Finance

Fintech is defined as the intersection of tech and finance and is a rapidly growing space as tech companies apply their core competencies to financial services. As a result, fintech has the power to both disrupt the world of finance and revolutionize it, according to experts like Dan Schatt.

Here are some emerging Fintech technologies you should keep your eye on:

Blockchain

What is Blockchain?

Blockchain technology has emerged as the key to solving some of the biggest challenges facing financial institutions and others. It’s the underlying technology behind Bitcoin (which was created to facilitate payments), but it can be used for more than just digital currencies. For example, the ledger-like nature of blockchain makes it ideal for recording transactions, managing contracts, or validating identity.

Why Should You Care?

The potential benefits of blockchain technology are three-fold: cost savings, operational efficiencies, and trust. First, it is an open ledger that holds information on every transaction. Still, the ledger itself is not held by any one person — it’s shared, synchronized, and updated across more than 50,000 computers around the world.

Rather than having banks reconcile their ledgers every night (which takes days for some), they can use blockchain to update records in near real-time. In addition, blockchain could replace central counterparties with smart contracts defining everything from fees to collateral requirements.

Personal Finance Management Tools (“PFM”)

Personal finance management tools can help customers better manage their money, reduce the amount of time they spend managing it, and provide advice on investing or saving. Banks used to be known for telling you what to do with your money; now, they show you how to do it yourself.

The technology powering many of these tools includes advanced data analysis capabilities that allow consumers to take advantage of shopping behavior insights, transaction monitoring software that allows early warnings on bank accounts, sophisticated mobile banking apps, and intelligent cash flow projections. Chatbots & helper bots (virtual assistants) also interact with customers via text messaging, providing financial information 24/7/365 — think Siri for your wallet. Virtual helpers may even give personalized advice on where to invest your money.

Why Should You Care?

Because of this technology, PFM tools can do a better job for consumers than banks can. They will give you advice when you need it most and help you take control of your finances. However, the greatest benefit might be that they empower consumers to know more about their financial situation and take action in real-time. According to Juniper Research, it is expected that over 100 million individuals will use a PFM tool by 2022.

Robo-Advisors

As traditional advisory models continue to face challenges, Robo-advisors are becoming a popular alternative in delivering digital wealth management solutions. Like Personal Finance Management Tools discussed above, Robo advisors rely on advanced data analysis capabilities to provide customers with predictions on adjusting their portfolios. In addition, other technologies like artificial intelligence (AI) are also being combined to help investment advisors make better decisions.

Why Should You Care?

The entire industry is evolving, and consumers can benefit from these changes. For example, advisors will serve more clients by scaling back their efforts, Robo-advisors will improve their predictive models, and investors can get advice when they want it at a lower cost. Robo-advisors may also simplify the investing process for many individuals who otherwise would not seek out financial advice, reducing the burden on traditional advisory services and forcing them to offer better value for money if they want to compete.

 

Many people assume that a slot machine becomes ‘due’ for a payout after hundreds of spins without the desired result. They will continue playing, determined that the next spin will yield a jackpot win. Others believe they can tell when a slot machine is ‘hot’ or ‘cold’. Is there truth to these theories, and can players truly predict when a slot machine will deliver a win?

Understanding random number generation (RNG)

Slot machine software works with RNG, an algorithm that ensures there is no way to predict what the next spin will show. Real money slots work on an identical principle, meaning that there is no accurate way to forecast what a slot machine will do in the future based on its past results.

Most gambling games revolve around random, independent results. The word ‘independent’ is critical in that description as it confirms that past performance is no indicator of future results. The term ‘random’ means there is no discernable way to determine what combination a slot machine will reveal.

Should you play?

Most people who gamble on games of pure chance do not do so with the realistic expectation of striking it rich. Undoubtedly, they would be delighted with a win but should not go into it assuming they are guaranteed one. Most slots players using an online gambling app do so more for relaxation than securing substantial wins.

If you are a serious gambler looking at growing your stock portfolio using gambling wins, consider playing games that involve more strategy than pure luck, such as blackjack and poker. Even these games cannot guarantee success, although your chances of achieving it are higher than in a game of pure chance.

Do you make your luck?

Many gamblers have set ideas about luck and how to achieve it. Some believe in getting lucky through astrology, while others walk around a physical casino until they feel drawn to a slot machine.

While these strategies may yield results, they are fallible as they do not work every time someone tries them. Therefore, accepting that you have no control over winning or losing is likelier to give you a positive mindset about gambling. And good things tend to happen to people who approach them with optimism.

Can a machine be ‘due’ or ‘hot’?

The simple answer to this question is no. A machine can deliver three substantial wins in a row and does not need time between wins to accumulate money to pay out a jackpot, nor does it need to pay out once they have reached a preset threshold. However, as much as that slot machine could deliver three significant wins, it can also offer players a hundred straight losses.

 

There’s only one thing better than traditional retail therapy, and that’s shopping online. Moving from to store in an instant, with virtually no boundaries on where you can shop means you can order flip-flops from Rio de Janeiro, pret-a-porter from Paris, and groceries from the local supermarket without leaving your couch.

When it comes to making a payment at the virtual check-out, cards and e-wallet payments are the two most popular methods of settling up. So what’s preferable, and why? Read on to find out more.

Convenience

E-wallets are one of those lifestyle changes that make you wonder how and why you ever managed without them. Replacing the traditional bump-in-your-pocket, weight-in-your-handbag wallet, going digital gives you access to your finances via your smartphone and enables everything from bill splitting on a Friday night to instant transfers to just about anywhere on the planet.

For instance, the fully-featured e-wallet, payit, makes online shopping a pleasure. Budgets are easily managed, transactions trackable, and payments securely made in an instant. it has partnered with some of the region’s premium retail outlets, so discounts and deals can be unlocked and availed – from ordering cupcakes from a favorite restaurant to a new bird-feeder for your balcony.

Security: credit cards, debit cards, and e-wallets

Between 2015 – 2020, reports of credit card fraud increased by a massive 161.7%. Essentially, there are two types of credit card fraud known as card present, where the physical card is being used without the knowledge of the owner, and card not present, a situation where the credit card number or data has been stolen.

Credit card companies continue to introduce new technologies to prevent fraud, one of the most major changes being the introduction of the microchip in place of the magnetic strip.

Debit cards come with a lot of pros – you’re only spending what’s in your account and not at risk of overspending, but the security risks are considered higher compared to those of credit cards. Simply put, if your data is scraped during a transaction, any money stolen by fraudsters will come directly out of your account and is more difficult to replace. Credit card suppliers, on the other hand, protect users against fraud. Any financial loss that takes place as a result of fraud is much more easily recovered, and more of an inconvenience than anything else.

E-wallets aren’t completely without risk: users and providers must take certain precautions to protect consumer data and their finances. Going digital, however, does reduce damage to your data. Even if a credit card is linked to your e-wallet, when an online purchase is made, the actual card number is never shared or sent across a network. Rather, the information is ‘tokenized’, so you can still use a credit card, and be comfortable with the reduced amount of risk.

Users of e-wallets can do their bit by keeping an eye on financial statements, enabling two-step authentications to prevent unauthorized access, ensure SSL encryption is activated, and only ever using apps they trust.

 

It is not tough to learn how to grasp consumer loans. Many individuals are unaware of what they are, but this is due to a lack of research. Most individuals have already filed for consumer loans, so you’re likely to have one. You have applied for a consumer loan if you have ever applied for a student or a credit card loan.

They must be understood by everyone who wants to achieve financial success since they can be useful financial tools. They enable people to obtain items that they would not otherwise be able to get.

Millions of Americans utilize personal loans every year to consolidate debt, pay for unexpected bills, renovate their homes, and more. According to TransUnion, the number of persons with personal loans has risen from 16 million to even more than 20 million in recent decades.

Why do so many people find them appealing? Personal loans have lower interest rates and smaller loan amounts than most other types of loans, making them attractive to consumers with good credit. They aren’t, however, the greatest option for everyone.

If you’re considering taking out a personal loan, there are a couple of things you should know about them before making a choice.

What is the procedure for obtaining one?

Installment loans are very similar to personal ones. This means you borrow a certain amount of money and repay it in monthly installments with interest over the loan’s term, which commonly spans from 12 to 84 months. Your account will be canceled once you have paid it off in full. If you require additional funds, you must apply for a new loan.

The loan amounts differ by lender, but they commonly range between $1,500 to $100,000. The number you qualify for is determined by your score (i.e., how sure creditors are in your ability to repay them if you borrow money).

It is important to consider why you require funds and select the most appropriate loan type based on your existing financial condition. Check out Forbrukslån.no to find out more details about the topic.

Two types of loans

Personal loans are divided into two categories, and those are secured and unsecured.

Personal loans that are not secured by collateral are known as unsecured loans. Depending on your financial history, the lender determines if you qualify. Some lenders provide secured loans if you do not apply for an unsecured loan or want a lower rate.

Secured personal loans are guaranteed by assets such as a bank account or a certificate of deposit. If you default on your payments, your lender may be able to seize your property as payment for the loan.

How can you receive a personal loan?

When you consider where to get a loan, banks are among the first places that immediately spring to mind. Personal loans are available from a variety of financial institutions, including banks and credit unions.

People who qualify can get loans through credit unions, consumer financing firms, online lenders, and peer-to-peer lenders.

In recent years, a slew of new internet lenders has appeared. If you have any doubts about a lender’s legitimacy, contact the Consumer Financial Protection Bureau or the Better Business Bureau.

Personal loans vs. other types of financing

Personal loans can help you get the money you need in a variety of scenarios. Still, they are not always the greatest option. If you already have the perfect score, you may be eligible for a 0% introductory APR balance transfer credit card. A credit card could be a wiser choice if you can pay off the bill before the interest rate increases.

Keep in mind that if you receive a balance transfer card and cannot pay off your balance or incur a late payment until the introductory rate expires, you might end up paying thousands and thousands of dollars in interest.

If you are a homeowner, you might want to look into a home equity loan or line of credit, often known as HELs or HELOCs. These loans may be able to give you the funds you require for higher loan amounts at reasonable interest rates. HELOCs are revolving credit, while HELs are often installment loans. However, keep in mind that these accounts use your home as collateral. If you skip on your loan, your lender may be able to foreclose on your property as payment.

Your credit scores will be affected

The borrower will pull your credit as part of the application procedure when you apply for a loan. This is referred to as a hard inquiry, and it lowers your credit ratings by several points. Hard inquiries, on average, linger on your credit reports for two years.

When you’re looking for the best prices, some borrowers with whom you already have an account will do a credit check on you. This is referred to as a soft inquiry, and it has no bearing on your credit ratings.

Check your rates with lenders who offer soft pulls, which do not affect your credit ratings.

Interest rates and other fees

Interest rates and fees can have a significant impact on how much you pay over the lifetime of a loan, and they fluctuate significantly from one lender to the next. Here are a few things to think about.

The first is interest rates. Based on the lender and your credit, rates normally range from roughly 5% to 36%. The stronger your credit, the less your interest rate will be in general. And the longer the length of the loan, the more interest you will have to pay.

Do not forget about the origination fees. Some lenders demand a fee to offset the costs of loan processing. Origination fees usually range between 1% to 6% of the total loan amount.

You also have prepayment penalties to consider. Some creditors charge a fee if you repay your loan early since they lose out on some of the interest they would have collected otherwise.

Consider adding up all the charges involved with the loan, not just the interest rate, to estimate the entire amount you will be accountable for repaying before signing the contract. Read more on this page.

What is the greatest way to acquire the best personal loan deal?

Do not just take the first rate your bank or credit union offers you. You also need to compare APRs from several lenders to see which ones are the cheapest. APRs are compared but you might have to pay more if you do not have a good credit score. You can do this with the help of a comparison website.

Before you apply, get a quote from the lender. If they need to run a credit check, ask if they may use a ‘quotation search’ (also known as an ‘eligibility checker’ or a ‘soft search credit check’) instead of an application search, which leaves no trace on your credit record.

You can also consider peer-to-peer loans, particularly if your credit score is good. These loans may have reduced interest rates and are only accessible for a limited amount of money. They appear in almost all comparison tables. As you can see, there is a lot of research to be done, and if you want to make the best deal, you should roll up your sleeves.

 

Taking care of your finances is something we all look at and need to at least once in our lives, to be sure that we have either savings put away for a rainy day, that our retirement is somewhat if not completely taken care of, and that we have emergency funds for ‘just in case.’

But what seems daunting for most people looking to begin a savings or open an account where you can have a direct debit put money away each month but that is still easily accessible if a situation came up that needed immediate monetary aid.

The importance of a bank account and savings.

The most amazing fact about money and banking, in general, is that the practice has been around for centuries with the oldest (and STILL operational) bank opened as early as the 1400s. In ancient Greek, Roman, and Egyptian times there is evidence of money lending and ‘credit’ shown to be used in the form of tokens and the more common and popular option of cattle and the art of bartering (see more about that here https://en.wikipedia.org/wiki/Barter ) which has developed into the modern banking we know today.

So, the big question is, why do we need to have an account? Why can’t we do what the old wives’ tales express of keeping your money in a jar or under the mattress?

Firstly, because you may end up needing too many jars and then you’ll need to store or hide them so that your money is not ‘on display’. Secondly, sleeping on anything other than a bamboo gel mattress (personal preference) is not going to be comfortable, and as the money piles up so will the height of the mattress.

Every person has their reason for wanting or opening a banking account, let’s take a quick look at the topmost prioritized reasons why.

• Safety. This was a big factor for a lot of people, knowing that their hard-earned money is safe and sound in the account as opposed to in the home somewhere is a big weight off the shoulders. If you were to be burgled your physical money is not protected and it is essentially ‘free’ money for the thief.
• Simplicity. All homes have large appliances and equipment, and speaking from experience having just moved into our newly built home (but not yet complete- are they ever) the larger appliance also come with large price tags. Going into a shop with a bag full of cash that’s been recently printed might be best left to the movies. We are more than likely needing to pay with a debit or credit card which not only saves you walking around with a bulging wallet, but you have the evidence that the transaction has been approved and gone through.
• Spending. Seeing all the transactions in one place helps you to keep an eye on what you are spending, to keep on track with savings you may be accumulating till you have enough to purchase what you need and to tweak your budget as you see fit. It is easy enough to get carried away with a bank account full of money, so having it broken down into an easy-to-read format makes life that much simpler.

Many customers and bankers have a different reason for having a bank account, and that’s fine, each to their own as my granny used to say, see this link to learn more about the topic and to evaluate if you are on the right track with your financial plans.

There are different accounts and plans suitable for everyone and their needs, as well as to fit their current earnings, and to work with the banks and representatives to put even a few dollars away each month.

Emergency financial assistance.

Life as we know it is full of surprises, no matter how much we think we have things under control, Mother Nature likes to throw us a curveball from time to time and keep us on our toes. The problem with this is it usually comes with needing some form of finance, and quickly. However, we don’t all have immediate access to a big pool of money and so the credit part of banking comes into play.

If you think about it, we have all had some experience, albeit small, with a line of credit. It may have been as small as asking your parents for a few hundred dollars to buy the latest trainers available only for a limited time and which is why you needed the money then and there. Or perhaps you are wanting to buy a new car and you need the lump sum of a deposit to secure the vehicle.

This large sum of money is best applied for and accepted by large institutions that have the financial stability to support you temporarily. People who have opened a credit union money market account have essentially had the silver lining in their dark cloud and the request to their prayers answered, and you could have the same.

There is always a way to get a helping hand in life, be it through your friends, family members, or a banking institution that understands we all need help from time to time there is something for everyone.

You have the chance to make a better life for yourself with a financial lifeboat, and if you do it through a banking business company then all the better, live the quality of life you deserve.

 

The real estate industry is one of the biggest industries in the United States. Currently, this industry is seeing a large increase in activity in many areas throughout the nation. This is largely due to the fact that interest rates on mortgage loans are fairly low right now. It is also significantly due to the fact a lot of people are spending more time at home now.

There are many areas in the nation that are experiencing what is considered a seller’s market. These markets are the ones that typically have more potential buyers than houses listed for sale. Other areas are seeing what is considered a buyer’s market. These markets are the ones in which there are less potential buyers than homes listed for sale. Some areas, although not many, are seeing a balanced market.

Phoenix/Scottsdale, Arizona

The Phoenix, Arizona market, which also includes the popular city of Scottsdale, is one of the hottest markets in the real estate industry. This area offers residents beautiful weather almost year-round and is ideal for people who live active lifestyles.

You will find some incredible real estate for sale in Scottsdale, Arizona, with options ranging from beautiful condos in popular subdivisions to spacious luxury homes in peaceful areas.

The job market is another draw to this area. There are literally hundreds of job opportunities from many large companies. Amazon, Intel, Wells Fargo, and Banner Health are some of the largest employers in the Phoenix metropolitan area.

The inventory of housing is another reason people are investing in the Phoenix and Scottsdale area. The median housing price in Phoenix is around $275,000 and is around $475,000 in Scottsdale. The inventory of houses in the valley is considered low. This shortage of houses is allowing property values to steadily rise.

Investors also like this area due to the property laws that allow short term rentals. Airbnb rentals, short term leases, and other rental options are allowed in the Phoenix and Scottsdale areas. This is a great feature as the area is a well-known hotspot for spring break vacationers and other travelers who need short term accommodations.

Nashville, Tennessee

Nashville, Tennessee is another city that is a great place for real estate investments. Nashville is currently seeing a boom in construction in the housing market. It is also experiencing an influx in businesses that are looking for a centrally located site with fairly temperate weather year long. Nissan, Vanderbuilt, and St. Thomas Hospital are among the top employers in this beautiful city.

The inventory of housing options is another great reason to invest in Nashville. The inventory includes a wide range of housing styles to meet any household’s needs and budget. These properties range from historical plantations to modern, newly constructed, condominiums.

The median house price in Nashville is currently around $375,000. The median rental price in this city ranges from around $1,200 to $1,400 per month.

Charlotte, North Carolina

Charlotte, North Carolina is another awesome southern city that is a great place for real estate investments. Charlotte offers its residents a high stand of living in a business-friendly environment. The area has a lot of opportunity for growth and the population is warm and friendly.

There are lots of exciting things to do and places to explore. Some of these places, such as the NASCAR Hall Of Fame, also represent the largest employers in the area.

The housing market offers prospective buyers a variety of housing options to choose from. Single family residences of various sizes make up the majority of the housing inventory. However, there are also condominiums, townhouses, patio homes, and other architectural options to choose from. The median housing price in Charlotte is currently around $340,000. The most popular neighborhoods include Eastover, Uptown Charlotte, and The South End.

Tampa, Florida

Tampa, Florida is another great southern city to purchase residential properties. Tampa is located near the middle of Florida’s western coastline. The weather, ambiance, and variety of entertainment options are among the many reasons why Tampa is a popular city. There are also dozens of job opportunities located here. Tech Data, Jabil, WellCare Health Plans, SYKES, and Publix Supermarkets are some of the top employers for Tampa’s residents.

The housing market is another draw for many people to the Tampa, Florida area. The inventory of houses include small single family residences, luxurious estates, modern condominiums, and tons of waterfront residences. Residential properties range from around $150,000 up to over $10,000,000. The median price, however, is around $312,000. Short term rentals, as well as long term leases, are also acceptable in Tampa. The median rental price is around $1,225 per month.

Boise, Idaho

Boise, Idaho is one of the most popular northern cities for people to invest in real estate. It is one of the most affordable cities in the nation. Prices for homes range from under $100,000 up to over $1,000,000. The median price, however, is around $475,000. Rental properties are also allowed here and are fairly common. The median rental price in Boise is currently around $1500 per month.

The area of Boise, Idaho is great for active individuals who enjoy experiencing all four seasons. There are tons of exciting things to do in the city, both indoors and outside. Dozens of museums, art galleries, and other exhibits make for great learning opportunities. The Boise River Greenbelt is another popular destination for many people who enjoy walking, skating, biking, and other outdoor activities.

There is tons of room for growth, both in housing and in employment opportunities, in Boise too. There are dozens of employers in the city and plans for more to move to the area in the near future. Some of the biggest employers currently include Albertsons. Micron Technology, St. Luke’s Health Systems, and HP Inc.

Final Thoughts

Cities that offer higher standards of living for less money than California and New York are seeing an increase in population and job opportunities. Many of these cities are located in areas that offer hospitable living conditions.

The Phoenix and Scottsdale areas, located in Arizona, are among the hottest real estate markets in the nation. Nashville, Tampa, and Charlotte are also popular cities located in the southern region of the nation. Boise, Idaho is one of the most popular northern cities.