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Transforming Finance: The Role of a Financial Technology Company in the Digital Age

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StrategyDriven Managing Your Finances Article | Transforming Finance: The Role of a Financial Technology Company in the Digital Age

FinTech companies are putting a new twist on financial concepts. The innovations are endless, from peer-to-peer payments to automated portfolio managers and trading platforms.

Finance digital transformation involves leveraging cutting-edge technologies for better operational efficiency and enhanced strategic decision-making. Streamlined processes lead to cost savings over time, while real-time data insights help leaders to make informed choices.

Streamlined Processes

Fintech innovations have transformed the financial sector, fostering inclusivity, enhancing operational efficiency, and facilitating personalized customer experiences. The advent of digital banking, encompassing features like robo-advisors and mobile payment systems, has significantly benefited both consumers and businesses.

Streamlining business processes is a critical component of any enterprise. Efficient workflows help you maintain consistent work quality, reduce waste, and maximize profits. This can be done by adequately dissecting existing processes and identifying redundancies and loopholes. It can also be done by leveraging BPM software tools to automate them.

It is important to note that a process workflow differs from a procedure. While a method can be an entire set of steps, a workflow is the specific task sequence that achieves the desired output. Streamlining business processes is easy and beneficial for employees because it allows them to work smarter, not harder. Aside from improving employee morale, streamlined business processes are critical for maintaining a competitive edge.

Increased Efficiency

A company can increase efficiency by decreasing waste and increasing the helpful output produced with the same resources. This can be done in various ways, including automating processes, restructuring how tasks are completed, and minimizing the amount of time employees spend on non-productive activities.

For example, a manufacturing company can cut costs by reducing employee headcount. However, suppose the business continues to rely on a single vendor for raw materials, and production grinds to a halt when the supplier runs out of supplies. In that case, the company still needs to be more efficient.

Financial technology companies can also help improve efficiency by introducing new tools and products to the market. A prominent illustration is a mobile banking application, which enables users to view and manage their bank accounts on a tablet or smartphone. These apps can even provide bill pay, deposits, and loans. They are essential to financial inclusion initiatives because they help people everywhere get imperative banking services and improve their financial knowledge.

Better Customer Experience

Finance teams are also increasingly concerned about maximizing customer experience (CX). With increased competition, more complex security regulations, and higher customer expectations, it’s never been more critical to get CX right.

Using emerging technologies to automate and streamline processes, increase efficiency, reduce errors, and offer easier-to-use data and reporting can positively impact CX. Offering self-serve options such as frequently updated FAQs, chatbots, and 24/7 support is one way to elevate the customer experience.

Unfortunately, when the term “finance transformation” is used – usually by vendors when discussing their technology – it can be misleading. Implementing a new budget planning system doesn’t constitute finance transformation, but a complete overhaul of process and culture does. Without both, a finance digital transformation will only be half-successful. This is why it’s essential to include buffer zones for unforeseen obstacles and keep everyone in the loop throughout the process. This makes it easier to ensure that everyone is aware of the possible advantages and effects of the change.

Data-Driven Decisions

Financial institutions that make decisions based on data-driven insights are more likely to stay competitive and improve their products and services. To be data-driven, however, institutions need to collect and analyze information from various sources. Fortunately, today’s advancing technology can help to streamline the process.

By using knowledge management (KM) tools, financial companies can better understand customer behavior and market trends. Moreover, they can use this data to optimize internal processes and reduce costs.

Successful finance transformation requires commitment, dedication, and expertise from a team. This includes a leader with experience in the industry and a solid track record of driving business value. It also involves a communication-first approach to ensure employees feel heard and have the training and resources they need to succeed. Lastly, it means setting goals that align with the company’s long-term strategy. This can help to overcome resistance to change and support an effective and sustainable finance transformation.

Resources:

https://www.forbes.com/sites/forbesbusinesscouncil/2023/10/10/how-fintech-is-transforming-the-finance-world/?sh=2494735c50b7

https://current.com

https://www.sciencedirect.com/science/article/pii/S2666954422000084

Why Are Video Devices Becoming More Popular?

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StrategyDriven Online Marketing and Website Development Article | Why Are Video Devices Becoming More Popular?

Video is transforming business-to-business (B2B) and business-to-customer (B2C) communications. The critical technologies making this possible are lowering latency and enabling remote access to video content.

The DSLR compression gives videographers great-looking footage, but this can be limited in post-production workflows where chroma key or heavy color grading is required. An I/O device provides a solution.

Video Phones

Video phones, also called videoconferencing devices, allow two people to communicate by video and audio. They reduce travel costs, enable remote work and learning, and make meetings more personal.

They resemble traditional desk phones with an integrated camera, high-resolution screen, and web conferencing software. Some include a file-transfer capability, a whiteboard for sharing ideas, and a chat service between users.

Dedicated videophones were not popular when first introduced, but they remain attractive to businesses with larger budgets or needing high-quality audio and video. They are more expensive than laptops with integrated webcams, but the video quality is much better.

Mobile video viewing has become an essential trend for brands to consider when targeting Gen Z and millennial consumers. Smartphones are the primary device for viewing digital video content, and the number of smartphone video viewers is growing yearly. Choosing the correct video codec and optimizing the device like Neat will increase your success with these audiences.

Social Media Videos

Social media video platforms and apps allow users to create/upload, share, and watch videos. This will enable businesses to engage, educate, and connect with a large audience.

These platforms also encourage brands to produce short, snackable video content. These videos are designed specifically for these platforms and are meant to capture attention, share a message, and get viewers to act in a very brief period.

Additionally, 85% of Facebook videos are watched without sound, stressing the importance of visuals in communicating a message. This is a great way to reach consumers on mobile devices where audio may not be feasible.

Videos also provide a more personalized, authentic experience for consumers to interact with brands. This can lead to higher website traffic, engagement, and conversions. This makes social media video one of the most effective marketing tools for 2023.

Connected TVs

Connected TVs (CTV) are TV sets with internet connectivity that allow users to access online content and streaming services. They have larger screens than traditional TVs and can also be used to play video games. The growth of CTVs is driven by increasing global internet usage and rising demand for personalized content.

Consumers are also opting for streaming applications over expensive cable and satellite subscriptions. These platforms can be free or cost a monthly fee and offer ad-supported or premium programming. The popularity of these apps has led to cord-cutting, a trend where households cancel or do not sign up for cable and satellite subscriptions.

Major global players have a strong presence in the connected TV market. They provide smart TVs with built-in streaming capabilities, leveraging their brand recognition and distribution networks. Local players in each region also have a significant presence in the connected TV market, providing solutions that cater to specific customer needs and preferences.

Virtual Reality

Virtual reality is a three-dimensional computer simulation that shuts out users’ physical surroundings to create a realistic experience. It’s often used to play games, but it’s also used by businesses to support sales, facilitate training, and communicate remotely. It’s also a powerful tool for healthcare and even the military to simulate confrontations and combat.

VR headsets can range from inexpensive shell devices that cover smartphones to immersive, wraparound displays with stereoscopic screens and haptic technology that lets users feel virtual images. These systems are often paired with binaural and spatial audio, enhancing the immersive experience.

The proliferation of video devices is fueled by ever-expanding connectivity, infrastructure virtualization, and technological innovation. Whether conducting business meetings via Zoom, navigating parking lots with backup cameras, or sweating through a workout in a connected fitness device, video has become an integral part of our digital lives. As 5G becomes a reality, it will deliver the speed and low latency needed to power next-generation video technologies like AR/VR.

Transforming Tension: 4 Ways to Navigate Difficult Conversations

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StrategyDriven Practices for Professionals Article | Transforming Tension: 4 Ways to Navigate Difficult Conversations

Difficult conversations aren’t the same for all people. They affect us differently because they trigger stories we carry about who we are, what’s right and wrong, and what’s good and bad. Some of these stories are dominant, and we’re aware of them. Yet other stories are hidden and may surface unexpectedly in the course of a conversation.

A challenging conversation might involve giving a poor performance review, speaking with someone who has strong ideologies different from our own, or discussing current events or politics. Depending on what stories these conversations trigger, we might cringe, confront the conversations head-on to end them quickly, or avoid having them altogether.

Is there anything we can do to make these conversations better?

Foster Psychological Safety

Psychological safety allows us to feel safe to speak up about ideas, concerns, or mistakes because we don’t fear punishment or retribution. When we have psychological safety, we’re more willing to engage in difficult conversations because we’re assured we won’t be personally criticized or retaliated against.

In the workplace, leaders play a pivotal role in establishing a culture that’s safe, respectful, transparent, and inclusive—and communicating that violations of these principles won’t be tolerated. Clearly explain these expectations and how they’ll be supported. When things go wrong, set up a joint exploration to assess what happened and use it as a learning opportunity.

Practice Managing Your Emotions

During difficult conversations, we can gauge and control our own emotions, but we can also manage our reactions to other people’s emotions.

 Our minds and bodies are connected, and one function our brains have is to manage how much energy is budgeted toward emotional expression. If we anticipate a difficult conversation, our brains get ready to expend more energy than we’d need for a casual, enjoyable one. Just think about how exhausted you feel after a challenging encounter. 

When these types of conversations repeat or sustain over time, we can end up exhausted, which may manifest in irritability or illness. To avoid this, practice anticipating difficult conversations and how you can manage your emotional response to them.

Level Up Your Communication Skills

Being an effective communicator improves any conversation. This includes active listening, asking good questions, and being able to express what you need from the other person.

During difficult conversations, we need to hear what the other person is saying and, in some cases, what they’re not overtly stating. Repeat and reflect back what you’ve heard; this lets the person know you’re present and listening. Ask open-ended questions that call for further exploration or probing questions that prompt a deeper level of explanation. 

It’s equally important to state what you need and want from the conversation. Defer to the other person first to hear what he or she has to say; this will create a space for the other person to be more open to your needs. This way, both parties are being as transparent as possible and informing each other, which dispels assumptions.

Have an Exit Strategy

If a conversation gets too heated or beyond the point of feeling psychologically, emotionally, or physically safe, then it’s time to stop. You can simply say, “I think it’s a good idea for us to take a break and regroup at a later date.”

When you reengage, revisit the conversation’s conditions or have someone present as a mediator or facilitator to act as a safeguard.

If conditions weren’t (or can’t be) set or you aren’t feeling safe enough to engage, then you need to be able to express that you won’t participate. Too often, we’re caught off guard or feel awkward and uncomfortable about not following through. However, if the conversation’s conditions aren’t right for you, you’re feeling unprepared, or the other party is too emotional, don’t move forward. You can say, “I’m sorry, but I’m not prepared to participate in this conversation at this time.”

From Challenging to Rewarding Conversations

 We live in a complex world, and we each have stories we carry that come from our lifetime experiences. It takes a certain kind of open and welcoming mindset to be willing to learn more about others—and to go through potentially uncomfortable conversations to get there. It can be very rewarding to push past barriers that prevent us from learning more about one another and our encounters. However, it’s important to prepare well, and that includes setting up the conditions that allow for fruitful conversations.

About the Author

Beth Fisher-Yoshida, Ph.D., CCS, is a global expert and educator in negotiation and communication. She’s the program director of Columbia University’s Master of Science in Negotiation and Conflict Resolution, a negotiation consultant for the United Nations, and the CEO of the consulting agency Fisher Yoshida International. Her new book, New Story, New Power: A Woman’s Guide to Negotiation, helps women of all ages make successful negotiations a reality. Learn more at bethfisheryoshida.com.

Insider Tips for Mastering Your Texas Real Estate License Online Program

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StrategyDriven Professional Development Article | Insider Tips for Mastering Your Texas Real Estate License Online Program

Are you looking to venture into real estate in Texas? You will first need to get your real estate license. This is a prerequisite so you can be regarded as a competent and reliable professional by your client. The good news is that you can take either your real estate course online or in a classroom setup.

You may want to consider pursuing your Texas real estate license online. This can be a flexible way to join the thriving real estate industry. But, to succeed in an online real estate school in Texas, you must have focus, effective strategies, and dedication. In this article, we look at some crucial tips that can help you navigate and excel in your Texas real estate license online studies.

Choose the Best Real Estate School

It is vital to choose the right Texas real estate school as this will determine your success in the course and lay a good foundation for your career. You need to choose an accredited institution that offers properly approved real estate courses in Texas. This means that it is crucial that you ensure that the curriculum the institution offers matches the requirements of the Texas Real Estate Commission (TREC). You don’t want to pursue your real estate course in an unaccredited institution that will not meet the requirements.

When people are confident about your education and training, you have better chances of success. Luckily, you don’t have to look so far because you can check out RealEstateU, which is arguably the best online real estate school in Texas.

Create a Structured Study Plan

When studying for your Texas real estate license online, you need to come up with a well-organized schedule for your studies. One of the biggest mistakes many licensees taking real estate classes online in Texas make is lacking the discipline of having well-defined study schedules and sticking to them. You need to define specific time slots for your studies each day and ensure you take breaks and have review sessions. One of the most effective strategies is to apportion your coursework into manageable portions and set deadlines for completing them so you stay on track.

Make the Most of Interactive Study Materials

One of the best things about most of the Texas real estate schools is that they provide a range of study materials. These materials include quizzes, videos, interactive modules, and e-books and help you have better chances of success as you learn Texas real estate online.

It would help to engage with all of these materials actively as each helps you in a certain way. For example, while quizzes help to reinforce learning, videos can help to elaborate better on complex topics. It would be best to take advantage of the various resources available so you enhance your comprehension.

Engage With Your Instructors and Peers

If you want to stand a better chance of success, you must use the discussion forums or group chats that your online real estate school in Texas provides. When you discuss and interact with other licensees taking real estate courses, you get a better grasp of the concepts by getting diverse perspectives about them. Also, seeking clarification from your tutors or instructors is crucial as their guidance and expertise will help to clear any doubts you have and give you valuable insights.

Seek Practical Opportunities

As you learn Texas real estate online, you need to look for practical opportunities to apply your theoretical knowledge. You can consider internship positions, mock scenarios and even shadowing experienced real estate professionals.

Conclusion

To excel in your Texas real estate online program, ensure you choose the right school, create a study schedule, leverage the various study materials, engage with your instructors and peers, and look for opportunities to get practical experience.

5 Best Practices for Optimizing Your Restaurant’s Online Ordering System

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StrategyDriven Managing Your Business Article | 5 Best Practices for Optimizing Your Restaurant's Online Ordering System

The digital age has revolutionized the way restaurants operate, especially in the realm of online ordering. To stay competitive and meet the evolving expectations of customers, it’s crucial to optimize your restaurant’s online ordering system. This guide delves into five best practices that are not just theories but actionable strategies, ensuring your restaurant thrives in this digital era.

1. Streamline the User Experience

Optimizing your online ordering system begins with streamlining the user experience. A well-designed user interface is all about functionality and ease of use. From the moment a customer decides to order until they receive their meal, every interaction should be smooth and intuitive. The key is to reduce friction and make the process as quick and enjoyable as possible.

Understand the Journey

First and foremost, focus on the user experience (UX). A seamless UX starts when a customer thinks of ordering from your restaurant and doesn’t end until the meal is enjoyed. Consider every step:

  • Easy Navigation: Ensure that your website or app is intuitive. Customers should find what they’re looking for in just a few clicks.
  • Menu Clarity: Present your menu in a clear, organized manner. High-quality images and detailed descriptions can make a significant difference.
  • Efficient Checkout Process: The fewer steps to complete an order, the better. Simplify the checkout process to prevent cart abandonment.

Provide Multiple Payment Options

Offering a range of payment options caters to a broader audience. Include popular digital wallets, credit/debit card options, and possibly cryptocurrency, depending on your customer base.

2. Integrate With Social Media Platforms

Leveraging social media is a fantastic way to create a holistic online presence that simplifies the ordering process for customers. By integrating direct ordering options on platforms like Instagram or Facebook, restaurants can make it easier for customers to place orders, enhancing convenience and streamlining the process.

Utilizing user-generated content is another powerful strategy. Encouraging customers to share their experiences on social media not only provides authentic content for your platforms but also boosts your restaurant’s credibility. These shared experiences create a sense of trust and community around your brand, essential in the competitive dining industry.

3. Use Data Analytics to Personalize Experiences

Data is king in the digital world. By analyzing customer data, you can personalize the ordering experience, making it more engaging and efficient.

Case Example: Personalized Marketing

Imagine a customer who regularly orders vegan dishes. With data analytics, you can send them targeted promotions and suggestions for new vegan items. This level of personalization not only increases sales but also builds customer loyalty. A robust data analytics system, like that offered by OLO partners, can be instrumental in achieving this.

4. Implement a Responsive Feedback System

In the realm of online ordering, implementing a responsive feedback system is crucial for continuous improvement and customer satisfaction. Actively seeking and responding to customer feedback not only helps identify areas for enhancement but also shows customers that their opinions are valued. This can lead to improved service, a better user experience, and stronger customer loyalty.

The Power of Feedback

Feedback is a goldmine of information. It helps in:

  • Identifying Areas for Improvement: Use feedback to understand what’s working and what’s not.
  • Building Relationships: Responding to feedback shows customers that you value their opinion, fostering loyalty.

How to Gather Feedback

There are several methods to consider that can help you capture valuable insights from your clientele efficiently.

  • Follow-Up Communications: After a customer has received their order, send a follow-up email or text inviting them to share their experience. This direct approach often yields high response rates.
  • In-App Feedback Options: Include a simple and accessible feedback feature within your app or website. This allows customers to easily provide their thoughts at their convenience.

5. Stay Updated With Technology and Trends

The digital landscape in the restaurant industry is constantly changing, and staying abreast of these developments is crucial. It’s not just advantageous to keep up with technological advancements; it’s essential for staying competitive and meeting customer expectations.

Adopting new technologies is a key strategy in this dynamic environment. Consider incorporating AI-driven chatbots for efficient customer service or exploring blockchain technology for secure transactions. These innovations can streamline operations, enhance customer experience, and provide a competitive edge.

Equally important is monitoring industry trends. Keep a close eye on the evolving trends within the restaurant sector. Whether it’s adopting sustainable packaging to appeal to environmentally conscious consumers or implementing new delivery methods to increase convenience, staying informed and adaptable is vital. By doing so, you ensure your restaurant remains relevant and responsive to the changing demands of the market.

Conclusion

Optimizing your restaurant’s online ordering system is not a one-time task but an ongoing process. By implementing these practices, you’ll not only enhance the customer experience but also streamline operations and boost sales. The digital world is full of opportunities – it’s time to seize them.