Accenture Introduces Offering to Help Financial Institutions Combat Financial Crime and Comply with Regulations

Accenture has introduced a compliance-as-a-service offering to help financial institutions, fintech and technology companies cost-effectively combat financial crime and comply with related regulations.

Navigating the regulations that combat financial crime can be very expensive, and financial institutions have incurred hundreds of millions of dollars in penalties for failing to prevent parties from disguising illegally obtained funds as legitimate income. It is estimated that financial services firms globally will spend 4% of total revenues, on average, on compliance-related activities, with that figure expected to rise to 10% by 2021.

Accenture’s compliance-as-a-service (CaaS) offering provides an end-to-end capability that leverages  SynOps — Accenture’s human-machine operating “engine” that synergizes data, applied intelligence, digital technologies and exceptional talent — to help financial institutions manage the scope and complexity of the ever-changing regulatory and compliance environment.

Designed to serve the compliance departments of banks, insurers, capital markets and other organizations, the CaaS offering —which expands Accenture’s managed service capabilities — delivers a variety of comprehensive managed services, including:

Know Your Customer (KYC): Tools and capabilities that help businesses verify the identity of clients and assess their suitability, along with the potential risk of illegal intentions in a business relationship. One large bank using this capability reduced case processing times by 15% and significantly reduced false positives.

Anti-Money Laundering (AML): Intensive measures to enable low- and high-risk customers to comply with AML regulations, including transaction monitoring and alert management.  For example, newly fortified AML controls recently helped a large bank achieve quality ratings greater than 95% and eliminate future quality assurance backlogs.

Compliance and controls testing, combined with governance, analytics and continuous reporting.

Contract lifecycle management, improved by transformational technologies, process and data strategies for London Interbank Offered Rate (LIBOR) contracts.

Privacy data management, to ensure data practices keep pace with changing privacy regulations.

“Today’s compliance officers need to be agile and transform from reactive to strategic in an increasingly complex environment,” said Bob Bradley, who leads the CaaS offering for Accenture Operations.

“Although the cost of compliance continues to rise, compliance budgets remain stagnant. By moving compliance-related functions to a flexible operating model, our comprehensive offering will enable clients to manage risk with efficiency and speed, freeing them up to focus on higher value-added opportunities as part of their journey to intelligent operations.”

Steve Culp, a senior managing director at Accenture and head of the company’s Finance & Risk practice, said, “In addition to facing intense cost-pressure, compliance functions must also find talent with the full array of required skills needed to thrive in this new compliance environment, making technology-centered approaches essential. This new offering helps compliance employees enhance their skillsets, improve their productivity, and contend with emerging challenges such as data privacy.”

Accenture’s CaaS offering was recently recognized as a leader in Everest Group’s “2020 Financial Crime and Compliance Operations PEAK Matrix assessment.”

Fanzart Eagles Now Set to Soar High Among Pro-League Golf Teams

Luxury designer fan brand Fanzart now owns a pro-league golf team, aptly called Fanzart Eagles. With this, Fanzart is backing a great set of sportspersons in the game. India may be a cricket loving nation but, growing silently on the anvil have been several powerhouses in the game of golf that are catapulting the country into the international golfing arena.

Speaking on backing the pro-league golf team, Anil Lala, Founder and Managing Director of Fanzart says, “As a luxury brand, our association with a premium game is a natural step forward. We have some fantastic single handicap players such as Arun Bajaj, Rahul Bhalla and Prahlad Rao, golfers who are held in high esteem in the league, on our team. Just as the mascot of the Eagle that forms the logo our team, we are sure of the soaring success that this league team will achieve going forward”.

Anil Lala goes on to say that it is important that sports forms of every kind have the right kind of backing from strong players across the industry. Backing a pro-league golf team is a way to take the sport to the next big level.

Fanzart Eagles is one of 20 major pro-league teams. Each of these teams have been backed by major corporates and legacy brands based in India.

About Fanzart

Since 2012, Fanzart has risen to prominence as a pioneer and leader in the luxury designer fans segment. With showrooms across the country, Fanzart is a name to reckon with in the luxury interior segment with its niche offerings. In a very short span of time Fanzart has spread its wings to more than 35 cities across India.The products are also shipped internationally and have made a mark for themselves.

AbhiBus to Cater to India’s Eastern Corridor with Bihar State State Road Corporation

AbhiBus.com, India’s fastest growing online marketplace for bus ticketing continued to expand its service offerings with the Bihar State Road Corporation collaboration. Effectively customers now have reliable, convenient, anytime & anywhere access to seek information or book their tickets on BSRTC routes both within Bihar as well those routes that connect Bihar & UP to Delhi NCR region.  The UP+ Bihar route is estimated to cover 300 million commuters every year.

BSRTC and AbhiBus have signed an agreement to roll out the ticketing services to its customers across 108 plus routes that include the most frequented business, work, tourism, pilgrimage and academic destinations. The routes will cover, Delhi, Agra, Lucknow, Kanpur, Allahabad, Ghaziabad, Bodh Gaya, Aurangabad (Bihar), Varanasi, Nawada, Bihar Shariff, Purnia amongst other destinations. Customers can book Sleeper/Non-sleeper, Ac/NonAC, buses as per their requirement.

Commenting on the tie-up, Mr. Rohit Sharma, Chief Operating Office at AbhiBus said, “AbhiBus has made significant investments in technology and processes to ensure reliable delivery of online bus services. Millions of customers continue to repose a very high degree of confidence on the AbhiBus platform for their bus ticketing. Primarily because of the reliability it offers by way of transparency in information and pricing, ease and convenience of booking, expanse of routes and most importantly access to a large customer support team that is available when required to make their travel experience smooth and hassle free. While our tie-up with BSRTC gives us strategic access to these routes, customers using these routes for first time get to access the myriad benefits of choosing AbhiBus and can take advantage of the experience we provide.”

Further enhancing their travel experience, AbhiBus has tie-ups with wallet partners like Amazon Pay, OLA, Paypal to provide customers with the most cost-effective ticketing options. During the offer periods most times customer end up paying only 50-90% of the original ticket cost. AbhiBus customers for these routes will now be introduced to these offer based advantages also for the first time.

AbhiBus continuously focuses on innovation and enhancing customer experience at the same time keeps a very tight vigil on its profitability resulting in not only providing the most reliable services to its customers but at the same time achieving the distinction of being one of the very few companies in e-commerce space that are making profits.

The company is on track to clock Rs. 700 crore GMV this year with a Net Revenue of Rs. 75 crore and a profit of Rs. 10 crores for year ending March 2020. AbhiBus has crossed the milestone of 6 million downloads and has over 4 million active users per month.

Currently with its tie-ups across various state transport corporations including BSRTC, AbhiBus offers its customers access to more than 100,000 routes and has consistently clocked 1 million transactions over the last five months enjoying a significantly high repeat ratio of 70%.

The 6th Season of Imperial Blue Superhit Nights in Association with HERO Announced

Imperial Blue Superhit Nights is proud to present its 6th season - ROCK & LOL, an extensive 11-city tour across India. The tour kicks off in Guwahati on the 24th November 2019. Through this new concept audience would witness true ‘Men Will Be Men’ moments where the energetic live music will be sandwiched between an overdose of comedy making it a perfect one-stop for a memorable night. Superhit Nights has performances by some of the most talented bunch of musicians and comedians on one stage, and with thoughtfully curated integration of both, it’s all set to make the audience Rock ‘n’ LOL.

Season 6 artists, Vishal-Shekhar, Sunil Grover, Jassi Gill, Zubeen Garg, B Praak and KK-Mohan are all set to create a new benchmark in live entertainment. Starting from Guwahati, the tour reaches to Jorhat (30th November’19), Asansol (1st December’19), Dibrugarh (8th December’19), Jaipur (14th December’19), Bangalore (11th January’20), Kolkata (12th January’20), Ambala (19th January’20), Mangalore (1st February’20), Hyderabad (8th February’20), culminating in Vizag (15th February’20).

Announcing the new season, Kartik Mohindra, Chief Marketing Officer, Pernod Ricard India, said, “Imperial Blue Superhit Nights continues to lend experiences where men at the end of the day, relax and immerse themselves in an evening to enjoy their passions with close friends. And this year, the connect with our audience only gets better as Humor and Music are their passion points. With such enthralling entertainers, we are all geared up to make Imperial Blue Superhit Nights much bigger and far more engaging than ever before. “

Previous season of Imperial Blue Super Hit Nights had seen the queen of dancing numbers, Neha Kakkar perform across 7 cities where more than 100,000 audiences attended the concerts of Imperial Blue Super Hit Nights and were left entranced.

A Study by Signify Reveals Alarming Increase in Eye-Related Ailments Among Indian Children Under 12

Highlights

* Poor lighting, too much screen time and lack of green vegetables in diet are leading causes of poor eyesight among children
* While 68% of Indian parents claim that their child’s eyesight is a key priority for them, only 46% get their child’s eyes tested regularly
* Doctors advise that consumers should choose light bulbs that are comfortable for their children’s eyes

On the occasion of World Children’s Week, Signify (Euronext: LIGHT), the world leader in lighting (formerly known as Philips Lighting), reveals an alarming increase in eye-related ailments among Indian children under 12 years of age[1]. Young children in India spend close to 14 hours indoors, under artificial light and in front of multiple screens. This growing health concern amongst children is compounded by a lack of concern from their parents, with only 46% of them getting their child’s eyes tested regularly. With more than half their day spent indoors, the quality of lighting becomes an important factor in maintaining eye health.

As per ophthalmologists in India, poor lighting, too much screen time and lack of green vegetables in diet emerged as the leading factors that can negatively impact eyesight in children under 12 years. 58% of ophthalmologists surveyed recommended limiting screen time, as children of this age group are especially vulnerable and increased screen exposure can have a long-term impact on their eyesight. An overwhelming majority of ophthalmologists (90%) agreed that lighting can play an important role in maintaining eye health and that flicker, too much brightness and incorrect positioning of light source can hurt eyes in the long term. This is also substantiated by parents, with 89% of them agreeing that lighting has a direct impact on their child’s ability to concentrate on tasks and 92% of them would be willing to pay more for lighting products if they knew it would improve their child’s overall sense of wellbeing.

Reduction in screen time, adequate sleeping hours and ensuring a protein-rich diet are small steps that parents can take to protect their child’s eyesight. Ophthalmologists also advise choosing the right light for the right task, such as white light for reading and yellow light for relaxing and also ensuring that the light source is positioned correctly, especially while watching TV or reading.

Speaking about the research on the occasion of World Children’s week, Sumit Padmakar Joshi, Vice Chairman and Managing Director, Signify Innovations India Limited, said, “The type of lighting we use can have a significant impact on our daily life and children are especially vulnerable as they are now spending close to 14 hours in front of screens. Reports suggest that children with poor eyesight are more likely to suffer from poor academic performance and school absenteeism. Hence it is important that parents choose optimum lighting products for their home, that can reduce glare or flicker which can lead to eye discomfort and headaches. We recently introduced our Philips EyePro LED bulb with interlaced optics. This patented technology, inspired by the pattern of sunflower seeds, naturally diffuses light. This makes it ideal for high concentration tasks such as reading and writing. It can reduce glare by up to 35% and ensures no flicker, making it comfortable for eyes.”

As per the research, Indians families prioritize factors like brightness, brand, efficiency and price of a light bulb above eye comfort, while making purchase decisions. However, ophthalmologists advise that consumers should choose bulbs that are comfortable for their and their children’s eyes, rather than using cheap, unbranded lights that can be harmful for eyes.

Tesco Business Services, One of the Top 20 Most Admired Shared Services Organisations in the World by SSON

Tesco Business Services (TBS), the global services arm for Tesco worldwide has been recognised as one of the top 20 most admired Shared Services Organisations in the world by Shared Services & Outsourcing Network (SSON). The recognition has been given basis SSON’s process-level benchmarking metrics that include attrition, HR and talent, general finance, record-to-report, procure-to-pay, order-to-cash, master data management, payroll, and travel and expense.

Each year, SSON recognises the achievements of Shared Services Centers and service delivery teams that demonstrate exceptional performance and exceed industry standards. Likewise, this year, SSON Analytics released its latest benchmarking study with the top 20 most desired SSONs. The most admired global Shared Services Organisations (SSOs) are identified using a methodology that collates SSON’s cross-channel proprietary data from its global community of 160,000 members and applies a weighting system to the various criteria under consideration.

Recently, SSON has also organised their annual industry awards ceremony ‘Shared Services & Outsourcing Impact Awards’ at the 22nd Asian Shared Services and Outsourcing Week (SSOW), Singapore event which honours and celebrates SSO and service delivery teams who have exceeded industry standards in their SS&O initiatives. As part of the ceremony, Tesco Business Services was honoured with “Business Transformation Impact Award 2019” and “Automation Impact Award 2019” under Gold & Bronze categories respectively in recognition of the company’s strategy, improvement & strategic automation methodology, benefits, and hard improvements that have been made so far through Automation.

Speaking on the occasion, Dr. Sumit Mitra, CEO – Tesco Business Services (TBS) and Tesco Bengaluru, said, “We are delighted to be recognised by SSON, the world's largest community of shared services, outsourcing and transformation professionals. These honours endorse our vision and affirm our teams’ passion, capabilities and commitment to continually provide a better shopping experience for our customers. TBS operations across Bengaluru, Budapest, Dundee, Welwyn Garden City and Central Europe are integral in solving critical business problems to enhance enterprise-wide operations and enable the smooth running of Tesco. We are now inspired to redouble our efforts to serve our shoppers a little better every day.”

Tesco Business Services, some of the services involved are Financial, Commercial and Payrolls, customer colleague engagement, Property, and many others. The team is committed to serving our shoppers little better every day.

The Shared Services and Outsourcing Network (SSON) is an online source for global business services executives and business leaders who leverage technology and best practices to improve operational efficiency. It is the largest and most established community of shared services and outsourcing professionals in the world. 

Toyota Financial Services India Launches a First-of-its-Kind Fast Track Car Loan Service for Customers

Highlights

* The new service named Tatkal loan enables customers with a loan approval within thirty minutes of its application
* An Industry first initiative where loan approval is done through an automated system
* Customer bank statement and CIBIL score are considered for loan approval process

Toyota Financial Services India (TFSIN) today, launched a fast track car loan service called ‘Tatkal Loan’ enabling customers to get a loan approval within thirty minutes of its application. Tatkal Loan is an industry first service and offers loan up to 85% of the vehicle’s ex-showroom price. The loan process is completely automated and takes into consideration the customer’s bank statement and CIBIL score for the loan approval process.

The Tatkal Loan service is available for all new and existing Toyota customers who own a house and are purchasing the car for personal usage. It is a hassle-free and simple process wherein the customers need to submit only select documents including: Photo, ID, bank statement and residence ownership proof. This tailor made service is customer friendly and incorporates a tele verification unlike other loan approval processes where customers have to be present in-person for verification. This loan service is available for all Toyota vehicles including: all the Etios series, Glanza, Yaris & Innova.

Commenting on the launch of the Tatkal Loan service, Mr. Tomohei Matsushita, MD & CEO, Toyota Financial Services said, “At Toyota, we firmly believe in the ‘Customer First’ philosophy, always catering to our customers’ expectations and needs, thus providing quick, cost effective, transparent and personalized services. With Tatkal loan service, we aim to make the car buying process simple, accessible and easy for all our customers. Customers can visit any Toyota dealership, choose a vehicle of their choice, submit the required documents and get a loan approved within 30 minutes through this service. Leveraging upon technology, the entire process is automated and includes minimal interface with easy documentation for customers with good credentials. We hope this service will make loan approval process seamless for our valued customers and they would be able to take maximum benefit from it.”