How FinTech Is Changing the Wedding Registry
The gift registry isn’t old, per se (supposedly they were created by Macy’s in the 1920s), but this doesn’t mean they couldn’t benefit from an upgrade brought to you by modern technology.
The good news is that eCommerce is up to the task and, when teamed with FinTech and the amazing upgrades FinTech has brought to the financial world, eCommerce is all set to revolutionize the gift card industry. So if you have been anxiously awaiting the next stage of wedding registries, get ready.
Zola is one of the companies at the forefront of this revolution. Designed to make the wedding registry experience easier for both the guests and the happy couple, the Zola system allows couples to set up a customized page that shows their personality and allows them to interact with their guests (via a note feature). Not only that but the system allows for couples to ask for experiences or cash funds instead of conventional gifts and makes it easier for people to contribute to group gifts.
Very often the burden of the gift tarnishes the joy people are feeling for their soon-to-be-married friend/relative/acquaintance (etc.) The incredible hassle of going to the store and seeking out the registry and then trying to decide on the best gift can create a bit of hostility or resentment before the occasion. (And in Zola’s case, with free shipping too.)
Registries may not be on the top of people’s minds all the time, but anyone who has dealt with the stress of managing or using a registry can easily see how it needs an upgrade. Luckily, FinTech is here to save the day, allowing people to sit back and enjoy the celebration of love.
How FinTech Is Making Your Best Day Even Better
Creating and growing a startup takes money. Yes, there is always the chance that you will gain initial funding from venture capitalists or angel investors, but what do you do when the startup is up and running and you suddenly find yourself short of funds (you technically have)?
For example: you closed a deal to provide financial services for a local company. The terms have been agreed upon and the invoice has been sent–but you have to wait 30 days to access those funds. As a new startup, you don’t have a set base of funds to tide you over until payment goes through, nor do you have the clout to easily obtain funds from larger financial institutions — and you need to pay rent. What do you do?
FinTech saw this hazard as an amazing opportunity and set out to find solutions. Thanks to the brilliant new technology bred into FinTech, startups can now offer services to help other startups survive that uncertain early period when the company has no solid financial base to draw upon.
Fundthrough is a great example of a startup that saw the potential in this area and sought out a solution. Using their no-cost platform, business owners open an account and use the apps to upload their invoices–all from the comfort of their office or home. Clients are then able to fund these invoices quickly (payment arrives within 24 hours) and use that money to keep the business running. The stress and hostility that can come from inaccessible funds and outstanding bills is avoided and everyone walks away happy.
The business world needs the innovations that come from startups in order to survive the ever-changing needs of a society becoming more dependant on technology. Luckily, FinTech is up to the task and FinTech startups are bringing us into a much better future.
Here’s How People See FinTech
FinTech is a game changer in the financial world. As we speak, various startups and major companies are working on harnessing the best way to harness the technology.
But what does that mean for the market at its most base form? How are everyday people seeing and interacting with the new technology? Are they appreciating the advancements that are being made in the world of finance?
Well, to find out we went back to university. After all, university is where you find tomorrow’s leaders and a generation highly attuned to the benefits of modern technology. Their overview of how new technology is changing the game is a great illustrator of what is happening in the world at large. Here’s what they had to say.
“With my family situated in Hong Kong, transferring funds between our bank accounts are usually a hassle. But with new, revolutionized FinTech apps such as Transferwise, I no longer have to face the dilemma of fussing over the ridiculous amount of fees wire transfers at traditional banks charge, and it also saves what I value the most– Time. Unconventional banking is made easy these days and a large part of the credit no doubt goes to the emergence of FinTech.”
– Sonia Tang
“FinTech is definitely an evident, emerging trend that is set to disrupt the financial market. Venmo and Tilt in particular are examples of mobile payment apps that have rapidly become a popular commodity in the past year or so; no longer will payments have to rummage through the complex, multi-step process of transferring at banks, and what’s more convenient and user-friendly than an app that allows you to transact effortlessly anywhere, any time of the day?”
– Cerella Zhao
As you can see, the changes in the financial world are making a major impact in people’s day to day lives. Any company that wants to function in the new world needs to know how to work with the new technology, as this is what people want and you need to meet their needs to get their business.
How FinTech Is Redesigning Real Estate
Maybe you own property, either commercial or residential. If so, you are very likely familiar with the mortgage process and the hassle of dealing with the big banks. Have you been contemplating a new business venture but haven’t wanted to deal with the old mortgage process? Alternatively, have you wanted a new way to invest in startups? Well, the commercial real estate forecast for 2017 is looking strong and FinTech is opening brand new possibilities in this market, so now might be the perfect time to explore how FinTech is remaking the real estate market.
We know by now the amazing ways FinTech has remade banking, but it definitely hasn’t stopped there. With FinTech come new possibilities and this is true for the real estate industry. People interested in real estate investments now have access to innovative startups who can help them find the best real nestate investments for their portfolios. This new investment system takes real estate (which holds 49% of the world’s wealth) out of the hands of the 1% and opens it up to the rest of the investment world.
Take a look at Sharestates, a company that is changing the way developers fund new projects. By setting up a crowd funding portfolio, developers can open up their project to interested investors quickly and at a low cost. Interested investors then purchase Notes or Membership Units +depending on what type if stake they want in the company) and in turn finance the new company. These investments give interested parties much more control than REITs , making them a superior option for people looking to expand their portfolios. Sharestates has a specialized 32-point risk assessment system that ensures the projects presented by the company are solid investments, making the process safer for both developers and investors.
Juniper Square is another startup aiming to use FinTech to revolutionize real estate investment. The company founders have a strong background in real estate investment and technology and have used that knowledge to radically improve the investment process. Through its custom software, developers can manage their data and easily keep investors updated in the process, reducing the stress for everyone involved. Plus, by moving their projects to Juniper’s system, developers can ensure their data is secure and only being seen by the right people.
Through these online investment portfolios FinTech startups are bringing real estate investment to the new (technologically penanced) world and opening up the potential for new investors to buy a stake in exciting new properties. These opportunities brought about by these startups are incredibly exciting and are remaking the real estate market. Get ready, 2017 and real estate, as FinTech is coming to make you shine.
Are You Ready For the Bitcoin Rush?
Are you reasy for the bitcoin rush? If not, you’re missing out. This is the technology that is set to transform our lives (and not just our finances–look at the amazing things FitBit is doing for people) and anyone wanting to stay ahead of the curb in the coming business world is going to have to get to know the coin.
After years of unsure and erratic movement in the market, 2017 is going to be an important year for bitcoin. Yes, the start of the year was tumultuous in terms of the value of the bitcoin, but it has surged again and has exceeded the value of gold for the first time.
Changes are being made to the technology as we speak and these are set to improve the security and speed of bitcoins (amongst other things); when you combine this with the rising stock value with the new improvements set to come into play in the coming months, the increasing importance of bitcoin becomes very obvious.
Naturally, there are those who have seen the potential and are smartly entering the fray. Funding investments for the field were $550 million in 2016 and the interest was incredibly high in Canada.
What does this mean? Startups aiming to explore the bitcoin technology are in a good place. It’s a crowded place (interest is high across the globe and India, Germany, Japan and the Phillipines are currently aiming to emerge as the main hub), but that crowd is because of the incredible potential in the field.
Bridge21 is one of the companies that show the amazing potential of bitcoin. After all, the multiple currency systems used in today’s global market can create major hassles for corporations working across borders. Bridge21, seeing this issue, devised a system that uses the blockchain technology to provide a solution. Each member of the partnership deals with their own currency and bitcoin serves as the go-between, with the buying and selling of bitcoin being used in order to switch currencies. These transfers are quick and low-cost, providing upcoming startups with a service that will help them work on an international scale.
Of course, bitcoin’s potential extends beyond just trading. Used properly, it can help change the world. Connie Gallippi saw this potential and used it to create BitGive, a company designed to help people donate in a modern way. The first 501 non-profit to use bitcoins, BitGive is also modernizing how people interact with their charitable causes. Its GiveTrack system allows people to see how their donations are being used, letting them feel confident that their philanthropy was a good decision.
It is true that change is the only constant in life and our financial system is currently undergoing major (and necessary) change. These shifts will bring major financial benefits and the businesses (and entrepreneurs) that best embrace this new order will help lead us into the next stage of finance. Don’t cling to the past: Embrace the FinTech wave and the bitcoins that will change how you look at spare change.
How Artificial Intelligence Will Save Customer Service
So much of our world has moved online and, generally speaking, people’s first instinct when questioning something is to turn to Google. That being said, although much of business and reality has moved online, there are times when customers will still need to reach your company on the phone. This, of course, raises a whole new set of issues for startups: Who do we hire to answer the phone? How much is that going to cost? Is it worth the effort?
Call centers have one of the highest turnover rates, and this reality (and the cost that comes with it) is something startups really need to take into consideration. Will the added costs of your phone system sink the company?
Enter technology to save the day. Thanks to Artificial Intelligence (AI), the entire system can be automatized in a way that won’t turn off (potential) customers.
Yes, early stages of the technology were grating. (You likely remember the irritation of fighting with a bot who is repeatedly saying, “I’m sorry, I didn’t understand what you said. Please try again.”) But these new systems are working with far superior software and the result is a much more convincing and pleasant telephone experience.
Look at DeepPixel: This company has perfected the technology and is now ready to offer companies AI service that will take away the pain of managing the customer service angle. Thanks to their Deep Machine Learning Engine, startups and companies can create their own custom AI bot system that will interact with potential clients if and when they contact the company—and these responses will be informative and personable. Not only that, but the system itself is constantly learning and will improve its responses through reinforcement learning.
Leaving a (potential) customer on hold for an extended period of time to speak to a live agent or as an agent seeks an answer to a question or problem is a great way to ensure that you will not have a happy client base. Most people hate dealing with customer service and would much prefer a quicker automated option. In fact, 78% of consumers have stepped away from a potential purchase because of a negative customer service experience. And if said customer has a negative experience, you are very likely losing their business and risk having them spread the news of their negative experience. On a similar note, the HR/employee relationship can be vastly improved through the introduction of an AI response system, leading to a happier workforce and increased productivity. All modern companies should look at the benefits of AI bots as these bots can help companies reduce their costs and improve the customer service experience.
So the next time you call customer service and find your question quickly answered by an AI bot, thank FinTech.
How Responsive AI and FinTech Will Change Your Life
Who do you trust? As we become more aware of the corruption in various institutions, our faith begins to waiver and we start to wonder who we can trust with our assets. At the same time, we have greater technology available to us, changing so many of our options from what previous generations had.
If, like many people, the 2008 financial crisis left you feeling very wary about the big banks and the people watching over your finances, Artificial Intelligence (AI) might be your ideal option. By adding technology to the financial field, data can now be processed and analyzed quicker and at greater levels, and the element of human error is removed. No longer do you have to worry about an insurance misunderstanding causing you to lose your life savings or competing clients causing your investor to push aside your portfolio and extend your wait time.
That being said, many of the current robo-advisors are operating on a safe (and aging) technology system that can’t necessarily react to the changes in the market. Yes, you are getting many of the benefits that come from letting technology filter the data, but the lack of a human element carries major dangers should the market do something unpredictable.
There is a better way. If you don’t feel comfortable handing control fully over to robo-advisors or don’t trust that system, Responsive is your perfect match. Why? Responsive’s system differs from the one used by conventional robo-advisors. Most importantly, its system will shift to work with the changes in the market, preventing its customers from suffering losses due to market dips.
A new type of investment management service, the company is an independent firm that operates on a fee basis, ensuring you will never be pressured into unwise choices by consultants blinded by the potential commission. Clients have online access to their accounts through a registered custodian, easily accessible via the Responsive site.
In fact, Responsive is ideal for customers who aren’t quite ready to completely hand financial control over to machines. The company operates a partner program that means you can maintain your current advisor’s services while also testing out what the new technology has to offer.
As technology changes society and the way it does day-to-day business, people and businesses have to learn to adapt to the new ways or risk falling behind. Finding the right company that makes you feel safe and comfortable as you explore the new normal technology has brought is very important. Once that happens, you will get to see the wondrous things FinTech and AI can do to improve your life.
The New Wave of Banking: Canadian Edition
The Canadian financial environment differs in many ways from its closest neighbor, the United States of America, but that doesn’t mean it shouldn’t also choose to embrace the FinTech wave. Banking needs to be brought into the modern era and FinTech is what is making this needed evolution a reality. Luckily, the biggest financial institutions are beginning to recognize the major benefits FinTech brings with it and are extending an olive branch (or a maple branch) and working to create partnerships that will bring Canadian banking into the future.
RBC is choosing to seek out the banking revolutionaries at their earliest stages. Through its innovation labs, the company helps FinTech startups launch innovative solutions to modern banking problems. Rather than limiting the scope to Canadian startups (although one lab is in Toronto), these labs are based in important hubs like London, Luxembourg, New York, Orlando and (naturally) Silicon Valley. With an investment seed of $100 million CDN, RBC’s innovation labs will bring forth exciting new technology and RBC will be ready to use said technology to rise to the top of the FinTech ranks.
Scotiabank has reached out to several FinTech innovators in order to upgrade the company’s technology. Last December (2016), for example, the company made the decision to work with DeepLearni.ng in order to better explore the realm of Artificial Intelligence and payment collections. This was not the first FinTech partnership, however, as the company has also set up a partnership with Sensibill to launch eReceipts, a mobile receipt management solution. As well, it has teamed up with Kabbage to offer its clients small business loans—a collaboration that will let FinTech startups (and other small businesses) quickly apply for loans up to $100, 000 through the Scotiabank website. In fact, the company recently opened a digital factory headquarters in Toronto, a modern building designed to help FinTech innovators bring their technology to the market.
CIBC was the first Canadian bank to recognize the potential in these partnerships and has been building up a strong portfolio of them. First the company developed a partnership with Thinking Capital. Called Rapid Financing powered by Thinking Capital, the new service dramatically improves the credit application process for small business owners. Then, last year, the company partnered with Borrowell, using Borrowell’s technology to provide its clients with an easier online lending platform. The move to join forces with FinTech innovators was a smart one and other banks took notice.
Canada’s financial system is among the top in the world, but this in no way means that Canadian financial institutions should refuse to embrace technology and, with it, change. The addition of FinTech will only make these institutions stronger and better fit to handle the modern marketplace. It is good to see they are embracing this reality and I look forward to seeing Canada’s new financial marketplace.