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Global Survey Shows Travellers Still Struggle With Lack of Information About Delayed and Cancelled Flights, Says Cirium

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  • New survey reveals well over a third of travellers have had to pay more to make alternative travel plans following a delayed flight
  • Nearly two thirds would be likely to use an app which alerted family, friends and work colleagues if their flight was disrupted
  • Cirium, the aviation data and analytics experts, say flight delays and cancellations cost airlines over US$30bn a year

Over a third of global travellers (36%) say they don’t get enough information about delayed and cancelled flights, according to aviation and data analytics experts at Cirium.

A new survey for Cirium reveals the impact of flight delays and cancellations and the need for better management of flight disruption, with more communication via proactive flight updates for affected passengers.

Almost two thirds (61%) of those surveyed said that they would be likely to use an app which alerted their friends, family or company about their delay.

In 2018, approximately 3.9 million flights – or 10,700 a day – were delayed by over 30 minutes or cancelled globally, affecting more than 470 million passenger journeys around the world.

Flight delays and cancellation cost airlines globally US$30bn a year in lost revenue, in addition to costs borne by their passengers.

Airline flight delays and cancellations are caused by a wide range of factors, such as technical issues with aircraft, bad weather, air traffic control problems, strikes, medical diversions and congested airports, among many others.

The global YouGov study conducted for Cirium in the UK, US, UAE and China, showed more than a third of travellers worldwide (35%) who had experienced a delayed or cancelled flight, did not find it easy to change their travel plans, with well over a third (40%) left out of pocket after being forced to pay more to make alternative travel plans.

Airlines also had to bear the massive cost of disruption with flight delays and cancellations costing the equivalent of US$7 for every departing passenger – slightly less than the airline’s net profit per person per departing flight.

Jeremy Bowen, Cirium Chief Executive Officer, said: Flight delays and cancellations are an unfortunate aspect of modern air travel and can have a big impact on travellers, whether flying for business or leisure. We recognize that the cost of disruption for airlines is also a significant problem. While our survey reveals well over a third of passengers still have to pay more for alternative travel plans, airlines can proactively issue flight alerts ahead of travel and re-allocate tickets without fees to take the sting out of flight disruption. We all want to travel stress free and get people to where they want to go, which is why at Cirium we work closely with airlines around the world on initiatives which reduce the impact of disrupted flights.”

The survey revealed nearly two thirds (57%) of those polled only found out about their flight delay or cancellation once they had reached the airport. When asked 29% said that they would prefer to be informed about a delay through a text alert with another two thirds (61%) saying they would use an app which alerted their friends, family or company about their delay.

More than double (48%) said that they would be most frustrated if their leisure flight was delayed or cancelled compared to the 21% who would be most frustrated if a business flight was cancelled.

Over a third of global travellers would be most sympathetic if a flight was disrupted due to bad weather (35%) followed by technical issues with their aircraft (30%). However, only a tiny 5% would be most sympathetic with delays or cancellations due to problems caused by air traffic control.

Cirium enables the wider travel industry to manage the impact of disruption with intelligent data and analytics solutions. For example, Cirium analyzes more than 70 million passenger journeys annually to provide meaningful insights and keep the travel industry in motion.

This data is used by a wide range of customers, such as airlines and airports, to improve the travel experience by smart devices and metasearch engines, like Google, Amazon and Expedia, to provide information directly to passengers, enabling them to make more informed choices when on the move.

Cirium’s data and analytics divisions have been the first to bring innovative solutions to market, such as the first to automate the ticket waiver process during times of flight delays and cancellations.

It employs over 400 technologists, analysts, data scientists and market experts in the UK, US, EuropeMiddle EastIndiaand Asia-Pacific.

The group has significantly grown in recent years with the acquisition of leading data intelligence companies, including Ascend, Innovata, Diio and FlightStats.

 

SOURCE Cirium

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UBS Managing Director Choo Oi Yee To Join iSTOX As Chief Commercial Officer (CCO)

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UBS Managing Director Choo Oi Yee To Join iSTOX As Chief Commercial Officer (CCO)

 

iSTOX, the first regulated platform in any major global financial center to offer end-to-end issuance, custody, and trading of digitized securities, is pleased to announce the appointment of Choo Oi Yee as its first Chief Commercial Officer (CCO).

Choo has over 20 years of experience in the investment and banking industry, most recently as Managing Director and Head of Singapore Corporate Client Solutions for UBS, where she was responsible for UBS Singapore’s investment banking business. In her new role at iSTOX, Choo will be a key member of iSTOX’s management team responsible for driving the company’s overall business growth by building its network of investors and issuers. She will join the iSTOX team in January of 2020.

“I see some truly fundamental changes on the horizon for capital markets and I believe that Singapore — and the iSTOX team — are uniquely well positioned to take advantage of them,” she said. “I’m very excited to be joining the team and look forward to helping iSTOX grow into the platform of choice for 21st century issuance and investment.”

Choo’s appointment comes at a strategically important period for the company; iSTOX has initiated plans to grow its base of issuers and investors as it works towards graduation from MAS’s Fintech Regulatory Sandbox in early 2020.

“It was clear to us that we needed someone with Oi Yee’s stature, reputation, and experience for our CCO role. Among other requirements, we needed someone with deep securities, issuance, and trading experience at a very senior level; someone with outstanding relationships with major institutional investors, business leaders, family offices, and others; and, most importantly, someone with a deep and instinctual understanding of the challenges and opportunities facing issuers and investors,” said Danny Toe, Founder and Chief Executive Officer of ICHX.

“We are pleased to welcome Oi Yee to the team as we open up applications for iSTOX investor accounts and plan an exciting issuer pipeline ahead of our projected sandbox graduation early next year,” said Darius Liu, Co-Founder and Chief Strategy Officer of iSTOX.

 

SOURCE iSTOX

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Euromoney TRADEDATA Partners With UK FinTech ipushpull to Create On-demand ‘Data-as-a-service’

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Euromoney TRADEDATA is pleased to announce a strategic partnership with ipushpull, a powerful data sharing and workflow platform.

Euromoney TRADEDATA recognises that the on-demand model is the future of data consumption, particularly within community chat and messaging networks, as part of a suite of delivery systems required to service all parts of the market that need futures and options reference data.

Through a single connection to ipushpull, Euromoney TRADEDATA can distribute data into a variety of applications including Symphony, the secure collaboration platform, with nearly half a million connected financial market users. The ipushpull platform provides Euromoney TRADEDATA with new distribution channels for secure, audited, access-controlled data delivery.

Mark Woolfenden, Managing Director of Euromoney TRADEDATA, comments:

“This is a very important integration for Euromoney TRADEDATA, as we begin to experiment with embedded, on-demand workflow functionality and delivery systems for our reference data. We recognise ipushpull as a leading exponent in data sharing workflow technology and we expect further benefits from their connections to other community messaging solutions. Also, as part of the offering, we can now offer a functionally rich Excel plugin for desktop users to access our reference data, which integrates seamlessly within users’ existing workflows. In addition, we look forward to working with ipushpull to develop a clutch of bots, to further enhance our customers’ experience in using our data services.”

Matthew Cheung, CEO of ipushpull, comments:

“We’re excited to offer Euromoney TRADEDATA new avenues to deliver and monetise their data to a variety of desktop and cloud services. We see this innovative approach as the first step towards an on-demand ‘Netflix’-style distribution model for data producers and consumers.”

 

SOURCE Euromoney TRADEDATA; ipushpull

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360 Finance’s LendingAdda Launches Diwali Offers

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Photo source: m.chinaknowledge.com

LendingAdda consumer lending marketplace owned by parent company 360 Finance (NASDAQ: QFIN) announces Diwali offer for credit card holders. On 6th October, SBI announced a bumper Diwali offer for its credit card holder; on 10th October, the State Bank of India approved a ten percent discount for its credit card users; on 14th October, LendingAdda launched the credit card function, and AMEX, SBI, Citi banks’ cards are included.

Due to India’s inefficient banking system, most people do not have a credit history, which leads to lower utilization of credit cards and limited accessible for many.

In this condition, fintech companies empower people’s lives compared with banks. LendingAdda, a digital finance platform, has integrated more diversified financial services. Its innovative data-driven and behavioral risk management models can help overcome barriers that arise from a lack of widespread and robust credit scoring.

Prantik Ray, professor of finance at XLRI-Xavier School of Management at the University of Minnesota, has stated that digital finance can be instrumental in providing credit ratings and potentially be leveraged in other areas. In essence, online finance can help create more possibilities in people’s lives.

LendingAdda evaluates a user’s credit based on big data and selects the most suitable loan and credit card product offers for consumers using intelligent matching. So far, it has offered lending services to more than 4 million Indians, and the number of borrowers is multiplying.

Most importantly, LendingAdda’s products cover almost every part of a user’s daily life: microfinance, credit cards, commercial loans, mortgages, auto loans, medical loans, education loans, etc., and its interest rate is usually lower than banks.

Additionally, LendingAdda has a higher credit line (up to 10 lakhs), which can almost always meet the borrowing needs of consumers, and the money arrival rate is less than 5 minutes, which was much faster than the bank.

With the help of LendingAdda, Moham finally got his wish of buying an iPhone for his girlfriend, which he thinks will help him bring greater happiness to his life.

How does LendingAaad help people accomplish their dreams?

Compared with many other enterprises, LendingAdda has world-class technology that enables it to offer a highly secure lending process with tailored products and services that help serve the daily lives of its users.

 

SOURCE 360 Finance, Inc.

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