For many years, if you wanted a loan to finance your business, your only option was going to the bank. Times have changed, though, and there are now a host of non-traditional small business lending options. If you need money to get your business off the ground or to expand it, here are a few options: Continue reading “Non-Traditional Small Business Lending”
In the present time, business debt is inevitable but there are ways in which you can deal with such debts and get immense help provided you have all the documents of your business in order. You would also have to ensure that all the taxes are paid and current as it is the most vital part of a successful business. It would further ensure that the IRS or the state tax authority cannot hold you liable personally and charge penalties for such defaults in payment. It will also affect the bankruptcy proceedings in an adverse manner if you do not pay taxes on time. Continue reading “Things To Ensure Before You Want Help During Business Debt”
As more and more Indians get access to banking, they are also looking to create wealth by the simple expedient of keeping their savings invested for longer periods of time.
It is safe to assume that India is in the midst of a banking revolution, the likes of which has never been seen before in the country.
The World Bank estimated that up to the year 2014, the penetration of banks in all segments of India increased from 35% in 2010 to 53% in 2014. When the ruling political parties at the Centre changed in 2014 and the present Government floated its Jan DhanYojana Scheme, a further proliferation of savings bank accounts took place. The scheme aimed at financial inclusion for all classes and masses of society – and by January 2015, over 125 million new bank accounts had been opened. Continue reading “Savings accounts, and the trend of annual interest return”
In an attempt to make payments hassle free and more secure, the Government of India has started initiating the movement towards digital payments using UPI. Conceived by Dr Raghuram Rajan, the RBI developed the UPI as an innovation to drive the country towards a cashless economy. Unified Payments Interface (UPI) is a technology-driven innovation introduced to enable and link multiple bank accounts with a single mobile number using a mobile application. Continue reading “#MyBankIsMyWallet Support #Demonetization – Use Digital Payments using UPI”
When it comes to running a small business, few things are more important than the ease with which you can accept payments. After all, people are less likely to choose your business if they have a hard time paying for their items or find that they are unable to use credit cards, debit cards or even checks. This is one of the reasons why accepting credit card payments and understanding integrated card services is such an important part of today’s business landscape. Before you get started, however, there are few common methods that credit card processing services use of which you should be aware.
There is not necessarily a clear distinction among the terms financial planning firm, financial advisor, private wealth Management Company, and individual wealth manager. But according to Investopedia, Wealth management is a high-level professional service that combines financial and investment advice, accounting and tax services, retirement planning and legal or estate planning for one set fee. Continue reading “What Is Wealth Management?”
Indians traditionally have a different socio-economic ecosystem when compared to many of the western economies. Our ecosystem is less reliant on social security provisions and working professionals attempt to save a significant part of their monthly income for their future needs. These savings are envisaged to provide for medical needs, their children’s education and marriage needs and sustenance for old life. But how does such needs get systematically eroded? Continue reading “Protect your savings from systematic decay – Paise Ko Jagaao”
Ras al-Khaimah (which literally translates into ‘top of the tent’) is the northernmost emirate of the United Arab Emirates (UAE). While the emirate does not get the same level of attention as Abu Dhabi and Dubai, it should. The government is pro-western and pro-investment and foreign businesses are beginning to take notice. As such, here are six excellent reasons to invest in Ras al-Khaimah Continue reading “6 Excellent Reasons to Invest in Ras al-Khaimah”
The concept of crowdfunding isn’t waiting to hit it big – it already has. The numbers plainly tell the tale with more than 600 crowdfunding platforms around the world raising billions of dollars in the few years that it has rested high in the public consciousness. What exactly is crowdfunding? It’s exactly what the name implies; a way to raise money for almost any project by soliciting small donations from many individuals. There are a variety of ways to go about crowdfunding your business startup. Here are some of the most effective approaches for startups: Continue reading “Ways to Crowdfund Your Startup”
I receive many emails about which Forex companies provide the best managed Forex accounts service, so in this article I want to explain what is Forex managed account service and its advantages and disadvantages, I will show you also where you can find the best Forex managed account companies. Continue reading “Best Managed Forex accounts service in the world”
A group of financial experts have identified 5 winning financial peculiarities, which will make every business prosper. Yes, there are plenty strategies, which the websites offer to consider, but not every strategy will lead a businessman to success. Finances are the complicated subject, which prefers people, who can wisely deal with them. Every responsible and promising entrepreneur should 5 crucial things about the successful business! Continue reading “5 Killer Financial Tips for Successful Businessmen”
Up to a decade ago, most people believed in saving up to buy a house of their dreams. After most of the money for the house was collected, the shortfall would be met by borrowing from relatives or taking a housing loan from a bank. Today, however, the situation has reversed completely.
Real estate is extremely expensive in India today, and as gross incomes rise, more and more people are choosing to take home loans to fund the major part of the house purchase. Younger age groups, too, are opting to buy homes in their 20s so as to create a valuable asset for the future. Responding to the need for housing in the country’s metros, Tier II and III cities and upcoming towns, a multitude of Indian banks and financial institutions are offering home loans to suit customers’ needs. Continue reading “Housing loans: The longer the payback period, the better”
Did you know that the number of people using mobile phones in India is more than the number of people using bank accounts? Some studies say that it will still take banks more than two decades to reach the entire population of 1.2 billion. Considering the fact that India is the third largest smartphone market in the world, mobile phones would definitely reach the entire population much faster than bank accounts! That is why the Reserve Bank of India has been urging all the banks to offer mobile banking.
Mobile banking is also the logical next step after the success of online banking. There are a lot of advantages of this form of banking over the online version as well. Here’s a look at some of the major benefits. Continue reading “Advantages of Mobile Banking”
Online shopping is so easy and convenient that we get used to it pretty quickly. Generally it is safe to shop on the internet and this may make us comfortable with sharing our card details and other valuable information readily. It is always best to be on the cautious side and take extra care while you are spending your money. Here are 10 tips to help you stay safe. Continue reading “10 Tips on Shopping Online Safely”
A major pain point of the banking industry is the challenge of how to penetrate the Bottom of the Pyramid (BoP), a concept which was popularized by Prahlad . This indeed is a sizeable market, consisting of 2.5 billion people who live on less than US$2.50 per day. Technology is being heralded as a major enabler for the diffusion of banking solutions in this segment, and the same is being brought about by different types of electronic payment systems.
It is interesting to note how in emerging economies, diffusion of these technologies are creating benefits for this segment . No wonder technology vendors and service providers are rallying to get a big pie of this cake and research in this topic has increased significantly [1,2]. However, the risks of fraud and perceived usefulness of these technology are slowing down the diffusion of the same in these economies. Another major barrier is internet penetration, which is significantly low, in developing economies, especially in the rural segments.
However, the development of banking solutions which can be used through Mobile based technologies, can significantly eradicate these problems. The adoption and penetration of mobile phones is significantly larger than internet based technologies. Hence technology giants like IBM and Microsoft are investigating significantly on research, so that mobile payment solutions can be made available to this segment. Some of the major technological advancements which are attempting to address this gap are speech technologies like the spoken web. It would indeed be interesting to see how such technologies can bring about inclusive development in the banking and financial services industry. Indeed the adoption of these technologies can bring about financial inclusion for the general masses by enabling banking solutions for this segment.
- Kar, A. (2009). eBusiness Enablement: Implications for Business Strategy. Available at SSRN 1432433.
- Kar, A. (2009). The Past, Present and Future of Information Systems Research. Available at SSRN 1366962
- Prahalad, C. K., & Hart, S. L. (2002). The Fortune at the Bottom of the Pyramid. Strategy and Business, 54-54.
- Simpson, J. (2002). The impact of the Internet in banking: observations and evidence from developed and emerging markets. Telematics and Informatics, 19(4), 315-330.
Business Frontiers, Vol. 1, No. 1.
Title: Cryptography in the Banking Industry.
Publication date: Oct, 2012.
Authored by Arpan K Kar, Supriya K Dey
This paper can be cited as follows: Kar, A.K., Dey, S.K. (2012). Cryptography in the Banking Industry. Business Frontiers, 1(1), 1-7.
Abstract: The development of cryptographic techniques has seen a lot of applications in the banking industry. This whitepaper focuses on the review of the major cryptographic techniques which has been used extensively in the banking industry, for the implementation of data security norms and the fulfillment of compliance requirements. While techniques have not been described in details, the focus has been on exploring the business implications of these developments.
To download the whitepaper, please visit this link: Cryptography in the Banking Industry
Keywords: Cryptography, Banking, Security, Finance industry
Business Frontiers is a premium series of refereed open source white-papers on critical emergent issues and classic topics in business and management including but not limited to marketing management, technology management, e-business, finance, economics, human resources, organizational behavior and general management. Articles published as open source white-papers in Business Frontiers are copyrighted using a Creative Commons Attribution 3.0 Unported License. Please visit the publication page for more details on Business Frontiers. For submission of original articles for publication, please read the Guide for Authors and the Call for Papers.
Ever heard of private banks financing the needs of the really needy? They don’t. That’s because the really needy customers will never have the monetary disposition to pay off the interest which is applicable for their risk profile. Isn’t that a tragedy of errors for these financial institutions?
Most people are aware of Price Elasticity of Demand, even if they don’t know the term. The logic is simple, if you raise the price of your product I won’t buy your product. This is however not the case with some special kinds of products. I will classify these products whose consumption increase in case of price hike into three categories. Continue reading “Negative Elasticity of Money”