Why your pension problem will soon be accounting history (and why that’s good)

| July 14, 2016

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I am mildy obsessed with pension deficits at the moment. I am quite sure that the problem is bad, but not as bad as the industry insists on thinking that it is. I am also sure that the result of the “awfulising” of the deficit problem is doing horrible things to the economy.

Spotlight

Approved Cash Advance

Founded in 2004, Approved Cash Advance is poised to be the nation's leading cash advance company. We have already grown to 210 locations in nine states.Approved Cash Advance has also started offering Check Cashing, Title Lending Products, Tax Services, Pre-Paid Debit Cards, and other Open-Line of Credit Services in certain locations. Please see our website for more details.Approved Cash Advance offers a better and more cost-effective alternative to outrageous bank fees for bounced checks or the high cost of using credit cards for cash advances.

OTHER ARTICLES

Fintech Pioneer Has Faith Firm Can Weather The Storm

Article | August 7, 2020

The managing director of AutoRek is speaking from the 8,000 square foot premises in Glasgow’s Garment Factory that the fintech company moved into two years ago to accommodate its continuing growth. A similar move to upgrade its presence in Edinburgh took place at the end of 2019. Forecasts of growth for this year, however, have been ripped up by disruption caused by the coronavirus. But Mr McHarg, who co-founded the business in 1994, remains confident it will still make a profit.

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Advancing our approach to digital currency

Article | July 22, 2020

As a global payment’s technology company, Visa is focused on delivering the greatest value to people, businesses and economies everywhere, regardless of currency, channel or form factor. We’re reshaping how money moves across the globe, and that means pursuing a broad array of technologies and partnerships. In that regard, digital currencies offer an exciting avenue for us to continue doing what we do best: expanding our network-of-networks to support new forms of commerce.

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7 FinTech Challenges and Ways to Overcome Them

Article | March 12, 2021

2020 has been a challenging year for all industries. As COVID-19 continues to create uncertainty, many FinTech brands are under stress for a number of reasons. However, FinTech brands can use this opportunity to build their reputation and emerge as a substantial entity after the crisis has passed. Many FinTech organizations are putting in their thoughts on big ideas and innovative digital offerings that meet customer demand for a frictionless and seamless banking experience. This article aims to list down the challenges faced by FinTech brands and effective ways to resolve them: Challenges Faced by FinTech Brands in Generating Demand In this unprecedented time, lead generation is on high priority to acquiring new customers. The pressure is to get on board with working remotely, adapting to new challenges, changes, and dealing with customers having urgent & new requirements. FinTech companies have faced unique challenges over the past year. They are using complex technologies to develop better products & services for businesses. Replacing traditional methods to improve financial services need strategic planning, technological advancement, and original content marketing ideas to survive in the digital age. Read on to find out the challenges faced by FinTech brands in generating demand for their solutions. Impact of Covid-19 COVID-19 continues to create uncertainty due to the widespread lockdown. Many FinTech brands are under the stress of counting recent losses, cost-effectiveness, and rethinking their offerings to adapt them to changing needs. The banking & finance industries are now shifting from response to recovery. They are now investing in introducing new FinTech apps for the post-pandemic world. According to a recent survey, almost 82% of the citizens don't want to visit their banks and try digital apps to carry out financial transactions. FinTech brands are grabbing this opportunity to reach out to a new demographics by testing and adding new product range. Today, popular FinTech apps include mobile banking, e-wallets, contactless payments, international money transfer, retail banking, stock trading, FinTech loan app, InsurTech, etc. Go mobile Go digital. As a FinTech brand develops innovative solutions to be used during the pandemic, they also need to figure out ways to promote these products and services to reach their target audience. You are getting acquainted with various social media platforms, and understanding your target audience will help you reach wider. Identifying the top social media platform that works best for your product and service through content marketing will boost your customer base, reduce churn, and attract potential customers. Other functional content marketing solutions that you can think of includes web – content syndication, social media, mobile app – advertisements, and brand awareness content. Inefficiency to maintain a healthy lead pipeline Several FinTech brands are reassessing their approach, their budget, goals, and their offering. Those quickest to adapt to this change will lead the market and continue to grow. According to a research report, B2B specialists make 48% purchases online, up from 38% before the COVID-19 outbreak; this trend is likely to increase. FinTech companies need to generate more new leads than ever to maintain a healthy lead pipeline. To do so, they need to be where their audience is. • Finding the best social media platform for your industry • Rethinking events – Online & Offline • Exploring online opportunities – Webinars/Podcasts/Live Streaming/ Live Q&A/Online Sessions/ Live Feeds • Publish demo videos Building trust One of the most significant issues and struggles with a FinTech brand is to gain the trust of their consumers. Consumers usually select financial service providers as they are trusted by their families for generations. These financial brands should be able to handle issues such as security, confidentiality, and digital fraud. The brand should also comply with the latest financial regulations that need to be communicated. Social media is an ideal platform for brands to connect with their existing and potential customers. To build trust & loyalty between the company and the end-user, brands must focus on helping their customers rather than selling. Inadequate tech stacks to work remotely The inability to work remotely gave rise to new entrepreneurs with knowledge of finance who developed innovative solutions to help FinTech brands connect remotely. Another essential aspect that has evolved this industry is remodeling the user interface and customer experience. FinTech brands are largely coming out with innovative solutions that can help with: - Financial close - More visibility and transparency to financial transactions - Centralized data - Cloud support Cybersecurity Cybersecurity is a common problem across industries. With the advent of advanced technologies rises the need to develop stronger security. Considering the threat posed by cybercriminals and fraudsters, the financial system needs to handle this risk smartly. All the financial information remains sensitive, whether it's your social security number, card number, PINs, or password. With the growing number of smartphone users, FinTech becomes cheaper and easy to use. The process and services that were once monopolized by the banking sector are now available for all, helping develop innovative solutions, lower operating costs, and improve financial organizations' efficiency. Reaching Millennials FinTech brands should target millennials. They are fueling the market among money transfer applications and personal investment applications. Financial brands need to focus on financial management, lending, financing, and insurance applications. According to a report, 33% of millennials believe they won't need a bank at all in 5 years. Expanding FinTech press/media The increasing use of financial technology has given rise to a number of media houses covering them. Over the year, dozens of FinTech focused media sites, podcasts, and newsletters have been launched. Several authoritative publications have hired beat writers to pump up stories on trending topics and subject interest. Final Thoughts The FinTech market is growing in numbers, and the industry is heading towards the trillion-dollar industry. To grow as a FinTech brand, you need to ensure that you are better than your competitors. These challenges are temporary and can be overcome through practical approaches and technological advancements. While the challenges in deploying a FinTech firm continues, we have given a clearer perspective on how to overcome them in this blog. Overall, digital transformation for customer satisfaction is what is necessary. FAQs Q1. What risks are associated with FinTech products and/or services? A1. Cybersecurity, consumer data privacy & security, consumer data rights, online frauds and scams; cross-border transactions, anti-money laundering and countering terrorist financing; and digital identity risk are the key factors in the FinTech market. Q2. What are the benefits of FinTech? A2. FinTech has helped us drive positive change in the traditional financial services and foster innovation by creating products and service that benefits customers and small and big enterprises. Some of the benefits of FinTech products and services include convenience, digital resolutions, hassle-free practices, flexibility, high rate of approval, upgrade payment systems, customer services, and revenue, user-centric, transparency, and many more. Q3. What are the challenges for the financial services industry? A3. As mentioned in the blog, there are 7 key challenges faced by the FinTech Market they are: Pandemic situation Inefficiency to maintain a healthy lead pipeline Building trust Inadequate tech stacks to work remotely Cybersecurity Reaching Millennials Need to expand FinTech press/media { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What risks are associated with FinTech products and/or services?", "acceptedAnswer": { "@type": "Answer", "text": "Cybersecurity, consumer data privacy & security, consumer data rights, online frauds and scams; cross-border transactions, anti-money laundering and countering terrorist financing; and digital identity risk are the key factors in the FinTech market." } },{ "@type": "Question", "name": "What are the benefits of FinTech?", "acceptedAnswer": { "@type": "Answer", "text": "FinTech has helped us drive positive change in the traditional financial services and foster innovation by creating products and service that benefits customers and small and big enterprises. Some of the benefits of FinTech products and services include convenience, digital resolutions, hassle-free practices, flexibility, high rate of approval, upgrade payment systems, customer services, and revenue, user-centric, transparency, and many more." } },{ "@type": "Question", "name": "What are the challenges for the financial services industry?", "acceptedAnswer": { "@type": "Answer", "text": "As mentioned in the blog, there are 7 key challenges faced by the FinTech Market they are: Pandemic situation Inefficiency to maintain a healthy lead pipeline Building trust Inadequate tech stacks to work remotely Cybersecurity Reaching Millennials Need to expand FinTech press/media" } }] }

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BEHAVIOURAL ANALYTICS WILL FUEL CUSTOMER INTERACTION IN FINANCIAL SERVICES

Article | June 1, 2021

The axing of third-party cookies by Google and the other major browser companies will require a major readjustment by financial services organisations. The decision, coming fully into force next year, will effectively choke off the data that has enabled personalisation, optimised website interactions and driven much internet advertising. It is no comfort that the browser companies have acted because of fears about infringement of privacy and data protection legislation such as the EU’s GDPR (General Data Protection Regulation) and the CCPA (California Consumer Privacy Act) in California. The move will affect how UK financial services organisations interact with millions of people. More than three-quarters of Britons now use online banking and 14 million use digital-only banks, expecting a slick, light-touch interaction. So it appears that just as many people go digital, financial services organisations will no longer have access to information they need for personalisation, being unable to track where customers go on the internet after they have visited a bank’s website. All that data about individuals’ habits and preferences will be unavailable. It seems catastrophic, but in reality, it is not. Financial organisations have a new opportunity to radically improve how they interact with web visitors and customers. AI-powered behavioural analytics offer far superior, real-time capabilities, using the data from the first-party cookies on their own website domains and where available, data from customers’ transaction histories. The result is a solution that is faster, more accurate and responsive than conventional technology relying on cookie data owned and stored by third-party organisations. Instead of relying on such data for relatively rigid profiling and personalisation, behavioural analytics enables real-time interactions based on a more dynamic picture of how an individual’s requirements are changing. The technology analyses all the browsing characteristics including time on site, speed of movement and page views, as well as more obvious features such as interest in specific products. Historical data added to the analysis includes what customers did on previous visits and the interval between those visits, establishing patterns where possible. The flexible advantages of behavioural analytics hubs in financial services Segmentation allows a bank to identify customers as soon as they arrive on its site, according to whether they are a new or existing customer. Their behaviour then indicates what they want. Knowing what customers are interested in is important. Customers visit financial services websites for a host of reasons – from seeking information, to opening accounts, exploring loans and mortgage offers, making or setting up new payments. They may also want advice about investments and savings, pensions or small business finance. Almost all of these requirements involve quite complex mental processes which financial organisations can influence while consumers are on their sites. Collecting the data is not difficult – the skill is in making it actionable in an effective way, replicating the ability of a perceptive employee to read a customer’s state of mind. Banks can do this by setting up a behavioural analytics hub to understand what a customer’s behaviour means and how it can be optimised. Using customised parameters, the hub will, for instance, trigger a screen notification that prompts the web visitor to fill in a form requesting an appointment. In the case of existing customers, the technology can correlate health insurance offers with spending on fitness, and, in general, savings and investment recommendations can be tailored to the client’s concerns or goals as revealed by their navigation of a bank’s website or mobile app. Banks can set up analytics to see when consumers are behaving in a way that indicates they about to leave the website, allowing them to intervene with a notification that could include an offer. This provides a positive outcome and avoids the blanket use of offers that undermines profitability. It is a more sophisticated and personalised approach that avoids annoying pop-ups or recommendations that fail to match individual preferences. As part of a single AI-powered segmentation platform, the technology enables banks to personalise marketing content in SMS messages and emails sent to consumers (who consent), which deliver far better results through precise targeting. Solutions for last-mile interaction in the open banking era The single platform approach also has another major advantage. It is much easier to implement and far more efficient and streamlined compared with separate solutions for different parts of the customer journey. The benefits of using AI-powered segmentation solutions should be part of the financial sector’s broader strategy to transform its systems for the open banking era as we approach the end of third-party cookies. For established banks, the reality for some time has been that complexity of systems has undermined their ability to deliver a high-quality last mile. This they can now address without huge disruption or investment. The alternative is for financial services organisations to become lost on an ocean of data, losing track of customers. Behavioural analytics will bring banks new insights into customers that surpass third-party cookie data, being actionable and accurate and in real time. To provide a streamlined and profitable experience for themselves and their millions of customers, banks must now employ the latest advances in AI-powered behavioural analytics.

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Spotlight

Approved Cash Advance

Founded in 2004, Approved Cash Advance is poised to be the nation's leading cash advance company. We have already grown to 210 locations in nine states.Approved Cash Advance has also started offering Check Cashing, Title Lending Products, Tax Services, Pre-Paid Debit Cards, and other Open-Line of Credit Services in certain locations. Please see our website for more details.Approved Cash Advance offers a better and more cost-effective alternative to outrageous bank fees for bounced checks or the high cost of using credit cards for cash advances.

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