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Share to Twitter Share to Linkedin Banks, in one fashion or another, have been central to functioning societies for hundreds of years. It’s estimated that in the U.S. nearly every single citizen ( 92% ) has an account with a traditional bank. One reason these institutions hold a majority of consumers’ accounts is because of their longevity: No matter what’s happening in the world, they tend to come out on the other side. Another reason so many people rely on traditional banks is that, until fairly recently, the only other options they had were other banks with fairly comparable offerings. When digital challenger banks and fintechs (think: Chime, Ally Bank, SoFi) began arriving on the scene, consumers had more banking options than ever before. These new banks have been able to appeal to consumers in ways that traditional banks have not–with low or no fees, a mix of low-interest borrowing and high-interest saving options, digital interfaces, fresh, … [Read more...] about Why This Fintech Company Is Eyeing Traditional Companies As It Builds A New Breed Of Banks

Payments through the Unified Payments Interface (UPI) accounted for more than half of all digital transactions in India in FY22 (2021-22), suggesting rapid adoption of the technology that was launched just six years back. In FY22, UPI accounted for 52 percent of the total 8,840 crore financial digital transactions with a total value of Rs 126 lakh crore, the government noted in its pre-Budget Economic Survey. In FY19 (2018-19), UPI accounted only for about 17 percent of the country's total 3,100 crore digital transactions, the Economic Survey noted. On average, between FY19-22 (calendar year), UPI transactions grew 121 percent in terms of value and 115 percent in terms of volume, the survey noted. In December 2022, UPI touched its highest-ever mark with 782 crore transactions worth  Rs 12.8 lakh crore, according to the Economic Survey. The Economic Survey further noted that UPI has processed 2,922 Read More According to the survey, India took the lead with … [Read more...] about Economic Survey 2023: UPI accounted for 52% of India’s total digital transactions in FY22

Startups are hard, hard work. You're probably stepping out of your comfort zone for the first time and in addition to taking a chance on your idea yourself, you're also taking on the responsibility of other people in your employ. It is stressful, and rightly so. A lot of startups fail in the early years , and while most of these failures are related to a lack of innovation, or the right business model, there are still some that succumb to unforeseen setbacks. Even with the right idea, and a strong business case, what challenges most startups in the early stages is that you have a small team, and great ambitions. And this core team doesn't necessarily have someone representing each area of the business, which can become a challenge, particularly where technology is concerned. From an IT and infrastructure standpoint, startups need to create secure apps and websites that work across all mobile devices, navigate data security for their website and app users, and deliver … [Read more...] about Taking Care of Business, with API Banking by IDFC FIRST Bank

Bank of America ( BAC ) is one of the world's largest investment banks and financial institutions. It serves a broad range of customers, including individual consumers, wealthy investors, large corporations, and governments. The company offers a wide range of banking, investing, asset management, and other financial and risk management products and services. The bank operates primarily in the U.S., where it gets the vast majority of its revenue, as well as in dozens of countries around the globe. The company faces a broad array of competitors, including JPMorgan Chase ( JPM ), Citigroup ( C ), Goldman Sachs Group ( GS ), credit card issuers like Visa ( V ), hedge funds, and private equity firms. The Charlotte, North Carolina-headquartered company expanded from a regional player into a global giant through a series of major acquisitions in the past several decades. Key Takeaways Bank of America is one of the world's largest investment banks and financial … [Read more...] about How Bank of America Makes Money: Consumer Banking

As a startup founder, knowing how to navigate different sources of finance for your startup is a pivotal skill. Not all sources of finances augment your business in the same way, neither do they have similar costs nor do they offer the same level of freedom. Strategically applying each source of capital at the right stage to the right set of expenditures is key here. Let's begin with the sources. Bootstrapping This is when you tap into your own savings, or that of your friends and family circle, to get your business started. This is the stage where you need maximum freedom to try new things, and work out whether or not your business idea has the potential to become a real business. What this means is that this is also the stage when you're going to make a lot of mistakes. Your 'investors' can't (and shouldn't!) question your every move. That level of trust, however, usually comes from your own bank account, and from the friends and family who implicitly trust you, and your … [Read more...] about Startup Finance 101: When should you approach banks?

The Central Bank Digital Currency (CBDC) will boost the financial services sector, enable financial inclusion, reduce costs of managing cash and boost innovation in the cross-border payments space, the Economic Survey 2023 has said. The endorsement comes three weeks after the Reserve Bank of India (RBI) Governor Shaktikanta Das said that the cross-border trade settlement in rupee and CBDC has a huge potential. According to the survey, as of July 2022, 105 countries were in the process of exploring CBDC. These countries account for 95 percent of the global GDP. Most of these countries have either launched or piloted CBDC. India piloted its Digital Rupee in the wholesale segment on November 1, followed by the pilot in the retail segment on December 1. The wholesale segment pilot was launched with the use limited to the settlement of secondary market transactions in government securities, while the retail segment testing is being done with a closed user group of customers and … [Read more...] about Economic Survey 2023: CBDC will boost digital financial services

Vedanta chairperson Anil Agarwal Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Vedanta Ltd. has shelved the plan to sell its copper smelter in the southern Indian state of Tamil Nadu, which accounted for almost 40% of the metal’s production in the country, and has doubled down on its efforts to restart the plant, according to people familiar with the matter. After scrapping the seven-month-old process to offload the 400,000 tons-a-year Sterlite Copper plant, the company will now work with the local population to restart the factory that was shut on environmental concerns, the people said, asking not to be named as the information is not public. Vedanta’s petition to lift a local government order to close the plant will be heard by the Supreme Court on Feb. 21. Restarting the smelter will lead to a surge in India’s copper … [Read more...] about Vedanta is said to scrap plans to sell mega Indian copper smelter

Share to Twitter Share to Linkedin Rudy Shoushany is the Founder & host of DxTalks: The Digital Transformation talk show and digital events for MENA. Follow him on Linkedin . Blockchain technology is disrupting financial institutions in radical new ways. Rather than replacing what already exists, it creates an entirely new market and an avenue to bank the unbanked. Blockchain is creating new financial solutions that scale faster and are cheaper, more secure and more accessible to even ordinary men on the street. It has removed the barriers to enjoying financial services, enforced security, removed middlemen and enhanced transparency. Once touted by investors as worthless and called unprintable names by traditional financial institutions, blockchain is now at the forefront of acceptance and mainstream popularity in the global financial industry. Fintech companies are in an arms race to develop the best blockchain platform to support all … [Read more...] about How Fintech And Blockchain Are Evolving And Disrupting Financial Institutions

Share to Twitter Share to Linkedin Last month I was asked to appear on a BBC local radio show to talk about customer service and why often it can be so hard to make a complaint to a company. The request came on the back of a recent story featured on the BBC’s website that talked about how Richard Edmonds had £8,500 stolen from his bank account when criminals tricked him into giving them access to his account. After realizing what had happened, he and his family then waited for 20 hours on the phone before they could get help. The bank has subsequently apologized and has also agreed to refund the money stolen. This story is not uncommon and points to what can happen when a customer has a question or a problem that can’t be answered by a knowledge base article, solved through the use of self-service tools or via an interaction with a customer service agent. Moreover, an incident like this can often happen when the issue requires somebody in the middle … [Read more...] about We Need To Talk About The Messy Middle Of Customer Experience

PHOTO: Pannika Wanich, former Director of Communications for the Future Forward Party - Thai PBS World Members of the recently formed Progressive Movement have hit back at suggestions that party donations have been mismanaged. The party, rising from the ashes of the now-disbanded Future Forward Party, says the allegations are nothing more than politically-motivated slander. Its critics accuse the Progressive Movement of the misappropriation of more than 7.7 million baht of public funds. In a statement issued by the party, they say that on May 1 and 2, they held a number of fundraising concerts to support artists and others facing financial hardship as a result of the lock-down. Members say they used party funds and donations to pay for the staging of the events, totalling over 7.7 million baht. Between May 1 and 3, over 15,000 deposits were made into the bank account of party member Pannika Wanich, formerly the Director of Communications for the Future Forward Party. The … [Read more...] about Progressive Movement hits back at allegations of donation mismanagement