Restoring nobility in banking

November 22, 2024 | 12:03 am

cover-final-9-OL — Iñigo L. Regalado III

By Bjorn Biel M. Beltran, Special Features and Content Assistant Editor

Growing up, Iñigo L. Regalado III—the newly-inducted president of the Bankers Institute of the Philippines (BAIPHIL) and director of the Capacity Development Department at Bangko Sentral ng Pilipinas (BSP)—witnessed firsthand what it really means to be a banker.

His father, who worked at the central bank before him, never openly shared the problems he faced at work; but his commitment to his role was always evident in his body language, and how the problems of the banking industry at large seemed to weigh on his shoulders.

Banking, as Mr. Regalado understood it, was a public trust. “It’s not your money you’re handling, but the public’s,” he said in an interview.

This was essentially the core of BAIPHIL’s theme for this year: “Responsible Banking in the Digital Age.” In an era of ever-increasing digitalization, Mr. Regalado sees an opportunity to remind the banking community of its deeper purpose.

“I don’t want a fancy theme,” he said. “I want something that everyone can relate to and can associate with, and that’s responsible banking.”

The prevalence of digital wallets, online commerce, and cashless transactions today have created an unprecedented environment for banks to push for financial inclusion initiatives, giving unbanked and underbanked communities access to financial services and opportunities.

In fact, as of 2023, digital payments have become the preferred method of Filipinos when making monthly retail payments according to the 2023 BSP Report on E-Payments Measurement. Digital payment transactions accounted for 52.8% of all total monthly retail payments in the Philippines during the year, up from 2022’s recorded 42.1%.

However, this digital environment has also become fertile ground for malicious and fraudulent activity putting Filipino consumers at risk. According to a study by TransUnion, 8.3% of all digital transactions by Filipino consumers last year were suspected to be fraudulent, 66% higher than the global digital fraud rate of 5%.

For transactions where the consumer or fraudster was located in the Philippines, TransUnion found that financial services were a close second behind retail as the industry with the highest suspected digital fraud rate.

Hence, for Mr. Regalado, responsible banking today is an imperative framework for how the industry should operate. He identifies three pillars that underpin this concept. The first pillar focuses on regulators, such as the BSP, which plays a critical role in crafting policies that safeguard consumers and ensure accountability.

“With technology and digital banking, what are the rules that should go with digital banking?” Mr. Regalado said. “That’s the regulator’s side—policing banks to make sure that everything is above board.”

The second pillar involves the banking industry itself. As digital tools become essential to modern banking, institutions must ensure that their employees have the skills to implement these tools responsibly. “The challenge is you’re not just training them for regular banking, but digital banking as well,” he pointed out.

The final pillar is the public, who must learn to navigate the digital banking environment responsibly. “You also have to be responsible as an end user of the system of banks,” Mr. Regalado said. “As an end user, you should know the challenges or the common traps in a digital environment.”

Unlike regulators, BAIPHIL cannot impose policies or enforce rules. As a non-stock, non-profit corporation promoting the mantra of banking excellence, the organization is what Mr. Regalado refers to as “a small fish in a very big pond,” and tackling an issue as vast as responsible banking is too much of a challenge to attempt alone.

So, instead, BAIPHIL seeks to act as the bridge between various stakeholders in the banking industry—the regulators, the banks themselves, and the public.

“We try as much as possible to be an avenue for talks, for dialogue,” Mr. Regalado said, “so that we can help each other, talk to each other, collaborate with each other, and make sure that our message gets across.”

Through collaborations with institutions like the BSP, BAIPHIL facilitates discussions and initiatives that promote ethical banking practices, such as the upcoming Banker’s Professional Program, which emphasizes the moral responsibility of banking professionals. “We want to communicate that banking work is noble as well,” he said.

Mr. Regalado recalled the commitment his father had for his work, a quiet resolve that left a lasting impression on him and his siblings, shaping their belief that banking is not just a career—it’s a noble calling rooted in trust, integrity, and public service.

“That’s where I learned that your values should be resolute,” Mr. Regalado said. “The moment your values are challenged, and you don’t pass the litmus test, that’s when the problems will start to become systemic.”

However, he admitted that success is not easy to measure when you use metrics like commitment to values. Metrics like event attendance, the number of partnerships formed, or the total investments committed are useful, but they don’t fully capture the impact of initiatives that aim to instill values and ethics into the banking industry.

“All I know is it cannot end with my term. It has to have a life of its own,” Mr. Regalado said.

A Greek proverb states that a society grows great when old men plant trees whose shade they know they shall never sit in. Mr. Regalado sees BAIPHIL as that planter of seeds, nurturing initiatives that will grow into lasting contributions to the banking industry.

“Planting seeds, nurturing them to become good trees, so that people can benefit. At the end of the day, that’s when I can say that BAIPHIL fought a good fight. We finished the race, and we kept the faith to our mantra of banking excellence.”

This article is in the special edition of BusinessWorld In-Depth digital magazine on BAIPHIL Induction of Officers. Get the full issue for FREE via BWorldX. Visit www.bworld-x.com.

First utility-scale solar plant in Bohol activated

November 22, 2024 | 12:02 am

PETROENERGY-solar panels — PETROENERGY.COM.PH

DAGOHOY Green Energy Corp. (DGEC), a special purpose vehicle of PetroEnergy Resources Corp. (PERC), has energized its 27-megawatt-peak Dagohoy Solar Power Project (DSPP).

DSPP, considered the first utility-scale solar power plant in Bohol, consists of more than 40,000 solar panels installed on a 22-hectare site, the company said in a statement on Thursday.

“In 2022, when we ceremonially broke ground for DSPP, we made a commitment to Boholanos that we will provide the province access to clean and reliable energy. Today is the realization of that promise,” said DGEC President Francisco G. Delfin, Jr.

The P1.17-billion solar power project is expected to produce 41,000 megawatt-hours of power per year, enough to power more than 18,000 homes and contribute to the grid stability of the region.

“The province’s rising power consumption, driven by tourism-related infrastructures and businesses, has long been met by imported power from neighboring islands and aging diesel plants,” DGEC said.

Bohol Governor Erico C. Aumentado said that the Dagohoy solar farm is “a significant leap towards energy independence” for the province and aligns with its vision of “inclusive growth and development.”

DGEC is one of four renewable energy special purpose vehicles under Rizal Green Energy Corp. The latter is a joint venture between Japan’s Taisei Corp. and PetroGreen Energy Corp., a member of the Yuchengco Group of Companies.

At the local bourse on Thursday, PERC shares climbed by 1.11% to close at P3.65 each. — Sheldeen Joy Talavera

Dollar stalls as market weighs Trump policies, Fed outlook; bitcoin surges

November 22, 2024 | 12:02 am

TOKYO — The US dollar paused its climb on Thursday as traders awaited more clarity on US President-elect Donald J. Trump’s proposed policies and sought to second-guess the prospects of less aggressive interest rate cuts from the Federal Reserve.

Meanwhile, bitcoin BTC= sped toward $100,000, continuing a blistering rally in the past few weeks on hopes the president-elect will create a friendlier regulatory environment for cryptocurrencies.

Bitcoin reached a record high of $97,902 on Thursday, underpinned by a report Trump’s social media company was in talks to buy crypto trading firm Bakkt. It was last up 2.54% at $96,860.

The dollar index =USD was down 0.11% at 106.49, but was holding onto most of the previous session’s gains after investors lifted the dollar index measure against its key rivals closer to a one-year high of 107.07 hit last week.

“It’s hard to short the USD right now,” given that investors are also increasingly weighing the possibility that the Fed might not cut rates next month after all, said senior market analyst Matt Simpson at City Index.

That sentiment was driven by sharp swings in market pricing, which currently sets the odds of a Fed rate cut at its December meeting at just under 54%, down from 82.5% only a week ago, according to CME’s FedWatch Tool.

A Reuters poll showed most economists expect the Fed to cut rates at its December meeting, with shallower cuts in 2025 than expected a month ago due to the risk of higher inflation from Trump’s policies.

The dollar has rallied more than 2% since the Nov. 5 US presidential election on bets Mr. Trump’s policies could reignite inflation and temper the Fed’s future rate cuts.

At the same time, traders are sizing up what Trump’s campaign pledges of tariffs mean for the rest of the world, with Europe and China both likely in the firing line.

“Right now, we are kind of stuck in a wait-and-worry zone because Trump is in the midst of forming his cabinet,” said Moh Siong Sim, currency strategist at Bank of Singapore.

“There’s a lot of things that are missing there in terms of understanding,” including the timing and magnitude of policies, and those details won’t be known for a couple of months or so, he said.

The euro EUR= was up 0.09% at $1.0554 after slipping 0.5% on Wednesday, back toward last week’s low of $1.0496, its weakest against the dollar since Oct. 2023.

Elsewhere, Ukraine fired a volley of British Storm Shadow cruise missiles into Russia on Wednesday, the latest new Western weapon it has been permitted to use on Russian targets, a day after it fired US ATACMS missiles.

“The Russia-Ukraine conflict is heating up, which is further denting sentiment towards the euro alongside the prospects of trade tariffs,” another “bullish cue” for the dollar index given the euro’s heavy weighting, City Index’s Simpson said.

The sterling traded at $1.2652, up 0.04%.

Bank of Japan Governor Kazuo Ueda said on Thursday the central bank will “seriously” take into account foreign exchange rate moves in compiling its economic and price forecasts.

He noted that there is still a month to go until the BoJ’s next policy meeting in December, adding that there will be more information to digest by then.

The dollar gave up some gains against the yen, down 0.51% at 154.63 yen after Mr. Ueda’s remarks.

Market pricing is nearly evenly split on a December hike amid the yen’s recent decline back toward the 38 year lows touched in July.

The currency pair rose above the 156 mark last week for the first time since July, stirring worries that Japanese authorities may again take steps to shore up the yen. — Reuters

Rust gets low-key debut, honors cinematographer killed on set

November 22, 2024 | 12:02 am

Alec Baldwin in Rust — Alec Baldwin in a scene from Rust. — IMDB

TORUN, Poland — Alec Baldwin’s Western Rust premiered at a low-key Polish film festival on Wednesday, three years after cinematographer Halyna Hutchins died when Mr. Baldwin pointed a gun at her, in Hollywood’s first on-set fatal shooting in nearly 30 years.

Director Joel Souza, who was wounded in the shooting, told Reuters it was a relief to have completed the film and bring it to audiences, in what he hoped would be a tribute to the 42-year-old Ukrainian.

The film opened to an audience of a few hundred in the medieval central Polish city of Torun, at the Camerimage festival, a speciality event focused on cinematography. The setting was a world away from the typical glamor and fanfare of a Hollywood release.

“I’m excited that people will get to see Halyna’s work, you know, I hope they appreciate her work… It wasn’t an easy decision by any means, but it became important to me and important to her husband that people see her final work.”

The gun held by Mr. Baldwin fired a live round inadvertently loaded by the movie’s chief weapons handler Hannah Gutierrez on the film set near Santa Fe, New Mexico in October 2021. Ms. Gutierrez was convicted of involuntary manslaughter in March and is serving an 18-month prison sentence. Her appeal was rejected in September.

Mr. Baldwin had also faced trial, but in July a New Mexico judge dismissed involuntary manslaughter charges against him, agreeing with his lawyers that prosecutors and police withheld evidence on the source of the live round that killed Ms. Hutchins.

Mr. Souza said he hoped the film’s release would mean people learned more about Ms. Hutchins than simply what had happened to her and would get to “see the world through her eyes.”

“That’s one of the nice things about movies. You could sort of see the world the way the people who made it see it,” he said. “The cinematography is stunning and I hope people can appreciate that.”

SCENE REMOVED
In a 2021 television interview, Mr. Baldwin said he was told the gun was empty and Ms. Hutchins directed him to point it toward the camera and cock it. He said the revolver fired when he let go of the hammer and he did not pull the trigger.

Mr. Souza said he realized it would be next to impossible for people to watch the film without thinking of Hutchins’ death.

“I think that’s how people even know about the movie,” he said. “But, you know, by the same token… I would hope that for no matter what reasons people come to it — whether it’s out of curiosity, whether they like Westerns, for whatever reason — I hope they can at least take something from it or they can appreciate her work in it.”

A church scene they were working on when Ms. Hutchins was shot is not in the film, he said.

“We were never going to finish that… I changed the script and so I wiped that out of it.”

‘NORTH STAR’
Returning to complete the film after Hutchins’ death was extremely tough for the crew, said Mr. Souza, but they were united in wanting to honor and remember Hutchins.

“I was a wreck and I’m not generally a wreck on set. But emotionally, I was just all over the place and the crew really carried me through that,” he said.

“I just kept thinking, how am I getting through these days? And I realize how I got through those days. It’s because the crew carried me through them… they were able to keep me focused on the task at hand. And always remember Halyna. Remember Halyna, remember Halyna. That’s the North Star.”

The Camerimage festival was a fitting place to honor her, Mr. Souza said, and the film opened with a minute of silence.

“This festival meant a great deal to her, as it does all cinematographers. I think preserving her work, trying to preserve every last frame of it that we could, and to show it to people and to let them understand how talented she was, I think is a fitting honor for her.”

Asked with regard to the court cases whether he thought justice had been done, Mr. Souza said: “I just can’t let that kind of thing or that kind of thinking take up space in me. I’ve just got to move forward. The only way forward is forward. That’s it.”

Audience member Nathan Kiremidjian praised the film after the premiere but said “whenever there was a shootout, you did feel a little tension. It’s inevitable.” — Reuters

Navigating geopolitical tensions and the pursuit of sustainability

November 22, 2024 | 12:02 am

vehicles-laptop-supply-chain-representation — FREEPIK

A cursory review of current talk on sustainability in the Philippines is largely focused on initiatives of organizations to adhere and embrace environmental, social, and governance (ESG) principles and their valiant efforts to align operations with global standards like the United Nations’ Sustainable Development Goals (SDGs). In the public speaking circuit, we often hear businesses tout their successes in making positive environmental and social impacts, strengthening resilience, and engaging responsibly with their impact communities. There is, however, a dearth of information, more so discussions, on how Philippine businesses are navigating their journey toward sustainability in an environment that is increasingly becoming complex due to geopolitical tensions and regional instability.

Evidently, in Southeast Asia, territorial disputes, shifting trade dynamics, and unpredictable political landscapes present significant obstacles and barriers to successful implementation of sustainability initiatives. Given the country’s interlocking links with its allies in the region and beyond, knowingly, or unknowingly, Philippine companies are especially affected by current tensions and challenges. Thus, surely, businesses in the Philippines need to consider how to advance sustainability goals while managing external potential flashpoints that may seriously impact and shift their priorities and business goals.

THE SOUTH CHINA SEA DISPUTE: A CRUCIAL CHALLENGE TO STABILITY AND SUSTAINABILITY
One of the most visible headline-hogging and serious geopolitical kinks is the dispute over the West Philippine Sea — considered by all as a highly strategic and resource-rich area. This vast ocean, and the resources in and around it, is claimed by multiple countries, including China, the Philippines, Vietnam, and Malaysia. Given the reliance of some Filipino companies on maritime resources, logistics, and unimpeded sea lanes for transport of goods, the West Philippine Sea dispute certainly introduces both environmental and operational risks —which, to my mind, complicate efforts of many to protect biodiversity, manage resources sustainably, and maintain safe navigation channels.

Several Filipino fishing companies operate in these contested waters, and they are faced with major concerns that impact sustainability, i.e., overfishing, coral reef degradation, and water pollution. The absence of regional cooperation in adopting and promoting sustainable fishing practices further exacerbates the above-mentioned issues. This sorry state is further affected by the escalating tensions with China and this sidelines environmental management in favor of military and economic concerns.

Given there is no end to this issue in sight, some companies in the Philippines’ fisheries sector are investing in sustainable aquaculture practices to reduce their reliance on these troubled waters. One Philippine agri-focused firm has already intensified efforts to cultivate fish in controlled environments. This approach not only helps alleviate environmental impacts but also reduces the company’s exposure to the geopolitical risks associated with working in contested waters.

Another sector that is seriously affected by this geopolitical tension is the energy sector. It is known that the disputed area contains a huge volume of offshore oil and gas reserves — which, when tapped and managed well, can be critical for energy security. Unfortunately, political disputes hinder the exploration of these resources that can further boost economic growth of the country. Sadly, the Philippine government has placed moratoriums on certain exploration activities, slowing the nation’s transition to sustainable energy.

Some companies have pivoted toward renewable energy sources such as wind and solar power, to reduce their dependence on oil exploration in conflict-prone areas. By focusing on clean energy, these firms are not only working to meet sustainability targets but also lowering the risks that come with operating in contested waters.

SUPPLY CHAIN DISRUPTIONS AND THE US-CHINA TRADE WAR
Another layer of complexity in Southeast Asia’s sustainability efforts stems from the global trade tensions between the United States and China. As these superpowers impose tariffs and sanctions on each other, companies across Southeast Asia experience ripples of disruption throughout their supply chains.

For example, Filipino companies in the electronics manufacturing sector are heavily affected by these trade shifts. As we all know, the Philippines continues to be one of the significant players in the electronics industry, producing components for global technology companies, and yet, as tariffs disrupt supply lines, local manufacturers face challenges in sourcing essential materials and technologies. This, in turn, increases costs and complicates sustainable sourcing.

To mitigate these challenges, some Filipino businesses are transitioning to sourcing from local and/or regional suppliers. This shift not only reduces the risks associated with the reliance on unstable supply chains but also aligns with sustainability goals by lowering the carbon footprint of long-distance transportation.

There are also tech and telcos that are investing in digital tools to streamline their supply chains. This improves resource efficiency and enhances data-driven sustainability practices. For one, these forward-looking and adaptive firms are using artificial intelligence and big data analytics to optimize operations and reduce energy consumption.

POLITICAL INSTABILITY AND CSR EFFORTS
While trade tensions and territorial disputes pose substantial challenges, political instability in neighboring countries also complicate Philippine companies’ sustainability initiatives and Corporate Social Responsibility (CSR) efforts.

For example, in countries like Myanmar and Thailand, there exist political unrest, significant military actions, and human rights concerns that create an environment of uncertainty — affecting businesses that operate or want to operate in these countries. One Filipino energy company had invested in solar energy projects in Myanmar that aimed to support the country’s transition to sustainable energy. Unfortunately, due to political instability following the 2021 coup, the project has faced significant delays and obstacles, underscoring the risks of sustainable investments in volatile regions.

Meanwhile, there are other Filipino companies that are addressing potential uncertainties in the political environment by developing flexible CSR strategies that allow for scalable or redirectable projects in times of crisis. One business conglomerate can diversify their sustainability and CSR initiatives geographically by focusing on countries and regions with more stable political climates. By broadening their geographic reach, this company can mitigate the risk of local political dynamics disrupting their long-term sustainability goals.

Philippine companies face numerous challenges as they pursue sustainability in a region marked by complex geopolitical dynamics. Territorial disputes, trade tensions, and political instability all influence the trajectory of sustainability initiatives. However, through adaptive strategies, diversification, and technological innovation, companies are finding ways to reconcile the pursuit of sustainability with the reality of operating in an unpredictable geopolitical environment.

By investing in renewable energy, securing more resilient supply chains, and embracing flexible CSR approaches, Philippine firms are paving a path forward in sustainability that accounts for both local challenges and broader global dynamics. While obstacles remain, these companies’ resilience and commitment to sustainability serve as a testament to the potential for growth, environmental stewardship, and responsible business in Southeast Asia.

Dr. Ron F. Jabal, APR, is the CEO of the PAGEONE Group (www.pageonegroup.ph) and is the founder of Advocacy Partners Asia (www.advocacy.ph).

ron.jabal@pageone.ph

rfjabal@gmail.com

Labor’s new frontier: Flexible work with benefits

November 22, 2024 | 12:02 am

Motorists-rider-flood — PHILIPPINE STAR/EDD GUMBAN

By Chloe Mari A. Hufana, Reporter

A UNIVERSITY of the Philippines (UP) academic said he supports the creation of an “independent worker” class of employee with flexible hours but more benefits than the current crop of independent contractors or freelancers.

Such a work arrangement would provide delivery riders engaged by platforms with access to essential protections without compromising their work flexibility.

UP Diliman School of Labor and Industrial Relations Assistant Professor Benjamin B. Velasco said these riders should be engaged as regular workers covered by the Labor Code and social protections.

Last week by Fairwork Philippines released a study which recommended ensuring that such workers are guaranteed an income equivalent to the minimum wage for eight hours of work as well as social security protections.

Mr. Velasco said such arrangements could form the core elements of a new independent worker category.

“It is sort of a grey area or twilight zone between a regular worker and an independent contractor,” he said via Facebook Messenger.

The Fairwork Philippines study found that ride-hailing and delivery gig workers need to spend extended hours on the road and even then, struggle to net the equivalent of minimum wage. They also take on the burden of investing in their vehicles, exposing them to debt and running costs.

Gig workers are classified as third-party service providers, which can be interpreted by employers to mean that such workers are independent contractors, pointing to the need for amendments to the Labor Code that would recognize such terms of engagement as akin to an employer-employee relationship, Fairwork said.

However, if the government were to regulate the gig economy by requiring gig workers to be classified as either independent workers or regular employees, Mr. Velasco warned that such a move could cause businesses to stop offering such services.

“App companies might pull out due to “restrictive regulation,” but as long as the sector is profitable… then apps will continue to do business and factor in additional labor costs into their business model,” he added.

Mr. Velasco said if platforms continue operating as usual approach, inequality will worsen.

“In the history of industrial relations — and even environmental and social regulation —without state intervention in the form of labor, environmental and social standards, corporations will not do it on their own,” he said.

Fairwork Philippines urged mandatory coverage for gig workers under the Social Security System and adjustments to social welfare programs to fit their unique circumstances.

Fairwork emphasized the need for Labor Code amendments to recognize gig work as akin to traditional employment, ensuring better protection and benefits.

Fairwork is an action-research project coordinated by the Oxford Internet Institute and the WZB Berlin Social Science Center. It evaluates the working conditions on digital platforms and issues ratings.

MPTC names Arrey Perez as new president

November 22, 2024 | 12:01 am

METRO Pacific Tollways Corp. (MPTC) has formally announced the appointment of Arrey A. Perez as its new president and chief operating officer (COO).

In a media release on Thursday, the tollways arm of the Pangilinan group named Mr. Perez as its new head, replacing Rogelio L. Singson effective Nov. 20.

MPTC Chairman Manuel V. Pangilinan will temporarily assume the role of chief executive officer (CEO), the company said.

Mr. Perez previously served as the president and CEO of Clark International Airport Corp.

MPTC is the tollways arm of Metro Pacific Investments Corp., which is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

The future of digital experience analytics

November 22, 2024 | 12:01 am

In the heart of Makati City, a significant gathering unfolded on the evening of Nov. 14, as industry leaders and innovators convened for an event titled “Navigating the Future: Why do you need Digital Experience Analytics.” The atmosphere was charged with excitement and curiosity, as professionals from various sectors came together to delve into the transformative potential of digital experience analytics in an increasingly digital world.

As attendees arrived, they were welcomed into a vibrant setting that fostered engagement and collaboration. The event featured prominent figures in the industry, including Lito Villanueva, EVP and chief innovation and inclusion officer at RCBC; Claude Gomez, VP of Marketing & Insights for GCash; Michelle Fernandez, VP of Digital Experience for GCash; and Cindy Deng, president and CEO at Data Analytics Ventures, Inc. Each speaker brought a wealth of knowledge and a unique perspective on the critical role of digital experience analytics in enhancing customer engagement and driving business success.

The evening kicked off with a welcome address from Kunjal Patel, SVP – head of sales for Asia-Pacific and Japan at Contentsquare. It was followed by a keynote address from Lito Villanueva, who highlighted the seismic shift in consumer behavior brought about by the pandemic. The statistics he presented was compelling, illustrating the significant increase in digital interactions among RCBC’s customers, who turned to its digital platforms such as Pulz and DiskarTech for their financial service needs. This shift was not merely a temporary response to the pandemic; it represented a fundamental change in how consumers engage with brands, prompting businesses to reassess their strategies to meet evolving expectations.

As the discussions progressed, the challenges faced by businesses in navigating the new digital landscape became increasingly evident. A key issue identified was the lack of insights into customer navigation within digital platforms. The GCash business leaders shared how the popular platform used Contentsquare digital experience analytics to provide insights on how customers navigate the GCash app, efficiently track its customer journeys and democratize data across the organization.

The introduction of Contentsquare, an experience intelligence platform, emerged as a pivotal moment in the evening. The platform aims to bridge the gap in understanding customer journeys by providing unique behavioral data that illuminates the paths users take through digital interfaces. The contrast between operating without Contentsquare and leveraging its capabilities was striking. Without it, businesses struggled with fragmented insights and inefficient tracking. In contrast, Contentsquare offered a solution that facilitated collaboration across multiple business units, breaking down silos and enhancing the overall customer experience.

The mechanics of how Contentsquare operates was also a focal point of the discussions. Atheena Som, enterprise customer success manager at Contentsquare, showed how the platform uses autocapture technology to gather behavioral, performance and event data from web and app interactions. These data encompass everything from swipes and scrolls to errors and friction points, providing a comprehensive view of user engagement. The emphasis on privacy and security was particularly reassuring, especially in an era where data protection is paramount. The ability to analyze these data with just one click, combined with AI-powered insights, allows businesses to act swiftly and effectively, making informed decisions that can significantly impact customer satisfaction and retention.

As the evening unfolded, the conversation shifted to the broader implications of digital experience analytics. The speakers emphasized that understanding customer behavior extends beyond improving metrics like conversion rates or net promoter scores; it is about creating experiences that people love and deserve. In a marketplace where consumers have endless choices, the ability to eliminate friction and enhance retention becomes a crucial competitive advantage.

Cindy Deng, a veteran executive in digital, data, mobile and marketing solutions, shared her forecast that consumers would expect faster immersive experiences in the digital and physical worlds, which necessitates the need for the hyper-personalization of experiences.

The insights shared during the event underscored the necessity for businesses to evolve from merely reacting to customer needs to proactively anticipating them.

Networking opportunities flourished as attendees engaged in lively discussions, exchanging ideas and experiences. The event fostered a sense of community among professionals passionate about leveraging digital analytics to drive innovation. Many expressed eagerness to implement the insights gained from the evening into their own organizations, recognizing that the future of business lies in understanding and enhancing the digital experiences they offer.

As the night drew to a close, a collective sense of optimism and determination permeated the room. The event not only illuminated the challenges posed by the digital age but also showcased the tools and strategies available to navigate these complexities. Leaders left with a renewed sense of purpose, equipped with knowledge and insights that would empower them to guide their organizations into a future where digital experience analytics play a pivotal role in shaping customer interactions.

In summary, Navigating the Future: Why do you need Digital Experience Analytics was more than just an event; it served as a clarion call for businesses to embrace the digital transformation journey. The discussions and insights shared underscored the necessity of understanding customer behavior in a rapidly changing landscape. As the world continues to evolve, the ability to harness the power of digital experience analytics will undoubtedly be a key driver of success for organizations striving to meet the needs of their customers in meaningful ways.

His views and opinions do not necessarily represent the views of FINEX.

Reynaldo C. Lugtu, Jr. is the founder and CEO of Hungry Workhorse, a digital, culture and customer experience transformation consulting firm. He is a fellow at the US-based Institute for Digital Transformation and is the chairman of the Digital Transformation IT Governance Committee of FINEX Academy. He teaches strategic management and digital transformation in the MBA program of De La Salle University.

rey.lugtu@hungryworkhorse.com

One Direction stars join mourners at Liam Payne’s funeral

November 22, 2024 | 12:01 am

Liam-Payne-in-One-Direction--This-Is-Us-(2013) — Liam Payne in a scene from 2013’s One Direction: This Is Us. — IMDB

AMERSHAM, England — The former members of boy band One Direction were among the mourners at the funeral of their band mate Liam Payne on Wednesday, just over a month after the singer died aged 31.

Harry Styles, Zayn Malik, Niall Horan, and Louis Tomlinson joined Mr. Payne’s family and friends for the private church service in Amersham, Buckinghamshire, northwest of London.

Mr. Payne’s former partner, fellow pop star Cheryl, with whom he had a son now aged seven, was photographed leaving the service.

The singer and songwriter was found dead after he fell from his hotel balcony in Buenos Aires, triggering an outpouring of grief from fans around the world.

His coffin arrived at the church in a white carriage drawn by two white horses and adorned with floral tributes spelling the words “Son” and “Daddy.”

Attendees included Mr. Payne’s girlfriend Kate Cassidy, actor and TV host James Corden, and Simon Cowell, the music mogul who created One Direction for Britain’s X Factor talent show.

The group were catapulted to global fame in the 2010s after appearing on the show and they went on to become one of the best selling boy bands of all time.

With their tousled hair and youthful charm, the band members became teen idols through hit singles like “What Makes You Beautiful,” “Live While We’re Young,” “Best Song Ever,” and “Story of My Life.”

Mr. Payne, who was still a teenager when One Direction found global success, struggled with the pressures of fame, and he later spoke about his problems with alcohol.

“Don’t get me wrong, we had the best time ever but there were moments where… you don’t realize you have a choice at that point,” he said in 2021. “There is a sacrifice for that.”

He launched a solo career after One Direction split in 2016 and he released a debut album in 2019.

Argentine authorities have charged three people in connection with Mr. Payne’s death after an autopsy revealed traces of alcohol, cocaine, and a prescription antidepressant in his system when he died. — Reuters

Order — not Haka— in the House

November 22, 2024 | 12:01 am

It was so bizarre and inane it could have been mistaken for a Babylon Bee article. Unfortunately, it did happen. As ABC News reported: “Māori lawmakers interrupted a New Zealand parliamentary vote with a Haka on Thursday to protest a proposed law that critics say would erode the land and cultural rights of Indigenous New Zealanders.

“When asked how her party’s representatives would vote during the session, Hana-Rawhiti Maipi-Clarke of New Zealand’s Māori party stood up and began a soaring Haka, a ceremonial Māori dance that demonstrates pride, strength and unity through a series of intricate movements and facial expressions. She ripped a copy of the bill in half as she did the Haka.

“About half of the lawmakers present, including members of the Labor and Green parties, joined in, along with members of the public seated in the gallery, their chants echoing through the chamber.” (“Māori lawmakers in New Zealand interrupt vote on controversial bill with Haka”; November 2024)

The issue behind this dramatic display? The need to legally define the principles of the 1840 Treaty of Waitangi, which came about ostensibly to redress the wrong done to the Māori by the colonizing British.

Unfortunately, the years have merely led to greater divisiveness as a result and the contested bill, introduced by the Act party led by David Seymour (himself of Māori heritage), was supposed to have the treaty interpreted equally regardless of race, and also more fairly through parliament rather than the courts.

In other words, Ms. Hana-Rawhiti Maipi-Clarke and others of her ilk are angered at the prospect that their privileged status was sought to be ended.

And why the privileged status brought by the Waitangi Treaty? Apparently because the Māori were oppressed, such oppression allegedly included stopping the Māori engaging in wars against other tribes where captured prisoners were chopped up, eaten, and later to become feces. Collecting the latter, such would then be sent back to the other tribes to tell them that their fellow tribesmen were turned into excrement.

The fact is, Māori “cannibalism lasted for several hundred years until the 1830s” until the British colonizers stopped the practice. There was also infanticide committed for the purpose of feeding the babies to warriors to make them stronger. (Horrid Practice: The Myth and Reality of Traditional Māori Cannibalism, by Paul Moon, 2008)

The point here is that the West is being demonized by media and the academe to portray the Māori as some sort of oppressed innocent people when they were in fact — like all peoples at a certain point in their history — as horrid and violent as the colonizers who defeated them. It just so happened the British were better at warfare.

In a Financial Times review (“A Splendid Exchange,” Aug. 9, 2008) on the book A Splendid Exchange: How Trade Has Shaped The World From Prehistory To The Present (by William Bernstein), Hugh Carnegy pointedly lays down this fact:

“What is striking is that for much of history, trade was built on conquest and often violently enforced monopolies — not least when Europeans were involved. The urge to ‘truck, barter and exchange,’ as Adam Smith described it, is all very well. But until recently, the much stronger urge was to grab and control by force the trade in goods needed either for basic economic and military needs or for the accumulation of wealth. Even what Bernstein calls the Pax Islamica — some seven centuries of Arab supremacy that established a settled and sophisticated trading empire from the east Mediterranean to the Far East — was built on naval supremacy and bold military action. This ended in 1498 when Vasco da Gama sailed round the southern tip of Africa to reopen European access to the Indian Ocean and beyond.”

In essence, “brutality was a vital element in the development of trade and the successive empires built upon it — Roman, Arab, Mongol, Spanish, Dutch, British — culminating in the 18^th and 19^thcentury slave trade. Equally compelling is the sheer doggedness, courage and skill that characterized the pioneers of trade.”

Western ideas and values were spread not only due to their superiority but because their advocates were simply more adept at organized violence. And violence, to reiterate, isn’t a behavior exhibited by the West isn’t alone — it was everyone. The West was just better at it. It is violence and greed, admittedly coupled with philosophy or altruism, that motivated much of history. A lot of other countries’ culture, history, or origins were brought about by systematized mayhem.

The Māori make much of their “warrior culture,” hence the Haka war dance. And they reportedly did commit one of the worst genocides in history against the Moriori tribe of the Chatham Islands. Surely, the Moriori descendants are due reparations as well?

The point is that affirmative action/minority reparation type policies should have been gotten rid of long ago. If history indicates that literally everyone is entitled to it, such should mean no one is.

Jemy Gatdula is a lawyer specializing in international economic law and the law of armed conflict, as well as constitutional philosophy and jurisprudence.

https://www.facebook.com/jigatdula/

Twitter @jemygatdula

Elements of a smart onboarding process

November 22, 2024 | 12:01 am

Is there a connection between employee retention and the onboarding process? In other words, how do we determine the success of onboarding with employee motivation and their long-term commitment to the organization? — Light Bulb.

Your questions are better answered in a formal study by management academics and researchers covering time-tested best practices. However, with or without research, it’s easy to understand that an onboarding process must be formal, systematic, and well-planned by human resources (HR).

In addition, a formal onboarding system for new hires must include a follow-up session and a feedback mechanism with the help of a senpai-kohai system (explained below) to determine how effective it is in its objective of ensuring that new employees are constantly motivated to give their best in the long term.

So, what exactly is an ideal onboarding process for all organizations, regardless of their business, culture, and size? How can an onboarding (the old name is “employee orientation”) process increase employee engagement, invoke a sense of pride in new hires, and turn, improve the retention rate?

While the style differs from one organization to another, the onboarding system must be similar in coverage. One basic difference between a big organization and a small one is the amount spent in making the introduction worth the effort.

For example, some major organizations give away lots of corporate swag to every new employee, while small companies would be happy to offer coffee mugs, umbrellas, or desk calendars to their new hires.

While some HR managers consider the onboarding process as a major consideration in employee retention, others would simply treat it as trivial, or even too corny to bother with, until it is too late.

PROCESS
To make the onboarding process interesting for all stakeholders, it must be highly interactive, starting with the formal honorific appointment of a senpai or a senior member of the department who has the clout, experience, hierarchy, or length of service than the kohai or junior hires.

The senpai is the alter ego of HR and department heads.

The job of a senpai who is not the direct boss of a kohai is to offer friendship and guidance outside of the boss-subordinate work relations. To avoid any untoward issues, a senpai must be someone of the same gender as the kohai. The job of a senpai starts as soon as HR has completed the formal orientation process that includes the following basic elements:

One, a welcome ceremony by HR. This includes a pep talk by the chief executive officer and department heads to create the impression that the new hires are important to the organization. This is best done if HR can gather at least 10 new employees in the training room.

Otherwise, a one-on-one welcoming party may be conducted if there are no other new hires to be inducted in the following weeks. Part of the welcome program is a video presentation about the company, its history, its products, its industry, and the profile of its key management officials.

In addition, the program must include the corporate mission, vision, cultural values, and unwritten norms and behaviors, as well as the philosophy that guides all employees.

Two, organize a brief tour of the company facilities. The new workers need to be toured around the office building and its facilities, including the common areas like the medical clinic, locker rooms, cafeteria, and rest and recreational areas. This part makes them feel “at home.”

It is also another opportunity for the new hires to meet other key employees in those areas.

Three, require the completion of paperwork. The important documents to be completed include the distribution and acknowledgment receipt of the company’s Code of Conduct and the employment contract. Each welcome packet may include the annual report and some copies of the employee newsletter.

Other important documents to include in the packet are the worker’s enrollment in a health maintenance organization and enrollment in the ATM payroll system to avoid delay in the release of the first salary and other benefits. The new hire must also submit a birth certificate, marriage contract (if applicable), social security identification, and other requirements.

To avoid any missed signing opportunity, it is ideal for HR to have a checklist of what documents to accomplish with the new hires, so they become ready for the actual work itself and not allow such trivial issues to become a source of their early dissatisfaction.

OBJECTIVES
The objective of onboarding is to ensure an easy and positive assimilation process, giving the new hires every opportunity to affirm their commitment to the company, reduce their anxiety, understand expectations, and create a friendly work environment for everyone.

The onboarding is the accumulation process that assists the new hires, HR, and their department in adjusting to their jobs and instilling a long-term view beneficial to everyone. When done properly, it encourages pride, loyalty, and creates a family belongingness unique to that organization.

Have a free consultation with Rey Elbo on your people management issues. Write your concerns to elbonomics@gmail.com, Facebook, LinkedIn, X or via https://reyelbo.com.

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