2023 Fintech and Financing Conference & Expo

Category Archives: Entrepreneurs, Start-ups, Small Businesses

Solana DeFi Is Starting Over — OpenBook

Decrypt | Stacy Elliott | Dec 7, 2022

Solana forks Serum launches OpenBook - Solana DeFi Is Starting Over — OpenBookSolana devs look to rebuild as they unwind DeFi on the network from Sam Bankman-Fried’s Serum, replace it with OpenBook, and plot a course for the future.

  • Serum, founded in August 2020 by a consortium that included the Solana Foundation and Bankman-Fried’s FTX and trading desk Alameda Research, was a core decentralized exchange platform and liquidity provider for the burgeoning Solana DeFi ecosystem. Its order book was crucial for DeFi on Solana, integrated into virtually all of the biggest DeFi projects on the network, like Jupiter and Raydium. But its private keys were housed within FTX—which is exactly as bad as that sounds.

See:  Crypto.com Halts Solana USDC and USDT Withdrawls and Deposits | $800 Million SOL Tokens Set to be Unstaked

  • Following an apparent hack on FTX on November 11, the same day that the company filed for bankruptcy, DeFi projects on Solana rushed to cut ties with Serum out of fear that the private key that could be used to update the program had likewise been compromised. This effectively flipped the “off” switch on Solana DeFi.
  • OpenBook: Since then, Solana developers, investors, and other stakeholders have been scrambling to turn it back on, pushing ahead with a fork of Serum—essentially a copy of the code, free of any ties to Bankman-Fried or FTX.
    • Now, the community behind OpenBook, the successor to Serum, has to wrestle with some thorny tokenomics questions after reaching $2.7 million total value locked since it was added to DeFi Llama last week.
  • Grants being offered to qualifying projects to rebuild:  “The foundation is very keen on funding grants, at least for the foreseeable future, for OpenBook development so that we can maintain this core piece of liquidity infrastructure for DeFi, however that well is not infinite,” Ben Sparango, head of business development at Solana Labs, said during the call.
    • “Each one of these grants will be evaluated on a case-by-case basis. So it’s not going to be free money forever.”

See:  Grayscale Won’t Share Proof of Reserves | Bitvo Escapes FTX | (Some) DeFi Platforms Benefit from CEX Exodus

Solana co-founder Anatoly Yakovenko:

The community's evolution of Serum to OpenBook has been great to watch.  The community mobilized quickly and in the open to redeploy Serum so it continues on a new, secure path, with decisions made by and for the community members,” he said. “Open Book is a great demonstration of decentralization in action.

Continue to the full article --> here


NCFA Jan 2018 resize - Solana DeFi Is Starting Over — OpenBookThe 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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Dec 15, 2022: Techstars Toronto Winter 2022 Demo Day

Techstars Toronto | Sunil Sharma | Dec 7, 2022

Techstarts Toronto DEMO Day 2022 Winter - Dec 15, 2022:  Techstars Toronto Winter 2022 Demo Day

We are excited to invite you to Techstars Toronto's seventh Demo Day Showcase! Join us on December 15th at 12:00 PM EST to meet the 12 companies graduating from the 2022 Winter Cohort.

This Demo Day Showcase will give the investor community a look at 12 companies poised to disrupt industries and change the world through their technology. With our incredible network of mentors, investors, and partners across Canada already in place, Techstars Toronto sets out to bring the world’s best to Canada.

This class spans from Canada to Africa. Investors take note, these companies mean business. Their traction and team size are seldom seen at this early stage, and their valuations are starting to soar, and surpassing a combined $100M USD already, which we believe is just the start.

Techstars Toronto Winter 2022 Demo Day

Dec 15th 12:00pm — 1:00pm EST

Register for this online event

 

Learn more about each of our 12 companies:

Raenest - Modern financial management tool for African remote workforce talent and global businesses.

Fez - Perfecting the last mile, one delivery at a time.

Renda - Providing fulfillment and logistics infrastructure that enables and empowers E-Commerce businesses to process large-volume orders across Africa.

Simpu - A unified customer communication & precision marketing platform for businesses.

Klas - An all-in-one platform for live learning.

StageKeep - A collaborative tool for creators to easily manage, design, and review the pre-production logistics, rehearsals, and videos for performance productions saving stakeholders time and money.

Ever.ca - Reimagining Financial Services for Canadians.

LaborHack - A captive marketplace connecting artisans to certifications and jobs as well as laddered services including payments, savings, micro-credit, and micro health insurance.

Mamy Eyewear - Building the future of eyewear in Africa through powerful brands and tech.

Glover Technologies - The Leading Digital Assets Marketplace Providing Seamless Opportunities For Africans.

Speak Ai - Turn your language data into insights – fast and with no code.

GIGXPAD - An African financial asset platform that focuses on simplifying the processes of saving, investing, and spending value globally.

Register for the event --> Now


NCFA Jan 2018 resize - Dec 15, 2022:  Techstars Toronto Winter 2022 Demo DayThe 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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US Subcommittee on Covid Releases Staff Report: How Certain Fintechs Facilitated Fraud in the Paycheck Protection Program

US House Subcommittee on Covid | Release | Dec 1, 2022

Fintechs and covid payments fraud investigation - US Subcommittee on Covid Releases Staff Report:  How Certain Fintechs Facilitated Fraud in the Paycheck Protection ProgramToday, the Select Subcommittee on the Coronavirus Crisis, chaired by Rep. James E. Clyburn, released a staff report detailing the poor performance of many financial technology companies (fintechs) in administering the nation’s largest pandemic relief program, the Paycheck Protection Program (PPP)—may have themselves committed PPP fraud

  • In May 2021, the Select Subcommittee initiated an investigation into the role of fintech companies Kabbage, Inc. and Bluevine and partner banks Cross River Bank and Celtic Bank in facilitating PPP fraud following public reports they were linked to disproportionate numbers of fraudulent loans. The investigation was expanded in November 2021 to include fintech start-ups Blueacorn PPP, LLC, and Womply, Inc., after an analysis determined significant percentages of PPP loans facilitated by the companies had indicators of fraud.
    • The investigation was expanded in November 2021 to include fintech start-ups Blueacorn PPP, LLC, and Womply, Inc., after an analysis determined significant percentages of PPP loans facilitated by the companies had indicators of fraud.

See:  Consumer Protection: Fintech Complaints Have Been Rising

Chairman Clyburn released the following statement about today’s report:

“As today’s report details, many fintechs, while promising to help disburse billions of Paycheck Protection Program dollars to struggling small businesses efficiently and expeditiously, refused to take adequate steps to detect and prevent fraud despite their clear responsibility to safeguard taxpayer funds. Even as these companies failed in their administration of the program, they nonetheless accrued massive profits from program administration fees, much of which was pocketed by the companies’ owners and executives. On top of the windfall obtained by enabling others to engage in PPP fraud, some of these individuals may have augmented their ill-gotten gains by engaging in PPP fraud themselves.

“We must learn from this inexcusable misconduct to erect guardrails that will help ensure that federal programs—including emergency assistance programs in future crises—are administered more effectively, efficiently, and equitably while keeping waste, fraud, and abuse to an absolute minimum. Based on our initial findings, I have asked the SBA and SBA OIG to conduct further investigation into these companies and pursue all appropriate remedies, and I have informed DOJ that some of our findings may warrant its attention.”

See:  UK Alternative Lenders Funding Delivery Performance to Small Businesses During COVID

  • Today’s staff report is entitled “‘We Are Not the Fraud Police’: How Fintechs Facilitated Fraud in the Paycheck Protection Program” and is available in full here.   The report reveals the following key findings: Fintechs and Lenders Observed Significant Fraud in the PPP, Which They Attributed to Program Mismanagement as They Sought to Evade Responsibility
    • Blueacorn Took Only Minimal Steps to Prevent Fraud in Its Facilitation of Billions of Dollars in PPP Loans, While Abusing the Program to Enrich Its Owners
    • Womply’s PPP Fraud Screenings Failed to Prevent “Rampant Fraud”—and Were Accompanied by Questionable Business Practices—Despite Generating Over a Billion in Profits
    • Capital Plus, Harvest, and Other Fintech-Partnered Lenders Conducted Little Oversight over Womply and Blueacorn’s Activities, Allowing Fraud to Infiltrate The PPP
    • Kabbage’s PPP Activities Illustrate that the PPP Lacked Incentives for Fintechs to Implement Strong Fraud Prevention Controls or Appropriate Borrower Servicing
    • Bluevine Initially Faced Significant Fraud Rates, but Its Longstanding Partners Intervened to Improve Fraud Prevention Over the Course of the Program
  • Based on the findings, the report includes 11 recommendations to address PPP fraud and improve future programs.
    • It urges the SBA to consider carefully whether businesses like fintechs that are not subject to traditional financial regulations should be permitted to play a part in future federal lending programs, and recommends that Congress take these factors into account in considering future legislation.

View the original release --> here

Download the 130 page PDF full Staff Report --> here


NCFA Jan 2018 resize - US Subcommittee on Covid Releases Staff Report:  How Certain Fintechs Facilitated Fraud in the Paycheck Protection ProgramThe 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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How to Boost Leadership Skills in College

Guest Post | Dec 4, 2022

Importance of leadership - How to Boost Leadership Skills in College

As time passes, the word leadership becomes more and more relevant as a competency in the global arena. This is why leadership in students is becoming more and more important every day, and we need to take care of developing this potential among students so that their path through the institution is meaningful, and equip them with the necessary tools to continue their studies at university.

Of course, leadership is not achieved immediately, but college professors should encourage the development of this quality by reinforcing self-esteem as well as by using character-enhancing tools that can be applied both in and out of the classroom.

The Importance of Leadership

You don't have to wait until you start your professional studies to start stimulating your leadership skills.

The best dissertation writing services claim that to have a good working future, you need to develop knowledge and skills that will help reduce the feeling of insecurity when implementing projects and achieving more ambitious goals.

These days, personal development is not only through learning but also through some social competencies that will allow you to take strategic positions in the future.

How to Develop Your Leadership Skills as a Student?

Leadership in students depends in part on each individual's personality as well as other factors that need to be put into practice to develop this skill:

Start with self-discipline

First of all, you should know that a true leader must exercise discipline in whatever space he or she is in. As you study, you will be able to develop this characteristic because it is essential to your personal life and to be a true leader.

As a true leader, you must also inspire discipline in your fellow students. Depending on how disciplined you are in a particular task, your abilities will be judged positively or negatively.

How do you start practicing self-discipline? Don’t buy college essay papers, turn in assignments on time and complete all homework on time. Also, maintain good habits at home, such as getting up early, taking extra classes outside of school, and working hard to achieve your own goals and objectives.

Boldly take on new projects

It's okay to be busy while studying, but it's a good idea to take on other responsibilities to develop leadership skills in students. Of course, you shouldn't neglect your commitment to your studies, but if you don't limit yourself to one kind of activity, it will serve you well in the future.

For example, you can start with an extracurricular activity that your high school or college has or another assignment that appeals to you and inspires you to step out of your comfort zone.

Don't be afraid to delegate

For a true leader, delegating authority to others when necessary should not be a difficult task. If there is a disagreement or divergence of opinion among your colleagues, don't be intimidated.

You should not feel threatened by listening to the opinions of others. You should show respect in the group in which you work so that everyone can exercise their right to express themselves.

Look on the bright side of problems

A good leader knows how to anticipate problems before they arise and is therefore able to take the lead on any project. This skill will help you offer suggestions in the classroom to strengthen teamwork.

Constant learning

Constantly learning new tasks, functions, disciplines, etc. is the foundation for becoming a good team player. It is essential to becoming a good leader as a student or professional.

As you learn new activities, your mind will be ready to show leadership when needed. You will also be ready for any challenge.

Be an inspiration to others

When you begin to show leadership skills, you should be able to motivate your teammates. You will also be able to encourage them to cooperate when needed. Also, when a colleague needs your guidance, you should support him or her immediately. Showing empathy and respect for others will make you a great leader.

Delegate tasks to your colleagues

Student leadership allows you to develop other skills that will benefit you in life. First, remember that everyone has strengths and weaknesses.

Therefore, delegating tasks to your peers while doing activities that you can develop faster will also help others show their abilities.

Being a true leader as a student

Good leadership doesn't happen overnight; you can start working on it by following the advice we gave you. It is important to always remember that being a leader does not mean being the center of attention.

See:  11 C’s of Soft Leadership and Emotional Intelligence

A true leader must be willing to listen to the opinions and suggestions of his colleagues and then implement them if they are really effective. Once you acquire good leadership skills, you will be able to move forward successfully in your student or professional career.

University is a great place to start developing your leadership skills, then use them during your studies and after graduation, as well as develop them further in the workplace.


NCFA Jan 2018 resize - How to Boost Leadership Skills in CollegeThe 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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Why RPA Is Key To Fintech Growth

Guest Post | Nov 30, 2022

AdobeStock 199672469 women makes mobile payment - Why RPA Is Key To Fintech Growth

Image: AdobeStock

It’s without a doubt how technological advancements are revolutionizing how industries operate today. For instance, in the financial industry, there’s notable growth in terms of computer processing capabilities. And among the innovations today is Robotic Process Automation (RPA).

What Is Robotic Process Automation (RPA)

Robotic process automation refers to technology or software used to streamline rule-based or repetitive processes and workflow commonly carried out by humans. With such tools, companies can save time, money, and resources through automation in production and other operations. Customers, meanwhile, could also benefit from improved accuracy, efficiency, and service quality.

RPA is gaining traction across telecommunications, customer service, manufacturing, and healthcare industries. Apart from these, RPA is also utilized in finance, particularly in various Fintech developments and applications. From traditional banking to blockchain technology, RPA is now widely used in the financial industry. With continued developments, automation can propel Fintech to further growth in the long run.

If you’d like to know why RPA is key to Fintech growth, continue reading this article.

1. Can Open More Business Opportunities 

The banking and finance sectors have become increasingly competitive, including interest and approval rates, banking convenience, and customer service. Thanks to automation, what used to be hurdles in traditional banking services and processes can now be minimized, if not completely eradicated.

For instance, RPA can allow a hassle-free application process for a startup business line of credit. Compared to how complex it was to apply for a bank loan a few decades past, startup owners at present need only to access digital banking apps and explore their credit options. The approval process can also be sped up from a couple of hours to several days.

New business through loans and credits is just one of the many examples of how RPA can help propel banking and finance to further growth. As technology only continues to develop, it’s up to the companies to use RPA to their advantage and think of new financial solutions they can offer to their customers.

2. Boosts Efficiency And Accuracy

One of the main advantages of RPA is its ability to streamline operations in various ways. Automated transactions can be made simple, quick, convenient, and accurate. They can also be an effective way to trim down operation costs, optimize time, and manage resources more effectively, allowing your employees to work and focus on other essential functions of the firm. Overall, RPA can boost the operational efficiency and productivity of the banking and finance industry.

In addition to efficiency, there could also be an increase in accuracy since RPA software can also help minimize human errors attributed to the employee’s lack of knowledge, confusion, or carelessness. After all, regardless if the mistake is minor or substantial, errors in accounts can lead to significant consequences, such as a decrease or increase in profits due to financial statement inaccuracy. However, by getting RPA services from 1Rivet or other providers, these can be reduced since common and repetitive tasks like data entry can be streamlined and automated, resulting in lower operational risks.

3. Enhances Customer Experience 

RPA - Why RPA Is Key To Fintech Growth

Image: AdobeStock

RPA offers many advantages to companies or businesses, but customers could also benefit from automation because it enhances their overall experience.

For one, since internal workflow and operations can be streamlined, employees can allocate their time and focus on other tasks, like customer support. This means that instead of performing administrative and other repetitive functions, they can have more time to attend to and address customer concerns and queries.

Moreover, since customer service is time-consuming and demanding, RPA can also be beneficial in automating customer support functions. RPA can help improve communication and interactions between banks and their customers. This means it’s become more accessible for clients to reach out to financial companies for queries and other concerns through chatbots or automated voice machines. Meanwhile, companies can send thousands of messages in minutes through automated chat and email.

4. Supports Financial Crime Prevention 

Cyber fraud and other financial crimes like wire transfer fraud have become significant hurdles to Fintech’s growth. This is especially since, as technology develops, hackers have also enhanced their efforts to access digital assets and funds in various forms illegally. Because of this, it’s crucial for banks and financial institutions to use RPA.

Digital processing of transactions offers improved accuracy regarding checking credentials and authorization. This can help minimize and prevent human error, which is why automated processes can help prevent financial crimes. Aside from accuracy, RPA also makes it possible to detect fraud quickly and more effectively. Bots can see patterns if there are any suspicious activities and notify the proper authorities as they happen.

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

Financial protection is vital to many Fintech developments, including blockchain technology, DeFi, and newer ones that have yet to hit the market. Fintech’s marketability significantly relies on public trust. And through RPA, these financial platforms can display their credibility to their investors and other stakeholders.

Conclusion 

RPA has allowed banking and finance to grow and remain competitive amidst technological advancements. For one, automation opens business opportunities, boosts efficiency, improves customer experience, and supports financial crime prevention. With all of these in mind, RPA becomes the future of Fintech because of its many advantages and opportunities.


NCFA Jan 2018 resize - Why RPA Is Key To Fintech GrowthThe 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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Technologies in the Recruiting Industry: Pros and Cons

Guest Post | Nov 29, 2022

Pexles Edmond Dantès Recruiting software - Technologies in the Recruiting Industry: Pros and Cons

Image: Pexels/Edmond Dantès

Should You Use Technology in Recruiting? Pros and Cons Revealed!

Did you know over 80% of recruiters now rely on technology to find leads, manage their recruiting pipeline, and track all of their recruits? Recruiting software is now extremely popular; some of the top solutions include signalhire.com and Zoho Recruit. However, while recruiting technology undoubtedly has benefits, it can also lead to some downsides. In this article, we will look at the pros and cons of using technology in recruiting.

Pro 1. Saves Time and Money

The biggest benefit of recruitment software is just how much time it can save your team. Recruitment software allows you to automate a number of tasks, such as screening, scheduling interviews, and even conducting interviews.

Recruitment software allows you to reduce your number of recruiters, which can slash your expenses, instantly driving up your profit. Alternatively, you can free up the time of your recruiters so they can work on other projects and or pursue new leads.

Recruitment software allows you to easily keep track of thousands of recruits. Your recruiters don’t have to worry about manually screening resumes or going through every single recruit and scheduling a time for an interview. Instead, you can get your team to focus on tasks recruitment software hasn’t mastered, such as analyzing a recruit’s soft skills or determining their level of cultural fit.

Pro 2. Increased Efficiency

Efficiency is all about finding the best recruits in the shortest amount of time while spending the least amount of money. Recruitment software is so powerful because it instantly impacts all three efficiency aspects.

Recruitment software does not require significant capital outlay and typically can be purchased for a reasonable monthly fee. It is also designed to be used by non-technical staff so you can quickly train your team on how to use the software.

Recruitment software can speed up the entire recruitment process by allowing you to tap into a database filled with amazing recruits. You can quickly search the database based on the skills and experience you need and instantly find a number of viable candidates that meet your criteria.

Another way this powerful software increases your recruiting efficiency is by ensuring you move talented recruits through your pipeline. Without software, it becomes easy for recruits to fall through the gaps as you forget to send them emails or schedule an interview. These errors can lead to star recruits taking roles with competitors and really hamper your company’s overall growth.

Recruiting software can also play a big role in finding leads and initially connecting with recruits. For example, you can use a Google Chrome Extension to pull a recruit’s email and direct number from their LinkedIn profile, allowing you to get in contact and pitch your company. Reaching the recruit directly can result in a 46% higher connection rate!

Pro 3. Enhanced Applicant Engagement

Technology is completely changing the way recruits interact with the recruiting process. Technology has allowed companies to significantly shorten the recruitment cycle. For example, a recruit can fill out a quick application, upload their resume, complete a test and instantly know if they have progressed to the next round. Then they can schedule an interview for the next day and, within a week, be starting their new role!

Speed is incredibly important in the recruiting process as candidates are applying for multiple jobs and will often take the first good opportunity they receive. If you can leverage recruiting software to speed up your recruitment process, you will often get the first pick for star candidates.

Another way technology helps recruits stay engaged is via the use of chatbots. Candidates can have all of their answers instantly answered. This prevents the drop-off rate, keeping a higher percentage of candidates progressing through your recruitment pipeline.

Con 1. Accuracy and Reliability Problems

Unfortunately, recruitment software is only as good as the data you feed into it. If you don’t have enough leads or are entering incorrect information into the software, then it won’t be able to improve your recruitment process.

There is also the issue of correctly training your staff to use the software. During the early phases of implementing new recruitment software into your company, there are going to be teething problems. Some staff is going to struggle to use the software correctly, and others are going to be reluctant to use it at all, preferring their own methods.

These initial problems can actually cause your recruitment process to take a step backward. However, if you preserve and ensure that all of your staff are using the software correctly, then you should be able to reap the benefits fairly quickly.

Con 2. Culling Qualified Candidates

The issue with automating basic screening using recruitment software is that high candidates can be accidentally culled. For example, suppose you set a hard cut-off date saying all recruits must have at least 5 years of experience. In that case, your recruitment software may filter out a number of amazing candidates who happen to have 3 or 4 years of experience.

See:  Fintech Fridays EP55: Global Hiring Trends: How Gen Z Talent Thrives

Recruiters also need to be careful that their automated tasks aren’t accidentally filtering out candidates from diverse backgrounds. Companies often need to implement separate standards for people from historically marginalized communities to ensure they are equally represented throughout the recruitment process.

Fortunately, this is easy to fix by only reducing your culling requirements and by ensuring a human eye quickly reviews all culled candidates to make sure there are no hidden gems that have slipped through the cracks.

Con 3. Recruitment Technology Can’t Help With Strategy

Currently, recruitment software is limited in its ability to provide deep insights and help you build a recruiting strategy. This may change over the next 20 years thanks to artificial intelligence and the big data revolution.

At the moment, recruitment software helps you action your strategy faster and more effectively. But you are still left on your own to determine how and where you will find recruits and the specific type of candidate you are looking for. If you don’t have a successful recruiting strategy built around those questions, then recruitment software won’t be able to save you!

It will be interesting to see if future recruitment technology can solve this issue. Software that can analyze a company and then develop an in-depth recruiting strategy and provide real-time insights into the types of employees who should hire will be a game changer!

Wrapping Up!

While there are some clear cons of using recruitment technology overall, it helps recruiters do their jobs more effectively. Recruitment software is a great way to reduce the recruitment cycle, identify top candidates quickly and keep them engaged throughout the process. Just remember that recruitment software can’t do everything for you. The recruitment process still needs a human touch, especially in the strategy-building phase!


NCFA Jan 2018 resize - Technologies in the Recruiting Industry: Pros and ConsThe 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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How to Evaluate a Data Protection Company’s Ability to Protect Your Assets?

Guest Post | Nov 25, 2022

Pexels Christina Morillo Virtual data rooms - How to Evaluate a Data Protection Company’s Ability to Protect Your Assets?

Image: Pexels/Christina Morillo

There has been a change in the corporate world regarding the necessity to protect assets during the last few years. The definition of what must be safeguarded and to what extent has become more difficult. Only 15 years ago, most businesses focused on safeguarding assets as they were the most valuable ones. Data are typically at the top of the list of assets that businesses must now include in their inventory.

In addition to branding, connections, non-revenue rights, and intellectual property, your data is a form of intangible asset that you own. Let’s take a look at how to protect your data in this data room review.

All digital papers are kept in electronic format in a virtual data room. It lessens the amount of physical paperwork produced by firms and aids in protecting their intellectual assets. To maintain track of commercial transactions, a lot of businesses use VDRs. They will also be beneficial for asset management and fundraising.

The best virtual data room providers can stop files from being downloaded. They safeguard each file present in the data room.

What Exactly Is a Business Data Asset?

A particular kind of intangible asset made out of data is known as an enterprise data asset. Data is gathered or purchased with the intention of making money for the business, usually after it has been transformed into a different kind of data.

Although the terms "data protection" and "data privacy" are sometimes used synonymously, there is a significant distinction between the two. While data protection offers the tools and regulations to actually limit access to the data, data privacy specifies who has access to the data. Companies are required to take steps to protect sensitive user data, and compliance requirements help to ensure that users' privacy requests are honored by businesses.

The upkeep of a company's data assets aids in decision-making, customer service, and the creation of new revenue streams. Data about numerous transactions, events, and information is gathered and stored by organizations. Typically, most businesses save information about the preferences, social media use, finances, and other aspects of their clients. Organizations are able to better serve their customers and maintain their competitiveness in the market thanks to the management and refinement of the information that has been gathered.

Businesses can streamline the due diligence process with the help of virtual data rooms. Document delivery and review processes can be sped up by centrally storing documents in the cloud. Additionally, the best data room providers can help businesses organize their function flows and develop breakthrough ideas.

What Are the Principles of Data Protection?

Data protection guidelines aid in preserving data and ensuring its accessibility at all times. It includes adopting elements of data management and data availability and covers operational data backup and business development.

The following are significant data management factors related to data protection:

  • Data availability allows users to access and use the information they need to conduct business, even if it is lost or corrupted.
  • Automating the transfer of crucial data between offline and online storage is part of data lifecycle management.
  • The valuation, categorization, and protection of information assets from a variety of threats, such as facility disruptions, application and user errors, equipment failure, malware infections, and virus attacks, are all part of information lifecycle management.

Moreover, the majority of data room providers offer a diverse set of functionality based on the particular use cases for which their data rooms are designed. That is why it is important to make a data room comparison before working with a certain provider.

How to Manage Data Assets?

Some strategies in businesses can use efficiently for managing their data assets include the ones listed below:

  1. Decrease data costs. There are increased costs associated with data management since many firms have a tendency to store a lot of data that is rarely used. Additionally, the expense of storing, safeguarding, and archiving all of this company-wide data is higher. By erasing data that is no longer needed, a corporation should try to lower data management costs.
  2. Derive  greater value from current data. Find new ways to extract value from your data room software to help your business manage your data assets more efficiently. For instance, a business should reassess the value obtained from current data and decide whether there are any additional methods to use the data to increase its value. In order to generate additional revenue, it might potentially think about taking actions like selling the data to third parties.
  3. Data Security. To guarantee data integrity, proper data storage and security are essential. A business should keep a list of all the data they possess, along with a description of the data. The description should state the location of the data's storage, its creation date, and its intended purpose.

How Does the VDR Work?

Particularly important in an organizational transaction are the protection and control of all documents. Within the property management process, the permanent electronic data room ensures secure long-term storage of business-critical data.

Cooperation is continually successful due to the central management of some parties, including owners, partners in the organization, and managers of the assets and properties. It reduces risks, increases openness, and ensures superior quality. The data is kept secure, so processes for upcoming transactions can be completed fast. The following fields successfully employ secure online data room software today:

  • M&A
  • Real estate investment
  • Asset operations
  • Committee communication
  • Venture capital
  • IPOs
  • Document management
  • Groundwork & Expansion.

Data room review enables businesses to control how their product sales, moreover, automates the process only for handling orders and assigning duties.

Data Protection in Business Assets

Data protection is the process of defending sensitive information against loss, tampering, or corruption. As data is created and stored at previously unheard-of rates, the significance of data protection grows.

See:  Why You Should Review Your Data Governance and Privacy Risks in Canada

Five actions you should do to safeguard your data:

  1. Rank information assets according to business risks.
  2. Create data protection policies for your most valuable resources.
  3. Implement tools that enforce rules and alter end-user behavior.
  4. Implement data protection procedures in business operations.
  5. Informing corporate stakeholders about developing a security culture.

As a result, a key component of a data protection plan is making sure that data can be swiftly restored after any loss or damage. Other crucial aspects of data protection include guaranteeing data privacy and safeguarding data against compromise.

Conclusion

VDRs are well-known trustworthy organizations that help you deal with management, conformance, documentation needs, and much more. The rights of access are up to you. It gives authorized employees 24/7 access to the central software. Cross-company projects and ventures will be successfully processed without wasting money, time, or information. The data room services can be utilized later if necessary, and confidential company documents and emails will be archived without affecting the media.


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