FX – CX design model for foreign currency and international payments
Target state customer experience CX design model for foreign currency and international payments
FX end customer experience CX design business model
Customers moving to other banking institutions due to a lack of transparency with foreign currency charges
Unsophisticated product and service offering
Series of initiatives that are focused on closing out business function gaps and ultimately winning back market share for the organisation.
A sophisticated end-to-end CX design business model that segmented customers in the correct channel and identified key pain points in the product and services delivery value chain
A clear view of the Target State Business Operating Model for FX and international payments
Foreign currency exchange is a complicated process. For customers of an Australian bank, sending money overseas involves foreign banks providing additional services to ensure the transaction is settled as per customers instructions.
One issue was that the bank was unable to provide their customers with transparency of fees charged for the end to end service. Understandably customers weren’t satisfied with the service, with some leaving to find a more sophisticated banking institution with greater transparency and confidence.
An end-to-end customer experience view was developed through CX design which identified key pain points by customer type and channel (i.e. banker, branch, online etc.) through to the relevant front, middle and back office support functions. The focus was on customer demand types and how well each of the relevant business processes, technology and people were aligned to support customer needs.
This solution provided the banking institution with a clear view of the Target State Business Operating Model for FX and International payments along with a series of initiatives focused on closing out business function gaps. This regained much needed customer confidence, winning back market share for the organisation.
Horse racing continues to strengthen female audience
Highly secure platform with a validation rate of 96.4%
Unico is proud to have supported Racing Victoria deliver their vision for the All-Star Mile for three consecutive years. The All-Star Mile is the world’s richest mile and the only race where the Australian public choose who races on the day.
Racing Victoria and Unico collaborated to create a highly secure website and voting platform that is auto-scaling, auto-healing with cloud-first design, and the ability to handle high levels of user traffic. Unico is proud to announce for the third year that a Big 4 Advisory firm’s Cyber Security team were unable to penetrate the platform and a validation rate of 96.4% was achieved through SMS verification codes and Salesforce marketing cloud campaigns.
This year’s All-Star Mile continued to engage fans with 10 wildcard Owner Ambassadors who shared a prize pool of $500,000, with Matt Fory from Shepparton taking home the top $250,000 prize alongside winner Mugatoo.
If you would like to find out more about Unico’s All Star Mile secure website and voting platform, please contact Evan Harridge.
Omni Executive & Unico are proud to support the Melbourne Business School ‘Wandering Warriors Scholarship’
7 April 2020
Omni Executive & Unico are proud to support Wandering Warriors through the Melbourne Business School ‘Wandering Warriors Scholarship’. The Wandering Warriors Scholarship program will provide veterans with the opportunity to study, grow, and develop through Australia’s leading MBA program, equipping them will the skills, experience, and network to successfully transition out of defence and further their future career.
Omni Executive and Unico, have joined forces to deliver end to end high availability mission-critical solutions to the Australian public sector. Both look forward to working with Wandering Warriors and the Melbourne Business School to grow the veterans scholarship program and continue to support our deserving veteran community.
On Thursday, 22 April, Unico and Omni Executive will be hosting a launch event, if you are interested in attending please register your interest below:
Date: Thursday, 22 April
Time: 5.30pm -7.30pm
Location: Situation Room, National Press Club of Australia, 16 National Circuit, Barton ACT 2600
RSVP: Please click here to confirm your attendance by Friday, 16 April. We look forward to seeing you at the launch
How will work change in the future? COVID, the catalyst for change
How will work change in the future? The post-COVID office and flexible workforce will drive lasting changes in the workplace that businesses need to prepare for.
The world is full of examples of innovators who sensed a need for change in their environment and used it as a catalyst for lasting improvement. Those visionaries took their teams through adversity and invented a new future. We believe that in the years to come we will see that the year that everyone would rather forget, 2020, was the year that lasting change was enacted in our lives and businesses.
In Australia, the most obvious manifestation of these changes will be the move to remote and hybrid ways of working. We have seen workforces successfully move to a remote working model, but we believe that the real lasting changes from this transformation are yet to come. Specifically, we believe that:
Remote working solutions will need to adapt to better fit a hybrid working future or flexible workforce.
So exactly how will work change in the future? Today’s completely remote workforce will move to a hybrid model where employees once again seek the enhanced collaboration and social-bonding benefits of the office. Solutions that have worked fine for the fully remote workforce (e.g. desktop-based video conferencing) will need to be augmented with solutions that provide collaboration between mixed groups of remote and onsite team members.
We’ve all been part of a meeting where collaboration has suffered and failed due to team members participating online and in person, or the person working from home wasn’t invited in the first place. These scenarios will become the norm in the post-COVID office, and SMART solutions will be a necessity as it is unlikely teams will ever fully co-locate again.
On-site working solutions required for a safe and compliant post-COVID world.
The return of workforces to offices will require active solutions to balance staff sense of safety (is this building safe for me?), building practical usage limits (lift throughput, floor and meeting roaming occupancy etc.) and employers’ legal obligations (am I fulfilling my legal obligations) in an effective manner.
Our team has significant experience in SMART office solutions, which started with SMART Desks a number of years ago. Due to COVID the team saw a need for a SMART Space solution – JourneyHub was born. JourneyHub is a SMART Space solution that allows landlords and employers to manage their office space safely and efficiently through IoT sensors, AI/ML and IT integration capabilities.
Suburban and metro business adapting to a hybrid working future.
One of the few positives of COVID has been the new life that has been breathed back into local high streets and community areas. Hundreds of thousands of people who traditionally spend their days in the CBD are working from home, potentially juggling childcare, and education responsibilities. This trend of flexible working and increased activity in suburban areas will provide opportunities for local businesses to flex to growing customer demand.
A good example is neighbourhood gyms, who are poised to benefit with the permanency of flexible working, resulting in increased demand for daytime classes and gym space. This will need to be balanced by addressing anxiousness relating to over-crowding by real-time updates and allocation of their equipment to their neighbourly customers who are using their newfound work flexibility to fit in a gym session between video meetings.
To make this type of solution work, it requires clever integration of sensors to measure usage, CRM systems to keep track of customers, AI/ML modelling to predict usage and mobile applications to inform customers when the ‘coast is clear’. Unico’s SMART Space solutions are well suited to bridge the gap between innovative business ideas and technology allowing businesses to capture new customers.
Is your business grappling with the question “How will work change in the future?” If you wonder what the post-COVID office might look like and think that IT transformations can help you reach your goals, we might be the people to help you.
Built in multiple edge case scenario capability & ACID compliance
Many Telcos don’t have the budget, resources or knowledge to develop an entitlement server solution for their own business.
That means they are missing out on crucial new streams of revenue that can be gained from charging customers for value-added services.
Entitlement server solutions are used to allow users to connect multiple SIM and eSIM enabled devices to one number and service. This connection can be bundled into a subscription package where pairing capability is offered via mobile app.
Our solution uPair gives lower tier Telcos the ability to compete with Tier 1 Telcos by offering their customers wearable tech pairing at a low cost of entry.
Unico partnered with Australia’s largest mobile service provider who needed an application that allowed Australians to use the built in cellular capability of the new ‘Apple watch’ (GPS + Cellular) .
In doing so Unico were the first in Australia to develop an eSIM solution that supported wearable device compatibility.
By integrating this entitlement solution our customer could share a single service with a mobile device through sharing accurate subscriber identification information with their network.
Our client was equipped with a telco grade, real-time and high availability entitlement server solution that enabled them to offer value-added services to their customers.
uPair was able to meet the needs of a world-class telecomms provider and deliver a world first in eSIM technology.
– John Rowland, Managing Director, Unico
The project included provisioning and enabling of the eSIM for the Apple Watch to download and update its network whilst allowing paired devices to operate with a ‘shared number’ service. The partnership marked the first time an eSIM technology had been delivered to the Australian consumer market.
Thanks to uPair thousands of Australians are connected to Australia’s biggest mobile network for phone calls and messages via their wearable devices.
If you are interested and want to find out more get in touch below and talk to us today.
What is SMART workplace technology? And how can it help businesses return to the office in the new COVID-19 normal.
SMART workplace technology has played a major role in the PropTech industry for decades, but what is SMART technology? And how can it help businesses return to the office in the new COVID-19 normal.
SMART technology and SMART workplaces have played a major role in the PropTech industry for decades and have gone through many transitions and evolutions over the years. A range of solutions exist on the market that are primarily focused on workforce management, workplace traffic management, analytics and access control. However, the ongoing COVID-19 pandemic has resulted in a range of SMART technology options being adopted into a range of workplaces by both tenants and building owners.
So what is SMART technology?
SMART technology means “Self-Monitoring Analysis and Reporting Technology”. This technology is used to provide cognitive awareness to objects, by making use of advanced technologies like internet of things, artificial intelligence, machine leaning and big data.
This technology makes use of smart devices like sensors to collate, adapt and convey information about objects and environment, making the monitoring process seamless and self-governed.
SMART technology lays the foundations for what we like to call a ‘SMART workplace’ which can be defined as:
A digital transformation driven solution encapsulating products and systems, connecting employees and their work environments. A SMART Workplace is geared towards improving collaboration, increasing productivity for workforces and providing employee wellness and safety, thereby helping organisations to make effective and optimal utilisation of human capital and physical resources.
But how can a SMART Workplace help your business in the new COVID-19 normal?
1) Temperature scanning & safety gear detection:
Thermal imaging camera technology has been used across a variety of industries to help identify abnormally high temperatures that pose a health or transmission risk. However, the advent of COVID-19 has driven its widespread adoption in new areas such as retail and real estate. Most approved medical devices utilise infrared radiation to accurately measure temperatures. Placing cameras at designated entry points across a workplace means pedestrians can be monitored for unsafe temperatures that could pose health risks. This information can then be directly sent to users or staff via a mobile app, who will then enact internal safety procedures. Add in AI-enabled mask detection capability and you can systematically help prevent health threats, mitigating the risk of workplace outbreaks.
2) Workplace data & traffic management:
As additional safety procedures are implemented at scale across larger workplaces, the challenges of managing the capacity of people from the lobby, to the lift and into the office become increasingly apparent. Social distancing protocols mandate set lift capacities and other safety precautions that cause major lift delays in larger workplaces during peak periods. Consequently, it is essential that organisations maximise building capacity to make commuting as efficient as possible. By integrating sensor data, analytics and a mobile application landlords and tenants can easily gather accurate insights on occupancy and utilisation. These are be used to safely manage lift capacity, track overcrowding and identify areas prone to overcrowding that pose health risks. Detailed data and reporting are essential for larger organisations looking to ensure staff can safely return to the office at scale and formulate a key component of a workplace traffic management plan.
3) Social distancing management:
Some organisations will require social distancing protocols to be implemented and upheld throughout the workplace. Live reporting on usage and occupancy of space can help safely manage density across the workplace.
SMART occupancy sensors are IoT devices that can detect someone’s presence and location in real-time. Installing sensors across leased and communal areas allows management to determine with pinpoint accuracy how many people are occupying a specific space. This data can then be used to determine if individuals are within space capacity limits in areas such as lifts, common areas, meeting rooms or even individual desks. Combine this data with an integrated mobile app and you can enable real-time proximity alerts that notify staff when they have breached pre-set social distancing protocols or are at risk of overcrowding.
4) Mobile ID scanning and touchless technology:
High transmission risks within traditional work environments has resulted in the need for touchless alternatives to buttons and handles as well as the reduced human interaction where possible. Hardware such as touchless buttons and mobile ID scanners can support a ‘frictionless’ journey throughout an entire building. By taking this one step further and integrating facial recognition or mobile authentication, physical interactions can be removed at selected access points. Add in a web application for guests or visitors and you can manage sanitary access control across an entire building.
5) Usage based cleaning:
Bathrooms, kitchens, desks and other high-touch areas pose a significant infection risk that can be greatly reduced through cleaning based on usage rather than schedule. ‘SMART’ occupancy sensors can register usage instances and alert tenants when cleaning or sanitation is required after a set amount of usage instances.
Are you considering utilising SMART workplace technology yourself or for your clients?
Unico develops and integrates a range of SMART workplace solutions and SMART technology for Australian businesses, building owners and developers.
If you would like to find out more get in touch with me today.
The three factors holding your organisation’s internal Intrapreneur innovation back.
At Unico we are undergoing a transformation. Not the “digital transformation” you hear so many organisations undertaking – these are largely cost management measures that stand to deliver no incremental value in their own right. Nor is it just another cultural transformation. We are instead recognising the fuel inside our people, incredible ideas of better ways to work, or great businesses to be in, and providing the spark that will help ignite their passion to succeed and become true “intrapreneurs”.
New employees come to an organisation green and enthusiastic but soon the light starts to dim. As they are increasingly seen as creatures of one-dimensional value, all sorts of things start happening. They loose focus. Their productivity drops. And, worse, they start thinking the grass is greener on the other side. And as soon as they think this – for the very first time – you have lost the battle to keep your most valuable asset, your people.
Where and why they go is a subject for another day, but one of the key reasons is that they think the business won’t listen to their ideas that may add value. These are the Intrapreneurs – those in your flock who can see a better way to do something. Or a new customer to serve. Or maybe an entirely new market to serve with a different product.
What holds an Intrapreneur back?
There are many factors that stop people thinking they can or should innovate and become an Intrapreneur. Here are three that will easily override any words from management about how important innovation is.
1) KPI’s – Key Performance Inhibitors:
One of the key inhibitors of performance in real, meaningful terms, are KPIs. I don’t mean to say that measuring performance is not important, but I do think that the process of defining KPIs is fundamentally broken in many of the organisations I’ve observed. To the business the KPI tries to identify success criteria for a given employee. But that’s not what the employee sees. They see a leash – if something is not in the KPIs, then it is not allowed to be done. Certainly, there are individuals who manage to renegotiate their KPIs regularly to reflect what they have done, but are they really just gaming the system?
Another impact of KPIs is the punitive shadow they cast over the whole organisation. When they do stick to their KPIs, there is no incentive to fail, so why would they try something new? They are not rewarded for trying something new that might fail – failure ultimately means lower financial reward. This is one of the most powerful drivers of behaviour, and if your performance measurement does not make an allowance for failure, your organisation risks becoming stagnant in a sea of fast moving competitors doing everything they can to get and stay ahead of you.
It is hard to define valuable KPIs, and nearly impossible to define KPIs that might drive an intrapreneurial outcome, since the results probably will not fall within the typical 12-month measurement window. Einstein was quoted as saying “Not everything that can be counted counts, and not everything that counts can be counted”. This is very true in the case of KPIs.
“Not everything that can be counted counts, and not everything that counts can be counted ” – Albert Einstein
2) Business as Usual (BAU):
Many organisations tend to prioritise BAU work, which is natural. After all, BAU is what has successfully driven the business in the past, so anything that impacts that baseline must be bad for the business. I call this tactical value, and it may be necessary in sustaining the organisation for the coming year, but it is not sufficient for longer term success. Few realise that focusing on tactical value may be the very lid keeping your teams from contributing strategic value – value that could fuel the organisation for decades to come.
At least one organisation we work with are suffering this at the moment. With a key customer under their belt, BAU for them has become anything that keeps that customer happy. What they have realised is that this view of success has reduced the ability for them to progress their product roadmap beyond its original MVP, and that has limited their ability to be successful with other customers. Fortunately, that’s has now turned around in favour of generating strategic value.
3) Paralysed by a vision of success:
A great idea can get stuck at the gate when an Intrapreneur realises that they don’t know how to take them forward or lack the resources to do so. A logical place to seek help in many cases would be their employer, except that typical employment instruments make a clear claim on IP ownership once exposed. Why would you tell your employer that you have a great idea for the next biggest thing, if it’s just going to be taken away from you?
So instead of flourishing it sits in the back of its creator’s mind, niggling away at them and creating more and more dissatisfaction with their job – each day bringing them closer to leaving you.
Is there a better way?
At Unico we think there is, and it starts with support, funding and recognition of the value contributed outside of traditional productivity metrics. We have built processes, funding opportunities and recognition programs to encourage ideas to be brought out into the light and be explored. And we are recognising that innovators need to be explorers – they need to carry their knowledge into new conversations, where two separate ideas can smash together like particles in a physics experiment, combining to form a new idea and releasing an energy that wraps around the team and drives them forward with a new passion.
This exploration is an opening of our doors to the outside world and inviting other organisations in to experiment with their own ideas and finding common purpose as we collaborate to bring new innovations to life.
uSpark is an organisation dedicated to pursuing innovation from all corners of industry. We have recognised through conversations with Unico’s customers that there are organisations all over our nation with great ideas bubbling up within their teams, but without the processes or the support to allow those ideas to develop.
We aim to help put innovation into the heart of all businesses without disrupting core activities, providing tools, processes and space to test new ideas and identify potential customers and markets. Our team has a broad range of innovation experience, from start-ups to large corporates, both local and from the heart of innovation, Silicon Valley.
For more information on our processes, people of how we can help bring your ideas to life, contact me by looking below.
The Australian super industry is undergoing a period of unprecedented disruption as technology reshapes customer engagement and expectations and drives funds to redefine offerings and delivery capabilities.
Customer expectations are rising, forcing organisations – regardless of size or sector – to become increasingly customer centric and digitally enabled to not only gain competitive advantage, but even just to compete and survive.
Super is no different. A shift is occurring. What members consider the ‘norm’ has changed. They expect a tailored customer experience, not just to be shown their portfolio. They expect to be provided with transparent value and benefits, personalised recommendations and insights. They want great service, competitive returns and an understanding of what you, the super provider, is doing for them personally.
Coupled with this heightened expectation is a loss of consumer trust in Super funds. This industry and regulatory shift is forcing funds down the expensive path of restructuring organisational values and having to adhere to strict regulatory compliance which has been amplified by political and public scrutiny.
As the power shift to consumer increases, funds have been witnessing an increase in customers exercising their choice to leave in search of better alternatives. This trend is causing a flow on effect of voluntary and involuntary consolidation and mergers of funds.
As funds re-establish standards, technology can be leveraged to help drive customer engagement and strengthen governance practice through the following:
1) Data virtualisation platforms – a single source of truth for all your data:
Many funds run administration services across multiple disconnected systems with little to no integration. Most of these systems are slow, expensive to integrate and require a high level of manual processing that can result in technical debt costing time and money to maintain.
Having to rely on a range of disparate systems usually means there is limited capacity to effectively map out client behaviours and interactions across all channels, as data sets are isolated. This results in an incomplete customer profile that does not consider all aspects of a customer’s financial history and behaviour.
Funds also often lack the ability to accurately curate structured data and unstructured data (emails, texts, letters etc.) collected from customer journeys. Consequently, they are unable to comprehensively understand each customer’s experience and by extension how to best serve each customer thr9ough customer engagement.
Data virtualisation is a technology data management solution that allows an application to retrieve and integrate data from across an entire organisation regardless of where it is located and present it in a single place. Governance, control, data lineage and security can be managed and even enhanced using data virtulisation, over other data consolidation techniques. This allows customer and business insights to be gained quickly and often more cost effectively than building data warehouses and data lakes. Modern financial services challenges require solutions that facilitate a faster and cheaper time to insights, whilst managing governance requirements. Data virtulisation is one way funds and companies can meet the challenge.
2) Artificial Intelligence (AI)models for improved customer engagement and member experience:
Adopting AI offers a viable solution to customer engagement by enabling funds to connect with clients via AI generated insights. Unprecedented amounts of data can be analysed to find patterns, trends and inflections to determine exactly when and how customer’s needs have changed.
Once established, AI algorithms can engage customers in automated interactions that previously wouldn’t have been cost effective, including customer queries and conflict resolution. Super is often perceived by customers as complex as they struggle to understand the benefits and the value the fund is providing. AI and automation has made first class customer service cost-effective, scalable and achievable for the super industry.
3) AI powered regulatory risk & compliance frameworks:
Compliance, risk and audit have traditionally been reliant on rule-based processes to assess and prevent compliance breaches. In addition, these systems often rely on data from a single platform for each risk assessment. However, without a holistic, enterprise view of the enterprise it is difficult for a fund to truly assess enterprise compliance and manage its whole-of-company risks.
AI paired with a data virtualisation platform can be used to build and train models to have secured views on all enterprise data. Data sources for each model can be tracked and managed for traceability, bias reduction and stop non-compliance from the source, through to model development and production. This combination provides lineage from source data to AI model to the final AI-powered decision; a vital component in good financial service governance.
Proactive risk management, governance and compliance tools and frameworks can anticipate, detect and manage AI-backed risk assessments and analytics – allowing funds to respond faster to threats and be nimble in responding to changing regulatory compliance demands.
Four ways to protect your investment in IoT from cybersecurity threats
IT professionals are used to thinking about how to protect our information technology assets from cybersecurity threats. Data loss, data theft, exposure, identity theft and ransom attacks are the menu du jour. As we move towards Industry 4.0 internet of things (IoT) is connecting operational technology (OT) to the network at breakneck speeds, raising the stakes for cyber-attacks to the levels of tales we see in dystopian fiction.
We have seen nation-state attacks against nuclear power plants (India, November 2019), as well as widespread attacks on IP connected surveillance cameras. Just today it was announced that a major cyber security attack has been identified by the Australian government. However, threats like ransomware take on a new form: consider a farm with hundreds or thousands of IoT sensors being held ransom under the treat that their crop may be flooded just before harvest, sending them into financial ruin.
Physical security used to be the primary concern for OT managers, but now we must consider a broader landscape due to cybersecurity threats.
How do OT cyber-attacks work?
In addition to securing the back-office systems the devices talk to, OT security professionals now need to look at the devices themselves. The attack vectors can be broken into four key areas of concern.
1) Device firmware: This is the software running the device and comprises the base operating system on the device and the application sitting on top of this. Both elements will make use of code which is either subject to unintentional vulnerability via defect, or introduction of malicious artefacts through open-source libraries in use.
2) Device hardware: There are common protocols in use to communicate between the hardware elements of IoT devices which can be the subject of attack. The very common I2C and one-wire protocols connect sensors and actuators to a device and are prone to being sniffed if physical access is available.
3) Device APIs: IoT devices are useless unless they are connected to a back end, and these interfaces or application program interfaces (APIs) are often vulnerable to attack. The same attack tools used to attack web servers can be used to attack IoT devices; most common weaknesses exploited are default usernames/passwords, weak passwords, and hard-coded passwords, but buffer overrun attacks are also a concern for the transport protocols in use (HTTPS in most instances) where the attacker uses carefully constructed URLs to attempt to break into the API.
4) Radio networks: Wireless communications are a dream come true for an attacker, removing the need for physical access to carry out an attack. Open discovery protocols or weak network configuration can leave devices open to man-in-the-middle attacks which potentially expose user or API credentials, allow actors to extract, inject or otherwise change device data or allow actors to alter the state of actuators by replaying or inserting commands on the device interface.
“Physical security used to be the primary concern for OT managers, but now we must consider a broader landscape.”
So, what can you do?
We have found that there are four components to an effective protection strategy for IoT assets from cybersecurity threats.
1) URL filtering: This is the practice of recognising URLs that are known sources or destinations for cyber-attacks. In the case of IoT it is particularly important to manage this access to prevent BotNet attacks which can generate significant amounts of traffic or computational load.
2) Behavioural assurance: IoT devices are typically low power, low data bandwidth devices so many will fit into one of a few behavioural patterns. Once a pattern is selected for a device, we watch traffic for patterns outside this behavioural definition. For example, a period of high data utilisation when the device has been classed as low bandwidth, or traffic generation during a period when the device should be dormant.
3) Behavioural profiling: Patterns of behaviour can be established quickly for IoT devices. Artificial intelligence (AI) algorithms can be trained early in a device life cycle to understand the expected behavioural profile of a device, observing low traffic under normal circumstances, occasional high traffic due to an event, and seeing traffic to several legitimate destinations. Once established, the AI can continue to scan the traffic, watching for changes in this behavioural profile to understand when an attack is imminent, or under way.
4) Global threat profiling: If you have access to enough devices, AI algorithms can begin to learn the patterns of the threat actors as well. This can be applied to the entire population of devices under protection, meaning that new threats can be identified and acted on more rapidly than would be otherwise possible.
Choose the right protection and integrator
Unico have extensive experience delivering tailored solutions that meet the specific needs of our customers. Alongside Allot, one of our strategic partners, we have a product that provides four comprehensive modes of protection for your IoT infrastructure:
Global threat profiling
If you would like to find out more about protecting your business or your customers business from cybersecurity threats, then please get in contact as I would be happy to show you how the Allot IoTSecure Service can provide affordable, multi-tenanted IoT protection solutions ready to ship to your customers out of the box.