Category Archives: Research

How to Build Canada’s Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity

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Public Policy Forum | Forward by Edward Greenspon | Jun 2020

New North Star II - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical ComplexityThe two questions on the minds of economists as governments intervened in March 2020 to dial back commercial activities were how to reignite the economy and would it look significantly different than before. Given that economies are dynamic creatures in a constant state of flux, it is actually hard to imagine them re-emerging in some static holding pattern. The better question is do we want them to differ and in what ways.

Profound and rapid economic change, akin to the 1800s Industrial Revolution, was already generating pent-up policy pressures in the years preceding the COVID-19 pandemic. The rise of the Internet (and a host of other science and technology breakthroughs) tossed many of the old assumptions, as did the stunning rise of China and the relative disengagement of an ever-more insular United States. Analysts increasingly warned of a decoupling of the global commons into rival camps struggling for economic and strategic superiority by gaining advantage for their own technological standards and platforms. When the COVID-19 crisis came along, it merely served as an accelerant to a process pushing and pulling at globalization.

See:  [Report] A New North Star: Canadian Competitiveness in an Intangibles Economy

It is in this context that the Public Policy Forum releases New North Star II: A Challenge-Driven Industrial Strategy for Canada. It provides a well-timed dissertation on how Canada can build up its competitiveness amidst the rise of an intangibles economy and greater geopolitical complexity.

It would be nice to think that world leaders will reflect on the health and economic calamities from COVID-19 and give greater weight, as after the Second World War, to strengthening global collaboration. The pandemic could be like a science fiction story of old, rallying nations against the alien invaders. Rather, it appears more likely to aggravate the weakening of the institutions of an inclusive international order in favour of a U.S.-led sphere and a Chinese-led one - each vying for strategic advantage while sowing uncertainty and mistrust among nations. (Perhaps there will be a middling European model in the mix, although lacking in the muscularity of the other two.)

Either way, Canada needs to contend with the attenuation of its long-standing strategic anchors: a United States committed to our welfare and the counter-balance of a high-functioning multilateral system. Pathways to the elusive Third Option have been obstructed by the U.S.-China chasm. While our interests, as always, cry out for more friendships, not fewer, within the family of nations, the desire for greater diversification runs headlong into geographic realism in a world of choosing sides.

New North Star 1 was notable for the ground it broke on how public policy was falling behind the surge of the intangibles economy that touched everything from tech to resources. Authors Robert Asselin and Sean Speer argued that new imperatives required Canada to forge a new policy consensus in such areas as intellectual property, foreign investment, data sovereignty and the development of a talent and skills-laden workforce.

See:  Monopoly-Friendly Canada ‘Does Not Treat Competition Policy Seriously’

In this second volume, the authors, joined this time by CIBC economist Royce Mendes, continue down the intangibles path while turning their gaze more squarely on the implications for Canada of the forces of geopolitical change. They portray the tense, technology-driven dynamic between today’s two Great Powers as having forced a shotgun marriage between national security and competitiveness, blurring the lines between the political and economic and the domestic and foreign. Canada’s agonizing over 5G policy provides a case in point.
What’s certainly clear is we need not just to recover but to rebuild. Simply pulling out the old blueprints for an economy that was already under stress would be to waste an occasion to rethink necessary policy challenges, such as:
  1. how to effect a decarbonized oil and gas sector while adding higher value supply chains at home;
  2. how to leverage our clean electricity and find global niches in clean tech;
  3. how to develop digital infrastructure that enhances our competitiveness in the digital economy, enabling Canadians wherever they live to participate in the digital economy;
  4. how to promote digital services that can be sold across borders with less friction than hard goods;
  5. how to design intellectual property and data regimes that foster domestic growth without shutting out global know-how;
  6. how to diversify our export risks in the shadow of the new geopolitical rivalry and strengthen our position vis a vis a more arbitrary United States.

Download the PDF Report: New North Star II - A Challenge Driven Industrial Strategy for Canada -> Now

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NCFA Jan 2018 resize - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Banks Took $11 Billion in Overdraft Fees in 2019, Group Says

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The New York Times | | Jun 3, 2020

overdraft bank fees - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical ComplexityMore than 80 percent of the fees were paid by just 9 percent of account holders, according to the Center for Responsible Lending.

Large U.S. banks took $11.68 billion in overdraft fees out of their customers’ accounts last year, even before the pandemic kicked off an economic crisis, according to research by the Center for Responsible Lending.

Vulnerable people were by far the hardest hit: Nine percent of account holders paid 84 percent of the overdraft fees, according to the review, which focused on banks with assets of more than $1 billion. Those customers tended to carry low balances, averaging less than $350.

The organization said banks should halt overdraft fees during the pandemic, which has led to 40 million new unemployment claims and significant uncertainty about how any recovery will play out.

Peter Smith, a researcher who co-wrote the report, said that overdraft fees were a source of distress for many families even in the best of times and that the coronavirus pandemic only magnified their effects.

“Banks should not experience an unprecedented windfall as the direct result of their customers’ unprecedented distress,” he said.

The group, which supports policies to improve access to the financial system for poor and marginalized groups, urged banks to waive overdraft fees voluntarily, but said it was also backing a proposal to ban such fees during the pandemic.

A spokesman for the American Bankers Association, Mike Townsend, said banks across the country were providing “unprecedented assistance” to customers affected by the pandemic, although the specific actions vary by bank. “This includes fee waivers, deferred payments and other accommodations depending on the customer’s individual circumstances,” he said.

The trade group supplied a list of the banks, many of them regional, that have offered help, including with fee waivers. Some specifically said they were offering to stop overdraft fees for a particular time period, or on a case-by-case basis.

See: 

Overdrafts have already been an issue during the pandemic. Customers of some banks were unable to get access to the full amount of their stimulus payments because they had a negative balance, but other financial institutions made the full payments available to customers even if they had balances that were under zero.

Repeated overdrafts can trigger account closures, amplifying problems for low income consumers — including blacks and Latinos, who are already far more likely to lack access to banking services. In the worst cases, banks used overdraft fees — typically $35 — to strip all the money out of a low-balance account and then closed it, leaving the customer without access to banking services.

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NCFA Jan 2018 resize - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Fintech Firms Fight Friction To Disrupt Banks

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Forbes | Roger Dooley | Jun 1, 2020

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Who is the biggest mortgage lender in the U.S.? If you guessed Wells Fargo, JP Morgan Chase, or Bank of America, you’d be wrong. Late in 2017, Quicken Loans passed Wells Fargo (NYSE: WFC) to become the highest volume mortgage lender.

As the two firms continue to vie for the top spot, the difference between them is apparent. Wells Fargo is a traditional bank, tracing its roots to 1852 and today operating more than 8,000 branches. Quicken Loans dates only to 1985 and operates no branches.

See:  How is Amazon disrupting the financial services sector?

What accounts for Quicken Loans surging ahead of traditional competitors and their long-established customer relationships? The explanation is, quite literally, simple. Quicken’s Rocket Mortgage operation took a complex, intimidating process and made it easy.

In my book Friction, I show how brands like Amazon and Uber, as well as smaller niche players, disrupted their competition by creating an effortless customer experience. This is the exact playbook used by Rocket.

Rocket Mortgage uses the slogan, "Push button. Get Mortgage." They claim a consumer can get approved in as little as eight minutes. (I’ve spent longer than that sitting in a branch waiting to speak to a manager.)

A key part of making things simple and fast is technology. Quicken Loans introduced online applications early in its history. They were among the first to have a mobile app that let customers apply for a mortgage on their phone. They further reduce effort by importing data and pre-filling forms whenever possible.

Quicken founder Dan Gilbert, quoted by Samantha Sharf, explains his firm’s strategy:

"Our product is sort of a commodity. There is not that much different between mortgages, but there is a difference in how that mortgage is delivered and that experience to the customer."

An Easy Customer Experience Win

One might thing that mobile apps, computers screens, and call centers might generate high volume but diminish customer experience. Don’t people prefer dealing with humans, like the friendly branch manager or helpful loan specialist at their neighborhood bank?

See:  Dealing with a crisis: FinTech versus Bank

Apparently the value of human contact pales in comparison to minimizing the customer’s effort. For ten years, Quicken Loans has topped the J. D. Powers customer satisfaction survey for mortgage origination. The firm is not only the highest volume mortgage lender, they have the most satisfied customers.

Mortgage shoppers aren’t looking for delight. They don’t want to be “wowed” or even pleasantly surprised. They want to get through a confusing, often bureaucratic process as quickly and easily as possible.

Digital-First vs. Digital Afterthought

A few years ago, I consulted on a project for a large, traditional financial company. Their product was offered both by long-established competitors and fintech startups. I was struck by the difference in approach - the big firm’s website was hard to navigate, made compliance disclosures prominent enough to be frightening, and had never been optimized for conversion.

See:  How to create high-value customer interactions and win in the Low Touch Economy

The fintech firm sites, in contrast, were uniformly intuitive and easy to use. They included legally required disclosures, but presented the information in a way that minimized their impact on the customer psyche. Their modern designs inspired trust. The next step in any process was always obvious.

When there is a huge contrast in customer experience, a trusted brand alone isn’t enough to win the customer’s business.

Counting Clicks

Banks have improved their digital offerings in recent years, but many still lag behind their fintech counterparts. UK-based user experience expert Peter Ramsey just published what happened when he opened accounts at a dozen different financial firms.

Unsurprisingly, Ramsey’s data showed that fintech firms, on average, make opening account far easier than their traditional brethren. Ramsey counted the number of clicks required to open an account and found they varied from a low of 24 for Revolut to an astounding 120 for first direct.

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NCFA Jan 2018 resize - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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What the last 2 months of fundraising tells us about the future

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TechCrunch | Russ Heddleston | Jun 3, 2020

the future crystal ball - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical ComplexityFor many startups looking to secure funds, the fundraising marketplace has been a bit of a roller coaster. While there are signs that should make founders feel very optimistic (more on that here), it’s important to know how we got to this point.

We’ve used data from the 2020 DocSend Startup Index to track three major metrics to show us real-time trends in the fundraising marketplace. Using aggregate and anonymous data pulled from thousands of pitch deck interactions across the DocSend platform, we’re able to track the supply and demand in the marketplace, as well as the quality of pitch deck interactions.

The main two metrics we’ll be looking at are Pitch Deck Interest and Founder Links Created. Pitch Deck Interest is measured by the average number of pitch deck interactions for each founder happening on our platform per week, and is a great proxy for demand. Founder Links Created is how many unique links a founder is creating to their deck each week; because each person you send a document to in DocSend gets a unique link, we can use this as a proxy for demand by looking at how many investors a founder is sending their deck to.

See:  TFI and InvestHK Event (Jun 11): Why Hong Kong? Why now? Fundraising opportunities and new trends in a post-COVID-19 world

When looking at what’s happened so far this year, we can potentially see where the marketplace is headed.

January and February were off to a roaring start

We all know 2018 was a great year for startup fundraising. And that can be seen in how many pitch decks were being consumed per founder across our platform. In fact, Q1 of 2018 posted nine of the highest weekly totals in all of 2018 and 2019. Investors’ demand was high and there was a lot of capital to deploy. But while 2020 didn’t come out of the gate as strong, demand started gaining momentum by February. In fact, the week of February 10th actually surpassed the demand in the same week of 2018 and was a whopping 19% ahead of 2019.

But the fundraising market isn’t a one-way street, there needs to be a steady supply of pitch decks being sent by founders to meet investor demand. During Q1 of 2018, founders were conservative in sending out their pitch decks (it might not be a coincidence that this is when we started to see a lot of “mega rounds,” as there was far less supply than there was demand). However, founders started courting far more investors in 2019, generating more interest and competition for their companies. We saw a huge jump in links created in the first two months of 2020 and it peaked at a 41% increase year-over-year during the week of January 27. According to the data, 2020 was on pace to match the fundraising activity of 2018.

When things ground to a halt

While it’s clear the trend was moving toward another blockbuster year for fundraising, we’ll never know what was going to happen. We saw the first drop in investor interest in the week of February 24th, just as people were becoming more aware of the very real threat of COVID-19.

See:  Brace for Impact: VC Funding of Fintechs Has Terrible Q1

In fact, founder activity actually started to decline the week of February 17th. While the first two weeks of March saw the beginnings of the market shift (the first two weeks of March dropped nearly 12% as compared to the first two weeks of February), the week of March 16th is when we saw the major drop.

The week of March 16th saw pitch deck interest down more than 20% and links created down more than 21% from their 2020 height in February. This is also the week many places adopted shelter-in-place or other social-distancing orders. It was also when the economic impact began to affect many companies, with VCs spending more time with their portfolio companies as the COVID-19 crisis intensified. In fact, the top four worst days of 2020 for Pitch Deck Interest (other than in the first week of January) were: March 19th, 6th, 12th and 20th.

What April can tell us about finding a new normal

After the initial decline in March, founders and VCs both bounced back fairly quickly. In fact, the next week VC interest increased 10% while the number of Founder Links Created increased by 12%. However, for the following few weeks the number of links created by founders either stayed flat or dropped. But that isn’t the case for VCs. Demand for pitch decks rose steadily all the way through the week of April 20th, which was 25% up year-over-year. In fact, seven of the top 10 best days for Pitch Deck Interest in 2020 were in the month of April.

There could be many reasons founders aren’t sending their decks out with the fervor they were in January and February. Many are adjusting their business models and plans to account for the new environment, some are concerned they may be asked to change their valuation or ask and still others are working with their current investors rather than seeking more outside capital.

See:  The Impact of Coronavirus on Funding Innovation

What we do know is that investor interest was on par earlier this year to outpace 2018, and investors only took a brief pause to adjust in March when the pandemic hit. That means there is just as much capital ready to deploy, and just as much investor interest as there was earlier this year. However, founders are still adjusting to the new market conditions. This means the fundraising marketplace is starting to look very much like it did in early 2018, with investor interest high, but founders supply not quite meeting the demand. This is good news for founders, as some of their fears of less favorable terms may not actually be a reality.

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NCFA Jan 2018 resize - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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4 Aspects in Your Ecommerce Business You Should Automate

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Guest Post | Jun 2, 2020

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I know why you’re here.

You’re trying to scale your enterprise while avoiding adding too much on your workload, aren’t you?

If you’re nodding in agreement, then you need to start using automation.

Automation streamlines your processes, enhances your efficiency in performing tasks, and bolsters your capacity to handle volumes of work.

By taking the manual, repetitive tasks off your hands, automation saves you time and effort so you can attend to more profitable ventures.

That is why automation is crucial to growing your productivity and the success of your online store.

Here are four aspects of your ecommerce operations that you can automate.

1. Product integration

Running a dropshipping ecommerce business involves several little, critical, but time-consuming actions.

Adding a product to your store is a classic example.

You need to copy the product details from your supplier then add them to your store. These details include product photos, names, descriptions, prices, and others.

See:  The Enterprise Automation Imperative—Why Modern Societies Will Need All the Productivity They Can Get

Manually doing that is fine for one or two items, but for 20 or more? It’ll take hours to complete.

Save time and effort by automating these manual tasks. Use dropshipping platforms with automation functions.

One of these platforms is Spark Shipping, which automates a good bit of your dropshipping tasks.

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This platform fully integrates your product details, harmonizes stock quantities, and receives and fulfills order requests to the vendors suited to their different required formats.

Spark Shipping also takes care of delivering orders, updating you about the shipment status, and sending tracking information to the customer.

With platforms like this, your dropshipping operations can run smoother, which allows you to focus on other crucial aspects of your ecommerce business.

By automating your product integration, you can forget about the hassle of having to manually copy product details from its source to your website, monitoring product availability from your supplier, and even doing certain parts of your product fulfillment process.

2. Time and Productivity Tracking

Improve your productivity and pay your employees the right amount by using reliable time tracking tools.

Manually measuring their working hours, though, is laborious and time-consuming, especially if you have a sizable staff.

Thankfully, you can automate monitoring your staff’s productivity through time tracking software programs such as TimeCamp.

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TimeCamp automates task recognition, timesheet generation, and invoicing based on the recorded billable hours.

Automated time tracking lets you uncover any impediments to your staff’s productivity. It shows which tasks take longer to finish, help your employees manage their hours better, and more.

As you optimize your team’s productivity by uncovering (and addressing) areas that can be improved, you get more value out of your employees’ work hours.

What’s more, since the process is automated, human error can be avoided. You won’t have to stare at your excel sheets for long periods of hours just to make sure everyone is paid the right amount.

3. Customer Support

Accommodating your customers’ queries and support requests is crucial when running your online business. However, it can also eat up your productivity.

If you’re like most ecommerce store owners with a decent amount of monthly orders, then you’d be flooded with customer inquiries.

With that, you’d end up spending a good chunk of your time solving your customers’ problems, when you could have spent your time doing something more meaningful.

To streamline your customer support, automate your buyer engagement and answering of FAQs through live chat.

To install that system on your site, use tools such as LiveChat.

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LiveChat lets you automate your customer service with chatbots. You can create and customize templates for these bots.

Let’s say you run life coach certification programs that help mentors get accredited and thrive in their industry.

Installing live chat automates the delivery of human-like replies to basic queries such as, “What is a life coach?” “How can I become a life coach?” and more.

LiveChat bots will then respond according to your pre-set template and answers. They can also automatically email you the transcript of the dialogue.

These bots can handle the initial customer engagement and support, and then turn over specific or complex queries to you (once customers create help tickets).

4. Abandoned Cart Emails

Sending abandoned cart emails is an effective method to recover sales and engaging your inactive customers.

Abandoned cart emails are messages for shoppers who added items to their virtual pushcarts but never continued their purchase.

By reminding your customers of the products left in their shopping carts, you reinforce and entice them to complete their purchase, which then spikes sales and profit for your store.

See:  CRM in 2020: Creating a Competitive Advantage for Your Business

However, manually designing an abandoned cart email and sending it to each inactive customer consumes too much time and attention.

It requires you to check your store notifications now and then for any abandoned pushcarts, interrupting your focus and ecommerce work.

To prevent that, automate your abandoned cart emails by using modern email marketing platforms, such as MailChimp.

MailChimp lets you set triggers for the delivery of an abandoned cart email or email series.

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With MailChimp, you can opt to set the trigger an hour after the logged in shopper leaves his cart in your store. You can also extend it to one to three days after cart abandonment.

MailChimp even lets you freely customize the message content and details, such as the recipients’ email address, your name as the sender, and more.

With automated abandoned cart emails, you shorten the process of reaching out to your potential buyers and effectively bring back lost sales.

Automate your ecommerce store now.

Whether you’re running ecommerce marketing strategies, integrating products to your store, or you’re helping your customers with their inquiries, there is almost always a way to integrate automation into your process.

In this guide, we learned that you can automate these tasks.

  • Product integration
  • Time and productivity tracking
  • Customer support
  • Sending abandoned cart emails

If you have questions, additional strategies, or ideas that you’d like to share, feel free to add them in the comments section below.

 


NCFA Jan 2018 resize - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Useful Tips to Handle Bulk Flash Drives

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Guest Post | May 23, 2020

Flash drives and USB sticks - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical ComplexityOver the years, the many forms of data storage and transfer devices have failed due to one reason or another. Floppy disks used to get spoiled too quickly, and CDs were an inconvenience when having to burn data on to them just to make it portable. However, after the introduction of USB flash drives to the market, numerous problems faced by almost anyone who had a job working with computers were solved.

They are known by many names; flash drives, thumb drives, USB drives, pen drives etc. and come in many shapes and sizes but their main function is storage and transfer of digital data from one location to another. The biggest benefit of these devices is that they are USB (meaning they connect via universal serial bus terminals) and the fact that they are plug-and-play (meaning that they do not require any external software to be installed before use).

However, as with anything on the market, certain precautions need to be taken while making a purchase for a USB drive as well as during its use.

Some Things to Know When Purchasing a Flash Drive:

  • Avoid buying a USB drive that requires any software to be installed on your computer for it to be able to function. As discussed earlier, flash drives do not need software to run on your computer; therefore, if one does require any software, it is usually going to cause numerous problems later on.
  • USB devices come in all shapes and sizes, and there are versions of these devices available that are simple and sleek and even versions that are shaped like various things from your favourite cartoon character to edibles like a pack of French fries or a piece of sushi. Although buying a uniquely shaped thumb drive might be extremely tempting, it is always a good idea to buy one that is thin and small. USB ports in a computer are usually built close together, and at times it can be difficult to attach a bulkier USB in one of them, especially if you have an external USB mouse or keyboard already attached.
  • Along with the external size of the thumb drive, it is also important to pay attention to the internal memory space. It is essential to remember a USB drive’s physical size has no influence over its storage capacity. However, buying a USB with a storage capacity that lines up with your needs is a good idea to avoid any further inconveniences.

Precautions to Take When Using USB Drives:

Flash drives are an extremely easy tool to use, and every computer invented and sold in recent years has many USB ports available for the thumb drives to simply plugin and start functioning. They don’t require any cables, external battery, any power supply or even the need to restart a computer. As soon as a USB drive is connected, it becomes visible as a new device and is ready to use within a minute or two of connection.

Some Security Measure When Using With a Mac

On a Mac, the icon for the drive appears on the desktop as soon as the connection has been made. This is similar to a CD or DVD, and the user has two options: drag and drop the files which they want to transfer to the Flash drive icon or open the drive like a folder on the computer and work in that manner.

See:  Banks, fintech startups clash over ‘the new oil’ — your data

When saving a currently open document on your flash drive one can simply choose the save as option and select the drive location from the dropdown menu. However, it is important to remember to close any open files before ejecting and removing the USB drive from the computer.

There are steps to be followed when removing a flash drive from a computer. One must first “Eject” the drive by holding ‘ctrl’ and clicking on the drive which opens up a menu and choosing the “Eject” option from this menu. However, if the USB drive disconnected without following the proper procedure, it can result in loss of data or the drive becoming corrupt.

Some Security Measure When Using With a PC

When using a flash drive with a PC, the drive will often take the next available letter when it is plugged in. It can be easily accessed via ‘My Computer’ folder and by looking for the name “removable disk”. However, there are a few precautionary measures to be taken when one has finished working with the drive:

  • Locate the green arrow icon on the taskbar (this can be usually found near the clock and volume control). If an individual is not sure about the icon they are looking for they can simply hover their mouse over each icon until they find the one that reads “Safely Remove Hardware”.
  • Once this icon has been located, click on it and a menu will appear with a list of devices connected to the computer. It is possible to have more than one device listed if you have more than one device connected to the computer, click on the device that needs to be removed.
  • Wait for a few seconds after clicking the option, and a pop up will appear informing you that the hardware has been safely disconnected and it is safe to remove it from your computer. The device can now be detached from the USB port.
  • It is essential to remember to do these few steps as they ensure the safe removal of the device. Failing to do these may result in data loss and/or corruption of the USB device.

See:  58 Must-Read Remote Work Resources | 50 Great Remote Working Resources

Some Steps to be Followed for the Proper Care of the Flash Drive:

Amongst the general precautions to be taken when working with any digital device for e.g., keeping it away from moisture and heat, a few other steps can be taken to eliminate the possibility of losing the drive. A name tag can be added to the drive so it can be safely returned to you in case you misplace it. This can be done on of two ways

  • You can name your device in software form by changing its name to yours.
  • Attaching a name tag or getting your name engraved on the device itself.

At the end of the day, taking a few precautions can make the experience of using these helpful tools enjoyable and full of ease. However, if these precautions are not taken, a person can find themselves in a compromised situation.

 


NCFA Jan 2018 resize - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Remote Working Cybersecurity Checklist

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Cyber Management Alliance | Aditi Uberoi | May 21, 2020

CMA Cybersecurity checklist - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity

Established in 2015, Cyber Management Alliance is one of the world’s leading cyber incident & crisis management service providers offering advisory, executive training and bespoke workshops in all aspects of cyber crisis management, incident planning, incident response testing and tabletop exercises. Cyber Management Alliance (CM-Alliance) is the creator of the internationally-acclaimed NCSC-Certified, Cyber Incident Planning and Response (CIPR) course. Previous attendees of the NCSC-Certified CIPR course and tabletop exercises include organisations including the United Nations, UK Ministry of Defence, several UK Police Forces, NHS Trusts, European Central Bank, Swiss National Bank, Microsoft, Ernst and Young, BNP Paribas and many others.

See:

 

Remote Working Cybersecurity Checklist

Some areas of risk - note this is not a comprehensive list but a list to help you prepare for cybersecurity attacks:

  • Cybersecurity
  • Passwords
  • Mobile Equipment
  • Privileged Users
  • Phishing Emails and Scams
  • Policy and Illegal Activity
  • Working remotely, Online Meetings & Calls
  • Exceptions and Change
  • Privacy
  • Cyber Attack and Incident Response
  • Backup Backup Backup
  • HR and Mental and Occupational Health
  • Video and Audio Conferences
  • Helpdesk & Support

Download the Remote Working Cybersecurity Checklist --> Now

 


NCFA Jan 2018 resize - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical ComplexityFF Logo 400 v3 - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexitycommunity social impact - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity

JOIN US THUR, AUGUST 13 CURRENCY WARS, DIGITAL ASSETS, THE RISE OF DEFI WEEK!


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Week 6 Currency Wars Digital Assets and DeFi resize - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity



NCFA COVID 19 letter to government to support Fintechs and SMEs - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity

NCFA Newsletter subscribe600 - How to Build Canada's Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity

 

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