6 months ago when I was interviewing for my current role, I was told to write an article on the above. Prior to that, I’d never heard of Open Banking, heck, I knew nothing about banking. As at then I was working as a HR officer and an Artist & Label Services Executive in a media & entertainment firm lol but I was determined to get the job, so I read and read and tried to make sense of open banking and how it relates to HR in any way.
6 months in and I understand things better, I think I’ll write this article differently now with the knowledge I’ve gained so far, but here are Jemima’s fresh thoughts on Open Banking and HRM.
Impact of Open Banking on HR
Open banking is the practice of sharing financial information electronically, securely, and only under conditions that customers approve of with third-party financial service providers. The crux of open banking is the concept that customers can control and manage the sharing of their data, and banks should not prevent the movement of information and customers. It is a system under which banks open up their application programming interfaces (APIs), permitting third parties to access financial information needed to develop new apps and services and providing account holders greater financial transparency options.
If open banking is being practiced, customers can approve for their banks to share their data with third parties and this data can be utilized by other banks, fintechs, asset management firms, personal financial management companies, and other financial service providers to access the customers’ transactions across all financial institutions and third parties. This will enable key players to provide tailored products and services to meet the financial needs of the customers.
The potential benefits of open banking include improved customer experience, new revenue streams, and a sustainable service model for underserved markets.(1) Open banking will help to boost healthy competition within the financial services industry. Large, established banks will be forced to be more competitive with smaller and newer banks and fintechs, and this will result in lower costs, better technology, and better customer service.
Currently, Nigerian fintech startups have to be compelled to either use platforms like Flutterwave, Mono, Paystack & Okra to access customer data or collect login information of customers and scrape the data off the screen The main aim of open banking in Nigeria is not to eliminate the need of these platforms, but to set standard APIs so these players can access the data they need with the approval of the customer.
Human Resources Management is a strategic, coherent, and comprehensive approach to the management and development of the organization’s human resources in which every aspect of that process is wholly integrated within the overall management of the organization.(2) Human Resources is a key part of operations that focuses mainly on the lifecycle of an employee, from recruitment to exit. In the banking sector, human resources is very important as top talents must be recruited and trained to understand the intricacies of the job. In a competitive sector as such, talent retention is almost impossible and that’s why employee satisfaction is key.
If open banking becomes adapted in Nigeria, I think the major change it would have on Human Resources will be in terms of recruitment. If the process of getting access to customer data becomes less tedious, more fintech firms with a focus on personal finance management will spring up and this will lead to job creation.
With open banking, employers who are keen on the integrity of their staff and how they manage their resources can access a list of bad debtors and identified fraudulent people. With time, this can be a deterrent for criminal activities as people know that this data can prevent them from gainful employment.
Finally, the adaptation of open banking in Nigeria can see traditional banks embracing digital options, this, in turn, will lead to reduced need for some staff such as tellers as fewer people would need to physically go to the bank. Since more employees would be required to work remotely, the skills and talents to look out for during recruitment & selection will be redefined.
1. Brodsky L., Oakes L., (2017, September 5). Data sharing and open banking. Retrieved from (https://www.mckinsey.com/industries/financial-services/our-insights/data-sharing-and-open-banking)
2. (UKEssays. (November 2018). Human Resource Management and External Environment. Retrieved from https://www.ukessays.com/essays/business/human-resource-management-and-external-environment-business-essay.php?vref=1).
I was really excited about turning 27, so excited that I created a google form a month before I turned 27, asking my friends for their preferences. On the day I turned 27, I still was excited till I realised someone had forgotten my birthday. Not even the beautiful faces of my friends or their presence could cheer me up.
27 was a great year for me. I met all the career goals I set for myself. I got a promotion, I resigned my job in a gracious manner, I got a job in tech in the exact department I wanted, my net pay moved to the bracket I put down (currently working two jobs to achieve this sha lol). In my last days of 27, I successfully changed my career path.
27 was when I went through the worst physical pain I’ve ever gone through. The pain drew me close to my most recent lover.
26 was when I met my most recent lover. 27 was when he became my lover.
“I’ve been in a number of relationships- romantic, casual, friends with benefits- but I’ve never been in one like this. I’ve never spent as much weekends (and weekdays) with anyone – weekends where we chill, fight, [redacted], see movies, [redacted], [redacted], cook, talk, ignore each other lol, work (sometimes), gossip and just have fun.”
Those were the first lines of the “love letter” I wrote to him. I wrote it and shared it with him via google drive, so he will always remember how I feel about him. I really liked him and how he made me feel. He’s good people lol.
In my last days of 27, I learnt that when people show you a side of them you never knew existed, you don’t question it, you don’t make excuses for them; you accept it. That someone was the best person in your life at some point, that someone was your biggest cheerleader at some point is not reason enough for you to keep making excuses for them. People outgrow people and that’s fine (or not).
Flaws and all, one thing about me is I’ll always try. Try to right my wrongs, try to make things work, but the thing about trying is the other person has to want it also. There’s only so much trying you can try when someone doesn’t want to be with you anymore. Only so much.
I’m a hopeless romantic that keeps finding myself in undefined relationships (this one is fully on me) but in my last days of 27 I came to the realization that I want to love and be loved. I want to love loudly without holding back, I want to be fully committed to someone without the feeling of doing too much. I want the love I see in my romcoms, I want the raw emotions, the feeling of pure unadulterated joy at the thought of the object of my affection.
I think about my lover a lot. When I think of him, I don’t remember the bad days, I don’t remember the hurtful things he said to me, I don’t remember all the things that I did that led us here. No, I don’t. I think of how well he treated me, I think of how happy I was around him, I remember the times he made me feel special. On days when I remember that his feelings towards me have changed and I have to move on, I think of our last conversation – it does the magic.
Understanding DNS Cache Poisoning
DNS is an acronym for domain name system, it controls your domain name’s website and email settings. It helps convert domain names to IP addresses. A domain name is the information that you enter into a web browser in order to reach a specific website. An Internet Protocol (IP) address is the address that computers, servers and other devices use to identify one another online. The IP address is the language the computer understands.
The DNS server is like a phonebook for websites, when the computer sends the URL to the DNS server, the server checks its database and finds the corresponding IP address and let’s the computer know what the address is. Your computer now knows what the IP address and can visit the website.
The DNS cache is a temporary database of sites previously visited. When a request for a web address is made, the browser looks up the DNS cache to quickly retrieve it and thus a website’s URL can be resolved to its corresponding IP much more efficiently.
DNS cache poisoning is a type of attack on a DNS cache, diverting one from a legitimate site to a false one. DNS cache poisoning can divert users to malicious websites. Attackers do this by replacing the IP addresses stored in the DNS server with the ones under control of the attacker, so when a potential victim requests an address resolution for one of the poisoned sites, the DNS responds with the IP address for a different site, one controlled by the attacker.
DNS cache poisoning is dangerous because it can easily spread from one DNS server to another. Also, people’s personal and corporate information can be exposed to the attacker and victims can be manipulated into downloading malware or submitting login or financial details.
One of the tricky aspects of DNS cache poisoning is that it will be extremely difficult to determine whether the DNS responses you receive are legitimate or not, but there are few preventive measures you can take
- Keep your antivirus active and up-to-date.
- Set up and maintain your own DNS servers.
- Create and properly maintain your PTR (Pointer Records) zones. Even for local domains, it’s tedious, and boring, but very important. Especially for SMTP (Simple Mail Transfer Protocol) traffic.
- Use a respected ISP (Internet Service Provider) or DNS server. A good DNS server will never trust the first thing it receives from another server.
- In order to protect your own DNS cache, stay safe when browsing the internet. Don’t click on suspicious files, links, or banner advertisements. These might be attack vectors for malware that will alter your DNS cache.
- Use a DDoS (Distributed Denial-of-Service) mitigation provider to mitigate DDoS in the best possible way and keep your DNS servers secure and responding well at all times.
- Set up a two-factor authentication protection on your DNS server provider, if possible avoid phone call or SMS verification, and use Google Authenticator instead, which is way more secure.
- If you suspect your DNS cache is poisoned, clear the cache.
Image – innovativenoob.com, mis-solutions.com