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November 2021

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Digital transformation is democratizing data to enable greater transparency and better customer experiences across industries. Technology is expanding the possibilities for startups and third parties to access legacy systems and, in some cases, it puts the data directly into consumers’ hands.

Banking-as-a-Service (BaaS) platforms have emerged as key components of open banking, which allows banks to offer financial transparency options for their customers by opening their APIs for other companies to develop new services. Fintechs and digital banks have disrupted traditional business models in the banking space, and by moving into the BaaS space, tech-savvy legacy banks can turn this looming threat into an opportunity.

 What Is Banking-As-A-Service?

 Banking as a Service (or BaaS) refers to a model by which licensed banks integrate their digital banking services with products published by other nonbank businesses. By doing so, a non-bank business can offer digital banking services to its customers, such as mobile bank accounts, debit cards, loans, and payment services, without having to acquire a banking licence.

 By implementing Banking-as-a-Service, almost any business can become a banking provider with a few lines of code. Therefore, BaaS is also sometimes referred to as white-label banking, since the banking services are provided through a non-bank’s branded product.

 Top Use Cases

 Card Payment And Processing

The impending changes to 3DS2 and the increased Visa and Mastercard fees have made merchants look elsewhere for cheaper payment processing.

The BaaS model allows companies outside of the financial sector to add branded payment services to their product portfolios. The services allow firms to offer white-labelled debit cards, which result in increased brand loyalty and a better understanding of customer behaviour. BaaS can enable merchants to accept direct bank transfers as a form of payment through an Open Banking framework. Direct bank transfers cost a fraction of what credit cards cost, don’t result in chargebacks, and take place in real-time.

Identity Verification

Regulations are tightening to reduce fraud and identity theft, so companies must implement more sophisticated methods of verifying identities. The benefits to companies of partnering with a specialist BaaS provider include avoiding the burden of developing a KYC solution on their own and staying up-to-date on new regulations. They can, instead, use a bank’s KYC API to enable customers to verify their identity quickly and affordably.

Lending

As eCommerce becomes increasingly competitive, the only way to stand out is by building a strong relationship with your customers. A lending platform is an opportunity for merchants to provide broader services to customers, while also generating more revenue. Typically, this is useful for retailers selling big-ticket items like travel and eCommerce. Through a consumer lending BaaS API, these companies are able to provide on-platform financing to merchants. The bank underwrites and funds the loan, helping the merchant convert big sales.

Plug-And-Play Neobank

BaaS allows brands, merchants, and almost anyone to set up their own neobank for their customers. Startups have long considered BaaS the ideal medium to re-invent all aspects of banking by creating neobanks. Using Banking as a Service, these firms provide customers with everything from a payment card to a segregated customer account. Entrepreneurs in other banking verticals, such as currency exchange, deploy BaaS to disrupt notoriously fee-ridden services.

 In Conclusion

 In a number of countries, open banking regulations have already begun to take effect, showing that the financial services industry will soon become dependent on shared data and infrastructure. The tech-savvy legacy banks that create their own BaaS platforms can not only take advantage of open banking before their competitors but also monetize their platforms to generate new revenue streams.

If you’ve been meaning to switch your company over to Virtual Desktop Infrastructure (VDI) there might be several things you should take into consideration before switching over. Among all the things you have to ask yourself and consider there are 3 key considerations that you should think about when you are switching over to a Virtual Desktop Infrastructure system.

Let’s go over these 3 considerations and discuss how the benefits concerning them.

  1. How Does VDI Fit your Company’s Long-Term Plans?

The first thing you should take into consideration when you plan to switch over to a Virtual Desktop Infrastructure system is how well will this system do in your company’s long-term plans. Although there are many things to consider and take away when thinking about something like this it should be known that VDI’s main impact and contribution to the company is that it allows for more employees to work remotely while helping save up on company costs.

If you are considering integrating VDI into your office, take into consideration how allowing your employees to work remotely will affect the company. If you can see a boost in productivity and reduction of expenses then you should implement it.

  1. How Does VDI Fix Any Short-Term Problems?

When trying to implement something new, it is usually to address any recurring short-term problems that have been happening. Since VDI allows for remote working with just about any device, if you’ve been noticing a drop in productivity and outputs within the company because of the lack of time, it might be a good idea to implement it because the accessible nature of the system allows your employees to be more productive outside of their workplace if necessary.

  1. How Well Will Your IT Department Adjust to the New System?

The last thing you have to take into consideration is how fast your own IT department can adapt to the new system. This is an important thing to take into consideration because VDIs are maintained and handled by the same department and failure to be able to do so might cause problems in the long run.

It is important to talk this over with the department and convince them of the benefits of implementing VDI to the organization. Aside from the previously covered benefits of VDI, several other benefits include a more simplified administration within the company and better flexibility and collaboration between your workers.

In the dynamic landscape of retail, adapting to the changing needs and preferences of consumers is pivotal for sustained success. One strategy that has gained significant prominence in recent times is Omni-channel Retailing. This approach seamlessly integrates various channels to provide customers with a unified and cohesive shopping experience. Let’s delve into the key strategies that can help retailers master the art of omni-channel retailing.

Understanding Omni-channel Retailing

Before diving into strategies, it’s crucial to grasp the essence of omni-channel retailing. Unlike multi-channel retailing, where various channels operate in silos, omni-channel retailing focuses on creating a seamless experience across all platforms. This includes physical stores, online platforms, mobile apps, and any other channel a customer may interact with.

1. Customer-Centric Approach

The foundation of omni-channel success lies in prioritizing the customer. Understanding their preferences, behaviors, and expectations is paramount. Retailers should employ data analytics to gather insights and create a personalized shopping experience. By doing so, customers feel valued and are more likely to engage across different channels.

2. Integrated Inventory Management

Efficient inventory management is a cornerstone of successful omni-channel retailing. With an integrated inventory system, retailers can provide real-time stock updates across all channels. This not only prevents stockouts but also enables customers to seamlessly transition between online and offline channels without encountering discrepancies in product availability.

3. Unified Branding and Messaging

Consistency in branding and messaging is crucial to establish a unified brand identity. Whether a customer is browsing the website, visiting a physical store, or engaging on social media, the brand’s message and aesthetics should remain cohesive. This fosters brand loyalty and enhances the overall shopping experience.

4. Seamless Cross-Channel Integration

To truly excel in omni-channel retailing, seamless integration across channels is imperative. This means that customers can start their shopping journey on one channel and seamlessly transition to another without losing any information. For example, a customer can add items to their cart on a mobile app and complete the purchase on the website.

5. Investment in Technology

Embracing cutting-edge technology is a must for successful omni-channel retailing. This includes utilizing advanced analytics, AI-driven personalization, and robust e-commerce platforms. The integration of technology not only enhances the overall customer experience but also streamlines operations for retailers.

6. Omnipresent Customer Support

Providing consistent and efficient customer support across all channels is vital. Whether customers seek assistance in-store, via chat on the website, or through social media, a seamless support experience reinforces trust and encourages customers to engage across multiple channels.

In conclusion, mastering omni-channel retailing requires a holistic and customer-centric approach. By prioritizing the customer, integrating inventory systems, maintaining unified branding, ensuring seamless cross-channel integration, embracing technology, and offering omnipresent customer support, retailers can create a winning strategy for success in the ever-evolving retail landscape.

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