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In an attempt to be helpful, many traders point newbies towards forums, such as r/cryptocurrency on Reddit, hoping that they will find answers there. But this can actually make the process even more complicated - there is so much conflicting advice that it can feel impossible to know which advice to trust, and which to ignore. More than anything, it is impossible to know which users are telling the truth, and which users are making up fake wins in order to try and build a following. 

NAGA founder Benjamin Bilski talks about exactly this in his recent interview with Hackernoon, Any Financial Advice You Can Get Online Should be Taken with Caution.

What are the key pitfalls for beginners trying to get involved in crypto?

The key pitfalls for beginner crypto investors are very similar to the pitfalls involved in investing in virtually anything. And one of the main problems with investing is that we often let our emotions control us. There’s even a term for it: emotional investing

One challenge for beginners that applies to any asset class might be not understanding how to control emotions, namely fear and greed, and when it might be wise to take profit/cut losses,” says Bilski. 

For new investors, this can be easier said than done - especially for those who only have a limited amount of money to invest in, and who first got into crypto because they’d read about the huge gains made by other investors. Realising that investing can be difficult and often involves lots of trial and error can be a difficult pill to swallow.

Another big pitfall - as we touched on earlier - is that new investors will often believe anything they hear because they want it to work. The problem with this is that anyone can use platforms like TikTok and YouTube and say they made millions by investing in a certain coin - but there’s no proof, and there’s no accountability. It can be difficult to tell whether influencers are being incentivised by companies to push a particular coin, and by the time large influencers are exposed, it is often already too late. In fact, this has become such a problem that TikTok has cracked down on crypto, share trading, and finance influencer promotions after it was revealed that scammers were using influencers to dupe investors. 

What if you could get investment advice from experts with a proven track record, and even copy their trades?

Crypto moves extremely fast, and there’s a steep learning curve. Ultimately, this means that unfortunately, it is not a very beginner-friendly industry. This is exactly the problem that Bilski is trying to solve - and the reason he built NAGA, the social trading platform that has racked up a global community of over a million users. 

NAGA is a super app for investing, crypto, and payments. It was founded back in 2015 and has since developed a lot of unique technology that is designed to bring more people into crypto trading while rewarding professional traders. 

The key feature of NAGA that has made it so popular is its auto-copy feature - a tool that allows new traders to essentially spy on other professional traders, and to copy from experts. The app is powered by the NAGA Coin, which allows skilled traders to monetise their trading strategies and get payments deposited instantly into their wallets as more copiers follow them. 

NAGA’s protocol can be compared to the industry trading version of Facebook. This means that users can essentially leverage the platform for all of their trading needs, instead of having to continuously hop between different platforms. Creating a single account allows traders to get involved with the vast, growing community, hold stocks, participate in events and educational seminars, win prizes, and pay for anything using their NAGA card. 

By far, the main benefit for new crypto traders is that the NAGA platform is completely transparent. Instead of guessing who to follow based on who is the loudest on forums, or who has paid the most to advertise themselves, users have access to a fully transparent leaderboard that shows the platform’s top traders, along with the amount of profit they have made, the number of auto-copiers they have, and their win ratio. 

How do experienced traders benefit from this?

The benefit for new traders is clear - they get to copy the trades of experienced traders and then carry on their lives as usual. But at this point, you might be wondering: ‘what’s in it for investors? Why should they share their trading strategies with me?’ 

Experienced traders, on the other hand, get to benefit from the NAGA Popular Investor Programme. In exchange for sharing their trading strategies with other users on the platform, traders can get paid up to $100,000 per month from the Popular Investors’ fund. 

In addition, copiers will pay €1 for each copied trade. Approximately 35% of this will be shared with the trader that they are copying from. This will incentivise traders who usually monetise their audience through email lists, Facebook, or YouTube to bring their audience over to NAGA and get paid directly instead.

Social trading platforms like NAGA are helping to reduce the risks associated with investing

Unlike an anonymous platform such as Reddit, an investing super app where everything is combined into a single platform increases accountability between users. Given that the entire premise of NAGA is based around transparency, we can be hopeful that it is a step in the right direction when it comes to reducing the number of crypto scams, which increased significantly throughout 2021. 

I think increasing the general understanding of cryptocurrencies among the public could be the way to minimise risks - in other words, not let risky scams get attention and let good projects prosper and bring value to people around the world,” Bilski told Hackernoon. 

Assaf Tayar, Managing Director at BCG Platinion, explains what insurance trends you should be paying close attention to in 2022. 

For businesses to set effective plans and goals, they must have a full understanding of their operating environment, trends and challenges. Of course, while the pandemic has been the obvious major source of disruption to the insurance industry, firms need to reflect more widely on how conditions have impacted their operations. In particular, the pandemic accelerated digital transformation across the world. For the insurance industry, the role of technology across all aspects of the business is essential, especially as more people take up flexible working or decide to work remotely for the foreseeable future. These new developments are forcing business leaders to re-evaluate how their business operations and user experience fit with what customers expect in a technologically advanced world.

In this piece, I share some of the insurance priorities to consider and even respond to this year. 

1. Cloud will become essential

Today, more leaders in the insurance sector now understand the value of cloud computing. In fact, estimates predict that the cloud computing market size will reach $1.2 trillion by 2028. Keeping up means the industry will begin to take a cloud-native approach, like many other industries that are already using the technology as part of their business infrastructure and operations. 

This will come as no surprise to anyone as most of today’s software solutions are cloud-native. Whether it’s to access the plethora of third-party solutions available, improve efficiencies or increase cost savings, this trend will continue to gain momentum. As such, we’ll continue to see insurance companies look for solutions that help them accelerate their cloud migration efforts.

2. InsurTech solutions will lead the way

Just as the banking industry was revolutionised by FinTechs, the insurance industry is joining the digital revolution. InsurTech, this year, will be key to modernising technology stacks to get the most value from IoT, data and cloud, meaning InsurTech will become the norm. 

Yet this means SaaS-based solutions built on APIs will need to be put in place to deliver personalisation on a much greater scale. Due to the level of competition in the market, the modernisation of the insurance industry will continue to grow at a fast pace. The sector's maturity will depend on the richness of solutions InsurTech makes possible. With the most modern, effective systems, this growth will enable businesses to provide convenient and direct value propositions to both customers and clients.

3. A wider ecosystem will be API driven

More and more new platforms are being built daily and we’re already seeing the development of microinsurance products that can be plugged into different marketplaces. As a result, this drives product simplicity, as well as ensures focused customer engagement and services.

The acceleration of this trend will continue in 2022 and the insurance sector will take a larger role in this wider technology ecosystem. Next, the focus for business leaders will be to gain value from the technology, which will require better use of APIs and the development of partnerships with open architecture. For example, with health insurance like Vitality, premiums are flexible if customers make healthier lifestyle choices, like going to the gym regularly. It’s here that open APIs are vital to track and verify customers’ patterns, for example through connecting to customers' fitness apps. In some parts of Europe, this has already begun to happen and will become even more prominent in 2022. 

4. Data management will be used at scale

According to the Global Consumer State of Mind Report 2021 by Trūata, 76% of global consumers believe that brands need to do more to protect their data. And the need to have effective and efficient solutions to cope with GDPR, cybersecurity and the like, when managing data has never been more crucial. 

Insurance organisations will start to see huge benefits from using data platforms once they’ve moved their IT infrastructure to the cloud. Although there won’t be an explosion of new technologies in this area, we’ll see insurance companies deploying more effective solutions at scale and leveraging it to fulfil its true potential in 2022.

5. Cryptocurrency payments will continue to surge

Our financial ecosystem is currently undergoing an evolution and insurance organisations are developing and embedding into tech more than ever. Currently, some insurance players are building payment mechanisms by leveraging crypto solutions, while others offer cryptocurrency protection. For instance, in the US, auto insurance company Metromile announced it will soon let customers pay with cryptocurrency and even receive pay-outs in digital currency. 

In 2022, there will be even more growth in technologies that enable alternative ways of making payments. We’ll start to see smaller players in InsurTech provide instant payments that don’t even exist right now. It will still take time for there to be a global cryptocurrency market, but blockchain will continue to provide new opportunities that will impact the insurance industry.

6. Working with other industries will remain important

Insurance has played an important part in several different industries, but this will increase in 2022 for the automotive and healthcare industries specifically.

In the automotive industry, many modern cars have various IoT sensors which collect data on how a car travels. The telematics of the data is embedded in the car, meaning data can be sent back to relevant organisations – such as an insurance company – if an accident were to occur. Over time, this technology and data will continue to grow and insurers will have a much more sophisticated approach. Here, AI will play a big role, and this will be driven by the insurance sector.

There’s also a huge opportunity in the healthcare industry. There is a growing ecosystem of services and devices available to help individuals live a healthy life and recent findings from CCS Insight suggest that Covid-19 led to a 20% growth in smartwatches. As more products enter the market, having the right solutions to store and process data and ensure it’s compliant, will be key. 

Deliveroo said that the number of orders grew 10% in the quarter. On average, customers placed 3.4 orders per month in the last three months of 2021, a figure significantly higher than the 3.2 orders that were being placed per month during the first lockdown in 2020 when pubs and restaurants were closed. This further suggests that the popularity of food delivery platforms has not gone down since lockdown was lifted. 

In the quarter, Deliveroo said it had 8 million active monthly customers, up 37% year-on-year and 123% on pre-pandemic levels.

On Thursday morning, share prices were up on the back of the results, trading at 179p. 

"I am proud of what we achieved in 2021; despite a challenging backdrop, we continued to strengthen our customer proposition, widen our customer base and execute against our strategy,” said founder and CEO of Deliveroo Will Shu.

"We are excited about the opportunity ahead and look forward to making further progress in 2022."

Microsoft said that the $68.7 billion deal, which is the biggest in tech history, will “provide the building blocks for the metaverse.” It will see Microsoft become the world’s third-largest gaming company by revenue after China’s Tencent and Japan’s Sony. Following news of the Microsoft-Activision deal, Sony shares dropped 13%, while Activision shares skyrocketed

Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms,” commented Satya Nadella, chairman and CEO, Microsoft. “We’re investing deeply in world-class content, community and the cloud to usher in a new era of gaming that puts players and creators first and makes gaming safe, inclusive and accessible to all.”

The deal follows a challenging period for Activision Blizzard, which has been impacted by a string of allegations of sexual misconduct and discrimination. Since July, the video game company has fired over three dozen employees and has disciplined another 40 to address such claims.

How To Boost Your Employees Productivity And Connectivity

Companies take several steps to increase their productivity and connectivity. However, only a few of them have been successful. Let us take a look at some smart ideas that help improve employees' productivity and connectivity.

Open Communication

Employees always want to feel valued and appreciated. Open communication between employers and employees is the first step towards achieving this. The company must set up several platforms that allow employees to directly communicate their views to the management. There are several ways by which this can be done, one of them being setting up an anonymous suggestion box where staff members are free to submit an idea or opinion they have regarding work-related issues. TeamSense, a Fortune 500 industrial technology company, fully acquired by Fortive, uses brilliant products and services that connect your workforce and help you work more productively. Through its scientifically proven, cloud-based technology platform built on real science, Fortive's TeamSense helps companies drive accountability and engagement across their global workforce.

Another way of promoting open communication is by holding regular town halls where staff members can directly pose their queries or ask any question they might have in mind. This will create a more relaxed environment and help staff members build stronger relationships with employers.

Handling Distractions

Distractions from work are something that every employee suffers from. It ranges from gossiping with co-workers to checking out social media accounts or even just getting up for a cup of coffee. These little distractions might seem harmless, but they do have a very negative impact on employees' productivity and concentration levels. The best way to handle these distractions is to instil a strict no-distraction policy at your workplace, which applies to all staff members. You can even go one step further and implement a reward system where staff members get awarded for completing their work without any distraction.

The company can also put a rule where employees cannot use their mobile phones or check social media during office hours. You can even implement a cell phone policy where you ban mobile phones from 8 am to 5 pm. This will give them quality time with family and friends post-work hours, which is beneficial for both employees and employers.

Structure Of Working Space

Another important factor that influences the productivity of your employees is the structure of their workspace. A workplace where employees are exposed to distractions throughout the day will harm their concentration and the number of hours they put in for work. A study was taken up by an Australian research company on this matter and clearly shows how open spaces such as coffee shops, libraries and even common rooms affect employees' productivity. This is why it is of utmost importance that you allocate proper space to each employee to work comfortably without being exposed to distractions.

Taking Breaks

Employees are not machines who can work continuously for 7-8 hours non-stop without any distraction or break. They require breaks between their work, which will help them re-energise and put in maximum effort when they resume their task. These little breaks also reduce the chances of employees getting stressed out. For instance, a study conducted by an online news agency shows that employees who take five minute breaks every hour are 46% more productive than those who do not take any breaks at all. Productivity is directly proportional to the number of hours employees put in for work. Employees must be given tasks according to their abilities, and more importantly, they must be able to complete the task with full efficiency and satisfaction.

Encouraging Teamwork

Working in a team will increase your productivity because you will draw inspiration from your co-workers. One way of increasing teamwork is by increasing the physical interaction between employees. The company should organise activities that encourage face to face interactions between employees. Such activities do not have to be related to work at all. They can be as simple as organising a picnic or a potluck dinner where everyone brings something different. This will enhance team-building and increase productivity levels because ideas are exchanged easily in such an environment, which leads to increased creativity among staff members.

Offering Rewards

Rewards do not mean money or time off. Employees who are appreciated for their work will put in extra effort to reciprocate that appreciation. There are several ways through which this can be done, one of them being offering bonuses based on the performance of individual employees over a while or setting up monthly prizes for employees who demonstrate maximum productivity. This will encourage other employees to strive for excellence and increase their performance. Therefore, managers should take care of their employees and praise them when due. They must also show that they value their workers by rewarding them on special occasions like birthdays, anniversaries and even a job well done. The rewards can be anything from a small token gift to a personalised message.

Encouraging Learning

Employees are constantly looking to learn new things. They are always on the lookout for up-gradation in learning something new, something that will increase their knowledge base. This is why there must be a clear policy that encourages learning amongst employees. Employees should be encouraged to attend conferences or seminars that have nothing to do with work so they can broaden their horizons concerning knowledge. This will increase their job satisfaction levels and allow them to work efficiently at high rates.

Final Thoughts

High employee productivity will reflect on the results of work done by them, which will fetch good profits for the company. The effectiveness of the suggestions mentioned above depends largely on the person who has to use them. Hence, managers need to adopt these suggestions as per their requirements and effectively implement them to be motivated and enjoy a healthy work environment.

Digital transformation for businesses includes introducing new technology and software, as well as adapting organisational structures and mindsets to the modern digital culture. What are the potential benefits that make digital transformation so valuable, and are there any downsides?

The Need For Digital Transformation

The ever-evolving digitisation of our society is no new phenomenon. Our hobbies, social lives, education, and jobs are shifting more and more into virtual spaces. While many of us still remember life before the internet as it is today, the new generation of digital natives grew up with the internet and all its perks and pitfalls. They are navigating modern technology with ease akin to breathing.

Naturally, young people are a huge target market and the newest or next additions to the workforce. When trying to appeal to them or fully make use of their potential, any business – whether it is part of the IT sector or not – is forced to adapt and use modern tools such as management software and apps. And yet many small- to mid-sized companies still struggle with the implementation of digital strategies and digital transformation is one of the biggest risk factors in the eyes of directors, CEOs and senior executives.

The Upside Of Digital Transformation

Many traditionalists are still wary of digital solutions to long-established methods. They are getting in the way of their own company’s potential to work more effectively and cut costs. Digital staff management tools, such as online staff rota management, allow employees easy and intuitive ways to take part in their schedule planning.

Even a simple tool like this can have unexpected impacts:

The Risk Factors Of Digital Transformation

If so many executives consider digital transformation a risk factor, that means there must be a potential for negative consequences when introducing digital strategies to a business. Business owners who still refuse to commit to digitalisation fear the fallout of their digital transformation efforts failing. What exactly are the negative effects they worry about?

Conclusion: Maximised Efficiency, Minimised Risks

Digital transformation is no longer an option but a necessity. Modern software and the accompanying technology are important for companies to remain competitive and gain attractiveness in the eyes of the next generation. When used correctly, digital assets optimise a businesses’ efficiency. Automated processes, intelligent software and connected workflows can minimise the time wasted on menial tasks. Happier employees, efficient planning and reduced mistakes maximise a company’s potential.

Potential risks can be avoided with a bit of careful consideration. An employee’s willingness to learn and use new tech can be increased. There needs to be enough time set aside for appropriate amounts of schooling. Additionally, the acceptance of the new tool will rise when it’s made clear how it can positively affect both the company and the employees themselves.

Expert advice and software reviews will help to find the right solution for the specific company. Most governments offer financial aid for small businesses' digitisation efforts. These are often combined with educational support. This kind of coaching can help to choose the right tech and implement it smoothly.

According to recent figures from the Office for National Statistics (ONS), real average weekly earnings dropped in November for the first time since July 2020, with basic pay without bonuses growing by 3.8% in the quarter to November. Average total pay including bonuses rose by 4.2%.

Meanwhile, consumer price inflation (CPI) jumped to 5.1% in November and is expected to reach as high as 6% in the spring as energy bills increase. Allowing for inflation, total pay was up by only 0.4%, while regular pay stayed level. 

From September to November, the average total pay growth for the private sector was 4.5%, but for the public sector, this figure came in at just 2.6%. 

Inflation has waged war on pay and in November, salaries actually slid once inflation was taken into account. This has piled on the pressure for those struggling through the cost of living crisis, and things are going to get even worse,” said Sarah Coles, senior personal finance analyst at Hargreaves Lansdown. 

Wage rises have been falling steadily since spring 2021. Annual rises peaked at this point at 7.3% for regular pay and 8.8% for total pay, thanks to the fact that during the previous spring, wages had plummeted during the first lockdown. Meanwhile, inflation has ramped up from below 1% in February 2021 to more than 5% nine months later. In November, with inflation at 5.1%, it overtook wages.”

It’s important to remember that tax attorneys from a reputable law firm have a wealth of resources at their disposal to help you stay on top of your situation and ensure you receive the best possible outcome with minimal stress. If you’re having trouble with your taxes, it may be time to talk to an attorney about ways they can help you solve your tax issues or perhaps even avoid them altogether. Here are three ways a tax attorney can help with your tax problems.

1. Avoid Jail Time

If you're facing tax-related charges, your first thought is probably how you can keep from going to jail? Jail time for tax evasion is a real possibility if you are found guilty of breaking federal tax laws. However, you can use particular strategies to lessen your chance of being jailed. One of these strategies involves hiring an attorney immediately to help defend against these charges.

Regardless of your particular criminal charge, your attorney can go to bat for you in court and fight for leniency. Most people don't realise that federal law allows someone convicted of a misdemeanour or nonviolent felony to ask for probation instead of jail time. With a bit of luck and some clever legal manoeuvring, your attorney may be able to get you off without serving any time behind bars.

2. You Won’t Face Severe Penalties

If you’re facing an IRS audit or a criminal investigation, your life can quickly become unbearable. An attorney can help reduce your fines and even prevent you from being charged in court altogether.

Tax law can be complicated, but an experienced lawyer will ensure that every angle in your case is addressed and that you receive the best possible outcome based on your potential penalty. An attorney can also assess if you’re eligible for an IRS instalment plan, which allows you to pay off your debt over time. In some cases, they may even get some of your fines and penalties waived through negotiation.

3. Deal With Tax Authorities On Your Behalf

Many taxpayers feel confused, intimidated, or even hopeless when dealing with a government agency. You might not have all of the information you need to answer questions, and it's easy to feel that you don't know what you're doing. Additionally, it can be challenging to reach out and contact tax authorities by yourself.

If you’re being audited or under investigation, your tax attorney can communicate on your behalf. They have all of your financial records, and they can explain your situation more clearly than you can on paper. An experienced attorney will clear up any confusion or potential issues right away. The lawyer will also handle complex disagreements with a state or federal agency and negotiate a settlement.

Endnote

If you’re facing any tax trouble, you might not know where to turn. There are so many different types of taxes with diverse issues, and each one requires a particular form of solution to be adequately handled. If you're unable to resolve your tax issue with the IRS on your own, consider hiring an attorney to help you out. 

Finance Monthly is pleased to announce that the full list of winners of our 2021 Women in Finance Awards has been published.

Working in the financial services sector as a woman has always meant facing challenges, barriers to entry and an unequal gender balance in the workplace. Since the release of the Finance Monthly Women in Finance Awards 2020, we have seen some progress towards gender parity in the sector – however, 20% representation of women on executive committees and 23% on boards is still a far cry from our end goals and proof that a good deal of work remains to be done to ensure greater opportunity for women’s advancement in financial services.

As a leading financial publication, Finance Monthly strives to shine a light on the work of female professionals, the obstacles they face and the challenges they overcome. Each of the finance experts featured in this year’s edition of the Finance Monthly Women in Finance Awards are women who consistently achieve more than is expected of them despite barriers within the industry at large.

2021’s Featured Winners

This year’s standout winners include Susie Hillier, Head of Wealth Planning at Stonehage Fleming, who tells us about her success in building a diverse and high-performing team. We also hear from Rebecca Fels Larsson on her career progress as an investment professional at CORDET, among many other stories of achievement from female professionals.

At Finance Monthly, we are proud to share each of these stories with you. Congratulations to all our winners.

How has CORDET grown and developed over the past year?

From an investment point of view, we have had a busy 2021 so far, and both added new borrowers to our portfolio as well as supported existing borrowers with additional capital for growth. Overall, we have seen a very high deal flow over the past year, a consequence not only of the ongoing bank retrenchment from the smaller mid-market, which was accelerated by COVID-19, but also of our strong origination efforts with many new relationships built across our key markets.

From an operations point of view, we are continuing to expand the team and have brought several functions in-house, enabling us to further institutionalise as a business and offer our investors a better service at a lower cost.

What key strengths do you believe help CORDET to stand out from its competitors as an alternative credit investor?

At CORDET, we aspire to act as a trusted, long-term partner, and are committed to enabling transformational growth for the companies we invest in. For example, we often provide follow-on capital to support the value-creative growth journeys of our portfolio companies, be it through acquisitions or organic expansion plans. Structure and terms of our financings are tailored to the specific needs and with a flexible approach as the requirements of businesses may change over time. Our partnership-focused approach is facilitated by the fact that we invest exclusively within our circle of competence – that is, in industries which the team understands well.

What is your proudest achievement of the past twelve months and what plans do you have for CORDET and your own career development in the coming year?

I am extremely proud of my steep learning curve over the past twelve months, taking over more and more responsibility across the entire deal cycle, coaching younger team members and actively contributing to our business development. On these aspects I am lucky to have an employer with a progressive and nurturing management style who strongly promotes the development of its staff, providing ample opportunities for personal growth. One example is the recent introduction of a firm-wide ESG training with a half-day workshop every quarter, a result of our increasing focus on Responsible Investment, having been a signatory to the UNPRI since 2014. For the coming year, my plan for CORDET and myself is for us to continue our current growth journey – to look at exciting new deals across different industries and geographies, to further develop our network, to support existing portfolio companies, and to welcome new investors – and all of that as part of our nimble and ambitious team that fosters a supportive culture, which attracted me to CORDET in the first place.

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About Rebecca Fels Larsson

My name is Rebecca Fels Larsson, and I am part of the Investment Team at CORDET, an alternative credit investor that provides bespoke and scalable financing solutions to smaller mid-market companies in Northern Europe. I am based in our Stockholm office, and in my role as Investment Professional, I focus primarily on the origination, analysis, execution and subsequent monitoring of debt investment opportunities across the Nordics and DACH. Prior to joining CORDET in early 2019, I worked in EY’s Strategy and Transactions team where I started my career after graduating with a Master’s in Accounting and Finance from the University of St. Gallen in 2016.

At CORDET, we are currently investing from our second fund, and for both funds combined we have to date completed approximately 70 separate financing transactions across 30 different companies. Our primary investment focus is on resilient businesses that generate up to €20 million in EBITDA and are based in the UK, Ireland, the Nordics, DACH, or Benelux. Our portfolio companies are often leaders in their respective market niches and benefit from mega trends, such as technological change, climate change, or the ageing population.

With offices in London, Luxembourg, and Stockholm, we are a team of 23 professionals and senior advisors across different sub-teams, drawing from on average 20 years of specialist experience.

One person who has reflected a lot on the upsides, downsides, and services that various banks offer, is Ingeborg Tysse. She lives in Norway and shares her experiences with banks at Bank Erfaringer. She covers the likes of MyBank, Bank2, Svea Bank, as well as other banks that are widely used. Some of them are mostly in Scandinavia, and some, all around the world.

According to Ingeborg, there are a lot of factors that you need to consider when you are looking for a new bank. Some of the most important are:

What Banking Services Matter Most To You?

Banking services are a must-have for everyone who lives in the modern world (including you). They provide financial security and stability, and they don’t only exist to store your money; they exist to help you manage it well.

There are many different types of banking services, and different banks offer different services. Ingeborg says that this is probably where you will find the most important reasons for what bank to choose in the end. After all, there is not a one-size-fits-all when it comes to banks.

Below are the obvious banking services you should look for first:

Then, there is the question of how the bank offers these services. For example, do they have:

Depending on your needs and preferences, Ingeborg suggests that you use these bullet points as a compass for picking the bank that will be right for you in the long term.

Why Choose A Local Bank Instead Of A Big And Remote One?

Many people think that local banks are not as good as the larger, more well-known ones. But this is not true. Local banks can provide many benefits for any business or individual, which you will see below.

The first benefit is that you get a personal relationship with your bank. You don't have to deal with a call centre and can instead talk to someone who knows you and your needs personally. The second benefit is that it's easy to get access to loans and other financial services from a local bank without having to jump through hoops and wait in long lines at the big banks. The third benefit is that these banks are usually much more flexible in their requirements when it comes to checking account balances, credit scores, etc., which means they are more likely to approve your loan application and such things.

Why Choose A Big Bank?

According to an article on The Balance, the biggest banks provide the most convenience to their customers. They have the widest range of services to their customers and an easy-to-use interface that out-competes the smaller, local banks. These are all great reasons to choose a big bank.

It is easier for big banks to offer many services because they have more employees and more branches. Their size also means that they usually have more resources to pool into accessible ATMs where you can take out or insert cash, something that is all the more useful if you’re on vacation in another town in your country. Big banks also have better data security than smaller financial institutions because they can afford to invest in it.

Regardless of whether you choose to go for a local bank or a big bank, the most important thing is that you are happy with your own decision and that you have compelling reasons that are personally meaningful. In the end, it’s your bank account.

Often referred to as the ‘gender investment gap’, this issue really matters because many women are likely to face a significant financial shortfall in the longer term, particularly when it comes to retirement. Of course, the gender pay gap compounds the problem which is something not to be ignored. So, being careful not to gender stereotypes, what is it that is holding women back? What are the common barriers that women face and, more importantly, how can we address these?

Let’s start with confidence, or lack thereof

Research points to women lacking confidence when it comes to investing and investment decision-making. Many women tend to err on the side of caution when it comes to investment proactivity – which of course is a self-fulfilling prophecy as it is that very experience that builds confidence.

Lack of confidence is compounded by self-perception

Believe it or not, many women hold the self-perception that ‘investing is not for them’ and,  as a consequence, avoid becoming active investors, in some instances outsourcing to partners to make the investment decisions.

Language can put women off

Yes, conversations about money can be intimidating, and sometimes this is made worse by the language and terminology used by investment professionals. In the past, the investment industry has also done little to build levels of financial literacy with their female customers and avoided resolving the problem.

We are failing women by the way we communicate about money

It’s not just the language and terminology used. It is also the core message we communicate to women when it comes to money assumptions and expectations. Linguistic research highlights that the media and advertising industries encourage men to ‘dare to invest’, subtly implying that financial success makes you ‘more of a man’. Whereas they tend to depict women as needing to limit, restrict and take better control of splurges. What can we do to turn this around? What steps can we take to support women to invest more, for their financial futures?

Start by focusing on improving levels of financial literacy for women

The investment industry itself can play a constructive role in this, so can schools and universities by teaching young women the investing fundamentals and building investor confidence. The good news is that there are more and more female-focused investment networks and solutions available now – we need more so let’s actively support these.

We need more women working in the investment industry to design and deliver better products and services for female clients

A better gender balance is critical because diversity of thought, experience, and action are core components of what the industry needs to be fit for the future. In addition, more women working in the industry will help to build trust with female customers, and will support the design of products and services better suited to women’s financial needs.

Back to communication

Let’s change the way we communicate with women on money matters. This is really important – we simply must change how we communicate with women about personal finance. This should start with stopping the portrayal of women as excessive spenders, in need of guidance to help them save and restrict. We can also highlight female role models who are making their way in the investment world in order to send the right messages.

Looking for new channels of delivery, we can leverage tech to democratise the way that women invest

Developments in tech offer us a pathway to connect and communicate with women in different ways from the past. To do that we must employ a female lens when designing tech-based investment solutions for women. In addition, we can customise investment products and services that fit best for what women are looking for today. 

What do women really want?

It is time for us to think more deeply about women’s financial needs and deliver on these. Simply rebranding products for a female audience will not achieve the fundamental change we are looking for. The industry also needs to think more deeply about the kind of products and services that women want. For example, increasingly women are seeking out sustainable and impact investing products and services to include in their personal portfolios. More and more women are prioritising environmental and social impact when considering their investment choices. It is time the industry recognised this shift and started addressing it.

Author Jessica Robinson

Jessica Robinson

The COVID pandemic has been financially tough on many women – often disproportionately so. This makes the call for addressing the gender investment gap even louder – but small steps can be taken, with potentially huge benefits to be reaped. 

About the author: Jessica Robinson is a leading expert on sustainable finance and responsible investing, and author of Financial Feminism: A Woman's Guide to Investing for a Sustainable Future. Find out more at moxiefuture.com

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