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*Review* Common Challenges Young Entrepreneurs Face and How to Overcome Them

Posted by on Aug 4, 2014 in Entrepreneurship | 0 comments

*Review* Common Challenges Young Entrepreneurs Face and How to Overcome Them

Whether you’re 19 or 29, it’s exciting to put your name on a shingle and place it out there for people to discover. Entrepreneurship is at the heart of the American dream, and it’s something that the bold and the brave strive to achieve. These are some of the most common challenges young entrepreneurs face, as well as my recommendations for overcoming them: Unstable/Unpredictable Customer Base. It takes time to build a reputation, and in the interim, you’ll have customers who will come and go. This can be frustrating,...

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How Mobile Banking can Benefit the Unbanked

Posted by on Aug 1, 2014 in Bank Innovation, Mobile Money | 0 comments

How Mobile Banking can Benefit the Unbanked

The “unbanked and underbanked” are terms that are being batted about in the boardrooms of financial institutions around the world. Gradually, executives have woken up to the fact that there are billions of potential customers who are not using their services. In America alone, there are nearly 90 million Americans who are unbanked or underbanked. This represents an enormous growth opportunity not only for financial institutions, but more importantly, for individuals that use mobile banking solutions. Why are people unbanked and...

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FINX Challenge Reveals “It’s expensive to be poor…”

Posted by on Jul 28, 2014 in Financial Inclusion | 0 comments

FINX Challenge Reveals “It’s expensive to be poor…”

Not long ago, the Center for Financial Services Innovation organized a group of people from the financial industry and took them on a field trip of sorts. The objective was to determine just how expensive and difficult it can be to be poor and living outside of the traditional banking system as a financial nomad. What they discovered was shocking. The following are interesting things that were realized as they explored the world of the 70 million financial nomads in America: It’s time-consuming to be poor. Instead of spending their time...

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Design and Financial Inclusion: A Designers Approach to a Tough Issue

Posted by on Jul 25, 2014 in Financial Inclusion | 0 comments

Design and Financial Inclusion: A Designers Approach to a Tough Issue

Most people don’t think about design principles when they’re wrapping their heads around the problem of financial inclusion. This is why I was so intrigued by a recent article written by Anke Schwittay and Paul Braund. Together, they analyzed the principles of good design and how it can make financial inclusion achievable in Latin America. Applying the following humanitarian designs advocated by the IMTFI can eradicate poverty by making it easier and more appealing for people to access and utilize formal financial services:...

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International Telecommunication Union Steps Forward to Promote Financial Inclusion

Posted by on Jul 23, 2014 in Mobile Money | 0 comments

International Telecommunication Union Steps Forward to Promote Financial Inclusion

The International Telecommunication Union (ITU) has recently created a focus group whose purpose is to develop different methods of affordable financial services, in hopes of making financial inclusion a reality for the nearly 2.5 billion adults around the world who don’t currently have a bank account.   The open focus group has been organized by ITU Secretary-General Hamadoun Toure in response to a request put forth by the Bill & Melinda Gates Foundation. The aim of the focus group is to develop a standardized mobile money platform...

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How Entrepreneurs Turn Great Ideas Into Successful Businesses

Posted by on Jul 21, 2014 in Entrepreneurship | 0 comments

How Entrepreneurs Turn Great Ideas Into Successful Businesses

For many Americans, the dream of owning a business is in our blood. It’s part of who we are and it’s what motivates us in the morning. I can say from experience that being an entrepreneur is one of the most rewarding things you’ll ever do, but it’s also one of the most challenging. As you might expect, all forms of entrepreneurship begin with an idea. Whether it’s a new product or a new service, this idea is designed to fill a need. Oftentimes, these ideas come forward while you’re working on something...

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CFPB Exploring How Mobile Banking Can Offer Real-Time Money Management

Posted by on Jul 5, 2014 in Bank Innovation, featured, Mobile Money | 0 comments

CFPB Exploring How Mobile Banking Can Offer Real-Time Money Management

It seems like the world keeps moving faster and faster. And in the modern world, real-time money management is not just a possibility, but a reality for many people around the globe. Unfortunately, it’s not a reality for everyone, and there are billions of people around the world who don’t have the opportunity to take advantage of tools such as mobile banking to help them manage their finances. In the United States alone, there are roughly 35 million financial nomads who are not reaping the benefits mobile banking has to offer....

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MasterCard Report Explores Reasons for Financial Exclusion in Asian & Pacific Regions

Posted by on Jul 3, 2014 in Financial Inclusion | 0 comments

MasterCard Report Explores Reasons for Financial Exclusion in Asian & Pacific Regions

There are close to 7 billion people on our planet, and the majority of them are not being served by traditional banking models. This is inhibiting economic growth, and furthering the divide between the “haves” the “have nots.” Understanding the reasons that lead to financial exclusion is the key to devising strategies that effectively counter it. Because of this, I was eager to read “The Road to Inclusion” – a report conducted by MasterCard that goes into considerable detail about who the financially...

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What It Will Take to Make Banking for All a Reality

Posted by on Jun 25, 2014 in Bank Innovation, Mobile Money | 0 comments

What It Will Take to Make Banking for All a Reality

After working around the world in the extremely complicated field of emerging financial services, I am now of the opinion that addressing the challenges of the financially excluded may be easier than we are making it. From the beginning of traditional banking with its branches and deposit products, banks have only successfully served a portion of people. The percent depends on the country and conditions. For small African countries, banks can serve as little as 5% of the population; for some European countries banks reach almost everyone. But...

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Personal Challenges of Financial Nomads

Posted by on Jun 23, 2014 in featured, Personal Finance | 0 comments

Personal Challenges of Financial Nomads

Half the world lives without the benefits of financial services. Most of us don’t understand what it means to be a “financial nomad” – living without full access to traditional banking – but the costs are great. To put it in perspective, globally there are 4.5 billion adults who are eligible for access to financial services, yet only 2.1 billion have taken advantage of this and established relationships with banking institutions. Most of these people have basic savings accounts that don’t offer debit cards, checkbooks, etc. – what...

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