January 18, 2017: CNO Financial Group, Inc. (NYSE: CNO) announced on January 13 that Doug Williams has been promoted to Vice President, Finance & Administration. In his new role, Williams will be responsible for distribution planning, reporting and finance functions for the Washington National business segment and Performance Matter Associates, Washington National’s wholly-owned subsidiary.

“In his tenure at CNO, Doug has held a number of positions in which he has been instrumental in improving business results through development of enhanced metrics, analysis and reporting,” said Barbara Stewart, President of Washington National. “He’s been an integral member of the CNO team, and has consistently demonstrated a drive to improve results with exceptional judgement and strategic thought leadership. We’re pleased to recognise his efforts with this promotion.”

CNO Financial Group, Inc. (NYSE: CNO) is a holding company.  Its insurance subsidiaries – principally Bankers Life and Casualty Company, Colonial Penn Life Insurance Company and Washington National Insurance Company – primarily cater to middle-income pre-retiree and retired Americans.

Williams joined CNO Financial in 2008, and has served in multiple finance roles, including Manager of Expense Management, Director of Financial Planning & Analysis, and most recently as Director of Performance Management. Before joining CNO, he held various finance positions at Union Acceptance Corporation. He is a graduate of the Indiana Institute of Technology, and is a Fellow of the Life Management Institute.

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January 12, 2017: General Motors Co. (NYSE: GM) said it expects its 2017 earnings per share (EPS) diluted-adjusted to increase to $6.00-$6.50, up from its 2016 calendar-year outlook of $5.50-$6.00. In 2017, the company also expects to maintain or improve EBIT-adjusted and EBIT-adjusted margin on higher revenues, compared to 2016, and generate about $6 billion of automotive-adjusted free cash flow.

Based on this strong outlook, the GM Board of Directors approved an additional $5 billion in common stock repurchases under its existing share repurchase program, which was announced on March 9, 2015. The new authorisation, which has no expiration date, brings the total under the program to $14 billion.

Share buybacks for the program’s initial authorisation of $5 billion were completed in the third quarter of 2016, one quarter earlier than planned. In the fourth quarter of 2016, the company also completed $1 billion of the next $4 billion authorisation declared in January 2016. The company expects to meet its prior commitment to repurchase $9 billion of common stock by the end of 2017.

GM also announced a $1 billion increase to its cost efficiency target, raising it to $6.5 billion through 2018, of which about $4 billion has already been achieved through 2016. The increased estimate is based on expected additional savings in material, logistics, manufacturing and general administrative costs.

Chairman and CEO Mary Barra, President Dan Ammann and Executive Vice President and CFO Chuck Stevens shared this outlook with the investors and analysts attending the Deutsche Bank 2017 Global Auto Industry Conference in Detroit.

“We’ve generated consistently strong results the last few years by delivering great vehicles, growing the topline and driving efficiencies while at the same time establishing a leading position in shaping the future of transportation,” Barra said. “We’ll stay focused on executing our strategic plan and generating the profitable growth needed to create long-term value for our shareholders.”

GM’s 2017 outlook is based on expected strong performance in North America and China, growth of GM Financial, continued cost efficiencies, improvement in South America and an ongoing strong vehicle launch cadence.

Specifically, the company anticipates the proportion of its global volume from new or refreshed vehicles – those in production less than 18 months – to grow to 38 percent in the 2017-2020 timeframe, up from 26 percent during the 2011-2016 period. Crossovers, trucks and SUVs as a proportion of GM’s global volume of new or refreshed vehicles in the 2017-2020 period are expected to increase significantly, to 52 percent – up from 38 percent the prior six years.

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IFM Correspondent

October 27, 2016: That banks in the US cozy up to politicians is known to all. However, a study by Bloomberg shows that it is no longer just Wall Street, but also Silicon Valley which is getting into political lobbying.

Bloomberg has stated that the five largest technology companies in the US – Apple, Amazon, Google, Facebook and Microsoft – spent more than twice as much on lobbying in 2015 as the five largest banks – $49 million versus $19.7 million

During the Obama administration, the technology industry has gotten close to Washington. In fact, it was during Obama’s administration that the government’s first chief technology officer — Megan Smith – was appointed. Smith was earlier a manager in Google.

Today the five big tech companies are the biggest firms in the US by market value. When Bloomberg asked Google about this, the company responded: “We help policy makers understand our business and the work we do to keep the internet open and fuel economic growth.”

Facebook stated that its goals in the capital include protecting customers, “explaining how our service works, and maintaining an open Internet and a culture of innovation”.

Further, it was stated in Hillary Clinton’s leaked email that Apple’s chief executive officer Tim Cook and Microsoft founder Bill Gates were on a list of Clinton’s potential vice-presidential nominees.

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October 19, 2016: Nasdaq (Nasdaq: NDAQ) has officially announced that Shanghai Futures Exchange (SHFE), one of the world’s largest futures markets, has launched a new market surveillance platform powered by SMARTS, Nasdaq’s flagship surveillance solution.

“We are truly honoured to be working with Shanghai Futures Exchange on their market surveillance efforts and believe that our partnership underscores the exchange’s commitment to maintaining the integrity and transparency of their marketplace,” said Ulf Carlsson, Vice President and Regional Manager, North Asia and Japan, Nasdaq. “As the Chinese exchange continues to increase its footprint globally, it simultaneously needs market monitoring capabilities that are scalable and match this growth. Our technology is proven across the board to be a true leader in the surveillance space, and we look forward to a long relationship with SHFE and supporting them in their efforts.”

The new system processes significant volumes of market information in real-time for SHFE to detect anomalies and also includes tools that allow analysts to make sense of the vast amounts of data for investigative purposes.

“We’re excited to work with such a rapidly developing exchange as the Shanghai Futures Exchange,” said Tony Sio, Head of Exchange & Regulator Surveillance, Market Technology, Nasdaq. “Markets globally have become increasingly sophisticated, and we continuously develop new technology to allow exchanges to monitor this activity. By taking in vast quantities of market events at the lowest level of detail, the tools build advanced models of the overall market as well as each participant’s behavior. Collaborating closely with SHFE, we have been able to incorporate the unique characteristics of a Chinese exchange into the solution. Market integrity is core to effective marketplaces and it is a privilege to be able to assist SHFE as the exchange evolves and grows.”

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October 14, 2016: In a decisive move, UK-based VST Enterprises has announced the addition of two former Elavon Vice Presidents to its business development arm in the US.

Joseph Cohane, ex Executive Vice President, and Stephanie Sharp, ex Vice President and Controller of the leading payment processor, bring more than 40 years of combined payments expertise and will be specialising in the financial transactions and fraud prevention functionality of VST Enterprises’ award-winning scanable symbol technology, VCode.

Designed and developed by entrepreneurial partners Louis-James Davis and Andy Giblin, the versatile VCode technology is currently being utilised across many sectors, from document verification, to unattended car park payment systems, and interactive charitable giving transactions.

Cohane said, “I am very pleased to be joining VST Enterprises. My experience tells me that this business is one of few start-ups operating in the authentication space that has the genuine capability to transform lives, and unite security protocol across verticals. I am very excited to be able to play a part in its success.”

Sharp said, “VCode presents a solution to security and authentication issues that continue to hinder the next generation of financial technology. The business is committed to international expansion. So it will be really interesting to see the impact it has on the global payments arena. I have no doubt that this will just be the beginning of even bigger things to come from the team.”

The announcement comes on the back of the news that the company has opened an office in New York, and will be opening a second office in the US in Reno later this year.

Louis-James Davis, chief executive and founder of VST Enterprises, says, “The addition of Joseph and Stephanie comes at a very important stage in our company’s progression. It marks further expansion to the US and demonstrates our commitment to being experts in our vertical markets, such as payments.

“We’ve come an incredibly long way in such a short amount of time. I believe this is due to the growing need for a solution like VCode in the market. We’re delighted to be taking the next step towards offering our scanable, secure image technology to a global and varied customer base.”

The proprietary VCode app is compatible with iOS and Android smart phones and tablets and, unlike traditional bar or QR codes, VCodes can be scanned from any screened media, from distances of up to 100m and virtually any angle. Furthermore, each code is completely unique to eliminate the problem of mainstream counterfeiting.

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Suparna Goswami Bhattacharya

October 3, 2016

What factors led the transition of BRE Bank from a corporate bank to retail banking and eventually mBank? When BRE Bank decided to establish its retail business, Poland was just past a decade of transition. It has driven Polish nation to a substantial, even if not crucial, change in behavioural model according to banking. Together with democratic system development, a truly commercial banking developed and customers became more acquainted with this model. BRE Bank decided that this was a window of opportunity for a corporate bank to try and run a totally different banking model, concentrated on the individual customer. Firstly, the management board decided to address the existing gap between market and technological trends, and what traditional banking players offer. That is why the first brand to be launched was an internet-only bank – mBank. Amongst arguments for this step was: (1) poor competition in an increasing market (2) rapid growth of internet and mobile phones users (3) the relatively low level of use of information technology in Polish retail banks (4) high level of acceptance of advanced technologies in the targeted groups of customers.

Cezary Kocik, Vice-President of the Management Board, Head of Retail Banking, mBank

This story appears in the Oct-Dec 2016 issue of IFM

What factors led the transition of BRE Bank from a corporate bank to retail banking and eventually mBank?

When BRE Bank decided to establish its retail business, Poland was just past a decade of transition. It has driven Polish nation to a substantial, even if not crucial, change in behavioural model according to banking. Together with democratic system development, a truly commercial banking developed and customers became more acquainted with this model. BRE Bank decided that this was a window of opportunity for a corporate bank to try and run a totally different banking model, concentrated on the individual customer. Firstly, the management board decided to address the existing gap between market and technological trends, and what traditional banking players offer. That is why the first brand to be launched was an internet-only bank – mBank. Amongst arguments for this step was: (1) poor competition in an increasing market (2) rapid growth of internet and mobile phones users (3) the relatively low level of use of information technology in Polish retail banks (4) high level of acceptance of advanced technologies in the targeted groups of customers.

Had internet banking become popular by the time you started mBank?

Well, actually – there was no internet banking when we started. Some other great banks tried to launch analogical products/brands, but never gained too much popularity. In December 2000, the number of people having access to the Internet in Poland was estimated at 6,300 thousand.

At the same time (Dec 2000), the number of bank accounts for individuals in traditional banks had reached 11 000 thou. And the number of current accounts in the so-called electronic branches of traditional banks (including mBank, which started a month earlier) was a little over 89 thousand. So the estimated internet banking share in retail banking in total didn’t reach 1 %. But in West Europe, this share was already reaching more than 10% (e.g. 15 % in Great Britain, more than 10 % in USA).

But the success of mBank was not only based on enabling banking via internet – other banks in Poland tried to do that and eventually failed. We succeeded because of the whole new model of banking, concentrated on offering attractive and simple product via modern channels and with use of new technologies. We succeeded because of the totally unique distribution system and treating customer fair, putting his needs first. We decided to highlight some strategic directions in our day-to-day business, which was: close relations with our customer, community building and reliability information.

Was it difficult to convince customers to opt for internet banking?

I suppose the success of mBank helped people overcome the initial hesitation. We were the first fully internet-based bank in Poland and today, we set the direction of the mobile and on-line banking development. We are one of the strongest and fastest growing financial brands in Poland.

What purpose did MultiBank serve?

MultiBank was a brand created for customers who were more traditional, yet more affluent clients. MultiBank was a ‘higher culture’ bank, with comfortable branches, best customer service and advanced financial products.

Contrary to mBank, it offered customer service in branches, with advisors waiting by the door. Its offer was also way more abundant than mBank’s. It also was extremely valued by people who expected unusually high quality of banking service and products.

I would like to underline that we still service our affluent customers with ‘high culture’. Our branch advisors are still able to offer them the best customer experience and products. Only our logo is different.

What prompted merging everything under mBank?

mBank/BRE Bank decided to change because we wanted to be even more recognisable in the banking market; optimise marketing expenses, integrate corporate and individual banking in one brand and – last but not least: unificate our organisational culture.

The times we live in require significant flexibility and simplicity. In this context, the mBank brand was elected from a range of brands in our portfolio as the best. A global Value-D study (by Millward Brown SMG/KRC) suggests that the brand is very strong, also globally. It is legible, flexible and comprehensible everywhere. It still has large potential. I do believe that it will take us forward in the long term as one of the drivers of our winning market position.

It is confirmed that a single strong brand will help us strengthen our position in the banking market and optimise the use of marketing budgets. Now every promotion campaign builds our image and brand awareness among all our customers irrespective of the segment addressed by our activities.

Each segment is a coherent whole, on the one hand distinguished by the colour range, and on the other hand, consistent through a single brand structure. The new identification system highlights the mBank Group’s adaptability to different customer segments by drawing on the bank’s extensive experience of 30 years in the financial markets.

How are you handling the pressure of mBank being considered the yardstick for digibanks?

Hearing things like that is an enormous pleasure and also a proof that in today’s world it is crucial to invest in technology. But we understand, that in order to keep our business on track, we have to deliver even more than expected now. That is why we are working all the time to introduce new solutions serving our customer best. The truth is that the best way to succeed is to see your customer as the most important and always – whatever the case is – treat him as the most important person in the bank.

In June, the bank’s Supervisory Board approved a new strategy for 2016-2020. Focus will be on clients’ needs and mobility. The main pillars of the ‘Mobile Bank’ Strategy of mBank Group include: being closer to clients, further use of opportunities offered by mobility and regular improvement of business efficiency.

In everything they do, mBank’s employees should be guided by the needs and preferences of the clients. mBank wants to remain synonymous with mobile banking with the focus on comfort, usability and simplicity for the user.

Check out this story in the IFM magazine

– See more at: http://www.internationalfinancemagazine.com/article/Now-we-have-to-deliver-even-more-than-expected.html#sthash.TNKN713W.dpuf

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Suparna Goswami Bhattacharya

September 28, 2016: Slowing economy and tough government regulations notwithstanding, China is all set to become the world’s first trillion dollar aviation market by 2035. According to manufacturers Airbus and Boeing, the Chinese aviation market looks one of the most promising to make adequate investments.

Although the slowdown in China’s GDP growth attracted much notice in the media, air travel continued to perform well. The reason: Chinese consumer sectors, which drive travel behaviour, remained strong.

“There is a very strong aspiration of people around the world to travel by air. Air transport growth overpasses GDP growth and especially here in China, where the annual air traffic increase is still over 10%,” states an Airbus spokesperson.

The world’s most populous country is expected to add 6,810 new aircraft to its commercial fleet, worth $1.025 trillion by 2035, said Boeing in its annual China Current Market Outlook. “As China transitions to a more consumer-based economy, aviation will play a key role in its economic development,” said Randy Tinseth, vice-president of marketing, Boeing Commercial Airplanes. “Because travel and transportation are key services, we expect to see passenger traffic grow 6.4 per cent annually in China over the next 20 years.”

Even from the demand side, there are ample reasons to believe in China’s aviation growth story. “For one, only 1/3rd of China’s population holds a passport. Hence, the market size and opportunity is huge. Additionally, I feel China has a great opportunity to be a hub for other destinations, just like Dubai and Singapore, given its location,” feels Prof. David Yu of IBA, a leading aviation consultancy.

China’s growing e-commerce business also drives demand for cargo planes, with 180 new freighters and 410 converted freighters to be added over the next two decades, forecasts Boeing. Boeing and Airbus are competing with each other to get the upper hand in the China market. While Airbus has a manufacturing unit in Tianjin, Boeing has reportedly submitted to the Chinese government plans for a factory in the eastern province of Zhejiang.

“There is a final assembly line in China for the A320 family with a present production rate of 50 aircraft per year. Our project for next year is to adapt it to our new SA aircraft — the A320 NEO — and to extend this cooperation to a completion and delivery centre for the A330. This will be the first time we’ll have such a cooperation on WB aircraft outside Europe and this will be a good way of satisfying the growing demand for larger aircraft,” the Airbus spokesperson said.

Not an easy ride

The ride, though, is not going to be easy. Both manufacturers are facing increasing competition from state-backed local players. Commercial Aircraft Corp of China (COMAC) produces China’s largest domestically produced passenger plane C919 and is competing with Boeing’s 737 and Airbus’s A320. Experts expect to see more local players gaining traction as demand increases.

However, Airbus and Boeing are not worried about China government’s history of supporting local players. “We have always been welcome in China and we have been able to develop many activities in the country with solid industrial and commercial partners… It’s a win-win partnership and we are confident of the willingness of these partners to keep on extending our cooperation,” states Airbus.

Addison Schonland, founder and partner, AirInsight, a commercial aviation consultancy, says Boeing and Airbus currently account for 94% of the market share. “The pertinent question is can China ever win back this share? Maybe, they can reduce it, but China does not have the capacity to ever win the main share. There are too few aerospace firms in China and they don’t have the products. The ARJ-21 is awful. The C919 is already outclassed. We should be looking out 50 years and then see whether they can actually pose any competition for Airbus and Boeing. Even then, my bet is Airbus and Boeing will own the market,” remarks Schonland.

Other players weary

Manufacturers from France, Italy, Russia and Brazil are also showing keen interest in China. However, they are weary of the way China operates. In China, any foreign firm must have a local partner and that partner must share its IP. Though every aerospace OEM wants to get into China, this comes at a high cost. No OEM wants to spend a fortune developing IP and then give it away. “China copies everything it can – the local copy of the Sukhoi SU-27 is a prime example. There are others. Investing in China is a two-edged sword and firms like Embraer and Bombardier tread very warily. Airbus and Boeing are so dominant that they have less to fear,” says Schonland.

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Suparna Goswami Bhattacharya

September 13, 2016: Asian firms are more vulnerable to cyber attacks than their Western counterparts, says a recent report. The findings by Mandiant Consulting, a FireEye company, states that APAC firms are frequently underprepared to identify and respond to breaches.

According to IDC Worldwide Security Market Q1 2016, the network security market in APAC is worth $541 million, which is less than 50% of the US and Canada market, which is worth $1.14 billion. Europe with a market size of $583 million also spends more on network security compared to APAC.

Rob van der Ende, vice-president, Mandiant Consulting, Asia Pacific and Japan at FireEye, states that being unprepared for a breach is business as usual in Asia Pacific. “The region’s governments and boards need to address this further. Organisations must bring together the technology, threat intelligence and expertise necessary to quickly detect and respond to cyber attacks. Firms can benefit by embracing modern response techniques rather than legacy approaches, which often fail to find the attacker’s needle in the haystack.”

Additionally, some attacker tools are used to exclusively target organisations in APAC. For instance, in April 2015, Mandiant Consulting uncovered the malicious efforts of APT30, a suspected China-based threat group that has exploited the networks of governments and organisations across the region, targeting highly sensitive political, economic and military information. “This group appeared to have operated uninterrupted for at least a decade. They likely had little reason to change their operating methods because they were not detected,” states the report.

Interestingly, incident investigation statistics show that organisations in APAC are not up to the challenge of detecting and responding to advanced threat actors. Firms in APAC allow attackers to dwell (time between compromise and detection) in their environments for a median period of 520 days before discovering them, much higher than global median of 146 days.

Chuan-Wei Hoo, CISSP, technical advisor, Asia-Pacific, (ISC)², states that a lot depends on which economy one is looking at. There are economies that have advanced ICT adoption and still suffer from cyber attacks and incidents. It just means with more ICT adoption, we are going to see more attacks and incidents.

“Worse, some of the Asian firms feel that they are not a big target, they need not spend on controls. It is important to note that sophisticated adversaries often target small and medium-size companies as a mean to gain a foothold on the interconnected business ecosystems of larger organisations with which they partner,” says Hoo.

While adoption of technology trends like IoT and cloud computing are increasing, with it the threat of attacks is also on the rise. However, more often than not, organisations continue to rely on security strategies developed a decade ago that can no longer support the ever increasing speed of business.

“A 2015 ZK Research Security Survey revealed that 43% of respondents admit to turning features off in security appliances to improve performance. To successfully compete in this new digital economy, organisations need to implement a tightly coordinated security strategy that can see and govern this data across an entire borderless network without compromising agility or performance,” says Rajesh Maurya, regional director, India & SAARC, Fortinet.

However, Xavier Larduinat, Gemalto, is of the opinion that it is unfair to target companies in APAC for cyber attack vulnerabilities. “It’s a worldwide issue and relates solely on the pro-active actions taken by enterprises. Vulnerability depends on the size of enterprises. Therefore, wherever a specific region has a high density of SOHO (Small offices/Home offices), the absolute number of attacks may be higher,” he says.

Steps to be taken

1. Review network ingress/egress points and use appropriate monitoring on each application service (web browsing, email, remote virtualised desktop solutions, etc.) that crosses the estate boundary

2) Review each security logging device and ascertain how security risks will be identified and alerted when they occur

3) Adopt a behavioural analysis detection approach with log data to identify high-risk security threats (such as APTs) because signature detection will only find known threats

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September 13, 2016: VocaLink, the global payment partner to banks, corporates and governments, has announced that Don Chow has joined the firm as Senior Vice-President, Asia Pacific. Based in Singapore, Don will be responsible for business development throughout Asia Pacific, working across the full range of VocaLink products.

Don has spent nearly two decades working in the global payments sector in Asia Pacific, driving business development and sales. Don joins from NTT Data, where he was Partner in Global Payment Consulting. Prior to that, Don was Vice-President of North Asia at ACI Worldwide, leading cross-functional global teams through the planning and execution of business strategies. Kris Kubiena, International Sales Director at VocaLink, commented, “Don has joined VocaLink at a very exciting time for the business, particularly in the Asian market, where we have agreed to deliver proxy payment services in Singapore and we continue our ongoing implementation in Thailand, supporting the PromptPay programme.

Don Chow, Senior Vice-President, Asia Pacific, Vocalink

“Since our landmark Immediate Payments Solution (IPS) project in Singapore, we have launched exciting new overlay services linked to Immediate Payments. These include, PayPort, our suite of access solutions that provide banks and corporates with gateway connectivity to the Immediate Payments infrastructure and Accura, our insights business that leverages transactional data to solve issues for businesses, policymakers and the consumer. Don’s regional experience and expertise will be invaluable in introducing these solutions to the Asia Pacific region as we continue our international expansion.”

Since launching Singapore’s FAST project in March 2014, VocaLink has empowered customers of the 14 participating banks to make instant and secure interbank transfers via online and mobile channels, progressing from the standard three working days.

Don Chow added, “VocaLink has transformed Singapore’s payments infrastructure and I’m very much looking forward to working with the team to roll-out further projects in the wider Asia Pacific market, starting with Thailand later this year. Our focus is to continue to respond to industry demand for faster payments in more countries, which in turn supports our broader objective to be the leading real-time payment infrastructure provider globally.”

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April 22, 2016: S&P Global Market Intelligence, a division of McGraw Hill Financial (NYSE: MHFI), has announced that Fidelity Investments has selected the US Value Model from its unique Alpha Factor Library to help customers identify or validate attractively priced stocks with strong underlying fundamentals.

Fidelity is now using the alpha factors components of this model to underpin a series of visual metrics on the Stock Snapshot Page of Fidelity.com. Clients have the ability to drill into each metric to reveal the underlying factors giving them in-depth insights on the value and financial health of a company, as well as details on future growth prospects and how well the company is being operated.

Developed by S&P Global Market Intelligence’s Quantamental Research Team using the organisation’s Global Point-in-Time database, the Alpha Factor Library facilitates the construction of investment strategies and the identification of potential investments for eight key investment styles including Value, Growth, Price Momentum and Quality. At a glance, Fidelity customers can now view how a company compares to its sector peers in order to monitor specific securities and evaluate opportunities based on the company’s fundamentals.

“The Alpha Factor Library is widely leveraged by institutional investors to formulate investment strategies, track the performance of investment styles and research industry-specific signals and trends for ideas that can easily be incorporated into their fundamental and quantitative portfolio construction processes,” said Dave Pope, Managing Director of Quantamental Research at S&P Global Market Intelligence. “Fidelity is taking advantage of select elements of this unique body of knowledge to deliver cutting edge tools for alpha generation to its retail customers.”

Franklin Gold, senior vice-president of Research and Education at Fidelity, said, “As we constantly strive to bring our customers sophisticated yet user-friendly, cutting-edge tools for building and strengthening their own investment portfolios, we are enthusiastic about adding the Alpha Factor Library to our suite of research tools on Fidelity.com.”

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