Financial Services Sector Increasingly Relies On Bulk SMS

Posted on August 12, 2011 by admin

Banks and financial institution were one of the first industries to recognise the benefits of bulk SMS as a fast, efficient, low-cost and highly secure communication channel. Amongst banks, credit card companies, brokerage firms and insurance companies there has been a slow, but steady uptake of mobile solutions to meet the consumer requirements of this industry. Global players such as Citibank, HSBC, Visa and Cr?dit Agricole have all introduced mobile banking to the range of service they offer. And the trend by the financial service industry to expand its use of mobile technology look set to continue — by 2015 it is thought that there could as many as 1.6 trillion transactions.

Banks and financial institutions are using bulk SMS to create mobile campaigns to market new products, confirm transactions or as a reminder for renewals. For example, a bank may launch a mobile campaign to encourage savers to act before the end of tax year to make the most of their tax-free allowance — a great way to reach customers at a time-critical point. Better still would be a 2-way message mobile campaign which allows the recipient to reply to the message. Likewise an insurance company could use bulk SMS to create a mobile campaign to remind customers about their renewal dates or to update customers about a claim…they could even use it to confirm a visits by a claims assessor.

While some of us may be familiar with SMS alerts to let us know about our weekly bank balance, the potential for m-banking goes way beyond this these weekly updates. Financial institutions can introduce mobile solutions that give their customers the ability to manage to their finances whenever and wherever, by offering a complete range of m-banking services. This give them the flexibility to transfer money, check their balance or recent transactions, pay bills or make small value purchases – all through their mobile phone. Mobile technology also enables investors to get alerts on stock prices or do some trading while they are on the go. With security high on their agenda, credit card companies can use SMS technology to help fight fraud by sending a text message to confirm high purchases on cardholder’s accounts. As consumers become ever more reliant on their mobile phones, financial institutions that can capitalise upon mobile technology by offering a wide range of m-banking and mobile solutions should find themselves ahead of the game.

Financial service companies must take on board the fact that there has been a change in the way that consumers want to interact with their bank, as well as pay for goods and services. Increasingly, there has been a shift towards fast, convenient access to banking – doing away with the need to visit the bank. While in the developed world this has led to a rise in online banking, in the developing world there is a steady increase in the use of mobile solutions for banking. Here, financial institutions are enabling consumers to make transactions such as bill payments, person-to-person money transfers and to purchase small value goods with their mobile phone. Certainly in areas where banking is just for a wealthy few, more and more people are turning to their mobile phone to help manage their finances.

So, what we find is that due to consumer demand, many players within the financial service sector are now turning to SMS technology to provide flexible financial transactions for their clients. For this industry m-banking and mobile-based solutions are becoming mandatory, as an increasing number of customers now expect a mobile solution to help manage their finances. It will be up to financial institutions to meet these expectations if they want to retain a loyal customer base.

Benefits of Financial Services

Posted on July 28, 2011 by admin

Casinos and government sponsored lotteries are selling hope, only. But financial services provide real benefits. Today I want to talk about those benefits, apart from the most obvious one, namely to facilitate payments between all members of a society.

Resource Allocation

The financial service industry allows us to move resources along a time line. Banks do this by selling investment products and by providing funds for those, who can use them productively. In one sentence: help us to use economic resources where they serve us best.

Humans cannot exist without moving resources through time. Every child needs to grow and learn before creating value and earning income. Thus the generic provider of financial services is the family. Parents care for their children and hope to get in return care when they are old.

Handling Cycles

Financial Service companies help us to allocate resources as needed along economic cycles. One example is a life insurance company. You pay a small amount every month for a very long time. In exchange we receive monthly payments after retiring. We use financial services to smooth out other types of economic cycles as well.

Examples are:

yearly seasons product life cycles economic cycles of boom and bust

Every economic cycle contains a time to invest and another period to profit. Financial services let us keep resources for later use and allow us to focus your resources where they promise best results.

How is this done? People are born and die, new projects are started and concluded every single day. Some produce currently more resources than they consume. This happens most often in the middle of a life cycle. Others need a current net input of resources. The results can be smoothed by connecting people and projects in different phases.

Speculation

Seasonal cycles and boom/bust cycles of the economy need another type of financial services, the accumulation of tangible goods. For example surplus farm products are stored in summer and autumn. We eat them in winter and spring. Almost no fresh food grows in Europe in January, but hungry mouths are still around.

The Bible describes an archetypical economic boom and bust cycle: The seven fat and the seven meager years, managed by Joseph who stored food in warehouses. The ugly word for his behaviour is “speculation.” But people do not hate the food provided by a person with foresight. In truth they hate their own myopia, which can be cured at times using services provided by speculators, although for a hefty price.

Financial Help For Single Mothers

Posted on July 25, 2011 by admin

Financial aid for single mothers is available either through federal welfare services or through private organizations.

Who is qualified?

Not all single mothers can take advantage of special financial help packages. Only those whose earnings fall below a certain level are considered low-income individuals and qualify for welfare benefits. To find out if you qualify for and may avail yourself of federal welfare services, you must complete the application form available at your local welfare office.

Each program has its own income limits. Whether or not your income falls within the limit depends on the type of income you have, your family’s expenses, and any other special circumstances your family may have. Each program also has resource limits. Things that can be converted to cash (bank accounts, stocks, and other properties) are considered to be resources. Only certain non-U.S. citizens may receive welfare benefits. Check with your local office for details.

What happens if you are not qualified?

If you do not qualify for welfare benefits, or if your needs are not covered by any specific welfare program, you may take advantage of grants offered by the U.S. government to single mothers. In exchange for the grant, you must perform some service or task required by the grant terms. There are 900 grant programs offered by 26 federal grant-making agencies. Some grant categories are agriculture, art, and education. You may visit http://www.grants.gov and http://www.neh.gov for details on grant application.

Other sources

Many schools offer scholarships specifically to single mothers. In order to find out about these, you may visit the financial aid office of the school you are currently attending or wish to attend.

There are also some private organizations that give grants and financial assistance to single mothers. Singlemom.com has a “financial gifting program.” It awards cash grants to deserving single mothers every month. Many other similar organizations have grant and financial aid information on the Internet.

Article On Financial Services

Posted on July 25, 2011 by admin

Economic growth brings growth in financial industries. Financial Industries refers to financial services. Growth in financial industries always creates abundant of financial jobs for the job seekers. The finance manager are more favorable to handle the complexity in financial transaction and also manage growing amount of investments. They also need to handle different types of financial services like mergers and acquisitions, raise capital and assess global financial transaction.

As economic expands there will be financial growth over the next decades. If we talk about the career in this sector than there are number of career opportunities in financial sectors like commercial banking, banking, insurance etc. This sector creates lots of best job opportunities and best career growth for job seekers.

There are some different kinds of financial services provided by the finance industries like commercial banking, insurance sector, banking (private and public), Foreign Exchange services, Investment services etc.

Commercial Banking

Commercial Banking includes loan issuance (credit appraisal, account management), mortgage services, leasing, credit card banking, international finance, trade credit, trust services and overall operational handling.

Insurance Sector

Insurance sector consist of the insurance brokerage, insurance underwriting where job seeker can have the job like insurance broker, Stock brokers etc.

Investment Banking

Considered as the most glamorous area in finance, investment banking includes corporate finance, mergers and acquisitions, project finance, trading, structured finance, management of financial assets, trade of securities and financial advice. Other types of banking service includes like capital market bank, Bank card, private bank etc.

Other financial service includes like Intermediate services which will includes Stock brokers assist investors in buying or selling shares. Primarily internet-based companies are often referred to as discount brokerages, although many now have branch offices to assist clients. It also includes private equity, venture capital, conglomerates etc. So these are some financial service which consist of financial jobs like accounting job, financial manager job, financial analyst job, finance director job, senior finance job etc.

What Financial Services Do Credit Unions Offer?

Posted on July 16, 2011 by admin

If you’re looking for financial services, you may want to consider checking out what your credit union has to offer. Many credit unions today offer more than just a checking and savings account, they’ve expanded into upgraded financial services tailored to meet many needs.

Credit unions are cooperative banking and financial companies. They are usually non-profit and cater to a particular group of people that work or live in the same place, for example. Credit unions are owned by the accountholders, who also participate in the management and direction of the company.

Today, credit unions offer more than just checking and savings accounts, although these low-cost basic accounts are the reason most people join. Most credit union savings accounts pay slightly more than their counterparts at for-profit banking institutions. Credit union checking accounts usually carry less restrictive requirements and lower fees than those at banks.

Credit unions have expanded into the realm of financial services as well. Most offer loans for a variety of needs, including personal loans, automobile loans and mortgage loans. Interest rates are usually a bit lower than those at other commercial lenders, and sometimes their qualification requirements are easier to meet. Before shopping for a automobile, boat, motorcycle or home improvements, you may want to consider talking to your credit union. Shopping with a pre-approved, lower rate loan from your credit union increases your bargaining power and your buying power. Many credit unions can also write student loans and signature loans.

In addition to loans, many credit unions offer additional financial services. These include dividend bearing checking accounts, which usually carry no fees and pay better interest than most bank’s savings accounts, and higher rate certificates of deposit. Most now offer low or no-fee access to automated teller machines and debit cards that can be used almost anywhere. Credit cards are also available at most credit unions, with discounted fees and more reasonable interest rates making them more attractive than national offerings.

Other financial services that you can expect to find at your credit union include stock brokerage services, mutual funds and personal financial planning. Some are even offering individual retirement accounts and insurance coverage. Of course, choosing someone to help with your financial planning is an important decision, but consider the helpful folks at the credit union when you are investigating your options. You may find that not only are their fees lower, but they offer many of the same types of products as other financial planners.

Credit unions offer many financial services today, and there is one out there for almost anyone. Check your local phone directory or online and you’ll most likely find one that you’ll qualify for. Since today’s credit unions are federally insured up to $100,000 by the National Credit Union Administration, your deposits are safe. When you start looking for financial services, consider your credit union as well. You’ll be surprised at what they have to offer today.