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Investors Have Little Confidence in the Banking Industry’s Digital Transformation Plans

Seventy-five percent of investors lack confidence in the digital transformation strategies of banks, according to Oliver Wyman’s The State of the Financial Services Industry 2020.

Astonishingly, none of the investors surveyed for the report said that banks’ transformation plans — which can include everything from automation to customer-centric design, data analytics and cloud-based services — were both clear and credible. A data-driven articulation of digital transformation agendas was the missing element, the survey found.

While 80% of investors surveyed for the report consider digital transformation important when making investment decisions, they haven’t been equipped with the necessary metrics to be confident in banks’ plans, the report notes. 

As the finance industry increasingly turns to digital products for service provision, the report says, transition agendas must clearly outline the following:

  • Products or services for the proposed investment
  • Purpose of the investment
  • Required resources
  • Expected results
  • Data that supports the plan, with proof that the benefits will outweigh the costs 

Ultimately, investors need to see a strong correlation between transformation and operating profitability to support banks’ plans to transition to digital.

Global Flight Activity Rose in June, But Has a Long Way to Go to Full Recovery

Source: Flightradar24

The global aviation industry saw a rise in activity in June, yet total flights are still down 42% this year compared to 2019, as a result of the coronavirus crisis. Commercial flights are down by 62% compared to last year, however they did increase by 32% in June 2020 compared to May, according to Flightradar24, a global flight tracker.

A recent report by Airlines for America predicts that it will take until 2023 to see a return of pre-COVID passenger volumes within the U.S. The pandemic has already forced the airline industry to cut tens of thousands of jobs — and more layoffs are expected to happen in the upcoming months.

American Airlines plans to add 2,000 flights a day starting in July, while United Airlines will be adding 25,000 flights in August. American Airlines is facing criticism for allowing full-capacity flights, despite the recent uptick in coronavirus cases in the U.S. The U.S. administration has not mandated mask-wearing, social distancing or temperature checks at airports or on flights.

New Models Show Dramatic Impact of Proper Safety Protocols on COVID-19 Death Rate

Source: Goldenson Center at the University of Connecticut

Wearing a mask, along with other basic precautions, results in a significant drop in the number of coronavirus cases and number of deaths, according to a new simulator from the Goldenson Center for Actuarial Research. The simulation shows how individuals’ actions can directly impact how long the pandemic will last and comes at a time when the U.S. is reaching a record high in case numbers.

The graphic above show a hypothetical model of events after 100 people out of 1,000 become infected with the virus. When only 10% of the population wears masks, observes social distancing and sanitizes, there is a dramatic increase in case numbers and deaths.

The other hypothetical model below shows case results when 80% of the population follows safety protocols. In the second instance, after two months, almost zero percent are infected. It also shows that if a state follows proper safety measures for at least three months after reopening, COVID-19 could be eliminated from the area. 

Over Half of Europeans View the US Less Favorably Than Before COVID-19

Source: European Council on Foreign Relations

The U.S. is viewed more negatively now compared to before the coronavirus crisis in the eyes of nearly 60% of Europeans. Over 70% of Danes and Portuguese respondents and 65% of Germans say their views of the U.S. have worsened — with views on China showing similar trends, according to a poll conducted by the European Council on Foreign Relations (ECFR) in June 2020.

The ECFR surveyed over 11,000 citizens in nine countries across Europe. The respondents said if cases continue to rise in the U.S., “many Europeans could come to see the U.S. as a broken hegemon that cannot be entrusted with the defense of the Western world.”

The EU is currently seeing an overall decline in COVID-19 cases, while this trend is only being recorded in two states in the U.S. The EU is preparing to open its borders, but most American travelers are expected to be banned, along with those from Brazil and Russia.

Africa Is Polio-Free, After Nigeria Reports No New Cases

Source: The World Health Organization

The WHO has declared Nigeria to be polio-free after the country reached its three-year mark of reporting no new cases. Just eight years ago, Nigeria accounted for more than half of all cases worldwide. This means that Africa is reportedly finally free of the wild poliovirus, although the continent awaits official certification from the Africa Regional Certification Commission, which is expected in August

Although the region is free of endemic transmission of the virus, it continues to struggle with some transmission via vaccine, with Niger recently reporting a vaccine-derived outbreak. The WHO warns that immunization and surveillance activities must continue to prevent the risk of the virus re-emerging.

As the region struggles with coronavirus, “mass immunizations … have been postponed,” according to the WHO, but countries in the region are “planning the resumption of immunization and outbreak response in compliance with the guidance to stop COVID-19 transmission.”

Now, only Pakistan and Afghanistan are left in the fight to end endemic transmission of polio.

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