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Banking in 2035: Trust, climate risks and geopolitical rivalry shape a purpose-driven industry, forecasts study

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A new SAS-sponsored study by Economist Impact predicts three potential futures for banking, examining the risks and opportunities ahead

CARY, N.C., Oct. 5, 2022 /PRNewswire/ — As disruptive forces roil today’s financial sector, banking execs are scrutinizing the evolving role of banks in the most competitive market they’ve ever faced. What does the future hold? And how can they meet the challenges ahead to forge a brighter future – both for the industry and the greater world? Such is the focus of a new future of banking study, Banking in 2035: three possible futures, by Economist Impact and sponsored by AI and analytics leader SAS.

What will #Banking in 2035 look like? SAS-sponsored study by Economist Impact explores three scenarios. #FutureofBanking

The first in a two-part study, the report presents three possible scenarios for the 2035 banking landscape. Through extensive desk research and expert interviews, Economist Impact’s analysis:

Snapshots the “megatrends” primed to resculpt the banking landscape over the next decade.Uncovers risks and opportunities presented in different combinations of trends.Highlights specific ways banks can evolve to support a more equitable, ethical and sustainable future.

In confronting quandaries like climate change, economic fragmentation, and pervasive economic and social inequities, the study is clear: Banks face a defining moment.

“The sector’s rapid evolution amidst prevailing uncertainty begs a fundamental question: What is the purpose of banks?” said Yuxin Lin, Senior Manager of Policy and Insights at Economist Impact. “How banking leaders answer this question – and the business decisions they make as a result – will redefine the entire industry.”

“Banks have the power to elevate not just our global economy but all of humankind,” said Alex Kwiatkowski, Director of Global Financial Services at SAS. “By embracing technology and innovation with intention, banks can pave a more purpose-driven path, where higher purpose and profitability go hand-in-hand. And if they don’t embrace this fully, a golden opportunity to make a genuine difference will be squandered, potentially with very serious consequences.”

Scenario 1: Can transformed banks regain public trust?
Since the 2008 financial crisis, banks have faced reputational trouble. In fact, financial services consistently ranks among the least trustworthy sectors, currently inspiring confidence in just over half (54%) of the public, according to the 2022 Edelman Trust Barometer.

Flashing forward to 2035, Scenario 1 envisions a world where banks wield digital transformation to rehabilitate their image. Banks have strengthened data privacy and cyber fraud safeguards and championed consumer-focused regulation. Greater transparency and consumer protections buoy public trust, fueling open banking and partnerships that ignite lucrative new offerings. Digital platforms frictionlessly unify every facet of customers’ financial lives in personalized, customizable ways.

“Consumer trust, built over many years, can be lost in an instant,” said Stu Bradley, Senior Vice President of Fraud and Security Intelligence at SAS. “As digitalization accelerates, it is critical that banks create hyper-personalized engagement as they address rising risks. In balancing customer experience and risk, an enterprise decisioning approach – where fraud, risk and engagement decisions integrate holistically across the customer journey – can cut costs and streamline banks’ IT infrastructures, while boosting revenue and customer retention.”

Scenario 2: Might banks catalyze cross-industry climate action and power the green transition
Addressing the climate crisis will require unprecedented global cooperation and collaboration. According to the United Nations, governments’ current commitments for reducing greenhouse gas emissions fall far short of what’s needed to limit global warming to 1.5°C above pre-industrial levels. Averting the worst impacts of climate change demands quick, decisive action.

Scenario 2 foresees a global community committed to climate action in 2035, where decarbonization is a foremost consideration across energy, infrastructure and transportation. Cities have been redesigned for energy efficiency and climate resiliency. Cost-effective renewable energy sources and green technologies are the norm.

“Climate leadership in the banking sector will drive greater cross-industry progress toward net-zero emissions by 2050 – and it starts now with better analytics, modeling and management of climate risk,” said Troy Haines, Senior Vice President and Head of Risk Research and Quantitative Solutions at SAS. “In enhancing their ability to model climate risk scenarios and understand potential impacts to their balance sheets and capital, banks can help propel the green transition and advance worldwide climate resilience.”

Scenario 3: How will banks fare in a geopolitically fragmented world?
Even as the world tries to put the worst of COVID-19 in the rearview mirror, economic and market uncertainties abound. The pandemic’s aftereffects have magnified tensions between the world’s economic superpowers while overburdening developing ones, whose populations suffer outsized consequences.

Against this backdrop, it isn’t hard to imagine Scenario 3, which depicts a geopolitically contentious world stage in 2035, colored by divergent interests and a retreat of multilateralism among the world’s economic giants. Bilateral and regional agreements have supplanted the World Trade Organization. The global financial system has been fractured by rivals’ alternative payment systems and the rise of digital currencies.

“Deglobalization, accelerated by recent global events, will likely widen the staggering societal inequalities that plague us today,” said Theodora Lau, Founder of Unconventional Ventures. “Indisputably, banking and money are at the heart of it all. Each of us has a role to play in championing a more inclusive and sustainable future with our actions of today.”

Reimagining banking for the 21st century – at Sibos and everywhere
Lau, also a renowned author, speaker and industry commentator, will join SAS’ Kwiatkowski on the Meet the Experts stage at next week’s Sibos conference in Amsterdam. The duo will delve into the study at their joint session, Embedding Generosity Into the Global Economy, on Wednesday, Oct. 12, at 12:30 p.m. CEST.

Attendees can also engage with SAS throughout the conference at Sibos Booth B115.

SAS will debut part two of this future of banking study in November. Banking in 2035: global banking survey report will explore the results of an international survey of banking industry professionals. In the meantime, learn how better insights beget better banking at SAS.com/betterbanking.

About Economist Impact
Economist Impact combines the rigor of a think-tank with the creativity of a media brand to engage a globally influential audience. We believe that evidence-based insights can open debate, broaden perspectives and catalyze progress. For more information, visit impact.economist.com.

About SAS
SAS is the leader in analytics. Through innovative software and services, SAS empowers and inspires customers around the world to transform data into intelligence. SAS gives you THE POWER TO KNOW®.

SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2022 SAS Institute Inc. All rights reserved.

Editorial Contacts:

Danielle Bates

Julia Norton

danielle.bates@sas.com

julia.norton@sas.com

919-531-1959

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Earth’s pulse monitored: a review highlights remote sensing time series progress

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As urbanization accelerates and environmental dynamics shift, the need for accurate and timely terrestrial monitoring has never been more urgent. A review has introduced a novel approach to remote sensing time series analysis, integrating multi-source data to enable near real-time monitoring. This innovative methodology promises to transform environmental conservation and urban planning by providing unprecedented insights into terrestrial changes and offering a more precise understanding of environmental dynamics.

GUANGZHOU, China, Dec. 22, 2024 /PRNewswire-PRWeb/ — An international team of researchers from South China Normal University, the University of Connecticut, and the Chinese Academy of Sciences has made a significant breakthrough in remote sensing. Their review, published (DOI: 10.34133/remotesensing.0285) in the Journal of Remote Sensing on December 11, 2024, addresses key challenges in remote sensing, such as incomplete data and noise interference. The team’s new time series analysis technique leverages advanced data reconstruction and fusion methods, significantly enhancing the precision and efficiency of remote sensing for monitoring environmental changes.

The research team has developed an advanced time series analysis technique that combines deep learning algorithms with traditional remote sensing methods to integrate data from various remote sensing sources. This innovative approach allows for the extraction of subtle patterns from large, complex datasets, which is crucial for monitoring critical environmental parameters such as land use and vegetation health. Unlike conventional techniques that struggle with incomplete or noisy data, this new methodology offers enhanced accuracy and more reliable insights into terrestrial dynamics, paving the way for more effective environmental monitoring.

Central to the study’s success is the integration of Long Short-Term Memory (LSTM) networks and Generative Adversarial Networks (GANs) to address the challenges posed by missing or noisy data. The LSTM networks capture temporal trends over time, while the GANs generate synthetic data that mimics real-world observations to fill gaps and correct for atmospheric distortions. This dual approach has resulted in a cleaner, more accurate time series dataset, which was validated against independent ground truth measurements. The researchers demonstrated significant improvements in key vegetation indices, such as the Normalized Difference Vegetation Index (NDVI), setting a new benchmark in the field of remote sensing.

Experts in the field have lauded the study’s potential to revolutionize remote sensing applications. They see the method as a transformative tool for enhancing high-resolution monitoring and extending its coverage, particularly in agricultural surveillance, urban planning, and environmental management. “This method represents a crucial advancement in our ability to monitor environmental changes,” says Professor Fu. “As it evolves, it could play a key role in addressing climate change and other global challenges.”

The methodology’s future applications are vast, especially in global environmental monitoring and supporting sustainable development goals. By integrating multi-temporal data from Landsat and Sentinel-2 satellites, the team has created a framework for accurate and continuous terrestrial analysis. As computational power advances and algorithms improve, this technology is expected to become a vital tool for natural resource management, disaster response, and climate change mitigation. In the years to come, it could provide critical data to help policymakers address pressing environmental issues on a global scale.

References

DOI

10.34133/remotesensing.0285

Oiginal Source URL

https://doi.org/10.34133/remotesensing.0285

Funding information

This work was supported by the National Nature Science Foundation of China (grant numbers 42425001 and 42071399).

About Journal of Remote Sensing

The Journal of Remote Sensing, an online-only Open Access journal published in association with AIR-CAS, promotes the theory, science, and technology of remote sensing, as well as interdisciplinary research within earth and information science.

Media Contact

George Hua, Chuanlink Innovations, 1 8656606278, TranSpread1@gmail.com, http://chuanlink-innovations.com/

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ZINZINO AB (PUBL.): ENTERS INTO AGREEMENT TO PROVIDE DIP FINANCING TO ZURVITA INITIATING CHAPTER 11 PROCESS

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GOTHENBURG, Sweden, Dec. 22, 2024 /PRNewswire/ — Zinzino has in a press release dated 20240617 announced that a letter of intent to acquire 100% of the shares in the North American direct selling company Zurvita Inc. “Zurvita or the Company” was signed. Since then, Zinzino has negotiated with the owners of Zurvita Inc. and instead concluded that the purchase of Zurvita’s assets in a Chapter 11 proceeding for the Company is in Zinzino’s best interest.

Zinzino is providing a debtor-in-possession (DIP) financing to Zurvita, which filed for Chapter 11 bankruptcy proceedings on the 20th December 2024. By entering as a financier in Zurvita’s Chapter 11 with loans totaling USD 4.5 million, Zinzino simultaneously makes an offer to acquire the company’s assets via a so-called stalking horse bid. If the bid is accepted, the DIP loan will be converted into part of a debt-settled purchase price, which will be determined after Zurvita has completed the sale process that is subject to higher and better offers in accordance with the applicable terms of Chapter 11. Other bidders have the right to submit bids for Zurvita during the process and if another bid is accepted, Zinzino’s loan will be repaid and certain of its costs associated with the process will be reimbursed. 

Zurvita is a direct selling health company with operations in the United States, Canada and Mexico. The brand portfolio offers a range of innovative health and wellness products. The business has total annual sales of approximately USD 30 million with good gross margins. A potential transaction with Zinzino is expected to add growth through the synergies arising from the joint networks, combined with Zinzino’s test-based product concept. The profitability of the Company will thus be able to develop well by utilizing Zinzino’s existing technical platform and organization.

A visionary mindset, tech first perspective, test-based nutrition at the cellular level and a strong position to capitalize on current trends will form the basis of the new partnership. Following the acquisitions of VMA Life in 2020, Enhanzz in 2022, the strategic partnership with ACN and the recently completed asset acquisition of Xelliss, Zinzino has been looking for further strong investments to maintain its sustainable, profitable growth, strengthen its distribution power, expand into new markets and leverage the product portfolio in new consumer areas.

– “Individualized advice and tailored solutions are the future, and not just in health and wellness,” says Dag Bergheim Pettersen, CEO of Zinzino. “Together, we have years of combined industry experience and everything it takes to drive the modern, personalized shopping experience through direct sales”. Jay Shafer, CEO and co-founder of Zurvita, states “After considering multiple options for the company and under the guidance of our attorneys and third-party advisors, we feel this presents the best opportunity to continue Zurvita’s mission, deliver the highest quality products, and provide continuity for our staff and consultants. We are excited to see what the future holds for Zurvita.” 

For more information:
Dag Bergheim Pettersen CEO Zinzino +47 (0) 932 25 700, www.zinzino.com

Pictures for publication free of charge:
marketing@zinzino.com

Certified Adviser:
Carnegie Investment Bank AB (publ.)

Zinzino AB (publ.) is obliged to publish this information in compliance with current EU regulations governing market abuse. The information was provided by the above contact person for publication at 20.00 on the 21st of December 2024.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/zinzino/r/zinzino-ab–publ–enters-into-agreement-to-provide-dip-financing-to-zurvita-initiating-chapter-11-pr,c4086040

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Meet With Culture: Exquisite Craftsmanship of Traditional Chinese Architecture

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BEIJING, Dec. 22, 2024 /PRNewswire/ — The Temple of Agriculture in Beijing played a significant role during the Ming (1368-1644) and Qing (1644-1911) dynasties. Over nearly 600 years, 25 emperors personally visited or sent ministers to perform spring farming ceremonies and offer sacrifices to Shennong, the god of agriculture.

 

Built in 1420 during the Yongle reign, the temple’s predecessor was the Temple of Mountains and Rivers in Nanjing. When Emperor Zhu Di moved the Ming capital to Beijing, he constructed a larger temple inspired by the Nanjing temple, which gradually evolved into the Temple of Agriculture.

The Taisui Hall, the largest building complex in the temple, now serves as a major exhibition hall of the Beijing Ancient Architecture Museum, showcasing models of classical Chinese buildings and demonstrating the solemnity of royal architecture.

Ancient Chinese architecture is predominantly wooden-structured, chosen for its availability, versatility, and earthquake resistance. Artisans developed sophisticated techniques in material selection and construction. The wooden framework consists of columns, beams, girders, and purlins, with innovative structural forms like lifting-beam and piercing-bracket structures.

A unique architectural element is the dougong (bracket sets), which supports weight and connects beam frames with column walls. Mortise-tenon joints were invented to create elastic frameworks by connecting different components.

While discussing the Temple of Agriculture, it’s worth noting another remarkable example of architectural hierarchy which could be found in the Temple of Heaven. The hierarchy of architectural designs reflected social stratification, with eave structures like the triple-layered eaves of the Hall of Prayer for Good Harvest representing the highest-level architectural design.

Over centuries, the Temple of Agriculture has transformed from an imperial garden to a public park and a museum for historical architecture, now standing as a significant cultural landmark that symbolizes China’s agricultural civilization and architectural heritage along Beijing’s Central Axis.

Quickly join Alexandre to study and explore the traditional Chinese architecture.
https://youtu.be/YpA03WiZ9Wc

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SOURCE China International Communications Group

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