Month: June 2021

Digital world
ArticlesFinance

Building An Inclusive Digital Future For Every Child

Digital world

By Sunita Grote, Ventures Lead, UNICEF Office of Innovation & Thomas Davin, Director, UNICEF Office of Innovation

Witnessing the scale of the global pandemic has shown us a paradox: as schools, businesses, and borders closed, our lives went online, children and young people turned to online learning; companies shifted to remote working; and our gatherings with family and friends crossed time zones over video conferencing. We turned to the digital world to deliver our groceries, discover new treasures and experiences, and manage our finances and futures.

The pandemic instigated a mindset shift and accelerated the digital future — but not for the entire world. Half of the world’s population doesn’t have access to the internet.  For many children around the world, the pandemic simply stopped access to lifesaving and essential services like education, healthcare, protection from violence— and the number of children living in multidimensional poverty has soared to approximately 1.2 billion due to the COVID-19 pandemic. It is also estimated that 142 million more children are now living in monetary poverty as parents lose their jobs and income sources.

1.7 billion adults still lack the most basic financial services, leaving them unable to adequately access and invest in their health, education, entrepreneurship – and the chance to protect themselves and their future in the wake of another crisis.

We need to build the infrastructure and systems that enables the most marginalised communities to access digital services. This means closing the current gaps in access, financing, capacity and priority to develop valuable solutions that leverage the latest technological breakthroughs.

 

Closing the gaps to build inclusive digital economies

UNICEF’s Innovation Fund aims to close these gaps by financing early stage, open-source emerging technology with the potential to impact children on a global scale. The Innovation Fund has grown into a $35M+2267ETH+8BTC pooled fund that has invested in 118 solutions across 57 countries, and provides product and technology assistance, support with business growth, and access to a network of experts and partners. Beyond building solutions, the Fund sets out to diversify the community of entrepreneurs that benefits from capital. We put special emphasis on supporting solutions built by the traditionally underrepresented in venture capital – to date, 40% of our investments are in female-led companies. We exclusively support  open source solutions to ensure that these become digital public goods, opening access to them and the value they generate to communities around the world.

The Fund’s investments have generated solutions supporting the global response to COVID-19. These include, for instance, the HealthBuddy chatbot that provides information and addresses misconceptions in 7 languages, built on Ilhasoft’s platform Bothub. UNICEF’s Magic Box platform is able to analyse and develop models based on data provided to us by our partners, predict the spread of COVID-19 and analyse the impact of social distancing measures on children and their families in developing and emerging markets. UNICEF focused our efforts on developing and accelerating solutions that can provide services to and insights on markets that are often neglected by the rapid pace of technological development.

 

Leveraging the latest technological breakthroughs for children

Blockchain-based solutions allow us to rethink how problems are solved.The technology allows for greater transparency and efficiency in systems, better coordination of data across multiple parties, and the possibility for greater community engagement in decision-making that is more difficult with traditional technologies or systems.

In a crisis that required a shift to digital services, we saw blockchain and cryptocurrencies provide value to the COVID-19 response.

We have seen UNICEF’s leadership in establishing a crypto-denominated fund provide new opportunities to new partners,  committing resources toward innovation, including for the COVID-19 response, and toward COVAX efforts. Chainlink, a decentralised oracle network,    contributed to UNICEF’s Innovation Fund and will provide technical expertise to investment companies around smart contracts. Binance Charity donated $1 million in crypto to support UNICEF’s global vaccine rollout and released limited-edition NFTs with proceeds going towards COVAX.

Blockchain-based solutions also have the potential to improve the efficiency of the response. Our portfolio company StaTwig is piloting its blockchain-based app by partnering with the Government of India to track and improve the delivery of rice, supporting their effort to secure food for millions living in poverty – a need amplified by the onset of COVID-19. 

Our newest cohort of investments is building solutions toward greater financial inclusion. The startups are  exploring solutions to make payments to frontline workers more efficient, facilitating cross-border transfers, developing community currency, improving access to saving and lending services, and more. This is the first cohort to consist of majority female-led companies; and expands our portfolio to Rwanda and Iran.

 

Improving transparency and efficiency of our investments

This cohort is also the first to receive equity-free investments in USD and or cryptocurrency through UNICEF’s CryptoFund – a new financial vehicle allowing UNICEF to receive, hold, and disburse cryptocurrency – a first for the UN. The CryptoFund enables us to apply the benefits of blockchain to our own operations and improve our efficiency and transparency at a time when we need to find ways to achieve more with limited resources. We can now make investments in under a few minutes for under a few dollars, all while being fully transparent around where funds are being used.

This flexibility and speed allowed UNICEF to quickly disburse funds and invest further in eight Innovation Fund companies developing features to mitigate the hardships of COVID-19 on children and youth. One of the companies was Somleng (Cambodia), which needed to quickly scale its low-cost Interactive Voice Response Platform to work with the government to send vital information about COVID-19 — and eventually run its Emergency Warning System.  We are now working to bring this flexibility and speed to our government and other public partners – by building and offering digital public goods to manage and track cryptocurrencies more efficiently through our Juniper suite of tools.

 

Building the new digital economy

We now all share the experience of a global pandemic and resulting lockdowns, and those of us with access to digital services found ourselves still interconnected in the “new normal” and able to participate meaningfully – and benefit from – the digital economy. Decentralised systems are generating unprecedented revenues and returns in the current market – with benefits currently going into the hands of few.

COVID-19 has proven that only when access to the benefits of digital systems is universal, can we respond quickly and prepare for – or stay afloat and thrive during – the next crisis. Imagine a world where solutions, data, financing, and talent are instead accessible and more evenly distributed as public goods; where scarce resources are channeled towards solutions that are designed to bring both financial and social value for all.

Emerging technologies and digital public goods offer an incredible possibility to realise this inclusive, accessible world – where the digital economy is distributed so that everyone, even the most vulnerable, holds a key to safety, resiliency, and future growth and opportunities. We must venture into supporting untapped, underrepresented communities in a transparent way so that, together, we can build a digital future for every child and every young person to survive and thrive.

Housing market
ArticlesMarkets

How to Ensure Your House Is Ready For the Market

When putting your house on the market, there are numerous factors to consider. For instance, you may ask the question “when is the best time to sell a house?” However, before you consider putting your house on the market, you may want to ensure that it is ready first. In doing so, this could help to speed up the process and minimise the risk of losing money.

 

Finding the Right Agent

Deciding that you want to sell your home is the first step of the moving process, however, finding the right estate agent to help you sell your property is next. When looking to find the right estate agent, you must select the right person, as this can have an impact on the time it takes to sell your home.

As you look at the options available to you, look for the person who you feel follows the best practice, meets all the requirements and effortlessly work to industry standards. Aside from providing you with peace of mind that you have the right person capable of helping to sell your property, it can also help with increasing your chances of selling your home.

 

Check the House For Any Minor Repairs

Showcasing a house that looks as though it has been well-maintained, creates an impression on potential buyers that the property has been cared for over the years. As you begin the process of putting your house on market, it is worth conducting a thorough investigation of your property to see if there are any problem areas you notice that could be worth fixing.

These tasks do not need to be grand such as renovating a kitchen, they could be as small as filling in any holes in the walls or checking for any clogs in your guttering. This could be done before or after your valuation, however, doing it before might help with increasing the value of the property.

 

Have An Accurate Valuation First

Ensuring that you have an accurate valuation of your property is a key factor when selling your home. For instance, if you undervalue your home and it goes onto the property with too low of a value, whilst you may generate a lot of interest, if you were to sell at such a low cost then you will also lose money.

As you look to put your house onto the market, you may want to consider house valuation surveys to determine what price your property should be listed at. If you are wanting to value your house, firms such as GB Home Surveys can provide you with an accurate overall value of your property. Investing in such a service will help give you peace of mind that there are no potential pitfalls that could cause a surprise.

 

Worth Going Neutral

When looking at any property, neutral tones and colours tend to be the most appealing to potential buyers. In addition to brightening up the home and creating the illusion that rooms are a touch bigger than they are, neutral tones will help those viewing the property to envision themselves living there.

 

Ultimately, most of the updates that can be done to prepare your home for the market are unlikely to damage your bank account. Instead, they can help to increase the overall value of your property and potentially selling it far quicker – so it is worth considering implementing one of these strategies before you put your house on the market.

Wealth management
ArticlesWealth Management

Digital Adoption in Wealth Management in 2021

Wealth management

By Will Bailey, Chief Strategy Officer, InvestCloud

Just over one year ago, the world of wealth management was forced to turn digital overnight.

For many in the sector, the resulting digital drive forced technology adoption faster than we had ever seen. A KPMG study, conducted in April 2021, finds that 74 percent of organisations have accelerated operational digitisation, compared to 50 percent in August 2020 – showing the direct impact of the pandemic on priorities. But while the pace of digital adoption has increased, there are still many opportunities to innovate and differentiate a firm and ensure a better competitive advantage through technology.

But first, there needs to be a better understanding of digital adoption, and what it can achieve.

 

Adoption to date

Traditionally, many firms have geared digital adoption to the back-office – streamlining processes and simplifying human input. This of course makes perfect sense in terms of reducing costs, but it often also comes at the cost of improving the client experience.

The “point solution” approach, caused many in the industry to use digital as a means to solve specific business pain points – firms are now buried under point solutions for client onboarding, portfolio management, and report generation. Driven by the desire to grow and retain clients or find operational efficiency, managers made these one-off changes to keep with the times or to offer specific add-on functionality to remain relevant to clients. But relying on this piecemeal approach alone will not suffice and has resulted in fragmented operating environments that still rely on human processes or Microsoft Excel to see across the organisation.

The problem with the “point solution” approach is demonstrated in a report published in April 2021. It found that 63 percent of wealth platforms show significant digital capability gaps compared to investor expectations. And just 37 percent of investors give their platforms top scores for the digital experience.  This highlights a significant gap between investor expectations and the tools wealth managers actually need in order to carry out their job.

Those who have gotten digital right recognise it as a core component of their client engagement and servicing strategy. Digital must be an extension of the brand and the ongoing dialogue between client and advisor. This requires wealth managers eschew point solutions in exchange for a holistic and consistent dialogue with clients.

This move in how we view digital will help meet the rapidly shifting attitudes amongst clients. Clients now require instant access to information and the ability to take action; accessible at anytime, anywhere and on any device of their choosing. Firms who make the effort to improve their digital offering will continue to earn their place to compete in the market — whilst those who do not will be rendered obsolete.

 

The current environment

The pandemic saw digital transition from a “nice to have” to business critical. As we look to exit from the pandemic, digital’s role in wealth management will not lessen but will continue to increase as client behaviours establish the “new normal.”

Wealth managers pride themselves on delivering great client experiences, either in plush offices or wherever their clients demand. Client expectations – already shifting towards digital-first – have now been irrevocably changed as they become used to on-demand services.

The basics of client engagement need to be re-considered. What can clients access online? What do they view? What do we need them to see? These questions must be answered – but managers must answer these with an empathetic lens applied to ensure the client feels like their experience is individual to them.

Increasingly, this is leading to a rise in the notion of delivering holistic advice via digital.

 

Defining digital holistic wellness

Holistic wellness is about moving beyond traditional wealth management and brokerage services towards catering to a client’s entire financial life and beyond. It means managers can go beyond the traditional remit and get even closer to clients – becoming the center of their financial lives and extending to cover all assets.

But with a greater remit, managers face more complexity. This is where digital delivers value.

Digital tools allow managers to create holistic wellness by capturing information about their clients that goes far beyond simply finances. This includes health, family, physical assets, and life goals. It develops a complete view of the client by deploying digital tools that allow the clients to share information in their own time over the course of their relationship with an adviser.

This begins right at the start of the relationship with dedicated pre-client portals that facilitate engaged prospects to seamlessly become clients and provide advisors and clients with digital tools to give a holistic view of the future. This – combined with behavioural science, machine learning and amplified intelligence tools – allows advisers to foster deep relationships quickly and intuitively with clients, rather than taking months to build up acquired knowledge via traditional means.

Ultimately, this empowers the client with community, knowledge, and a sense of relief. This is critical at a time of unstable financial markets and where advisers cannot have physical interactions with clients.

 

2021 and beyond

As we look to exit from the pandemic, wealth management will continue to digitise.

The “old think” technology adoption approach that creates fragmented experiences will give way to “new think,” digital client and adviser interactions that are part of one continuous relationship.

New think requires managers to challenge orthodoxy and resist the dual threats of increasing commoditisation and fee compression facing the sector. To achieve new think, every manager must buy in to the thinking that every digital journey starts with the client and each client is unique, the digital journey must support the uniqueness while enabling standard practices and procedures to allow for scale.

This is why providing holistic wellness is so important to the future of many advice firms – it further resists issues facing wealth managers. Provided both digitally and via high-touch human contact, holistic wellness creates a “sticky” experience for clients, making them more likely to stay with you and even expand share of assets if you can provide a more complete service offering.

While the sector might be looking forward to a return to normal in the coming months, now is the time to review technology adoption to date and think about how digital can enable the business and unlock new revenue streams. The opportunities are there – so long as comprehensive digital solutions are embraced, and everything is designed with the client in mind.

Cryptocurrencies
ArticlesCommoditiesMarkets

Changing the Game: Looking at the Benefits of Alternative Cryptocurrencies

Cryptocurrencies

By Sergei Grigoriev, Executive Director, Eurotrader

With the popularity of cryptocurrency reaching a fever pitch, its development has also attracted new contenders within the trading sphere.

Virtual payments have made numerous impressions on global headlines. News networks were set ablaze following triggers such as Elon Musk’s influence on the market and reports of an investor losing millions in Bitcoin, to name a few. It therefore comes as no surprise that attention is focused heavily on the commodity.

However, despite Bitcoin being the most popular name in the crypto sphere – and having the highest valuation – there is a range of lucrative currencies existing in a growing market, each with its own benefits and downsides.

This article explores some of the benefits of emerging cryptocurrencies and the key considerations for finding the right investment.

 

The attraction of cryptocurrency

Much like its blockchain host, cryptocurrency boasts cybersecurity credentials that make it an attractive investment.

This ‘trustless’ style of investment reduces risk, as no bank, building society or financial adviser holds the stock for you. And despite stories of people throwing away their crypto fortunes, there isn’t any physical currency to be concerned about – significantly reducing the risk of theft or fraud that comes with traditional currencies.

Cryptocurrencies also offer another significant pull for investors: they require no middleman. While trading platforms charge fees to trade, withdraw and settle money, these are minimal compared with the hefty fees charged by other investments, like currency conversion costs.

The speed of cryptocurrency trading is also a selling point. Transactions are seamless, instant and secure, with blockchains also lessening the need for a paper trail and helping to guard you against fraud.

 

Delving deeper into the market

Bitcoin leads the cryptocurrency market in almost every department. Its popularity and value are currently unrivalled, with a market cap hovering around the $1 trillion mark.

With that said, Ethereum’s sudden surge to prominence shouldn’t be taken lightly, showing that even newcomers can quickly make waves in the market. With a market cap of $500 billion, Ethereum isn’t showing signs of slowing down.

Since Bitcoin’s launch in 2009, the creation of competing digital currencies has been steadily increasing, with a sudden boom in recent years. In terms of their functionality and operation, most alternative currencies differ wildly from Bitcoin. However, some have similar qualities to the current main player.

For example, Ethereum uses the same blockchain ledger as Bitcoin, with similar benefits. However, the system itself is geared to prioritise speed of transfer, with a different operating system that sets it apart from Bitcoin.

On the other hand, Litecoin is far more similar to Bitcoin. As its name implies, it’s a ‘lighter’ version of the reigning crypto king, however, it also offers more impressive transfer speeds.

Some cryptocurrencies run on independent, alternative systems. For example, Ripple is a centralised crypto platform, notably used for global monetary exchange, intending to make these transactions cheaper and faster than traditional international bank transfers. 

Cryptocurrencies typically aim to remove themselves from the moderation of centralised governments and geopolitical market fluctuations – however, Ripple is an exception, as its most common use is by banks and other intermediaries.

 

The cons of engaging with smaller currencies

Bitcoin is the most established market player by almost every available metric. This can make it difficult for even innovative new cryptocurrencies, offering unique benefits, to break into the market.

This is helped by the fact that it was the first successful and widespread digital currency. Because of its unprecedented growth – and an established blockchain ledger, accessible to all – Bitcoin boasts the largest user base and offers the highest potential prices and rewards on investment.

It’s because of this dominance in the market that alternative currencies struggle to match Bitcoin in size or surpass it in growth.

 

Importance of diversification

With Bitcoin pricing many budding traders out of the market, there are plenty of attractive alternative investments available. It’s simply about identifying the right investment. However, this is more challenging than ever, for both experienced investors and first-time traders alike.

It’s important to understand the unique benefits offered by each currency. For example, those opting for advanced scalability and an intensively secure network will likely turn their attention to Ethereum.

Ethereum’s decentralised ledger is valued for its impressive security, relying on two separate verification processes, Smart Contracts and ‘dApps’.

Smart Contracts are functions that support safe and secure transactions on the Ethereum blockchain. Their specific code and data functions mean payments can only be processed when certain criteria are met. 

It’s often said that Smart Contracts behave like vending machines. A combination of money and an inputted code allows users to access the digital currency, without the need for third-party intervention or transaction management.

Similarly, decentralised applications, or ‘dApps’, are also at the heart of Ethereum’s operation. These are ordinary applications that operate on a decentralised server, like the blockchain, and are defined by smart contracts. Importantly, they allow users to engage with the front-end interface in a way that is intuitive, secure and user-friendly.

Other Bitcoin alternatives offer further unique benefits. Litecoin, for example, is incredibly scalable and efficient. It boasts impressive speeds, with transactions up to four times faster than Bitcoin.

Litecoin is also growing in popularity, as well as being cheaper than Bitcoin – appealing to particular sectors of the trading market that are geared for small, plentiful and rapid trades.

 

Knowing what is right for you

To find the right investment, it’s advised to produce a checklist of what you want to achieve from your investment, as well as defining how much risk you’re willing to incur.

It’s impossible to simply declare a single cryptocurrency as ‘the best investment’. Defining your ambitions and goals as a trader first helps narrow your potential investments into a viable portfolio of assets. 

Over the last decade, the range of accessible cryptocurrencies has boomed, giving traders more autonomy in their choices. 

That being said, an alternative to directly investing in a single cryptocurrency is to trade CFDs. Instead of owning an asset, you speculate on market movements. If you correctly predict a market rise or fall, you may be able to earn money.

The growing number of crypto contenders, combined with the growing interest in cryptocurrencies, makes crypto CFD trading a suitable alternative to those who are following the market and are interested by different crypto currencies.

This heightened interest has led to more CFD trading platforms and retail brokers offering cryptocurrency trading pairs. Traders can trade crypto-fiat pairings, such as Bitcoin Cash USD (BCHUSD) without the need for a crypto wallet or ownership of cryptos themselves. 

However, no matter your experience level or route you decide to take, research is key. In addition to analysing the fundamental nature of each currency, it’s important to understand how to build and manage a portfolio. Cryptos with different growth triggers can help diversify your portfolio and hedge against crashes, giving you peace of mind over your finances.

If you’re unsure, working with a professional can help you better understand the market, putting your mind at ease over the risks and rewards of your investments.

Savings
ArticlesFinanceFunds

The Nation’s Most-Searched Savings Strategies… and How to Access Them

Savings

By Annie Charalambous, Head of Communications at ETX Capital


Britain is pinching its pennies. According to the FT, UK household savings have increased nearly 2 percent in the last quarter as 20 million Brits commit to saving more of their income after the pandemic settles. That being said, many Brits aren’t sure where to start when it comes to managing finances.

We’re taking a look at how the nation is researching its savings options, revealing the UK’s most-searched strategies and we’ll even explain how to take the first steps towards them.

 

1. Premium bonds (368,000 monthly searches)

Premium bonds are a unique, interest-free way to save. You buy the bonds (in this case, a minimum amount of £25, and a maximum of £50,000) from NS&I, and each month you enter a prize draw in which your odds are 34,500 to 1, and you can win between £25 and £1 million. You won’t earn interest on your bonds, but instead, it’s the interest that funds the prizes.

Anyone can buy premium bonds, and this can be done on the NS&I website. Your money is secure in premium bonds and you can cash out all – or part of – your bonds at any time.

 

2. Lifetime ISA (74,000 monthly searches)

Lifetime ISAs are specialised savings accounts designed for those aged 18 to 40 to save for retirement or a first home. They allow you to save up to £4,000 each tax year, and the government adds 25 percent to whatever you contribute.

Anyone within these age limits can open a Lifetime ISA with a bank or building society. They can be paid into until you turn 50, however, money can only be withdrawn once you turn 60, or to buy a first property once the account has been active for 12 months. If you withdraw money before these key dates, you’ll lose your government contribution.

 

3. Savings accounts (74,000 monthly searches)

A savings account is a traditional bank or building society account, which lets you deposit money and earn interest each month. Savings accounts often have a low, if any, minimum starting amount, anyone over the age of 18 can open one, and your money can typically be withdrawn at any time. For these reasons, savings accounts are a common, low-risk approach to saving money.

 

4. State pension (74,000 monthly searches)

The UK state pension is a weekly financial sum for retirees. Anyone with 10 years of National Insurance contributions or more is eligible for some level of the state pension – with 35 years qualifying you for the full amount.

State pensions can currently be claimed once you turn 66, however, this is set to increase to 67 in 2028. The basic state pension is £137.60 per week but you may be able to claim more, depending on your earnings over your career.

 

5. Bonds (49,500 monthly searches)

A bond represents a loan, typically given by an investor to any government or company, which agrees to buy it back at an agreed date, with interest.

Anyone can buy bonds. Savings bonds can be accessed from banks and building societies, while Government bonds can be bought through their dedicated Debt Management Office website.

 

6. Fixed-rate savings account* (14,800 monthly searches)

Fixed-rate savings accounts offer a guaranteed rate of returned interest, on the agreement that deposited funds aren’t withdrawn for a set time. They typically offer higher rates of interest than traditional savings accounts and are also resistant to market fluctuation.

Anyone can open a fixed-rate savings account with a bank or building society, however some institutions may require a minimum deposit amount or set term length, so this may not be the ideal route for everyone.

 

7. Private pension (14,800 monthly searches

Unlike the state pension, which workers automatically contribute to through their National Insurance, private pensions require active entry and payments. Private pensions can include both workplace pensions, arranged by employers (who typically also contribute) or personal pensions.

Anyone of working age can set up a pension. Some, like ‘final salary’ and ‘career average’ pensions will pay out a pre-agreed sum upon retirement, while other pension types may invest your money, meaning you’re able to earn higher interest (at higher risk).

 

8. Child savings account (14,800 monthly searches)

Child savings accounts are similar to regular ISAs but are designed for parents to save for their children (18 and under). These give children the opportunity to learn how to manage and save money, and they can even withdraw money before they’re old enough to open a regular savings account.

Some alternatives to children’s savings accounts include Junior ISAs and Children’s Bonds. These may offer greater returns and tax breaks but often put limits on when and how funds can be accessed.

 

9. Student bank account (12,100 monthly searches)

Some banks and building societies offer specialised savings accounts for those in higher education. These typically act in the same way as a regular ISA but offer sign-up incentives for students, like discount public travel cards and 0 percent overdrafts.

As the name suggests, only active students can open student bank accounts and providers will require savers to prove their identity with a valid student card.

Selling house
ArticlesWealth Management

9 Mistakes You Need to Avoid When Selling Your House

Selling house

You might not be aware of this, but selling your house is not going to be easy. In fact, it is very likely to end up being incredibly time-consuming, costly, and stressful. After all, there aren’t many billboards next to the roads that state “We want to buy your house in California!” or “We will pay any price you want for your home”.

Fortunately, selling your property can become a bit easier if you educate yourself on the topic. If you want to do just that, then you should definitely keep reading! In this article, you will learn everything you need to know about the mistakes you should avoid when selling your house. They include but are not limited to getting emotional, hiding major problems, selling during winter months, setting an incredibly unrealistic price, and not accommodating your buyers. Let’s get started.

 

Getting Too Emotional

As a person who is selling their home, try to keep your emotions out of the process. While it is understandable to get attached to the place where you have lived for a long time, you should not let that get in the way of making a rational decision. Remember that selling your house is a business transaction, and business transactions are all about cold hard facts and figures.

 

Ignoring Home Repairs

Before putting your house on the market, it is crucial that you make some home repairs. At a bare minimum, you might want to replace the front door and windows, paint the interior, and do some landscaping. If you aren’t sure whether garage doors in your home work perfectly fine, you might be interested in a garage door tune up to avoid any problems with potential buyers.

More than anything else, you need to make sure that your house looks lovely! It is also a good idea to clean up the clutter and get rid of any personal stuff, as it will only take up space and not benefit you in any way.

 

Contacting an Agent Right Away

Many people believe that they should contact real estate agents as soon as they decide to put their house up for sale. However, this is not always necessary.

In fact, many agents will tell you that it is often better to begin marketing your house yourself through online advertisement websites, social media, and word-of-mouth. The reason why this can be beneficial is due to the fact that an agent may sell your home for less in order to get the commission.

 

Hiding Major Problems from Buyers

It is a good idea to be upfront with potential buyers about any defects or problems that your house may have. After all, everyone can be furious when they realize they bought a home that has a significant flaw.

For instance, if one of the rooms has mold or smells funny, it would be better to inform your potential buyers about it. This way, they can take it into account when making an offer. If you do not tell them, they might try to negotiate, only to walk away when they find out about the issue. As a result, you will only waste your time and harm your reputation as a seller.

 

Forgetting About Home Staging

Home staging is an excellent way for sellers to get more money for their homes. Studies have shown that staged homes sell faster and for more money than those that are not staged.

In order to successfully stage your house, you are going to need to accessorize the interior and get rid of most of the clutter. You might also want to consider changing the color schemes throughout each room. Doing these simple things can significantly impact your chances of getting a good deal when you present your home to potential buyers later on.

 

Selling During Winter Months

There is no doubt that some people will buy a house at any time of year. Nevertheless, there are certain times of the year when buyers are less likely to buy. For instance, few people go house hunting during the winter months. Therefore, if you want to increase the odds of selling your house quickly and for the best possible price, it would be wise to avoid selling from December through March.

 

Setting an Unrealistic List Price

If you want to sell your house quickly and for top dollar, you need to set a reasonable list price. Many people believe that setting an incredibly high list price will result in a quick sale. It may be true in some cases. However, there is also a risk involved with this type of strategy.

For starters, you might set your list price too high and end up losing a ton of money on buyers who are unable to afford such a property. Another possibility is that a lower price might invite one of your potential buyers to pay more than your asking price to secure a deal. As a result, you may end up taking what the property is actually worth without scaring away customers.

 

Failing to Accommodate Buyers’ Needs

To sell your house as fast as possible, you should think about accommodating your buyers’ needs. For example, if they need flexibility in terms of closing day or moving day, it would be wise for you to accommodate them, as if you fail to do it, they might even walk away from a deal. The same logic applies if they want certain upgrades or appliances replaced prior to buying your home or if they have pets or children with special needs.

 

Selling for Less

Many homeowners decide to sell their homes for less than they are actually worth. While some people do this by lowering their list price, others set unrealistic expectations regarding the final sale price. The truth is that you will end up losing money if you are going to follow in their footsteps.

Do not succumb to the time pressure. Instead, try to sell your property at a reasonable price. One method you can try is doing some research on comparable properties so that you can get a clear idea of what your property is worth.

 

The Bottom Line

There is no denying that selling your house is going to be a stressful experience. However, if you want to make it easier on yourself, try to avoid the mistakes listed above. If you do so, then it is very likely that you will sell your home faster than you expect!

Remember to do all the necessary repairs and try your hand at promoting your property and home staging. By doing these things, you will boost your chances of finding interested buyers and increasing your home’s value at the same time. Additionally, you might want to be straightforward about the major issues with your home and avoid getting too emotional. This way, you will look more professional as a seller and gain a good reputation among home buyers.

Covid e-commerce
ArticlesFinance

E-commerce In Post-COVID Economy: What Has Changed?

Covid e-commerce


Fintech innovations during the pandemic have been a crucial driving force for businesses worldwide. A number of solutions launched or quickly adapted to aid the growing global payments demand, contributing to growth of the e-commerce sector by 26% globally.

Fintech startups played a significant role in the global financial industry during the pandemic. Payments companies especially, have brought rapid solutions to aid the transition in commerce, which shifted from physical to digital in a matter of months. Many brick-and-mortar businesses began to offer online services, which led to a significant 26% jump in global e-commerce activity last year. That said, the question whether the need for e-commerce-boosting Fintech solutions will remain after the pandemic still lingers.

Payments industry experts expect the increase of Fintech solutions to continue driving the growth of e-commerce for the foreseeable future, citing the change in user behaviour. To further this, Frank Breuss, CEO and co-founder of Nikulipe—a Fintech company creating and connecting Local Payment Methods (LPMs) in the Fast-Growing and Emerging markets—has noted that some challenges, which have undermined e-commerce before, remain unsolved and so the need for Fintech solutions will remain for the foreseeable future.

Breuss explained that the pandemic highlighted one of the main challenges that e-commerce faced for years prior to 2020—the willpower to move towards digital payments. The pandemic restrictions, in turn, have forced many companies to accelerate the implementation of digital payments and virtual customer support in their businesses.

“Prior to COVID-19, many retail companies around the world had been mulling over digital service offerings. However, a relatively small segment of early adopters treated it as an urgent need. The pandemic effectively drove many companies that previously relied on brick-and-mortar stores to explore digital channels to ensure business continuity and survival.”

E-commerce platforms like Shopify, WooCommerce and others allowed even small businesses to make a quick digital switch without going through huge infrastructural investments. They offer easy creation of an e-shop, as well as access to payment gateways and plugins, which enabled business owners to manage essential customer relationship management (CRM) tasks like making appointments, creating a contact list and managing orders in real time.

During this time, Fintechs working in the Payments industry have also introduced various services and solutions to ease the financial burden on consumers during the difficult economic situation. As an example the ‘Buy Now Pay Later’ (BNPL) option, which allows shoppers to pay in installments, was made available to many more customers in recent years. Mobile payments have also shown a dramatic growth, becoming a lifeline for the Emerging markets as mobile phones are more widely accessible than bank accounts. Experts regard this as a giant step towards achieving financial inclusion globally.

According to Breuss, low financial inclusion has been and continues to be a significant impediment to the growth of e-commerce, especially in Emerging markets. As a result, over 2 billion people worldwide are unable to participate directly in global online trading. In Africa, where about 60% of the population remain unbanked, Fintech companies have come to the rescue. Many African countries recorded huge Fintech investments last year, peaking at $1.35 billion by Q4 2020. This is expected to see Africa’s contribution to global trade rise significantly over the next few years.

“At Nikulipe, we are working on meeting consumers’ needs to be able to pay with the Local Payment Method of their choice—not just at their local but also at global merchants. This became even more relevant since the COVID-19 crisis,” explained Breuss. “During the last one and a half years, Fintechs working in the Payments industry came up with a number of solutions to ease e-commerce tool adoption and they still have a significant role to play in the growth of e-commerce and global trends over the next decade,” he added.

As the world begins to make a gradual return to normalcy, e-commerce will have to continue solving the challenges it faces. While the move to digital payments has seen significant progress, a majority of LPMs still exclude global merchants, limiting consumer choice. Financial inclusion has moved forward as well with BNPL and mobile payments gaining popularity, but suitable LPM solutions and internet accessibility remains restrictive to the wider inclusion. Region-specific regulations remain another hurdle to figure out, and these ongoing challenges could be solved only with continued Fintech involvement.

TikTok
ArticlesFinance

Expert Warns Against the Dangers of TikTok Investing Craze

TikTok


By Ben Hobson, Markets Editor, Stockopedia

When users of the online discussion site Reddit banded together recently to bid up the price of shares in GameStop Corp., it showed just how influential – and risky – some online investing communities can be.

But Reddit isn’t the only online resource that’s proving popular with investors. Social media platforms are attracting large audiences looking for ideas – including TikTok.

Videos with the hashtag #Investing have so far racked up over 2.2 billion views on TikTok, opening up a world of investing to millions of younger people. But it comes with big risks – there is a very real danger of losing money if (and when) things go wrong.

 

Ben Hobson, Markets Editor at Stockopedia talks about some of the dangers of the TikTok investing craze and how to avoid the risks…

More and more young people are turning to social media platforms like TikTokto find investments with the promise of life-changing profits. 

Economic turmoil and low trust in financial institutions has left a generation of investors thinking differently about where they invest and who they listen to. In fact, according to brokerage Charles Schwab, 80 percent of millennial and Gen Z investors believe recent economic difficulties are making it harder to get good investment returns.

With social media platforms like TikTok enjoying huge global reach, it’s no surprise that they’re now influencing the investment decisions of millions around the world. 

Earlier this year, the now infamous trading frenzy in US games retailer GameStop Corp, showed how “viral” trends can have a huge impact on individual securities. That was intensified by TikTok videos encouraging viewers to take considerable financial risks in return for what they portrayed as a guaranteed win. For many, the episode simply resulted in losses.

Events at GameStop and other stocks like it have raised fears that apps like TikTok are a new frontier for the kind of stock market manipulation regulators have been battling for decades.

Recently, the Financial Conduct Authority has specifically warned that videos on apps like TikTok are a major risk to young and inexperienced investors.

Part of the problem is that the sense of community on social media platforms can lead to herd mentality. This psychological togetherness is what makes the apps popular. But it’s a huge risk in investing and it’s often blamed for whipping up manias and bubbles.

Sadly, it’s the unprepared amateur investors that are most likely to be left with stomach-churning losses when the frenzy dies down.

 

Beware of scams

Beyond videos that overpromise, there are also outright scams. And TikTokhas been a lucrative target for criminal groups.

These scams range from the notorious ‘Money Mule’ money laundering scam to much more common ‘day trading’ cons and even celebrity-endorsed money-making schemes.

Videos from these accounts often promise high returns for following their advice and signing up for exclusive subscription services to get ‘insider knowledge’ on the markets. 

Users can find themselves enticed to visit websites that often have very little information about the company’s management, location or details about what they do. These are serious red flags and should be avoided at all costs.

 

Be careful who you trust

Social media has created a revolution in the way consumers connect and interact. But the risks for investors tempted by the promise of quick wins are very high.

Excessive promotion, clickbait, herd mentality and even criminal scams are not always easy to detect. So be wary of these risks. 

Always double-check any advice you find on social media using a trusted, independent source. With additional research, you can make an informed risk versus reward calculation to see if something is worth investing in while guarding against false claims or scams.

 

Here are some top tips to remember:
  1. Be wary of users that promote high-return investments. Remember that risk and reward go hand-in-hand, so if what is on offer seems too good to be true, it probably is.

  2. Investigate investment ideas by doing your own research. There is no easy button in investing but doing your homework can pay off. There’s no such thing as a perfect investment, but financial data will tell you what you are dealing with.

  3. Remember the age-old warning about consulting a financial adviser. At the very least, discuss your ideas with someone you trust before parting with cash.

  4. Never open an e-currency account to transfer money to an investment scheme. This is an unregulated space that fraudsters use to avoid detection.

  5. If you’re keen on becoming a successful investor, consider signing up to a reputable investment platform for expert guidance, ratings and portfolio management support.

  6. If you’re in any doubt at all, swipe-up and walk away.

SME Investment
ArticlesFinance

Almost a Third of SMEs Invest to Make Businesses Safe for the Summer

SME Investment
  • Nearly eight out of ten small businesses are confident of a summer boost in trade
  • But over a third are worried about the impact of continued social distancing

 

 
SMEs are increasing their investment in protective measures for both customers and staff as they remain cautiously optimistic that the summer will bring a boost to trade, according to research by Recognise, the UK’s newest SME bank.
Almost a third (30%) of smaller firms told Recognise they would be spending on PPE or protective measures for staff, while one in five (22%) of SMEs said they would be investing in protective measures for customers.
Overall, nearly eight out of ten (78%) SMEs said they were confident of a boost in business in the summer if Covid restrictions were removed completely, an 11-percentage point increase on the 67% of smaller businesses who said they were confident of a seasonal uplift when questioned by Recognise in March this year.
Confidence is highest in the retail sector, one of the areas most impacted by lockdown measures, with 86% of smaller retailers telling Recognise they are confident of increased trade in the summer, compared with 60% in March.
But Covid is still causing concern for smaller businesses. Recognise found that over a third (37%) of SMEs said they were concerned that restrictions, such as social distancing, could hamper trade or reduce customer numbers. The figure increased in the hospitality sector where more than half (52%) of SMEs said they were worried  that continued restrictions would dampen business.
Less than a third (30%) of SMEs said they were worried that customers would be too afraid to shop or do business with them because of the fear of catching Covid-19, compared with 20% in March.
As a result, many SMEs are increasing their spending to ensure they can make the most of summer trading, whatever the circumstances. Recognise found:
  • 41% of SMEs in the hospitality sector had already, or said they were planning to invest in outside seating
  • 35% of all SMEs said they would be investing in new equipment including IT, up from 22% in March
  • 30% of smaller firms said they would be spending on PPE or protective measures for staff, up from 25% in March
  • 22% of SMEs said they would spend on PPE or protective measures for customers, up from 20% in March
 
However, previous concerns around the long-term impact of Covid lockdowns on business seem to have diminished. The number of smaller firms worried about replacing customers lost during lockdown has fallen to 20% (down from 26% in March), while worries that customers will have taken their business elsewhere have dropped to 14% of all SMEs (compared to 18% in March).
According to Jason Oakley, CEO of Recognise, the latest findings reveal the resilience of the UK’s SME sector. He explained: “SMEs remain cautiously optimistic that business will continue to improve as we get closer to the summer. If that means continuing to operate within certain restrictions, you can be certain they will adapt their businesses to welcome as many customers as possible.
“This can-do attitude is shown by the growing number of SMEs planning to invest in their businesses in readiness for the summer. While expenditure on protective equipment is to be expected, higher spending on marketing and promotional activity suggests that smaller businesses are coming out of lockdown with ambition and plans to win customers.”
Recognise’s research found that using cash surplus remains the most popular option for funding the investment in business, as indicated by 20% of all SMEs (up from 14% in March). 17% of smaller firms said they planned to use government loan schemes to fund spending (up from 14% in March), while 15% intended to borrow from their bank (up from 13% in March). A further 6% of SMEs surveyed said they would borrow from a lender other than their bank, the same as in March.
Recognise provides lending to the UK’s SME sector via a network of regional Relationship Managers in London, Midlands, Manchester and Leeds, backed up by the latest cloud-based technology to provide quick lending decisions and fast access to funds.
The bank aims to provide more than £1.5 billion of business lending over the next five years. Business and personal savings accounts will be launched later this summer.
Issues

Q2 2021

Welcome to the 2021 Q2 edition of Wealth & Finance International Magazine. As always, we endeavour to provide fund managers, institutional and private investors with the very latest industry news in the traditional and alternative investment spheres.

After a year that has been shaped by a global pandemic, the predominantly successful roll out of vaccine programmes across the world has meant that the much-anticipated arrival of ‘life after lockdown’ seems finally to be on the horizon. Consequently, businesses of all size across all industries have been gearing up for the reopening of global markets that will mark the beginning of a new economic era.

This preparation for the reopening of the world is a consistent theme of the companies featured in this edition of Wealth & Finance International. From high street retailers regaining traction after months of online stores dominating the commercial landscapes, to the at times challenging but client-centric decisions made by our cover feature company, Fairbanks Insurance Brokers, the Q2 edition of Wealth and Finance is rife with stories of resilience and innovation demonstrated by companies throughout the global financial service and wealth management sector over the last year.

We wish you all the best for the months ahead and hope that you stay safe and well until we meet again in the next edition of Wealth and Finance International Magazine.

Cash Flow
ArticlesBankingCash Management

How To Improve Your Business’ Cash Flow Through Invoice Factoring

Cash Flow


Managing business cash flow can be difficult. It involves more than looking at profits and losses. It’s also about looking at revenue streams as a whole and the factors affecting them. Sometimes, an enterprise will have to wait for a few weeks for payments, and this can negatively impact your operational expenses on a daily basis.

Luckily, invoice factoring may be an option for organizations that want to quickly ensure steady cash flow. Under this scheme, you can raise funds to cover regular expenses such as fuel, rentals, taxes, and employees’ salaries.

If you think your business can benefit from giving invoice factoring a try, read on for more information about this particular financial method. In this article, you’ll discover how invoice factoring can improve your cash flow while you’re waiting to be paid by your customers.

 

What Is Invoice Factoring?

This involves a business ‘selling’ its unpaid invoices to factoring businesses. In return, the latter pays a portion of the invoice values and returns the rest after the customer has paid. Some businesses may be discouraged from turning to invoice factoring since it can significantly reduce your profit margins. However, if you prefer to have a steady cash flow without resorting to loans—which may hurt your finances further with their exorbitant interest rates—this may be a good option to consider.

Besides, in selling your accounts receivables to a factoring company, you may still get up to 98% of your invoices’ total value. Most factoring companies take charge of the billing and collections, saving you time from chasing after customers and minimizing the risk of incurring bad debt.

 

Why Is Cash Flow Management Important For Your Business?

Without steady income, a business can’t operate smoothly. Relying solely on customers for cash inflow can cause several problems. Your employees won’t be able to work properly if they’re not paid. Government offices will run after your business for not paying taxes on time. Simply put, your business can’t grow.

Proper cash flow management is crucial in any business organization. What many don’t understand is that it isn’t limited to earnings and losses. Cash flow covers all aspects of your business income streams along with the factors influencing them: expenses, debts, payables, receivables, and inventory.

 

How Does Invoice Factoring Improve Your Business Cash Flow? 

Having a steady cash flow is crucial in business sustainability and growth. Enterprises should aim for more cash inflows and shouldn’t have to wait for customer payments to finance operations. Invoice factoring improves business cash flow in the following ways:

  • This method allows you to meet your financial obligations on time, preventing your business from incurring penalty fees and overdue charges.

  • Instead of getting loans that require collateral plus out-of-pocket application costs and come with high interest rates, your business can save cash with invoice factoring. The money you save from loan-related fees may not be substantial, but it can still help improve your cash flow.

  • Being free from chasing non-paying customers, your finance department can perform other important tasks and increase productivity.

  • Paid on time and working in great conditions, your marketing staff will be able to focus on your company’s promotional strategies and attract more customers, increasing your income potential.

  • Because your business will no longer suffer from delays and shortages due to limited cash flow, you can take in more customers and, consequently, see your profits rise.

  • With enough money on your hands, you can consider expanding your business. Consider buying new assets or pieces of equipment to make your business more efficient.

  • Having extra cash at your disposal allows you to prepare for contingency. Reliability increases your brand reputation, and more customers are inclined to transact with you as a result.

  • As your brand reputation increases, an increasing number of customers would be willing to purchase your offerings.

  • A steadier cash inflow allows your business to take on more projects, including expansions and partnerships, which in turn would allow your business to have a more stable financial standing.

Invoice factoring is an attractive prospect for businesses without a credit score or even those with poor credit scores. Banks and lending institutions look at a borrower’s credit score before deciding whether to approve or reject an application. Comparatively, factoring companies don’t look at your business’ credit scores but rather those of your customers, who now owe them money.

Additionally, some invoice factoring companies offer longer payment terms, which may work to your advantage. Check out this article if you want to learn more about invoice factoring and its benefits.

On the other hand, invoice factoring may have hidden costs, so taking this route is more costly than choosing government-backed financial programs. What’s more, your business may still be held liable if your customers default on their payments.

In choosing the best factoring company, a good rule of thumb is to carefully look into their terms and conditions. Make sure there are no hidden fees, and they should have a dispute resolution system. 

 

The Wrap-Up

Invoice factoring can be an attractive option for businesses that need immediate cash flow. If you’re struggling to collect payments, consider invoice factoring in order to finance your daily business operations. Just make sure that your customers are able to pay promptly in order to avoid headaches.

When used properly, this alternative business financing method can help enhance your business cash flow without pushing your business into a financial sinkhole.

FinTech Payments
ArticlesBanking

Emerging Markets Lead in Adoption of Latest Fintech Payment Solutions

FinTech Payments

While the changes in the Fintech Payments industry, brought on by the pandemic, were seen across all markets, Fast-growing and Emerging economies have experienced the biggest shift. Increased use of mobile payments have put them at the forefront of the new payment technologies adoption.
 
It is now clear that the coronavirus pandemic served as a significant catalyst for growth in the Fintech Payments industry. The changes in consumer behavior the pandemic imposed, alongside the massive expansion of e-commerce, brought new consumers into the market, increased the volume and variety of purchases, and promoted new payment methods. While the changes were felt across all markets, Fast-growing and Emerging economies have had to adapt the most, and seems to be leading the way in the adoption of new payment technologies.
The coronavirus pandemic has had a significant impact on how buyers shop online. In the developed countries, the volume of online purchases increased—amounting to $4.28 trillion —as has their scope. Consumers started shopping online for a wider range of goods, including bulky ones such as furniture and tools alongside groceries.
‘Instant delivery’ services pair with contactless payments
The share of goods traded across borders increased, both regionally and globally. More shopping is now conducted through “instant delivery” services, which deliver goods within minutes rather than days. Contactless payment options became more popular, as cash and card machines were identified as a pandemic risk. With such changes, new user groups have entered the market as well, especially the older generation, which long resisted the shift to Fintech.

 

Rise of online purchases in Emerging Markets

While generally trends differ from continent to continent, Emerging markets saw some of the same trends as the Mature markets. Online purchases were on the rise, as was the demand for international goods and services. There was also a significant increase in the number of people that purchased online. For example, 68% of South Africans were spending more time shopping online than prior to the pandemic—most common items bought through e-commerce platforms in 2020 were clothing and groceries.
“The pandemic has caused a behavior change that will be difficult to undo,” notes Frank Breuss, co-founder of Nikulipe, a fintech company connecting Fast-Growing and Emerging Markets with the global payments industry. “These changes are not localized or specific for a number of countries, as it usually is. Once people have made the shift to more convenient payment methods, they are unlikely to go back, and we are seeing this happen for more than a year now.”

 

Mobile payment—key to e-commerce success

The move to new payment methods gave rise to the trend of the increasing popularity in local payment methods (LPMs), such as the various mobile payment systems operated by national telecom companies. Breuss singles out two main reasons why mobile payments are becoming that much more popular: many buyers in Emerging markets, like in Mature economies, still wish to keep the physical contact to a minimum—and will continue to do so; buyers are also without access to credit cards, which makes mobile payments more widely accessible.
Such and similar technologies allow them to deposit money on their account and send it to anyone else on the network, including merchants. That is why LMPs are being called the key to e-commerce success in Emerging markets. 

 

Pandemic-influenced trends are here to stay

Breuss identifies the development of multinational LMPs as a key opportunity in the industry, as cross-border payments are growing rapidly.
“It is critical that Fintech firms seize the momentum and continue to push for new and better technology,” explains Breuss. ”Interestingly enough, Emerging markets seem to be leading the way with mobile payment systems that are much more ‘instant’ than what we have in Europe or the U.S. It’s something worth keeping an eye on, as businesses seem to be slowly moving back to normal.”
The coronavirus pandemic has brought significant changes to consumer behavior and what has been thought of as trends, set in motion by the pandemic, seem to be truly global, affecting the markets worldwide. As consumers in both Mature and Emerging markets get used to more convenient means of payment, the continuity of such behavior could stay much longer than anticipated.
Business value
ArticlesFinanceWealth Management

How To Increase the Value of Your Business

Business value


If there is a possibility that you may sell your business at some stage in its life, no matter whether that is in 3 years or 30, you need to consider increasing its value. By doing so, you increase your chances of securing a more profitable sale in the future.

Selling a business can be tough. If you have put years of effort into building yourself a profitable company, you’ll want to be secure in the knowledge that you will eventually complete a worthy sale.

Here we provide a range of tips that will each help you to not just maintain the value of your business, but steadily increase it over the years up until its sale.

 

Understanding your business’s current value

Knowing where you currently stand in terms of business success and value, is vital. If you have a clear starting point, you have a base in which you can prove your growth in the future to your buyers. It is always worth you finding out the current value of your business in order to identify areas in which you have grown over the following years.

A buyer will be interested in a clear depiction of growth with sufficient evidence being provided – this represents great business value. If you spend a decent amount of time looking into every element of your business and analysing where it provides you with value, you can use this knowledge to your advantage.

 

Taking the right steps towards improving business value

Along with the efforts that you are currently making to ensure that your business is successful, you can follow a few simple steps that will help to secure that value. By doing these as additional steps, you boost your chances of success in a future sale.

  1. Ask for advice

There are plenty of experts out there who can help to advise on improving your business, managing cash flow and keeping financial troubles at bay. Professional help could make the difference between you maintaining value and gaining value.

If you are facing financial trouble, it’s always best to get this under control before you consider selling your business, if you can. A valuable business is a profitable business.

 

  1. Invest and update

Actively investing in new equipment, machinery or whatever it may be that your business relies on in its day to day operations, is important. The more outdated your business operation becomes, the more that your overall value reduces over time.

Spending money on new equipment and technology may seem like a large investment at first, but you will soon see the benefits. Don’t let the initial spending put you off – this is often what causes financial issues within companies. Some businesses will fail to modernise and as a result, become slow in their processes and start seeing losses.

 

  1. Repeat what works

If you know what already works well for your business, you can continue to do this and strive to improve it even further. Spend time assessing where your priorities lie and what you can afford to leave on the backburner.

If a part of your business is running efficiently and doesn’t require much attention, let it continue to be successful whilst you focus on other areas. If you can implement those winning processes in other areas, do so.

 

  1. Keep an eye on cash flow

Buyers will obviously pay close attention to a business’s cash flow. If your future cash flow projections show it being set to increase, you will automatically attract keen buyers. Document this growth clearly and go back to step 1 should you find yourself having problems with cash flow.

Cash flow is clearly important in any business. Make sure that you are dedicating enough time into managing this area before it becomes a major issue.

 

  1. Don’t forget the importance of customer service

Whether you have a large or small customer base, it is key that you keep those customers happy. If you have a good relationship with repeat customers and spend

time getting to understand the needs of new ones, you will please future buyers.

By documenting what you learn about your customer base, you have a valuable document of information that a future buyer will really appreciate.

There are clearly a lot of ways in which you can help improve the value of your business. What is important to remember, is that you need to have future value in mind at all times. If there is a chance that you may complete the sale of your business at some point, you need to be sure that you are offering buyers a valuable and profitable business.

If you can optimise your current processes to help increase value, then do so. It is unlikely that you will lose out by focusing on these areas, so allocate the time you need to really make it work.

Money transfer globally
ArticlesBanking

Five Things You Need to Know Before Sending Money Abroad

Money transfer globally

Millions of Brits provide financial support to their families overseas, with an average of £7.7 billion being sent from people in the UK to support loved ones each year.  

With money transfer apps becoming the new norm, it is now easier than ever to send money to family and friends back home. People can make payments from the comfort of their homes or on-the-go without having to enter a physical store or bank.

However, as with any modern apps, there are a few things to bear in mind in terms of online security whilst sending or receiving money from abroad. The experts at global cross-border payments company WorldRemit have compiled some top tips for any first-time sender. 

 

1. Secure your email address

Most companies require an email address to set up an account, therefore it’s important that you ensure that your email is protected with a strong password to prevent anyone from gaining access to not only your emails, but any apps you use via this address.

Strong passwords include a combination of lower and uppercase letters, numbers, and symbols, it’s also important to ensure that you don’t use the same password for multiple applications.

 

2. Avoid public wi-fi

Although it seems convenient to connect to a public wi-fi to make a quick money transfer, the open access can be a security threat, allowing unauthorised users to intercept your sensitive personal information or gain access to your device.

It is recommended to avoid logging into online banking or money transfer apps, or managing your mobile wallet using a public network.

Instead, either waiting until a secure wi-fi network is available, or using mobile data, is the safest way to use money transfer apps while you’re out and about.

 

3. Research the app you’re downloading

Before you download a money transfer mobile app, try to find more information about the company online. If there is little to no online presence, stay away from it. On social media, always look for the verified “blue tick” next to the business name. Last year, WorldRemit launched a Transfer Tracker App which allows recipients of money transfers to track their funds. The app is free to download through the Google app store in a number of countries including India and Nigeria.

 

4. Keep your operating system up to date

Whenever your smartphone’s operating system, internet browser or applications notify you that there are updates available, be sure to install them as soon as possible.

Many of these updates are fixing bugs or weaknesses in order to help you stay safe online.

 

5. Use a pricing comparison tool to get the best deal

The cost of sending money abroad takes numerous factors into account, for example, the exchange rate as well as any sending fees. 

Be sure to use a pricing comparison tool to ensure you’re getting the best deal ahead of making the commitment and sending the funds. 

 

A spokesperson from WorldRemit added: “Sending money overseas for the first time may seem like a daunting task, but it’s actually easier now than ever before. 

“With WorldRemit, you can send in 70 currencies to more than 130 countries worldwide, in a safe and secure manner, and it can be done within minutes – it’s as easy as sending a text message.

“If it is your first time sending money to your loved ones overseas, we have customer service advisers available to help 24/7, to make your money transfer journey as seamless as possible.”