FinTech and eCommerce expert Jason Simon offers insight into the advances blockchain is bringing to the financial industry.
San Jos, Costa Rica – WEBWIRE – Saturday, February 18, 2023
In the foreseeable future, it is certain that blockchain will revolutionize the way the financial and digital world operates, as it is undoubtedly a new reality. In a comprehensive manner, this technology enables the transfer of data from the capital to the financial institution in a completely secure manner thanks to its advanced encryption and encryption techniques. As a cryptocurrency and FinTech expert, Jason Simon explains how the blockchain can transform the financial ecosystem as it pertains to disruptions that may affect it.
While youve probably heard of the word blockchain, you might not know much about what it means or what impact it can have on your daily life. Just as the Internet changed the way people interacted with the digital world of banking decades ago, so too can blockchain change how many people interact with the digital world in the near future.
Therefore, it can be a great help for online companies, not only in terms of business, security, or management, but it also reduces the amount of administrative work necessary for financial services and improves transparency for those companies. Essentially, it works like a book of accounts, enabling you to keep a record of every purchase, sale, and transaction you make.
Additionally, this tool provides the option of encrypting and encryption, which are both necessary for preventing fraud and fraud. As well as providing the ability to make economic transactions quickly and protect against fraud and fraud, it also gives the option of preventing fraud and fraud. As a result of using this technology, businesses have the option of offering their customers a wide range of payment options without compromising the security of both parties.
It is not only possible to create a trading system that is unparalleled, but it is also possible to see, instantly and at a low cost, what goes into and what goes out of the accounts recorded in this large book. Explains Simon, To put it another way, what goes into and what comes out of a business, as it goes. However, blockchain is not feasible in the business sector.
This type of technology is able to enable you to store and transfer important documents and information without anyone gaining access to them without your consent, so that your information and documents are completely secure. Furthermore, this technology is used by many companies to make sure that their votes are secure and transparent during their general meetings.
There are a number of companies that are using this technology to ensure that the voting process is secure and transparent. With the public blockchain, users or customers can access all the data that will be stored on the public blockchain, which will be organized chronologically in the block of the chain. The tokens will also act as a business asset that can be accessed by all members of the organization or the customer.
It is possible to automate operations, make records immutable, make business rules transparent, and create an environment for business rules to be transparent with the help of blockchain technology. Adds Simon, The main advantage of blockchain technology is that it eliminates unnecessary information silos and unnecessary wait times, which results in cheaper and faster transactions.
Blockchain technology will have a significant impact on the future of financial transactions. As a result of the immutability of asset characteristics and credit histories, there is a reduction of business risk and a wider line of sight for the company.
Getting each buyers side of the contract checked and approved quickly will improve the business, because he or she will be able to deliver the contract according to their own terms. With the capability of blockchain smart contracts to enter into binding agreements as well as negotiate in real time, the complex litigation process is simplified as a means of preserving and speeding up analysis of documents.
It is, therefore, clear that the emerging infrastructure has attracted a number of financial institutions, regulators and executives from a range of industries to the emerging infrastructure. By using DLT (the distributed ledger technology), regulators can easily access the transaction process, allowing them to access the data they need.
About Jason Simon
Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced. He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism. When hes not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.
May 30, 2022 | Business
Global banking seems to be undergoing significant changes thanks to the advent of FinTechs, and Jason Simon explains how the transition is occurring.
San José, Costa Rica – WEBWIRE – Friday, May 27, 2022
The FinTech sector has improved and expanded its offerings around the world, spurring change in the financial services market. FinTech is no longer simply a concept in the banking sector but has now become a familiar term in technology in general. Jason Simon, a specialist in the FinTech environment, explains how this new era affects global banking in different ways.
Global investments in FinTech startups have doubled to a whopping $112 billion, up from $51 billion last year. This is evidence that the digital revolution is at the doorstep of the financial sector.
This revolution brought about by more and more FinTech startups and FinTech banks is having a huge impact on all banks and financial institutions globally. Banks have a growing role to play in the innovation ecosystem if they know how to form strategic partnerships with FinTech startups, which come with the promise of disrupting the major players in the financial world.
A big advantage of FinTech banks and FinTech startups is that the vast majority offer fee-free lending, Simon points out. Today, traditional banks are facing a major competitor, and they have stepped up their efforts by offering the ability to apply for personal loans over the Internet and with virtually no paperwork. They are trying to compete with FinTech.
FinTech companies are driving changes in the market by focusing on emerging technologies that will provide a completely revamped experience for their customers. As existing players adapt to the market and begin to focus on these technologies, they will be able to move closer to FinTech, use the technologies to quickly adapt to the rapidly changing FinTech ecosystem and its regulations, and ultimately provide a better user experience.
It is important that you highlight some of the business pillars, such as wealth and asset management. This business area is home to banks and companies that offer advice to help people manage their wealth to meet a variety of objectives such as tax reduction, asset transfer, investment-based growth, or asset transfer.
Insurance is another option. Insurance companies are trying to stay on top of the changes in the market and close the gap with other financial industries that have increased their efforts. Insurtech is rapidly becoming an industry, but it still falls under the FinTech sector.
Simon explains that although insurance is slow to adopt new technologies, many FinTech startups are working with traditional insurers to automate processes and increase their services. The industry is embracing innovation, from mobile car insurance to wearables and health insurance.
The market will respond to the growing complexity of data and models that help to quantify and identify risk is also a key trend. Insurers are now embracing data analytics innovation and plan to invest in it over the next few years.
Then there are payments and transactions. In this area, Simon assures that we find all the platforms to make balance inquiries, payments, and transfers over the Internet, without having to go to the physical branch.
Although there are many banks that already offer this option, FinTech startups are the ones that are innovating the most in the sector. Sending money digitally to any part of the world couldnt be easier.
Payments companies have been closely following the FinTech boom and the implications for their market. They are investing in technologies, such as data analytics, mobile, and cybersecurity, that reflect the most important trends in their industry. Payment companies are also investing significantly in blockchain technology and the vast majority have already adopted it into their system.
About Jason Simon
Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced. He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism. When hes not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.
Mar 29, 2022 | Business
Knowing the region where you are developing your business and the community that surrounds it is, according to Jason Simon, a strategy to take eCommerce marketing to the next level.
San José, Costa Rica – WEBWIRE – Monday, March 28, 2022
The image that online retailers project in different markets depends not only on the mix of products they offer or their price but is also influenced by the socio-economic situation of the market and the level of adoption of online shopping.
Having regular access to national market information is always a great key to organizing your eCommerce promotional strategy to optimize your results. Jason Simon, a specialist in the eCommerce field, explains in detail how local market knowledge can be a great ally in improving your eCommerce marketing strategy.
As a retailer, you need to adapt your strategy to ensure that you reach your customers wherever they are. Therefore, detailed knowledge of local and regional differences is essential. The best way to get consumers in one country may not necessarily be the same as in another; significantly if online and traditional channel dynamics vary, which the data seems to confirm.
For example, globally, one out of every four US dollars spent on consumer technology goods today is online transactions; however, this is not an example that can be extrapolated globally. The growth of online shopping has even slowed in some markets. The share of eCommerce ranges from zero to more than a third of turnover. The perception of online commerce also varies: from a promotions-driven premium option to a mass-market channel offering well-priced solutions.
The more detailed information you have on national online sales trends, the better you can plan your marketing activities and evaluate your results, suggests Simon. In addition, you will also be able to optimize your launch strategies and select which online and physical retailers to work with to maximize sales.
Point of Sale (PoS) tracking becomes an invaluable tool that gives you the regional and local information you need to make the right strategic decisions. At the end of the day, it has to be recognized; a one-size-fits-all approach would not be effective.
There are indicators that growth is slowing in countries where online shopping is more mature. Globally, in the first half of 2019, eCommerce grew in turnover by approximately 24% (+1.6 percentage points), a flat dynamic compared to previous years when it was gaining almost three percentage points a year.
However, the global picture masks local nuances. China has led the way in online retail with a share of more than 35% in recent years. In the Chinese market, as in other developed markets, the concepts related to online and traditional retail seem to be more blurred.
For example, eCommerce players have moved from being online-only stores to integrating traditional stores into their ecosystem to reach consumers regardless of channel. Many physical retailers have incorporated eCommerce activities and technology to add digital experiences to the traditional physical store shopping process. Offering a proper omnichannel approach is reinventing the definitions of eCommerce and traditional commerce currently in use.
Other regions are at a much earlier stage of online retail evolution, such as the Middle East/Africa and emerging Asia (excluding China). In these contexts, online sales are 5% compared to Chinas share of turnover.
eCommerce prices reflect socio-economic developments in a region, notes Simon. The image that online retailers project in different markets depends not only on the mix of products they offer or their price but is also influenced by the socio-economic situation of the market and the level of adoption of online shopping.
In some markets, it is primarily affluent consumers who have access to online shopping. Retailers have responded to this by offering premium items. This is the case in Brazil, where online retail offers a range of premium products and generates high average prices. Thanks to online promotions, consumers buy premium product segments at an attractive price that is reflected in an above-average price index of almost 140% compared to the total market encompassing online sales.
While growing global sales may be the ultimate goal of an eCommerce promotional strategy, achieving it successfully depends on taking local nuances into account. Language is the obvious difference; local holidays and events or culturally specific aspects of communication are also factors that are unlikely to be taken into account a priori for local markets. But as the data show, this goes beyond that.
Although eCommerce conveys a globalized character by nature, customer experience and behavior are and will always be local, and promotions must be adapted accordingly. Information regarding where a region may be in the evolution of online retailing, the socio-economic situation of the local market, or where customers are in their buying process is essential to optimize the execution of local campaigns.
About Jason Simon
Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced. He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism. When hes not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.
Oct 24, 2021 | Business
High competition and increasing consumer demands generate a growing demand for simplicity and personalization. FinTechs are using customer data to deliver personalized solutions and digital services that are fast and available 24/7 via any type of device.
Increased competition and customer demand for convenience and personalization are transforming financial services and creating new opportunities for collaboration between FinTech and traditional financial firms. Jason Simon, a specialist in FinTechs and eCommerce, explains in detail how partnerships with FinTechs is the perfect key to take financial services to the next level.
According to a global FinTech report published a few years ago, the rise of FinTech continues to revitalize the customer experience in financial services. However, many of them have found that they are alone in their battle for success. Because of the complementary strengths, they bring to the table, FinTechs are increasingly interested in establishing a symbiotic partnership with the traditional financial services firms they once sought to unseat.
Simon examines how FinTech is transforming the user experience in financial services, focusing on the customer and the use of new technologies. He also looks at the potential for symbiotic relationships between them and traditional financial institutions and the growing role of big tech in this sector.
Through their technological innovations, FinTechs are enriching the customer experience of financial services, says Simon. High competition and increasing consumer demands generate a growing demand for simplicity and personalization. FinTechs are using customer data to deliver personalized solutions and digital services that are fast and available 24/7 via any type of device.
However, financial services customers trust traditional brands more than FinTechs. FinTechs are finding success thanks to a customer-centricity philosophy that corrects the shortcomings of traditional entities. These shortcomings opened the door for FinTechs, but trust in traditional entities remains important to customers.
Freed from the burden of traditional corporate systems and cultures, FinTechs have leveraged new technologies to respond quickly to customer demands. According to the report, 90% of FinTechs point to providing agility over legacy systems and improving the customer experience as their key competitive advantages. Seventy-six percent point to their ability to develop new products and services and their application of innovation to existing products and services.
Their challenge now is to create economically viable business models. Although FinTechs have raised close to $110 billion in funding since 2009, the report reveals that many could ultimately fail if they do not create an effective collaborative ecosystem as they face challenges such as expanding into other markets, building customer loyalty, and containing operational costs of scale.
At the same time, traditional financial institutions are adopting many of the FinTech-driven improvements in customer services, without neglecting their characteristic strengths such as risk management, infrastructure, regulatory expertise, customer trust, and access to capital. Certainly, FinTech and traditional entities will win in unison with a collaborative and symbiotic relationship.
More than 75% of FinTechs consider their main business objective to collaborate with traditional entities. This is why it is critical for both to transform their models through collaboration to drive innovation while maintaining customer trust, explains Simon. Without an agile and committed collaborative partner, traditional institutions and FinTechs set themselves up for failure.
According to the report, more than 70% of FinTechs report that their main concern about collaborating with traditional financial institutions is their lack of agility. In contrast, for traditional firms, it is the potential negative impact on customer trust, brand, and internal culture change.
The future of financial services is in the hands of FinTech and traditional institutions, which can complement each others strengths to meet customer expectations and redefine the customer experience, adds Simon. Although the great uncertainty is related to the disruptions that may come from big tech, what is clear is that it is now that fintech and traditional entities must find the most suitable collaborative partner and redefine their model of progression.
About Jason Simon
Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced. He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism. When hes not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.
