Thought Leaders at Volaris: Open Banking, Semiconductors, State of the Economy, and Spirits Formulations

April 19, 2023

Dilys Chan

Our software experts at Volaris weigh in on banking trends, economic risks, and more in their markets

One benefit of being part of Volaris is belonging to a network of smart people with deep expertise in niche markets. Sit down with one of our software business leaders, and you will get a detailed look at their customers’ pain points, along with their views on what it takes to adapt to changes in technology and pivot to new trends.

Since our businesses are providing software that is mission-critical to their clients, a look inside one of our businesses can also give you a detailed look at the trends that are driving their industries, and the digitization trends within them. How cool is that?

Below, we highlight the expertise of our company leaders on a few key trends.

How can fintech companies stay competitive as regulatory change comes to the Canadian banking sector?

The Canadian financial services sector is anticipating a major wave of regulatory change as the country looks set to introduce open banking. Open banking (also referred to as consumer-directed banking or consumer-led banking) offers a secure way for consumers to share their financial data with financial technology companies (fintechs). The goal of an open banking framework is to improve financial outcomes for Canadians by increasing consumer choice. Open banking frameworks are already in practice in the UK and Australia.

When open banking arrives in Canada, it is also expected to increase competition among service providers. Fintech companies will need to stay innovative and focused on the customer in order to better serve their market. Portfolio+ CEO Dianne Cupples is part of the Vencora family of financial services companies within Volaris Group. She wrote about how Canadian fintech companies can stay ahead in the race.

Read the article.

What should distillers keep in mind before developing new formulations?

Ever wonder what steps go into formulating spirits in the U.S.? It’s not just as simple as getting the equipment in place. Distillers must also be aware of regulatory requirements, because getting the details wrong can be costly—especially if their applications for approvals through the U.S. Department of the Treasury’s Alcohol and Tobacco Tax and Trade Bureau were to be delayed.

The in-house consulting team at Volaris-owned FIVEx5 Solutions provider of distillery management software put together a checklist for their customers that can be used before they finalize and submit their new formulations, ensuring a smooth approvals process.

Read the article.

What can countries do to boost domestic production of semiconductors?

Semiconductors are said to be the “brains”' of modern electronics, and the world is now more reliant on them than ever before. These materials form the integrated circuits in microchips that help run everything from smartphones to appliances, to medical devices and tractors.

During the pandemic, governments around the world have realized how essential the semiconductor industry is as they were confronted with supply chain limitations.

Glenn Woppman is CEO of ASSET InterTech, a Volaris-owned company that provides software platforms to validate, test, and debug chips and circuit boards. Woppman writes about the trend of countries enacting regulation to enforce supply chain strength for semiconductors–with the U.S. leading the way with the CHIPS Act in 2022.

“The speed of the reaction is unprecedented,” writes Woppman. “Now, the focus needs to turn to the ‘devil in the details’ of how things move forward to achieve the goal of a secure, innovative supply chain.”

Read the full article.

How is the current health of the UK economy?

As we continue to hear concerns about the health of the global economy in 2023, there may be no better company within Volaris to consult on this topic related to the UK than Company Watch.

The software provider uses cutting-edge machine learning techniques to analyze data sources and make accurate predictions for clients in banking insurance, and corporate credit functions. Company Watch’s H-Score tool has been able to predict close to 90% of UK public insolvencies before they happened.

In a February 2023 episode of their On the Spot podcast, Company Watch spoke about financial risk management in Q4 with Kirsten Tompkins, Market Analyst at EY-Parthenon, the strategy consulting division of EY.

“It's clear in the report that profit warnings are coming thick and fast from across the economy, as cost pressures pass through supply chains, falling confidence hits spending and contract renewals, and credit tightens,” summarizes Company Watch of their discussion. “For the first time since 2009, credit tightening triggered over 10% of warnings in a single quarter in Q4 2022.”

Listen to the podcast.