CFI.co Blog - Page 11 of 47 - Business, Finance, Economics

The cryptocurrency space has grown significantly over the past year, and new traders enter this space every week. As a new trader, it is easy to get overwhelmed by the sheer size of the over $1 trillion market. However, with a proper guide, you are assured of having an easy time cruising the market and investing in different cryptocurrencies.

stock-exchange-profits-boom-businessman

The first step toward crypto investing is identifying where you will buy and sell cryptocurrencies. The best place to do this is on a cryptocurrency exchange. There are many cryptocurrency exchanges globally, below I have sourced a list of the 3 best crypto exchanges for 2022 from the Best Bitcoin Exchange website.

1. Coinbase – Best for beginners

If you have been researching where to trade cryptocurrencies, you have come across Coinbase. Coinbase is one of the largest exchanges, and it is ranked as the most suitable for beginner traders.

Coinbase boasts of the best user-friendly crypto apps on the market, and it gives traders access to a wide range of learning materials. As a new crypto trader, it is advisable to use the resources provided on the platform because they will teach you about best practices in the market. The best thing about this is that Coinbase gives you free crypto for every successful course taken.

Coinbase also makes it easy for new users to enter the space. The interface will give new users a seamless experience navigating the platform and managing their cryptocurrencies. Expert traders also have an easy time on the platform because they can access advanced trading features on Coinbase Pro.

Most importantly, Coinbase provides a high level of security. The exchange uses two-factor authentication to prevent unauthorized access to user accounts. The exchange also claims to store 98% of users’ crypto offline. Further safety is guaranteed by an insurance policy that covers deposits of up to $250,000.

2. Binance – Best for low fees

When trading cryptocurrencies, you might want assurances that you will not be spending most of your money paying trading fees. Looking for a good exchange platform best for trading with the lowest fees is especially important for day traders.

Binance is the world’s largest exchange by trading volumes. The exchange has one of the friendliest fee structures in the crypto space. Moreover, the exchange is available in most countries.

Binance charges a maximum of 0.1% in maker or taker fees. The fee drops even lower as a user increases their trading volume. Binance US is highly recommended to US residents because they can buy cryptocurrencies directly via USD.

The exchange also offers a wide range of features that are very convenient to traders. These features include a comprehensive market dashboard, margin trading and a wide range of order types, making it easy for traders to buy and sell on the platform.

3. Gemini – Best for security

The Gemini exchange was created in 2014, during the early years of Bitcoin. The founders of this exchange have been keen on security and regulatory compliance. When signing up on Gemini, a new user must complete a verification process that reduces the possibility of fraud.

Users on this exchange also fulfil a two-factor authentication process to secure their trading accounts. Another outstanding security feature is the insurance policy imposed on hot wallets holding user funds on the exchange.

The other unique security feature of this exchange is SOC 2 certification. This certification shows that the exchange’s regulatory and security frameworks have been verified by third-party auditors.

Gemini is the ideal platform for users keen on security or those trading a large amount of funds that pose an increased risk. However, Gemini charges relatively high fees as a trade-off for these security features.

Conclusion

Choosing the best cryptocurrency exchange is just as good as choosing the best trading strategies. With many exchanges in the market, it is important to select one that will best suit your needs as an expert or beginner trader.

Banking

Investment Banking for Beginners: What You Need to Know

ByCFI.co

Did you know that the average investment banker makes more than eighty thousand dollars a year? And that’s before any bonuses that they receive.

Not only is it possible to make a big difference in the world as an investment banker, but you can also make a lot of money. Unfortunately, many people choose not to pursue these types of careers because they don’t understand what is investment banking.

To help you make sense of what it’s all about, we’ve created this guide. If you want to learn more, read on and we’ll tell you what’s important to know.

What Investment Banks Do

Most people have no idea what investment bankers do. They know that it’s an important career, but they aren’t certain why this is.

It’s incorrect to think that investment banking is all about greedy people in business suits who think about nothing else except their next investment opportunity. This is because more and more people are choosing to take ownership of their own financial futures by making investments in assets that will increase in value.

In most situations, this involves developing relationships with investment bankers. While traditional banks mainly take deposits and lend money to people and companies, investment banks sell securities.

It’s common for investment banks to invest the profits from these securities into big projects that traditional banks might consider to be too much of a risk. Here are some of the most common kinds of projects that investment banks tend to get involved in.

Offering Finances for Big Projects

Many investment banks invest their money in large infrastructure projects such as building roads and bridges. These kinds of projects need huge amounts of money to complete. Investment banks invest money into these projects with the belief that they will generate revenue once they’re completed.

Investing in Companies

It’s common for young companies to seek help from investors. Even though many company owners invest their own money to start their companies, this isn’t usually enough. This is why they often choose to create an initial public offering (IPO).

The basic idea behind an IPO is for a business to sell itself to the public. It’s the job of investment bankers to find investors who want to buy securities from these companies.

Mergers or Aquisitions

When it’s in a certain company’s interest to acquire or merge with another company, they seek help from investment bankers to seal the deal. Investment bankers often provide companies with the financing they need to acquire or merge with other companies.

Managing Assets and Offering Brokerage Services

One of the fundamental goals of investment bankers is to make investments in areas where it’s likely to bring returns. They often do this by acquiring clients who trust their investment bankers to manage their money. Investment bankers do this by choosing individual stocks or by finding mutual funds.

The Demographics of Investment Banking

Just like other forms of banking, the investment banking industry is dominated by white men. Less than twenty per cent of members of boards of directors are minorities. Less than thirty per cent are women.

Most people who work as investment bankers know that this is an issue. This is why it’s becoming more common for banks to create diversity programs. The aim of these programs is to seek-out qualified women and minorities to work for their companies.

How to Get Your Start as an Investment Banker

Since it’s important for investment bankers to know how to make deals, they need to know how to sell themselves. This means that you need to know how to convince people to hire you if you want to become an investment banker.

At the very least, it’s essential that you have a bachelor’s degree in business or economics from a respected school. Most investment bankers also have advanced degrees in business and mathematics.

It’s also important to be a good networker if you want to become an investment banker. Most people get started by becoming interns at reputable firms.

What Are the Best Investment Banks?

The biggest investment banks are JPMorgan, Barclays Bank plc, Goldman Sachs, Citigroup, Morgan Stanley, Deutsche Bank, and UBS. There are also hundreds of smaller investment banks that do business in countries around the world.

Most of the largest investment banks generate revenues of more than a billion dollars. Clients of the largest investment banks include retail companies, hedge fund managers, and governments. People with pension funds or who have investments also indirectly do business with investment banks.

The Difference Between Investment Banks and Retail Banks

Retail banks usually work with individuals by taking in their deposits. In exchange for putting your money into a bank, these people accrue interest on their savings. Retail banks also lend money to people who need to do things such as buy a new house.

Investment banks work mainly with large companies that need lots of capital. If you run a start-up or a small business, chances are that you’ll do business with commercial banks rather than with investment banks.

In most situations, investment banks do not do business with individual clients. They are more likely to invest in large companies and projects.

What Is Investment Banking: A Multi-Billion Dollar Industry

If you’ve been wondering “what is investment banking?” it’s important to understand how different investment banks are from retail banks. While most retail banks do business with individual clients, the majority of investment banks invest in large projects and corporations.

If you found this article helpful, don’t forget to check out the other informative articles that we’ve included in our Banking dropdown. Regardless of whether you own a business or are an individual investor, we have many helpful resources.

Finance

Getting A Loan Simplified With A Private Money Lender

ByCFI.co Blogger

Private money lending is a great way to get funding for your investment projects without going through a bank. Private lenders are individuals or companies willing to lend money to people for a specific purpose, usually investment-related.

Loan by Nick Youngson CC BY-SA 3.0 Pix4free.org

The benefits of private money lending are that it is usually a faster and easier process than going through a bank, and the requirements are often less strict. Private lenders like Bugis Credit are also typically more flexible regarding repayment terms.

If you’re considering applying for a loan through private money lending, you should consider a few things.

1. A Simplified Loan Process

A simplified loan process is a transaction with fewer requirements for both the borrower and the lender. It can mean a faster, more effortless transaction for all parties involved.

In the simplified loan process, borrowers need to furnish fewer requirements. The entire process is faster and more accessible for all parties involved. It is because there’s consent between two parties – the lender and the borrower. As long as the property is available to be used as collateral, nothing delays the issuance of the loan money. So borrowers can enjoy better facilities and conventional loan benefits with this type of transaction.

If you’re considering a private loan, be sure to:

Research different lenders
Compare interest rates
Consider the repayment terms
Read the fine print

When you’re ready to start the loan procedures, the simplified process offered by private lenders may be the best option for you.

2. Determine If You Qualify

It is essential to determine if you qualify. To qualify for a private loan, you’ll need to have:

A good credit score
A steady income
Equity in your property

If you have a history of bad credit, there is no need to be concerned – there are still options available to you. Some private lenders work with borrowers with less-than-perfect credit as long as they have equity in their property.

Keep in mind that lenders can have different requirements, so it’s essential to do your research and find one that’s a good fit for you.

Once you’ve found a trustworthy and reliable lender like Bugis Credit, the next step is to fill out an application. The application process is generally straightforward, and you can usually do it all online.

Once you’ve submitted the paperwork, the lender will review it and decide. If you’re approved for a loan, the money will be deposited into your account, and you can start using it right away.

3. Time Required To Have The Money Credited

Private lenders typically deposit the money into your account within a few days, so you can start using it right away.

The great thing about private money lending is that it’s a fast and easy process. There are fewer requirements, and the entire process is easier for all parties involved.

4. How You Use The Money

Now that you have the money, it’s time to put it to good use. Remember, private lenders are typically more flexible regarding repayment terms. So, if you need, you can usually negotiate a longer repayment period.

Things to consider:

What is your exit strategy?
How will you make payments?
What are the risks involved?

To repay your loan, you need to have a solid plan. It will help you avoid any complications down the road. Having a plan can also make financial planning in the long-term easier for you, as you don’t constantly have to be wondering how much money should be used for your loan and other requirements.

5. The Process Of Repaying Your Loan

Once you’ve used the cash from your loan, it’s time to repay it. Private lenders typically have more flexible repayment terms, so you can usually negotiate a more extended repayment period.

Remember to have a solid financial plan before you start making payments. It will help you avoid any complications down the road. Private lenders are typically more flexible when you’re ready to repay your loan. It means you can usually negotiate a longer repayment period. If you are facing issues paying back your loan, it is crucial to contact your private lender to let them know when you can pay.

If you’re thinking of borrowing money from a private money lender, research different options, compare interest rates, and consider the repayment terms. Once you’re ready, the simplified process offered by private lenders may be the best option for you.

You can get the capital you require in no time and easily, with fewer requirements and a shorter timeline. So, if you’re looking around for the ideal loan, be sure to consider a private lender like Bugis Credit. You may be shocked at how fast and straightforward the process can be.

Business

Steps To Launching A Business or Product

ByCFI.co Blogger

Every good company seeks to expand their business by either improving their product line or, better yet, introducing a completely new product line to stay in this competitive world.

Steps To Launching A Business or Product.

It is quite easy to get carried away with your vision of all the sales, notoriety, and success your product or service will bring. But a product launch is not a piece of cake. Just like other initiatives, particularly regarding business, you must invest a lot of time and meticulous planning. Remember, rushing to the market without having proper guidelines would only lead you to catastrophe. Hence, consider the following steps to ensure that your product launch is done right.

Conduct a Market research:

First-ever step to product development is to conduct market research. Examine your client’s most common queries and complaints to see where your current services fall short. Next, examine the evaluations for past products to determine what people liked and didn’t like about them. Remember that your best sources of information are your current consumers.

The data you collect with research is quite beneficial whether you’re targeting new or your existing customers. For instance, you may use this data to create buyer personas, which would assist your marketing, sales, and customer care teams steer a product’s launching in the appropriate direction.

2. Verify your Product:

Once you have done your market research, see if you can verify the concept of your product. See if your product solves the problem that it is established for; also, why would anyone choose your product over a competitor’s. Make sure you have an answer to every relevant question raised to verify your product.

Remember, your existing consumers are likely to be comparable to prospective customers, studying what they need in a product to solve their problems. Doing so will offer you an overall idea about the market. Hence, it necessitates inquiring deeply regarding your business, your company’s objectives and, of course, your audience.

There is really little originality in the ecommerce business. Therefore, your product will probably not be the only one that addresses the same customer needs. However, a good product will not only benefit your consumers, but it will also stand out in the crowd.

Your goal must be to address a specific problem better than everyone else for a specific target. Look up to your competitors. It’s critical to inquire what and how they are doing things differently and effectively, yet addressing the same problem as you are to your customers. Adapting a competitor’s idea of marketing is standard practice. However, you can alter it according to your preference, improve it, and make something new and unique out of it, which demonstrates why yours is superior to everyone else’s.

3. Come up with a Go-To-Market Strategy:

Next, you would need a Go to Market strategy, to begin with manufacturing your product. It is said to be the selling plan of your product at launch. To execute the plan successfully, look into the following:

Ensure that both the strategy and the product are supported by everyone from high management to the business interns. Because launching a new product requires a lot of time and work from multiple teams.
Ensure everyone understands their responsibilities and your expected product’s ROI. Also, determine the success measures and values.
Managers should develop key performance indicators (KPIs) for their own teams.
Consider the resources you have available before launching a new product.
Create a detailed budget that includes everything from personnel requirements to paid marketing expenses, and outsource or hire tasks as required.
Create a personality and some phrases and buzzwords to convey your message effectively.
Begin with crafting ads, social media messaging, and sample blog entries to see what sounds good and what does not.

4. Establish a Pre-Launch Stage:

Planning your go-to-market strategy is how you create buzz. However, to scale a new product, you will need new clients as well. Hence, start posting the content you prepared amid the planning stage of the product launch. Producing videos, landing pages, blogs, and social media ads takes effort, but releasing and promoting them takes less. Hence, doing it beforehand would save a lot of your time while hitting the market hard, even before the product launch.

To establish a pre-launch stage, consider the following:

Invest money in well known publisher affiliate connections.
Explore and experiment with new channels; you might find a channel that performs better than you anticipated.
Make a daily/weekly/monthly posting schedule and present it to your marketing team. Utilize infographic Free PowerPoint Templates to ensure you produce an effective presentation to keep everyone on board.
Throughout your pre-launch campaigns, you can reward buyers with discounted pre-orders, free trials, prizes, and other advantages.
Invite the social media influencers to try your product and provide feedback.

For ecommerce firms, social proof is crucial, and obtaining it prior to launch can be extremely beneficial. Therefore, ensure you attempt to get as much attention as possible.

5. Create the Following Product:

It’s critical in ecommerce to build incremental value over time. New goods are an excellent approach to combat customer churn by re-capturing the lost consumers and engaging with the existing ones.

Once you have launched your product, continue to collect feedback, especially during the first few months after the market launch. Learn about what works and what doesn’t. Seek if the product addresses the issues it was created to address? Did it bring up any new possibilities?

Getting feedback from the customers will help you pivot or alter components of the current launch, as well as inform the creation of the following product.

Conclusion:

The above discussion, if considered, may lead you to have a successful product launch. Keep in mind that people would engage and want more with new items that continue to discover inventive answers to their challenges. Therefore, if the product launch goes well, your loyal consumers may become passionate followers, and new customers may become repeat customers.

Lifestyle

Stiff Neck – Causes, Symptoms, and Treatment

ByCFI.co Blogger

A stiff neck or neck pain is a common health issue, affecting about 1 in every 3 people once a year. While the symptoms of a stiff neck are not life-threatening, they can be extremely painful and adversely affect the quality of life. Hence, it’s important that you learn how to fix stiff neck and manage its painful symptoms.

stiff neck

If left untreated, a stiff neck can possibly lead to secondary conditions such as migraines, shoulder pain, and severe headaches.

Symptoms of Stiff Neck

The symptoms associated with a stiff neck can be easily self-diagnosed at home. While the symptoms can vary in intensity from person to person, they’re commonly identified as:

Sharp pain in the neck area
Tight muscles
Muscle spasms
Pain that aggravates when you hold your head in one position
Reduced neck motion/ inability to move your head around

Causes of Stiff Neck

Medically, a stiff neck occurs when the neck muscles are overstretched, overused, or strained. One of the most common causes of a stiff neck is a soft tissue sprain or a muscle strain.

Besides, day-to-day activities are also a major cause. As the sedentary lifestyle becomes more common throughout the world, health problems like a stiff neck become increasingly prevalent in today’s generation. Whether it’s simply for the lack of physical activities or hours of gazing into your smartphones or computers, a stiff neck or neck pain is often among the first issues to arise.

Here are some more everyday activities that may cause a stiff neck:

Excessive anxiety or stress may lead to tension in the neck
Poor sleeping posture
Holding the neck in an abnormal position for long hours
Poor standing/sitting posture
Turning the head side-to-side repeatedly
Injury

In rare cases, stiffness in the neck may be the result of an underlying condition such as an infection, meningitis, tumor, or cervical dystonia (neurological disorder).

Treatment for Stiff Neck

Luckily, people experiencing stiffness in the neck can easily manage its symptoms and treat it at home. Here’s how:

Apply ice or heat to the affected area

Pain associated with a stiff neck can be easily reduced with this temporary solution. Apply ice for the first 38-72 hours to the painful area. Then, apply heat in the form of a heating pad, warm bath, etc.

Stretching

Stiff neck treatment with stretching is one of the most common ways of fixing a stiff neck. Simple stretching activities like squeezing your shoulder blades together about ten times or flexing your neck muscles can go a long way in relieving a stiff neck. Certain yoga poses like warrior II, cat-cow pose, or cow face pose might also be helpful.

Over-the-counter pain killers

Many people find temporary relief from pain caused by a stiff neck by taking over-the-counter medicines. However, it is advisable to consult with a doctor first. Some of the commonly prescribed OTC pain killers are acetaminophen, aspirin, and ibuprofen.

Stiff Neck – When to See A Doctor?

Symptoms of a stiff neck usually go away on their own within a week or so. With proper treatment, it may heal faster. However, if your stiff neck shows no improvement after a week, it’s best if you get it checked by a doctor.

Finance

How to Start Building Wealth as a Young Adult

ByCFI.co

Are you struggling with your finances?

A study shows that 6 out of 10 young people lack financial education. This leads many youths to make poor financial choices, credit, and investment decisions. This is why it’s crucial to learn basic financial knowledge early in your life.

Doing so allows you to make better financial decisions and apply effective management. Moreover, it can guarantee a stable, stress-free, and better future. Read on to discover some budgeting tips and start building wealth at a young age.

1. Set Your Financial Goals

Setting financial goals is essential when you plan to build wealth. It allows you to create a plan, track your progress, and stay motivated. Moreover, you make effective management that can boost financial health.

Keep note of your monthly income, expenditures, and other monetary activities. It must show that your finances can reach the target goal.

First, set a definite amount and time frame for reaching your goal. For example, you must save $15,000 by the end of the year. With this, you can determine the amount you to save from your monthly income until the year ends.

Next, assess the effectiveness of the saving system you follow. Then, adjust if you find it hard to stick with it. Consider categorizing your goals into short-term and long-term for easy tracking.

2. Budget Your Finances

Create a budget for your finances when building wealth. It ensures you earn more, spend less, and make wise investments. Budgeting allows you to track expenses and follow a plan that results in financial order.

Create a budget plan based on your income and expenditure. It determines the distribution of your finances in categories. You must identify and rank expenses depending on your priorities, too.

The budgeting techniques you can try are the cash system and the 50/30/20 rule. Each method offers ways to distribute and spend your money.

The cash system makes use of cash and disallows credit cards. It allows easy financial tracking. Moreover, the cash system makes you spend less.

Distribute your finances into 3 categories for the 50/30/20 rule. Allot 50% of your income to needs, 30% to wants, and 20% to savings.

3. Start Saving Now

Growing old does not mean you’ll eventually build wealth over time. You need to be proactive in saving to see substantial results.

First, identify the things that need funding. Ensure to categorize them into short-term and long-term goals. Then, estimate the amount of money you need and the time to reach your goal.

What are things you need to save for as a young adult?

Saving for retirement is vital to guarantee a comfortable life in the future. With this, open an Individual Savings Account or contribute to a retirement plan. You can ask your company if they offer company-sponsored plans.

Unforeseen events, such as unemployment, can exhaust your finances. Thus, consider opening an emergency fund to cover the expenses. Many experts recommend saving up at least 3 months or 6 months’ worth of living expenses.

4. Take Risks

A survey shows that only 23% of respondents consider investing in the stock market. Many hesitate to invest because of fluctuating stocks. With this, they lose opportunities that can boost financial worth.

Note that a declining market provides benefits, too. It’s the best time to invest and buy more shares because of their low value. You can expect a high return and portfolio growth once the market recovers.

Don’t be afraid to consider investing in the stock market. Keep note that you can earn more if you invest earlier. You can ask for financial advice from a Registered Investment Advisor, too.

5. Pay and Avoid Debts

Unpaid debt can build up and exhaust all your available funds. Most of them demand monthly instalment payments and carry high-interest rates. You must pay your debts to prevent using all your money as payment and save more.

Moreover, financial responsibilities increase as you grow older. It makes it hard to manage your finances. Borrowing small amounts when you need it is okay, but try not to fall into a pit of debt.

Stick to your budget, prioritize your needs, and only pay using cash. Being debt-free gives you financial freedom and security.

6. Keep Expenses Low

You can categorize expenses into fixed and variable costs. Fixed costs refer to predictable expenses incurred, such as rent, subscriptions, and insurance. In contrast, groceries and repair fees are variable expenses that can change.

Reduce costs to allot more into your savings and investments. First, categorize expenses and rank them based on their relevance. Then, decide on the items to remove.

For example, you pay a fixed rate for your internet connection and music subscription. The internet connection is a necessity while the latter is a want.

7. Note Your Expenses

Noting every expense is one practice that helps in building wealth. It reflects spending habits that you can use to develop effective financial management. Moreover, it can determine your progress.

You can create a system using a spreadsheet or use a logbook to note expenses. Ask and keep receipts for every transaction. Spare at least 10 minutes of your time at night to input everything.

Check your list every week to assess your spending habits. You must determine if there are changes in prices, too. Adjust your budget, if necessary, based on your notes.

8. Explore More

Never rely on one source of income if you plan to build wealth. Try exploring other streams to generate more finances. Turn your interest or hobby into another source of livelihood.

You can find freelancing jobs on the web that fit your skills. Try opening a small business in your local community, too. Venturing into another job protects you from losses and boosts your financial health.

Building Wealth at a Young Age

Building wealth can seem like a daunting task, but it’s not impossible. The number of expenses increases as you grow older. Create a plan to manage your finances early to enjoy a stress-free and better life in the future.

Be smart with your money and invest in your future. You can contact us here for queries on finance, wealth management, and investments.

Digital Banking

What Is Digital Banking?

ByCFI.co

There are now 14 million people in the UK who have a digital-only bank account. 76% of citizens have also used an online banking service in the last 12 months. But, do you know what these services are?

Both digital and online banking have some major differences. Read on as we answer the question “What is digital banking?”

What Is a Digital Bank?

A digital bank is a financial institution that has all of its operations online. Services that were previously available at physical branches can be undertaken in browsers, mobile applications and digital environments.

They do not have brick-and-mortar premises but exist solely through digital means.

What Is Digital Banking?

Digital banking involves transforming all activities, processes and banking products into digital transactions. This allows them to be done anywhere with internet access, making banking much easier for the consumer. Most services are 24 hours and do not require a staff member to be present in a bank.

Obtaining Records and Statements

Transferring Funds

Withdrawing Cash

Bill Payments

Account Management

Monitoring of Transactions

There are also many advantages for the bank itself. As many processes can be automated, it reduces human error and the labour required for repetitive tasks.

What Is the Difference Between Digital and Online Banking?

These two terms may seem interchangeable. However, there are two key differences between them.

Online banking works through internet access. It has several basic banking products and functions. However, the system has limitations and it can not expand to add further services to consumers.

You would find this in use with traditional institutions that have added internet banking as an additional service. It works alongside their other operations.

Digital banking is more in-depth and flexible. It has API, automation and web-based service at its core. This means it can provide more security and cost-efficiency.

A digital bank exists solely online. You don’t have branches you can walk into to make deposits and consult staff face to face.

If you want the ability to expand and add extra features, then digital banking is key. Metrics and analytics taken from it can help improve the customer journey.

There is a third option: Mobile Banking. This is when banks create a designated application so that customers can perform services on their mobile devices.

Benefits of Digital Banking

Digital banking has several benefits. It is changing at a rapid rate bringing advantages for consumers, business owners and the banks themselves.

Increased Accessibility

Digital banking means residential customers, businesses and their employees can access banking anytime. All they need is a device and internet access. They can approve expenses, make purchases and transfer balances.

This can take place anywhere. It may be in the office, on a commute or on a business trip. With the addition of mobile banking, it becomes even easier.

Improved Customer Experience

A well designed digital banking system also creates a better user experience. Chatbots are often available to assist customers with any problems or queries. This improves customer service while minimizing the workload of staff in the bank themselves.

Not only can tasks like scheduled bill payments be set up, but tools for financial management are also provided. Statistics on spending and saving along with financial planning are available.

Central Account Management

With digital banking, all departments can be accessed from one location. This means you don’t have to deal with different representatives. With mobile banking, you can even download multiple apps to represent your different accounts.

Lower Costs

Fully digital banks operate with lower overheads as they have less staff and no physical premises to operate from. They can offer higher yields on savings, lower interest rates on loans and reduced fees as a result. This is often done to attract customers who may normally get put off by the absence of a physical store.

Benefits to Employees

From small businesses to large corporations, digital banking can provide a huge opportunity for employees. With digital banking for businesses, you can assign several corporate cards to employees who may need access to faster means of purchasing to do their job.

With real-time metrics and analytics monitoring, business spending also becomes easier. Reviewing spending by category and approving purchases or expenses instantly is an advantage. Policies can be created and individual thresholds set for individual employees on spending.

By providing financial autonomy, you empower your individuals. At the same time, you also retain control over the finances of the business.

Limits of Digital Banking

While it has many advantages, digital banking should be viewed as a bridge. It can never replace the interaction you get at a branch and some transactions, such as deposits of cash and withdrawals, can not be performed.

To get around this, digital banks usually allow cash deposits in designated partner retail outlets. However, this can often incur a larger fee.

Future of Digital Banking

Digital banking provides flexibility, but customer needs are bound to change. This means a modular infrastructure needs to change with them. What works now may not do in one or two years.

Many banks are now starting to adapt and incorporate digital asset transactions and management into their infrastructure. This includes digital payment wallets and transfers. All of this is provided alongside the standard services for fiat currencies that people need.

Starting with Digital Banking

Now you can answer the question “What is digital banking?”, you just need to find the services that fit your needs. Not all banks will have the same offers. Make sure you look to see what you need and who can make the best provisions.

If you found this article helpful, CFI.CO blog has many more to help. From banking to finance, we can get the most from your money. Click here to see all our business articles and let us help your business boom in the coming year.

Technology

Best Cryptocurrency to Invest In 2022

ByCFI.co Blogger

Although cryptocurrency has become trendy in the past few years and the highest interest has been noticed among younger investors. There are different reasons why this currency has that much interest. After Bitcoin, which become the most popular cryptocurrency, there are Shiba Inu and Dogecoin that buyers have loved the most. For those who have started with investing in the first crypto coins, it was the payable investment.

crypto

What affects the cryptocurrency market?

Unfortunately, the crypto market is not as stable as we expect from fiat currency, equities, or real estate assets. Since it is a young type of investment, there are surprising drops in value. Some experts describe it as a new Wild West of the financial world.

According to experts, there are more than 17,700 different cryptocurrencies, and each of them has value and buyers that invest in them. It is questionable how much currencies are regulated by governments in different countries. On the other hand, in a bunch of misleading information, it is hard to define what is right news and information and what is just propaganda.

How to choose the best cryptocurrency to invest in 2022?

There are a few steps that you can make to choose the most valuable and safe cryptocurrency to invest in. Keep in mind that the crypto market is fragile and extremely volatile. In less than four months it has fallen 42%, meaning that investing in it led to losing half your money.

However, do not be that pessimistic. There are ways to avoid these terrifying mistakes. Invest money that you will not need for the next five years. Do never borrow money for investing in cryptocurrency, because it represents a high risk.

In this market there are different rules than in any other place. You, as an investor, must have a trustworthy portfolio that will open doors that common buyers and newbies cannot pass through. A well-diversified portfolio is an asset that you can own as an investment, too.

The most important thing is to do your research, on the internet, or similar networks. Always check on different sites what experts say about the currency. There are predictions and expectations worth mentioning, too. Do not hesitate to look for help in investing.

Where to buy the best cryptocurrency to invest in 2022?

There are a lot of places where you can invest your money. Some of them have a long tradition in this field, existing from the beginning of the crypto money on the market. Other ones are worthy of mentioning, but still not that good for new currencies and investors without experience. It is not a shame to look for help finding the best crypto exchange on the internet, though.

Which are the best cryptocurrencies to invest in 2022?

Choosing the most affordable, safe, and payable currency is much harder than you may think. Even the most clever and experienced traders make mistakes when buying crypto money. Nobody can predict what will happen with the currency in months to come, even harder to predict years to come. So, always be prepared to withdraw your money and invest small amounts of money at the beginning. We listed the most popular and favorable cryptocurrencies worth investing in 2022.

Bitcoin

It is hard to find a person in the world who does not know what Bitcoin is. As the matter of fact, most of us have entered the world of crypto coins thanks to this currency. Created in 2009. by a mysterious investor hidden under the pseudonym Satoshi Nakamoto, this currency has grown to the most popular and the highest money transaction in the network. The way of mining is still questionable, but its value is constantly growing.

Ethereum

It is not only a cryptocurrency but also a blockchain platform, which facilitates trading and holding of the currency in virtual wallets. As the opposite of most technologies and platforms, Ethereum blockchain is also programmable because it is more than a system of record. You can use it as a potential application like so-called smart contracts used when conditions are met and non-fungible tokens like NFT. It means that you can use it to run self-executing computer programs called smart contracts, which are the heart of decentralized applications (dApps) and decentralized finance (DeFi) services. The growth from the starting price in 2016 until now is more than 27,000%. Good enough to consider it as a stable currency to invest in.

Tether

There is a very important difference between Tether and other currencies. It is a special form of stablecoin, which stands for a currency that is backed by fiat currencies like US dollars or euros. It should be enough for keeping the stability and value of the currency and supporting the currency at the place of the most consistent currencies on the market. This should help buyers who are afraid of the extreme volatility of other coins. Buyers confirmed that it is good enough for investing in years to come so the market cap of the currency is $79 billion.

Binance Coin

This should be a currency that you can use to trade on a special platform called Binance, one of the largest crypto exchanges in the world. Maybe it is a reason why the currency is that popular among buyers and investors, and valuable and stable even after five years of existence. Not only that you can use it for purchasing crypto coins, but there are also other usages of the currency. You can use it for payment processing, trading and even booking travel arrangements. Thanks to the fact that you can trade it for other forms of currencies, like Bitcoin and Ethereum, Binance Coin represents an interesting currency for investing. The growth of the currency from releasing is 410,000%.

Which are the best cryptocurrency to invest in 2022?

In the end, it is still not concluded which currency is the best cryptocurrency to invest in 2022. Depending on your interest, the amount that you want to invest, and the information you have, you should make your own decision. Crypto exchanges are similar to brokerage platforms, so they will provide the tools you need when buying and selling currencies. Before buying always check for support assets, security, fees, and payment methods.

Banking

Banking Tips :7 Reasons to Open a Bank Account For Your Small Business

ByCFI.co

Did you know that over 20% of small businesses in the U.K. don’t make it past the first year? One of the biggest contributors to this is using the same account for their business and personal finances.

When you’re just starting as an entrepreneur, it can be tough to figure out the best way to manage your finances. Do you keep everything separate? Do you combine your personal and business money?

While there’s no one right answer, most small business owners find it best to open a bank account specifically for their business. This is one of the most essential business banking tips to consider.

Here are seven reasons why you should consider doing the same:

1. Makes Tax Preparation Easier HMRC

Separating your business and personal accounting makes tax preparation easier because it helps you differentiate what is and isn’t taxable income. This can save you a lot of time and money when it comes time to file your taxes.

It also helps you automate your tax preparation process. With separate finances, it’s easier for your accountant to link all business-related transactions on your account to your tax preparation software.

With a separate account, you don’t have to spend countless hours sorting through different expenses, trying to figure out which are personal and business-related. This makes it easier to determine deductions come tax season.

And a bonus benefit is that it minimizes your risk of being audited. The HMRC is more likely to audit business owners who mix their personal and business finances.

2. Automates Your Bookkeeping

Keeping track of your business finances can be a daunting task. But when everything is in one place, and all transactions are automatically recorded, it makes the process of bookkeeping much simpler.

Bookkeeping automation also means you have a more accurate record of your business finances. This information can help you make informed business decisions to improve your financial health.

3. It’s Easier to Get Business Loans

When you have a business bank account, lenders know that you’re serious about your business. It also shows that you’re taking the necessary steps to protect your finances. This makes it easier to get a business loan to expand or grow your business.

Having a business bank account also shows that you’re able to handle money responsibly. This is an important trait for any business owner looking for additional financing. The last thing a lender wants is to risk their money on a business that may not be able to repay the loan.

4. Helps You Manage Your Expenses

When you have a business account, all your business transactions will be organized in one place. This makes it simpler to keep track of your spending. It can also help you stay on budget and make informed business decisions.

When you have a business bank account, you’re also able to receive payments from customers. This makes it easy for them to pay and reduces the chances of them forgetting. It’s also a great way to build customer loyalty.

When you’re looking for a business bank account, it’s important to find one that fits your needs. Make sure to compare interest rates, fees and other features. Don’t forget to ask about the bank’s lending capabilities.

5. Protect Yourself from Business Debt Liability

When running a company, it’s important to protect yourself from business debt liability. By opening a business bank account, you can help ensure that your personal finances are not liable for any business debts.

Business debt liability is the legal responsibility of a business owner for the debts of their company. This can include personal credit cards, lines of credit, and loans taken out in the name of the business.

If the business goes bankrupt or defaults on its payments, the creditors can go after the business owner’s personal assets to cover the debt.

A business bank account helps to protect your personal assets by keeping your business and personal finances separate. This way, if the business goes bankrupt, the creditors can only go after the assets of the company, not your personal belongings.

6. Show the HMRC That Your Business Is Not a Hobby

A business bank account provides a clear separation between your personal and business finances, making it easier to track your business expenses and income. When you file your taxes, having a business bank account can help prove that your company is a legitimate business and not just a hobby.

If you are self-employed, it’s important to have a business bank account to track your business income and expenses. A business bank account can also help you save money on taxes.

By deducting your business expenses from your business income, you can lower your taxable income.

7. Helps You Establish Business Credibility

When you’re starting a small business, it’s important to establish credibility with your customers and vendors. One way to do that is by having a business bank account. A commercial bank will take you more seriously when you’re doing transactions and may be more likely to give you a loan if you need one.

Having a business banking relationship also shows that you’re a professional and are serious about your business. Additionally, a business bank account helps you look more professional.

It looks much more professional to have all of your transactions taking place through a dedicated business bank account instead of mixing your personal and professional finances together.

Follow the Above Banking Tips

When launching your first business, it can be tempting to mix your personal and business finances. After all, starting a business is a lot of work and opening a business account isn’t a priority for many.

Unfortunately, this mistake could cost you dearly down the road. By opening a business bank account, you can protect yourself from business debt liability, show the HMRC that your business is legitimate, and establish credibility with your customers and vendors.

For more business finance and banking tips, subscribe to our CFI.co Print Magazine.

Investment Management

Matthew Teifke On How Austin, Texas Became The Hottest Real Estate Market In The Country

ByCFI.co Blogger

Austin, Texas is in the middle of a real estate boom. Having been voted the highest growth market by Yahoo Finance in 2021, the city continues to draw tech professionals, artists, and everyone else that is looking for a better quality of life. Matthew Teifke from Teikfe Real Estate has been a market leader in the different Texan cities of Austin, Houston, San Antonio, and Corpus Christi.

Matthew Teifke - Austin Texas

Born and brought up in Texas, Matthew Teifke realized his passion for dealing in everything real estate from a very young age. The Round Rock native started early, gaining his real estate license at the tender age of 18. He was active in dealing with his family properties and was clear that this was all that he wanted to do for the rest of his life.

The principal reason for starting Teifke Real Estate was to bring financial freedom for everyone from buyers, and sellers to even agents and consultants. The company was formed in 2015-2016 by Matthew with the aim of catering to the Texan cities of Austin, San Antonio, Houston, and Corpus Christi.

With the belief that Texas was going to be the hottest real estate destination in the country in the coming years, Matthew brought in his friend, Alex Coffman. Alex was equally passionate about real estate and jumped on board to join Teifke Real Estate as Co-Founder. Together, they ventured into offering diverse real estate services for the Texan housing market.

The Growth of Austin, Texas as one of America’s Premier Real Estate Market

According to Matthew Teikfe, this was a long time coming. He states, “Texas has always been a great place to live, raise a family, explore employment opportunities and maintain an affordable standard of living.” He attributes that the interest of real estate investors in cities like Austin, San Antonio, and Houston is not something new.

“The potential was always there. People kept migrating to cities like Austin from different parts of the country. Look at the migration numbers that Austin sees every single day. People know that this can be a place that can help them live well on an income that would be difficult for them in places like San Francisco or New York City.”

Matthew is right. According to a report published by U-Haul, 145 individuals are moving to Texas every single day. The numbers match up and show that Texas has been attracting individuals from the West, Midwest, and other parts of the country. Fewer taxes (Texas does not have state personal income tax), sunshine, and larger living spaces are major factors.

There is no denying the fact that big tech companies are lining up to shift operations and offices to Texas. Look at Tesla’s Elon Musk who recently announced that they are investing more than $1.1 Billion in building a new headquarters in Austin. Oracle, Facebook, PayPal, AMD, and Texan native, Dell already are generating thousands of new jobs in the state.

As Matthew opines, “You have these young tech professionals that are moving in with their young families, children and pets and exploring great school districts in Austin. They work as software developers or game designers. They earn well, have always dreamt of having a house and want a far more relaxed living condition as compared to NYC or Silicon Valley.”

Teifke Real Estate: The Beginning of the Promise of Financial Freedom

There are tons of real estate companies in Texas. Matthew knows that. He still feels that what they are trying to do at Teikfe Real Estate is vastly different from what some of his peers are up to. More than just securing a commission here and there, Teifke Real Estate is geared toward achieving financial freedom for everyone that is involved in this ecosystem.

As Matthew puts it best, “Our goal is to help different real estate agents attain financial freedom. We want our sellers to get the best and most realistic prices for their properties. Likewise, we are also committed to helping all our buyers and investors get the best deals and prices on the market.” He truly believes that there can be a situation where everyone can be a winner!

This shows how Teifke Real Estate has been able to shape its various offerings. Let us shed some light on what they offer, as has been on the Teifke Real Estate website:

Coaching present and prospective real estate agents
Buying assistance with regard to residential, commercial, and investment properties
Selling assistance for residential, commercial, and investment properties
Assisting with construction, renovations, and remodeling work
Sourcing deals and arranging finances for prospective buying or selling
All-cash house purchases to help sellers that are looking for immediate help

Both Matthew and Alef run an excellent podcast on the real estate markets. Together they help enlighten and educate audiences on the ins and outs of buying, selling, and investing in the Texas real estate markets.

Matthew Teifke’s personal take on Austin’s Real Estate Situation

Every possible marker, news journal, or real estate magazine points to the growth in the Austin real estate markets. Matthew believes that this is the best time to get in on the action. You do not want to end up in a FOMO situation later on.

While the growth is there, it is still possible to get your hands on your dream house in Austin, Texas. “Look at the median house prices in Austin. It is still somewhere around $470,000 if I am not wrong. You give this another year or so and you are looking at a figure of $700,000. Just wait for Tesla to open and you will see 10,000 highly paid tech professionals in an all-out bidding war.”

Matthew is right. Prices are rising, but when you compare the house prices in Austin with somewhere like San Francisco, NYC, or even Washington, you see that the affordability factor is still there. Not for long though. Waiting is going to do no good since inventory is always in short supply as compared to the demand, which will always keep increasing.

Matthew suggests that if you have been an individual or family that was waiting for a high-growth real estate market, one where you will be able to double your investments in three to four years, Austin is the place to be right now.

We couldn’t agree more.