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How AI Is Changing the Financial Industry

How AI Is Changing the Financial Industry
Artificial Intelligence (AI) is transforming industries across the board, and financial companies and institutions are moving fast to keep pace. AI is changing the way we apply for loans, file insurance claims, invest our money, and interact with our banks. Here are some of the most prominent AI trends that are making inroads in the finance industry. Fraud Detection and Management As e-commerce is rising in popularity, so is online fraud. To prevent frauds, many e-commerce platforms and card issuers have been forced to decline transactions too aggressively. According to a study by Javelin Strategy, retailers lost almost $118 billion in 2015 due to false declines. Moreover, more than a third of cardholders abandoned their card because it was falsely declined. To detect fraud and prevent loss of revenue, many financial institutions have turned to AI. Machine learning algorithms can reduce false declines and improve the accuracy of real-time approvals because they can identify fraudulent activities that would go unnoticed by humans. Recently, Mastercard has launched its own AI-based fraud prevention system. Mastercard’s technology gleans patterns from the historical spending habits of shoppers. It uses this data to set a behavior baseline that allows it to score and compare new transactions. It is not limited to predetermined rules. Traditional fraud detection systems, on the other hand, use a one-size-fits-all approach when evaluating transactions. Since Mastercard processes countless interactions each year, they have plenty of quality data they can use to hone and train its AI fraud prevention system. Thanks to machine learning, AI fraud detection systems learn on their own and improve themselves over time. AI systems can also automate AML (Anti-Money Laundering) and KYC (Know Your Customer) compliance. Virtual Assistants and Chatbots Thanks to machine learning and natural language processing (NLP), chatbots and virtual assistants can deliver human-like interactions. There are more and more virtual assistants that are designed for various niches within the finance industry. Banks and other institutions use virtual assistants and chatbots to offer personalized conversational experiences to their clients. Unlike human agents, virtual assistants can juggle multiple accounts at once, and they are always available. They allow customers to get assistance outside of office hours. Banks, brokerage firms, and insurance companies can use chatbots to reduce the workload of their call centers. By offerings comprehensive self-help solutions, clients can successfully apply for loans, get personalized financial tips, or file claims much faster. For instance, the AI Insurance Claims Assistant can help and re-engage with customers throughout the complete claims process. It can gather the required information for processing and update the customers on the status of their claims. They also have digital workers that can automate the onboarding journey, help customers figure out their coverage needs, update their information, or make policy adjustments. Banking bots, on the other hand, can help customers optimize their financial plan by intelligently tracking their income, spending habits, and essential recurring expenses. They can also help customers open an account and remind them to pay their bills. Risk Assessments As mentioned, one of the strongest features of AI is its ability to learn from past data. Since records and bookkeeping are an essential part of financial services, AI and finance go hand in hand. Credit cards are a perfect example. To determine if someone is eligible for a credit card, card issuers use credit score. But, business-wise, it doesn’t always make sense to group customers into “haves” and “have-nots.” Instead, financial institutions can use each customer’s data, such as the number of credit cards they have, the number of loans currently active, and information on loan repayment habits, to customize the interest rate on the card they have issued...
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How to Improve Digital Customer Retention

How to Improve Digital Customer Retention
To turn a one-off customer into a lifelong customer in brick-and-mortar stores you need to pull out all the stops to make a person feel welcomed and at home. People are creatures of habit. If they find a store that they enjoyed being in, chances are they will return when they are in need of your particular service or product again. Online, it is entirely different. You don’t just have the sellers on your street to worry about, you have the biggest giants and countless newcomers to deal with. Building longstanding, digital relationships is very different, but done right can actually prove more fruitful than traditional customer retention methods. Appeal to Customers at Every Stage of the Buyer’s Journey Customers always go through the same journey. This journey may not occur in the same places, and the timeframe will vary dramatically from one customer to another, but the overall structure remains the same. First, they have a need. They may not recognize they have this need right away, but you or some other company will make them aware of it. They may see inspiration on social media that informs them naturally over time, or they may actively go out looking for more information. After they understand what they are looking for, they’ll want to find the best option. This could be the impulse buy that captures their heart, or the informed purchase done online after reading buying guides for the better part of the afternoon. Introduction, inspiration, information, comparison and purchase – sometimes customers go through more steps, sometimes they go through less. You need to have content ready for them at every single step. Follow these tips from Web Presence to make the most out of this content, so you can appeal to your customers best. Stay in Touch with High Quality Content Your newsletter and social channels are two very powerful tools you can use to stay in touch. Try to create content that will appeal both to new customers and loyal ones alike on these channels for the greatest success. New customers should be introduced to your products and service, and they should also have a glimpse at the ongoing value you can offer them online. Offer Loyalty Rewards A great way to keep customers in touch with you and encourage them to buy and buy again is to offer them rewards for their loyalty. Some examples of how you can reward their loyalty include: Buying Rewards For every $1 spent on your site, offer them points. $1 spent could give them 10 points, and 10 points can equate to 10¢ off, for example. It’s a very simple reward that encourages people to buy more and gives them a pat on the back every time they do it with you. You will need them to have their own loyalty card, even if it’s just a digital one, to facilitate this. Birthday Rewards If they set their birthday on your site, offer them a birthday discount! Alternatively you can offer them an anniversary discount if they have been signed up to your newsletter for over a year, and so on. These sort of rewards feel personal, and are a great way to make people feel good about themselves and your relationship while simultaneously encouraging more sales. Your Milestone Rewards Is it your company’s birthday? Offer a sale! Launching a new product? Offer loyal or existing customers exclusive chances to pre-order or have access to last season’s sale first. These small rewards make customers feel like they are valued, and entice new customers to sign up and become part of your...
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Personality Development Checklist

Personality Development Checklist
To me personality development is “objectifying your existence through constant self analysis, find the strong points that lead to growth and cater to weak points to better oneself.” You may be an introvert or extrovert, but that's what defines you. Personality may differ from individual to individual- but that’s the beauty of it. An introvert can be stable and grounded while an extrovert can be insecure and weak. This goes to say that you can’t entitle a person based on their personality type as each individual has few characteristics dominant in them and few characteristics subtle. The manifestation of characteristics is attributed to the environment in which the individual is exposed to and nurtured in and ofcourse some are inherited. The thing which many are not aware of is that “you can introspect yourself to find what kind of a person you are.” This will help you in the betterment of yourself and see you through both in your personal life and career. Read this wonderful article that lists down the 10 great characteristics of introverts which they may not even be aware of.10 Quality Traits All Introverts Have, Even If They Don’t Know It Personality Types Study finds 4 main personality types — which one are you? Read this article that clearly defines the five personality traits that people fall into and the unique characteristics that define the type. Discover your personality type. Take the Myers-Briggs test. Personality Development is not Leadership Most people relate personality development to leadership. It is not so. Don’t define yourself based on  what others think about you or the feedback you get from them. Self Discovery Self discovery is the most important part in this whole journey. Your flaws may not be flaws after all and your so-called strengths might be weighing you down. There are lot of personality tests available that are introspective in nature and have ratings based on your answers. Personality Tests Personality tests work well as a starting point for self-discovery by providing results you might not have concluded on your own. Here are a few things that will help you to make your day! Use the mornings to focus on yourself and plan activities that will make you productive as well  happy Start your day… wait, wait- no whatsapp, emails or jarring repeat videos pl.  Again,coming back to the point, start your day with simple breathing exercises followed by a ‘five minute meditation’ session. Just concentrate on your breathing pattern and you’ll be amazed to feel the tension melt off from your system making you more buoyant. Go for a good coffee, I have to admit, I like it real strong with half sugar, followed by a nutritious breakfast. Mind you, healthy food is the key for a healthy mind. There, your day has started off well. Follow the 80/20 rule Only 20 percent of what you do everyday produces 80 percent of your results. That’s right, I’m talking about quality time. This is where planning takes a front seat, so as to prioritise the tasks for that day. Eliminate the things that do not matter during the workday – they have a trivial effect on your productivity. Tackle your challenging tasks before lunch You heard it right! The energy you have in the morning time stands unparalleled and you have to channelize this brimming energy to achieve most important tasks for the day. You can go for your payment follow-up, clear pending payments, plan your forecast for the coming week, track the orders  that have lined up… literally anything related to finance. Meetings and correspondence can be dealt with later, in the afternoons. Stop Multi-Tasking Do...
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4 Things You Need to Know Before Starting a Business

4 Things You Need to Know Before Starting a Business
Starting a Business: You’ve probably read countless articles about it and believe you’re finally ready to take that big step. A word of caution though: once you step into the entrepreneurial waters, you’ll quickly realize that nothing has really prepared you for it. There’s so much more to it than just a good idea. It takes a lot of research and planning to prepare for starting a business. In this article, we help you save that precious time by bringing you 4 things you need to know before starting a business. Understand the Laws and Regulations One of the most important things when starting a business is to familiarize yourself with the laws and regulations that affect you. What kind of business permit or license will you have to obtain? What are the legal requirements for starting your business? How much will you need to pay in taxes? Compliance with the law is essential because you don’t want a technicality holding you back once you embark on this journey. There is a lot to consider from filing tax returns and paying your staff to protecting your business with insurance. If you can’t figure out all of these things on your own, seek help from a reputable accounting firm. A professional can guide you through these laws and regulations and help you figure out if you’re ready to start a business. Additionally, a skilled accountant will be a great ally later on in helping you manage your finances and not over-paying on taxes, etc. Is There a Demand for Your Product? Before you spend all your money on developing a product, have you researched the market? Is there a demand for such a product or service? What about the competitors? This might be hard to hear but there is a chance your product isn’t so great or needed so your first step should be to find out whether there is a market for it. Countless new ideas and products are introduced every week, month, year. But how many businesses actually succeed in surviving the first few years? About 80% of businesses survive the first year while only half of all businesses make it to the fifth year. You’ll need all the information you can gather so that you can make small adjustments to your product/service accordingly. Thorough market research will provide answers to the above-mentioned questions and give you an insight into whether it’s worth spending more time on your idea or not. Research your competition carefully. But don’t get discouraged if you discover that there are many other businesses with similar ideas. This doesn’t mean that you can’t be in the same business too. If the market is thriving, surely there is a place for one more great product. Planning Your Business Don’t Spend More Than You Need When starting a new business, most people give up a lot to finance the idea. Many get into debt, spend too much too soon and showcasing poor money management skills. This matter also requires good research. You need to know what to spend on and what can wait until your business grows and brings profit. It may be tempting to get your new office decorated, purchase some new equipment, and software, but don’t rush this. Instead, think about the necessities, what your business needs in the beginning. Make a distinction between what you must have and what would be nice to have. If you hurry up and spend all your startup money on fancy equipment and unnecessary things, you will find yourself in a pickle when a real need emerges and you can’t pay for it. Create a list of the...
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Improving Customer Experience on Your E-commerce Website

Improving Customer Experience on Your E-commerce Website
The success of your eCommerce website is usually pegged on whether customers can buy the products they need quickly and efficiently. If there are any hiccups in this process, customers are likely to leave and you will lose a sale. To ensure this does not happen, it pays to improve your customer experience. This has the add-on effect of increasing sales and profits. Below, we will look at a few things you can do to improve your e-commerce website. Use Clear, Legible Fonts Even though most e-commerce websites are not text-heavy, people still need to read descriptions, directions, and texts like on your privacy page. Improvements in this area come from selecting the right font. You want a font that is not too thin or bold, one that is not too fancy, and one that is easy on the eyes if you have a lot of text on your website. Also, ensure that the font is at least 16 pixels in size as this has been showing to be the best baseline font size. Make Your Website Responsive Mobile visitors have overtaken desktop visitors on most websites, and this might be true for your e-commerce website. If your website is not responsive, these users will have a hard time navigating the website. A simple test is to visit your website on your phone and see how easy it is to navigate. If it is not for you, it might also not be for your visitors. There are also lots of online tools that can help you know if your website is responsive and easy for mobile users to navigate. If it is not, use the reports generated by these tools to make the necessary changes. Make the Checkout Process Easy No one wants to jump through hoops when they are trying to buy something from your website. If you want customers to have a good experience when checking out, make the process as simple as possible. Collect just the amount of data you need to complete the sale and no more as people hate filling forms. You should also ask your web developer to make sure any errors that occur as the user fills the checkout forms are displayed immediately and not after a reload. Diversify Your Payment Options Everyone has a preferred way of paying. Some like paying using their credit cards, some their bank accounts, and others using platforms like Stripe and PayPal. To accommodate everyone, try to use as many payment options as possible. Users who might want to pay using a method you do not support will usually leave without making a purchase. If you do not want to add all these options, at least accept credit cards and PayPal. Reduce Banners and Popups Banners and popups are a big inconvenience for a lot of people. This is because they slow customers down when a business is running a flash sale or other promotion and make them feel like they are losing out on the deals they came for. Although these banners can help alert users to promotions and sales you are running, using too many of them can ruin customer experience. Try to use as few of them as possible. Business owners who want to increase sales on their e-commerce websites should start by improving the customer experience on their website. If you make things as simple as possible for customers, they are much more likely to purchase from you and even become repeat...
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