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The term ‘big data” is being thrown around a lot lately, even though most people have no idea what it means exactly. Every action we undertake in life tells a lot about us, even though that information is not always being utilized properly. Sending a money transfer, for example, tells so much more than just the amount of money we send and how we pay for it.

Big data encompasses the whole story, including the sender’s identity, and where the money is transferred to. But there is much more information to discover, including why customers keep using this particular service to transfer money. Furthermore, companies need to look at when people are sending money, whether they use different recipients, and if the transaction amounts are often similar.

That is the primary use case for big data: identifying patterns that would otherwise go by unnoticed. Online service providers can collect a lot of valuable information through big data aggregation. Every browser session has a timestamp, device information, and may give insights as to which location the money transfer is initiated from. Is the sender at home, at work, or in a public place when sending money?

On the surface, not all of this information may seem relevant at first glance. Why would a company invest a lot of money in big data aggregation if their customers keep coming back anyway? Surely they will provide feedback if something needs to be improved? That is not always the case, and establishing a more personal relationship between service provider and customer is vital. That is why we need to look beyond big data, and venture into the world of smart data.

While big data presents a myriad of information, it is not difficult to get overwhelmed by all of these inputs. Not every business has a need to know at what time a customer accessed their platform, or how long it took them to confirm an action by clicking a link in the sent email. The vast amount of information obtained through big data aggregation needs to be turned into bit-sized points of focus.

This is what smart data does: it enables that personal connection between the consumer and the company they rely on. For the consumer, this is nothing but beneficial, as they can express their own needs and desires by doing things the same way as before. Businesses will use technology to gain a better insight into these trends, and act accordingly.

Transferring money to anyone else in the world is not a privilege only remittance companies can execute. The average bank is capable of sending bank transfers around the world with little to no friction. That being said, bank transfers take a very long time and can be quite costly. But fees and time are not the only concerns, as it is not possible to send a wire transfer to the billions of unbanked people around the globe.

Since these individuals have limited or no access to financial services, opening a bank account is not always possible for them. Some of the remittance services let users send money around the world through other payment methods, such as cash or payment cards. Recipients can then pick up the funds through a local remittance office, and walk away with cash in hand.

With smart data, consumers can finally shed the feeling of only being a client number to the company in question. In fact, this technology will empower the user and leverage their position to create a better user experience. Smart data is the right way to go, as it will benefit consumers first and foremost. Companies who truly value their customers have no other option than to embrace smart data technology and establish that deeper connection with their users.

http://www.vinitsolutions.com/blog/item/226-smart-data-for-an-excellent-customer-experience.html

Smart Data for an Excellent Customer Experience The term ‘big data” is being thrown around a lot lately, even though most people have no idea what it means exactly. Every action we...

Questions to Ask Yourself to be Successful
Growing a successful business can be a challenging and daunting labour of love. Managing cash-flow, controlling costs and keeping customers and suppliers happy – just some of the daily tasks faced by entrepreneurs. For businesses that work with overseas suppliers and international customers, there is the added factor of currency exchange to consider. Moving money across borders, quickly and at the best rate, should be a straightforward task for business owners.

Are you being upfront about your exchange rates? You need to ask yourself this question and look at
the answer from a customer’s point of view. Banks and other currency exchange providers are often quite coy about the exact margins they add to their exchange rates, and with good reason. When buying currency, you are offered a rate by your bank. Quite often this can differ from the “real”, pure exchange rate (typically what you see on Google) by as much as 5%. This exchange rate margin that you take is money out of pocket for your customers.

Yes, you need to make money if you’re in the currency exchange business and customers understand that. What customers don’t understand, most often, is how much is your margin and is it realistic. You might want to ask yourself whether you want to be always chasing new customers because you can’t maintain ‘loyalty’ from a lower and upfront margin, or do you want to create a solid customer base through building trust with recurring customers.

Businesses need to understand how their exchange rates are calculated, and how much margin is built into the rates. Often a service will claim to be “commission free”, while charging heavy mark- ups on their rates. Claiming to be commission-free is not exactly honest business if your commission is added to the exchange rate, sometimes at a large percentage.

Is your currency exchange business customer friendly? By offering services such as taking orders for trades at a rate that may appear in the future you can win over customers who could become your customers for life. Your customers also want their money transferred when you say it will be. Keeping on top of your exchanges and transfers is key to customer retention.

Using VinIT software will help you with all of your customer relations. We build software that is user- friendly and customizable so that you can set up your business to attract and maintain a sold customer base.

http://www.vinitsolutions.com/blog/item/225-questions-to-ask-yourself-to-be-successful.html

Questions to Ask Yourself to be Successful Growing a successful business can be a challenging and daunting labour of love. Managing cash-flow, controlling costs and keeping customers and suppli...

Until some fundamental questions are answered, sterling is likely to remain static against the euro in particular. Sterling ended the first quarter lower than it had started against only 4 currencies: the Norwegian krone, the South African rand, the Japanese yen and the Mexican peso making it one of the best performing major currencies in the first quarter of 2018. But how is it likely to fare during the course of the second quarter?

Three things that will determine how the pound will fare over the next 3 months are the Bank of England meeting in May, inflation and job numbers growth, and the continuing Brexit deal.

Following the announcement of a transitional Brexit deal in March, most analysts seem confident that the Bank of England will raise interest rates at its meeting on May 10th. Currently, markets are pricing in a 77% chance of the base rate increasing to 0.75%; the highest since February 2009. While that level of expectations means that markets are unlikely to drive sterling much higher on the chances of a rate hike alone, the inflation report and minutes of the meeting will charge thoughts of additional increases in the Bank of England’s base rate later in the year. If the language coming out of this meeting point to a rate hike later in the year, sterling is likely to push higher.

The Bank of England believes that pay will start to outpace inflation through the coming year and real wage gains are the silver bullet for the UK economy at the moment. Real wage growth is significant because it relies on optimistic employers being happy with business conditions, it allows
consumers to re-balance spending figures from credit uptake and it promotes growth in generalised output with a central bank more comfortable to normalise monetary policy. Unemployment is higher in absolute terms but by not enough to drag the unemployment rate up; more people are
joining the labour market and inactivity is at the lowest level since 2012. Perhaps most significantly, a return to real wage growth would be a further fillip for sterling as investors would in all likelihood see this as boosting future growth and inflation prospects.

As for Brexit and its influences, we now have a transitional deal that allows for more time but actually does little to influence the outcome of the decisions that need to be made or what happens in the background while this is all going on. There are questions that need to be answered. Some of these include trade, the UK withdrawal bill, the ongoing political situation in the UK and Northern Ireland. Until some of these fundamental questions are answered sterling is likely to remain static against the euro in particular.

Sterling and What to Watch For Until some fundamental questions are answered, sterling is likely to remain static against the euro in particular. Sterling ended the first quarter lo...