrated manner.

Spotlight

Axcess Financial

We’re Axcess Financial. We are a financial solutions provider for real people and a career destination for those who want to make a difference. We work to provide customers with financial solutions they need when they need them. And we work internally with our team of employees to foster a fast-paced, open work environment with plenty of opportunities for future growth. Our story began over 20 years ago in Covington, KY, at a retail location with a customer base in desperate need of financial support. Since then, we have grown to nearly 1,000 retail stores and have serviced over 50 million loans. We continue to use our history to guide us every day, as we seek ways to better ourselves and the lives of our customers. And, we look to hire those who would like to do the same.

OTHER ARTICLES

Lockdown will have lasting effects on FinTech

Article | April 6, 2020

The lockdown is hurting every industry. FinTech is no exception. However, its digital nature means many companies find themselves well positioned. Some might even come out of this situation better off than before. The lockdown will have lasting effects – both good and bad – on FinTech. While there are many downsides to the current situation, there are some new opportunities for you to consider. Lockdown will cause permanent changes in the way businesses operate. But, surprisingly, it isn’t all bad news.

Read More

2020: Drive by regulators to adopt tech poses challenges for the firms they police

Article | February 25, 2020

The overhaul of the financial services industry in the post Great Financial Crisis (GFC) era has created a swathe of new rules and regulations for the regulators to monitor, and financial firms to adhere to. While such changes have presented firms with significant challenges, transforming how they operate and behave on a day-to-day basis, it has coincided with another notable overhaul in the tech arena.

Read More

BEHAVIOURAL ANALYTICS WILL FUEL CUSTOMER INTERACTION IN FINANCIAL SERVICES

Article | June 1, 2021

The axing of third-party cookies by Google and the other major browser companies will require a major readjustment by financial services organisations. The decision, coming fully into force next year, will effectively choke off the data that has enabled personalisation, optimised website interactions and driven much internet advertising. It is no comfort that the browser companies have acted because of fears about infringement of privacy and data protection legislation such as the EU’s GDPR (General Data Protection Regulation) and the CCPA (California Consumer Privacy Act) in California. The move will affect how UK financial services organisations interact with millions of people. More than three-quarters of Britons now use online banking and 14 million use digital-only banks, expecting a slick, light-touch interaction. So it appears that just as many people go digital, financial services organisations will no longer have access to information they need for personalisation, being unable to track where customers go on the internet after they have visited a bank’s website. All that data about individuals’ habits and preferences will be unavailable. It seems catastrophic, but in reality, it is not. Financial organisations have a new opportunity to radically improve how they interact with web visitors and customers. AI-powered behavioural analytics offer far superior, real-time capabilities, using the data from the first-party cookies on their own website domains and where available, data from customers’ transaction histories. The result is a solution that is faster, more accurate and responsive than conventional technology relying on cookie data owned and stored by third-party organisations. Instead of relying on such data for relatively rigid profiling and personalisation, behavioural analytics enables real-time interactions based on a more dynamic picture of how an individual’s requirements are changing. The technology analyses all the browsing characteristics including time on site, speed of movement and page views, as well as more obvious features such as interest in specific products. Historical data added to the analysis includes what customers did on previous visits and the interval between those visits, establishing patterns where possible. The flexible advantages of behavioural analytics hubs in financial services Segmentation allows a bank to identify customers as soon as they arrive on its site, according to whether they are a new or existing customer. Their behaviour then indicates what they want. Knowing what customers are interested in is important. Customers visit financial services websites for a host of reasons – from seeking information, to opening accounts, exploring loans and mortgage offers, making or setting up new payments. They may also want advice about investments and savings, pensions or small business finance. Almost all of these requirements involve quite complex mental processes which financial organisations can influence while consumers are on their sites. Collecting the data is not difficult – the skill is in making it actionable in an effective way, replicating the ability of a perceptive employee to read a customer’s state of mind. Banks can do this by setting up a behavioural analytics hub to understand what a customer’s behaviour means and how it can be optimised. Using customised parameters, the hub will, for instance, trigger a screen notification that prompts the web visitor to fill in a form requesting an appointment. In the case of existing customers, the technology can correlate health insurance offers with spending on fitness, and, in general, savings and investment recommendations can be tailored to the client’s concerns or goals as revealed by their navigation of a bank’s website or mobile app. Banks can set up analytics to see when consumers are behaving in a way that indicates they about to leave the website, allowing them to intervene with a notification that could include an offer. This provides a positive outcome and avoids the blanket use of offers that undermines profitability. It is a more sophisticated and personalised approach that avoids annoying pop-ups or recommendations that fail to match individual preferences. As part of a single AI-powered segmentation platform, the technology enables banks to personalise marketing content in SMS messages and emails sent to consumers (who consent), which deliver far better results through precise targeting. Solutions for last-mile interaction in the open banking era The single platform approach also has another major advantage. It is much easier to implement and far more efficient and streamlined compared with separate solutions for different parts of the customer journey. The benefits of using AI-powered segmentation solutions should be part of the financial sector’s broader strategy to transform its systems for the open banking era as we approach the end of third-party cookies. For established banks, the reality for some time has been that complexity of systems has undermined their ability to deliver a high-quality last mile. This they can now address without huge disruption or investment. The alternative is for financial services organisations to become lost on an ocean of data, losing track of customers. Behavioural analytics will bring banks new insights into customers that surpass third-party cookie data, being actionable and accurate and in real time. To provide a streamlined and profitable experience for themselves and their millions of customers, banks must now employ the latest advances in AI-powered behavioural analytics.

Read More

Fintech Pioneer Has Faith Firm Can Weather The Storm

Article | August 7, 2020

The managing director of AutoRek is speaking from the 8,000 square foot premises in Glasgow’s Garment Factory that the fintech company moved into two years ago to accommodate its continuing growth. A similar move to upgrade its presence in Edinburgh took place at the end of 2019. Forecasts of growth for this year, however, have been ripped up by disruption caused by the coronavirus. But Mr McHarg, who co-founded the business in 1994, remains confident it will still make a profit.

Read More

Spotlight

Axcess Financial

We’re Axcess Financial. We are a financial solutions provider for real people and a career destination for those who want to make a difference. We work to provide customers with financial solutions they need when they need them. And we work internally with our team of employees to foster a fast-paced, open work environment with plenty of opportunities for future growth. Our story began over 20 years ago in Covington, KY, at a retail location with a customer base in desperate need of financial support. Since then, we have grown to nearly 1,000 retail stores and have serviced over 50 million loans. We continue to use our history to guide us every day, as we seek ways to better ourselves and the lives of our customers. And, we look to hire those who would like to do the same.

Events