Mistakes You’re Making as a Digital Bank Service

Digital banking is a product of the future, and the market for businesses operating in this field is continually growing. A successful digital banking service does not have a niche group they market to. They instead set their horizons on a future where everyone is using this technology and construct a platform made for it. 

This vision of a future that utilizes this kind of banking is the marketing tactic that should be pushed when marketing the service. You probably think of online banking as your TD, Scotia, RBC, Bank of America, Chase, or whichever app/website you can check your balance and make transfers through. Why do you use these services? Did you see an ad for it and become compelled? Hear about it from other people? 

We utilize this technology daily but most of us may not even realize the extent it could reach 10 or 20 years from now. This is the starting point for companies getting into and growing their digital banking services. Not only are you trying to influence clients, but you want to attract investors to your business to give you the means of operating long term. 

With that said, here are some mistakes to avoid:

Not Educating People About Digital Banking

Not every generation can grasp the concept of digital banking. Some still believe it is as simple as a bank that has an app or website they can make changes through (though that’s a common marketing strategy). There are then a handful of people confusing it with the cryptocurrency exchange market. We’re seeing a pattern here… 

Not investing in a simple promotion of what your industry is will be something you regret down the line. Before you promote your services, show the vision in which your service was inspired. 

Lack of Transparency

With traditional brick-and-mortar banks, customers have trust in them. Though they may not realize shareholders are backing these businesses, to the average customer, they are secure. This may make consumers question how safe it is to switch to an online banking service. With no physical place to access a bank account, the business could disappear forever at any moment for all they know. 

As a company operating in this field, you want to be open about your capabilities and reasoning for services. For example, if you are still in the testing phases with your app, be open about that with your customers. It will hurt your company's reputation if you claim to be established while still developing. On the other hand, people may feel inclined to help a new company, especially one that is honest with the development stage they’re at. 

Poor Customer Service

Customer service may be the deciding factor when someone takes your business over another and vice versa. Especially with an online service, quick and efficient customer service is a requirement for building long-term client relationships. Additionally, this will benefit your reputation and get your name out into the market. 

With traditional banks, customers can deal with someone in person and have their needs met, but usually over a longer period. A paperless and quick customer service experience should act as the first floor to your online company's skyscraper. 

Lack of Security 

Stories of security breaches and hackers are a common concern for those looking into digital banking. Rightfully so, which makes it important to not only ensure security but have the means to support the claim. 

A digital banking company with a reputation for strong security is guaranteed to attract attention. It is a strong marketing message and a definite way to sustain a platform of customers.

Conclusion

As a digital banking service, you hold unforeseen opportunities. This is a service of the future and one that requires you to keep up with innovation. The need for banking access will never die out, so how is your company going to make a difference?

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

Why Do You Lack Initiative?

Facing complexity in your quest to achieve is a defining feature of the process, but it will also be a regular factor. There is a key characteristic of people who tend to overcome these situations and it is not simply knowledge of how to do so. It is the willingness to take action, to speak up for what one believes is the right course no matter the potential consequences. 

Unfortunately today, there is a trend of people being afraid to speak their minds. The reason is for fear of the unknown. With the entrance of new generations into the workplace, veterans of industries need to take it upon themselves to show them the ropes. However, this is just one example of the social investments professionals need to make. While training the new generation of professionals is not one of the major concerns in the world today (though it soon may be), this is touching on a more broad topic.  

To solve any problem, it takes minds that are willing to get up and do so. Problems get bigger when they sit and for an organization, sitting problems become timebombs that could result in catastrophe. This is changed when issues are met by someone with initiative. Keep in mind that this does not just apply to leadership, leaders still need subordinates who identify issues to be solved. Results of a track record that show clear initiative and problem-solving ability makes for an incredibly successful career.

So if we know that problem solving and doing what’s right is so great, then why isn’t everyone successful and living their dream life? Because it’s hard. It’s mentally taxing and will push boundaries. Learn to prioritize and execute, then you and your organization can make a difference not only for the team but for the people you serve. 

Here are some things to practice:

Boldness

One thing that never goes unnoticed is someone willing to take risks. This could be anything (as long as it is not outwardly destructive or offensive) and you may already have some ideas. Unfortunately, we commonly reside in the idea that complaining about issues and finding others who agree will somehow make a difference. This is only a depletion and waste of energy that could be spent taking action.

Opportunity Seeking

Especially in an entry-level job, looking for ways to get ahead or prove you can do more is a sure way to demonstrate initiative. Actions of the initiative will not go unnoticed and the accumulation will build rapport with superiors. If not to advance your role, keep track of them for yourself so you can reflect on what you’ve done and how it’s helped you. 

Collaboration

Don’t think initiative is something you take alone. Talk to others about what your goals are, and ask for help. Being reluctant to ask for help is not an uncommon behaviour, especially in the workplace. Again, it stems from the fear of the unknown, which is very common but is a roadblock to advancement.  

Don’t React, Act

This is a critical thinking tool that removes impulse and emotion from the equation of problem-solving. Reacting to a problem could mean many things, but it often keeps your feet planted. Acting on a solution is based on an analysis of the situation, which will then identify the necessary methods to overcome. 

Conclusion

Initiative is not easy, it will push your comfort zone, but the rewards that come allow you to look back on what was hard and be thankful you did it. Prioritize your development, reach out to others and ask for help. You then pay that back down the line by helping people whose shoes you were once in.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

What is Fintech?

Think about how you can access pretty much anything so easily that your location hardly matters. You can send money to someone in another country, you can order anything to your doorstep in a matter of days, even minutes and hours. These changes are a result of our desire for innovation. With each new development, our standards as consumers rise and we begin to demand more.

Turn the clocks back 100 years, everything we have today would be unimaginable, we even laugh at how inefficient the inventions of those times were. Yet, even the inventions of hundreds or thousands of years ago were leading to what we have today. This rate of development will be endless, generations 100 of years from now will laugh at the technology we think is great. If you want to keep up during this time, you should acknowledge this change and adapt to it.

Now the term “Fintech” (born out of a combination of the words “financial” and “technology”) is a broad term with many different aspects. Some examples that will ring a bell are PayPal or GoFundMe, Cryptocurrency, online banking… get the idea? The true wide spreading of fintech comes when major companies get involved. Tech companies like Apple, Amazon, Microsoft, and Facebook are major players in this field. Each of these highly trusted companies now offers a banking outlet. Why? Haven’t they done enough? Nope, and they see the potential this business has for the future. 

So why is this concept of fintech important? What does it mean to you? Here are some aspects of fintech that contribute to modern society:

Ease of Transaction

No matter who you are or where you are, you can buy nearly anything in an instant. Even the need to go to physical stores seems to be less relevant in this day and age. Additionally, what relevance does cash have other than the knowledge that your bank account didn’t change from a purchase? Need to pay someone back? One swipe and it’s done. 

Cost-Effective

Businesses and individuals can avoid hidden fees present with traditional banking. Instead, sending and receiving payments comes at a more reduced cost while being transparent about where the fees go. Why is that? Because fintech services are not deposit institutions, they operate virtually and are flexible. 

Customized Experience

Fintech services tend to be able to figure out the interests of their consumers. Think about how Instagram or TikTok shows you content that is relevant to your interests. This is the same concept, and while one may think “oh they want me to keep consuming” they are giving you access to the things you deem necessary. 

Security

You’ve most likely heard the term “blockchain” and probably rolled your eyes because you have no idea what it means. Going back to the ease of transaction feature, the blockchain is what makes this possible. When you send money somewhere, it is stored in this database for the transaction to be tracked and verified.

Still Only The Beginning

The features of fintech today are already amazing, but there is still confusion for some as to what it does. The good news is, that the state of fintech is at the bottom of a hill. Innovation will take place, people will become more educated on its features, and our experience of consumption will be far easier. 

Conclusion

Fintech is challenging the “traditional” ways we have always done things, but it is replacing them with features that suit the needs of our world today. Of Course, it can be intimidating as everyone becomes used to certain ways of doing things. Remember, people in the ’90s and early 2000s thought the internet wasn’t going to last. Innovation is what allows this world to stay connected and live our best lives. 

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!