2020 Analysis: Which Financial Services Sector Saw the Greatest Upsurge in Demand Due to COVID-19

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StrategyDriven Editorial Perspective Article | 2020 Analysis: Which Financial Services Sector Saw the Greatest Upsurge in Demand Due to COVID-19COVID-19 took the world by storm, inflicting people across the globe with many health concerns. Its impact was also felt in various industries and businesses, including an upsurge in financial sector demand. A study by Awaken Intelligence investigated how the financial sectors in the US and UK have been coming during the crisis.

The research can be found at www.awaken.io/blog/boom-or-bust and was derived from collecting Trustpilot data. They used this data to determine the demand for various financial sector services in the initial months of 2020 when the pandemic hit and the same months in 2019.

Financial Service Sector Growth in the UK and USA

The two nations have experienced an increase in demand for financial services. However, there is a significant difference between them. While the Uk saw a 175% increase, the US only saw a 47%. Despite this, both rises were sudden and unprecedented, forcing financial service providers to update their business models quickly.

In-person meetings were out of the question, and these services typically rely on them. Switching to new procedures was imperative if they were to deliver high-quality assistance to customers regardless of the pandemic. Customers flooded support centres with calls and messages, and many found it difficult to adjust to the demand.

As a result of the nature of the COVID-19 enforced changes, even the most traditional businesses had to embrace modern technology and recognise its value. With the increased availability of self-service websites and application, pressure on customer service agents was lightened. Through the use of technology tools such as voice analytics, it has minimised the average call handling time while enabling satisfactory customer service provision.

Banking & Money

Banks and other loan businesses in the UK readily offered clients a break period and holiday payments on credit cards, loans and mortgages. Banks also reduced rates on new loans in an attempt to attract customers and generate revenue. With certain branches being closed, banks would provide great emphasis on their online and mobile platforms to be used during the pandemic. Banks wanted customers to remain safe in the knowledge that they could still access a variety of services on their online platforms and still receive additional help regarding any queries that they may have.

The UK people took advantage of these offers, and the sector saw a 204% rise. Though the US experienced a 148% rise in demand, this reflects a need to borrow additional benefits did not facilitate that.

Real Estate

In March, the UK placed the conveyancing process on hold. This prevented completion form taking place and home viewings were against COVID guidelines. Surprisingly, the nation still has an 87% rise in demand for real estate services.

Due to the initial pause in the sector, there was a backlog of eager buyers and sellers. When the government reopened markets in June, demands poured on. Another factor that facilitated the rise was eradicating stamp duty by the Uk government, which is to remain until spring 2021.

The US witnessed a nominal 3% growth. Different states had their regulations guiding competitions and home viewings. Still, the main factor was that new listings became rare because property owners were unwilling to sell in a period of economic upheaval.

Insurance

One of the things people cherish about the UK is the National Health Service. Unfortunately, its services were quickly stretched because of the influx of COVID-related health issues. Scheduled appointments and procedures had to be pushed back to since healthcare providers needed to prioritise coronavirus patients.

Numerous individuals were compelled to seek private healthcare to reduce the NHS’s pressure while ensuring they received the best care. This shift resulted in a 311% increase in insurance demand in the UK. In the US, a rise took place, but it was only 26%.

The hike in demand in the US was relatively low because many Americans already have health insurance and did not need to purchase any because of the pandemic. Those who do not have insurance likely lack access on account of affordability. The pandemic did not suddenly make insurance coverage affordable.

Health insurance was not the only form that witnessed growing demand; travel insurance grew in popularity. Usually, only a minority of travellers claim their insurance, but the numerous cancellation resulted in a flood of claims.

Credit & Debit Services in the UK saw a 52% rise, but they dropped by 16% in the USA. Investment and Wealth experienced a 30% rise in the US and 119% in the UK. The financial sector is currently bracing itself for another impact as a second wave hits the two states. The uncertainty of these times holds the danger of rising unemployment rates and financial struggles.

What’s the buzz about CLEVER DEFI? The internet’s latest buzzword.

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StrategyDriven Editorial Perspectives Article |CLEVER DEFI|What's the buzz about CLEVER DEFI? The internet's latest buzzword.It has recently proved false to believe that saving money in the bank is the only way of achieving financial independence. Banks pay low-interest rates that mostly depreciate money saved in the bank over time. Also, conventional and better investment prospects stocks and ETFs deliver less than 10 percent of investment interest annually. To solve this issue CLEVER DEFI has become a buzzword these days. CLEVER DEFI is a decentralized network that guarantees users interest of up to 11% each fortnight in preserving their native CLVA token. CLEVER plans to create a crypto-ecosystem to guarantee the reimbursement of all users with a scheme that provides equity and interest over a DEFIned timeframe.

What is Clever DEFI and its Principles?

CLEVER DEFI is a (Decentralized Finance) Protocol that distributes AUTOMATIC PAYMENTS over 888 fortnightly cycles, which takes exactly 34.15 years for all CLVA to be minted on a pre-programmed routine cycle schedule. Up to 11% PAID FORTNIGHTLY in compound interest for all CLVA Token holders. Think of CLEVER as a smart digital way of STORE YOUR WEALTH, which pays a considerably higher rate than an obsolete bank account with little to no interest.

It indicates that CLVA Token holders can build an extended environment for CLEVER DEFI over a long period. Furthermore, after its initial launch, the cycle span of 888 cycles is automatically inserted into the blockchain via smart contract and cannot be amended or changed. Set upon the ethereal network, the CLEVER PROTOCOL provides an exclusive smart contract that implements a decentralized distribution mechanism (DDM). The DDM also sets the minting number of the CLVA tokens and is responsible for distributing CLVA holders with interest payments. One of CLEVER DEFI’s key features is that users are not forced to lock their tokens for the payment of interest as other DEFI protocols demonstrate. Token holders can decide to sell or swap their tokens at any time without losing interest. For the tokens move, CLEVER does not enforce lock-ins and fines.

The DEFI industry is full of investors searching for the best yield-farming prospects. CLEVER provides holders some of the best ways to gain incredible returns on their portfolios. At the end of the first 12 months, investors who mint and keep CLVA tokens will have an interest rate of up to 307%. This is up to 445 percent in the second month and 600 percent about the other income-farming protocols by the end of the fifth year of holding. In terms of average annual returns over 10 years, CLEVER is over 60 percent above common Bitcoin cryptocurrency.

Compare this with other yield farming protocols in the DEFI industry and put CLEVER DEFI at the forefront of the list. The average annual interest rate for token holders is calculated at 80 percent per annum across a ten-year timeframe. This goes way beyond other financial assets, including top assets such as ETFs and Bitcoin, which accounted for less than 15% in a decade. This allows investors to gain higher returns from CLVA Tokens than other traditional financial assets.

CLEVER runs a zero supply scheme in which the CLEVER Team does not have tokens pre-mined or pre-owned. During the minting, stage are all tokens generated on the CLEVER smart contract. CLEVER is thus immune to price manipulation and guarantees true transparency in its environment. This process CLEVER uses a different way of rewarding the development team, unlike other DEFI systems, where founding teams dump their token after launch. Every cycle is sent to the CLEVER team for production and overall blockchain maintenance of 0.1 percent of CLVA tokens.

CLEVER DEFI has well-defined token omics that guarantee no unreasonable returns to retain its native CLVA token. That is important because the DEFI industry is filled with shoddy token omics that hinder the creation of these projects in the long term. A total of 1 trillion CLVA tokens will be generated in the 888 cycles by CLEVER Decentralized Dynamic Mechanism (DDM). The CLEVER Smart Contract incentives often reduce the per period and are intended to reduce inflation.

CLEVER DEFI provides robust and decentralized services through which users manage their funds fully. No compulsory contract requirements exist and before earning interests, users are not forced to enter a staking phase. With its DEFI services, CLEVER DEFI is hitting the nail on the head. No unrealistic claims or faulty token omics exist. A framework that offers interests based on routine cycles is well supported by the DEFI platform.

4 Ways COVID-19 Will Continue to Impact Businesses in 2021 and Beyond

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StrategyDriven Editorial Perspective Article | 4 Ways COVID-19 Will Continue to Impact Businesses in 2021 and BeyondNobody likely knew what to expect when news of the newest coronavirus began popping up in December 2019. For many people, the reality probably didn’t sink in. After all, Europe and the United States remained mostly unaffected by most recent pandemic concerns. By January 20, 2020, though, the U.S. Centers for Disease Control and Prevention were singing a different tune. Nearly one year later, the pandemic shows no signs of ending, and business owners and consumers alike are wondering what to expect in 2021 and beyond.

1. Financial Technology Will Be in Higher Demand

As more businesses move to virtual formats, the need for financial technology will continue to increase in 2021. The problem is that despite popular belief, many financial institutions have barely experimented in fintech and aren’t ready to take on digital financial formats on a larger and more permanent basis. However, according to an article by Donald Gayhardt, this is likely to change quickly.

Gayhardt states that Hong Kong is already increasing its use of advanced fraud detection, biometric facial recognition, and other innovative AI technologies due to the pandemic. Financial technology won’t just take hold in banks and credit unions, either. It’s becoming increasingly important for grocery stores, restaurants, and even cosmetics retailers who now offer no-contact pick-up and delivery services. When retailers do not see customers face-to-face, it becomes more important than ever to offer a variety of safe and secure virtual payment methods.

2. Survival Entrepreneurship Will Become More Prominent

Businesses that are already centered on technology have remained mostly stable during 2020, but small family businesses haven’t been so lucky. Although unemployment in the United States decreased one percentage point to 6.9% in October 2020, the rate is still nearly double what it was before COVID-19 entering the U.S. Unemployment is even higher among minorities, as well as among Millennials and Gen Z, meaning an increasing number of people are turning to starting their own businesses.

People who once worked in pet stores and veterinarians’ offices are walking dogs and feeding cats while people are out of town. Preschool teachers and teachers’ assistants have turned to online tutoring. People are turning the jobs they used to do for someone else into businesses they work for themselves. History has proven that people who venture into the business world during tougher economic times often have more willpower to stick to it and decide they’d rather not re-enter the traditional workforce. This means you can expect to see more people creating startups in 2021 and beyond.

3. Logistics Will Continue To Move Slower Than Before

All types of industries are experiencing delays in manufacturing, distribution, and shipping due to the need for social distancing. Fewer people building products, packaging them, transporting them, or selling them means fewer products on the shelf. In the entertainment industry, for example, TV production has slowed, movie release dates are being pushed back, and major video game launches have been delayed as well.

It isn’t just entertainment, either. Clothing retailers, restaurants and grocery stores, and even some pharmaceutical products have all seen delays in 2020 as well. Some people must rely on companies that move products nationally and internationally. However, restaurants and some other small businesses have found they’d rather start relying on local supply chains than on global ones. More people are contracting with nearby farmers, fiber artists, and more, creating a better local economy and strong community along the way, something that will decidedly keep occurring in 2021.

4. Social Distancing Will Continue

Whether your company works with other businesses or caters to the public, expect to continue to follow social distancing regulations as the clocks move forward to 2021. If your company relies on business meetings and brainstorming sessions, expect to continue to host them via Zoom or another online video platform. Those who own restaurants will need to continue to follow social distancing guidelines both inside and outdoors and may need to follow curfews or earlier “last call” laws if they serve alcohol. Retailers will still need to limit how many people are in a store at a time, maintain social distancing in checkout lines, and enforce mask regulations as well. Vaccination trials are happening rapidly. When one becomes available to the public, social distancing will likely start to relax. Until then, though, expect to remain six feet apart.

Just a few months ago, nobody was sure when scientists would find a vaccine. Now, experts believe one will be widely available by mid-2021. The pandemic may be raging on, but it won’t do so forever. Until then, consider what you can do to help your community fight off COVID-19. If you can afford to, cut your business hours, switch to pick-up and delivery only, or close your doors altogether. If you run an essential business or must keep operating as normal for some reason, practice good social distancing skills. Train your employees well, check in with them often, and remember, everybody is fighting this battle. The kinder you are now, the better you will feel, and the better your company will be remembered when the pandemic does end.

Why AI Can Revolutionise Healthcare Possibilities

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StrategyDriven Editorial Perspectives Article |AI in Healthcare|Why AI Can Revolutionise Healthcare PossibilitiesAI and machine learning are technologies which come with many promises. They are still advancing but, with the rate of development seen in recent years of numerous technologies in various industries, what it could look like in the very near future is potentially more impressive than we could imagine now. The promises are wide-reaching. They describe improved efficiency of information streams which will optimise, for example, urban planning and traffic management and financial services will benefit from improved data storage and modelling. Those are just two examples. The final promise is that AI will achieve a human level of intelligence. However, its more immediate impact is on human life.

For Healthcare

AI is making grounds in many industries. Recently, in the entertainment industry, YouTube used AI to organise an ‘infinite music video’ for Billie Eilish’s ‘Bad Guy’, in celebration of it hitting one billion views. One notable area for AI and machine learning’s application is in healthcare. The use of data in healthcare is widespread: its collection, entry, use, and modelling. AI and machine learning is and will continue to improve the process and product of this practice.
Data collection is constant. Patients are tested and retested regularly and their medical data is, therefore, updated. If – the more appropriate word is probably ‘when’ – instruments and machines are linked with each other and to databases – especially with the introduction of 5G wireless technology – data entry will be much easier, automated, and AI will have much more effective access to it.

This access will enable – with other data inputted from other areas, such as lifestyle choices and habits, to flesh out the profile (should that be permitted) – AI to make better and faster diagnoses and prognoses than the average doctor. This could help in two ways. One is that having better and faster diagnoses and prognoses is never bad. Two is that this could lighten the workload of human doctors and specialists, and mean that their presence can be prioritised elsewhere.

Patient Care

London tech entrepreneur Tej Kohli pours $100m into AI & machine learning ventures, which will help advance his humanitarian initiatives. His foundation is widely known for its commitment to curing corneal blindness, with other efforts including Open Bionics (a bionics and prosthetics company), Aromyx (who measure and digitises taste and scent), and Seldon (an open-source platform that allows developers and organisations to share data and train models and systems). This means AI and machine learning isn’t just about the data collection which aids diagnosis and prognosis. They will have a direct impact on patient care. Robotics and other advanced technology is making its presence felt already – for instance, in surgery (inspiring the ‘they did surgery on a grape’ meme).

The discovery and development of pharmaceuticals is an expensive and time-consuming process. The consequence of this falls to patients. AI will streamline this whole process: analysis of literature and molecules, simulations for theoretical human test subjects and real animal test subjects, and testing during the clinical trials. Moderna are another example of this, as they have used AI and cloud computing to develop personalised cancer treatments in short periods of time.

AI’s and machine learning’s steady implementation has begun to accelerate with recent developments and will only continue to find itself more often in the health sector now it’s being used more readily, as use breeds improvement.

What Now?

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StrategyDriven Editorial Perspective Article |Pandemic|What Now?This seems to be the burning question on everyone’s mind and no one seems to have an answer. This year has been unlike any other in history. There is no precedent on how to come back from a world-wide pandemic. But we have to move forward.

Most companies are in survival mode, and they don’t have the luxury of a large bank account to save them. Every choice they make has huge repercussions. Talk about stressful. Unfortunately, this is the case for many businesses, mine included.

There are many thought leaders out there giving advice on what to do next. If I’m being honest, it’s been hard for me to trust what they are saying. Not because I think they are making stuff up, but because they aren’t experiencing the same thing I am. They run multi-million dollar corporations with a large bank account to get them from quarter to quarter. My companies, however, have to make smart decisions today in hopes of making it to the next quarter. There isn’t much room for error. This is a real fear and I know I am not alone in feeling this way.

Not only are we stuck in survival mode, but now my people have spent months at home working in isolation and isolation is dangerous. We belong in community, even with those we work with. Culture is critical to the success of a business, but it takes time and intentionality. In survival mode, time is a tough thing to sacrifice. I am constantly tempted to abandon culture and fight for survival. But I am choosing to hedge my bets on culture.

Roulette is a great example of the constant temptation we, as leaders, face every day. We put all our chips on black (culture). We act so confident that the people around us are bought in enough to place their bets black too. Then, at the last second, you push a couple of your chips over to red (survival). The people around you are frustrated and confused. Why did you abandon your bet at the last second? Because it felt safe. Fear forces you to make decisions that feel safe in the moment but aren’t in the long run.

Leaders need to be vulnerable with their people. They need to share their fears and concerns about the state of the company. They need to be able to depend on their people. You will be amazed at how your people show up for you when you give them a glimpse into your world. If you’re stuck in survival mode, how do you think that makes your people feel? They can feel your stress no matter how hard you try and hide it. You will have to do something tomorrow as a leader, so what will it be?

My advice: Get to know your people and let them get to know you. Talk about your worldviews—hopes, preferences, traditions, experiences, and beliefs. The diversity of your people is a great asset. People want to be understood for who they are, not just what they can do for you. When you tap into the intrinsic value of a person they will bring more to the table than you could have ever imagined. Make sure you can all agree to the purpose of your company, where you are going together. This is incredibly important, especially right now. You need people that can align their passions to the purpose so that they will take ownership of their role. Guiding Principles will be useful to you on the journey because it will help dictate how you will treat each other on the journey.

Lastly, make culture the boss. If you have done the hard work of getting to know your people and aligning to your purpose and guiding principles, then you are ready to let the culture dictate what you do next. The beauty of placing your bet on culture is that it will tell you how to move forward. It won’t force you to choose between your people and your tasks. It will help you use your people to accomplish your tasks. The choice will not be easy, but I am betting that it’s worth it.

About the Author

StrategyDriven Expert Contributor | Chris MeroffAuthor, speaker and entrepreneur, Chris Meroff, has made a career of testing new leadership ideas to see what works—and what doesn’t—in service-oriented leadership. What he has gleaned from his research has helped him build a fast-growing organization with a diverse and engaged workforce that understands the mission of his organization and their place in it. His business, Alignment Leadership Consulting, exists to teach leaders how they too can boldly pursue a workplace culture that prioritizes employee fulfillment. Learn more at www.AlignLeadThrive.com