Hybrid process technologies in the financial sector

Abstract. Danish mortgage credit institutes deal with highly variable and knowledge-intensive processes. At the same time these processes are required to be strictly conformant to current regulations and laws. In addition different divisions of the business are interested in different views on the same process: whereas the IT department implementing the processes would like a complete view that shows the underlying business rules and supports all variants, the end users are only in-terested in a local view that (1) shows only the aspects of the process that they are responsible for and (2) only shows the variants of the process that are rel-evant to them. This paper reports on a project we undertook with such a credit institute where we investigated and addressed these issues by providing a hybrid solution, allowing processes to be modelled using our constraint-based modelling tools, but also supporting flow-based views of both the entire process and specific variants

Putting the ‘digital’ in Digital Intermediaries: the role of technical infrastructure in building business models

Digital Technology Innovation and Financial Business Practices The UK economy has a huge dependence on financial services, and this is increasingly based on digital platforms. Innovating new economic models around consumer financial services through the use of digital technologies is seen as increasingly important in developed economies. There are a number of drivers for this, ranging from national economic factors to the prosaic nature of enabling cheap, speedy and timely interactions for users. The potential for these new digital solutions is that they will allay an over-reliance on the traditional banking sector, which has proved itself to be unstable and risky, and we have seen a number of national policy moves to encourage growth in this sector. Partly as a result of the 2008 banking crisis, there has been an explosion in peer-to-peer financial services for non-professional consumers. These organisations act as intermediaries between users looking to trade goods or credit. However, building self-sustaining or profitable financial services within this novel space is itself fraught with commercial, regulatory, technical and social problems. This report addresses the mutual shaping of business models and innovations in digital technical infrastructure – both client-facing and administrative back-end – in two retail financial products currently in use in the United Kingdom: peer-to-peer consumer lending and a local digital/paper hybrid currency system. The two products and their issuing firms, Zopa Limited (Zopa) and The Bristol Pound Community Interest Company (the Bristol Pound), respectively, are established leaders in their respective product areas: Zopa was established in 2005 and the Bristol Pound in 2010. Each of these firms seeks to disrupt an established financial market through the application of digital technologies and processes: consumer lending for Zopa and retail payment for the Bristol Pound. Our research has involved teams from Lancaster University examining Zopa and Brunel University focusing on the Bristol Pound over approximately a one-year period from October 2013 to October 2014. Extensive interviews, document analysis, observation of user interactions, and other methods have been employed to develop the process analyses of the firms presented here. This report is comprised of three primary sections: descriptions of the business and technological processes of each of Zopa and the Bristol Pound, and a final analytical section drawing preliminary conclusions from the research presented.3DaRoC is funded by the UK’s Digital Economy ‘Research in the Wild’ initiative. It has a substantial research budget of over £320K, with £35K of additional industrial support

The Appleization of finance: Charting incumbent finance’s embrace of FinTech

The rise of financial technology (FinTech) engenders novel business models through integrating financial services and information and communication technologies (ICT). Digital currencies and payments, data mining, and other FinTech applications threaten to radically overhaul the financial sector. This article argues that, while we are becoming aware of how technology giants such as Apple Inc. are making inroads into financial services, we need to become more sensitive to how financial incumbents mimick ICT firms while aiming to neutralize the FinTech challenge. Practices from Silicon Valley are spilling over into ‘traditional’ finance through a process we dub Appleization. We illustrate how incumbents aim to remain indispensable amidst rapid digitization. Mimicking tech strategies, financial incumbents resort to transforming legacy ICT systems into integrated platforms, cultivating entrepreneurial ecosystems where startups are ‘free’ to compete whilst effectively being locked into the incumbent's orbit. We illustrate this by comparing Apple’s business features (locking-in developers, customers and state into a hybrid business model based on a synergy between hardware, software and data-driven platform components) with emerging practices in the financial industry. Our analogy suggests that the Appleization of finance might radically transform, yet not undercut the oligopolistic position of financial incumbents

Solar-thermal and hybrid photovoltaic-thermal systems for renewable heating

Grantham Briefing Papers analyse climate change and environmental research linked to work at Imperial College London, setting it in the context of national and international policy and the future research agenda. This paper and other Grantham publications are available from: www.imperial.ac.uk/grantham/publicationsThis paper looks at the barriers and opportunities for the mass deployment of solar-thermal technologies and offers a vision for the future of solar-thermal systems. HEADLINES: -Heat constitutes about half of total global energy demand. Solar heat offers key advantages over other renewable sources for meeting this demand through distributed, integrated systems. -Solar heat is a mature sustainable energy technology capable of mass deployment. There is significant scope for increasing the installed solar heat capacity in Europe. -Only a few European countries are close to reaching the EU target of 1 m2 of solar-thermal installations per person. -One key challenge for the further development of the solar-thermal market arises from issues related to the intermittency of the solar resource, and the requirement for storage and/or backup systems. The former increases investment costs and limits adaptability. -An analysis of EU countries with good market development, suggests that obligation schemes are the best policy option for maximising installations. These do not present a direct cost to the public budget, and determine the growth of the local industry in the long term. -Solar-thermal collectors can be combined with photovoltaic (PV) modules to produce hybrid PV-thermal (PV-T) collectors. These can deliver both heat and electricity simultaneously from the same installed area and at a higher overall efficiency compared to individual solar-thermal and PV panels installed separately. --Hybrid PV-T technology provides a particularly promising solution when roof space is limited or when heat and electricity are required at the same time.Preprin

On visions and new approaches Case studies of organisational forms in organic plant breeding and seed production

The report is an exploratory study of the social, financial and legal organisation, and technology applied in five initiatives in the sector of biological seed production and plant breeding in the Netherlands, Germany and Switzerland. The experiences of the studied initiatives are relevant in a period in which interest for organic seed and plant breeding is increasing. A number of the actors in the organic sector consider organic breeding a guarantee the availability of suitable seeds and varieties for the organic sector in terms of agronomic and quality traits. An important requirement is that seeds are produced and developed with technologies that are accepted in the organic sector. In addition, the organic sector is interested in breeding strategies that aim not only at economic, but also at social sustainability

Community College Online

In this report we find that the majority of Americans enrolling in higher education today do not match the mainstream image of recent high school graduates leaving home for the first time to settle into dorm life at a residential university campus. In 2012, only 12 percent of college students lived on campus. In fact, over four in ten college students in this country attend community colleges. In the fall of 2012, the public two-year sector enrolled 6.8 million undergraduates at over 1,000 institutions nationwide, more than any other higher education sector.This report indicates that often overlooked in conversations about college that tend to focus on elite, residential, four-year schools, community colleges occupy a critical space in higher education. Community college students not only make up a greater proportion of the college-going population than typically recognized, but they differ markedly in their demographic composition compared to the public four-year and private nonprofit sectors of higher education. Community college students are more likely to be older, commute to school, and care for dependents. They are also much more likely to attend part time and need remediation. In terms of racial and socioeconomic demographics, community college students are more diverse and lower-income than their four-year counterparts

Green Electricity and Transportation (GET) Smart: Policy Solutions to Increase Energy Independence

Ohioans spend a large amount of money on energy. In 2010, we spent $45 billion, nearly 10 percent of our state's gross domestic product. Nearly half of those energy dollars (or more than$20 billion) was spent to fuel cars, trucks, and buses, and nearly all of which left the state or country in order to import oil. Ohio can reduce its dependence on imported oil by promoting electric vehicles (EVs) and buses, as well as passenger and freight rail