How Modern Digital Payment Models Are Disrupting The Traditional Banking System

digital paymentPhoto by rawpixel on Unsplash

The finance industry has evolved tremendously over the last few decades. Banks are perceived as a source of reliable and stable institutions that safeguard assets and wealth of billions of people across the globe. They are the most secure firms in the world today. Change is the way of life, and the banks across the globe take it seriously. Changes to existing infrastructure and models are implemented over a certain period of time ensuring minimal distress to the customers.

It is well understood that any compromise of the banking system can lead to major negative repercussions to the customers as well as the bank. For decades the banks have been upgrading their system in sync with technological advancements introducing easier and more efficient ways for transactions and wealth storage.

Currently, innovative cashless payment systems are taking over the traditional credit and debit card market which have been in existence for 60 years. Now, one can perform instant transactions on bank accounts using smartphone applications, thus increasing the convenience and safety of the customers. The modern payment systems are encouraging the bank account holders to opt for smartphone applications rather than plastic cards. Another payment method includes QR codes which facilitate lightning fast transactions and transfer of information using mobile devices.

An online installment loan, which includes fixed monthly payment and repayments terms, can be availed using online banking features introduced by companies across the globe. Cashless payment systems are synonymous to speed, volume, interoperability, and high-end security.

We are witnessing a major shift in the banking sector from traditional methods to digital-oriented systems offering better transparency and efficiency. It is projected that in the next 20 years, the banking systems will change completely in first world countries. The banks are struggling and competing to keep up with the technological advancements, and are striving every day to provide better and faster services to its customers.

Let us discuss the recent breakthroughs in the banking sector. Digital wallet, a term not understood a few years back, has now become a global phenomenon. It is an online wallet where one can store money and use it to purchase different products depending on the guidelines and the agreement of the developers.

After the introduction and proper marketing of digital wallets, the feedback was overwhelming. Today, transactions over trillions of dollars take place using digital platforms. The attractive thing about digital payment systems is the unparalleled functionality and user-friendly interface. According to studies, users are demanding faster and cheaper online services from the respective banks which can be accessed anytime and anywhere.

The next payment model is the Micro Credit plan offered by financial institutions which offer loans to entrepreneurs and businessmen in growing their businesses in the market. This idea has allowed major brands to become registered lenders providing microloans at attractive rates and plans surpassing that of traditional banks. Currently, the model is not interfering with the commercial side of banks, but it is projected that they will be affected in the future. Micro Credit system offers an efficient solution for small businesses by providing low limit short-term loans based on rigorous data analytics and sophisticated algorithms implemented on huge sets of data.

There exist four major factors which affect modern digital payment models directly. Let us discuss them in brief.

First comes the online Cloud infrastructure, which is to be perfectly incorporated in existing banking systems to ensure smooth and efficient operation of IT services ensuring security and flexibility. A cloud-based infrastructure gives an edge over competitors in the current era.

Integration is a crucial step for major infrastructure transition from traditional systems to modern systems. Proper integration shuts down and isolates the obsolete system, but keep it perfectly linked with the new system.

A new digital banking system includes solid infrastructure and intricate coding which has to be completely correct. Minor errors, redundant coding, and patchy fixes can bring out vulnerabilities in the system, creating long-term problems and affecting revenues, reputation, and infrastructure.

Lastly, services and products offered by banks should be accessible by customers through different mediums at all times. It is important to understand that customer satisfaction is the key to growth and expansions. To achieve this, banks should bid adieu to their traditional methods and collaborate with major technology platforms.

Spread the love

Superb Solutions – Finding the Ideal Office Location

office location

Image: http://foundersguide.com/wp-content/uploads/2016/02/scouting.jpg

Finding the perfect office location to start your business is a critical element in the success of your company. You do not want to be in a place that is too far away, but you cannot afford the high prices of traditional office spaces in the heart of the business district. What is a business owner to do?

Investigate virtual office solutions via the Servcorp website, which highlights virtual office solutions that can assist you in upgrading your location to one that will work for you. Beautiful views, excellent communication services, safety, and financial savings are the goals when choosing an office location, and the virtual aspect meets them all.

Keep reading, and you will be informed of the top four reasons why finding the ideal office location is such a vital part of making your business succeed.

Great Place

With a virtual office, you can have any area you want. Most individuals choose to be in the city in which they live so they can run to the office, get some work done, and feel productive. With an excellent location comes spectacular views of the city horizon, the ocean or lakes, or the beautiful mountains. This keeps you as the owner and operator much less stressed, and it allows your clients to be much more relaxed than if you were meeting in a small, stuffy, windowless office in a non-frequented area of the city.

Inexpensive

One of the most important reasons to find the ideal office location is to save money. You want to find a place that allows you to put your profits back into the business to expand rather than to pay for monthly office rent.

With virtual office solutions, you do not have to purchase new office equipment such as printers, faxes, or copy machines. You do not have to furnish the office with desks, tables and chairs, waiting areas for clients, or any supplies the office may need. This all adds up and can save you thousands of dollars in the end.

Safe

Another reason you need to investigate a virtual office over a traditional office space is due to safety. With a conventional office, you may only have enough money to find a location that is outside the business district, which may be in an area that clients do not want to frequent.

By setting up shop in an out-of-the-way location, you are setting yourself up for failure, as the client will choose a different company, which is located in a safer and closer area to them. When you are in a high rise with luxurious office furniture, a superb view, and many people in one area, you are more at ease, and a relaxed client is one who is more likely to purchase what you are pitching!

Excellent Telecommunications

The last outstanding reason to find the ideal office location is for the communications portion of the site. With a virtual office, you will have tailored telecommunication services to use. You will have the fastest speeds as well as the most reliable networks. Your phones are a local number that is answered by a dedicated receptionist who will take messages and greet clients as they walk into your location.

You won’t have to worry about setting up a time for installing the internet service as this is all done for you once you sign the contract with Servcorp. You will also have a dedicated IT support team to assist you and answer any questions you may have with your company.

Why the Perfect Office Location Can Make or break your business

As in real estate, everything boils down to location, location, location! As a business owner, the spot that you choose for your small or medium-sized business can either succeed or cause it to fail. Make sure you find the ideal location by setting your sights on a virtual office.

With executive suites from Servcorp, you are not only getting a superb view of the city, but you are also in a safe location in the business district as well as an area that has reliable and consistent telecommunication services, both internet and telephone. Lastly, a virtual office is much less expensive than a traditional office. All of these positives point you to check into virtual offices to have the most successful business you can.

Spread the love

Hiring a Skilled Company to Design Your Website

Do you have a small business that you want to take to the next level? If this is the case, you will need to have an outstanding website that will allow the general public to find out about what your business does. Designing a website can be a very complicated process. It requires knowledge of coding that many people do not have. It would be wise to hire a professional web designer if you do not have the coding skills needed in order to create a great website. However, you need to be very careful who you hire for this task. Not all of the web designers out there have the same level of talent. Here are a few of the things you will need to take into consideration before you make a decision about which web designer you will hire.

web designer
1. How many years has the company been designing websites?

You will need to investigate exactly how much experience the web designer has. It is very important that you do not entrust the designing of your website to a company that just started doing this type of work recently. Your company’s website is much too important to have an inexperienced company overseeing its design. You can find out more about an experienced web design company with a great reputation if you visit www.bluehatmarketing.com.

2. How much does the web design company charge for their services?

The cost of hiring some of the best web companies might be out of your price range. This is why it is very important for you to speak to many web design companies and get quotes from all of them. This will allow you to compare the prices they will charge you if you decide to hire them. The prices they charge will vary greatly. Never assume that they will all charge basically the same thing.

web design

3. Take a look at many of the other sites that the company has designed over the years.

You need to see exactly what the web design company is capable of. The only way that you can truly do this is to look at other sites that the company was involved with designing. Play around with these sites and test out their functionality. How easily do the videos play? Do the sites transition smoothly from one page to the next? Would you like to have a site for your company that looks similar to the ones you are seeing?

4. How long will the job take?

You should then see which web design company will be able to finish the job the fastest. Some web designers are much faster than others.

Photo by Christopher Gower and Igor Miske on Unsplash

 

Spread the love

Five Main Tasks of Setting Up an Online Store

Opening an online store can be an overwhelming project to envision. There seem to be an endless number of tasks to complete before the virtual doors open for business. But, if you follow the logical steps of opening an online store, it can be a manageable project. Plus, following a logical path prevents you from overlooking any important steps that you have to go back and finish before you can open. There are many tasks involved in setting up an online store. Look at five of the main tasks to put on your to-do list.

Build an Appealing Website

No matter what you’re selling, building an appealing website is an essential step in creating a successful business. An appealing website combines colors and images that are pleasing to the eye. Some online store owners even incorporate background music into the website for their online store. An attractive website that is easy to use will keep customers coming back to browse your inventory.

Write Engaging Product Descriptions

The descriptions of your products must be clear and succinct. Not surprisingly, most online shoppers spend just a few seconds scanning the product descriptions in a virtual store. So, it’s your goal to tell shoppers all about a product using as few words as possible. You want a shopper to know whatever he or she needs to know about a product after two or three seconds of reading the description.

Create Attractive Product Images

The images of your products are just as important as your written descriptions. It’s a good idea to show a product from different angles and ensure the image displays its colors in the most accurate way. If a shopper likes the look of a product, he or she is likely to click on it to learn even more about it and consider the purchase.

Create a Secure Virtual Shopping Cart

A virtual shopping cart must be secure in order to establish a reliable reputation for your online store. The personal information as well as the financial data of each customer must be safe from hackers and others who seek to steal it and use it or sell it to others. Making a virtual shopping cart secure should be a top-priority for anyone interested in creating a popular online store.

Choose a Domain Name

Choosing a domain name is important because once you choose one, you can start building a reputation for your store. Ideally, when shoppers think of a particular product, they should immediately think of the inventory in your online store. Also, you want your domain name to be connected with a secure online shopping experience. Some owners choose a domain name that says something about one of their best products. Others like to choose a name that conveys the way they do business. Regardless of your choice, look for the cheapest domain name registration so you can move a step closer to opening day for your store.

Lastly, a successful online business owner continually makes adjustments to his or her store. Refreshing product descriptions, offering new promotions and changing the appearance of the website are all examples of how to entice more shoppers to visit your store.

Image courtesy of Pixabay

Spread the love

Understanding WannaCry Ransomware Attack – Infographic

One’s greatest fear in this dominating world of technology is the WannaCry Ransomware attack. This malicious software does much more than encrypting your data and asking for ransom to unlock it. Do you have any idea how vulnerable you are to WannaCry Ransomware now that it is spread to 150 countries? This infographic from  will help you understand WannaCry Ransomware, its leading cause, its impact and what to do if your computer is infected.

 Global Wannacry Ransomware Attack. An infographic by the team at Secure Data Recovery Services

Spread the love