3 Ways You Can Implement Project Management Skills in Business

PROJECT MANAGEMENT

 

You may think a degree in business is enough to help you in your career of choice. While it may help you land your first job, for you to prosper, you need to continue improving yourself, otherwise your skills will become overlooked. Completing an MBA in Project Management can help develop your skills, which will, in turn, propel you forward in your career. Through project management, you can learn how to make goals and meet them within the constraints your business or client imposes.

Here are three ways your can implement project management skills in business.

Organizational Skills

Business requires a level of organization, however, chaos can ensue. You need to ensure that you are able to organize not only yourself but also your team. Otherwise, you may miss deadline, fail to meet quality or miss out on details that could impact the business as a whole. As a leader, it is up to you to meet the client’s brief, while knowing how to manage the scope of the project, the budget and the quality and time that is needed.

Strategic Planning

It’s in the name – ‘management’ means you will be managing a number of projects as well as people, so that you can meet deadlines and ensure the quality is up-to-scratch. You may be assigned one project at a time or perhaps two. If it is the latter, then multi-tasking is a required skill.

You may need to work with other sectors within the business, such as designers, contractors and other project managers. Ill-defined project management can be detrimental to a project and the client’s objectives, which is why, if you are needing to improve your skills, you should look for ways to improve your knowledge in the area. Project management MBA program can help teach you about strategy, as well as leadership, making business decisions and marketing.

Working Within Budget

All projects will require you to work with a set budget. This is a necessity, so that your business – and client – can breakeven or make a profit. To ensure you do not overspend, you need to learn how to work with money and keep finances in order. Project management can help you work within this common constraint.

As a project manager, you need to speak to your client and understand the outcome they are hoping for. While a budget may seem restricting, it can help you mold an image of what it is your client is after – without overstepping the mark. This is a problem you need to solve, which is why learning problem-solving skills can help you deliver to your client and impress them.

Project management has the ability to help you improve your skills personally as well as your professional life. You can become a better leader, know how to manage within certain Res-Ptrictions, work with clients as well as co-workers, and establish or improve pre-existing planning, organizational and marketing skills. Project management skills can be obtained easily, through the internet and through online courses.

 

 

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“Banks On Notice” Fintechs Are Coming for Checking Accounts and Debit Cards

A New Financial Order

As user behavior among consumers continues to shift towards a mobile experience, fintech offers exciting new technologies that could potentially disrupt existing financial practices and establish a new order.

A majority of commenters perceive consumer banking as the area most likely to be disrupted by fintech companies because most startups have sought to target the end customer directly by providing smart solutions.

The technology provided by fintechs could change the way we transfer money, make payments, and manage our financial lives. As such, it is seen as having the ability to impact customers’ demand for checking accounts and debit cards, and this has the traditional players worried.

Meet the New Players

A PriceWaterhouseCoopers survey reveals that around 83 percent of traditional banks and credit unions believe that they are at risk of losing out their business to fintech companies. This is because new fintech entrants bring with them innovative and cutting-edge digital banking ideas that enable them to cater to the digital generation better than existing practices allow traditional banks to.

One of the major companies looking to change the way consumers bank is Venmo. Venmo is a peer-to-peer system which seeks to enable consumers to send money or request funds from each other using a mobile app. Such a system offers convenience and gives the customer a great deal of autonomy, as they do not have to rely on established financial institutions to send funds.

The New Venmo Card

Venmo is also on the verge of launching its Venmo Card. The card, which operates on the MasterCard network, will make it possible for a user to withdraw funds without having to go through a traditional bank. Payment company, Square, also has a prepaid debit card which functions in the same way, allowing users to make payments with a swipe.

In a related development, online payment system, PayPal offers the PayPal Cash MasterCard, which lets users use funds in their account to pay for goods online, in-stores where MasterCard is accepted, as well as withdraw cash at ATMs.

On its part, online-only lender, SoFi, which offers inexpensive rates for mortgages, personal loans, as well as student loan refinancing, seeks to revolutionize traditional banking models using SoFi Money. The product allows account owners to spend funds using the company’s own debit card. If you prefer to leave your funds in the account instead of spending them, they will earn an annual percentage yield of 1.10 percent.

Other innovative products that could overtake traditional mediums as the primary way individuals spend and send funds or invest include the Acorns Spend card from Acorns and the Stash Banking from Stash Investments, among others.

Fintechs and Account Use: What Statistics Say

Meanwhile, the number of checking accounts has dropped by nearly 100 million in the last six years due to fintech’s growing influence on financial services. A Moebs Services study uncovered that the total number of checking accounts fell from 690 million to around 600 million from 2011 to 2017, representing a 12 percent decline.

 

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The Evolution of Cryptocurrency – Wall Street

Cryptocurrency Evolved Out of Necessity

Nearly ten years after the introduction of bitcoin, the first and most prominent cryptocurrency, digital currencies continue to defy the doomsday. Despite being around for less than a decade, cryptos already show potential to replace traditional fiat currencies and transform the financial services landscape. But how did they come so far so quickly?

The Beginning

While the concept of online currency predates bitcoin, 2009 marked a defining moment for peer-to-peer electronic cash system when an individual (or group) under the pseudonym Satoshi Nakamoto publicly released the bitcoin software. Bitcoin was created to protect against inflation, provide security, and put the control of money in the hands of the people.

The release kick-started what is now known as bitcoin mining, and indeed the introduction of alternative currencies, which have been developed, either to address bitcoin’s perceived shortcomings or to accomplish different goals.

Bitcoin was valued for the first time in 2010 when an early adopter decided to swap 10,000 units for two pizzas. The token is believed to be worth around $0.00001 when it was first created.

The Emergence of Alternative Cryptocurrencies

As bitcoin grew in popularity and gained more acceptance, users began to notice some of its shortcomings. As a result, alternative cryptocurrencies (often referred to as altcoins) were launched to fix its perceived flaws in areas such as privacy, transaction speed, DNS resolution, proof-of-stake, among others.

Similarly, Forks like Bitcoin Classic and Bitcoin Cash were created by manipulating the existing bitcoin code to reduce confirmation times, reduce transaction costs, or correct scalability issues.

Namecoin, Litecoin, and SwiftCoin were the first altcoins to launch in 2011. Today, some of the most popular alternative cryptocurrencies are Ethereum, Ripple, Zcash, Litecoin, Monero, and Dash. There are currently more than 1,500 cryptocurrencies online.

Initial Coin Offering (ICO), a fundraising tool for startups, makes it easier than ever to launch new cryptocurrencies. The first ICO was held in 2013 by Mastercoin. Since then, several cryptocurrencies have begun this way. Some of the most popular cryptocurrencies created through this means include Ethereum and NEO.

Growing Acceptance and Surge into Mainstream

The popularity of cryptocurrencies is on the rise. Countries like China, Ecuador, Tunisia, Venezuela, Senegal, Sweden, Estonia, Singapore, etc. have either created their own national cryptocurrency or are planning to launch one.

In addition, bitcoin and other popular digital currencies appear to be gaining more acceptance as a growing list of retailers and services now accept them as payment. The market value of digital currencies is expected to reach $1 trillion this year as positive sentiments continue to rise.

Challenges to Mass Adoption

Cryptocurrencies are a suitable medium of exchange, store of value, and unit of account. Possessing these characteristics make them a reliable form of money by any yardstick. However, some obstacles must be overcome before the general public widely adopts these online-based currencies.

One of the major barriers to mass adoption of cryptocurrency is volatility. Merchants are sometimes reluctant to accept cryptocurrencies as payment because their prices fluctuate very often. Scalability issues, security, and regulatory challenges are other factors that impede further adoption of digital currencies.

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What is Net Neutrality – Wall Street

Gathering And Sharing Information On The Internet Globally

The internet has fast evolved to represent a new extension of our connected world. Today, we are ever more closely connected internationally. Such interconnectedness now enables individuals to bring a unique beauty that makes the world more interesting through the gathering and sharing of information.

Much more than just a communication system, the internet makes it possible to download or watch movies, shop, listen to podcasts, transact, learn, etc. Our modern world is indeed inextricably connected. Net neutrality aims to make sure that it remains that way, by ensuring that the internet continues to provide a level playing field for consumers and content providers.

What Exactly is Net Neutrality?

Net neutrality is a principle which advocates that Internet Service Providers (ISPs) treat all data delivered to consumers equally. The idea aims to ensure that customers are given access to all legal content and applications on equal basis, without giving an unfair advantage to some sources or blocking others.

The principle stops broadband providers from deliberately blocking content or deciding to boost or slow down traffic for specific apps and sites. Net neutrality also prevents ISPs from prioritizing their own content – or those of a partner – or otherwise hamper others’ ability to reach customers.

The net neutrality rule was approved in 2015 during Barack Obama’s presidency. The law states that “The FCC’s Open Internet rules protect and maintain open, uninhibited access to legal online content without broadband internet access providers being allowed to block, impair, or establish fast/slow lanes to lawful content.”

This definition suggests net neutrality was conceived to ensure the freedom of internet users to share information, start new businesses, and engage in discussions online. With net neutrality, all internet content – video streaming, audio streaming, etc. – will be treated equally by broadband providers. Also, startups and business will have unrestricted access to broadband networks.

The Rollback

But it wasn’t to be. In a move which left internet users scratching their heads and asking why, the Ajit Pai-led Federal Communications Commission (FCC) voted to reverse net neutrality rules in December 2017. The decision, it was claimed, was to “deregulate the industry,” according to a CIO article.

Abolishing the rule gives internet free rein to offer service at their own discretion. However, ISPs are required to reveal their policies concerning performance, commercial terms, as well as network management practices. This means that while they have the freedom to throttle connections, block websites, or charge different prices to different sites, they will have to own up to doing so.

Customers Concerns

As you might have surmised, the FCC’s repeal of net neutrality was condemned in various quarters, with consumers clamoring to have it restored. According to a New York Times piece, customers resist the abolishment of the rule for several reasons. First, they fear that with the repeal, ISPs would start “selling the internet in bundles,” and they would be required to pay to access social media sites like Facebook and Twitter.

Second, with internet providers having the leeway to do as they want, more influential organizations and households would monopolize the “fast lane” through paid privatization, which allows service providers to create a fast lane for firms and individuals willing to pay more, leaving everyone else to make do with the “slow lane.”

Paid privatization, in particular, would have severe consequences for small businesses and individuals. For e-commerce startups, the worry is that their sites and services wouldn’t be as swift. On their part, freelancers and other remote workers risk higher internet costs.

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Paula Deen Restaurants Presented By Wall Street Research

Wall Street Research Introduces Paula Deen Investment Opportunity to South Florida

Phoenix Hospitality & Entertainment, Inc. was established in August 2016 in Delaware to capitalize on the desire of global consumers to participate in the celebrity culture.

Phoenix Hospitality is partnering with Paula Deen to monetize her fan loyalty and extensive social media following by further extending her brand into the restaurant and retail space. Historically, celebrities have monetized their notoriety by entering into licensing or sponsorship deals for merchandise. Phoenix Hospitality is working with Paula Deen to leverage her brand and social media followers to initially build a successful chain of Paula Deen restaurants and retail throughout the southeast region of the United States and potentially nationally. These restaurants will be located in high-density tourist destinations and captured markets such as airports and casinos. The locations for these ventures are being carefully chosen so that they will be successful due to their fundamentals; i.e. high traffic, premium location, limited supply of competing outlets, etc. Their success, however, should be turbocharged by the Paula Deen overlay.

Investor Capital Being Raised

Up to $16 million of investor capital is being sought over a three-year period to provide the capital base (with another approximately $17.4 million of profit reinvested over the first three years) for the development and opening of approximately seven Paula Deen themed restaurant and retail concepts.

As shown in the attached pro forma, after opening of the first seven restaurant and retail concepts, there is material cash flow available for distribution
to PDRI Group, growing the business and/or positioning the company for sale or taking it public, all options which would provide extraordinary returns to PDRI Group.

In pursuit of the development plan, Phoenix Hospitality has entered into definitive documents with Paula Deen Ventures to monetize Paula Deen’s fan loyalty and extensive social media followings by expanding her highly successful street restaurant and retail footprint in Savannah, GA and Pigeon Forge, TN throughout the United States, with the first phase of restaurant and retail expansion focused in the South, including, but not limited to, Texas, Florida, Louisiana, Georgia, North Carolina, Tennessee, Alabama, Virginia, and the Washington D.C. metro area.

Paula Deen Restaurants Home Cooking

Paula Deen will fully engage her existing, and future individual domain assets in these areas, to promote the restaurants, including social media and any and all media appearances or events, endorsements, corporate relationships and other publicity. This business platform is being led by hospitality and restaurant executives with over 40 years of experience collectively in the industry. The executive leadership are recent former officers of the Delaware North Companies, a privately held company with over $3 billion in revenue and more than 60,000 associates on 4 continents providing dining and other hospitality services in diverse spaces, including, street restaurants, hotels, casinos, sports stadia, airports, rest stops, cultural institutions and Disney.

For Further Information on Paula Dean Restaurants Contact Alan Stone : WALL STREET RESEARCH

 

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Paul Deen Reasturants Presented By Wall Street Research

Wall Street Research Introduces Paula Deen Investment Opportunity to South Florida

Phoenix Hospitality & Entertainment, Inc. was established in August 2016 in Delaware to capitalize on the desire of global consumers to participate in the celebrity culture.

Phoenix Hospitality is partnering with Paula Deen to monetize her fan loyalty and extensive social media following by further extending her brand into the restaurant and retail space. Historically, celebrities have monetized their notoriety by entering into licensing or sponsorship deals for merchandise. Phoenix Hospitality is working with Paula Deen to leverage her brand and social media followers to initially build a successful chain of Paula Deen restaurants and retail throughout the southeast region of the United States and potentially nationally. These restaurants will be located in high-density tourist destinations and captured markets such as airports and casinos. The locations for these ventures are being carefully chosen so that they will be successful due to their fundamentals; i.e. high traffic, premium location, limited supply of competing outlets, etc. Their success, however, should be turbocharged by the Paula Deen overlay.

Investor Capital Being Raised

Up to $16 million of investor capital is being sought over a three-year period to provide the capital base (with another approximately $17.4 million of profit reinvested over the first three years) for the development and opening of approximately seven Paula Deen themed restaurant and retail concepts.

As shown in the attached pro forma, after opening of the first seven restaurant and retail concepts, there is material cash flow available for distribution
to PDRI Group, growing the business and/or positioning the company for sale or taking it public, all options which would provide extraordinary returns to PDRI Group.

In pursuit of the development plan, Phoenix Hospitality has entered into definitive documents with Paula Deen Ventures to monetize Paula Deen’s fan loyalty and extensive social media followings by expanding her highly successful street restaurant and retail footprint in Savannah, GA and Pigeon Forge, TN throughout the United States, with the first phase of restaurant and retail expansion focused in the South, including, but not limited to, Texas, Florida, Louisiana, Georgia, North Carolina, Tennessee, Alabama, Virginia, and the Washington D.C. metro area.

Paula Deen Restaurants Home Cooking

Paula Deen will fully engage her existing, and future individual domain assets in these areas, to promote the restaurants, including social media and any and all media appearances or events, endorsements, corporate relationships and other publicity. This business platform is being led by hospitality and restaurant executives with over 40 years of experience collectively in the industry. The executive leadership are recent former officers of the Delaware North Companies, a privately held company with over $3 billion in revenue and more than 60,000 associates on 4 continents providing dining and other hospitality services in diverse spaces, including, street restaurants, hotels, casinos, sports stadia, airports, rest stops, cultural institutions and Disney.

For Further Information on Paula Dean Restaurants Contact Alan Stone : WALL STREET RESEARCH

 

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“Banks On Notice” Fintechs Are Coming for Checking Accounts and Debit Cards

A New Financial Order

As user behavior among consumers continues to shift towards a mobile experience, fintech offers exciting new technologies that could potentially disrupt existing financial practices and establish a new order.

A majority of commenters perceive consumer banking as the area most likely to be disrupted by fintech companies because most startups have sought to target the end customer directly by providing smart solutions.

The technology provided by fintechs could change the way we transfer money, make payments, and manage our financial lives. As such, it is seen as having the ability to impact customers’ demand for checking accounts and debit cards, and this has the traditional players worried.

Meet the New Players

A PriceWaterhouseCoopers survey reveals that around 83 percent of traditional banks and credit unions believe that they are at risk of losing out their business to fintech companies. This is because new fintech entrants bring with them innovative and cutting-edge digital banking ideas that enable them to cater to the digital generation better than existing practices allow traditional banks to.

One of the major companies looking to change the way consumers bank is Venmo. Venmo is a peer-to-peer system which seeks to enable consumers to send money or request funds from each other using a mobile app. Such a system offers convenience and gives the customer a great deal of autonomy, as they do not have to rely on established financial institutions to send funds.

The New Venmo Card

Venmo is also on the verge of launching its Venmo Card. The card, which operates on the MasterCard network, will make it possible for a user to withdraw funds without having to go through a traditional bank. Payment company, Square, also has a prepaid debit card which functions in the same way, allowing users to make payments with a swipe.

In a related development, online payment system, PayPal offers the PayPal Cash MasterCard, which lets users use funds in their account to pay for goods online, in-stores where MasterCard is accepted, as well as withdraw cash at ATMs.

On its part, online-only lender, SoFi, which offers inexpensive rates for mortgages, personal loans, as well as student loan refinancing, seeks to revolutionize traditional banking models using SoFi Money. The product allows account owners to spend funds using the company’s own debit card. If you prefer to leave your funds in the account instead of spending them, they will earn an annual percentage yield of 1.10 percent.

Other innovative products that could overtake traditional mediums as the primary way individuals spend and send funds or invest include the Acorns Spend card from Acorns and the Stash Banking from Stash Investments, among others.

Fintechs and Account Use: What Statistics Say

Meanwhile, the number of checking accounts has dropped by nearly 100 million in the last six years due to fintech’s growing influence on financial services. A Moebs Services study uncovered that the total number of checking accounts fell from 690 million to around 600 million from 2011 to 2017, representing a 12 percent decline.

 

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Global Food Crisis – Wall Street

Food crisis and hunger are an increasingly pressing issue that threatens peace and security in the world. These problems are exacerbated by recurrent cycles of violent conflicts and severe weather which put more people at risk of hunger.

A World Food Program (WFP) news release says conflict is a significant cause of food insecurity in 18 countries in the world, most of which are in Africa and the Middle East. The report states that conflict accounts for 60 percent of acute food insecurity worldwide.

Climate crisis such as drought also contributes in no small measure to the widespread hunger problems currently being witnessed in different parts of the globe.

Around 39 million people face severe food insecurity due to drought and other climate-related issues. Overall, approximately 124 million people in 51 countries experienced severe food insecurity in 2017 alone.

Millions at Risk of Starvation in Yemen

War-torn Yemen sits dangerously on the brink of famine as food crisis continues to affect a broad swath of its population. The West Asian sovereign state is battling the world’s worst humanitarian crisis, with around 8.4 million people severely food insecure, according to a CBC report.

Despite being the second-largest country in the Peninsula with a total area of 527,968km2, Yemen produces just little of its food domestically owing to severe drought. As a result, it relies mainly on imports to feed itself.

So it’s little wonder that the country was pushed to the brink of famine when Saudi Arabia, in a bid to prevent the flow of weapon into Yemen, introduced a total blockade in November last year after Houthi rebels fired a ballistic missile toward its capital Riyadh.

The blockade, which was imposed on Yemen’s air, sea, and land borders cut off the country’s access to critical supplies such as food, medicine, fuel, intensifying the hunger crisis.

The blockade on the Hodeidah port, Yemen’s primary port for shipping aid, has since been lifted. However, Mark Lowcock, UN emergency relief coordinator, says food shipments have yet to match the pre-blockade levels.

“I am particularly concerned about the recent decline of commercial food imports through the Red Sea ports.” “Commercial food and fuel imports remained ‘well short of pre-blockade averages,’” CBC quoted Lowcock as saying.

The UN aid chief is worried that things could deteriorate further if the Saudi-led coalition fails to grant unrestricted access to ports across the country, citing an additional 10 million Yemenis are at risk of hunger “If things do not improve.”

Alleviating Hunger Through Peace Initiatives

With aid agencies struggling to find funding for the global hunger crisis, observers note that sustainable relieve can only come through peace. A report on the Global Citizen suggests that “The biggest impact [to global food crisis] could be made through promoting peace.”

To WFP’s food systems,CEO Steven Were Omamo, says peace “would mean a country like Central African Republic having the level of stability of Uganda, or Somalia having the stability of Kenya.”

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How to Ensure Employee Wellness

 

Employee Wellness

Employee wellness is a critical component to productivity and overall employee retention. It is especially important when your company does not have the global prestige or the ability to pay its employees the highest salaries for their work. By instead improving your company culture and making your business into a form of home-away-from-home, you can attract and keep the best talent for years to come. To get started, all you need to do is to follow this guide.

Employee wellness is a critical component to productivity and overall employee retention. It is especially important when your company does not have the global prestige or the ability to pay its employees the highest salaries for their work. By instead improving your company culture and making your business into a form of home-away-from-home, you can attract and keep the best talent for years to come. To get started, all you need to do is to follow this guide.

Provide a Great Break Room

You want your employees to enjoy their break as much as possible. You want them to socialize, make friends with each other, and, most importantly, be able to bring their own food. Ideally, this food will be healthy, but, at the very least, by providing them with all the basic appliances they need to prepare their pre-made food, you can help them save money. Add on top of these appliances free coffee, tea, and protein snacks to help keep them fueled and ready to go. The more social the space, the more they can enjoy their own company and give their brains the break they need to tackle their work with renewed fervor.

Set Clear Boundaries for Work/Home Life

It can be all too tempting to get that one last piece of work done at home, but you do not get to invade your employees lives to do so. Set up very clear work/home boundaries for you and your employees, and ensure that all your clients and customers understand this as well. Doing so will greatly improve your employees’ well-being and reduce stress levels significantly.

Create Strong Anti-Harassment Policies

Harassment will happen. What you need to do as an employer is set out clear rules for behavior and, more importantly, the consequences of it. Let the victims know very clearly how they can make complaints, assure them that you will start an investigation if it happens and then start correcting that behavior. If a sexual harassment complaint has come in, send the employee in question to a seminar or workshop so that they can understand what they are doing and what not to do. If that behavior persists, make the punishments more severe. The better and more fairly you address the issues, the more everyone can move forward and create a healthy workplace environment.

Offer Budget-Friendly Benefits

There are many budget-friendly benefits that you can offer. A great break room is just the tip of the iceberg. You can offer more flexible working hours, where if, for example, your employee needs to get home early to pick up the kids from school, they can make up that extra hour another time. Allow employees to have plants on their desks. Offer everyone the opportunity to learn and develop their skills through shadowing a few days a month, and so on.

Ensure They Know Their Rights

It is all too easy to keep your employees in the dark as to what their rights are but to ensure the best company culture, you need to teach them. Let them know that if they were hurt on your premises, or anyone else’s, due to negligence that it is always wise to visit the-compensation-experts.co.uk to help them stay financially secure while they recover. It might seem counter-intuitive to do this, but it shows your employees that you care about them and that you will take their safety concerns seriously. By showing your truly value every employee, you will inspire their loyalty, ensure they are happy in the workplace and keep hold of your top talent for longer.

Social Attitudes in The Workplace

As time goes on, so too will the social attitudes towards workplaces. Employees want to enjoy their work. They also want to happy. By investing in the wellness of your employees, you can better their ability to work for you and increase employee retention. A great company that cares is more important to most millennial workers than the size of their paycheck, meaning that you can attract the best talent around the world just be offering the right benefits. As you grow, they grow, and vice versa. Invest in them so that they, in turn, can make your company into the success that you have always dreamed it could be.

 

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“Banks On Notice” Fintechs Are Coming for Checking Accounts and Debit Cards

A New Financial Order

As user behavior among consumers continues to shift towards a mobile experience, fintech offers exciting new technologies that could potentially disrupt existing financial practices and establish a new order.

A majority of commenters perceive consumer banking as the area most likely to be disrupted by fintech companies because most startups have sought to target the end customer directly by providing smart solutions.

The technology provided by fintechs could change the way we transfer money, make payments, and manage our financial lives. As such, it is seen as having the ability to impact customers’ demand for checking accounts and debit cards, and this has the traditional players worried.

Meet the New Players

A PriceWaterhouseCoopers survey reveals that around 83 percent of traditional banks and credit unions believe that they are at risk of losing out their business to fintech companies. This is because new fintech entrants bring with them innovative and cutting-edge digital banking ideas that enable them to cater to the digital generation better than existing practices allow traditional banks to.

One of the major companies looking to change the way consumers bank is Venmo. Venmo is a peer-to-peer system which seeks to enable consumers to send money or request funds from each other using a mobile app. Such a system offers convenience and gives the customer a great deal of autonomy, as they do not have to rely on established financial institutions to send funds.

The New Venmo Card

Venmo is also on the verge of launching its Venmo Card. The card, which operates on the MasterCard network, will make it possible for a user to withdraw funds without having to go through a traditional bank. Payment company, Square, also has a prepaid debit card which functions in the same way, allowing users to make payments with a swipe.

In a related development, online payment system, PayPal offers the PayPal Cash MasterCard, which lets users use funds in their account to pay for goods online, in-stores where MasterCard is accepted, as well as withdraw cash at ATMs.

On its part, online-only lender, SoFi, which offers inexpensive rates for mortgages, personal loans, as well as student loan refinancing, seeks to revolutionize traditional banking models using SoFi Money. The product allows account owners to spend funds using the company’s own debit card. If you prefer to leave your funds in the account instead of spending them, they will earn an annual percentage yield of 1.10 percent.

Other innovative products that could overtake traditional mediums as the primary way individuals spend and send funds or invest include the Acorns Spend card from Acorns and the Stash Banking from Stash Investments, among others.

Fintechs and Account Use: What Statistics Say

Meanwhile, the number of checking accounts has dropped by nearly 100 million in the last six years due to fintech’s growing influence on financial services. A Moebs Services study uncovered that the total number of checking accounts fell from 690 million to around 600 million from 2011 to 2017, representing a 12 percent decline.

 

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