Financial Services – Digital IT News

Glia Cortex Launched; Responsible AI Platform Built for Financial Institutions

Taylor Graham — Mon, 20 May 2024 16:01:57 +0000

Glia introduced Glia Cortex, the first responsible AI platform tailored for the financial services sector. Glia Cortex allows financial institutions to utilize AI that is secure, reliable, and provides tangible returns on investment for customer service and contact centers. This platform enhances efficiency, reduces wait times, and improves the experience for both customers and agents.

“Financial institutions are looking to AI to modernize and create efficiencies in their contact centers, however they have been rightfully cautious as significant questions around safety, privacy, and business and reputational risks associated with adopting AI remain,” explained Jay Choi, CPO for Glia. “Glia Cortex unleashes the benefits of AI and generative AI while maintaining proper, steady guardrails to keep data private and secure. We’ve made it possible to deploy AI without introducing risk, providing responsible technology that institutions and their customers can trust.”

Glia Cortex empowers financial institutions to transform their contact center with AI by automating customer interactions, increasing agent productivity and enabling deeper visibility for managers. Because Glia Cortex seamlessly and safely embeds AI throughout Glia’s Unified Interaction Management platform, it is easily adopted and presents immediate value.

Key components of Glia Cortex include:

Customer AI: Turnkey AI assistants that automate and elevate customer interactions in any channel, from digital properties to traditional phone calls. These assistants automate up to 65% of customer interactions.
Agent AI: AI and generative AI tools for agents that automate and streamline existing workflows, improving productivity by 20%+.
Manager AI: AI-powered tools for managers that deliver deeper insights, helping them better understand agent teams, why customers are reaching out and how to improve service.

Service 1st Federal Credit Union has partnered with Glia to introduce responsible AI into their contact center. Sarah Zinga, AVP of Digital Services for the credit union, said, “How do I improve my credit score? What is my current balance? With Glia, we have been able to leverage AI to help us automate these simple calls and free up our agents’ time for when the human touch is really needed, and ultimately provide the best member experience for what our Service 1st members expect.”

Glia Cortex improves operational efficiencies, reduces average handle times and redundancies and unifies reporting. It allows institutions to speed onboarding time and lower training costs. Customers benefit from the technology as well, gaining always-on, self-service capabilities across all channels with the ability to seamlessly transfer to a human agent, without having to reauthenticate or repeat their issue over and over again.

This launch is the latest in a powerful innovation drumbeat from Glia, including the recent announcement of Unified Interaction Management to challenge the CCaaS paradigm, and a generative AI solution that allows financial institutions to launch, manage and measure AI across digital and voice.

To learn more about Glia Cortex, visit the website here.

What Will Drive Mobile Financial Services’ Growth? Report Released

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IT Expense Management Costs 5X Less When Fully Outsourced

Taylor Graham — Tue, 23 Apr 2024 14:00:58 +0000

A recent Vanson Bourne study, commissioned by Tangoe, reveals that fully outsourced IT Expense Management (ITEM) solutions achieve faster results at significantly lower costs, demonstrating a fivefold reduction.

The study surveyed 500 IT and finance decision-makers from the US and the UK to explore their IT expense management practices. The research explored three approaches to IT expense management: fully in-house, fully external (third-party solution), and hybrid (a mixture of in-house and external solutions). Read the research report.

“As sprawling technologies and inflation consume larger proportions of corporate IT budgets, business leaders are growing increasingly concerned about their ability to sustainably innovate, including tracking spending, governing expenses, and stretching their IT budgets,” said Becky Carr, chief marketing officer at Tangoe. “FinOps programs mature quickly and yield faster time to insights and savings when leveraging a managed solution.”

ITEM Required for GenAI Success

Cloud infrastructure has been dominating IT spending trends due to recent accelerations in digital transformation and because it serves as the underlying enabler for AI innovation and new GenAI platforms. As the data reveals, financial management is central in safeguarding business continuity and innovation performance, especially when cloud spending will soon drain +50% of IT budgets and is only expected to grow with increasing GenAI adoption.

“AI can trigger unpredictable cloud costs, which is why ITEM software and services are being used to ensure innovation doesn’t drive a hidden layer of technical debt,” said Carr.

The findings spotlight the complexity of IT financial management and what’s at risk without it:

When it comes to tech sprawl there’s no end in sight. Respondents predict double-digit spending increases over the next couple of years with cloud infrastructure (20%) and software (16%) investments leading the way. Additional investments in mobile and telecom technologies aren’t far behind.
Business continuity and operational performance are at stake. Late payments cause 85% of organizations to experience outages in their cloud, mobile, and telecom services.
Managing services and expenses is growing increasingly complex. On average organizations handle 39 IT service providers with 60-80 employees involved in overseeing them.
Data analytics are among the top three challenges for in-house ITEM programs. Given the growing number of cloud applications and mobile devices in use today most companies can’t get past the first, most basic phase – applying advanced analytics and turning data into actionable insights.

The Value of a Fully Managed Service

In addition to putting context around the urgency and challenges associated with financial management, the study also reveals the advantage of using a fully managed service for IT expense management:

Businesses with either a fully outsourced or hybrid solution experience process efficiency and productivity gains (90%), faster time to business insights (88%), and faster time to cost savings (88%).
Only 66% of in-house programs deliver results within the first month, while 81% of fully outsourced solutions deliver results within the same timeframe.
Ninety-four percent (94%) of organizations using a third-party to manage IT expenses, also have a dedicated FinOps practice. Additionally, having a FinOps program leads to 20-28% lower spending across cloud infrastructure and cloud software.

The faster a company can find new ways to save and capitalize on those opportunities, the more money it can save to offset the cost of an ITEM service or reinvest into overstretched IT budgets. Eliminating manual processes and ingesting information with AI automation are essential to reducing the administrative work of data compilation and speeding up the time to savings. Fully managed services can make a meaningful difference by helping clients both find opportunities and act on them.

Learn more about Tangoe’s IT Expense Management (ITEM) solutions at the website here.

Embedded Finance Integration Announced by Koxa for PNC Clients Using Workday

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Oracle Climate Change Analytics Cloud Service Announced

Taylor Graham — Mon, 22 Apr 2024 17:00:48 +0000

Financial institutions face mounting regulatory demands to understand their environmental footprint and that of the companies they finance or invest in, termed financed emissions. To aid banks in assessing climate risk more effectively, Oracle has unveiled Oracle Climate Change Analytics Cloud Service. This innovative reporting and analytics platform, equipped with AI capabilities, aims to assist financial institutions in comprehending financed emissions, addressing statutory compliance, and mitigating risks associated with climate change.

“While banks work on climate-related financial risks that could affect them directly through their operations, they also need to be cognizant of their effect on climate indirectly through the businesses they finance. This dual responsibility requires the critical management of both risk and their own Net Zero commitments, which demands a significant effort from banks,” said Jason Wynne, global vice president for finance, risk, and compliance product development, Oracle Financial Services. “Oracle Climate Change Analytics Cloud Service enables financial institutions to calculate, and analyze the impact of their carbon emissions, as well as climate targets on current and planned investments to get a full picture of the bank’s resiliency and risk around climate change.”

According to a National Oceanic and Atmospheric Administration report, the global average atmospheric carbon dioxide in 2023 set a new record high at 419.3 parts per million. The Financial Stability Board (FSB) adds that “These risks are global in nature, and will have effects across all entities, sectors, and economies….the breadth of climate-related risks – including their possible simultaneous occurrence across multiple jurisdictions and sectors – also has implications for the resilience of the financial system.”

With climate-related risks on the rise, it’s imperative that banks can better understand and account for the impact of their holistic portfolio of assets from both a regulatory and business strategy perspective. With pre-built calculation models and dashboards, the service can help save banks time and effort, address global climate change reporting requirements, and incorporate climate risk into their future risk and investment decisions.

‘Climate Risk’ assessment made easier
Banks are challenged to comply with multiple frameworks across several jurisdictions, and collecting and storing the data necessary to meet these requirements can be daunting. This is especially true when dealing with large and complex global customers. With built-in AI and Natural Language Processing (NLP) tools Climate Change Analytics can scour the internet for publicly available information about climate change initiatives by companies that the bank has invested in, which can aid in their overall assessment of climate risk.

Also according to CDP, a leader in aggregating global climate disclosures on banks’ portfolios, portfolio emissions are over 700x larger than direct emissions – and the risks of inaction are huge. Financial institutions must urgently decarbonize their portfolios, by disclosing the impact of their financing activities, setting science-based targets, and aligning all financing activity with the Paris Agreement.

Oracle’s new cloud service enables financial institutions to calculate emissions across various asset classes and jurisdictions. This encompasses not only greenhouse gas emissions across an organization’s operations and value chain but also financed and facilitated emissions from its customers. This allows for the computation of a climate rating at a counterparty level across the bank’s customer portfolio and incorporates climate change risk into other risk-management functions, such as project planning and risk audits and analysis.

Key feature capabilities of Oracle’s Climate Change Analytics Cloud Service include:

Performing carbon accounting by calculating greenhouse gas emissions based on The GHG Protocol Corporate Accounting and Reporting Standard.
Calculating and disclosing emission numbers for financed, facilitated, and avoided emissions and emissions removal based on the Partnership for Carbon Accounting Financials guidelines.
Integrating climate risk into overall enterprise risk and investment decision-making with an in-house Climate Scorecard framework, probability of default (PD) and loss given default (LGD) models, and heatmaps.
Accessing more than 100 prebuilt, cross-jurisdictional climate change reporting disclosures, analytics, and visualizations to address requirements for standards boards and regulators.
Using advanced analysis to source, configure, store, and analyze customer climate change data with rich data models for analytics.
Helping to reduce IT investment with cloud-native technology that can meet the ever-changing climate change reporting requirements.

Learn more about Oracle Climate Change Analytics Cloud Service, visit the website here.

Kubecost 2.2 Launches with Extended Cloud Cost Insights and Carbon Monitoring

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What Will Drive Mobile Financial Services’ Growth? Report Released

Taylor Graham — Wed, 20 Mar 2024 17:30:56 +0000

Ericsson, partnering with Juniper Research, presents the report titled “What Will Drive Mobile Financial Services’ Growth?”, offering deep insights into the dynamics of Mobile Financial Services (MFS) and the transformative opportunities available for Mobile Network Operators (MNOs) worldwide.

The “What Will Drive Mobile Financial Services’ Growth?” report consolidates insights from 46 senior decision-makers from Mobile Network Operators (MNOs) across 35 countries and projects a paradigm shift with an expected 40% user adoption rate and an 80% growth in transaction value over the next five years. This signals a substantial transformation, positioning MFS as a key element in the shift among Telcos to become digital service providers, foreseeing an impressive 45% growth specifically in their MFS revenue.

Key accelerators identified in the report include customer incentives, extensive last-mile networks, and the surge in COVID-19 digital payments. These factors propel MFS success and enable broader financial inclusion and access. However, regulatory challenges, enduring cash preferences, and security concerns pose significant obstacles, demanding strategic navigation from industry stakeholders.

A pivotal aspect highlighted in the report is the evolution of service portfolios towards advanced offerings like micro-finance and investments. This shift not only reshapes revenue models but enhances user experiences, marking a turning point in the industry’s trajectory. MFS providers are strategically pivoting towards these advanced services, fostering innovation and driving economic empowerment across diverse demographics.

Michael Wallis-Brown, Head of Mobile Financial Services at Ericsson, emphasizes, “Mobile Financial Services are transformative for Telcos, positioning them as digital innovators and unlocking invaluable new revenue streams. Integrating MFS enables Telcos to anticipate consumer demands, adapt to market trends, and stay competitive.”

Nick Maynard, VP of Fintech Market Research at Juniper Research commented “What is striking is how massive the changes coming for mobile financial services are. MNOs we surveyed are expecting advanced services to be transformative, both for their service portfolios and for their revenue, and we expect this to have an enormous impact over the next five years”.

Gain in-depth insights into the future of Mobile Financial Services by downloading the full findings of “What Will Drive Mobile Financial Services’ Growth” Report here.

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Kubecost 2.2 Launches with Extended Cloud Cost Insights and Carbon Monitoring

Taylor Graham — Tue, 19 Mar 2024 17:00:13 +0000

Kubecost has revealed the arrival of Kubecost 2.2, which notably enhances the platform’s capacity for overseeing and optimizing cloud costs on a large scale.

“Kubecost continues to innovate quickly, and we’re excited to bring several new major features into GA that make it easier for users to monitor and optimize infrastructure costs without impacting application performance,” said Webb Brown, CEO, Kubecost. “With Kubecost 2.2, we are empowering organizations to not only optimize their cloud bills even more significantly but also to make a demonstrable and quantifiable impact on the environment by reducing their carbon footprint.”

Among the new capabilities included in Kubecost 2.2:

Carbon Cost Monitoring: Kubecost’s new Carbon Cost Monitoring feature, enabled by the underlying OpenCost project, allows organizations to meet regulatory requirements and achieve sustainability goals more quickly and thoroughly. Customers can use Carbon Cost Monitoring to conduct energy audits and easily compare financial and environmental costs across any business cost center (department, application, etc.). Backed by the carbon cost data required to make informed decisions, organizations can meaningfully reduce their carbon footprint while realizing significant cost savings tied to reduced energy usage.

Datadog Cost Monitoring: Kubecost now provides unified cloud cost monitoring for organizations seeking to observe and optimize Kubernetes, cloud, and Datadog costs in one place. By directly integrating Datadog cost data, the Kubecost 2.2 release offers granular and real-time visibility into usage and costs, enabling developers, FinOps, and platform engineering teams to optimize resources and confidently bring down costs. With this unified view of infrastructure spending, teams can make faster and smarter decisions, identify inefficiencies, and streamline operations.

Disk Autoscaler: Built for DevOps teams and Kubernetes administrators, Kubecost automates disk scaling based on EBS persistent volume utilization. By dynamically adjusting disk size, Kubecost users can achieve substantial cost savings (often 50% or more) by ensuring always-optimal utilization without manual intervention. Additionally, the user-friendly deployment—through a standalone open source repository—further reduces implementation time and complexity.

The company also recently added advanced network monitoring, improved cost forecasting, and more automation as part of its 2.0 release in January 2024.With its 2.2 release, Kubecost continues to set the bar for innovative solutions that enable organizations of all sizes to scale their cloud and Kubernetes environments as cost-effectively and efficiently as possible. Kubecost is the industry’s go-to solution, with InfoWorld recently naming the company the Technology of the Year in Cloud Cost Management, stating that: “Kubecost has firmly established itself as the de facto standard for measuring the cost of Kubernetes infrastructure, from start-ups to large corporations. There isn’t a clear alternative.”To learn more about Kubecost 2.2 and schedule a demo, visit the website here.Related News:

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Embedded Finance Integration Announced by Koxa for PNC Clients Using Workday

Taylor Graham — Mon, 04 Mar 2024 18:00:45 +0000

Koxa Corp. has revealed a new embedded finance integration with PNC Bank, aimed at providing a seamless banking experience to PNC clients utilizing the Workday Enterprise Resource Planning (ERP) system.

With the new embedded finance integration, PNC’s corporate and commercial banking clients will be able to retrieve real-time balance and transaction information and submit, approve, and reconcile payments, all from inside their ERP system using the PINACLE Connect for Workday integration.

“PNC is a recognized leader in providing a wide range of embedded finance capabilities, and this Workday integration helps us continue to create efficiencies for our clients by delivering the power of our Treasury Management platform within the systems they use to run their businesses,” said Howard Forman, executive vice president and head of Digital Channels for PNC Treasury Management. “Our Workday integration, powered by Koxa, is further proof of our commitment to deliver modern technology to help our clients manage their cash position and automate manual financial processes.”

Koxa Co-founder and CTO Camellia George said, “We are ecstatic to collaborate with PNC. They have developed a reputation as forward-thinkers in this market and have built a leading infrastructure to support the future of treasury banking. Our joint Workday solution brings a better treasury experience to Workday clients.”

PNC Treasury Management offers a platform of innovative, end-to-end technologies and experienced teams that help clients architect and implement a cohesive cash management system for their business. In recent years, PNC Bank has launched other embedded banking experiences for its clients through its API developer portal ( developer.pnc.com ) and PINACLE Connect integrations, built on the foundation of its industry-leading commercial and corporate banking platform, PINACLE.

For more information about the new embedded finance integration solution with PNC Banking client using Workday, visit the website here.

Financial Organizations Experience More Cyberattacks and are Costlier

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Tangoe Announces New AI Patented Capabilities in FinOps

Taylor Graham — Wed, 28 Feb 2024 18:00:03 +0000

Tangoe announced the acquisition of another U.S. patent, reinforcing its array of distinctive FinOps capabilities that harness AI for cloud optimization. With this addition, Tangoe now boasts a total of 70 patents, with 14 specifically leveraging advanced AI analytics and robotic process automation for implementing FinOps strategies. This underscores the company’s dedication to innovation in IT expense management.

Companies are turning to FinOps to govern cloud spending amid unwavering demands for digital innovation, IT budget restrictions, and tech inflation. With Generative AI spurring more cloud spending, analysts expect cloud infrastructure to grow at a rate of 26.6% in 2024. As a result, there is an increasingly urgent need for cost governance.

“Patents are the hallmark of innovation, and Tangoe’s expansive intellectual property validates our deep history of ingenuity,” said James Parker, CEO, Tangoe. “As a 20-year industry pioneer, we’re also a trailblazer disrupting the market with exclusive ways to leverage AI for cloud optimization using the FinOps Framework.”

Granted by the U.S. Patent and Trade Office on Feb. 27, 2024, patent number 11,916,760, titled “Data Usage Analysis and Reporting” is a system and method allowing cloud service usage data to be captured, analyzed, and classified based on a range of categories. Further, this methodology provides usage reports so that costs can be financially allocated to different departments across any business.

Patents Pack 10 Years of Success and AI + FinOps Capabilities

Tangoe has been securing patents in AI-powered FinOps since 2014, predating recent trends in cloud cost governance. With five more patents pending and 10 years of experience in this domain, the company will continue to expand its portfolio of patented methodologies applying AI analytics to FinOps strategies. All 70 patents can be found here.

Tangoe explains its patents in the FinOps space as two functional families enhanced by AI analytics. While the first family extracts and classifies data, the second handles rules, restrictions, and reporting. Next, the Cloud Optimizer applies machine learning and predictive analytics. It compares multiple offerings to pinpoint the lowest-price Infrastructure as a Service (IaaS) while also considering any existing application demands and future predicted workloads.

“When cloud application performance is critical, Tangoe has a patented tool to show you which IaaS provider will give you the best bang for your buck based on your usage today and tomorrow,” explained Chris Ortbals, CPO, Tangoe. “This is an unparalleled advantage.”

FinOps Foundation Premier Member and Speaker

When organizations face challenges in controlling costs and using their cloud resources efficiently, they turn to software and services from recognized partners of the FinOps Foundation. In 2023, Tangoe joined the FinOps Foundation as a Premier member, and in June company leaders will present at the FinOpsX global conference.

For more information on the power of Tangoe’s FinOps and how it can transform your business, visit the website here.

Text Messaging Safeguarded with Number Lock and Number Watch

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Financial Organizations Experience More Cyberattacks and are Costlier

Taylor Graham — Tue, 19 Dec 2023 18:30:23 +0000

Netwrix has disclosed further insights about the financial, banking, and accounting sector, extending from its survey involving 1,610 IT and security professionals across over 100 countries. The additional findings provide an in-depth perspective on the specific challenges and trends within this industry as identified by the surveyed professionals.

According to the report, within the last 12 months, 77% of financial organizations detected a cyberattack, compared to 68% among other industries. Phishing and ransomware were the most common types of attacks across all sectors.

“Financial organizations are highly targeted by cybercriminals for several reasons. First, these organizations store large volumes of valuable information, which adversaries are naturally eager to steal. Moreover, they manage access to funds, which means any operational disruption is highly problematic. Accordingly, ransomware gangs may believe that financial institutions are more likely to pay a hefty ransom than other potential victims,” says Dirk Schrader, VP of Security Research at Netwrix.

The financial sector also experiences more targeted attacks on their IT infrastructure than other sectors. Indeed, 39% of financial organizations reported targeted attacks on their cloud infrastructure and 26% suffered targeted attacks on their on-premises footprint, higher than the 30% and 19%, respectively, reported among organizations overall.

“Because finance is a high-risk and highly regulated sector, financial organizations tend to have a more mature IT team, better security controls and more vigilant employees. As a result, attackers must leverage targeted attacks with more sophisticated techniques to infiltrate their IT environments,” says Ilia Sotnikov, Security Strategist at Netwrix.

The financial sector also reports higher expenses as a result of cyberattacks than other industries. In fact, 24% of financial organizations estimated their damage from incidents to be at least $50,000, compared to just 16% among organizations overall. To mitigate this risk, 73% of respondents in the financial sector either have a cyber insurance policy or plan to acquire one within the next 12 months, compared to just 59% of organizations in other industries. However, given the sector’s risk profile, insurance companies impose stricter security requirements on financial organizations: 49% of them needed to improve identity and access management (IAM) and 48% had to comply with privileged access management (PAM) requirements, compared to 38% and 36%, respectively, in other sectors.

To learn more about security trends, check out the complete 2023 Hybrid Security Trends Report or the financial organizations findings read Additional Findings for the Finance & Banking Sector from Netwrix.

Enhancements to Netwrix Data Security On-Premises and in the Cloud

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Text Messaging Safeguarded with Number Lock and Number Watch

Taylor Graham — Tue, 28 Nov 2023 13:50:18 +0000

In the ongoing effort to fortify defenses against messaging fraud within the communications ecosystem, netnumber Global Data Services introduced Number Lock and Number Watch. These resilient services aim to support the protection of telecom providers, financial institutions, and various enterprises from intricate instances of organized messaging fraud. Additionally, they align with recent regulatory initiatives aimed at ensuring the security of text messaging.

Offered through the netnumber Services Registry (nnSR), an industry registry launched and managed by netnumber GDS and a critical piece of the U.S. message routing infrastructure, the new services include sought-after security measures and real-time monitoring to deter brand impersonation and other emerging U.S. text messaging crimes.

Number Lock increases security for enterprises by restricting text messaging on customer-specified 10-digit non-mobile numbers upon the request of the subscriber to the number. With Number Lock, enterprises can secure their brand and prevent fraudsters from using well-known business phone numbers via text messaging to gain a victim’s trust.

“Highly organized, sophisticated fraudsters are attempting to hijack recognized phone numbers of brands and financial institutions and using them to communicate with end-user victims to extort them via text messaging,” said Catalin Badea, VP of Product Management at netnumber GDS. “In this scheme, fraudsters may target phone numbers trusted by a customer base, such as call center or emergency numbers used to report a stolen credit card. The unsuspecting victims believe they are engaging with real brand representatives and are persuaded to divulge account passwords and sensitive information, make purchases or transfer money,” Badea explained.

With Number Lock:

A customer’s specified 10-digit non-mobile numbers will have a strict no-texting status, making them virtually impossible to target.
Customers will receive regular reports on text-enablement requests for their numbers.
Do Not Originate requirements, which help enterprises inform the industry of their non-text-enabled phone numbers, will also be supported by the service.

Number Watch, the company’s other new innovation, is a comprehensive phone number monitoring solution for telecom providers, financial institutions and enterprises. Number Watch stores customer-specified phone numbers on a watchlist continually monitored for a wide range of events and activities by netnumber GDS. The customer is immediately informed if any monitored events are observed on watchlist phone numbers. “Essentially, Number Watch allows our customers to be alerted to events in real time, helping them detect any potential fraudulent activity,” Badea added.

Steve Legge, President and CEO of netnumber GDS, said he believes the two new timely services are critical for the U.S. telecom industry, which is working with customers and government regulators to protect consumers from communications fraud. “We continue to invest heavily in creating innovative services that provide creative and novel ways to undercut communications fraudsters, protecting our customers, partners and the industry as a whole,” comments Legge.

To learn more about how to defend against text messaging fraud with Number Lock or Number Watch, visit the netnumber Global Data Services website.

Identity Theft Protection Announced by Malwarebytes To Prevent Online Fraud

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EarnUp@Work Empowers the Workforce to Clear Debt and Create Savings

Taylor Graham — Mon, 06 Nov 2023 13:00:01 +0000

EarnUp, Inc. has introduced EarnUp@Work, a leading solution that automates adaptable debt repayment and savings, alleviating financial stress and enhancing overall well-being.

EarnUp@Work enhances financial education to holistically address employees’ financial stability. The platform features debt repayment automation tools that enable employees to pay down loans faster and save money in interest fees on credit card, auto, student, mortgage, and personal loans, while savings automation tools help build emergency and nest egg savings*. Earnup@Work optional features include budget-friendly payment scheduling that splits large single payments into smaller incremental automated debits that sync to paydays.

EarnUp@Work also provides tremendous value for employers. Stress over retirement planning, getting surprised by financial emergencies and not having a monthly budget are all factors that can lead to distraction while at work. A recent report found that $150 billion in productivity was lost in a single year when employees came to work stressed – far greater than the costs associated with employees not showing up to work at all.

EarnUp@Work helps to operationalize SECURE 2.0 Act of 2022 through accurate match contributions and real-time payment visibility. The platform can also support employers’ educational assistance programs that match student loan payments up to $5,250 per year tax free. This program was made available in March 2020, yet only 8% of U.S. employers offer it, according to the Society of Human Resource Management’s 2023 employer benefits survey.

Meanwhile, recruitment and retention continue to be a challenge, with more than one-third of HR leaders indicating they don’t have the resources to attract top talent. In fact, seven in 10 consumers believe they would perform better at work if their employer offered more financial wellness benefits, and over half of employees rank financial wellness their number one desired employer benefit, up from 29% in 2021.

“Financial wellness is the no. 1 most requested benefit, but education alone has proven inadequate,” said Michelle Scanlon, Chief People Officer at EarnUp. “Employees need tools that provide the practical application of debt management, an automated solution and dynamic guidance that makes it easy for them to take action. With EarnUp@Work, employers can provide their workforce with better tools to help employees achieve financial stability and improve their overall health.”

EarnUp@Work can be co-branded or private labeled and the tools can be used together or individually. The platform also features fast, easy onboarding, requiring no technology resources.

*EarnUp is not a money transmitter and will not receive or hold your funds. Money transmission services are provided by partner financial institutions.

To learn more about EarnUp@Work, please visit EarnUp.

Employee Burnout Puts Employers’ Workforce Retention at Risk

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