“From small businesses to Fortune 500 companies, we’re focused on maintaining our record as a top state for business,” said Governor Walz. “By telling the stories of companies who’ve found success in our state, we’re encouraging other businesses to look to Minnesota to grow and invest.”

The new initiative, created in partnership with Explore Minnesota and the Minnesota Department of Employment and Economic Development (DEED), captures the stories of leading businesses across key industries, including manufacturing and biomedical technology. The campaign features testimonials from Mayo Clinic Business Development, Microbiologics, Polar Semiconductor, and Rosenbauer America. The campaign will run nationwide through June 2025. 

“Minnesota’s diverse economy serves as a foundation for businesses to start, grow, and prosper,” said Lieutenant Governor Peggy Flanagan. “We are proud to be ranked one of the best states for businesses bolstered by one of the highest-caliber talent markets in the country. We invite people to explore what our state has to offer for businesses and their employees.” 

Minnesota has long been a location for innovation and global impact. From conducting the first open-heart surgery, to fostering the invention of groundbreaking devices, and now boasting more than two dozen business accelerators and incubators, the state is a leader in technological advancement. Decades of public and private investments in education have produced a robust and skilled workforce, making Minnesota’s talent pool one of the most educated and diverse in the country.

“Through this new release in the Star of the North campaign, we’re showcasing how the state is reinvigorating the economy from high-tech manufacturing to industry-leading research and medical innovation,” said Explore Minnesota Executive Director Lauren Bennett McGinty. “The campaign articulates our diverse business ecosystem and talent market, high quality of life, and commitment to inclusive growth for businesses to thrive.” 

“Whether a company is opening its doors for the first time, or a long-standing business is expanding its production, business leaders know that Minnesota is a dynamic place to be,” said DEED Commissioner Matt Varilek. “Our state has a powerful innovation ecosystem, massive research-and-development spending, top-rated infrastructure, and a global talent market. And we’re doubling down on incentives and supports for companies looking to invest or expand.”   

In addition to economic strength, Minnesota also stands out for its quality of life in every region. The state boasts a top-tier health care system, vast natural resources, and vibrant arts and culture scenes. Minnesota consistently ranks among the top states for livability, with a relatively affordable cost of living.  

To learn more about business opportunities in Minnesota, visit exploreminnesota.com/business. 

About Explore Minnesota: Explore Minnesota is the marketing and promotion agency for the State of Minnesota. Our mission is to support and help Minnesota’s economy grow sustainably through innovative marketing, industry partnerships and authentic storytelling, showcasing Minnesota as the premier state for travel, quality of life, and economic opportunity. To learn more, visit exploreminnesota.com or find us on Instagram at @exploreminnesota.

About DEED: The Minnesota Department of Employment and Economic Development (DEED) is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development.

SOURCE Explore Minnesota & PR Newswire

Rilla Introduces a Model-Redefining Protocol That Transforms Audience Engagement and
Monetization in Live-Streaming

SAN FRANCISCO, Sept. 9, 2024 /PRNewswire/ — Rilla Network is redefining live sports streaming by turning passive viewers into active participants. Its innovative protocol integrates interactivity and transactability natively, unlocking a new era of live-streaming experiences.

Rilla’s decentralized protocol enables users to contribute network capacity and earn rewards, while the network effects of value distribution foster deeper engagement and loyalty. Through real-time interactivity, audience members can transact directly during live streams, creating new economic models for the industry.

The Rilla platform features a viewership gamification and rewards framework, driving engagement with personalized experiences. Its hyper-granular analytics provide insights on a viewer-by-viewer basis, enhancing user experience and targeting. Additionally, consumption-based pricing and trustless billing ensure cost-efficiency and scalability with a logarithmic cost-to-serve model that keeps costs low even as audiences grow. Low-latency streaming further enhances viewer engagement.

With the traditional economics of live streaming becoming unsustainable, Rilla offers a solution to capture second-order network value, some of which is already lost to third-party networks such as social media. By integrating interactivity and transactability, Rilla ensures that the value generated remains within the live stream, benefiting content creators and viewers.

Co-founder and CEO, Hal Smith Stevens, said:

“Today’s streaming models are outdated. Rilla Network enables fluid transactivity and audience interactivity, empowering viewers to engage actively with the content and the community. We’re transforming live digital experiences.”

Rilla Network has closed two funding rounds this year, including an angel and pre-seed round, raising a total of $3.5 million. The rounds were led by Blockchain Founders Fund and Blockchange Ventures, respectively. 

Managing Partner at Blockchange Ventures, Ken Seiff, stated:

“Rilla Network is transforming live streaming by addressing key inefficiencies and introducing innovative ways to enhance audience interaction and monetization. Its decentralized approach and ability to capture second-order value sets it apart as a true game-changer in live sports streaming. We’re thrilled to support such a forward-thinking team.”

The funds are being used to launch Rilla’s protocol through a pilot program in collaboration with major players in sports streaming. The company plans to run high-profile pilots before seeking seed funding in Q2 2025.

About Rilla

Rilla Network is a decentralized live-streaming protocol. Rilla is based in Dubai, UAE with world-class team members contributing globally. The founding team has decades of experience in software development, content streaming services, Web3, blockchain, AI, and machine learning. Learn more at https://rilla.network.

SOURCE Rilla Network & PR Newswire

• ~60% occupiers to have at least 20% of their office portfolio in the form of flex spaces over the next 3-5 years
• ~40% occupiers foresee flex spaces as centers of core business operations
• ~45% occupiers prefer ‘core’ areas of major office markets for future expansion

BENGALURU, India, Sept. 9, 2024 /PRNewswire/ — Reimagination of workplace, changing perceptions and enterprise-level offerings have been driving heightened flex adoption in recent years. These sentiments are echoed in our latest survey-based report Flex Spaces: Reshaping the New-Age India Office Market. The report highlights that over 80% occupiers prefer to expand their office portfolio through flex spaces in the next few years. Interestingly, large corporates have also been increasingly embedding flex space as a part of their real estate footprint. This trend of higher flex space adoption is mainly led by its inherent advantage of adding flexibility to real estate portfolio while providing sufficient wiggle room to manage costs. Benefits relating to enhanced productivity, spaces replete with tech & security features and sustainability only strengthens its business case. The growth in flex space endorsement is expected to be highest amongst multi-national companies (MNCs), with an anticipated 3-4X times rise from current levels by 2030.

With a significant rise in share of flex spaces in Grade A office space demand and changing occupier preferences, flex spaces have solidified their position in the India office market. As occupiers disclose their future portfolio expansion plans, the survey trends in the report are indicative of a high growth trajectory for flex spaces in India in the coming years. For the purpose of this report, the survey spanned across a varied spectrum of start-ups, MNCs and GCCs targeting senior management personnel including key decision makers in the areas of real estate, administration, corporate strategy, etc.

Key survey results –

Source: Colliers

“With flex space offerings transforming from niche to mainstream, they are expected to increasingly define the contours of Grade A office space demand in India. As per the report, 60% occupiers are likely to have a flex share of 20% or more in their office portfolio over the course of next 3-5 years, up from the present 40%. Earlier flex spaces were predominantly occupied by start-ups. However, over the next few years, more than two-thirds of real estate expansion across occupier segments will be through flex spaces. Notably, over 80% of the expansion in technology, engineering & manufacturing and healthcare sectors, would be through flex spaces,”  says Arpit Mehrotra, Managing Director, Office services, Colliers India.

Flex spaces emerging as centres of core business operations

Flex spaces are now being repurposed and fulfilling roles beyond support centres. With both cost arbitrage and enterprise-level offerings coming into play, occupiers are increasingly embracing flex spaces for their core business operations. About 45% and 35% of mid and large sized companies respectively are carrying out their core business operations in flex spaces. Notably, with increasing technology adeptness in flex spaces, about 40% of the technology sector occupiers are using flex spaces for core business operations.

“Workspaces have steadily evolved to become centres for collaboration, innovation, wellbeing etc. and flex spaces provide holistic solutions for the new-age workspace. With maturity of flex space market and enterprise-level services on offer, occupiers are amenable with relatively longer commitment periods as well. About three-fourths of the surveyed occupiers, including MNCs and large domestic occupiers, feel positively inclined for relatively longer commitment periods. Over the next few years, average commitment period for flex spaces can potentially reach close to 3 years, a significant increase from the typical lease agreements of less than a year in the pre-pandemic period,” said Vimal Nadar, Senior Director & Head of Research, Colliers India.

Core areas of major cities continue to be the preferred areas for portfolio expansion

Location continues to be of significant importance to occupiers, with about 60% respondents considering it as the most important parameter for expansion. Interestingly, while expanding, occupiers are likely to lean towards flex spaces with attractive offerings in central areas as compared to facilities in peripheral areas. Going ahead, about 45% of surveyed occupiers would opt for future expansion through flex spaces in CBD/SBD locations of tier I or tier II cities. In terms of work-place strategy, flex spaces are likley to champion distributed work models. About half of the larger companies including Global Capability Centers (GCCs) and MNCs envisage flex spaces to act as both hub and spoke offices in the next few years.

About Colliers

Colliers (NASDAQ: CIGI) (TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 29 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of more than $4.4 billion and $96 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people.

Source: PR Newswire

DONCASTER, England, Sept. 9, 2024 /PRNewswire/ — A groundbreaking new white paper from British AI software leader Automated Analytics challenges the widespread fear that Artificial Intelligence (AI) will lead to mass job losses. Contrary to popular belief, the study reveals that none of the 5,000 clients across the UK and US who adopted AI solutions reported layoffs due to AI, highlighting that AI can be a catalyst for growth, not a threat to jobs.

The white paper, titled Unlocking Data, Unlocking People: Harnessing the Power of AI to Transform Your Business, launches today at Scale Space White City in London’s White City Innovation District. The findings underscore the need for UK businesses to overcome their cautious approach to AI, or risk falling behind US competitors who are rapidly advancing with AI adoption.

UK at Risk of Falling Behind in AI Revolution

Despite the evidence refuting the myth that AI will cause widespread unemployment, a YouGov survey commissioned by Automated Analytics reveals that UK business leaders remain hesitant. Over half of senior decision-makers surveyed still believe AI will eliminate more jobs than it creates, while only 17% expect job creation to outpace job losses.

This reluctance could spell trouble for the UK economy. The white paper warns that without greater AI adoption, UK businesses may lose their competitive edge to more aggressive US firms. Automated Analytics CEO Mark Taylor emphasises that the UK must shift its focus from regulation to innovation to avoid being left behind in the AI revolution.

Automated Analytics is calling on UK businesses to accelerate their AI adoption to avoid losing ground in the global market. The white paper serves as a clarion call for companies to embrace AI as a vital tool for innovation and competitiveness.

Download the white paper here.

Real-World Success Stories: AI Driving Efficiency and Growth

Automated Analytics has a proven track record of helping businesses unlock significant efficiencies through AI. The white paper highlights several success stories:

• British Gas’ Dyno-Rod: By implementing AI to better understand customer journeys, service calls were halved, and franchise operations achieved 100% visibility.
• Pizza Hut (US): AI solutions reduced recruitment costs by $1 million and increased hires by 42% for the fourth-largest US franchisee, Restaurant Management Group.
• Fourth (UK): The hospitality recruitment firm used AI-driven TalentTrack to achieve a 220% increase in talent flow and drastically reduce cost per application in just 30 days.

Since 2023, Automated Analytics has delivered over £33 million in savings to its global client base, including household names like KFC, Hamptons Estate Agents, and Europcar.

Mark Taylor: AI is a Force for Good

Mark Taylor, CEO of Automated Analytics, believes AI’s potential far outweighs the risks. “AI is not about replacing jobs; it’s about enhancing productivity and creating new opportunities,” says Taylor. “Our white paper provides concrete examples of how AI can drive growth, efficiency, and competitiveness. The UK cannot afford to lag behind in this critical area.”

Taylor also expressed concern over the cultural differences between the US and UK in embracing new technologies. “The US is leading the charge in AI adoption, while the UK remains overly focused on regulation. This white paper demonstrates that many fears surrounding AI are unfounded and that it can play a crucial role in driving the UK’s economic growth.”

Heather Matthews, Chief People Officer, Restaurant Management Group, a Pizza Hut franchisee and client of Automated Analytics said, “Automated Analytics’ AI software has completely transformed our recruitment process, enabling us to track precisely when candidates are applying and is more efficient than any recruitment site or tool we have used before. After the first month of working with Automated Analytics our applicant flow nearly tripled compared to the prior month.  Our cost per application went from well over $12.00 to below $2.00.  In addition to the increase in volume, the way Automated Analytics’ TalentTrack software optimises our budget is saving us thousands of dollars a month.  Harnessing AI has without a doubt been our competitive advantage in a very challenging recruitment market, and will continue to be a central part of our strategy in the future.

Notes to Editors

Automated Analytics Group was founded in 2013 by Mark Taylor and is based in Doncaster, a city on the cusp of becoming the UK’s leading destination for innovative digital and technology businesses to locate and grow. 

For more information, visit www.automatedanalytics.co.uk.

Source: PR Newswire

Leading flexible housing company to continue global expansion, with headroom to grow the relationship with Liquidity longer-term

BERLIN, Sept. 9, 2024 /PRNewswire/ — Habyt, the world’s leading provider of flexible living spaces, today announced the successful closing of 40 million EUR in financing, led by Mars Growth Capital, a joint venture of MUFG and Liquidity Group. This new capital will be pivotal in supporting Habyt’s ambitious expansion strategy, primarily through targeted acquisitions aimed at consolidating its leadership position across key regions.

Founded in Berlin in 2017, Habyt is one of the world’s top co-living providers for flexible and convenient living options ranging from shared units to single bedroom flat-style living, including both short and long stays. The company’s portfolio extends to approximately 30,000 residential spaces in more than 50 cities around the world across three continents including the United States, Europe, and Asia.

“With this fresh capital, we are well-positioned to pursue strategic deals that will strengthen our presence in key markets and drive our long-term profitability,” said Luca Bovone, Founder and CEO of Habyt. “Flexible living is naturally a model that aligns with sustainable financial growth, offering high-demand solutions in urban environments worldwide. Throughout this process, we have been continually impressed by Liquidity Group’s quick execution and data-driven approach during the due diligence phase.”

The recent financing emphasizes Habyt’s impressive net revenue annual growth and clear path to cash flow positivity, tracking to achieve group level profitability this year, as well as its strong investor base comprised of Europe’s largest VCs. The company is also looking to add EBITDA-generating portfolios to the group and is currently in discussion with multiple targets to close at least one transaction by the end of the year. 

“Habyt’s strong unit economics and scalable model have proven to be a major disruptor within the global rental market,” said Justin Langen, Director, Europe at Liquidity Group. “As Mars and Liquidity continue to strengthen their presence in Germany and across Europe, we look forward to beginning what we see as a long-lasting investment partnership and hope to play an ongoing role in Habyt’s push towards sustained profitability.”

Amidst the ongoing growth potential in Germany and across Europe as a whole, Liquidity remains committed to seizing opportunities within the region. The transaction, under Liquidity’s Mars Unicorn fund, underscores the firm’s strong commitment to the German market, marking its second significant deal in the country this year.

About Habyt

Habyt is the largest global flexible living company with a mission to provide access to housing anywhere, for everyone. The company was founded on the simple idea that simplicity is best when it comes to finding a house. Habyt has standardised the housing process for both tenants and landlords with a digital-first approach that provides accessible solutions. The company was founded in 2017 by Luca Bovone, and now operates globally. Today, Habyt’s portfolio consists of over 30,000 units in 50 cities, supporting thousands of customers every year. Habyt is backed by investors including Korelya Capital, Capmont, P101, Vorwerk Ventures, Exor, Burda Principal Investments, Norwest, Endeavor Catalyst, HV Capital, Kinnevik, Picus, Mitsubishi Estate, and Inveready.

For more information, please visit: https://www.habyt.com/

About Liquidity Group:

Liquidity Group is the leading AI-driven tech-enhanced financial asset management firm in the world. With $2.5B AUM across funds focused on North America, Asia-Pacific, Europe, and the Middle East, Liquidity Group operates globally with offices in London, New York, Singapore, Tel-Aviv, Abu Dhabi and San Francisco. The firm’s patented machine learning and decision science technology enables it to deploy more capital through more deals faster than any firm in capital markets history, establishing it as the fastest-growing provider of credit and equity financing to mid-market and late-stage companies. Liquidity Group is backed by leading global financial institutions including Japan’s largest bank, MUFG, Spark Capital, and Apollo Asset Management. For more information, visit www.liquiditygroup.com.

About Mars Growth Capital

MARS Growth Capital, a joint venture between MUFG and Liquidity Group, provides advanced financing solutions to fintech, SaaS, and e-commerce businesses in Southeast Asia, the Pacific, and Europe. Utilizing Liquidity Group’s AI and machine learning, MARS offers credit and equity financing ranging from $3 million to $100 million for mid-market, late-stage, and pre-IPO technology companies. For more information, visit  MarsGrowthCapital.com.

Source: PR Newswire

LONDON, Sept. 9, 2024 /PRNewswire/ — Clarivate Plc (NYSE:CLVT), a leading global provider of transformative intelligence, today launched its first Pulse of the Library^TM report. The report reveals that libraries are in the early days of Artificial Intelligence (AI) implementation. Librarians are considering applications of AI that support the library mission, particularly in enhancing content discovery and increasing efficiency for their teams. However, there are notable concerns, including a lack of AI expertise and tight budgets.  

The report combines feedback from a survey of more than 1,500 librarians from across the world with qualitative interviews, covering academic, national and public libraries. In addition to the downloadable report, the accompanying microsite’s dynamic and interactive data visualizations enable rapid comparative analyses according to regions and library types. The data is available for free here.

Oren Beit-Arie, Senior Vice President Strategy & Innovation at Clarivate said: “Clarivate has long partnered with libraries as they have adapted to technology advancements, fluctuating economies and evolving needs of their communities. Generative AI is now reshaping the landscape for all, including the library community, in a profound way.  We will continue to partner and help libraries think forward by sharing our data and insights so they can continue to make critical decisions, navigate roadblocks and champion their role in advancing research, education and community engagement.”

Key findings of the report include: 

• Most libraries have an AI plan in place, or one in progress: Over 60% of respondents are evaluating or planning for AI integration.
• AI adoption is the top tech priority: AI-powered tools for library users and patrons top the list of technology priorities for the next 12 months, according to 43% of respondents.
• AI is advancing library missions: Key goals for those evaluating or implementing AI include supporting student learning (52%), research excellence (47%) and content discoverability (45%), aligning closely with the mission of libraries.
• Librarians see promise and pitfalls in AI adoption: 42% believe AI can automate routine tasks, freeing librarians for strategic and creative activities. Levels of optimism vary regionally.
• AI skills gaps and shrinking budgets are top concerns. Lack of expertise and budget constraints are seen as greater challenges than privacy and security issues:
  • Shrinking budgets: Almost half (47%) cite shrinking budgets as their greatest challenge.
  • Skills gap: 52% of respondents see upskilling as AI’s biggest impact on employment, yet nearly a third (32%) state that no training is available.
• AI advancement will be led by IT: By combining the expertise of heads of IT with strategic investment and direction from senior leadership, libraries can move from consideration to implementation of AI in the coming years.
• Regional priorities differ: Librarians’ views on other key topics such as sustainability, diversity, open access and open science show notable regional diversity.

Derek Brown, Director of IT, Rochester Hills Public Library said: “The future role of the librarian will be characterized by a blend of traditional responsibilities and new, technology-driven tasks. Even with AI, librarians will continue to be indispensable guides in the information age, fostering a community-centered approach while embracing innovative technologies to enhance library services.”

Beit-Arie concluded: “This global survey is a milestone in our continuing conversation and partnership with the library community. Through ongoing engagement and avenues beyond the Pulse of the Library report such as our Academia AI Advisory Council, we continue to listen to concerns, gain a deeper understanding of the challenges and strategic priorities and work in partnership to navigate a world of increasing complexity.” 

In early 2024, Clarivate launched the Academia AI Advisory Council which features library and faculty leaders from institutions across the globe. Their collective insights help guide the responsible and innovative use of AI in academia, across Clarivate AI solutions.

Explore the Pulse of the Library report here.

Survey methodology and demographics

The survey was hosted online from April to June 2024. Clarivate promoted it to academic, national and public libraries through email, website pop-ups and social media, and it was also shared with key stakeholders. The survey was available to complete in English, Simplified and Traditional Chinese, Korean and Japanese languages. 

Analysis was conducted in partnership with an external agency, TBI Communications, with further qualitative interviews led by our team. In total, 1,527 survey responses were analyzed, along with several follow-up interviews. The majority of survey respondents (76%) represented academic libraries, with 78% representing university libraries. A range of roles, from Library Deans and Directors to Heads of IT/technology services, participated, although librarians represented the majority of respondents, including 67% of the academic library responses. Regionally, just under half of all responses came from the United States (47%).

About Clarivate

Clarivate is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com

SOURCE Clarivate Plc & PR Newswire

LONDON, Sept. 9, 2024 /PRNewswire/ —

• 51% of respondents surveyed aspire to send their child overseas for study, or already have a child studying internationally
• More than two thirds of Gen Z and Millennials are keen for their children to study closer to home, compared to just over half of Boomers
• 82% of Millennials and 77% of Gen Z believe that an innovative education is important, compared to 30% of Boomers

A generational divide in attitudes towards international education and where to study is emerging, according to a new report from HSBC.

HSBC’s Quality of Life report, which surveyed more than 11,200 affluent adults in 11 markets around the world, reveals that while the US, UK and Australia remain the top study destinations, younger generations of current and future parents, such as Gen Z (68%) and Millennials (67%), are more likely to prioritise a university closer to their home region.

The report found new emerging destinations for overseas university education:

• Mainland China is increasingly popular among younger Singaporean parents
• Singapore is emerging as a top destination for younger parents from Mainland China, India, Malaysia and Taiwan
• Continental Europe is emerging as the top region for parents from the United Kingdom
• Canada is growing in popularity with parents from the United States

Commenting on the study, Katie Wilkins, Global Head of International Propositions, HSBC, said:

“We’re seeing a shift in attitudes towards international education in younger generations of parents, who are looking to balance their child’s education with global aspirations and proximity to home, compared to their older counterparts.

“More families are coming to us as they begin their international education journey, as the complexity of choice means they need a globally-connected financial services partner to help them navigate decisions with clarity and confidence.” 

Most parents (78%) would select a university if it allowed their child to pursue their passions, with Millennials (83%) 10 per cent more likely to prioritise their child’s interests when selecting a university compared to Boomers (73%). Millennial (81%) parents are 15 per cent more likely than Boomer (66%) parents to ‘strongly or somewhat agree’ with an education option that allowed their child to explore an entrepreneurial path if it had a positive impact on their child’s overall well-being while studying overseas.

Younger generations of parents also prefer institutions with future-focused curricula; with 82 per cent of Millennials and 77 per cent of Gen Z respondents agreeing that an innovative education is important, compared to 30 per cent of Boomers who ‘strongly agreed’ it was important. The majority (66%) of parents believe that an international education will lead to global exposure for their child and enhance their future opportunities.

Commenting on the research, Dr Wanying Zhou, University of Oxford, Wellbeing Research Centre, Research Fellow, specialising in Adolescence Well-being and International Education, said:

“HSBC’s report comes when the international higher education landscape is witnessing a period of rapid change and diversification. Families are considering ‘satellite campuses,’ and as digital transformation within the education sector gathers pace, parents and students are also exploring new avenues, such as online learning which can allow students to study independently while being close to home. Whichever educational path a student chooses to take, study abroad can bring both rewards and challenges and it’s important for families to be prepared for this period.”

HSBC’s global network, suite of resources and partnerships equip parents and students with the tools to navigate the world of international education. Find out more about HSBC’s services available for international students by visiting this site.

Source: PR Newswire

Canadian businesses have a higher rate of payment fraud (20%) compared to Canadian consumers (13%), reveals new Payments Canada study

Key study findings: 

• Around 1 in 7 businesses (15%) lost money from payment fraud in the last 6 months.
• Impersonator fraud represented 25% of payment fraud experienced by businesses.
• 71% of businesses were partially or fully reimbursed by their financial institution for lost money from fraud.
• 39% of businesses store passwords on personal devices creating security risks.
• 45% noticed an increase in fraudulent or suspicious activity directed through email.
• 65% would be willing to take extra steps for online transactions if it meant they were better protected.

OTTAWA, ON, Sept. 9, 2024 /CNW/ – A new study from Payments Canada reveals that Canadian businesses have a higher rate of payment fraud compared to Canadian consumers at 20% versus 13%, respectively, although the types of fraud were similar for both segments. Impersonator fraud, originating from a phone call, message or email that appears to be from a trusted business source (25%), intercepted business e-Transfers (22%) and credit card fraud (20%) were the most common types of fraud. The amount lost was $3,000 or less for the majority of these businesses (63%). The rate of payment fraud remained consistent from 2023 at 19%, despite 63% of businesses who report that they feel confident in knowing how to protect themselves against payment fraud and cybercrime, and 61% who said they are more aware of how to recognize potential threats.  

“Addressing fraud risks is a central focus for the payment ecosystem. It requires a multifaceted approach that leverages technology, system innovations, evolving regulations and education through continued industry collaboration,” said Donna Kinoshita, Chief Payments Officer at Payments Canada. “Looking to the future, biometrics, multi-factor authentication, confirmation of payee systems, AI learning for fraud detection, centralized fraud systems, in addition to enhanced reporting and data sharing, are just some of the cross-industry innovations and initiatives that will play a role in helping protect Canadian businesses and consumers.”

Larger commercial businesses report a higher rate of payment fraud than small businesses. The study reveals that while businesses of all sizes are vulnerable to payment fraud scams, larger-scale commercial businesses experienced the highest rate of fraud at 26%, compared to large (23%) and small (16%) businesses.

While impersonator fraud was most common, businesses experienced a diverse mix of fraud scams. The most common type of payment fraud is an impersonator making contact by either email, phone, call, text or social media to request money (25%). Other types of payment fraud included:

• Someone intercepted a business’ e-Transfer (sending or receiving) to deposit the money into a different bank account (22%).
• Fraudulent charges on their bank or credit cards (20%).
• Purchase made from stolen credit card information (19%).
• Purchase made from stolen debit card information (18%).
• Payment made by a fraudulent cheque (15%).
• Purchase made from a fraudulent website (15%).

Nearly half (45%) of businesses have noticed an increase in fraudulent, cybercrime or suspicious activity directed at them through email over the last 12 months. Businesses also noticed an increase in activity directed at them via their smartphone (42%), social media platforms (39%) and retail merchant sites, including e-commerce sites or apps (34%).

Businesses are taking steps to protect themselves. Close to 7 in 10 businesses (69%) indicate that they usually limit the amount of sensitive information about the business they share online and only provide it when required. Over two-thirds of businesses (67%) make the effort to check the safety of an e-commerce site and go with trusted sites only when buying online. Sixty-five percent of businesses enable two-step authentication for accessing their accounts whenever it is available.

The majority of businesses practice fraud prevention measures, but there is room for improvement, including better password management. Overall, 39% of small and medium enterprises (SMEs) and 41% of commercial businesses store their passwords on a smartphone, personal computer or laptop. One in three (33%) commercial businesses and one in four (25%) SMEs tend to use the same password for all their business-related accounts. 

Despite the prevalence of fraud, businesses feel protected by their financial institution; 7 out of 10 businesses were fully or partially reimbursed. Despite concern over fraud risks, 65% of businesses feel protected by their bank, credit union or credit card provider when it comes to making payments. Of those who lost money through payment fraud, 32% said they were fully reimbursed by their financial institution, versus 39% who were partially reimbursed and 29% who were not reimbursed. Overall, 57% of businesses report being satisfied with the outcome, with 25% who were neutral about the outcome and 18% who were dissatisfied.

Just over 2 in 5 businesses (44%) say that fraud and cybercrime concerns impact their payment preferences and behaviour. Many businesses expressed concern with sharing their business identity and payer information as well as performing other online activities including:

• Opening unsolicited emails, texts or SMS messages (30%).
• Opening social media messages from unknown senders (26%).
• Downloading and using social media mobile apps for business purposes (22%).
• Sharing business and payer information online with e-commerce sites and apps (20%).
• Downloading and using lifestyle mobile apps for business purposes (19%).
• Making an online or in-app purchase (13%).

Almost 2 in 3 businesses (65%) would be willing to take extra steps to make an online transaction if it meant they were better protected. When transferring money online, 3 in 5 businesses (61%) would be willing to better protect themselves from scams, even if the process called for more time-consuming steps.

“Businesses face the challenge of ever-evolving and increasingly sophisticated payment fraud and cybercrime threats”, said Jon Purther, Director of Research at Payments Canada. “Our study reinforces there is no room for complacency around measures to protect against and detect fraud risks for Canadian businesses regardless of size and industry, and that businesses are willing to take extra steps to make an online transaction if it meant they were better protected.”

About the study: In total, 500 Canadian businesses were interviewed online, between March 25 –April 5, 2024, using Leger’s online panel. To be eligible to participate, respondents had to be either full or partial decision-makers in the business. The margin of error for this study was +/-2.5%, 19 times out of 20.

About Payments Canada: 

Payments Canada makes payments easier, smarter and safer for people living in Canada by providing secure and resilient infrastructure where payments are cleared and settled between financial institutions. We are a public purpose organization that owns and operates Canada’s payment systems, Lynx and the Automated Clearing Settlement System (ACSS) and are responsible for the bylaws, rules, and standards that support these systems. In 2023, our systems cleared and settled over $112 trillion — more than $450 billion every business day. Some of the transactions that pass through our systems include debit card payments, pre-authorized debits, direct deposits, bill payments, wire payments and cheques. Payments are an essential part of our economy and way of life. From a down payment on a home, an invoice paid to a local business, money sent to a family member abroad or a first paycheque﹘payments keep Canadians and the economy moving forward.

For media inquiries, please visit Payments Canada’s media centre.

SOURCE Payments Canada & PR Newswire

Guidehouse analysis of Healthcare Financial Management Association executive survey reveals payer challenges, prior authorization, workforce, and cybersecurity as top areas of stress

WASHINGTON, Sept. 9, 2024 /PRNewswire/ — Health system executives plan to invest in artificial intelligence (AI), automation, and managed services to improve revenue cycle performance over the next year, according to a Guidehouse analysis.

Analysis findings were published in Guidehouse’s 2024 Revenue Cycle Management Report, which is based on a survey of 134 provider executives—the majority of them CFOs—conducted by the Healthcare Financial Management Association to understand revenue cycle pain points, solutions, and investments.

Survey results show that nearly half of healthcare leaders reported a 93% or less net collection yield, representing a significant opportunity to improve performance. Payer challenges represent the greatest area of stress, with 41% of leaders experiencing denial rates above 3.1%. Additionally, more than half of leaders flagged prior authorization as the second highest area of stress.

“Roughly 40% of respondents reported struggling with elevated fatal denial rates, with more than half dealing with elevated Medicare Advantage denial rates,” said Timothy Kinney, Guidehouse partner and Finance and Revenue Cycle Advisory leader. “Many payers have increased requirements for prior authorizations, leading to more denials and increased cost to collect due to appeal activities. In the face of these pressures, industry leaders are turning to digital solutions and supplemental staffing to better navigate payer processes, maximize reimbursement, and boost returns.”

Revenue cycle workforce shortages were cited as the third highest area of stress, with 90% of executives reporting labor challenges further exacerbate operations. Leaders cited consulting and outsourcing as the top strategies for overcoming revenue cycle staffing challenges. Nearly 80% of executives stated they use some form of revenue cycle outsourcing and the majority of them (71%) are satisfied with their partnerships. Further, leaders cited automation as the second most important strategy to address revenue cycle staffing challenges.

“Between the complexities of reimbursement, denials, payment delays, and more, healthcare providers are too often leaving the revenue they have earned on the table,” said Ian Stewart, partner at Guidehouse. “Outsourcing and managed services experts can provide organizations a strategic upper hand in helping to navigate the payment process for enhanced and timely reimbursement.”

Executives reported their highest priority for revenue cycle investment in the next 12 months is technology, such as AI, automation, and machine learning. However, nearly 25% of respondents reported cybersecurity as a key pain point—particularly notable as a wave of ransomware attacks have infected the healthcare industry in recent months.

Patient access was cited as the second highest investment priority, followed by revenue and clinical integrity, with targeted investments in utilization management/review and denial management.

Guidehouse is a global consultancy serving the commercial and public sectors. Its Best in KLAS^® revenue cycle management advisory, digital, and managed services experts bring a proven track record of helping providers combat payer challenges, reduce denials, eliminate staffing issues, improve physician satisfaction, and optimize operating costs.

About Guidehouse

Guidehouse is a global consultancy providing advisory, digital, and managed services to the commercial and public sectors. Guidehouse is purpose-built to serve the national security, financial services, healthcare, energy, and infrastructure industries. Disrupting legacy consulting delivery models with its agility, capabilities, and scale, the firm delivers technology-enabled and focused solutions that position clients for innovation, resilience, and growth. With high-quality standards and a relentless pursuit of client success, Guidehouse’s more than 17,000 employees collaborate with leaders to outwit complexity and achieve transformational changes that meaningfully shape the future. guidehouse.com

SOURCE Guidehouse & PR Newswire

ATLANTA, Sept. 9, 2024 /PRNewswire/ — Builders today announced it has been named in the annual Best Places to Work in Insurance program, which recognizes employers for their outstanding performance in establishing workplaces where employees can thrive, enjoy their work and help their companies grow.

Winning company culture, employee engagement and professional growth all form the vision that Builders created for its dedicated employees. Builders’ Leadership Team fosters a culture that aligns with the strategic goals of the company while encouraging a healthy, happy and motivated workforce. The results speak for themselves, as 96% of Builders employees surveyed are satisfied overall with Builders as their employer while Builders agents and policyholders have amplified this outcome in Q2 of 2024 with 2.4% growth in policies in force.

“Supporting and strengthening every member of our team is paramount in serving our agents, policyholders and partners. For this reason, we’re very proud that our culture has led to such a strong sense of ownership and engagement among our employees. People come to work here with a fulfilling sense of what it means to be a Builder, and that pride radiates into everything we do.”

– Todd Campbell, President & CEO of Builders

Internal surveys further reveal an overwhelming 94% of Builders employees feeling that their leaders care about their wellbeing and 94% of them finding enjoyment in their work. The same percentages express pride in working for Builders and confidence in their leadership. Builders’ people-first ethic translates into daily enthusiasm, a thriving atmosphere, excellence in service, financial stability and a compassionate human touch that characterizes the Builders difference.

Best Places to Work in Insurance is an annual sponsored content feature presented by the Custom Publishing unit of Business Insurance and Best Companies Group that lists the agents, brokers, insurance companies and other providers with the highest levels of employee engagement and satisfaction. Harrisburg, Pa.-based Best Companies Group identifies the leading employers in the insurance industry by conducting a free two-part assessment of each company. The first part is a questionnaire completed by the employer about company policies, practices and demographics. The second part is a confidential employee survey on engagement and satisfaction.

The ranking and profiles of the winning companies will be unveiled in the November issue of Business Insurance and online at BusinessInsurance.com

About Builders

A property and casualty insurance leader, Atlanta-based Builders is the region’s reliable expert and workforce advocate serving agents and their clients through deep partnerships, service excellence and financial strength. Over 32 years of market leadership in complex construction risks has fostered exceptional expertise in workers’ compensation, injury prevention and best-in-class medical management, driving superior outcomes across many professional industries. Builders and its member companies are rated “A” (Excellent) IX by AM Best. Top Workplaces USA — #InsuranceBuiltStrong.

Business Insurance

Business Insurance is the authoritative news and information source for executives concerned about risk and the impact on their business. With information for risk managers, insurers, brokers and other providers of insurance products and services, Business Insurance delivers in-depth analysis on new and emerging risks, case studies of successful programs, market intelligence on trends and guidance on how to capitalize on opportunities and overcome challenges.

In addition to a monthly print magazine, Business Insurance provides essential news via its website, BusinessInsurance.com; daily and weekly e-newsletters; and breaking news via email news alerts. To subscribe, please contact Business Insurance at info@businessinsurance.com.

Best Companies Group

Best Companies Group works with partners to establish “Best Places to Work,” “Best Companies” and “Best Employers” programs on a national, state-wide and regional basis. Through its thorough workplace assessment using employer questionnaires and employee satisfaction surveys, Best Companies Group identifies and recognizes companies that have been successful in creating and maintaining workplace excellence.

SOURCE Builders & PR Newswire