If you’ve followed our press announcements or blog postings, by now you probably understand the benefits of smart crowd interaction to help measure and understand a company’s financial performance. As well, given this capability and the enormous pressure banks are under from a compliance perspective, G2Link becomes a very real and tangible game changing technology.
What an amazing headline last week out of Ireland:
Some credit unions ‘unwilling to comply with the law’ – Central Bank
http://www.thejournal.ie/ – Friday, May, 2nd, 2014
What impact, if any, does this have on Credit Unions here in the US?
Much ado is made about Big Data in yielding better loans, but what does your number of Facebook friends have to do with your ability to manage your financial obligations?
Banks adopting vendor compliance platform to manage and monitor risk
G2Link (www.g2link.com), the first social trust and reputation software platform for banks is pleased to announce its membership in the New York Bankers Association.
“We are excited to be working with NYBA and its extended membership organization”, said Edward Sullivan, Founder and CEO G2Link. “The board at NYBA sees the value in our vendor compliance platform to help manage trust and reputation with their third party relationships and mitigate risk, in an ever increasing and expensive regulatory environment.”
We had the privilege last week of attending the 2014 New York Bankers Association Annual Meeting and Economic Forum in NYC. In addition to promoting the G2Link Trust and Reputation platform, one of the highlights was the Economic & Market Outlook panel discussion, hosted by Ron Insana; Senior Analyst and Commentator CNBC. Joining in the discussion with Ron was Jared Bernstein, Senior Fellow, Center on Budget and Policy Priorities and R. Glenn Hubbard, Dean, Columbia University Graduate School of Business. A diverse set of topics as you might imagine, but an overwhelmingly consistent theme throughout the discussion was how do we create better visibility across the financial landscape without the burden of unnecessary and unwarranted regulation? In essence, how can the Fed expect to get regulation right when they use lagging indicators to try and predict financial crisis? “With the Fed attempting regulation without visibility, they create risky policy and even dangerous approaches to regulations that miss the mark and stifle prosperity and innovation,” said Mr. Hubbard. He went onto to say, “if the Fed was so smart, how did it not spot the housing market bubble?”
Creating Trust and Lasting Reputation
Managing companies for success across a range of time frames – are requisite for achieving both performance and health – is one of the toughest challenges in business today. Turbulent economic conditions have concentrated the collective minds of many executives on pure survival. The fact that 10 of the largest 15 bankruptcies in history have occurred since 2001 is a strong deterrent to business building, playing up on its inherent risks.
Why is it shrouded in secrecy?
Why is it so expensive?
Why is the information I pay for not current?
Why do I feel like my business is always the last to know when a supplier is in trouble?
Banks and other financial institutions are under an increasing amount of risk as they balance their dependence on outside vendors to support their businesses, and the ever increasing need to minimize risk in a highly regulated environment. Or said more simply; financial institutions are being held accountable for the actions of their suppliers. G2Link has developed the first B2B trust and reputation platform to help these organizations gain visibility and insight into third party relationships and their business performance – quicker, more accurately, with less expense and clearer visibility.
Gartner’s 2013 Hype Cycle for Emerging Technologies Maps Out Evolving Relationship Between Humans and Machines
Gartner’s 2013 Hype Cycle Special Report provides strategists and planners with an assessment of the maturity, business benefit and future direction of more than 2,000 technologies, grouped into 98 areas. New Hype Cycles this year include content and social analytics, embedded software and systems, consumer market research, open banking, banking operations innovation, and information and communication technology (ICT) in Africa.
I recently re-read Stephen Covey’s “The Speed of Trust: The One Thing that Changes Everything,” and in light of our recent thinking on Trust and Reputation, I would like to emphasize a few points. First, that while Trust is important on a personal level, it is absolutely critical for business interactions. Second, Trust is not static. It can go up or down with the ebb and tide of normal business but it can be proactively managed and maintained.