Connect with us

Technology

Bank Director’s 2024 Technology Survey Examines Technology Plans at U.S. Banks

Published

on

Bank Director’s 2024 Technology Survey highlights the state of technology adoption and concerns among U.S. bank leaders.

NASHVILLE, Tenn., Sept. 10, 2024 /PRNewswire/ — Bank Director, the leading information resource for directors and officers of financial institutions nationwide, released the results of its 2024 Technology Survey, sponsored by financial technology provider Jack Henry. The findings reveal how today’s bank leaders think about strategy, resources, emerging technologies and fraud

Banks increasingly rely on data analytics to improve back-office productivity and manage regulatory compliance duties. According to the survey, improving operational efficiency (49%), attracting and retaining customers (29%), and growing low cost deposits (10%) are identified as banks’ primary technology objectives.

“Given today’s revenue challenges and elevated labor costs, it’s little surprise to see efficiency as a key driver behind bank investments in technology,” says Emily McCormick, Bank Director’s vice president of editorial and research. “However, just 21% of senior technology executives, CEOs and board members say they measure return on investment for their technology projects — indicating it could be difficult to know whether they’ve attained those strategic goals.”

Three-quarters of respondents report increased technology budgets for fiscal year 2024. Over the past 18 months, bank leaders say their organization has invested in payments (53%), digital retail account opening (46%), digital business account opening (37%) and data analysis (32%).

While most banks are actively discussing budgets for data analytics (80%) and artificial intelligence (66%), few realize they have only a fraction of their customers’ financial data on hand.

“Due to financial fragmentation, banks must embrace open banking to access a comprehensive view of an account holder’s data necessary to feed algorithms and tune foundational AI models,” says Greg Adelson, President and CEO of Jack Henry. “Without broad customer data, banks can’t identify small business owners from retail accounts, enhance personal service at scale, and deliver personalized product and service recommendations.”

The survey includes the views of 111 independent directors, chief executives, chief operating officers and senior technology executives of U.S. banks below $100 billion in assets. Full survey results are now available online at BankDirector.com.

Additional Key Findings

A Shifting View of Competition
Compared to prior surveys, respondents still identify local banks and credit unions (52%) and big or superregional banks (49%) as their primary competitive threats, along with neobanks that compete for consumer deposits (43%). However, bank leaders report increased concern about the competitive threat posed by retailers such as Amazon and Walmart, with 12% citing them as a competitive threat compared to 5% a year earlier.

Delayed Projects
Sixty percent say one or more technology projects weren’t completed on schedule over the prior 18 months, and 36% say they experienced issues integrating the new technology into existing systems. Just 21% say they had no issues with planned technology projects.

Hiring: Developers
Just a quarter of respondents say their bank employs developers or programmers, double the percentage who said as much a year ago. Banks over $1 billion in assets are more likely to make these hires.

Board Priorities
Sixty-one percent say that leveraging technology is a strategic priority for the board. Half of respondents say their board has a technology expert. Of those without a technology expert, 29% say their board is seeking to add one.

About Bank Director
Bank Director reaches the leaders of the institutions that comprise America’s banking industry. Since 1991, Bank Director has provided board-level research, peer-insights and in-depth executive and board services. Built for banks, Bank Director extends into and beyond the boardroom by providing timely and relevant information through Bank Director magazine, board training services and the financial industry’s premier event, Acquire or Be Acquired. For more information, please visit BankDirector.com.

About Jack Henry & Associates, Inc.® 
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 48 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their account holders. We empower approximately 7,500 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.

For more information, please contact Bank Director’s Director of Marketing, Deahna Welcher, at dwelcher@bankdirector.com.

View original content:https://www.prnewswire.com/news-releases/bank-directors-2024-technology-survey-examines-technology-plans-at-us-banks-302242587.html

SOURCE Bank Director

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Motorcyclist and Mechanic Share Evidence of Critical Engine Failure, Highlighting Widespread Issues with MV Agusta’s Product Quality and Customer Service

Published

on

By

A longtime MV Agusta owner is publicly raising concerns about severe engine failure and a lack of response from MV Agusta USA after his newly purchased 2018 MV Agusta F3 800 RC motorcycle experienced a “valve drop” malfunction, leading to extensive engine damage. Despite an initial promise of a goodwill repair, the company ceased communication, leaving the owner without support. Detailed documentation of the damage and images were shared in a blog post, revealing similar failures reported among other MV Agusta models. The owner is now urging the National Highway Traffic Safety Administration (NHTSA) to investigate this widespread and potentially hazardous issue.

ATLANTA, Nov. 13, 2024 /PRNewswire-PRWeb/ — A motorcyclist and long-time MV Agusta owner is coming forward to share his troubling experience with MV Agusta USA, highlighting what he describes as critical product failures and unresponsiveness from the company’s customer service team. After purchasing an MV Agusta F3 800 RC second-generation motorcycle in April 2024, he experienced a significant engine failure only one month later, sparking a months-long struggle to obtain support from MV Agusta USA, which eventually ceased communication. This incident raises concerns not only about product quality but also about safety, as similar mechanical failures have been reported among other MV Agusta owners.

“This is a serious design flaw that could put lives at risk. The lack of response from MV Agusta USA is unacceptable, and I would caution anyone considering buying from the brand until they demonstrate a commitment to supporting their customers and addressing these safety issues.”

The motorcyclist, who purchased the bike with under 7,000 miles, describes how the bike suffered a “valve drop” failure, a known issue with first-generation MV Agusta 800 CC engines that the company purportedly addressed in subsequent models. Despite this, the engine failure led to complete destruction of essential engine components, resulting in a total loss of the engine. The failure mode itself, related to valve spring malfunction, poses a serious safety risk, as it can cause the engine to stall during operation – a situation that could be fatal in uncontrolled environments. Fortunately, the failure occurred in a safe setting for this rider.

“When I first contacted MV Agusta USA about the engine failure, they initially acknowledged the issue and agreed to consider a goodwill repair, given the bike’s low mileage,” the rider explains. “However, after three months of delayed responses and countless back-and-forth emails, the company stopped responding altogether, leaving me with a bike in pieces and no available parts for repair.” said George B, the owner of the motorcycle.

The engine failure, which left the bike in need of extensive repairs, has proven to be a common issue among MV Agusta motorcycles, with several other owners reporting similar incidents of “valve drop” and engine failure across both first- and second-generation models. Many affected customers have voiced their concerns in online groups, underscoring what appears to be a widespread issue that the manufacturer has yet to adequately address.

The Atlanta mechanic that inspected and attempted repairs on the damaged engine has published a blog post, with the permission of the owner of the motorcycle, with detailed images of the engine damage, explaining the severity of the valve drop failure. The post also references other sources indicating that this issue is known to MV Agusta USA, yet it remains unaddressed for customers. By sharing his professional perspective, the Atlanta mechanic aims to inform other MV Agusta owners and call attention to the product’s potentially hazardous design flaw.

The rider emphasizes that this ongoing problem with MV Agusta’s product quality and customer service should be subject to scrutiny by the National Highway Traffic Safety Administration (NHTSA) to consider a recall for the affected models. “This is a serious design flaw that could put lives at risk. The lack of response from MV Agusta USA is unacceptable, and I would caution anyone considering buying from the brand until they demonstrate a commitment to supporting their customers and addressing these safety issues” ,said George B

The lack of available parts and MV Agusta USA’s limited response has now left the rider’s bike inoperable for over seven months. As an owner of multiple MV Agusta motorcycles, he states, “I love the brand, but this experience has been nothing short of frustrating and disappointing. It’s not only about the money but about the complete disregard for customer safety and satisfaction.”

About MV Agusta USA

MV Agusta USA is a subsidiary of MV Agusta, the renowned Italian motorcycle manufacturer known for its premium sport bikes. The company is dedicated to delivering high-performance motorcycles crafted with Italian engineering excellence. MV Agusta’s motorcycles are favored by enthusiasts worldwide, with a commitment to innovation and luxury that has been part of the brand since its founding.

Media Contact

George B, Mini Boss Mobile Mechanic, 1 678-608-0681, customers@minibossmobilemechanic.com, https://minibossmobilemechanic.com/

View original content to download multimedia:https://www.prweb.com/releases/motorcyclist-and-mechanic-share-evidence-of-critical-engine-failure-highlighting-widespread-issues-with-mv-agustas-product-quality-and-customer-service-302304264.html

SOURCE Mini Boss Mobile Mechanic; Mini Boss Mobile Mechanic

Continue Reading

Technology

The Globalization Path of EPG CEO Alick Wan: a New Player Ready to Rock the Data Center Industry

Published

on

By

SHANGHAI, Nov. 14, 2024 /PRNewswire/ — On October 9-10, EPG Group made its second consecutive appearance at the 2024 Data Centre World Asia (Singapore Data Centre Exhibition) after making a successful debut at last year’s exhibition. During the exhibition, EPG showcased its advanced liquid cooling system developed for AIDC, as well as several prefabricated (modular) solutions for IDC&AIDC construction.

EPG, a leading AI infrastructure service provider, an integrated enterprise that combines R&D, manufacturing, and services of prefabricated data centers, is gradually gaining prominence in the data center industry, redefining the future with its innovative products.

Alick Wan, the chairman and CEO of EPG, with exceptional foresight and courage, has spent nearly three decades, building his own business empire from the ground up.

From Small County to Nationwide

Wan was born in Jinhu County, a small city in northern Jiangsu surrounded by lakes. Rivers and streams were where Wan spent his childhood at. From an early age, he understood the deceptive power of water – serene yet forceful. These early experiences shaped his calm demeanor and resilient spirit.

In 1997, six years after graduating from college, Wan founded his first company. As a first-time entrepreneur, he chose the electromechanical equipment industry, leveraging his familiarity with the sector.

Wan always had an international vision and an open mindset for his business, and was intent on spotting new opportunities in the market. He established joint ventures with business partners from Singapore and Hong Kong, China, which gave him access to business opportunities from large multinational engineering companies.

After participating in projects in more than 60 countries worldwide, his company gradually emerged in the power system segment, accumulating considerable influence.

In 2004, to realize the bigger blueprint in his mind, Wan decided to start his next business chapter. That year, he founded EPG.

Engine, Power, and Generate

Wan says that the company’s name, “EPG,” stands for Engine, Power, and Generate, symbolizing the company’s mission to serve as a powerful engine that drives significant advancements in society.

“In the past, building data centers in China followed the mindset of constructing buildings” said Wan. “However, the ever-growing trend of data centers also faced growing pains—high costs, being time consuming, and not to mention higher energy consumption and more water consumption, which not only increased their costs but also had more negative environmental impacts.”

Wan then sensed a “green trend” and the market demand behind it.

To this end, EPG developed a green data center construction solution: Besides conventional renewable energy sources such as wind and solar power, microgrid technology can provide a more stable and diverse combination of renewable energy.

In addition, cold plate liquid cooling’s internal circulation and dry cooler’s external circulation can cool high-power AI servers, significantly reducing data centers’ water consumption.

Amid the trends of green energy conservation and efficient standardization, the construction method of data centers has also undergone tremendous changes, shifting away from the traditional civil engineering approach to a “Lego-like” one.

The fully prefabricated modular data center solution overcomes the downsides of traditional data center construction. It redesigns and optimizes the distribution of computer rooms, power generators, and other modules, concentrating them in cabins. For clients, these cabins serve as ready-to-use “building blocks” that can be flexibly combined into a data center based on different client needs.

Overseas, this new construction method can shorten the delivery cycle of traditional data centers from 24 to 36 months to 9 to 12 months. At the same time, prefabricated data centers can reduce the total construction cost of overseas projects by 30 to 50%.

Growing with AI, EPG Explores Globalization Path

In recent years, the field of AI has ushered in a surging wave of development. Wan quickly seized these new development opportunities.

“The development of AI will promote the development of chip and server technologies, bringing disruptive challenges to data center construction, and we need to make fast moves too,” Wan said, expressing his views on the AI market, “AI is a large-scale, fast-growing industry, expected to grow at a compound annual growth rate of 36.6% from 2024 to 2030. On the other hand, AI is also a highly globalized industry, requiring a global perspective and execution for almost all business aspects.” Wan said.

Wan firmly believes that only by entering the most frontier markets and mastering first-hand information can the best business decisions be made. Therefore, EPG’s globalization blueprint is unfolding.

In recent years, EPG has extended its business to the Southeast Asian region and established a Southeast Asian subsidiary. Wan stated that the demand for cloud services, artificial intelligence (including AIGC and AGI.), and the Internet of Things (IoT) is continuously growing in the region. At the same time, public and private organizations, as well as multinational companies, are actively investing in IDC (Internet Data Centers) and AIDC (Artificial Intelligence Data Centers) in Southeast Asian countries. Wan believes that the Southeast Asian market is the next growth point for EPG to seek business breakthroughs.

“We have invested in factories in the Southeast Asian region and have attracted many talents to join, aiming to create a more localized business development model,” Wan said, “In addition, EPG is also actively exploring data center markets in Europe, America, and other global regions. In the future, we will use Southeast Asia as a bridgehead to integrate and optimize the supply chain ecosystem and create data center products and solutions with global competitiveness.”

Currently, EPG has strong R&D and manufacturing capabilities overseas, as well as a strong sales network. As the only prefabricated service provider with self-built factories both domestically and internationally, EPG’s footprint has covered markets in Singapore, Malaysia, Indonesia, Vietnam, Thailand, UAE, Spain, and the United States, and is gradually exploring multiple emerging markets.

In 2023, Wan enrolled in CKGSB (Cheung Kong Graduate School of Business), and after completing his studies in 2024, he signed up for the fifth session of the ASEAN-RCEP Leaders Program at CKGSB. As the enterprise enters a new stage of development, he recognizes the need to continuously be on a learning journey, so in order to successfully meet the challenges of today and tomorrow

About EPG Group

EPG Group is a leading manufacturing company specializing in prefabricated (modular) data center products. With a robust R&D team based in Shanghai, our high-end manufacturing plants in Shanghai and Malaysia, and a significant presence across Southeast Asia, the Middle East, and the United States, we are at the forefront of innovation in the data center and power systems industry.

Our global footprint includes company setups in Hong Kong, Shanghai, Beijing, Suzhou, Shenzhen, Chengdu, and Langfang. With over 20 years of experience, we have delivered innovative solutions for hyperscale data center projects across Asia, Africa, South America, and the Middle East.

EPG Group is committed to pushing the boundaries of technology and providing top-tier solutions to meet the evolving demands of the industry, bringing cutting-edge technology and unparalleled expertise to our clients worldwide.

View original content:https://www.prnewswire.com/apac/news-releases/the-globalization-path-of-epg-ceo-alick-wan-a-new-player-ready-to-rock-the-data-center-industry-302304481.html

SOURCE EPG Group

Continue Reading

Technology

Shawn Carter Foundation in Collaboration with Coalition for Equity and Opportunity at the Wharton School of the University of Pennsylvania with support from Toyota Launch ‘Champions for Financial Legacy’ Program for HBCUs

Published

on

By

NEW YORK, Nov. 13, 2024 /PRNewswire/ — The Shawn Carter Foundation, with generous support from Toyota Motor North America, is proud to introduce Champions for Financial Legacy (CFFL), a comprehensive financial education initiative designed to empower students at Historically Black Colleges and Universities (HBCUs) and surrounding communities.

Developed in collaboration with The Coalition for Equity and Opportunity at the Wharton School of the University of Pennsylvania, CFFL is modeled after Professor Keith Weigelt’s accredited curriculum at the Wharton School and Bridges to Wealth, a financial education and wealth-building program that Dr. Weigelt has offered to the Shawn Carter Foundation community of scholars and families since 2017.

CFFL is the latest initiative resulting from the ongoing collaboration between the Shawn Carter Foundation (SCF) and Toyota Motor North America, a long-time supporter of SCF’s annual HBCU Bus Tour.  With Toyota’s generous support of CFFL, the vision to expand the program to HBCU students and local communities is made possible. 

“We are excited to see our partnership with the Shawn Carter Foundation evolve to include this innovative initiative,” said Monica Womack, general manager, D+I and community engagement, Toyota. “One that not only provides resources to HBCU students but also reaches the heart of the community, through advocacy for financial literacy.”

CFFL aims to reduce the growing wealth gap by equipping students with the financial knowledge and skills needed for economic success and social mobility. Topics include budgeting, market risks and returns, mutual funds, credit scores, stock markets, and more. By fostering financial fluency and community engagement, the program seeks to change the trajectory of intergenerational wealth and build a more equitable future.

“Every day at the Shawn Carter Foundation, we dedicate ourselves to uplifting students and communities that are underserved,” said Dr. Gloria Carter, Shawn Carter Foundation CEO and Co-Founder. “To launch a financial education program that will reach more students and communities, along with dedicated partners like Toyota and the Wharton School of Business, is a vision we are finally seeing come to fruition.  We are so excited to see the incredible impact of CFFL unfold and look forward to its growth.”

“One way to strengthen the resiliency of middle-class households is to increase their ability to generate wealth,” said Dr. Keith Weigelt, Marks-Darivoff Family Professor of Strategy at The Wharton School, University of Pennsylvania and Founder of Bridges to Wealth. “I thank both the Shawn Carter Foundation and Toyota for their foresight in addressing a long-neglected social disparity.”

The curriculum includes real-world applications and service-learning components, allowing students to apply their financial knowledge in community settings, thereby expanding the ecosystem of wealth-building and fostering local development.

“The Wharton Coalition for Equity and Opportunity (CEO) is pleased to partner with the Shawn Carter Foundation and Toyota in launching the financial legacy program with several HBCUs. This partnership will help us remain committed to closing the wealth gap through an evidence-based approach,” said Dr. Fareeda Griffith, CEO managing director.

The inaugural CFFL program will be implemented in Spring 2025 at Lincoln University, Norfolk State University, and Virginia State University, with plans to expand to other HBCUs. University-appointed faculty from each school will receive free professional development training, and trained student ambassadors will amplify the Champions for Financial Legacy course offerings on their respective campuses for enrollment.

For more information, visit Champions for Financial Legacy.

View original content:https://www.prnewswire.com/news-releases/shawn-carter-foundation-in-collaboration-with-coalition-for-equity-and-opportunity-at-the-wharton-school-of-the-university-of-pennsylvania-with-support-from-toyota-launch-champions-for-financial-legacy-program-for-hbcus-302304357.html

SOURCE Shawn Carter Foundation

Continue Reading

Trending