How does a data strategy enable customer value? The case of FinTechs and traditional banks under the open finance framework

The coupling of data and digital innovation opens the way for new business in the financial services sector, where customers are placed at the centre of decisions and data can help to develop customer knowledge. To carry out our research, we adopted a multi-case study approach to explore how a data strategy is developed in the retail banking industry, together with its relationship with customer value, paying particular attention to the heterogeneity between traditional banks and financial technology companies (FinTechs). Two main points emerged from the study. Firstly, there are three possible approaches to Open Finance, which are mainly defined by their different corporate cultures, organisational configurations, technological architecture and data value. Secondly, it is not enough to be a FinTech to be best placed to exploit the market, as some traditional banks share the FinTechs' approach to Open Finance. Designing new tailored products, customising their prices and offering them over the right channels through targeted communication are all data-driven initiatives that stem from cross- or up-selling potential, core to the retail banking industry for turning a customer into a cash flow, thus enabling value to be created for customers. Our findings additionally revealed that there is a form of external information asymmetry between the customer and the bank, and that there is also an internal asymmetry between bank departments, as their visibility on information about the same customer may differ

Booking in the Rain. Testing the Impact of Public Information on Prices

Weather forecasts are a rare example of public information which is, at the same time, relevant for agents' decisions and entirely exogenous for both sides of the (tourism) market. We develop a model where signals of good weather have a positive impact on accommodation prices, the effect being stronger the higher the accuracy of the forecast and the ex-ante uncertainty in weather conditions. Using data from a sea and sun destination, we estimate an augmented hedonic price model and find that results robustly support the theory. We also find that the response of prices to weather forecasts is larger for upper-scale hotels than for low-and mid-scale hotels, a result we link to the superior pricing capability of the former

Centrifuge modeling of rocking-isolated inelastic RC bridge piers

Experimental proof is provided of an unconventional seismic design concept, which is based on deliberately underdesigning shallow foundations to promote intense rocking oscillations and thereby to dramatically improve the seismic resilience of structures. Termed rocking isolation, this new seismic design philosophy is investigated through a series of dynamic centrifuge experiments on properly scaled models of a modern reinforced concrete (RC) bridge pier. The experimental method reproduces the nonlinear and inelastic response of both the soil-footing interface and the structure. To this end, a novel scale model RC (1:50 scale) that simulates reasonably well the elastic response and the failure of prototype RC elements is utilized, along with realistic representation of the soil behavior in a geotechnical centrifuge. A variety of seismic ground motions are considered as excitations. They result in consistent demonstrably beneficial performance of the rocking-isolated pier in comparison with the one designed conventionally. Seismic demand is reduced in terms of both inertial load and deck drift. Furthermore, foundation uplifting has a self-centering potential, whereas soil yielding is shown to provide a particularly effective energy dissipation mechanism, exhibiting significant resistance to cumulative damage. Thanks to such mechanisms, the rocking pier survived, with no signs of structural distress, a deleterious sequence of seismic motions that caused collapse of the conventionally designed pier. © 2014 The Authors Earthquake Engineering & Structural Dynamics Published by John Wiley & Sons Ltd

Microwave Response of Coaxial Cavities Made of Bulk Magnesium Diboride

We report on the microwave properties of coaxial cavities built by using bulk MgB2 superconductor prepared by reactive liquid Mg infiltration technology. We have assembled a homogeneous cavity by using an outer MgB2 cylinder and an inner MgB2 rod and a hybrid cavity by using an outer copper cylinder and the same MgB2 rod as inner conductor. By the analysis of the resonance curves, in the different resonant modes, we have determined the microwave surface resistance Rs of the MgB2 materials as a function of the temperature and the frequency, in the absence of dc magnetic fields. At T=4.2 K and f ≈ 2.5 GHz, by an mw pulsed technique, we have determined the quality factor of the homogeneous cavity as a function of the input power up to a maximum level of about 40 dBm (corresponding to a maximum peak magnetic field of about 100 Oe). Contrary to what occurs in many films, Rs of the MgB2 material used does not exhibit visible variations up to an input power level of about 10 dBm and varies less than a factor of 2 on further increasing the input power of 30 dB

Planck LFI flight model feed horns

this paper is part of the Prelaunch status LFI papers published on JINST: http://www.iop.org/EJ/journal/-page=extra.proc5/jinst The Low Frequency Instrument is optically interfaced with the ESA Planck telescope through 11 corrugated feed horns each connected to the Radiometer Chain Assembly (RCA). This paper describes the design, the manufacturing and the testing of the flight model feed horns. They have been designed to optimize the LFI optical interfaces taking into account the tight mechanical requirements imposed by the Planck focal plane layout. All the eleven units have been successfully tested and integrated with the Ortho Mode transducers.Comment: This is an author-created, un-copyedited version of an article accepted for publication in JINST. IOP Publishing Ltd is not responsible for any errors or omissions in this version of the manuscript or any version derived from it. The definitive publisher authenticated version is available online at 10.1088/1748-0221/4/12/T1200

Diffusion-Weighted MR Imaging to Evaluate Immediate Response to Irreversible Electroporation in a Rabbit VX2 Liver Tumor Model

PURPOSE: To evaluate the feasibility of diffusion-weighted imaging (DWI) in magnetic resonance imaging for quantitative measurement of responses following irreversible electroporation (IRE) in a rabbit liver tumor model. MATERIALS AND METHODS: Twelve rabbits underwent ultrasound-guided VX2 tumor implantation in the left medial and left lateral liver lobes. The tumors in the left medial lobe were treated with IRE, whereas those in the left lateral lobe served as internal controls. DWI was performed before and immediately after IRE. Tumors were then harvested for histopathologic staining. The apparent diffusion coefficient (ADC) and change in ADC (ΔADC) were calculated based on DWI. Tumor apoptosis index (AI) was assessed by terminal deoxynucleotidyl transferase dUTP nick-end labeling. These measurements from DWI and histopathology were compared between untreated and treated tumors. RESULTS: The ADC values, ΔADC, and AI showed statistically significant differences between treated and untreated tumors (P < .05 for all). ADC values were higher in treated tumors than in untreated tumors (1.08 × 10-3 mm2/s ± 0.15 vs 0.88 × 10-3 mm2/s ± 0.19; P = .042). CONCLUSIONS: DWI can be used to quantitatively evaluate treatment response in liver tumors immediately after IRE