I have a strong reason to believe that the 2008 meltdown had more impact than what is seen superficially:
You may have seen job crisis and wholesale attritions. You may have seen people becoming homeless and children dropping out from private schools. You may have seen people desperate to pick up any job that they get in spite of being overqualified. But what you missed seeing, at least the most of us is that people have now become extremely careful with their money.
You will now see people are so conscious of investing it anywhere for that matter that they think at least two times before they put it anywhere. Every dollar counts for them now and every dollar is worth the time that they spend deliberating if it is put in the right place and what kind of returns will they get on their investments.
Also, another fall out of the great depression of our century is that now FinTech has completely taken over our lives. Fintech is nothing but a combination of the words finance and technology. The way technology has massively revolutionized the financial markets is something that could never be fathomed a few years ago. Nevertheless, like all other fields technology has sabotaged a lot of financial activities that were always believed to be done best through the hard way.
Financial institutions like banks now have given the customers direct access to handling their own accounts through mobile applications. They can transfer or deposit money at their will now.
Faster access; quicker proactivity:
Today, financial institutions understand the value of swift service. Faster access and clearing of customer’s doubts make sure that they stay loyal forever.
Using social media handles:
This may sound innovative but the way the financial industry has integrated social media in advertising and connecting with their customers is a laudable feat.
Reducing interest rates:
By introducing innovative financial tools like the SIP and the mutual funds, the financial sector has done very well for itself. The customers also benefit from the lowest rate of borrowing. So, it is a win-win situation.
With the influx of online shopping, financial institution especially the banks have a bigger role to play. One size does not fit every retailer now. The banks are continuously innovating themselves adding value to their businesses and helping customers on the same plane. Standing ovation!!…
Small businesses neither have the time nor the finance to keep up with regulations. But with technology taking over every aspect of the business, it has become easier to manage regulations. One such technology that is making waves is the RegTechor regulation technology based on artificial intelligence.
Must have expertise in all fields: Any business is an amalgam of sales, marketing, and other such operations. To be able to cover all your bases and resolve all issues of compliance and regulations you need a team that is well versed in all aspects of the business.
Explore newer technologies and startups: The market for technology-driven regulations is increasing at a rapid pace and cutting-edge technology is no more the main criteria for selecting a RegTech solution. You must go beyond the established markets and seek newer ventures and startups that think differently and have a different perspective that is fresh and unique.
Be open for new perspectives: Don’t be biased in your opinion of vendors. Be ready to listen to all the possible solutions and outcomes that a vendor presents that you are not aware of or haven’t envisaged.
Be able to customize to your needs: Regulations keep changing and so must the technology that deals with it. Hence, choose a vendor who can adapt to the needs of the hour and customize solutions for you in tune with changing regulations.
Must be worthy: Even before you finalize the Regtech solution you must have a clear picture of your expectancies from the vendor and how all your requirements are met with. Any solution that provides frequent test points is worth its salt.
Should be cost efficient: In general, all RegTech solutions are cheap and do away with the insane amount often paid to auditors, all the same, you must ensure that the solution that you choose does its job well.
Saves times: By managing the implementation of policies in all departments ensure that the staff has more time to be more productive.
Every one of the businesses today uses a computer (actually many) and then p=innumerable smart devices including phone but one question that looms large is that does your organization harness technology and use it to the max? Are there any loopholes which can be plugged and to make sure that you get more out of it than what you are instantly getting!
This question pops up in most CEOs minds while they are brainstorming with their executives but then not many proactively take a call to ensure that this thought is translated into a mon=vent for action.
Here are some of the ways that technology can be used to benefit your business in ways hitherto you never even imagined!
On the Cloud:
It is powerful to be able to access your data from wherever you are. Once you transfer all your data to the cloud you can be sure that the data is safe and secure not just from prying eyes and in danger of being duplicated by a dishonest employee but also in case e of physical natural calamity or erosion of data, the data stored in the cloud is safe.
Social media is your friend:
Consider befriending social media to reach your goals. With a majority of reading cloud on the various microblogging sites, the future of advertising is looking up. The campaigns on such sites are revolutionizing not just the organization’s need to advertise but also in reducing the mammoth costs.
Use SEO based marketing:
Using SEO based content marketing gives out optimum results. The internet is full of information. The tool that the organization uses in optimizing its website in the search engine can catapult it into the league of best performers. We had recently tried best SEO Toronto Company and we are amazed at the actual results. So much that we are wondering why we did not try this earlier!…