Kirk Chewning on The 3 Biggest Trends In Finance Today

There are rapid technology advancements that continue to change the banking industry. The three biggest finance trends will drive the industry forward this year.

Online And Mobile Banking

According to The Financial Brand, over half of the banks in American are online, and 32 percent of the banks handle transactions on mobile devices. Many organizations have designed a suite of comprehensive mobile apps that let customers pay their bills, check their balances, and transfer money. Most apps also give consumers information about new products and services and fraudulent activity notifications. Each app provides real-time access and has easy banking interaction features. Besides simplistic banking functions, consumers also demand sophisticated services, such as remote deposit capture methods and image banking features. These tools let customers scan their checks; once scanned, the checks are transmitted to a bank immediately.

Virtual Banking

Virtual banking has gained a lot of popularity in the United States. USA Today reported that a few branches of Bank of America were overhauled with advanced technology services. Virtual ATM machines were one of the new additions; they let customers communicate with a remote teller using conferencing software.

Most customers are now using online and mobile channels, so banks are now understanding the economics of running numerous branches. This is why many banks are investing in video kiosks that have interactive touch screens and other features.

Big Data And Cloud Services

Digital banking technologies and social media generate big data for bankers. Today, banks can monitor their clients as they journey through branch channels, digital channels, and social media channels. Bankers use the data when they perform analytics so that they can improve their decision making skills.

Cost management is a serious issue for banks. However, many banks will continue to run their business systems and applications using cloud services, but they will transfer their sensitive data at a private data center.

Disrupters

This year, more banking disrupters that provide alternative banking services will be available to consumers. This technology trend will gain even more momentum throughout this year as more consumers begin to use their mobile devices to make their payments.

The Financial Brand reports that mobile wallet technology lets consumers manage their debit, gift cards, and credit from a smartphone using one application. After the screen is tapped several times, the payment is made instantly. Consumers do not need to carry around numerous plastic cards.

Banks will always invest in new technologies that give them an advantage over the competition. Though, the technologies must help them reach modern consumers.

Best Tactics for Retiring Early

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After spending decades in the workforce and wanting to truly begin living at a younger age, there are several ways to retire early and accomplish financial goals. Although there are many steps to take to retiring early and building different funds, it’s possible to create a successful plan that has proven to be successful. With the right tactics in place, you can retire early and enjoy a comfortable lifestyle at a younger age.

 

Find Work That Has Great Benefits

To build a nest egg that grows at a rapid rate, work for companies that offer 401(k) matching programs. You should also have the option of a monthly pension program or a lump-sum pension, which can allow you to work a shorter number of years and reach your goals quickly.

 

Diversify Your Portfolio

Avoid having an aggressive approach with your investment while also investing in a number of areas to prevent substantial loss from occurring. Avoid putting all of your money in a 401(k) plan or IRA while taking advantage of four other types of investments, which include stocks, bonds, short-term investments, and international investments. Less swings will be experienced for a portfolio that has a number of various investments and can steadily grow over time.

Determine a Number

To retire early, it’s essential to determine how much you’ll need to save to live comfortably and even enjoy a few luxuries. You’ll need to have a larger amount of money saved for the extra years that you’ll be retired, as well as factor in inflation, health care, and the annual returns that you’ll receive from your investments.

Save for Health Insurance

Retiring doesn’t mean that you immediately receive the benefits of free health insurance. You’ll still need to wait until the age of 65 to receive Medicare. Determine how much you’ll need to save for an individual policy or the cost of continuing your coverage with COBRA after you quit your job.

Keep Withdraws to Four to Five Percent

Financial experts recommend keeping your withdraw rate to four to five percent during the first year of your retirement. That amount can then be increased in the years following to match inflation that steadily occurs. Avoid withdrawing up to seven to 10 percent each year, which can deplete your funds sooner and make it difficult to live comfortably in later years.

Service Provider Analysis in the Management Consulting Industry

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Successful entrepreneurs understand that succeeding in the increasingly competitive global marketplace demands highly refined economies of scale and streamlined business processes. Financial services companies and other business models that require a high performance online presence can greatly benefit from the expertise of a business operations consultant. This is especially true for local businesses that want to compete in a regional or global economy. Service provider analysis, adopting more efficient channels of distribution and the implementation of cutting edge technologies can revolutionize business operations and overall financial performance.

Operations Management Solutions

An experienced strategic business consultant specializes in outsourcing vital business operations to leverage economies of scale and improve business processes. Improving business processes on a global scale demands a strong background in both the technology and financial services industries. Access to proven onshore and offshore business resources is absolutely crucial in the competitive global economy.

Providing the fuel for high performance business operations begins with a thorough analysis of business goals and current trends. Only a professional business consultant is prepared to address the financial, legal, human resources, information, accounting, technology and treasury management needs of an aspiring international business. In some ways, the recipe for business success hasn’t really changed. Reducing costs, maximizing efficiency and improving the customer experience are the essential components of any effective business model.

Mission Critical Functions

A strategic business consultant can identify and improve the critical functions necessary to accomplish important business goals. Data management seems to get the headlines these days, but a strategic business consultant understands that performance and results are the only acceptable metrics for evaluating success. A centralized consultant team has the professional knowledge and experience to design and implement customized business strategies that produce results and eliminate costly trial and error.

Outsourcing essential services such as staffing, customer service, contact center management, receivables processing and other knowledge based functions can streamline a business model, making it possible for a company to focus on product development and delivery. Transforming an online business model to maximize financial investment requires the use of best-in-breed outsource and in-source technologies and business strategies.

Industry Specific Expertise

A strategic business consultant team develops customized strategies to help businesses benefit from current business and technology trends. Shared and outsourced business solutions are managed with a high degree of efficiency to increase competitiveness and maximize profits. A strategic consultant will analyze current business processes and recommend a customized plan to guide a company as they make the transition from local merchant to global competitor.