Banks may be sidelined in age of social media, big data, warns RBC CEO

first_img“As these technology players realize their digital dividend there is a risk that our visibility with clients will diminish in the networked economies — or ecosystems — of the future,” he told shareholders at RBC’s annual meeting on Friday.Technology continues to reshape the financial services landscape as more consumers do their banking online or via smartphone rather than in physical branches. McKay said Friday that mobile is now Toronto-based RBC’s number one digital channel, with 3.4 million active users, up 19% over the last year.Also readBanks, insurers face similar challengesIn turn, Canada’s biggest banks have been investing heavily in technological innovation to stay ahead of the curve. During the last fiscal year, RBC spent more than $3-billion on technology, including on digital initiatives, cybersecurity and artificial intelligence.And while smaller financial technology companies are both partnering with and competing with traditional banks, larger tech companies and their deep pockets present a more formidable threat.Last month, for example, it emerged that Amazon was in talks with two large U.S. banks to start offering a chequing-like product to the e-commerce titan’s customers, according to the Wall Street Journal.McKay said there is a risk that these companies in search, e-commerce or social may be the first to deduce what customers’ needs are and direct them to financial institutions willing to pay for that information, but also get into banking themselves.“We think about somebody getting between you and your customer with that information, and start influencing the customer to choose other providers.”He added that RBC, Canada’s largest bank, has identified a number of digital “ecosystems” where its clients live and work within which the bank believes it can play an “integral role in the future.”McKay pointed to RBC’s recently released Drive app, which allows users to store car-related information, track trips and book service appointments.“We’re preparing ourselves for a world where others can see what you are trying to do before we see it,” he told reporters. “So we have a number of strategies to make sure that we stay connected to our customers. So we understand what’s going on and we can be relevant.”Also readOutlook 2018: Prospects for the Financial Services SectorRBC is also investing heavily in artificial intelligence, and now has more than 200 data scientists working across the bank.While data allows RBC and other companies to develop more relevant products and refine its approach to customers, it is important to balance this with transparency, McKay said.Also readRBC setting up lab in AI-friendly MontrealThe recent revelations that the Facebook data of millions of users was improperly shared with political consultancy Cambridge Analytica, among other things, has prompted a “healthy dialogue” about how personal information should be handled.He said regulations may be needed to set the boundaries, but hoped that would not be necessary.“We’re poised for a societal discussion on how we’re going to use personal information… The way I think that we have acted in the past, globally, as government, industries, whatever it happens to be, may not be sufficient to meet societal norms going forward.” Armina Ligaya Banks are at risk of being pushed to the sidelines in the age of social media and big data, Royal Bank of Canada’s (RBC) chief executive David McKay said Friday.Customers are increasingly leaving a digital trail of their financial plans on social media or search histories, such as buying a house, allowing technology giants to not only capitalize on that information, but potentially get into banking themselves, McKay said. Share this article and your comments with peers on social media Keywords Fintech,  Banking industryCompanies Royal Bank of Canada TD getting new head of private wealth, financial planning Related news Canadian banks to focus on growth, spending and buybacks after strong second quarter Fed plays limited role in assessing climate risks for banks Fintech Investment - group of people in meeting with abstract charts and graphs on table rawpixel/123RF Facebook LinkedIn Twitterlast_img read more

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Raúl Esparza-Led Seared Serves Up an Additional Extension Off-Broadway

first_img View Comments Show Closed This production ended its run on Dec. 22, 2019 Related Shows Raúl Esparza Seared Krysta Rodriguez Star Files Raúl Esparza & Krysta Rodriguez in “Seared”(Photo: Joan Marcus) Just following opening night, MCC Theater has announced a second extension to Theresa Rebeck’s new play Seared. Originally scheduled to play a limited run through November 10 and later extended through December 1, the production will now conclude its run on December 15.Raúl Esparza, Krysta Rodriguez, David Mason and W. Tré Davis head the cast of the fresh comedy, which centers on the hot-headed chef Harry (Esparza); when he scores a mention in a food magazine with his signature scallops, his business partner Mike (Mason) finally sees profits within reach. The only problem? Harry refuses to re-create his masterpiece for the masses.Moritz von Stuelpnagel directs the production, which began previews on October 3 and officially opened on October 28 at the Susan and Robert Frankel Theater at the Robert W. Wilson Theater Space.last_img read more

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Hell is a very small place

first_imgSubscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community Get your free guest access  SIGN UP TODAY Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to building.co.ukBreaking industry news as it happensBreaking, daily and weekly e-newsletters Subscribe now for unlimited access To continue enjoying Building.co.uk, sign up for free guest accessExisting subscriber? LOGINlast_img read more

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Julius Timothy will contest next general election

first_img Tweet Sharing is caring! Share Share Sharecenter_img LocalNews Julius Timothy will contest next general election by: – December 13, 2013 26 Views   no discussions Roseau North MP, Julius Timothy (file photo)Member of Parliament for the Roseau North constituency and Minister of Health, Julius Timothy has confirmed that he will contest the next general election.There had been speculation that Mr Timothy, who fell ill earlier this year and was rushed to a Martinique hospital for treatment, would not contest the 2015 constitutionally due elections.In an interview with state-owned DBS Radio on Friday, December 13, 2013, Mr Timothy dismissed speculation that he may not contest the next general election.“I have made it very clear as of today, I am the candidate for the Labour Party for the Roseau north constituency in the next general election”.Mr Timothy won the 2009 general election with 1655 votes while the United Workers Party’s candidate Daniel Lugay obtained 1, 538 votes. The other contenders were Henry ‘Babs’ Dyer of the Dominica Freedom Party 95 votes and Michael Wright of the Dominica Progressive Party 3 votes.“At the constituency level, every month we have our constituency association meeting, we have our executive meeting and it is very clear that Julius Timothy is contesting for the Labour Party in Roseau North for the next general elections,” he continued.Mr Timothy, who also won the 2000 general election with 3, 496 votes on a United Workers Party ticket, said it is clear among the Roseau North constituents that “they have no other person in mind but Julius Timothy for the next election”.He also expressed confidence that he will win the next general election because the “Labour Party is solid in Roseau North”.Outgoing Mayor of Roseau, Cecil Joseph earlier expressed interest in contesting the next general election, if Mr Timothy was not able to do so.Dominica Vibes Newslast_img read more

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College softball: BPCC sweeps Navarro in pair of close games

first_imgKoeppen also ranks third in RBI with 51. She ranks 10th among East Zone players in hitting with  a .429 average. The Bossier Parish Community College Lady Cavs won a pair ofclose games over Navarro College 13-11 and 9-8 Wednesday at Benton. In Game 2, BPCC scored five runs in the bottom of the seventh,rallying from an 8-4 deficit. Haley Ebey ended the game with a three-run homerun over the left-field fence with one out. BPCC improved to 36-14 overall and 12-10 in Region XIV. Navarrodropped to 22-23 and 9-13. Ebey went 3-for-5 with a home run and two RBI in Game 1. RubyButler also had three hits and two RBI. The Lady Cavs trailed 8-1 after five. Cole went 2-for-3 with a double. Ebey also had a single andfinished with four RBI. Pence went 2-for-3. Stacey Landry hit a solo home run. Wooley went 3-for-5 with a home run, two doubles and five RBI.Koeppen went 1-for-3, walked once and scored a run.Perfect-Dating.comAre You Ready to Meet Cool Guys in Tung Chung?Perfect-Dating.com|SponsoredSponsoredUndoTheTopFiveVPNThe Secret Netflix Doesn’t Want You To Know To Unblock RestrictionsTheTopFiveVPN|SponsoredSponsoredUndoAspireAbove.comRemember Abby from NCIS? Take A Deep Breath Before You See How She Looks NowAspireAbove.com|SponsoredSponsoredUndoNews gadgetThis watch takes the whole country by storm! it’s price? Ridiculous!News gadget|SponsoredSponsoredUndoTheTopFiveVPNThe Trick Netflix Doesn’t Want You To Know To Unlock RestrictionsTheTopFiveVPN|SponsoredSponsoredUndoCelebsland.com9 Celebrity Before-And-After Plastic Surgery DisastersCelebsland.com|SponsoredSponsoredUndo Navarro’s Sarah Koeppen, another former Benton Star, went 2-for-3with a solo home run. Jada Wooley went 4-for-4 with a home run and three RBI. Klein had two hits, including a home run, and four RBI. Rebecca Shepherdhad two doubles. Rachel Yocum had a two-run triple. Emily Hardy led off the inning with a homer over the center-fieldfence. Hailey Pence and former Benton standout Abi Cole had back-to-backsingles before Ebey’s homer. Koeppen is the Region XIV leader in home runs with 15. BPCC’sAlly Klein is second with 13. BPCC led 11-8 after five innings. Navarro cut the lead to onewith two in the top of the sixth. The Lady Cavs answered with two runs in thebottom of the inning. last_img read more

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Enjoying the journey

first_imgStratford basketball has high expectationsBy Paul LeckerSports ReporterSTRATFORD – After a run all the way to the sectional finals a season ago, and the bulk of its team returning, the Stratford boys basketball team has high expectations for the 2017-18 campaign.The Tigers couldn’t wait to hit the floor for their season opener on Nov. 21 and it showed. Stratford jumped out to a 22-1 lead and crushed Colby 89-20.The dominance Stratford showed was on both ends of the floor as it hustled relentlessly on the defensive end, forcing 32 turnovers and shooting 54 percent from the field.The Tigers poured in 55 points in the first half, using every player on their roster. Stratford ended up with 13 different players tallying at least one basket.“The defense, I was very, very pleased with,” Stratford coach Curt Schmidt said. “We played man-to-man the whole game. Our help, our movement, it was good. I was very excited about that.”Stratford is just three players from its rotation last season.All-Marawood Conference South Division honorable mention selection Vaughn Breit, a 6-foot-4 sophomore forward, is back after averaging 11.2 points and 6.3 rebounds per game in conference play, and scoring 24 points in a regional final win over Auburndale.Also returning is senior point guard Brenden Fecker, who followed up a 20-point game against Auburndale with 32 in a sectional semifinal victory over Neillsville.Junior Paul Huther, another 6-foot-4 forward; senior guard Trent Heckel; and junior guards, Lance Heidmann and Okley Wrensch are also back after seeing significant minutes last year for the Tigers.“We played a lot this summer and had 10-12 kids show up every single night,” Schmidt said. “It means something.“The kids are excited and we’re excited. We just want to enjoy the journey and don’t want to get stuck on the what-ifs and all that, we want to take it one game at a time. We want to enjoy every moment because the kids have worked hard just to start the season.”While Stratford does have four seniors on the roster, it will still have to rely on a number of underclassmen to maintain the success it saw last year when it finished 18-9 after the long playoff push.last_img read more

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Google’s Gmail App Is Ready To Start Managing Your Other Email Accounts

first_imgWhy IoT Apps are Eating Device Interfaces Tags:#Android#Android Lollipop#gmail#Gmail 5.0 selena larson Google’s Gmail 5.0 app will finally provide Android users with one email management application that streamlines all their different accounts. According to a video obtained by Android Police, the Gmail app expected with Google’s Android Lollipop mobile operating system will let users read and answer email from non-Gmail accounts such as Yahoo and Outlook. It doesn’t say whether it will manage other accounts as well.If the Gmail app will manage a variety of outside email accounts, the new app could finally give Android users an obvious alternative to bouncing around between multiple email apps. (The stock Android mail app will handle various email accounts, but it’s generally sort of lackluster.) And if Google extends this feature to iPhones and iPads, it could challenge Apple’s barely passable default Mail application as well.See also: Android Lollipop Isn’t Kids Play: The OS Is All Grown Up NowThe redesigned Gmail 5.0 is the latest in a number of updates to Google applications that conform to the company’s “material design” philosophy in Lollipop, an entirely new design and user interface for Android devices expected to be released in the next few weeks. Lead image by Cairo Role of Mobile App Analytics In-App Engagementcenter_img What it Takes to Build a Highly Secure FinTech … The Rise and Rise of Mobile Payment Technology Related Posts last_img read more

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DC Explains How Sales Tax Increase Applies

first_imgDistrict of Columbia issued a notice advising on how the sales and use tax increases will apply to contracts and leases Sales and use tax rates increased in the District, effective October 1, 2018.Retail Payments Under ContractFor retail contracts entered into before October 1, 2018, payments received:– before October 1, 2018 are subject to the 5.75% rate;,– after October 1, 2018 are subject to the 6% rate.Lease and Rental PaymentsThe increased rates for rentals and leases of motor vehicles and other personal property apply to lease periods beginning on or after October 1, 2018. Generally, sales tax applies to each rental or lease period.New Sales and Use Tax RatesThe notice also lists all of the increased sales and use tax rates.OTR Notice 2018-04, District of Columbia Office of Tax and Revenue, December 19, 2018, ¶200-773Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.Not a subscriber? Sign up for a free trial or contact us for a representative.last_img read more

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Insights from the INSIGHT CIO Forum

first_imgLast week I had the opportunity to attend the CIO Forum held in conjunction with the Insight 2009 Annual Conference in Orlando, FL.  While being held adjacent to Disney’s theme park, the theme of this event was appropriately titled “Vision Voice Value”. I spent two days discussing best practices, sharing lessons learned from Intel IT and comparing notes and strategies with leading CIOs, IT Directors, Managers and Administrators in the Health Care profession.  Our focus? ways to deliver and articulate the business value of IT. I had the opportunity to: participate in a roundtable discussion of ~15 Health Care CIOs titled “The value of IT in improving financial performance” present to 50-60 CIOs on the business value of server refresh present to 20-30 IT Directors and Administrators on using the Xeon ROI tool as a way to justify server investment To enable this transformation from cost center to value center, we concluded that the accountability remains with IT, as IT professionals and CIOs must individually and collectively demonstrate business value through our investments and establish are relationship of IT predictability, trust and credibility with our business partners.   These are core themes I have seen very visibly inside Intel IT as I began my journey to the center of IT a few short months ago. My second observation from this event reinforces some personal experiences I have had working with many other IT professionals in the past several months.  With the global recession and it’s impacts to capital funding, the need to justify IT investment is greater than ever – and the competition internally for capital $ is very high.  We may never go back to the way it was.  We have seen this inside Intel IT’ organization as well and as a result, created at server refresh savings estimator tool to share what we learned in justifying our investment a proactive server refresh strategy in 2007 and staying committed to that investment in 2009. Thanks, ChrisIf you like this, follow me on twitter I demonstrated the server refresh savings estimator tool at the event to both the CIOs and IT Directors / Administrators and the feedback was very positive (“session was well worth my time”).   Prior to the event, I also had the opportunity to work with Deborah Gash (CIO for Saint Luke’s Health Services) and her staff.  Debe provided a glowing endorsement of the tool (Thanks Debe !!) after demonstrating the business value from a project already completed and the in intent to use it for several future projects. I invite you to learn more about why we created this tool and how to use it.  If you have a question or want to give us feedback on how to enhance it – just let me know with a comment on this blog. My final thought comes from a blog written by Don Sears at eweek.  Don discusses about the need for IT to be right, accurate, credible and trustworthy is so important whether you are working inside IT or with IT.  Credibility and Trust is something that is hard to gain and easy to lose … so it is easy to understand why being right is key to working with IT.  Getting it wrong can have huge consequences. One of the most thought provoking questions at the CIO roundtable that has stuck with me is … “How does your CEO (or your business customers) view IT?”  … as a cost center (necessary evil) or as a value center (strategic enabler).  While no one directly answered this rhetorical question, it was clear that our collective mission is to migrate IT from cost center to value center.  This migration will not be immediate.  It happens over time. Join us at [email protected] and share your insights on our shared journey to transform IT from a cost center to a value center for business.  I look forward to hearing from you. last_img read more

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Add your IOU to the World’s Longest Invoice

first_imgAre you holding a suitcase full of IOU’s? Tell us how much you’re owed!“I sell my services, I make a small profit. With that I buy groceries. The grocer makes a profit. We call it earning a living. You may have heard of it somewhere.”It was the fourth time Buddy Freelancer emailed his client for a payment that should have been made months ago. He pressed “Send,” leaned back in his chair and muttered to himself, “What a heel.””Thanks, they’re Ferragamo, but I might have to pawn them soon.”There she was, Buddy’s business partner, a vision in yoga pants, standing at the threshold of his home office door balancing a big, black suitcase on her hips.”Why’s that doll?””I told you not to call me doll. I’m a multi-talented corporate consultant with a rolodex that would make Kim Kardashian look like a loner,” she heaved the suitcase onto the desk and popped it open, “IOUs… every last one of ’em.””Oh this rotten business!””Aww, lay off the business. It’s like any other business, it’s the deadbeat clients that make it rotten.”—————————————————————-71% of freelancers struggle to get paid – which incurs astounding income losses across the freelance workforce annually. But no one talks about it.Start the conversation: Add your unapid invoices to the World’s Longest Invoice and see how much we’re collectively owed – It’s truly terrifying!How much are you owed?The #FreelanceIsntFree Campaign is a nationwide effort to legislate and enforce protective measures against late and nonpayment for freelancers. Presently, New York City Hall is considering first-in-the-nation legislation that will improve protections and recourses for New York City freelancers – learn more about the Freelance Isn’t Free Bill here. Join the campaign and help make deadbeat clients a thing of the past. A new soul and media geek, Laura writes about sustainability, community, poetry and pop culture. Find her @Pennyscientist or on Freelancers Union.last_img read more

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