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CRM in 2020: Creating a Competitive Advantage for Your Business

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Guest Post | May 20, 2020

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Small and high businesses all over the world have already understood the benefits of CRM. It provides an important feature that is crucial for every business: competitive advantage will scale up your business. Every business aims to organize effective work with no time-wasting on processes that don't bring the desired result.

Luckily, the number of platforms that enable businesses to work more efficiently is big. Creatio.com is an effective CRM system that features strategies, tools, and technologies for acquiring customers and developing a long-lasting relationship with them. But what is CRM and why such a huge number of organizations use it? CRM meaning is customer relationship management and aims to turn new clients into loyal customers through better and clearer service.

In the following part of the article, we are going to talk about how a CRM system can help businesses to compete.

Ways CRM Helps To Gain Competitive Advantage in 2020

What does make your company stand up? Do you offer more affordable prices, better customer service, or higher quality products? Even if your business is successful, you will still want to improve it to deliver even better service or products to your clients. There is one solution that can cover all gaps, increase sales, and keep customers satisfied. Learn more about features that CRM provides for competitive advantage in 2020:

See:  How Small Businesses Can Compete By Leveraging Data Insights

The right tools for sales

So many times businesses practice various tools hoping to convert quotes into sales. Unfortunately, organizations end up spending a lot of money on innovations and see no result. CRM has all the right tools for the sales team to succeed. CRM for business offers planned sales, they can focus on turning quotes, invoices, and orders into sales rather than wasting time on reports.

Low-code for flexibility

There is nothing as important as being flexible and being able to adapt to changes quickly. Modern CRM systems allow businesses to develop software themselves. Businesses can automate their ideas almost immediately without hiring software developers and spending extra money. Low-code doesn't require special knowledge and experience. The innovation enables the development of apps by using visual interfaces and simple logic. Low coding is not only an exciting process of creating a convenient software for your customers but a great ability to be agile and quickly adapt to changes.

Exceptional customer service

When you define CRM, you understand that it's all about relationships with your customers. By providing personal service, you will keep your clients happy. CRM has all the necessary tools to keep your customers valued: in this case, they will unlikely look for better solutions. CRM processes enable happy customers to return to your organization and recommend it. Customers who are treated with respect and understanding feel that their needs are valued, therefore, they trust such an organization. As a result, CRM helps to build a long-lasting relationship with your consumers.

Real-time access

CRM system allows your organization to be aware of customers' needs 24/7. Businesses can have access to information and provide responses to clients' requests at all times. It's a convenient model of productive business that meets customers' requirements quickly and effectively, therefore, exceeds their expectations and becomes a truly competitive organization on the market.

Conclusion

From the article, you had a chance to learn what does CRM stand for and what features it offers that allow businesses to compete. Customer relationship management is an irreplaceable tool that scales up startups and helps established organizations to attract new customers and gain their respect in a short time.

See:  Dealing with a crisis: FinTech versus Bank

 


NCFA Jan 2018 resize - CRM in 2020: Creating a Competitive Advantage for Your Business 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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EU rules to boost European crowdfunding, platforms agreed

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European Parliament | Dorota Kolinska | Dec 19, 2019

European parliament updates crowdfunding rules - CRM in 2020: Creating a Competitive Advantage for Your Business

  • A single set of rules will apply to crowdfunding services in the EU, up to EUR 5 000 000 

  • Strict rules to protect investors from financial losses 

  • Member states responsible for authorising and supervising crowdfunding providers 

EP negotiating team reached a deal with the Council on Wednesday on EU-wide rules to help crowdfunding services function smoothly and foster cross-border business funding.

The uniform set of criteria will apply to all European Crowdfunding Service Providers (ECSP) up to offers of EUR 5 000 000 (from EUR 1 000 000 proposed by the Commission), calculated over a period of 12 months per project owner, the agreed text says.

To enable small companies or start-ups to use the crowdfunding option, the shares of certain private limited liability companies, which are freely transferable on the capital markets, were included in the scope of the legislation.

The legislation will be accompanied with additional safeguards and clarification on how investors should be informed of the consequences of their choices.

Protecting investors: clear information and transparency

Investors would be provided with a key investment information sheet (KIIS) drawn up by the project owner for each crowdfunding offer, or at platform level. Crowdfunding service providers would need to give clients clear information about the financial risks and charges they may incur, including insolvency risks and project selection criteria.

See:  NCFA advocacy initiatives

In addition, investors identified as non-sophisticated would be offered more in-depth advice and guidance, including on their ability to bear losses and a warning in case their investment exceeds either 1000 EUR or 5% of their net worth, followed by a reflection period of four calendar days.

Authorisation and supervision

Negotiators decided that a prospective ECSP would need to request authorisation from the national competent authority (NCA) of the member state in which they are established. Through a notification procedure in a member state, ECSP would also be able to provide their services cross-border. Supervision would also be carried out by NCAs with the European Securities and Markets Authority (ESMA) facilitating and coordinating cooperation between member states. ESMA’s role, and to a lesser extent that of the EBA, was strengthened in areas such as binding dispute mediation, data collection from NCAs in order to produce aggregated statistics and development of technical standards.

"I am satisfied that we came to an agreement on the final version. I hope that, in a couple of years, investors will see this agreement as a good 2019 Christmas gift", said Eugen Jurzyca (ECR, SK), rapporteur for crowdfunding regulation.

"This regulation will allow crowdfunding service providers to give SMEs, start-ups and innovative companies new opportunities. New projects will have better access to finance that will boost the real economy", said Caroline Nagtegaal (Renew, NL), rapporteur responsible for file on “Markets in financial instruments: crowdfunding service providers”.

Next steps

Technical work on the text is now under way by the services of the three institutions. Afterwards, the agreement will have to be approved by the Economic Affairs Committee and the Parliament as a whole.

Source:  European Parliament

 


NCFA Jan 2018 resize - CRM in 2020: Creating a Competitive Advantage for Your Business 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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Principles for Businesses

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Robin Ford Consulting | Jan 6, 2019

ethics and integrity - CRM in 2020: Creating a Competitive Advantage for Your BusinessPrinciples for Businesses

When hearing the phrase “principles for businesses” most of us working in the financial services sector think first of the high level requirements and high level expectations imposed on financial services businesses by regulators. They really matter – partly because they are (or should be) requirements that are enforced, and partly because policy makers and regulators understand very well that if these requirements are not met, regulated firms will not be fully competent to meet other more specific legal requirements and to service markets and customers fairly and well.

 

What are they?

  1. Integrity: conduct business with integrity.
  2. Skill, care, & diligence: conduct business with due skill, care, and diligence.
  3. Management & control: take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.
  4. Financial prudence: maintain adequate financial resources.
  5. Market conduct: observe proper standards of market conduct.
  6. Customers' interests: pay due regard to the interests of customers and treat them fairly.
  7. Communications with clients: pay due regard to the information needs of clients, and communicate information to them in a way which is clear, fair, and not misleading.
  8. Conflicts of interest: manage conflicts of interest fairly, both between itself and its customers and between a customer and another client.
  9. Customers - relationships of trust: take reasonable care to ensure the suitability of advice and discretionary decisions for customers who are entitled to rely upon its judgment.
  10. Clients' assets: arrange adequate protection for clients' assets when it is responsible for them.
  11. Relations with regulators: deal with its regulators in an open and cooperative way, and disclose to the appropriate regulator appropriately anything relating to the firm of which that regulator would reasonably expect notice.

Source: Handbook of the UK Financial Conduct Authority

See:  Lagging regulation, consumer trust inhibiting FinTech adoption in Canada

How are they applied?

In line with its risk-based approach to supervision, a conduct regulator will make clear that firms should apply the principles proportionately in a way that makes sense for their specific business. Firms must also demonstrate how they have achieved compliance.

What are the benefits?

Firms that are used to box-ticking, black letter law compliance will find this approach difficult at first, but achieving it, with the necessary adjustments over time as the business evolves, will pay big dividends. First, of course, they will be compliant but, even more important, demonstrated compliance should enable the regulator to be more relaxed about supervision and impose fewer formal and informal reporting and other discretionary requirements on the firm. Also, if the firm breaches a more specific requirement, the regulator may decide not to take enforcement action on the grounds that systems and controls were adequate or, if it does, any penalty that would otherwise be imposed may be reduced.

Second, these principles really are the essence of a well-run, successful business. In its supervision, the regulator will therefore focus on a firm’s internal culture, its business models, and the way the firm treats its customers (taking a risk-based approach). As the UK FCA puts it: “…culture is about encouraging and incentivising good things, not just stopping bad things from happening” (Speech: https://www.fca.org.uk/news/speeches/transforming-culture-financial-services).

See:  Social equity must be central to urban tech innovations

Regulators want to prevent misconduct, not just clear up the messes after they happen, by anticipating and pre-empting poor conduct. This is exactly what firms themselves should be doing, whether or not regulators are watching them. One could call this self-regulation, or just good business. As one head of compliance for a very large global financial services conglomerate said to me once, she would not be able to do her job if she did not start with these high-level principles in every jurisdiction within her portfolio.

Conclusion

All financial services firms everywhere should strive to meet these high-level requirements. Businesses cannot serve markets and their customers well if they are not compliant with both the letter and spirit of the principles. And, when entering new markets, they are a very good place to start.

Robin Ford is a former Chief Counsel, Insurance, UK Financial Services Authority and former Executive Commissioner, British Columbia Securities Commission. With some minor differences, this article was first published in the Global Business Counselling newsletter RESPONSIBLE BUSINESS in December 2019.

 


NCFA Jan 2018 resize - CRM in 2020: Creating a Competitive Advantage for Your Business 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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Cambridge: Global Regulator Survey Results – Regulation of Alternative Finance is Key to Make Sector Safe to Scale for the Masses

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Crowdfund Insider | | Oct 21,2019

coins and tokens - CRM in 2020: Creating a Competitive Advantage for Your BusinessThe Cambridge Centre for Alternative Finance (CCAF), part of the Judge School of Business at Cambridge University, has partnered with the World Bank to publish a report on the global regulation of alternative finance and innovative Fintech firms. According to the new report, the regulation of alternative finance will increase significantly over the next two years, as indicated by a global survey of 111 regulatory jurisdictions.

Equity Crowdfunding, Peer to Peer Lending & Initial Coin Offerings

As various forms of alternative finance emerge, typically regulators are slow to update or create new rules as they research and dissect digital services. More specifically, access to capital platforms such as equity crowdfunding, peer to peer (marketplace) lending and initial coin offerings (or token offerings), have digitized investment opportunities and the capital-raising process. These three types of finance are the focus of this report. The CCAF study seeks to better comprehend alternative finance via empirical information gleaned from regulators and other public authorities.

Alongside AML/KYC requirements, regulators’ main priorities are said to be:

“… protections against misleading promotions or the misuse of client money. Depending on the activity in question, between 93% and 100% of regulatory frameworks impose requirements in relation to the clarity and fairness of promotions; between 100% and 88% impose sector-specific AML/KYC requirements, and over 80% impose the segregation of client assets, where applicable.”

While regulators and other policymakers see the potential for new forms of finance they simultaneously understand the need to better regulate the sector for the “mass market” including individuals and mid to small businesses (MSMEs).

See: 

 

CCAF explains:

“Despite a boom in alternative finance regulation since 2015, the relevant activities are still not formally regulated in most jurisdictions – only 22% of jurisdictions formally regulate P2P lending, as opposed to 39% for ECF [equity crowdfunding] and 22% in the case of ICOs [initial coin offerings]. Where these activities are regulated, some jurisdictions apply to them pre-existing regulatory frameworks (e.g for securities). More often, they are subject to bespoke regulatory frameworks, particularly in the case of P2P lending (12% of jurisdictions) and ECF (22% of jurisdictions).”

While not the norm today, CCAF predicts that by 2021 most jurisdictions will have bespoke rules for investment crowdfunding and over a third will have new rules for peer to peer lending and ICOs.

Creating new rules or updating old ones is not always an obvious task. Regulators, as one would expect, look towards other jurisdictions to gauge and compare rule-making progress and development.

While fraud and capital loss are big concerns, regulators frequently lack the expertise and other resources to move quickly and better regulate. Innovative policy approaches have helped in their task. CCAF states:

“Regulators are thus looking to more innovative solutions to overcome these limitations in regulation and supervision. Among respondent regulators, 22% have created regulatory sandboxes, 26% have innovation offices and 14% have active Regtech/Suptech programs. Based on regulators’ responses, the number of sandbox and Regtech/Suptech programs could double and triple respectively in the coming years. In terms of sheer numbers, it seems that innovation offices that have the most quantifiable impact to date, having assisted twelve times as many firms as sandboxes – over 2,100 in total, against just 180 for sandboxes. However, proponents of the sandbox might argue that for particular ‘policy-testing’ orientated sandboxes, the purpose is not to increase the number of innovative firms supported but to facilitate policy learning, design, and review.”

 

See:  Canadian fintech adoption rate hits 50 per cent, but still trails global peers: EY

potential impact of altfi - CRM in 2020: Creating a Competitive Advantage for Your Business

Cambridge Centre for Alternative Finance | Oct 2019

Cambridge regulating alternative finance 1 - CRM in 2020: Creating a Competitive Advantage for Your Business

Highlights from the report

  • Alternative finance is still typically unregulated – but bespoke regulation is catching on. Despite a boom in alternative finance regulation since 2015, the relevant activities are still not formally regulated in most jurisdictions – only 22 per cent of jurisdictions formally regulate P2P lending, as opposed to 39 per cent for ECF and 22 per cent in the case of ICOs. More often, they are subject to bespoke regulatory frameworks, particularly in the case of P2P lending (12 per cent of jurisdictions) and ECF (22 per cent of jurisdictions).
  • The potential of alternative finance speaks to a new set of regulatory objectives.
    Policymakers globally are keen to explore the promise of alternative finance. A clear majority are optimistic about its potential to improve MSMEs' and consumers' access to finance (79 per cent and 65 per cent respectively) and stimulate competition in financial services (68 per cent). Such expectations chime with regulators' emerging priorities, as many now have statutory objectives to support financial inclusion, economic policies or competition. While regulation is not the norm today, by mid-2021 most jurisdictions will be regulating ECF and more than a third intend to regulate P2P lending and ICOs; bespoke frameworks will likely become even more common.
  • Benchmarking drives global regulatory change.
    Regulatory benchmarking is used by more than 90 per cent of regulators when reviewing alternative finance regulation, and lessons learned from other jurisdictions have prompted changes in regulation more frequently than any other trigger (56 per cent to 66 per cent of regulators, across the three activities). The most benchmarked-against jurisdiction is the UK, followed by the USA and Singapore, but emerging markets such as Malaysia, the UAE and Mexico also rank among the top 10.
  • Alternative finance regulation is about making the sector safe at scale.
    Alternative finance regulation seeks to make the sector fit for the mass market, including both individual investors and MSMEs. Ensuring liquidity or minimising the potential for capital losses do not appear to be prioritized over those goals. This may be an indication of how regulators interpret their consumer protection mandates in relation to alternative finance.

See:  ‘Underwhelming’ financial services sector contributes to lagging productivity: report

  • Alternative finance regulation isn't 'light touch'.
    There is little evidence yet of regulators purposefully creating light-touch regulatory frameworks for alternative finance. If anything, purpose-built regulatory frameworks tend to have more obligations in place than pre-existing ones – out of 20 potential obligations examined in the survey, the average bespoke frameworks for P2P lending or ECF featured nine, against five for pre-existing ones. For ICOs, the balance was five versus three. They tend to prioritise checks on investor exposure, rigorous due diligence on fundraisers, client money protection and appropriate online marketing standards.
  • As supervision stretches their resources, regulators are turning to innovation.
    Alternative finance supervisors see fraud, capital loss and money laundering as significant risks. Enforcement cases are also common, particularly in unregulated ECF and ICO sectors. Regulators are also looking to more innovative solutions to overcome these limitations in regulation and supervision. Among respondent regulators, 22 per cent have created regulatory sandboxes, 26 per cent have innovation offices and 14 per cent have active RegTech/SupTech programmes.
  • Alternative finance regulation needs better support and a stronger global evidence base.
    To design regulations for alternative finance, regulators have thus received support from a wide range of sources. Most common is for regulators to be supported by multilateral institutions such as various development banks (23 per cent), followed by their peers, for instance, through associations of financial regulators (17 per cent). Nevertheless, 77 per cent of regulators would like more support. Comparing how often sources of support are currently available and desired, there are sizeable gaps. The gap appears larger in the case of support from academics: 13 per cent have received this, but 61 per cent would like to.
  • Emerging-market regulators highlighting new regulatory objectives in regional clusters.
    Most regulators in Sub-Saharan Africa, Latin America and the Caribbean now have statutory inclusion objectives, while regulators in Latin America are more likely than their peers elsewhere to have competition objectives. Regulators in lower income jurisdictions are twice as likely as those in high income jurisdictions to be tasked with supporting governments' economic policies (42 per cent vs 20 per cent), and those in Sub-Saharan Africa are about three times as likely (64 per cent).

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NCFA Jan 2018 resize - CRM in 2020: Creating a Competitive Advantage for Your Business 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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Goldman Sachs is slashing employee pay as it ramps up new tech ventures like the Apple Card

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CNBC | Hugh Son | Oct 17, 2019

david solomon - CRM in 2020: Creating a Competitive Advantage for Your Business

Key Points

  • The bank set aside 35% of its revenue for staff compensation and benefits this year, the lowest that ratio has been in at least a decade, according to an analysis of Goldman’s data.
  • Put another way, the average Goldman employee earned $246,216 for the first nine months of 2019, less than half the $527,192 at the same point in 2009.
  • “As we grow more platform-driven businesses, we expect compensation to decline as a proportion of total operating expenses,” CFO Stephen Scherr says.

Goldman Sachs is on track to pay its employees the lowest of any year in at least the past decade, and executives warned that the trend will continue as software consumes more of the firm’s businesses.

The bank set aside 35% of its revenue for staff compensation and benefits so far this year, the lowest since at least 2009, according to an analysis of Goldman’s data.

See:  Silicon Valley VCs Are Planning to Get Bankers Out of the IPO Business

Put another way, the average Goldman employee earned $246,216 for the first nine months of 2019, less than half the $527,192 at the same point in 2009. That figure is calculated by dividing the bank’s compensation pool by the number of workers.

It’s the latest sign of the times for Wall Street and Goldman in particular. Trading became far less lucrative for banks after financial crisis-era rules discouraged hedge-fund like bets and central banks drained volatility from markets. At the same time, human traders have been disrupted by electronic firms like Virtu and XTX, places that employ a few dozen coders to trade billions in stocks and currencies every day.

“We are in the midst of the biggest marriage of tech and finance in history,” said Mike Mayo, a veteran bank analyst at Wells Fargo. “It means more bots relative to bankers, more machines, more automation, more scale. The next decade will see the implementation of technology to a greater extent and in ways that have never been done before.”

The drop in employee pay will continue as Goldman undergoes a fundamental shift: For most of its 150 years, its business model was essentially to pay top dollar for the best talent available.

Now, as CEO David Solomon faces pressure to reinvent the bank and unearth new sources of revenue, Goldman has been working feverishly to create automated solutions in existing and nascent businesses. That means clients will increasingly interact with software instead of expensive humans.

“As we grow more platform-driven businesses, we expect compensation to decline as a proportion of total operating expenses,” CFO Stephen Scherr told analysts on Tuesday. “Platform businesses should carry higher marginal margins at scale and be less reliant on compensation.”

In fact, the firm spent $450 million so far this year on efforts to draw in new customers, including its launch of the Apple Card, the expansion of its Marcus retail banking brand and the creation of a payments platform for corporate clients.

In its markets division, the bank recently committed $100 million to overhaul its stock trading technology to serve sophisticated quants who rely on trading systems over human operators. And Goldman’s direct-to-client platform Marquee has recently seen “strong growth” to 50,000 monthly active users, Scherr said this week.

See:  Where Top US Banks Are Betting On Fintech

With the bank facing pressure on its overall returns and skepticism over its transformation, the money has to come from somewhere. Taking down employee compensation is one such lever, according to Portales Partners analyst Charlie Peabody.

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NCFA Jan 2018 resize - CRM in 2020: Creating a Competitive Advantage for Your Business 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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‘Underwhelming’ financial services sector contributes to lagging productivity: report

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Investment Executive | Maddie Johnson | Oct 16, 2019

productivity and the financial services sector - CRM in 2020: Creating a Competitive Advantage for Your BusinessC.D. Howe calls for more regulatory barriers to be removed

For years, Canada’s productivity growth has lagged many of its international peers, according to an upcoming report from the C.D. Howe Institute. And the financial services sector could play a vital role in reversing the trend.

The report, to be released Thursday, examines the financial services sector and its overall contribution to productivity in Canada.

Authors Farah Omran and Jeremy Kronick link long-term sustainable economic growth with an improvement in productivity, saying advanced economies need to do more than just increase their traditional inputs, such as labour and capital.

The financial services sector has the ability to improve its productivity, which would in turn enhance Canada’s overall productivity growth, the report says.

Despite its potential, the sector falls short, and its overall contribution to Canada’s productivity growth is “underwhelming.”

The report discusses how three main channels — competition, attracting capital and the allocation of capital — are hindered by restrictive regulation, hurting Canada’s overall productivity growth.

“Canada’s current regulatory framework has improved over the past decade; however, more could be done to remove regulatory barriers that hamper competition, the progress of innovative firms, and better reflect international best practices,” the report says.

See:  Nov 20, 2017: NCFA Canada Welcomes Competition Bureau’s recommendations to encourage competition and innovation in Canada’s financial services sector


Remove barriers to financial sector productivity: C.D. Howe Institute

C.D. Howe Institute | Oct 17, 2019

The authors examine the contribution of the financial services sector to Canada’s productivity growth and find it has been underwhelming, considering its potential. The financial services sector employs relatively more Canadians with postsecondary and postgraduate education than do other sectors, and promotes growth and productivity within the other complementary sectors that serve it. As a result, any increase of productivity in the financial sector has an outsized effect on Canada’s productivity at large.

The report lays out how regulatory changes could improve the contribution of the financial sector to productivity by increasing competition through the development of fintechs (financial technology), and by bolstering lending to small and medium sized businesses (SMEs), through measures including a switch from a focus on mortgage lending to business lending.

Fintech: The report notes only $263 million in investments were made in Canada’s fintech market in the first half of 2018, compared with $14.2 billion in the United States and over $16 billion in the United Kingdom.

One obstacle to investment, productivity and scaling up of fintechs in Canada is legislation that until recently restricted the extent to which banks could invest and participate in fintechs and other technology-related activities. Although recent amendments to the Bank Act and the Insurance Companies Act raised the investment limits based on the value of the entity being acquired, the government has yet to provide sufficient clarity regarding these changes and set a date for enforcing them.

See:  NCFA Letter to Ontario Economic Development on Burden (Jan 2019)

Lending to SMEs: Canada ranks dead last among OECD peers in small business lending as a share of total business lending, and near the bottom in overall business and small businesses lending as a percentage of GDP. This indicates a need to investigate whether it is necessary to deepen Canada’s capital markets beyond domestic bank debt financing, which according to OECD data was 60 percent of all SME financing in 2017 (approximately 80 percent if we include foreign banks, credit unions and caisses populaires).

One reason for this is that the alternative to business lending – residential mortgage lending – is risk free, and SME operational costs might be too binding and crowd out SME credit. This risk-free mortgage lending is a result of the 100 percent insurance that Canada Mortgage and Housing Corporation (CMHC) provides lenders of insured mortgages. As a start, the authors recommend that CMHC begin scaling insurance premiums to the credit-worthiness of mortgage borrowers instead of the present one-size-fits all approach.

“Although regulations are necessary to protect consumers and maintain the stability of the financial system,” says Omran, “They should be balanced between protecting against potential risks and ensuring appropriate competition – often from new entrants – which is crucial for the generation of innovative ideas and, in turn, productivity growth.”

More broadly, the authors recommend:

  • the continued removal of barriers to the development of fintech through a flexible regulatory approach that is both based on the specific function of individual fintechs, and proportional to the risk involved in the services provided;
  • more explicit competitiveness mandates for Canada’s financial services regulators to spur innovation;
  • continued strengthening of the links between regulatory bodies both across provinces and different regulatory areas;
  • changes to the incentive structure so that financial institutions move away from a focus on mortgage lending to one on business lending.

 


NCFA Jan 2018 resize - CRM in 2020: Creating a Competitive Advantage for Your Business 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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Meet FFCON19 Featured Keynote Speaker: Dr. Dan Rosen

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Dr Dan Rosen is a FinTech Entrepreneur and Quant. Dr Dan Rosen resize - Meet FFCON19 Featured Keynote Speaker: Dr. Dan Rosen

He is currently the Chief Executive Officer of d1g1t Inc., a new digital wealth management platform, powered by analytics, that offers advanced transparent portfolio management services to advisors and their individual investors. He is an Adjunct Professor of Mathematical Finance at the University of Toronto and was the first Director of the Centre for Financial Industries at the Fields Institute for Research in Mathematical Sciences.

Dr Rosen was the co-founder and CEO R2 Financial Technologies, acquired by S&P Capital IQ in 2012, and where he was Managing Director for Risk and Analytics until 2015. Prior to starting R2 in 2006, Dr Rosen had a successful career over a decade at Algorithmics Inc., where he led financial engineering and research, strategy, products and marketing.

In addition to working with numerous financial institutions around the world, he lectures extensively on financial engineering, portfolio management, enterprise risk and capital management, credit and market risk, valuation of derivatives and structured finance. He has authored numerous risk management and financial engineering publications, including two books, and several patents, and serves in the editorial board of various industrial and academic journals.

Dr Rosen was inducted in 2010 a Fellow of the Fields Institute for his “outstanding contributions to the Fields Institute, its programs, and to the Canadian mathematical community”. He currently serves in the Board of Directors of the Fields Institute, as well as in the Advisory Boards of the OSC on Fintech, Canada’s Institute Innovation Platform (IIP), International Association of Quantitative Finance (IAQF), Global Risk Institute (GRI), Center for Advanced Financial Studies at the University of Waterloo, and the Institute for Leadership Education in Engineering (iLead) at the University of Toronto. He is one of the founders of the Professional Risk Management International Association (PRMIA) and of RiskLab, initiated at the University of Toronto.

He holds an M.A.Sc. and Ph.D. in Chemical Engineering from the University of Toronto and was a Post-Doctoral fellow at the Centre for Management of Technology and Entrepreneurship. His B.A.Sc. is in Chemical Engineering from Universidad Autonoma Metropolitana, in Mexico City, where he was awarded in 2015 the recognition of Distinguished Alumni.

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d1g1t Secures Series A Round to Fund the Growth of its Enterprise Wealth Management Platform

CAD $9M investment to support build-out of enterprise portfolio management, analytics and client servicing tools for global wealth management industry

TORONTO — 15 November 2018 — d1g1t Inc., the enterprise financial technology company serving the wealth management industry, announced that it has closed its second round, Series A financing to fund the continued growth of its enterprise digital wealth management platform. Powered by advanced analytics and risk management tools, the d1g1t platform offers transparent portfolio management services to professional advisors and their individual investors.

d1g1t has raised in excess of CAD $9 million over two private investment rounds lead by Purpose Financial, which is headed by Som Seif and backed by the Ontario Municipal Pension Retirement System (OMERS). Other investors in d1g1t include highly-regarded Fintech investors Extreme Venture Partners and Portag3, as well as a distinguished group of angel investors and d1g1t clients.

Through an innovative cloud-based technology platform, d1g1t delivers to financial advisers and their clients greater transparency and enhanced communication that generates trust, as well as an enriched client experience. Its advanced enterprise-wide portfolio and client management capabilities enable advisors to better manage their portfolios and provide their clients with sound investment decision support based on individualized goal-based planning tools, sound risk management and investment analytics.

The d1g1t enterprise wealth management platform is now going live with four clients, responsible for managing an approximately CAD $13 billion of assets under management (AUM) for over 5,000 households.

“The wealth management industry has been underserved by modern technology,” said Dr Dan Rosen, co-founder and CEO of d1g1t. “We have engineered the d1g1t platform to empower advisors to provide proven, transparent, value-added services built around client goals, a richer customized experience for their clients, and stronger client relationships based on long-term trust. Technology, analytics, Big Data and AI will have tremendous impact on the wealth management industry, but will not eliminate the need for human advisors. Instead, they will dramatically improve the services that these advisors provide to their clients.”

The end-to-end platform allows advisors to focus on their client needs and scale the business by uniquely integrating the entire client management lifecycle from client onboarding and financial and investment planning, to portfolio and client monitoring, portfolio rebalancing, trading and compliance.

d1g1t is co-founded by veteran Fintech entrepreneurs, Dan Rosen, Philippe Rouanet and Benoit Fleury, who previously co-founded R2 Financial Technologies, (acquired by S&P Capital IQ) and before that were senior executives of Algorithmics Inc. (acquired by IBM). Originally incubated at the prestigious Fields Institute in Toronto, the company has put together one of the strongest financial engineering teams in the industry to build and support the d1g1t platform.

Purpose Financial is both a lead investor in d1g1t and a client. Its Purpose Advisory Solutions platform has been working with the d1g1t team for the last 12 months, as one of the four early development clients.

“We’re excited to support d1g1t in its roadmap as we feel our industry has done little to invest in technology to support advisors and allow them to optimize their portfolio strategies and client experience,” said Som Seif, CEO of Purpose. “d1g1t provides an unparalleled end-to-end platform to run a modern advisory business which enables advisors to manage much bigger books more efficiently. Advisors and business leaders can now manage their business real-time through business intelligence and continuity reports, advisors can focus on value added activities, and their families and clients can get full transparency through an integrated client experience and modern reporting.”

To learn more please visit: https://www.d1g1t.com.

About d1g1t Inc.

d1g1t provides a new digital end-to-end wealth management platform powered by sophisticated analytics and risk management tools that offers transparent portfolio management services to professional advisers and their individual investors. Headquartered in Toronto, the company is founded by an experienced team of financial technology experts who have developed some of the leading portfolio systems for banks, institutional asset managers, hedge funds, pension funds, insurance companies, and regulators around the world.


NCFA Jan 2018 resize - Meet FFCON19 Featured Keynote Speaker: Dr. Dan Rosen 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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Forbes | Randall Lane | May 26, 2020 In a matter of weeks, Covid-19 spurred seismic shifts in how we work, learn and transact, and it helped usher in a new era that is smarter and fairer. The surreal year 2020 produces a personal Groundhog Day effect. The clock moves at one-quarter speed as the time-numbing diversions and necessities of a century ago, from jigsaw puzzles to yeast, fly off the virtual shelves. Simultaneously, though, the world is transforming at a pace unlike any experienced since World War II. In a matter of weeks, seismic, permanent shifts have occurred in how we work, learn and transact. The most significant shift is taking place in our economic system itself. See:  OpEd: IT’S TIME TO BUILD Capitalism, the greatest engine for prosperity and innovation ever created, was already under strain before the coronavirus pandemic. Despite a decade of impressive economic growth and job creation, a plurality of Americans still reported feeling as though the system was rigged, that hard work and playing by the rules no longer ensured success. “It is scary when you had the lowest unemployment, the lowest African-American unemployment, the lowest Hispanic unemployment, the lowest women’s unemployment,” says Michael Milken, ...
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The Globe and Mail | Patricia Chisholm | May 22, 2020 The emerging use of artificial intelligence (AI) to support or even replace human financial advisors is attracting the attention of regulators – mainly in Britain but also in Canada. While they’re broadly supportive of AI as a cost-efficient tool to broaden the reach of financial advice, they’re also monitoring the potential risks and challenges, trying to ensure that this advice remains both suitable and transparent for clients. The current crisis is certainly putting the usefulness of the new technology to the test. Tony Vail, chief advice officer at Wealth Wizards, a fwell-known provider of AI-assisted financial advice in Britain, says: “We’re finding increasing demand for our technology solutions [as a result of the crisis]. For example, our digital financial advisor, MyEva, had an unprecedented response to an [online] nudge offering help and guidance with finances related to the impacts of COVID-19.” See:  WealthBar rebrands as CI Direct Investing Given the increased attention on AI-assisted advice, Britain’s Financial Conduct Authority (FCA) is taking a proactive approach on the matter. Last autumn, the FCA and the Bank of England conducted a survey of more than 100 financial services firms on their ...
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Wealth Professionals | David Kitai | May 21, 2020 CEO tells WP why the firm is rebranding and what new opportunities lie in the company's future Robo-advisor WealthBar is rebranding as CI Direct Investing with parent company CI financial increasing their ownership stake from 75 per cent to 100 per cent. Tea Nicola, founder and CEO of WealthBar, says that in terms of day to day operations nothing will change for their advisors and their clients. While she admits a bit of melancholy saying goodbye to the brand she built, she accepts that this is the logical next stage for her company and looks forward to the new challenges and opportunities she and her team will be taking on as CI Direct Investing. WealthBar will eventually be combined with Virtual Brokers, CI’s discount broker. See:  Why Partnerships Are the Future for Fintech “We're currently not making any major changes aside from the rebrand itself,” Nicola says. “We're simply fully focused on supporting our customers, growing with the current demand we're seeing and launching this rebrand.” Nicola explained that the rebrand fits in a wider strategy on the part of CI financial, unifying their group of companies under a shared banner ...
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Independent.ie | Adrian Weckler | May 21, 2020 A 20-year-old former BT Young Scientist winner has landed $16m (€14.6m) in new funding from some of Silicon Valley’s most prestigious US venture capital firms The famous former data security chief for Yahoo and Facebook, Alex Stamos, has come on as a new investor, as have Eventbrite CEO Kevin Hartz and (French firm) Datadog’s CEO Olivier Pomel.  The heavy-hitting Silicon Valley firms backing the venture are led by Index Ventures with participation from Sequoia Capital and Kleiner Perkins and assistance from Dublin-based venture firm Frontline. “We’re aiming to distill what GDPR did in 99 Articles down to a line of code,” said Mr Curran. Seven years ago, Sequioa invested in the payments firm created by another former Young Scientist winner, Patrick Collison and his brother John. Stripe has gone on to become one of the world’s most valuable private companies, valued at $35bn (€31.7bn). See:   Cyber security world first as unique guide is launched Evervault hosts a network of hardware-secured data processing ‘enclaves’ which allows developers to deploy their applications in privacy ’cages’.  These cages allow information to be processed securely with strictly controlled access but without changing the way that developers ...
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Forbes | Christopher Helman | May 21, 2020 It’s everyone’s dream to get paid to do nothing. Bitcoin miner Layer1 is turning that dream into reality — having figured out how to make money even when its machines are turned off.  Layer1 is a cryptocurrency startup backed by the likes of billionaire Peter Thiel. In recent months, out in the hardscrabble land of west Texas, the company has been busy erecting steel boxes (think shipping containers) stuffed chockablock with high-end processors submerged inside cooling baths of mineral oil. Why west Texas? Beause thanks to a glut of natural gas and a forest of wind turbines, power there is among the cheapest in the world — which is what you need for crypto. See:  Bitcoin’s “halvening” is upon us “Mining Bitcoin is about converting electricity into money,” says Alex Liegl, CEO and co-founder. By this fall Layer1 will have dozens of these boxes churning around the clock to transform 100 megawatts into a stream of Bitcoin. Liegl says their average cost of production is about $1,000 per coin — equating to a 90% profit margin at current BTC price of $9,100. So it’s odd how excited Liegl is about the prospect ...
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Guest Post | May 23, 2020 Over 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 ...
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Plaid blog | Niko Karvounis & Jesse Dhillon  | May 20, 2020 The financial ecosystem is undergoing an unprecedented digital transformation due to new realities brought on by COVID-19. Consumers and businesses have turned to fintech to manage their finances in record numbers. Digital transformation that was expected to take years is now predicted to take place over a matter of months. Now, financial institutions everywhere must be prepared to meet their customers’ rising demand for digital connectivity. See:  With Plaid Acquisition, Visa Makes a Big Play for the ‘Plumbing’ That Connects the Fintech World Today, Plaid is launching Plaid Exchange to accelerate consumer-permissioned data access strategies for financial institutions. As fintech adoption has grown, so have the needs of financial institutions that must now manage unprecedented customer connections across thousands of fintech apps. Plaid Exchange gives financial institutions, from banks to wealth management firms, an open finance platform that includes critical tools required to manage the secure and reliable data connectivity their customers’ financial lives demand, today and for years to come. At the heart of this platform is the ability for consumers to maintain control and transparency into where and how their financial information is permissioned and shared, ...
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Cyber Management Alliance | Aditi Uberoi | May 21, 2020 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: Accenture: Fintech, Cybersecurity and Methods to Handle Threat Cyber security world first as unique guide is launched 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 ...
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Digital | May 20, 2020 The huge e-commerce company also unveiled buy now, pay later and local delivery tools at its annual conference. Need to Know At Shopify’s annual conference, Unite, the e-commerce platform announced a number of new features. Shopify Balance Account is a “one-stop-shop” account for small business owners and a feature several employees are referring to as Shopify’s bank. The online platform also announced Shop Pay Installments, Fulfillment Network expansion, and Local Delivery products. The conference emphasized the importance of strong digital tools and local commerce in COVID-19 retail climate. See:  Shopify displaces RBC to become Canada’s most valuable company Analysis E-commerce giant Shopify announced a number of new tools and programs at its online Reunite event on Wednesday, the biggest of which is Balance, a banking account tailored to the particular needs of small business owners and entrepreneurs. Balance, which will be made available to Shopify merchants in the US later this year, is a one-stop-shop within Shopify’s platform admin allowing sellers to track cash flow, pay bills, and monitor expenses. According to a press release from Shopify, 40% of merchants are currently using personal accounts for some business needs; Balance aims to provide tools that ...
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Forbes | Susan Galer | May 19, 2020 Timelines for the emergence of quantum computers may be fuzzy, but the threat they pose to the vaunted security of blockchain technology is profoundly real. Originally popular as fail-safe security for bitcoin enthusiasts, blockchain is making inroads across numerous industries, most notably as a track and trace tool proving the provenance of goods across vast supply chains. Blockchain-based security may be even more valuable in managing supply and demand shocks during the pandemic and after. However, as blockchain services grow and quantum computers begin to emerge, now is the time to start thinking about quantum-resistant blockchain. “Once quantum computers can break the cryptography being used today, blockchain loses its immutability,” said Cedric Hebert, senior researcher at SAP Security Research. “We wouldn’t be able to trust new transactions on a blockchain that wasn’t meant to resist quantum-fueled attacks. Companies will need to adopt new protocols to resist quantum attacks.” See:  The research frontier: where next for AI and collective intelligence? Right now, it’s difficult to go backwards on a blockchain’s immutable ledger and change original information in each block of the chain. This is especially the case as blocks are added with more ...
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