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How NatWest is embracing digital

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NatWest Group’s Wendy Redshaw discusses the tech trends she’s most excited about and why digital transformation is like growing a beautiful garden.

As chief digital information officer for retail banking at NatWest Group, Wendy Redshaw’s remit covers the breadth of digital and technology across retail banking. She also serves as a board member for NatWest Trustee and Depositary Services, and RBS International entity.

She joined the company in October 2018, having previously worked as the CIO for collaborative technology solutions at Deutsche Bank, and a member of the supervisory board for the Russia Technology Centre.

Redshaw has also been involved in several successful fintech start-ups, and numerous strategic business/technology digital programmes for top tier banks.

She was named by IndustryEra as one of the top 10 industry leaders of 2020 and was recently awarded CIO/CTO of the year 2021 FDM Everywoman in Technology Awards.

‘Edge computing combined with 5G will fundamentally transform the IoT and consumer data areas’
– WENDY REDSHAW

Describe your role and your responsibilities in driving tech strategy.

As the retail banking chief digital information officer (CDIO), I am responsible for digital and technology platforms ranging from systems underpinning home-buying and ownership, everyday banking and short-term borrowing, to our award-winning mobile banking app and Cora, our AI virtual assistant.

As a leader, the softer skills of driving technology strategy are equally important. I believe the digital world needs leaders who have technical skillsets plus cognitive flexibility, emotional and social intelligence, and a creative and innovative mindset.

Are you spearheading any major product or IT initiatives you can tell us about?

Our retail banking strategy is to offer leading customer service that combines the best digital experience with 24/7 access to the best people. This hybrid offering, of both physical and digital, sets us apart from the digital-only banks, and enables us to deliver to our customers when and where they need our support.

This may be physically, through the innovations during the pandemic like cash-delivery service for vulnerable customers or the rapid introduction of companion cards for carers to get cash out for customers who are shielding.

It may be a combination of digital and physical, such as our free financial health checks that are offered via face-to-face, by phone or via video banking, or truly digital, like ‘Housemate’, an app for renters to help manage shared finances and facilitate building a credit file to help with accessing access to more financial services, including lower cost borrowing.

Throughout this year we will see numerous releases of the NatWest mobile app, including cheque capture in app, and the ability to use biometrics in payment journeys. As we look ahead, we’ll see recycled and virtual cards, Cora, our AI assistant, getting into voice, 360-degree views of customers, banking that jumps channels to suit the customer, tailored mortgage offers and loans direct from non-bank channels, data concierge, emotional AI, avatars, and some cool climate initiatives. It’s going to be an exciting time.

How big is your team?

Our retail banking colleagues across digital and technology are a global team of more than 2,000 professionals across UK and India, who support our more than 16m customers. As a bank, we look towards our partners to provide a degree of flexibility to our workforce where appropriate, and to work with us collaboratively to bring in fresh perspectives.

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Both sides bring a lot to the table, with NatWest group bringing more than 200 years of financial expertise, and our partners bringing market expertise and niche skillsets that can complement our permanent workforce.

What are your thoughts on digital transformation?

Digital transformation has many facets, and while no singular definition exists, it might be summarised as any act or process that aims to improve or bring about change, triggering significant shifts in any number of facets of the organisation, through combinations of information, computing, communication, and/or connective technologies.

Given such a broad definition of digital transformation, I tend to approach from a holistic and whole perspective, as well as through the sum of its component parts.

It is like growing a beautiful garden, you have an overall aspect or vision that you wish to achieve, and each flower bed contains flowers that need to be tended to in slightly different ways to get the best result overall for the garden. Through this mindset, and the recognition of the symbiotic relationships that exist within an organisational and digital ecosystem, the very essence of change and transformation can be embedded strategically, at different points in time, and in different ways.

What big tech trends do you believe are changing the world and your industry specifically?

There are a number of revolutionary trends on the horizon. As we look forward, technology trends like edge computing combined with 5G will fundamentally transform the IoT and consumer data areas.

Imagine if you will, you are walking down a street towards a bus stop, and you look at a sign, advertising clothing. The advertising facial recognition notices you lingered for 0.5 seconds longer, indicating your interest in the article. Based on your biometric response, such as heart rate, respiration and eye movement, signs are registered that you are interested in purchasing.  Your digital assistant, who is available via your digital device asks, would you like to purchase that item and we as a financial institution can facilitate that purchase for you with a confirmation via fingerprint, eye blink or other customisable authorisation motion.

Another exciting trend deals with spatial and quantum computing that will set new precedents for human-data-machine interactions globally, across a number of fields like medical, biotech and crypto, and concepts like unsupervised machine learning will disrupt predictive and analytical capability, removing limitations of human training, knowledge and, one hopes, bias.

These are just a few of the exciting trends that are already being explored today and will shape the next five to 10 years.

In terms of security, what are your thoughts on how we can better protect data?

We’re continually looking at ways that we can deepen and embed secure technologies, while also providing customers with the information and insight they need to avoid falling victim to frauds and scams, which could cause them to disclose personal information.

Our security is built on a range of factors, but by including things such as ‘something you have’ as well as ‘something you know’ – for example through biometric authentication – we can build safer customer experiences. We work with the best available technology in the market while also developing our own proprietary solutions as appropriate.

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Web ad firms scrape email addresses before you know it • The Register

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Tracking, marketing, and analytics firms have been exfiltrating the email addresses of internet users from web forms prior to submission and without user consent, according to security researchers.

Some of these firms are said to have also inadvertently grabbed passwords from these forms.

In a research paper scheduled to appear at the Usenix ’22 security conference later this year, authors Asuman Senol (imec-COSIC, KU Leuven), Gunes Acar (Radboud University), Mathias Humbert (University of Lausanne) and Frederik Zuiderveen Borgesius, (Radboud University) describe how they measured data handling in web forms on the top 100,000 websites, as ranked by research site Tranco.

The boffins created their own software to measure email and password data gathering from web forms – structured web input boxes through which site visitors can enter data and submit it to a local or remote application.

Providing information through a web form by pressing the submit button generally indicates the user has consented to provide that information for a specific purpose. But web pages, because they run JavaScript code, can be programmed to respond to events prior to a user pressing a form’s submit button.

And many companies involved in data gathering and advertising appear to believe that they’re entitled to grab the information website visitors enter into forms with scripts before the submit button has been pressed.

“Our analyses show that users’ email addresses are exfiltrated to tracking, marketing and analytics domains before form submission and without giving consent on 1,844 websites in the EU crawl and 2,950 websites in the US crawl,” the researchers state in their paper, noting that the addresses may be unencoded, encoded, compressed, or hashed depending on the vendor involved.

Most of the email addresses grabbed were sent to known tracking domains, though the boffins say they identified 41 tracking domains that are not found on any of the popular blocklists.

“Furthermore, we find incidental password collection on 52 websites by third-party session replay scripts,” the researchers say.

Replay scripts are designed to record keystrokes, mouse movements, scrolling behavior, other forms of interaction, and webpage contents in order to send that data to marketing firms for analysis. In an adversarial context, they’d be called keyloggers or malware; but in the context of advertising, somehow it’s just session-replay scripts.

Gunes Acar, one of the report co-authors, was also the co-author of a similar research project in 2017 that looked at data gathering by session-replay companies Yandex, FullStory, Hotjar, UserReplay, Smartlook, Clicktale, and SessionCam.

Evidently, not much has changed since then, except perhaps that email addresses have become more desirable as unique identifiers now that privacy-oriented browsers like Brave, Firefox, and Safari are taking more steps to block cookies and tracking scripts.

Email addresses, the researchers observe, represent a cookie replacement because they’re unique, persistent, and can be used to track people across applications, platforms, and even offline interactions that may be tied to an email address like loyalty card transactions.

The website categories with the most leaking forms include: Fashion/Beauty (11.1 per cent, EU; 19 per cent US); Online Shopping (9.4 per cent EU; 15.1 per cent US); and General News (6.6 per cent EU; 10.2 per cent US).

Websites categorized as Pornography had the best privacy when it comes to surreptitious form data harvesting.

“A somehow surprising result was the following: despite filling email fields on hundreds of websites categorized as Pornography, we have not a single email leak,” the researchers say, noting that previous studies of adult-oriented websites have relatively fewer third-party trackers than similarly popular general interest websites.

Those pesky regulations

The report authors say that EU websites practicing email exfiltration may be in violation of at least three GDPR requirements: transparency, purpose limitation, and prior consent. Firms found to be violating these rules can be fined up to $20m euros or 4 per cent of annual revenue, per Article 83(5).

The US doesn’t have a federal data privacy law, though it’s conceivable one of the handful of US states with applicable privacy rules could take action against pre-submission form harvesting. But given the toothlessness of US privacy regulation over the past decade, don’t expect much.

The authors say they attempted to contact 58 first-parties and 28 third-parties with GDPR requests. They report receiving 30 responses from the first-parties, which varied from surprise and remediation to justifications of one sort or another.

“fivethirtyeight.com (via Walt Disney’s DPO), trello.com (Atlassian), lever.co, branch.io and cision.com were among the websites that said they had not been aware of the email collection prior to form submission on their websites and removed the behavior,” the report says.

Marriott, meanwhile, said the information collected by digital analytics firm Glassbox helps with customer care, technical support, and fraud prevention.

Third-parties Taboola, Zoominfo, and ActiveProspect defended their data collection practices.

Facebook, aka Meta, is among the third-parties involved in this. The researchers say that email addresses or their hashes were spotted being sent to facebook.com from 21 different websites in the EU.

“On 17 of these, Facebook Pixel’s Automatic Advanced Matching feature was responsible for sending the SHA-256 of the email address in a SubscribedButtonClick event, despite not clicking any submit button,” the report says.

Advanced Matching – called out recently for harvesting student loan data – is designed to collect hashed customer data, such as email addresses, phone numbers, and names from checkout, sign-in, and registration forms. The researchers speculate that on these sites, Facebook’s script treats clicks on non-submit buttons as a click event for the submit button.

Facebook did not respond to a request for comment.

The report concludes that browser vendors, regulators, and privacy tool makers need to deal with this issue because it isn’t going away. “Based on our findings, users should assume that the personal information they enter into web forms may be collected by trackers – even if the form is never submitted,” the report concludes. ®

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VC funding in Ireland rose in Q1, but not for deals under €10m

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A William Fry-commissioned report has found that funding deals under €10m have taken a big hit in the first three months of 2022.

Venture capital funding into Irish tech businesses was up by more than 50pc in the first quarter of this year, but there’s an unfortunate and potentially troubling caveat to that.

The Irish Venture Capital Association (IVCA) has published today (15 May) its latest report on VC funding into tech start-ups and SMEs in Ireland, which found that the investments increased by 52pc to €379.7m in the first three months of 2022, compared to the same period last year.

Future Human

But the report, commissioned by Dublin law firm William Fry, also found that VC funding in deals valued less than €10m have taken a hit.

IVCA chair Nicola McClafferty said that the headline figure of a funding boost conceals a “potentially worrying fall” of 30 to 50pc across all categories of deals under €10m – including seed funding.

“All the growth came from eight deals worth over €10m each, including three over €30m. While the momentum carried over from last year has continued for more established companies raising large rounds, some of that impetus seems to have stalled for earlier stage companies.”

Even the total number of deals overall fell by almost a third to 50 from 74 in the same period last year.

McClafferty said that this could be related to international trends affecting the business world right now, such as Russia’s invasion of Ukraine.

“While challenging market conditions may continue, we also know that many great companies are started and built in times of downturn, so we await with interest the data in the coming quarters,” she added.

Deals in the €5m to €10m range fell in value by more than half, while those in the €1m to €5m range also halved from €70.3m last year to €34.5m in Q1 2022. The value of deals below €1m dropped by 31pc to €8.9m.

Seed funding also took a hit, falling by nearly 40pc to €22.3m from €36.5m last year.

Nearly four-fifths of all funding came from overseas sources, according to IVCA director-general Sarah-Jane Larkin.

“While this is to be welcomed and emphasises the quality of Irish tech firms and their appeal to international investors, we have expressed concern before about where any shortfall would be made up if the global economy contracts,” she said.

Wayflyer, Ireland’s latest tech unicorn, led the way in terms of total value of funding received with a $150m in Series B funding valuing the start-up at $1.6bn. Flipdish, another Irish tech start-up that became a unicorn this year, raised $100m reaching a $1.25bn valuation.

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Taking his advice was like ‘chewing broken glass’: the short life of dating guru Kevin Samuels | Relationships

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As a source of dating advice, Kevin Samuels would seem a last resort for America’s Black women. On his YouTube show and podcasts, Samuels criticized Black women for being old and out of shape, and for having children out of wedlock. He sneered at “modern women” who flaunted their multiple college degrees and boasted of their independence. He dropped these bombs in the softest voice, in a tailored suit, and bathed in mood lighting with a funky kinetic energy sculpture on his desk.

Yet many women not only tuned in to Samuels in droves, they cued up to Zoom into his show – some in hopes of putting the self-made image consultant turned relationship expert in his place. When Samuels suddenly died last Thursday in Atlanta at 57, as his star was still rising (the Fulton county medical examiners office has not yet revealed a cause of death), his many detractors reacted like Munchkins at the feet of the Wicked Witch of the East. The overwhelming lack of sympathy for Samuels – whose mother reportedly found out about his death as speculation raged online – comes down to his profiting from dismissing single Black women over 35 as “leftovers” whose unrealistic desire for “high-value men” would doom them to a lonely death.

On a recent episode of the Fox Soul streaming show Cocktails with Queens, the actor Vivica A Fox called Samuels’ death karma payback. “This man was a hypocrite, in my honest opinion,” she said. “He insulted African American women on a consistent basis.” In a Mother’s Day sermon, the preacher-influencer Jamal Bryant indirectly singled out this “high-powered man” for allegedly needing “a GoFundMe for his funeral”. The many women in Bryant’s congregation ate this up.

Still, just as many Black celebrities have rushed to defend Samuels. “Love him or hate him,” said the actor Marlon Wayans, “he spoke his truth. If you hated [him] why tune in?” The rapper turned comedian TI scorned the gleeful reactions to his death as a “fucking travesty” while branding Samuels’ haters as “despicable” and “bullies”. “Whatever he did, he did it, and [he’s] gone,” said the Why You Wanna emcee. “He got away with it.”

Besides his mother and daughter, Samuels is survived by his legion followers in the online community known as the “manosphere”, a sort of digital bathhouse for naked pushback against feminist ideology and the reprisal of traditional gender norms.

Casually drawing on relationship and income statistics, Samuels delighted in playing the role of market adjuster and scolding “average” Black women for pursuing Black men in the Talented Tenth – good-looking men with minimum six-figure incomes, no kids, no priors, and no hangups in bed. According to Samuels, guys mainly wanted women who were “fit, feminine, friendly, cooperative and submissive”. He barely had patience for callers who defied that description, and regularly played those clashes with them for laughs. And this was against the backdrop of Black women having a tough enough time being taken seriously online, let alone settling down.

More than 30,000 people signed an online petition calling on YouTube and Instagram to de-platform Samuels, believing he had “galvanised a community of men of all races and nationalities in the outspoken hatred of women”. To many, Samuel’s polished and bespectacled presentation was little more than a pseudo-intellectual cover for misogynoir. “I think he has had an outsized impact on poisoning the social discourse between Black men and Black women around matters of love, dating and intimacy,” the Rutgers women’s studies professor Brittney Cooper wrote in a recent Facebook post, after Samuels used a clip of her talking about racism and fatphobia as an example of a low-value woman. “I hope that the Black women who liked Kevin’s work stop letting the latest brother with relationship advice exploit your pain.”

Samuels’ public persona wasn’t always such a troll. A chemical engineering major who segued into a career in marketing, Samuels established himself on social media as a self-improvement coach and tastemaker (“the godfather of style”, he called himself), hipping men to the coolest clothes, watches and fragrances.

But Samuels eventually saw the bigger audience for relationship content, and quickly distinguished himself by doubling down on the “negging” techniques that undergirded the pickup artist craze of the early aughts. It’s a blueprint that launched the mainstream success of Steve Harvey. Before he was widely known as the avuncular host of Family Feud and the Miss Universe pageant, Harvey was writing plainspoken relationship manuals for Black women and spinning them into the box-office topping Think Like a Man franchise.

After one video sizing up a woman as “average at best” drew millions of views, Samuels was essentially rebooted as a relationship expert. In another oft-shared video he writes off a proudly curvy Black female caller as “running back-sized.” Before his death, Samuels had amassed more than 1.4 million YouTube subscribers and more than 1.2 million Instagram followers. Mainstream renown wasn’t much farther off.

Already, Samuels was a fixture of the Black gossip blogs for his viral put-downs and for his interviews with Nicki Minaj, Future, and the social media influencer Brittany Renner. Those same blogs were quick to hypothesise about the chaotic circumstances of Samuels’ death and echo reports that the ultimate high-value man died broke.

But his village of YouTube peers have rallied to debunk those rumours and rebuff what they characterise as efforts to defame Samuels in death. Mostly, they claim he was a tireless worker and shrewd businessman who could be harsh, but all in the interest of uplifting the community overall. In a YouTube eulogy, Melanie King, a Samuels protege who credits him for helping her rebuild from an agonising divorce, likened taking advice from him to “chewing broken glass”.

“We needed that shock,” said King, who thought of Samuels more like a tough dad. “Because, let’s be honest, if he had not been so shocking to so many people, would you even know about him?”

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