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SALARY PREDICTIONS FOR 2020-2021 IN BANKING AND PAYMENTS INDUSTRY

Payment

We used to go to the bank, withdraw some funds, and then buy groceries or pay for the household. Nowadays, all you need to do is grab the phone with NFC chip and pay for whatever you need in only one move.

 

Trends In The Banking And Payments Industry

Traditional banking and payment operations with cash have become obsolete. It’s evident due to the ever-increasing trend of online banking. Nowadays, payment systems like Google Pay, Apple Pay, WeChat Pay and online wallets like PayPal, Yandex.Money, Payza, WePay, and others substitute payment in cash. Bitcoins and other digital currencies are in as well.

The more we step into the future, the less common it becomes to pay with cash. These trends are not something frightening, they are the drivers that should be followed.

No doubt that traditional banks panicked when the world met emerging online payments and transactions. That is why many of them have already switched to digital banking agencies.

Amazon launched Amazon Pay in 2007, the British Lloyds Banking Group is planning to adopt digital banking systems, the leaders of the Deutsche Bank is opting for robotic advisors and other online banking tools powered by AI.

The Impact of Emerging Technologies on Banking and Payments Industry

Adopting business intelligence software is a must these days. Seasoned business intelligence software engineers help develop and maintain online payment systems of banks and other companies.

 

Mobile business intelligence software has the following benefits for the banking industry:

  • Data visibility

This allows the clients to access their banking accounts anywhere and anytime. If a client buys a pair of socks online through the BI-driven banking app, they don’t have to wait for days to check the changes in the balance. The updates are quick and happen in real-time.

  • Sales increase

The more convenient and fast a mobile payment tool is, the more likely people tend to use it. Knowing that you can pay for gas, electricity, or other utilities with no need to leave the house makes you reach out to your phone and do it immediately.

The same applies to online shopping. The more purchases a client makes online through the banking app, the more fee they have to pay. Although we all dream of free purchases, we still pay it to buy desired items.

  • Boosted knowledge-sharing

This is the direct perk for your company and workers since Business Intelligence affects not only your very mobile payment app but also overall performance.

Your employees benefit from business intelligence because they can easily access all the important data to get updated and make some changes themselves from any place in the world. Machine-learning mechanisms make sure your system remembers all the enhancements and self-develops.

Figure 2: https://pxhere.com/ru/photo/1449091

Salary Predictions for 2020-2021 In Banking And Payments Niche

A business intelligence software engineer salary varies according to the experience, country, and accessibility. By accessibility, we mean both remote outstaffed or outsourced teams and separate workers.

According to Upwork, the world’s biggest remote job-seeking website, there are around 5,000 software engineers with business intelligence skills that are open to hiring.

This is outsourcing that we’re talking about. Although you’re unlikely to see your developer in person, you can choose a perfect candidate from any country with different living standards. The lower the living standards are, the cheaper developers sell their services.

In 2020, BI developers from Upwork with 80%+ job success rate and fluent English charge from $12/hour to $100/hour and more. Of course, opting for the lowest price tags might have negative consequences as it often affects the quality. But you still have a wide range to select from. We recommend hiring a worker who charges at least $30/hour. This way you’re going to spend around $57,600 a year.

According to other sources, business intelligence engineers earn an average of $114,000 a year. We’re talking about on-premises workers. Outstaffing agencies are somewhere in the middle in terms of prices. However, they are ready to choose and manage the entire team for big projects. You’ll be minimum engaged yet get fruitful results.

Talking about the near future, 2021 is unlikely to skyrocket the prices on BI development services. On freelance platforms, you’ll still be welcome to choose workers in any price range.

2021 on-premises workers are likely to have their salary increased by 1.4% – 3% a year minimum. We got these numbers from the answer of Google developer on Quora. Others say that it’s possible to get a raise of 50% in 3-4 years if you perform well.

Figure 3: https://www.flickr.com/photos/30478819@N08/47550849222

Conclusion

Skilled BI software engineers are in-demand. Head hunters are after them since the 2000s. How much you, as a CEO, should pay them a year, though, doesn’t depend on market statistics only but the performance and growing experience of every software developer.

 

Finance

HOW LONG DOES IT REALLY TAKE TO IMPROVE YOUR CREDIT SCORE?

Every time you borrow money in the form of a loan, credit card, hire purchase agreement, mobile phone contract or anything else, your credit rating will be impacted. In much the same way, your credit score is also affected each time you make a repayment to your debt, or miss a payment. The type of impact that each action has on your credit score will determine whether you have a low, average or high rating. Somebody who borrows a small amount of debt and makes all payments on time is likely to have a high credit rating, while on the other hand, if you have a lot of different debts and have struggled to make repayments and been late with a few in the past, your credit score may suffer.

Unfortunately, it’s a lot easier to get a bad credit score than it is to get a good one, and one missed payment can have a huge impact. So, how long does it really take to improve your credit score and what can you do to improve it quickly?

 

Don’t Expect Overnight Improvements

Thinking that your credit rating will immediately jump up once you have a paid a debt off is a common misconception that can leave you feeling disheartened if you work hard to repay debts only to find that nothing has changed. But, don’t worry, as long as you keep going, your credit score will definitely improve over time. Negative impacts on your credit score such as missed or late payments can stay there for six years and hold you back, but after that amount of time, your credit rating should get much better as long as you are still in control of your debt.

 

Paying Off Debt without Missing Repayments

If you have a lot of debt, this can negatively impact your credit rating even if you are making the minimum payment each month. Lenders are less likely to consider you as a low-risk candidate to lend money to if you are already paying off a lot of debt, and this in itself can cause your credit score to drop even if you haven’t missed any payments. As a result, the best thing to do is find a way to pay off your debts faster without it having a negative impact on any of them. Thankfully, there are several options that you might want to consider.

 

Debt Consolidation

Consolidating your debts is one of the best ways to get them cleared off and leave you with less to worry about. If you have a lot of smaller debts that you are dealing with, this can become hard to handle as you try to keep up with which payments are due at what times. In addition, having a lot of smaller debts also means that you are paying interest on all of them, meaning that over the long term, you’re paying back a huge amount more than you actually borrowed.

Consolidating your debts means taking out one loan or credit card that you will use to repay each debt. Clearing all your debts with the new loan means that you will only have one debt to worry about replying and one lot of interest to pay. If you have a bad credit score, you can find loans for bad credit scores at New Horizons. New Horizons is a regulated broker that works with a certified UK panel of trusted lenders to help you find the best loan for your situation.

 

Snowball Method

Another option that you may want to consider if you are averse to borrowing any more money is the debt snowball method. Using this method, you will repay the smallest debt first, then use the money that you would normally pay towards this debt to pay more towards the next debt up, which will get that one paid off faster. As you work through your debts, you will free up more and more money as each one is paid off, so that when you finally get to the largest debt, you are able to pay everything that you would have normally been paying towards all your debts combined straight to that debt to get it cleared quickly. Continue paying the minimum payment to all your debts as normal throughout the process so that you do not cause any damage to your credit score.

 

Debt Help

If you are struggling to make repayments to any of your debts, the above methods might not be ideal for you right now. Thankfully, there is help available. You can work with a company to get a debt management plan where the company will negotiate with creditors on your behalf in order to reduce your payments. Although this might mean that it takes longer to improve your credit score, it can prevent serious damage as the debts are still being paid off.

How long it will take to improve your credit score will depend on your situation and the method that you choose to clear your debts.

 

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Finance

SHOULD YOU TELL YOUR KIDS HOW MUCH YOU EARN?

By Kerry Sutherland, certified financial planner at Alexander Forbes

 

Many parents are reluctant to talk to their children about money, but these are important lessons to help them achieve financial independence when they are older – even if you aren’t a financial genius yourself.

 

As children get older, they notice their friends’ houses and cars of different sizes and have discussions on the school playground about their different holiday destinations. “In the senior phase of junior school, they work out very quickly that different incomes yield different lifestyles and this is usually when the question about income gets posed to parents,” said Kerry Sutherland.

 

Kerry Sutherland

“You can tell them that you understand they have questions about money and how much you earn, but answer it by saying let’s rather talk about what food, toys, stationery, extramural sporting activities cost, and if we can afford them and how, and about saving for things like holidays.”

 

Often the exact number is not meaningful to children, they rather want to use it for comparison purposes. “You need not tell your kids how much you earn, but you can use it as a motivator to encourage them to work harder at school if they wish to achieve a certain lifestyle as an adult,” said Sutherland.

 

When your children start with this line of questioning, Sutherland advises using it as an opportunity to discuss basic financial planning. “Explain to your kids that a lifestyle is not always about what you earn, but that it is also about how you manage your money. You can discuss budgeting, keeping debts as low as possible and of course the compounding benefits of long term savings. It is important to emphasise that it’s not wise to spend all you earn every month as when you reach retirement age, you must have saved enough to see you through your retirement years.”

 

“Telling your child how much you earn so that they can brag to their friends is unhelpful. If it’s to explain why you can’t afford a fancy holiday, then just explaining this will suffice. It’s also not necessary to treat it like a secret. If your adolescent asks, it’s important to be honest, open and authentic in your answer.”

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