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A QUALITY VPN CAN PROTECT YOUR ONLINE BANKING – HERE’S HOW

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Online banking is extremely common, with thousands and millions of transactions occurring daily with different branches. It is important that you take extra precautions, as you are, in some situations, more vulnerable to different attacks and theft of your online data when you are completing different banking transactions. A VPN is an internet privacy tool that provides many benefits for the different activities online and information exchanged and can be a way to help you protect your online banking.

 

What Is A VPN

VPN stands for virtual private network. This is important for anyone that is using the internet. The benefits of using a VPN extend from personal use to business use, actually being more important as you are trying to protect your information. A VPN encrypts your IP address and information that is vulnerable to being seen while you are performing any online activities. Your location cannot be tracked as it would otherwise be able to when you do not have the protection of a VPN. This is beneficial for you and your online banking needs, as your data in terms of your credit card or debit card information, as well as passwords, can be protected.

 

Useful For Online Transactions

In terms of running a business, or simply using your bank for personal transactions, a VPN can help hide and mask your information. Hackers can gain access to your accounts, programs, and computers through your IP address and personal information if they have access to them. Not only can they steal money from you, but they can also use your data and IP address to perform illegal activities and crimes, associating it with your information, causing you to be incriminated for such activities. Having a VPN is key to providing you an extra layer of protection and one extra step to keep your information to yourself.

 

Protective When On Public Wi-Fi Networks

One common practice for people to do is to always ask for access to public wi-fi connections. Everyone wants to be connected, sharing and consuming their information. A risk of this consumer behavior is that when you are accessing public networks, you are susceptible to their holes in security and vulnerabilities. If these networks are not properly secured, all the information you use and share is potentially out there for others to steal or use. Be cautious about accessing more personal information, logging into different accounts and emails, as your passwords may be vulnerable and viewable to anyone that has breached the security. In addition to public networks, be even more cautious about open networks that do not require any sort of password entry, as these are even more vulnerable to breaches. Hackers and malicious users may create their own open networks to try and get you to use them, pretending to be business or open access networks like libraries or airports. A VPN coupon from swagbucks.com/shop/nordvpn-coupons is an easy and useful tool to help you find cheaper VPNs, as they hide your own personal IP address and can allow you to utilize an IP address from a different location of your choosing. Of course, you should still be cautious about using your account logins and passwords on these networks that you don’t typically access, as those may still be vulnerable. 

 

Useful When Mobile Access Banking

Mobile banking has become common use and practice. This is because time is a commodity, and people need to be able to do business on the go at all times. Many banks have developed applications and programs specific to their institutions that have high standards of security, but this does not mean you are completely protected and secure. This information is much more valuable than some social media accounts, so users may go to greater lengths to scam and steal from you. Installing a VPN on your phone will give you ease of mind when you are using your mobile device to complete bank transactions. Keep in mind that your banking activities may be monitored by your banks as well, especially when you are traveling. One of the benefits of having a VPN is that you may connect to a server in your home country to ensure that you do not get locked out of an account while trying to access funds abroad, which can be critical in an emergency situation. Be mindful to avoid changing your locations frequently, as this will put a flag on your accounts. With all the viruses, malware, and hackers trying to access your information, even on mobile devices, having a VPN provides you the extra security you need.

 

Be Extra  Cautious Of Free VPNs

When you are looking for VPNs for your computers and devices, one thing that you should be cautious and wary about is any VPN that is offered for free. There are very few things in the world that are offered for free, and although the financial cost may be zero, you may end up paying in exchange for the services and products with your privacy and data. A lot of different free software that is available has ads running in the background, which takes your personal information and uses it for different marketing purposes, selling your information, and potentially sharing it with businesses and users.

 

Remember To Practice Safe Browsing

Whenever you are online, it is important to always remember that any information you put out there is vulnerable and potentially accessible. Security breaches occur with large companies and the data they have on you. You should do what you can to protect the information you release, limiting what you say and share, as well as removing any trail of information that may be left such as credit cards, social security, and other personal information.

If you are doing online banking regularly, whether it is for business needs or your personal banking, it is important that you practice safe habits and use security tools to keep your information safe. Protecting your information means that you are protecting your money and assets tied with your bank.

Banking

BUILDING BETTER BUSINESS PLANNING THROUGH OPEN BANKING

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By

Richard McCall, CEO, Armalytix

 

Despite the end to Covid-19 restrictions in England on 19th July, Britain’s small businesses face an uncertain future.  Many have taken advantage of the various Government schemes available to help business through the pandemic, but as the reopening begins businesses will need to make crucial decisions on repayment of loans and recruitment of new people.  CEO of Armalytix, Richard McCall, believes access to timely financial information, made easier by Open Banking, helps these businesses make the right decisions for the future.

 

A recent report by the House of Commons library shows Britain is a nation of small businesses; less than 100,000 businesses in the country have more than 250 employees with a staggering 5.7 million employing less than 10.

For smaller businesses, the challenges of getting business done can get in the way of planning. 65% of SMEs do not have a business plan or financial forecast in place, according to the Corporate Finance Network (CFN) and Association of Chartered Certified Accountants (ACCA) UK’s joint SME Recovery Tracker.

As these businesses enter the post-Covid recovery phase, many will be facing multiple challenges.   The UK Treasury offered a comprehensive response to the COVID-19 pandemic, including VAT deferrals, bounce back loans and the furlough scheme. However, as these business support packages come to an end, a unique set of challenges emerge for small businesses. Directors will need to make decisions about bringing back employees at the same time as loan repayments begin. Others will need to consider how to repay tax deferrals despite an uncertain business landscape. Accurate business planning has never been more important.

 

Richard McCall

Up-to-date financial information

Most smaller businesses are susceptible to peaks and troughs in trading and are used to a “feast and famine” existence.  But the circumstances of the second half of 2021 will be unfamiliar for every business. Smaller businesses will need to rely more than ever on the support of external consultants – such as accountants or financial advisors – to help better understand the financial environment their business is facing.

Getting access to accurate and up-to-date financial information is critical to making informed decisions, but many advisors struggle to get this information from the small businesses they support. Even businesses that do regular monthly or quarterly management accounts find the process of sharing banking information complex.  For example, accountants often receive either a jumble of photocopied bank statements, which need to be digitised manually, or csv files of banking information, which can be easily manipulated or corrupted.

 

Open Banking for business

The Open Banking standards were launched in the UK during 2018.  Open Banking connects banks, third-parties and technical providers – providing them with a simple and secure way to exchange data for customers’ benefit. It provides a trusted and reliable framework for the sharing of financial information.  Open Banking enables businesses to quickly and simply authorise apps to access and share specific and relevant financial information in a safe and secure way.

 

Simplicity and security for small businesses

With Open Banking, accountants and small businesses can streamline how they share financial information.  Rather than sending a request to share financial information directly to a business owner, Open Banking allows advisors to do so within a secure platform (typically a third-party app that directly requests access to specific financial information).  This can be requested by date or bank account.  For the business owner, it is simply a matter of authorising the accountant’s request to extract the relevant information from a banking app and sharing it securely with the advisor.  There is no waiting or hassle – the secure sharing of the right information can happen in seconds.

The process saves time and effort – in many cases days’ worth of chasing and longer still in either manually retyping the information or importing it into an accounting platform.  By reducing the manual input required it is also possible to eliminate human error.

 

Better information is better insight

While this process makes life more straight forward for advisors it is also in the interests of small business owners.  Half of UK businesses are not registered for VAT, which means they are only required to file a statement of accounts annually.  This is far from ideal for business owner that need to keep a close eye on business performance: by the time an advisor sees that a business is struggling, it could be too late to intervene.

Faster access to accurate information acts as an early warning system for professional advisors to highlight any concerns to business owners.  This is an important role at any time, but in the current uncertain environment access to timely information is more important than ever. In the complex post-Covid environment, businesses will need to navigate bringing staff off furlough at the same time as repaying bounce back loans and tax deferrals.  With uncertainty around future lockdowns or the speed at which the economy will return to normal, business owners need accurate financial information to make the right business decisions.  By offering their clients financial information sharing via Open Banking, advisors can make life easier for themselves and help small businesses more effectively navigate an uncertain future.

 

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Banking

NEXT GENERATION BANKING: MAXIMISING REVENUE AND ADDING VALUE THROUGH FINANCIAL SOLUTIONS AS-A-SERVICE

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By

Michael Mansard, Principal Director – Subscription Strategy at Zuora

 

The UK’s financial services (FS) sector has reached a tipping point. Lower interest rates, tighter regulations and higher fines have piled on the pressure for both legacy banks and fintech startups. With the economy entering recession in the wake of the pandemic, market caps are plummeting, and many have raised concerns on what the industry might look like moving forward.

More traditional FS organisations have evolved to manage risk to the millimetre, but today’s environment is making it increasingly hard to do so. What’s more, this stoic approach to risk aversion comes at the cost of agility, with many businesses still operating on business models that haven’t changed for decades. In the UK market, for example, the concept of “free banking” has become ingrained, with FS organisations believing that customers simply won’t be willing to pay for their services.

However, there is research to prove that consumers are willing to pay for a service, provided there is clear value attached to it. This opens up an opportunity for a new business model, one that will enable FS organisations to improve and expand their offering, maximising profit while delivering genuine value to their customers. To compete with newer, more agile digital players, it’s clear that changes need to be made, and that more traditional firms need to consider building out a new digital offering, as opposed to simply expanding their existing services.

 

Next generation banking

The COVID-19 pandemic has accelerated an existing global trend in consumer buying behaviours. Individuals are increasingly moving away from buying “things” in favour of spending their income on experiences. This shift towards “the end of ownership” has, in turn, spurred a surge in subscription services.

Subscription models charge customers a recurring fee at regular intervals, whether that’s weekly, monthly, annually or on a pay-as-you-go basis, to access a product or a service. The key differentiator between paying for a subscription service in installments and the recurring fees or premiums available through most FS organisations is the focus on customer-centricity, whether that’s through pricing, delivering continuous value or giving subscribers power over their own customer journey. Zuora’s recent  End of Ownership Report found that subscription models are proving popular for this reason, with 77% of UK adults currently signed up to subscription services.

For the financial services industry, subscription models could open up more opportunities to upsell and cross sell different services, helping to maintain existing customers, reduce churn and unlock new streams of revenue. One FS organisation leading the way in this area is Singapore-based DBS bank. DBS’s Video Teller machines are the first of their kind in Singapore, enabling customers to interact with agents through virtual conferencing. The bank’s SingPass face verification technology also enables faster sign ups, helping to cement its position as a leading player when it comes to the digitisation of processes and services.

One of DBS’s projects, an initiative titled Start Digital, has been launched in partnership with the Singapore government. Designed to accelerate the digitisation of Small and Medium-sized Business (SMBs), the subscription programme offers DBS customers a number of digital solutions to help them grow their business. Digital transformation is at the top of the agenda for every business, and this subscription service has enabled DBS to deliver true value to its customers, strengthening existing relationships whilst opening up new, improved revenue streams. DBS is, essentially, utilising subscription services to become a next-generation bank, transforming itself into a key partner in its customers’ futures.

 

Increasing value

The key to making subscription models a success is working out precisely what your customers want. For example, recent research found that over half (52%) of UK consumers would be enticed to switch to another bank if their subscription included an entertainment bundle. This was closely followed by smart phone insurance (33%) and utility services (31%). Offering these additional services may sway consumers to sign up, but for FS  businesses looking to emulate the success of DBS, the real challenge is pivoting from subscriber acquisition to subscriber retention and achieving that elusive “partner” status.

Subscription models collate a substantial amount of usage data, offering the businesses that are using them the opportunity to engage with their customer base and adjust their services to match demand. This data can help businesses to curate competitive pricing structures and develop their strategies to entice and retain customers with tailored offerings. Personalisation is one of the primary success factors for subscription sellers; tailoring a product or service to suit a customer’s individual needs is a great way to win loyalty and build stronger, long-term relationships.

Subscriptions offer FS organisations the opportunity to expand their addressable market. Banks can make their product and services more affordable, for example, not necessarily by reducing the overall cost of the product or service, but by offering customers the option to spread their payments over a longer period of time. By expanding their addressable market and therefore growing their user base, subscriptions can help organisations to boost their revenue over the long term.

In today’s ever changing landscape, building stronger relationships with customers has never been more important. Implementing the right customer experience initiatives at the right time could be the difference between an FS business remaining profitable, or going under. Subscription services, and the unique insights that they can provide, have been proven to drive growth across a vast range of industries, as highlighted in Zuora’s latest Subscription Economy Index which discovered that subscription usage has grown by more than 435% over the last 9 years. This growth isn’t set to slow down any time soon, with reports predicting that the Subscription Economy will expand into a $1.5 trillion market by 2025. It’s time for FS organisations to deliver true value to their customers and adopt subscription services as the next generation of banking.

 

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