Month: April 2022

Refocused and Revived, Canada’s Most Influential Business Magazine, will help readers connect with leaders who are innovating in this country.

Business is changing in Canada – and so on Canadian business.

Trusted by executives and entrepreneurs for nearly a century, the country’s leading business magazine is re-focused, re-energized and ready for its exciting re-launch this October. Online and in print, the publication will offer everything from inspiring profiles to unique thought leadership that reflects the changing look of business from coast to coast – and keeping an eye on global trends.

“Business leaders today are not what they were a decade ago – or even five years ago,” said Charlotte Herald, its newly appointed editor-in-chief. Canadian business. “They are young, diverse and progressive minded. They are working to build a better future for Canada by encouraging meaningful change, not just looking down the line. “

Already with this change, the upward effects of COVID-19 have brought these leaders – and their border-pushing ideas – even further. As they help Canada “thrive” in the post-epidemic world, Canadian business They will be there to provide inspiration and resources for their important work.

That’s something Canadian business Has been doing this for over 90 years. The magazine was started in 1928 as a newsletter of the Canadian Chamber of Commerce. Although its content was highly bureaucratic, its goal (and chamber) was high: to foster a spirit of cooperation among business leaders – and in doing so, to encourage innovation and improve the economy.

2021 and beyond, Canadian business About uniting the business community of the country. And whether you’re a small business owner or an industry captain, there are real benefits to joining our community. Sign up now Our e-newsletter is a great way for us to challenge the status quo to learn more about our relaunch and show new ways to do business. Among them, our Canadian Business Leadership Circle provides exclusive insights and experiences courtesy of a new C Suite-Level Executive each month, while our CB Insider membership program will help you connect with other business leaders across Canada.

Because leaders do all this. They communicate with clarity and authenticity. They embrace change. They build relationships with purpose. Exactly what you can expect from the new Canadian business.

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Over time, there has been considerable debate over whether Fintech disruptors will one day effectively take on the key roles offered by banks. In some banking cases, this is already happening with the help of finance software development companies, especially when looking at B2C and P2P money tokens and allocation of payment services, budgets and financial planning and investment platforms.

Although we have taken expert insights from the developers of TatvaSoft which is a financial software development company and have used their feedback to complete this issue.

Those who have moved their business online, from a restaurant to a retailer or from another sector, have benefited from a significant head in online use as consumer behavior has evolved during the epidemic and several more have become more effective. According to the EY report, worldwide, 25% of SMEs are using some form of FinTech, with 93% of recipients focusing on technical solutions on consulting when choosing a partner. However, while this may not be the case, compulsory banks are in a position to create solutions that actually meet the current and future banking needs of SMEs.

SMEs and MSMEs are significant operators of the economy, yet they are often overlooked. There is a significant lack of liquid injection in this area. Traditional financial software development service providers are insufficient to write off these credit requirements for small businesses because they have difficulty meeting eligibility criteria, complete paperwork, medium scalability, and small loan ticket size.

Let us know about the role of Fintech in the innovation of SME banking and how SMEs have evolved so far.

Fintech’s essential role in the growth of SME banking

Fintech has increased the opportunity to offer credit to SMEs and MSMEs in crowdfunding, personal loans for business, MSME loans, and online lending tools. They use modern technology, such as alternative scoring, digital and realistic channels for purchasing, and channelizing the financial needs of the sector.

Without the weight of bureaucracy, fintech software companies can provide quick ways to get credit and are adequately equipped to take the associated risks. They include a number of other skills such as lending, direct banking, money management and invoicing. Now let’s see how it changes SME banking.

SME Evaluation after Fintech Involvement:

Public banking has paved the way for the current generation of financial products, giving customers a wider choice and authority over their financial records and conducting competition in the financial industry. Along with banking, banks have a distinct possibility of designing similar products and services that determine the pain scores of corporates and SMEs and promote their services.

The benefits of SME are immense, especially in sectors like:

• Credit risk scoring
• Account Merger
• Accounting information
• Financial management
• Invoice
• Automatic onboarding
• Request payment
• Streamlined B2B payment
• Accounting and accounting

SMEs play an important role in every world economy. According to McKinsey, SMEs generate about 50 850 billion in annual global revenue for banks. And 80% of European banks escort the SME market as a priority growth area. However, SMEs are tolerated as an underdeveloped sector on the discovery front, and many of them are now embracing other financial services providers for brand new benefits and services. There have been many developments in the retail banking sector and the benefits for retail customers are obvious, but how can public banking help banks and fintech to properly serve the SME market? Papers are documented in the Global Open Banking Report 2020. Public banking is driving open finance through payment and bank statement information as it seeks to expand the range of data to include savings, expenses, insurance or pensions.

According to a well-known bank, the change will allow for greater visibility of financial products and allow functionality such as a full asset dashboard, which will offer more comprehensive work insights with customers, SMEs and corporates and product and analytics identification. Furthermore, as most banks admit, SMEs and their clients have a system to communicate for additional payments. This coordination should give customers more prudence about what they spend and when they spend it and plan to give SMEs this opportunity while ensuring payment.

Top FinTech trends that are essential for SME banking

Anyone who ventures into this area is wondering why Fintech is focusing more on SMEs. Let’s find out why with this following segment. Over the past few months, a certain segment of customers has come up with many ideas in the field of fintech: small and medium enterprises (SMEs) have been recognized as a society that traditional banks have long ignored. As a result, a growing number of fintech development companies are entering the market, providing products and settings designed specifically to meet the needs of SMEs – poverty, which has increased over the last 20 years due to digitization and globalization.

Banking stocks, however, have risen only marginally and have not been adjusted to the dynamic environment in several states. In order to survive in today’s highly competitive market, SMEs are expected to be loyal and effective. Therefore, Fintech businesses have proceeded to analyze and stimulate financial products and support for SMEs in the following market segments:

– Banking and accounting

Accounting functions in SMEs regularly practice a combination of different tools. Owning a business with different licenses, interfaces and information is costing time and financial resources. That’s why FinTech is beginning to realize fully digital solutions that allow businesses to manage their money, invoices and bills more efficiently.

– Supply Chain Finance

The financial consent of the company can also be controlled with the help of factoring support. Especially when capital is required to start a business, record payments or increased payment terms can have an adverse effect on a company’s liquidity. Although the factoring method itself is not a change, the solutions produced by Fintech can absolutely stimulate the factoring method and test it with high cost-efficiency. Billfront, for example, provides factoring support for digital media companies, and appropriate targeting advertising-technology companies.

– Credit

Getting credit from a conventional bank can be quite challenging and time consuming. Increasingly, treatment times are often too long which has an immediate effect on the financial flexibility of the business. Recently developed solutions that are specifically designed to meet the requirements of SMEs solve problems over a long period of time and explain the application process and at the same time improve its transparency.

– Debt collection

Like any other business, SMEs need to share with lenders. Although the methods used by regular borrowers are costly and risk a customer relationship to break up or even end, Fintech has developed a method of raising debt by addressing customers in a variety of styles and channels. One fintech firm that has created a unique debt collection program is Peer Finance. The company is reaching out to defaulters through digital channels and based its communication objectives on penetration from behavioral analysis and machine training. As a result, borrowers respond faster and are more inclined to settle their bills. In the case of interest, the method of debt collection is more short and expensive than the conventional method.

How can banks and other entities build more effective relationships with these SMEs?

In 2020, banks and other donors began to build amazing relationships with SMEs as a result of government lending programs. And it was in the UK and around the world. In the United States, for example, the Pay Check Protection Program (PPP), set by the Coronavirus Aid, Relief and Economic Security Act, has established relationships between several American banks and their small businesses. The provocation for the bank is to build this different relationship; Epidemic Digital SME has created a link through lending programs and financial institutions now need to support and maintain these connections through more product offers.

They have a great event to offer every need of an SME as well as increase their own profitability. Banks involved in these government-sponsored schemes are ready to decide on a new SME customer remotely and precisely because of public banking data. Finally, banks can increase connectivity with other products and services in accordance with their practice as borrowers.

Unwrapping the wrapper

These are just a few examples of domains where fintech software developers are focusing on the needs of small and medium-sized enterprises. Artificial intelligence, machine knowledge and big data will further transform the energy market and their associated possibilities and requirements. Therefore, it is possible that fintech companies will improve their applications to implement solutions that will enable SMEs to optimize methods and, therefore, improve their performance.

As 2022 approaches, adopting structured cybersecurity strategies should be a priority for businesses. With the increasing frequency and complexity of cyber-attacks facing companies facing financial hurdles and brand-damaging responses, new tools and strategies are constantly evolving.

Today we are going to discuss the common cyber security issues of 2021, the importance of training your employees and how to reduce the risk and stay safe in 2022.

Inspection Try Hackmey Newsroom Learn more about cyber security, threats and mitigation methods.

Cyber ​​Security in 2021

2021 presents some repetitive themes and threats. As the landscape continues to evolve, let’s consider some notable metrics from the previous year.

Small businesses reported 17% of cyber attacks, citing malware as the highest recurrence, according to Security Navigator. Medium-sized companies have suffered 30% of the attacks, primarily network and application incompatibilities. Surprisingly, large businesses have experienced the highest proportion of attacks, with malware again the most common threat. Compared to 2020, the overall attack has increased by 18%.

In 2021 human error has become a common problem. Since the global remote action is consistent, hackers are taking advantage of insecure networks, lack of surveillance, and suspicious staff.

Ransomware attacks have increased. Ransomware attacks occur every 11 seconds (Cyber ​​Crime Magazine,) and are expected to reach more than 700 million by the end of the year. One of the most significant attacks of the year was carried out by JBS – a meat supplier based in the United States. In May 2021, JBS was forced to shut down its five largest plants due to a ransomware attack. JBS has paid a ransom of USD 11 million to further deter cybercriminals.

One recent problem in 2021 – dubbed as a serious threat to the entire Internet – is log4j. log4j weakness (CVE-2021-44228) Has unveiled some of the most notable applications to attack across the Internet, with companies running to patch and minimize losses. Exploitation of the Java-based logging framework has enabled hackers to install crypto miners, steal certificates and system data, and dig deeper into compromised networks, allowing the use of weapons. Experts believe that the true extent of this error is still ongoing.

The importance of training your staff

Almost all share a root cause of cyber attacks – human error. An IBM report suggests that human error contributed to 95% of successful violations, in proportional representation agreements with CISO worldwide. At this critical level, human error has been called the biggest cyber vulnerability – yet an area of ​​the cyber landscape that many companies are deprived of.

Most human error is caused by inadequate training or lack of awareness. These actions can lead to security breaches and present themselves in a range of recurring errors – failure to update the system, weak passwords and scams – to name a few. Although most businesses use certain types of security software, security can only go as far as using workforce systems. Cybercriminals often access data through people – who act as an open door through complex security systems.

There are two things to consider in training your workforce – recruiting an appropriately sized cyber security team for your organization’s needs and scope, as well as ensuring that each member of the workforce has an idea of ​​the threats and mitigation methods. Departments such as IT teams and job positions that rely on software and technology also often benefit from a deeper level of training.

Steps to stay safe in 2022

When dealing with cyber security concerns, businesses should follow some general rules:

Training your team is the best way to ensure that your workforce can serve as a line of defense against many threats. TryHackMe is a cybersecurity training platform Offers free and premium labs for higher expertise in cyber security – perfect for beginners to experienced hackers. They are introducing cyber awareness training, which is proving to be a bright foundation for building cyber culture between teams, with engaging, interactive training. The training will address common attacks, identification and how to mitigate them; Cover phishing, secure browsing, passwords and a dive into the importance of 2FA, malware / ransomware, firewall, VPN and backups and updates. The Business Dashboard allows managers to monitor all employees’ progress and adapt to any training path to be relevant to the company.

Access Control – Employees should only have access to software, data and documents required for their role. Ensuring that the level of access is as short and relevant as possible reduces the amplitude of potential violations.

Be sure to update and patch software regularly – Some of the most significant cyber attacks in history have come from a lack of software updates, such as the 2017 Wannacry ransomware attack, which affected about 230,000 devices in 150 countries.

Avoid weak passwords – Although this often seems like a given action, research has shown that many employees still use basic passwords. Employees need to be made aware of this predominance.

Take protective equipment – Although not all attacks are possible, protective equipment is an integral part of the defense line. Security Information and Event Management (SIEM) tools; Technologies used to identify threats, compliance and security incident management by analyzing data sources and security events can assist the workforce. Using a set of understandable tools, the staff enjoys the use and assists the armor to attack.