The insurance industry, perhaps more than any other sector, is focused on understanding and mitigating global warming, and for good reason: a changing environment could amplify risks, resulting in lower underwriting profits. Yet despite their heightened interest in climate change, few insurers are wholly committed to building a green IT environment.

The operational success of property and casualty insurers (non-life or general insurers) is correlated to the weather. Foreseeing these risks, insurers have enacted premium increases in catastrophe-prone regions, while others have simply stopped writing policies in these markets. However, both of these approaches are insufficient: regulators have tempered rate increases, and while exiting the market may protect against future losses, it diminishes an insurer’s ability to cross-sell other, safer products. Continue reading “Insurers’ IT strategies are not ‘green’– and that’s okay” »

Swiss wealth manager Julius Baer is targeting the disaffected bankers and high net worth clients of the industry leaders, whose brands have been damaged recently by poor performance and questions over their financial strength. This strategy is a wise one, particularly in Switzerland, where wealthy clients are very brand/image conscious.

Julius Baer, Switzerland’s third largest private bank, is keen to snap up disaffected HNWs and bankers from some of the largest private bankers, capitalizing on the recent damage to their competitors’ reputations. Continue reading “Julius Baer targets HNWs and bankers at rival companies” »

The Office of Fair Trading (OFT) says that the majority of banking customers are not aware of the charges and interest rates paid on their current account and are therefore unaware if they are receiving a good deal from their bank, leading to an uncompetitive market. As a result, just six percent of consumers changed their current account in the last year, the OFT claims. However, it may be that the majority of customers are simply happy with their bank and see no reason to change.

OFT’s claim that the availability of information is poor is contestable. Banks do not hide information about insufficient-funds charges from their customers and rates of interest are often the central feature of advertisements for retail banks. It might actually be suggested that consumers consider their own banking habits and pick a current account with this information in mind.
Continue reading “OFT concludes current account market in UK is “not working well for consumers”” »

The Conservative party has laid the blame for Britain’s debt situation firmly on store cards.

George Osborne, the shadow chancellor, has attacked the store card industry for charging “excessively high interest rates” and claims that this issue is central to Britain’s over-indebtedness. However, the average balance on a store card is just £162 and in 2006 the Competition Commission concluded that the issue was best tackled with the provision of information to consumers.

Continue reading “Conservative Party Blames Britain’s Debt Situation on Store Cards” »

Do you recognise yourself paying for your food shopping in a ’self check out’, paying for travel through airport check-in kiosks, and renting movies from self-service DVD rental kiosks instead of traditional retail spaces?

Well in that case your part of the new developments where snapshots are being developed at photo kiosks, motorists are refuelling their vehicles at pay-at-pump gas stations and where restaurant diners can order from touch-screens at fast-food chains and use hand-held, pay-at-table devices at sit-down restaurants.

Continue reading “Is ‘Self Check-Out’ the Answer to Meeting Growing Customer Demands?” »

The proliferation of new contact centre delivery locations globally has done little to allay fears of wide-spread price and attrition increases for outsourcing vendors.

Among the key domestic markets from where contact centre outsourcing services are delivered, a new report estimates that the UK, the Netherlands and France rank among the most expensive in terms of fully-loaded price per agent per hour (including wages, benefits, telephony / technology, property, mark-up and other expenses).

Continue reading “Will Hope of Career Opportunities for Contact Centres Make Employees Stay?” »

The number of wealthy women is soaring while the wealth gap between men and women is quickly narrowing. As a result, banks have placed considerable effort in various initiatives to attract more female clients. However, a recent report warns that this ‘champagne and chocolate’ approach will not work as women are looking for more from their private bank than a spa discount and a pink website.

Continue reading “Banks Attempt to Woo Female Clients” »

Despite raised salaries and lower taxes, Swedes won’t spend as much money this summer, new research from the largest Scandinavian bank Nordea says.

The Swedish newspaper Dagens Nyheter writes that the global economy is to blame: “The increasing food prices, fuel prices and property interests have affected Swedes’ budgets. Subsequently you cut down on your holidays abroad.”

Continue reading “Swedes Affected by the Credit Crunch” »

Today’s teens are the most affluent generation of young people to date. Over one-third receive some kind of allowance from their parents, and nearly three-quarters work around the house to earn it.

However, a new report shows that although teenagers are highly motivated by money and the myriad products and services for which it can be exchanged, they can also be naive about the consequences of reckless spending and sloppy money management.

Continue reading “Despite huge Spending Power- Teens Neglect Consequences of Reckless Spending” »

Abbey has increased its mortgage lending by more than 10% since last year.

Despite the slowdown in mortgage lending, which is at its lowest level in terms of new mortgages since January 1999, Abbey has increased its share of net lending in the UK mortgage market to 15.9%, up from 4.9% a year ago. This signals the bank’s intention to grow its market share while many of its competitors struggle amid the credit crunch.
Continue reading “Abbey Grows UK Market Share in the Face of Slowing Mortgage Market” »