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Move over VR: XR in sports is the future

sports_vr

Being stuck at home for most of the year so far has been challenging, and with a new surge coming we are likely to be self-isolating for a while longer.

Physical activity is crucial during this time if for nothing else than to give us something to do other than sit around and wait for a vaccine.

Work/life balance is crucial right now and any emerging technology that gives people safer options for social and physical interactions is going to become a booming industry.

Social media has been a lifeline for getting people connected to each other for virtual exercise classes, but what if technology could take working out at home to a new level?

Extended reality (XR) is one of the solutions that could get people back to playing real sports again but on a virtual scale. XR includes technologies such as augmented reality and virtual reality, and when applied to play sports it also includes real sports equipment and sensors to simulate real gameplay.

When these technologies are used for sports, people can be safely socially distanced from each other while also experiencing the competition of realistic gameplay.

Networks are used to link players together from different locations, and competition can be achieved through virtual means, complete with leaderboards and tournaments.

Being able to play recreational games is crucial for work/life balance, which is out of balance for everyone right now. We need social interaction to be good at our jobs, and extended reality is one of the emerging technologies that can safely provide that.

Can extended reality help bring people together socially while satisfying their need for competitive sports interactions during the pandemic? This emerging technology is poised to become one of the business opportunities of the future spurred on by the pandemic.

Also Read: (Exclusive) Thailand’s fleet intelligence solutions startup DRVR close to raising US$450K funding

Learn more about the future of virtual sports from the infographic below.

XR Sports Infographic

Infographic source: Sportstacular

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Charting the rise of hyper casual gaming: An insight into the massive mobile industry

Mobile gaming is emerging as the prime pastime for a record number of consumers. With the onset of social distancing rules, more people than ever are using their downtime to discover new games, or binge on favorites. In a single week in March 2020, users globally downloaded a whopping 1.2 billion mobile games — amounting to the biggest week ever for app installs.

Leading this surge is gaming’s fastest growing category: hyper casual. These bitesize pieces of content have taken the industry by storm, allowing players who might not even identify as gamers to idle away a few minutes here and there. With simplistic yet satisfying mechanics, their accessibility and ease of understanding not only gives them broad appeal but allows developers to make them quickly, see what sticks and then scale the marketing once they’ve found a hit.

But a spike in the market in 1Q 2020 may not be indicative of an industry trend. Hyper casuals had dominated download charts long before COVID-19 (representing 78% of the most downloaded new games of 2019), and the category is poised to grow and evolve, with more titles adopting a ‘hybrid casual’ model.

The rise of hyper casual gaming is broken down in Adjust’s latest report, created in partnership with Unity. The report benchmarks hyper casual performance both pre- and post-install, while also giving marketers new to the genre a primer on what these apps are all about.

Also read: How this entrepreneur is stepping up the game for gaming tech e-commerce

How COVID-19 affected hyper casual gaming apps

The global pandemic has upended societies and economies everywhere, but what has been the impact on hyper casual gaming? Our first look suggests that the COVID-19 has significantly contributed to driving more users to the genre. Cumulative install and session data for six countries from Adjust reveals how stay-at-home orders have increased interest in hyper casuals throughout the pandemic.

For the period December 2019 to March 2020, installs more than doubled (103%) globally and as installs rose, sessions ballooned to match. Compared to December 2019, which had already exceeded one billion sessions, hyper casual sessions increased a further 72% in March. An examination of the ratio of paid vs. organic installs show the opposite dynamic as the number of apps installed from paid advertising declined 26% from 80% in October 2019 to 59% in March 2020. Ironically, organics come out the winner, showing that people stuck at home are more willing to browse and experiment.

The challenge going forward will be sustainability and growth prospects for the hyper casual genre after social distancing eases. Will new users continue to flock toward the genre? And will the broader trend of growing ad inventory be reversed as the overall economy picks up, allowing key metrics and methods to revert back to their pre-crisis mean? Will margins suffer from this drop? Nothing is for certain, but it does appear as though the business model of hyper casuals is here to stay. This will no doubt have implications for mobile marketers from other verticals, as the overall trend toward optimization and automation takes hold.

For more insights into the rise of hyper casual gaming and the effects of COVID-19 on the industry, download Adjust’s hyper casual gaming report 2020 here.

This article is produced by the e27 team, sponsored by Adjust.

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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This gay founder is creating a safe media platform for LGBTQ community in SEA

It is 2020 but the fighting of the LGBTQ community continues the world over.  Take any industry, the community is still grossly underrepresented. Tech industry is no different either; their overall condition is yet to progress into a more inclusive nature.

As our recent oped pointed out, the startup ecosystem — even in places such as Silicon Valley — is yet to achieve LGBTQ inclusion. If this can happen in a country where its previous government had shown support for this community, just imagine the plight of the community in Asia, particularly Southeast Asia, where religions and traditional beliefs are often mixed and sway one’s judgment.

The domino effect

e27 got a chance to talk to Jay Lin, a gay entrepreneur based in Taiwan whose company Portico Media is focussing on LGBTQ-inclusive contents. Lin was one of the headliners of Startup Impact Summit’s “LGBTI – Why it matters for Impact and Sustainability” session.

Lin grew up in Taiwan before moving to the US when he was 10 years old. He then pursued higher education in a law school in the Bay Area, where he realised that storytelling in a media platform is something that is very akin to his inner passion.

“I started Portico Media in 2004, so it’s been around for 15 to 16 years, with the initial core mission to provide more channels to virtual cable operators. To do so, we partnered with big media companies in the US such as NBC Comcast, Viacom and linear TV channels in Taiwan,” Lin recalled.

In 2009, Taiwan was making a transition from analogue to digital. “So starting around 2014, with the company being more financially stable, I decided that I needed to use the influence that I had at that time in the industry to produce and distribute the content that focussed on LGBT programmes. I think there was a big disconnect between what was available then and what was being produced out here in Southeast Asia or Asia. And also in the West,” he said.

And so being in Taiwan, Lin felt like this was something that he could give back to his community first.

“Given that I’m also a part of the LGBTQ community, I can do something about it — but not to an extent where I could jeopardise the financial security of my company. So I started by doing a film festival — a once-a-year event — by bringing in different movies from around the world that I thought were meaningful, impactful or entertaining,” Lin said.

The festivals took off and was distributed in many major cities in the country. Its success motivated Lin to start the first LGBT movie streaming service in Asia, called GagaOOLala, in 2017.

The challenge with Asia

According to Lin, Southeast Asia is one of the most complicated and diverse territories in the world with 12 countries and different languages, historical backgrounds, cultures, religions and different layers of nuances that the company needs to figure out for themselves.

“We also need to account for how all these countries are at different stages of economic development as well as internet stability. We definitely entered from the get-go into one of the most challenging markets in the world. But given that it was so challenging and complicated, the learning curve was definitely very steep. And sooner or later, we found out that there were certain priority markets that we had to focus on,” Lin shared.

Lin added it is now clearer that markets such as the Philippines, Singapore, Malaysia and Thailand are the firm’s key territories. “We don’t need to focus on certain territories where too much advertising or too much buzz can create the opposite effect, attracting too much attention from people who are anti-gay.”

How to become an ally

With ‘Pride Month’, or LGBT History Month, coming to an end in July, we’ve seen many big companies struggling and succeeding in showing what an allyship to LGBTQ community should be like.

“I think we need to start with two layers — one layer is like internal openness to be accepting and embracing people from a different nationality, gender, sexual orientation and religion. I think those kinds of environments are the ones that a startup can thrive in. Because if you are able to create things that are catered to people from different backgrounds and those who have different experiences, they can share with you how to fine-tune or improve like the service or products,” he said.

Lin emphasises that inclusion should be a culture in a tech startup.

“I think in doing so, the employees of that organisation are going to feel vested in the growth of the company and to feel like they are truly a part of the company. And as employees, the sense of belonging will make them work that much harder for the company to succeed,” he said.

“Begin with an open mind and open hearts, because that’s when great ideas, management and leadership can come forth,” he added. “Bear in mind that gay people are or people as well, they’re underrepresented. We have preferences, whereby if you just switch and select the service or part just a little bit, I think you could have a huge impact as a startup.”

Opportunity, not exploitation

As it is still regarded as a highly sensitive matter for some countries in Asia, Southeast Asia in particular, tech startups mostly choose to remain mum on the matter. Next to none of them are participating in any LGBTQ rights campaign, nor are they showing a clear stance from the get-go.

This, to a certain extent, can be seen as a safer move made by most tech startups to avoid ruffling the feathers, especially in countries where there’s no real validation for LGBTQ community’s existence.

On this, Lin shared: “If you genuinely feel like this is something that is underrepresented and underserved and what you offer is ultimately a great service that can enhance the wellness of the LGBT community, I think a lot more products, services and technologies can succeed because right now a lot of people in different parts of the world who are a part of community are still closeted or unwilling to disclose their true identity. But they certainly do have those preferences and they do have those needs.”

Using GagaOOLala as an example, Lin said: “We have been getting subscribers and members from the most intolerant, the most horrific countries in terms of treatment of LGBTQ community. So, it proves that gays are everywhere and also have a need similar to everybody else, which in our case is to consume content that they can thoroughly identify and enjoy.”

A world where having two dads is acceptable

With the media products such as HahaTai, Drama Queen, GagaTai, LalaTai, GagaOOLala, and GOL STUDIOS, it seems like there’s nothing stopping Lin with his mission through Portico Media.

Lin admitted that his fight is not without reason because he is, in fact, is a dad of boys.

“I feel like a sense of responsibility as someone that got them into this world, into a great family, to do all that I can to make sure that I put them in a friendly and loving environment. I hope to embolden them with virtues and strength to fight off all the possible discrimination or the ignorance, as well as potential bullying that they’re going to face in the future. If their daddy can be the great barrier to pave the way for them, maybe with them and also a whole generation of younger LGBTQ, including themselves, can have a better life in the future,” he concluded.

Photo by Joshua Stitt on Unsplash

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How startups can benefit from early investment in tech

Today, you may try to ignore new technology in your personal life but that’s not an option in business. If you want your startup to succeed in today’s technology-driven business environment, being luddite isn’t going to help.

Investment in the right technology and its adaption can offer an edge over the other competitors in the industry. Let’s try to understand where to start with technology and how it can benefit startups.

Start with people

When a team works in silos, they may not understand the importance of using a new application that will help the company’s overall business.

However, if the team understands the big picture of the business and its vision for the future, they will easily comprehend and support the invested technological advances.

My advice is to get buy-in from every level. Once you see that the new technology has the potential to save time and drive innovation, next you need is to sell that vision to your team who will use the technology daily.

Lean workforce

Every business has operations that are repetitive and tedium. Adopting technology that can automate certain tasks - such as the influx of support tickets, workflow for escalation process to avoid bottlenecks, invoice processing and payment reminder to your customers; these are just a few examples that can allow your team to do higher-value work that brings more value to the business and also allow an individual to be more engaged in their jobs.

On a fundamental level, automation tools like BPA can equip your staff with the skills and mindset to spot inefficiencies and address them with technological solutions.

Also Read: Top 5 promising media tech startups to look out for in 2020

Your team will be able to process more complex problems quickly and communicate effectively which will allow your team to have the maximum impact on output by applying minimum energy on input.

Use data to drive results

Many of the startups fail because nobody needed the products those startups were offering. Smart startups first scrabble into an in-depth market analysis where they learn about their target audience and pain points.

They create metrics using data and perform extensive research to know if the solution can potentially meet customer needs, startups should create a Minimal Viable Product that captures their idea and bring it into the market as quickly as possible.

That’s how a startup can validate the potential of their project and gain feedback from users to make their products or services even better.

Don’t stop after a rollout. You should try to gain momentum with each implementation instead of letting another solution become stagnant before starting the process over again. Measure user impact metrics, ROI, and other meaningful interactions, and then use that information to make the business offering better with the help of technology.

If we take an example of a game startup company, right after the rollout of a new game. It is critical to know how a player is making progress to the next level which could mean a lot of things such as levelling up, completing quests, completing missions, or completing milestones.

Scaling up

Early investment in tech with a strong vision for the future means you are more likely to make the right decisions for the long term. It will also help to avoid mistakes that limit growth and to eliminate wastage.

Also Read: For COMEUP 2020, the post-pandemic future will be led by startups

Without the right technology to support your startup, you may end up in a situation called premature scaling. Problems start when the owners begin to focus on one area of their operation and advance it without proper synchronization with other parts of their operations.

This is normal because as an Owner you may not be able to keep track of everything unless you have a technology that allows you to see important details in a dashboard for better synchronization and decision making.

Technology can accomplish incredible things, if only it’s implemented in your business to tailor-fit your needs. The latest technology trends can make your job easier and give you an edge in the modern and evolving game in business.

Keep up with what’s hot in your industry and make the effort to integrate the technology that’s the best fit for your business. The tech industry has many exciting prospects to offer for startups with unique business propositions and solid products and services.

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New normal preparation: How regtech can help the financial industry tackle money laundering

money_laundering

COVID-19 has changed our daily lives, and we are in the process of creating a new normal. With governments around the world encouraging people to stay at home, there is a corresponding surge in online, cashless transactions.

For instance, Singapore’s largest bank, DBS Bank recently shared that the volume of cash deposits and withdrawals have plunged 11 per cent in the first three months of this year, as compared with the same period last year.

Meanwhile, the volume of cashless transactions has nearly doubled during the same period. Some 100,000 customers have transacted online for the very first time, of which 30 per cent were above the age of 50 years.

Other Singapore banks such as UOB saw online grocery shopping growing 44 per cent in Q1 2020 as compared to 2019, and OCBC Bank saw customer spends rising by up to 50 per cent on food deliveries apps, online video as well as on music streaming services including Netflix and Spotify.

With more and more transactions moving online, it serves as an ideal breeding ground for money laundering and criminal activity, including around illicit activities such as human trafficking, arms trafficking, and illegal trade. Prior to COVID-19, the annual cost of financial crime to the economy in Asia Pacific was estimated to be at US$166 billion, according to the 2018 Thomson Reuters True Cost of Financial Crime report.

The damage could range even higher, per the United Nation’s Office on Drugs and Crime 2018 estimates which pegged the amount of money laundered each year is equal to two to five per cent of global Gross Domestic Product (GDP), roughly between US$800 billion and US$2 trillion.

Also Read: Top posts from e27 contributors to help you prepare for the new normal

In order to adhere to the new normal, regulators and banks are working together to meet the increasing demand for virtual and mobile payment solutions, however, it is not without friction. Money laundering-related activities are becoming more far-reaching, complex, and sophisticated, with regulators seeing the need to improvise stricter compliance requirements.

But the need to keep up to speed with the ever-changing rules now seems a challenge to some banks and Financial Institutions (FIs), with some already suffering major setbacks to their compliance programmes.

In Australia, its second-biggest bank Westpac has 23 million alleged breaches of AML laws and has set aside AU$900 million (US$586 million) to cover various fines and penalties. Similarly, Swiss regulators hit Julius Baer with a number of sanctions as a fall out from its own money laundering incident.

The Industrial Bank of Korea was recently fined US$35 million to resolve criminal charges against its AML program, which made it possible to funnel large sums of money.

Since 2008, regulatory fines imposed on FIs around compliance lapses stood at over US$300 billion; and this is expected to surge due to the growing complexity of compliance regulations.

Different monetary authorities in Asia are taking action to help reduce the impact of financial crime. For example, The Hong Kong Monetary Authority (HKMA) offered guidance to assist authorities with their Anti Money Laundering (AML) and counter-terrorist financing risk management practices during the COVID-19 pandemic.

Also Read: 4 ways the banking sector can respond to the digital transformation

In Singapore, The Monetary Authority (MAS) reassured that it will adjust selected regulatory requirements and supervisory programmes to enable financial institutions to focus on dealing with issues related to the COVID-19 pandemic, alongside providing monetary support amidst the crisis.

The global standard-setter for combating money laundering, the Financial Task Action Force (FATF), is encouraging governments across the world to work with financial institutions and other businesses to use the flexibility built into the FATF’s risk-based approach to address the challenges posed by COVID-19 whilst remaining alert to new and emerging illicit finance risks.

Some banks today are still relying heavily on manual efforts for their AML compliance. Rules-based applications produce 95 per cent false alerts, creating huge backlogs and massive ageing of alerts. With legacy systems, the costs of managing the process to read, analyse, and implement the changes in operations will only increase over time.

To align with the changing regulations, banks and FIs are opening up new digital onboarding capabilities for any type of banking services. Some banks are working with regulatory technology companies (regtech) to tap on technologies such as Machine Learning and Artificial Intelligence to assist their internal teams and better manage compliance risk.

The algorithms created can be used to identify risky customers, accounts or transactions and file timely reports with regulators while minimising operational costs with significantly reduced false positives. By doing so, FIs can focus their efforts more on their core business and build a sustainable compliance framework within the company.

With COVID-19, one can expect thousands more online transactions a day, but banks cannot afford to miss monitoring any transaction, especially dirty money. That is the reason, automation with the help of regtechs, helps keep money launderers at bay capturing unsolicited activities that could be easily missed by humans.

Also Read: Rise of marketplace banking: Is anyone winning?

2020 is a year of ‘new normals’ and everyone has their part to play in helping the economy recover. Digital transformation is no longer new but more relevant than ever when change is happening faster than expected.

There is a need for banks and FIs to quickly pivot and consider the risks and challenges created by these rapid and radical environmental and regulatory changes to ensure uninterrupted operations even during difficult times like today.

Register for our next webinar: Meet the VC: Gobi Partners

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Storytelling: A humane way to advertise your startup

storytelling

Storytelling is nothing new. In fact, storytelling dates back to very ancient times and predates the emergence of writing.

Today, storytelling continues to thrive and has been incorporated into companies’ marketing strategies to humanise their sales messages and form closer relationships between the brand and its audience.

But how does sales storytelling work? How is it possible to create a narrative in which your customer is the protagonist and your product or service is the solution that will save them from their problems? Let’s find out.

What is sales storytelling?

In the corporate world, storytelling refers to the practice of developing a narrative around a product with the intention of adding more value to both it and the brand. In storytelling, it’s necessary to transcend the characteristics of the product or service. The best storytellers go further and reach more subjective levels in their audience to create an emotional bond between them and the brand.

Sales storytelling seeks to create connections with potential customers by making them the protagonists in the story.

The goal is to arouse emotions through convincing and relevant stories. This enables the brand to retain the attention of the target audience and positively impact it.

Also Read: Are you leveraging social media platforms to increase your sales?

Three examples of good storytelling

Coca-Cola

Coca-Cola’s campaigns are some of the greatest examples of corporate storytelling. If you look carefully, the brand’s commercials and other advertising always tell a story related to friendship, family, togetherness, and love.

The product, a carbonated soft drink, appears in the background. The focus is almost never on the characteristics of the drink, but on the values ​​and feelings, the brand wants to pass on to its consumers.

Huggies

Huggies manufactures diapers, and its main competitor is Pampers. In Canada, the latter held all hospital contracts, and until 2016 was the market leader.

That year, to compete with Pampers, Canadian Huggies launched a campaign using storytelling. They created a narrative that convinced mothers to choose Huggies instead of products from their biggest competitor.

“Hugs” means “hugs”. Therefore, the sales narrative was based on a series of scientific studies that show how hugging improves several aspects of babies’ health, such as:

  • vital signs in newborns;
  • the immune system; and
  • brain activity.

As a result, sales of Huggies diapers increased by 30 per cent that year.

Check out the video:

The stories told by Airbnb resonated with audiences worldwide because they generated identification with the narrative and emotional involvement. Viewers felt encouraged to learn more about the local culture presented in the video they watched.

As you can see, knowing how to tell a good story can help you engage your audience and make them identify with your brand. And that makes all the difference in sales results.

How to create your brand story

The protagonist is the audience. Anyone who thinks the hero of a brand’s storytelling is the brand is wrong. To tell a good story, you need to understand that its protagonist is your audience. That’s where to start. The best stories are about people, not brands.

Therefore, you need to understand that storytelling is a tool your brand can use to connect emotionally with people, not to pester them with something that doesn’t interest them.

People consume and share storytelling for the same reason that they recommend a movie or TV series: because they enjoyed the story! People enjoy stories that include characters they identify with.

That’s why the protagonists of your stories must align with what your audience wants to hear.

Stories such as the one about the homemade cake-maker who lost her job and recovered by using her talent to bake delicious cakes – and sell them – tend to generate empathy and be successful.

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Indonesian fintech startup Ayoconnect raises US$5M in Pre-Series B, names new CFO

Left to right: Alex Jatra (CFO), Jakob Rost (Co-Founder, CEO), and Chiragh Kirpalan (Co-Founder, COO)

Left to right: Alex Jatra (CFO), Jakob Rost (Co-Founder, CEO), and Chiragh Kirpalan (Co-Founder, COO)

Updates: The previous version of the article incorrectly stated Strive and AC Ventures as participating investors in the funding round. We apologise for the inconvenience.

Indonesian fintech startup Ayoconnect today announced that it has raised a US$5 million in Pre-Series B funding round from BRI Ventures, Kakaku, and Brama One Ventures.

Existing investors such as Finch Capital and Amand Ventures also participated in the funding round.

With this funding round, the company has raised over US$10 million to date, with its previous funding round announced in 2017.

In a press statement, Ayoconnect Co-Founder & CEO Jakob Rost said that the funding will be used to invest in tech and grow its network of partnerships.

The company also named Alex Jatra –a former executive at HARA, Dattabot, and Kejora Ventures– as its new CFO.

It has also been growing its team to up to 100 staffs in two offices in Indonesia and India.

Also Read: Indonesian bills payment app Ayopop raises Series A funding round led by Finch Capital

Formerly known as Ayopop, Ayoconnect started out as a mobile bill payments app for end-customers.

As a B2B fintech company, it connects bill providers (such as utilities, telcos, and education institutes) with online and offline channel partners (such as minimarkets, postal service, and financial institutions), so that end-consumers can pay their bills more seamlessly within Ayoconnect’s network.

As of July 2020, Ayoconnect said that it has processed more than 40 million payments through its 600 bill providers and 40 channel partners. Its partners include DANA, LinkAja, PT POS Indonesia, Bank BRI, Bank Permata, Bukalapak, Lazada and Pegadaian.

It also counted Strive and AC Ventures as existing investors.

The company claimed a 400 per cent growth in transaction volumes within six months from January to June this year.

Ayoconnect was founded in November 2015 by Rost, who was the Managing Director of Lazada Indonesia, with Co-Founder and COO Chiragh Kirpalani, who had already had two exits for his previous companies.

In 2018, it also named Aditya Vora as its CTO.

Image Credit: Ayoconnect

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Why a pandemic is a good time to experiment and innovate on behalf of your customers

customer

Every business needs one thing: customers. Without customers, there are no sales, and without sales, there is no business. The development of the digital world opened the door to many new businesses and allowed many innovative ideas to be realised. However, reality has shown that sometimes a good idea is not enough.

A good idea for a product or service needs to be transformed into a value proposition that delivers clear benefits to customers.

That is a value proposition that will help them solve a problem, fulfil a need, or move from state A to state B.

Most people don’t want to buy product A or service B, but rather solve a problem using product A or service B. The sale happens when the customer feels the perceived value of the solution is higher than the price he will have to pay for the product or service.

This idea was brilliantly articulated in 1960 by Professor Theodore Levitt, who said, “People don’t want to buy a quarter-inch drill, they want a quarter-inch hole” and, more recently, by Seth Godin: “Don’t find customers for your products, find products for your customers.”

In fact, some studies show that one of the main reasons why startups fail is that they lack a market for their products and services. Perhaps the products and services did not meet any consumer needs, or the companies couldn’t communicate the benefits of their products and services.

Also Read: Time to pivot, not panic: The startup advantage to dealing with a pandemic

Digitisation is not panacea

Since lockdown, many brick and mortar stores and businesses have come online for the first time. Going online is must if a business wants to survive in a time like this, but digitisation is not the “vaccine” for your business.

For years, we have heard hundreds of consultants talk about digital transformation and how technology can help you serve your client better, improve their experience, and help you retain them.

It’s a promise that sells easily, but it also carries several risks. A large part of creating a digital strategy involves the “customer journey”. To map this, the service provider analyses the customer’s experience at different stages – from seeing an ad to purchasing the service – and details the interactions at each point of contact.

Unfortunately, this type of advice is causing many companies to react to the effects of the pandemic in the wrong way. We can’t keep trying to digitize our operational processes and customer relationships based on how things were done up until a few months ago.

All the measures (like social distancing) put in place to protect the spread of the coronavirus have abruptly changed the way we engage in practically all activities in public places.

Thus, the pandemic is an opportunity to discover new ways of relating to customers – not only by adding digital channels but also by completely rethinking our relationship with our target audiences.

How do we do this?

Let’s start with the “why” – by thinking about, say, why our clients want to make a bank transaction today. Why they would be willing to buy pants without trying them on? Why they would continue to order their favourite dish from a restaurant, without the soothing music or the pleasant company of friends? Why they would trust an online medical diagnosis instead of visiting a hospital?

Also read: How do you optimise the customer experience during a festive rush?

What do they really expect of us as service providers? Write down all the ideas that come to mind. Then think of a new offer, a new way of relating to your customers, and implement simple solutions that allow you to test new relationship avenues that not only replace the previous experience but also improve it.

Think of solutions as more than just a patch. Instead, consider them as things that are here to stay, that will accompany us into the new normal. Start with a couple of loyal clients and make them a part of the design, brainstorming, solution development, and testing.

Don’t be afraid of making mistakes. Take advantage of the fact that everyone is in the pilot stage. This is just one more experiment among many. But if we do something new – not just create a digital version of the reality we know – we will have advanced our companies towards a truly new stage.

Register for upcoming webinar: From zero to 100: How to grow your startup workforce

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Cybersecurity threats on the rise as companies shift to the WFH model

cyberattack

With more and more companies having to shift to a virtual office due to the onset of COVID-19, cybersecurity has also become an increasingly pertinent issue. Attackers have been using more sophisticated methods with increased efforts to launder money, disrupt opinions, and other fraudulent activities. 

These attacks are only expected to increase during this crisis, and it’s imperative that both companies, as well as individual internet users, remain vigilant during this period. 

Understanding the threats

Threats such as targeted ransomware, malware, and magecart are expected to increase during this period, and they’re usually used to target organisations like banks. 

When companies shift to a WFH model, it may also result in security loopholes that can become an area of primary concern. Those working from home don’t have the bolstered security of an office environment, as most home networks usually have weaker protocols. 

This will result in hackers having easier access to the network, and be able to send through phishing emails that have deceptive links and attachments. Google reported that more than 18 million phishing emails were sent through in April. 

Also Read: Work-from-home: Watch out for cyberthreats amid COVID-19 pandemic

Once an employee clicks on the link, the hacker will be able to have access to the device and may even receive the employee’s personal information to cause harm to the company’s systems. 

Another threat that’s on the rise in IoT and Drones. Most IoT devices have back doors that allow the manufacturer to access the device even after everything has already been assembled. Even self-driving vehicles aren’t in the clear as they have the potential to be hijacked. 

Similarly, Drones can also be equipped with certain devices such as Wi-Fi sniffers that are used to intercept the information. These criminals will then be listening for any sensitive information or credentials to gain access to corporate networks. 

Finally, you’ve got the threat of video conferencing. With the workforce expected to be working from home for a while, video conferencing has become an integral tool for most of us. Some video conferencing tools, however, have recently experienced breaches. There have been cases where someone unknown has managed to gain access to a video conference. 

These potential breaches can result in the loss of sensitive information and are considered an invasion of privacy. In such situations, it’s recommended to: 

  • Set meetings as private. You can either choose to set a password or control who will be able to enter the room. 
  • When selecting your video conferencing tool, you’d want to take a look at the security requirements and what these individual vendors can offer. 
  • Keep your VTC software up to date by installing the latest software updates. 

Also Read: Meet the 9 cybersecurity startups graduated from ICE71’s 4th batch

Protecting yourself or your company from a cyberattack?

With so many imminent threats, what’s the best way forward? One of the easiest ways to protect yourself is to use strong passwords across all platforms and devices used. You should make sure that the passwords are not only strong but also unique and long. It’s also better to use machine-generated passwords, and you may even want to consider using a passphrase.

Email security is also key when you’re working from home. You should make sure that emails can only be accessed via a company’s VPN which helps to create a network connection that’s encrypted, and will require authentication of the user and/or device. 

During this period, companies must take this opportunity to increase both the security of their businesses along with personal bank accounts as these few months has unfortunately resulted in a significant increase in all manners of hackers, scammers, and phishers.  

If all of this seems overwhelming, you’ll just have to remember that cyberattacks are a sustained threat, and hence, there’s a need to take the necessary measures to protect your organisational data.

If you’re not sure where to begin, it’s a good idea to invest in a managed service provider that can help you with strengthening your security against ongoing threats.

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Cambodian fintech startup Clik raises US$3.7M in seed funding, announces key hirings

Clik, a fintech startup operating in Phnom Penh, announced that it has completed a US$3.7 million seed funding round led by Openway and Poems Pte Ltd, the investment holding company of Phillip Capital, a Singaporean financial house with over US$35 billion under management.

The funding round also included several global angel investors, a third of which are Cambodia-based.

The fintech startup said it plans to use the funding to scale its product engineering and customer service teams as it progresses towards its official launch by the end of 2020.

Clik was founded in 2016 as a payment aggregator enabling consumer payments from cards, wallets, and bank accounts while enabling merchants to accept such payments. It claims to be Cambodia’s first independent mPOS and SoftPOS merchant acquirer.

Clik provides all these payments in contactless mode.

The company also has a single, easy-to-use platform that focusses on building consumer loyalty to boost merchant profits. Having developed their own eKYC solution, Clik can onboard consumers and merchants in minutes while adhering to the highest data privacy, security and banking regulatory standards.

Also Read: Cambodia joins the club with a newly established fintech association

Merchants have access to analytics that are driven by fully anonymised data, while consumers benefit from cash-back incentives that reward them for repeat purchases.

They currently have close to 2,500 merchants and five financial institutions in their beta programmes and access to over 56,000 more merchants via their partners.

Partnerships

The funding is claimed to be Southeast Asia’s largest-ever seed round in mobile payments, loyalty programs, data visualisation, business intelligence, and cloud data services.

Clik is also taking part in the National Bank of Cambodia’s Central Bank Digital Currencies initiative, in which the startup will integrate its platform soon.

Besides that, the fintech startup is also working closely with MYPINPAD, which is said to be the only company in the world to achieve Payment Card Industry (PCI) Security Standards Council (SSC) certification for its software-only Contactless Payments on Commercial (CPoC) off-the-shelf solutions.

“After two years of scaling up and defining the fundamentals of our regional market strategy, we’re ready to accelerate our growth with the closure of our seed round. Our goal here is to offer merchants and consumers a much-needed and attractive digital alternative to cash,” said Matthew Tippetts, CEO and Co-Founder of Clik.

New senior hires

With the funding announcement, Clik also named Patrice Vignes as COO, who will also be joining the company’s board.  Vignes’ most recent stints were as CFO of Amret and other multinational corporations prior to that.

Also Read: How student entrepreneurs can tap into the fintech ecosystem in Cambodia

Clik also named Olivier Mermet as Chief Design and Strategy Officer. Mermet is a brand strategy and customer experience specialist who was previously a Brand Design Director at Procter & Gamble and a VP of Design, Retail and Customer Experience at Estée Lauder.

Denver Gibson, previously Clik’s deputy CTO, has also been promoted to CTO. Co-founder and Ex-CTO Darren Jensen remain with Clik as a Blockchain technology advisor to aid Clik’s development in that sector.

Matthew Maddocks has joined Clik’s board as Independent Director, chairing the Risk and Compliance Committee.

Image Credit: Clik

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