3 Reasons To Pursue a Finance and Insurance Manager Career

September 1, 2021

Finance and insurance managers work in car dealerships, supervising salespersons, and assisting customers in choosing the best financing options. As such, these professionals should be an expert in the financing process and the internal auto dealership systems.

Auto finance managers, as they’re also called, must also possess an analytical mind, have problem-solving, and good communication skills among other traits. If this job position interests you, read the rest of this article to find out why you should take the first step in becoming one.

What Does A Finance And Insurance Manager Do?

Before rushing to get a recognized accreditation as a finance and insurance (F&I) practitioner, one must understand what an auto finance manager does.

Here are a few of the core responsibilities of an F&I manager:

Supports car salespersons and customers to find the best financing options.
Explains all about car financing, insurance, and warranty options clearly and addressing all clients’ queries about these subjects.
Acts as the channel between dealerships and financing institutions.
Maintains good relations with lending institutions to secure the best and most attractive loan options.
Processes financing and leasing agreements properly.
Familiar with all the legislation applicable to new and used vehicles and ensure these are implemented in the dealership.
Training and informing the sales team of the financing and lease programs, as well as other dealership-specific methods relative to warranties and other promotions.

Needless to say, an auto finance manager has a lot of things on his or her plate—from car industry legislations to financing schemes and the car industry market.

Why Become A Finance And Insurance Manager?

As the auto dealership industry becomes highly competitive due to decreasing inventory amid continuing vehicle purchases, the F&I manager holds the important role that separates a dealership store from the rest of its competitors.

Aware of the financing and insurance schemes and promotions, the auto finance manager can craft an attractive financial package for prospective car buyers. This career can be lucrative for the following reasons:

1. It Involves Minimal Risks

Like the rest of the workforce, the majority of finance and insurance managers work 40 hours a week. Because they’re often in the dealership store and work during office hours, they face lesser occupational risks compared to employees who work in the field or in construction sites.

Since F&I managers don’t necessarily have strict sales quotas, there’s also less pressure and stress to hit high targets. In some cases, overtime may be required for document processing that needs to be expedited.

It doesn’t mean that it’s an uninteresting job, though. Financing and insurance managers need to have problem-solving skills to find solutions to complex financing problems. For instance, an auto finance manager could help a borrower find ways to get a car loan approval even with a bad credit score.

2. It’s A Stable Career

Apart from a vast array of career paths to choose from, snagging a position in the automotive, finance, and insurance industries is a stable option. Wherever you may be in the world, you can always find a job as a finance and insurance manager in any car dealership.

A certificate in finance and insurance management can further land you jobs outside of the automotive sector. Finance managers are in demand in the banking, investment, and insurance industries, as well as in all offices.

Because of the vast range of sectors available for financial managers, the Bureau of Labor Statistics (BLS) projects a 15% job growth in the sector from 2019 to 2029—higher than the rest of the industries.

3. It’s A Dynamic Role With Room For Growth

Working as an F&I manager, you need to be well-versed with the auto industry and the laws that govern it. At the same time, you need to understand the key components and dynamics of the financing sector, including the workings of the insurance industry.

Because these sectors are never static, it can keep you busy being updated with the recent developments in the market, as well as new laws that may impact the automotive, sales, financing, and insurance industries.

So, whether you’ll end up as a finance and insurance manager, a credit manager, a bank, or an insurance executive, there’s always an opportunity for you. And if you want to stay in the automotive industry, you can eventually get promoted as a controller, finance director, sales manager, or auto dealership manager.

Final Thoughts

With a career as a finance and insurance manager, you’ll never go wrong. This job position involves familiarity in highly stable sectors. Thus, a trained professional in these industries is highly employable.

As a finance and insurance manager, gaining proper education and training, as well as adequate experience is essential for career advancement. And if you want to switch to another financial sector, you may end up working in retail banking, lending institutions, investment, insurance, and similar institutions.

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As The Fed Preps For Tapering, Expect More Volatility In Asia

September 1, 2021

By Dr. Dan Steinbock

Economic recovery has proved elusive in Asia, thanks to the West’s pandemic mismanagement and vaccine inequality. The Fed’s impending tapering will add to the woes.

On Friday, Jay Powell suggested that the US central bank had met one of the two goals it had sought to achieve before reducing its monthly $120 billion asset purchase program.

In the closely-watched speech at the Jackson Hole conference, the Fed chair said that ‘substantial further progress’ test has been met for inflation. There has also been clear progress toward maximum employment.”

The majority of the Fed officials believe it is appropriate to start “tapering” the bond-buying program in the fall.

In effect, the Fed cannot avoid tapering.

Why the Fed needs to taper

Instead of responding to the WHO’s coronavirus warnings in January 2020, the Fed, like the Trump White House, took its time. It awoke only after the WHO’s declaration of the global pandemic two months later.

On March 20, 2020, the Fed slashed its short-term benchmark interest rate to near zero. To provide additional stimulus, it began purchasing $120 billion monthly in Treasury and mortgage securities.

While US headline and core inflation are currently above 5%, significantly higher than the Fed’s 2% inflation target, recent jobs report suggests the recovery is broadening. Yet, the big picture is mixed.

While Powell was speaking, the White House more than doubled its forecast for annual inflation in new projections, as supply-chain disruptions continue to put upward pressure on prices, due to the pandemic and the Delta variant.

The consumer-price index is now expected to steady at 2.5% in fall 2022. Yet, critics believe the Fed is stoking still another real estate price bubble that threatens to wipe out home equity.

The cold reality is that the longer the Fed maintains its excessively loose monetary policy, the more it is generating excess liquidity, which is fostering inflation. That is likely to prove costly in the future. Over a decade of ultra-loose fiscal and monetary policies have put the global economy on track for a slow-motion train wreck.

Officially, the Fed’s dual mandate is to focus on price stability and full employment. International implications remain a secondary consideration.

PBOC cautious, BOJ limited, BOK hiking

What is the strategy of the People’s Bank of China (PBOC) toward the Fed’s tapering? The simple answer: In the short-term, cautiously accommodative. In the medium-term, cautiously neutral. If warranted, PBOC is likely to inject liquidity to avoid tightening of monetary conditions.

Unlike the major economies in the West, China has largely contained the novel coronavirus and is rebounding ahead of other major economies.

In contrast, Japan faces extraordinary challenges. Ex-premier Shinzo Abe’s structural reforms proved inadequate, despite huge fiscal stimulus packages, ultra-low rates and rounds of quantitative easing. Secular challenges have been coupled with the COVID-19 surge.

Amid the rising political discontent, Premier Suga is battling for his political future. Inflation remains close to 0%, with interest rate at -0.1%. The maneuverability of the Bank of Japan’s is limited. Sovereign debt is close to 270% of GDP and rising.

Two days before Powell’s speech, the Bank of Korea raised its interest to 0.75%, as the first developed economy to do so in the pandemic era. It was necessitated by financial risks pressuring the economy, including heated house prices and rising household debt.

The move is not likely to be followed by Asia’s other central banks.

Central banks uneasy in Southeast Asia

Instead of the much-anticipated recovery, Southeast Asia is struggling with the Delta variant and vaccine inequality, which have resulted in slower vaccination rollouts. Hence, the lowered GDP forecasts across the region.

With policy rates at a historical low, Southeast Asia will soon have to cope with the Fed’s impending rate hikes. Since early spring 2020, all regional economies have been busy cutting their rates.

While the rates have almost halved in both Vietnam (interest rate 4.00) and Indonesia (3.50), their central banks continue to have adequate policy space. In turn, the central banks of the Philippines (2.00) and Malaysia (1.75) still have significant space available. By contrast, Thailand’s (0.25) options are now more limited.

Foreign-exchange fluctuations reflect the new realities. Before the pandemic, the Thai baht was still the strongest-performing regional currency. But it has plunged more than -10 against the US dollar.

Malaysian ringgit and the Philippine peso (about -4%) remain somewhat exposed, whereas Singapore dollar and Indonesian rupiah (about -2%) are better positioned. Vietnamese dong has actually appreciated (+1%) relative to the US dollar, thanks to foreign-exchange truce with Washington.

The coming economic storm

Even today, the US economy, central bank and dollar serve as the yardsticks for international performance. Yet, the Biden administration’s multi-trillion-dollar infrastructure investment initiatives ignore the country’s dire fundamentals.

US sovereign debt is close to 135% of GDP and climbing ever faster. Persistent budget deficits will cause the federal debt to double in size over the next three decades.

In the past four decades, the strength of the greenback, as measured by the US dollar index (DXY) has progressively weakened, despite the Fed’s hikes. After Paul Volcker’s massive rate hikes in the early 1980s, the index peaked at 160. In the early 2000s, it was barely 120. In the past year, it has lingered around 89 to 95 (Figure).

Figure: US Dollar and US Rates, 1970-2020

Unsurprisingly, Powell’s comments on Friday penalized the dollar index by 0.4%. It was down 0.9% for the week; the sharpest decline since early May. As global growth prospects are fueled by large emerging economies, the global economy is being held hostage by a graying, excessively indebted single currency.

For some time, data by the International Monetary Fund (IMF) has suggested that the dollar may be losing its draw as a reserve currency. The longstanding debate on the US dollar as the world’s reserve currency will intensify in the coming months. Perhaps it made sense in 1945, when the US economy still accounted for half of the global economy. But today those days of wine and roses are way gone.

We are navigating in unchartered waters with few life boats, all of which are leaking.

Based on global briefing of August 27, 2021

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About the Author

Dr. Dan Steinbock is an internationally recognized strategist of the multipolar world and the founder of Difference Group. He has served at the India, China and America Institute (USA), Shanghai Institutes for International Studies (China) and the EU Center (Singapore). For more, see https://www.differencegroup.net

Central bank digital currency: The battle for the soul of the financial system

September 1, 2021

By Stephen G. Cecchetti and Kim Schoenholtz

While the conflict is largely quiet and out of public view, we are in the midst of an epic battle for the soul of the financial system. Central banks are thinking about whether they should substitute publicly issued digital currency for the bank-issued digital money that people use every day. How this plays out can profoundly reshape the financial system and make it less stable.

The forces driving government decisions are unusual because there is a widespread fear of losing an emerging arms race. No one wants to face plunging demand for their currency or surging outflows from their financial institutions should another central bank introduce an attractive new means of exchange. But that pressure to prepare for the financial version of military mobilization can lead to a very unstable global system that thwarts monetary control.

Central bank digital currency (CBDC) can take many forms. While some may be benign, the most radical version—one that is universally available, elastically supplied, and interest bearing—has the potential to trigger destabilizing financial shifts, weaken the supply of credit, and undermine privacy.

To explain our concerns, we start with the goals of central banks in society. Very briefly, these are: 1) control the quantity of money and credit to ensure economic stability; 2) protect the payments system, the supply of credit, and the functioning of financial markets; 3) ensure access to the means of exchange; 4) encourage innovation that promotes financial efficiency and inclusion; and 5) support the government.

Over the past century, central banks’ pursuit of these objectives gave rise to the financial structure we see around us. First, through a combination of punitive taxes and outright bans, officials hinder the issuance of private paper money. Second, governments license private intermediaries (normally commercial banks) to issue liabilities that are convertible at par into central bank liabilities. Finally, the central bank runs a wholesale payments system for banks, while the private sector runs the retail payments system for the rest of us.

In combination, this means that we are living in a world in which nearly all of what people think of as money is the digital liability of a commercial bank. The following chart shows how dramatic this is. For example, in the United Kingdom, where the total quantity of M3 is 148% of GDP, demand and time deposits—digital entries on the ledgers of banks—account for 97% of the total (or 144% of GDP). For the euro area, 91% of M3 is digital. And, in China, where broad money exceeds 200% of GDP, 96% of it is digital.

Fraction of broad money issued by commercial banks and the ratio of broad money to GDP (percent, year-end), 2020.

Digital Money — Note: Numbers above the bars are the ratio of total broad money to GDP. Sources: Bank of England (M3), People’s Bank of China (Money + Quasi Money), Bank of Canada (M3), Bank of Japan (M3), Swiss National Bank (M3), Eurostat (M3), Bank of Russia (M2), Federal Reserve (M2), and FRED.

As Jon Cunliffe states in the opening quote, most people do not know this. They are unaware that when they pay for groceries, purchase a new phone, or renew a software subscription, they are using bank-created digital money. Importantly, it is the central bank that provides the foundation that enables us to rely on this system. To do so, authorities credibly promise to convert certain bank liabilities into the means of exchange—the safe, liquid instrument known as reserves—under as many states of the world as possible. Experience teaches us that this is something central banks committed to price stability can do under more states of the world than private actors. As Cunliffe puts it, we rely on this framework to “tether private money to the public money issued by the state.”

Where does the system fall short? We see two principal shortcomings. Some payments are expensive and slow, and too many people lack full access to the financial system. Advocates see CBDC as the solution to both problems. In our view, we do not need CBDC and its attendant risks either to improve efficiency or to expand access.

Nevertheless, central banks are plowing ahead. According to a BIS survey last year, a majority of central banks already are working on CBDC, spurred by motives that include monetary policy implementation (which may include the ability to set interest rates well below zero), payments safety and efficiency (both domestic and cross border), and financial inclusion.

We see two other important drivers. First, there is a desire to supplant cryptocurrencies like Bitcoin and head off the issuance of private monetary instruments like Libra (now Diem). But governments know from long experience how to handle such private currencies when they become salient—either impose punitive taxes or an outright ban. Indeed, the current financial system is one where only licensed intermediaries can issue liabilities that are convertible at par into the medium of exchange because they are backstopped by the central bank. Second, there is the fear of missing out: central bankers want to make sure that, if others issue CBDC, they can, too—and without delay. In our view, this creates instability: in theory, an unanticipated event could trigger many central banks to mobilize their digital currencies within a short period, so as not to be left behind.

This brings us to a few details about CBDC. Before issuing retail digital currency, a central bank will need to make a series of design decisions. Is it an anonymous bearer instrument, or will it be registered with a named owner? Will there be quantity restrictions on an individual’s holdings, or will it be supplied elastically? Are only residents of the issuing jurisdiction eligible to hold it, or can anyone? And, like paper currency, will it have a zero interest rate, or will it be interest bearing? (We ignore certain technical issues, such as whether it is account-based or token-based. See the BIS General Manager Agustín Carstens’ recent speech.)

For paper currency, we all know the answers to these questions. It is an anonymous bearer instrument (facilitating illegal use: see here). It is supplied elastically to allow the conversion of certain bank liabilities at par into the medium of exchange without limit in as many circumstances as possible. Anyone can hold paper currency. And, it bears zero interest.

In an earlier post, we argue that the characteristics of CBDC are equally clear. To avoid facilitating criminal activity, CBDC cannot be anonymous. To truly substitute for paper currency, it will have to be supplied elastically. Individuals will be allowed to hold unlimited quantities: otherwise, there would be circumstances when bank liabilities will not be convertible into CBDC at par. Restricting holdings to residents is a version of capital controls, which are both impractical and unwise. Finally, we see two reasons that CBDC would have to bear interest. First, in our view, it is politically unsustainable for a central bank to pay interest on commercial bank reserve deposits but not on the deposits of individuals. Second, without it, policymakers who wish to lower nominal interest rates below the effective lower bound could not do so.

The issuance of such CBDC creates four critical problems: disintermediation, currency substitution, lack of privacy, and the inability to ensure compliance. On the first, while inertia (combined with interest rate increases and service improvements) might keep funds in the banking system for a while, financial strains eventually would prompt uninsured deposits to flee private banks for the central bank. And, for highly trusted central banks that operate in relatively stable political and financial jurisdictions, these inflows will come from abroad as well. Given the current high foreign demand for U.S. paper currency, imagine what would happen if the Fed offered universal, unlimited accounts? The consequences of this could be catastrophic for emerging market and developing economies.

The fact that CBDC is not anonymous leads to the final, related, challenges: privacy and compliance. On the first, everything we do becomes traceable. While we are neither libertarians nor advocates of free banking, in this case we agree with L.H. White: there are enormous risks in allowing governments to have this level of detailed information about our activities. As a result, it is difficult to see why democratic countries would allow such a concentration of power.

Turning to compliance, someone will have to do the work to ensure that the users of CBDC are law abiding. Such know-your-customer and anti-money laundering efforts are costly. We currently outsource these tasks to commercial banks. Banks also provide a host of other services. Who will do this, and who will bear the cost?

One way to manage the privacy and compliance challenges is through the creation of intermediated CBDC (see here). In this framework, brokers (or banks) provide individual account services, guarding privacy, monitoring compliance and aggregating balances into accounts at the central bank (which would presumably bear interest). However, this approach does not eliminate the risks of domestic disintermediation or currency substitution. Funds would still flow into the central bank, just indirectly through what are narrow banks in all but name. And, in the absence of subsidies, narrow-bank services would not be costless to users, limiting the hoped-for impact on access.

Against this background, it is easy to see why the People’s Bank of China is moving ahead of other central banks in creating a digital renminbi (currently as a pilot program for domestic use). China does not face any of the problems that we outline. Its large banks are typically state owned, so there is little risk of disintermediation—even in a financial crisis. With stringent capital controls in place, there currently are effective limits on inflows into the currency. There already is little expectation of personal privacy. Finally, if the government wishes, state-owned banks can easily subsidize access.

Could China’s CBDC become a problem elsewhere? Perhaps. The most obvious example would a be a meaningful expansion of RMB convertibility that makes the digital yuan more attractive to foreign users. Short of that, one could imagine China offering small countries access to their CBDC, backed by the PBOC’s massive foreign reserve holdings. Such a subsidized extension of the Belt and Road Initiative could have geopolitical ramifications.

Returning to the question at hand: Where is the current monetary system falling short? Our answer is that there is plenty of scope to improve the payments system and broaden financial access without turning to new digital currencies, either from central banks or private issuers.

We already see public and private sectors moving to provide cheaper, faster, more reliable, and more accessible systems that operate both within and across borders. The euro area has the TIPS system, with a processing time of 10 seconds at a cost of €0.002 per transaction. Over the next few years, the ECB will extend this to other currencies. The United Kingdom has Faster Payments, which can take up to 2 hours with a maximum value of £250,000. A group of commercial banks is working to create a pan-Nordic cross-currency real-time system called P27 that will instantly clear both domestic and cross-border payments. Canada is testing Real-Time Rail (RTR) to settle payments in less than a minute. In the United States, the Clearing House has a Real-Time Payments (RTP) system, and the central bank is set to launch its FedNow retail payments service in 2023. None of these requires CBDC.

As for financial access, this is a more complex problem to solve. That said, the case of India is instructive. As we describe in an earlier post, started in 2014, the Pradhan Mantri Jan Dhan Yojana (PMJDY) provides no-frills bank accounts without charge, using the country’s universal biometric personal identification to lower costs. To date, over 420 million people have been brought into the system, with account balances averaging nearly US $50. Again, India’s success did not require the issuance of CBDC.

Putting all of this together, we conclude that it is a bad idea for a central bank to issue elastically supplied, interest-bearing CBDC with universal access. Domestically, it risks disintermediation. And, unless it is a privately intermediated instrument, inflows of deposits directly into the central bank would make the temptation to steer credit directly very difficult to resist. Even if the central bank were to re-circulate the funds to potential lenders through an auction process, the need for an extensive collateral and haircut system would vastly expand officials’ influence on credit allocation. Internationally, there may be a tidal wave of funds fleeing places perceived as less stable and into those thought to be safe, adding to inequality and to the influence of the rich recipients. Finally, there is privacy. While this problem can be addressed (possibly through technical means), CBDC would surely tempt authoritarian governments by providing access to everything we do.

This all leads us to be very concerned. To be clear, we are strong proponents of innovations that reduce costs and improve welfare. But the most important innovations—those that improve the payments system and the supply of credit, do not require universal CBDC and its inherent risks. So, why are central banks so intent on preparing? What is the purpose of such contingency planning?

The problem, as we see it, is that central banks fear being left behind in a way that damages the interests of their jurisdiction. Their solution is to create a form of shovel-ready CBDC programs. But, the resulting framework is unstable. The situation is analogous to the pre-World War I mobilization problem: countries mobilize for fear that delay means losing a war. In the early 20th century, in the absence of trust, an obscure event in a far-off land helped tip this fragile balance into war. In the current financial circumstances, the bad equilibrium would be a world of multiple CBDCs in advanced economies that threaten financial stability domestically and pose a severe threat to monetary control in developing economies.

We see no easy steps to prevent this poor outcome. As in a classic prisoner’s dilemma, there is little way to enforce the cooperative equilibrium in which no one introduces CBDC. First, central banks cannot credibly commit to never issue CBDC. Second, with China already headed down the CBDC road, others now view it as too late to resist: even with full knowledge of the risks, they feel compelled to prepare.

Perhaps the best hope is that they all proceed very slowly and try to “get the design right.” In our view, that will mean stopping well short of universal, elastically supplied, interest bearing CBDC.

The article was first published on Money and Banking.

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About the Authors

Stephen G. Cecchetti is the Rosen Family Chair in International Finance at the Brandeis International Business School, Vice-Chair of the Advisory Scientific Committee of the European Systemic Risk Board, Research Associate of National Bureau of Economic Research, and Research Fellow of the Centre for Economic Policy Research. In addition to his other appointments, Cecchetti served as Director of Research at the Federal Reserve Bank of New York; Editor of the Journal of Money, Credit, and Banking. Cecchetti has published widely in academic and policy journals, and is the author of a leading textbook in money and banking. Together with Kim Schoenholtz, he blogs at www.moneyandbanking.com.

Kim Schoenholtz is the Henry Kaufman Professor of the History of Financial Institutions and Markets in the Economics Department of NYU Stern School of Business. He also is a panel member of the U.S. Monetary Policy Forum and a member of the Council on Foreign Relations. Previously, he served on the CEPR Executive Committee. He also directs the Stern Center for Global Economy and Business.Schoenholtz is co-author of a popular textbook on money, banking and financial markets and of a blog on the same topic at www.moneyandbanking.com.

The Digital Divide During Epidemics: Who Benefits From New Financial Technologies?

September 1, 2021

By Orkun Saka, Barry Eichengreen, and Cevat Giray Aksoy

A new paper finds that exposure to an epidemic in the current year significantly increases the likelihood that an individual completes financial transactions via remote-access technologies such as mobile banking or ATMs. Such shifts are most prevalent among younger, more economically-advantaged individuals, and mainly occur in subnational regions with the pre-existing digital infrastructure.

Epidemics are known to trigger changes in economic behavior and to accelerate technological and behavioral trends. The Black Death in the 14th century caused the death of more than 75 million people around the world and led to a gradual substitution from labor-intensive agricultural technologies to the previously-invented capital-intensive ones such as the heavy plow and water mill. Covid-19, to take a more recent example, has increased remote working, online shopping, and telehealth.

But there are important differences across socioeconomic groups in their ability to utilize such new technologies. Workers in the well-paid professions have been better able to shift to remote work, compared to store clerks, custodians and other individuals. Women found it more difficult to switch to remote work, given that they are more likely to be specialized in occupations involving face-to-face contact. Age matters for technology adoption: those older than 65, being less flexible in learning new technologies, also found it more difficult to adjust to new modalities necessitated by the pandemic. Overall, Covid-19 seems to have accelerated ongoing behavioral trends.

In a recent paper, we investigated these issues in the context of fintech adoption. We asked whether earlier epidemics (such as Ebola, MERS, or Zika), occurring in the course of the last decade, induced a shift toward remote-access financial technologies such as online banking and ATMs and away from in-person activities in bank branches.

Online and mobile banking is a particularly informative context for studying whether past epidemics induced the adoption of new technologies and, if so, by whom and where. Since at the time of epidemic exposure physicians’ offices in many countries did not possess the capacity to provide such services remotely, analogous studies of telehealth would naturally have some limitations. Studies of remote schooling in the context of past epidemics would similarly be constrained by the fact that few schools and homes had access to reliable internet and a flexible video conferencing technology such as Zoom. In contrast, people have been using their computers and smartphones for banking applications for years. Residents of a variety of different countries have available banking options that involve both in-person contact, such as banking via tellers in bank branches, and digital alternatives, such as banking via the internet or mobile phone app. These alternatives have been available for quite some time; thus the switch from in-person to remote-access technologies—if it exists—is more likely to be observed in this specific setting than others.

In our research, we combine data on all epidemics worldwide since 2011 with nationally representative Global Findex surveys of individual financial behavior fielded in more than 140 countries in 2011, 2014 and 2017, together with background information about the same individuals in Gallup World Polls. We find that exposure to an epidemic in the current year significantly increases the likelihood that an individual completes financial transactions via the internet and mobile bank accounts, makes online payments using the internet, and completes account transactions using an ATM instead of a bank branch. Interestingly, the separate impacts on ATM and in-branch transactions almost exactly offset. This suggests that epidemic exposure mainly affects the form of banking activity—digital or in person—without also increasing or reducing its volume or extent. While the limited time span covered by our data allows for only a tentative analysis of persistence, our results suggest that the impact of epidemic exposure is felt mainly in the short run rather than enduringly over time.

We find that it is mainly young, high-income earners in full-time employment who shift to online/mobile transactions in response to epidemics. These patterns are consistent with other research showing that early adopters of other digital technologies tend to be relatively prosperous and young.

Source: Saka, Eichengreen and Aksoy (2021). Note: Figures illustrate the 3G mobile internet signal coverage at a 1-by-1 kilometer grid level.

Finally, we document the role of local internet infrastructure in conditioning the shift toward online banking. We match 1km-by-1km time-varying data on global 3G internet coverage from Collins Bartholomew’s Mobile Coverage Explorer to the sub-national region in which each individual resides (see Figure 1 for the raw global data). 3G is the critical threshold for coverage, since 1G and 2G are too slow and limited to support phone-based banking apps. Being able to measure the internet coverage at the subnational level also allows us to compare the individuals with and without access to internet infrastructure in the same epidemic-hit country.

There is strong evidence that individuals living in regions with good internet coverage are more likely to shift toward online banking in response to an epidemic. Importantly, we fail to find any consistent effect for 2G coverage when this variable is included in the estimation side by side with our 3G measure, confirming that the relevant technology for the epidemic response is related to the internet and not to the overall mobile phone usage.

In sum, epidemics occurring in the last decade appear to have induced significant changes in the adoption of new financial technologies. But those behavioral changes are not equally striking everywhere. It turns out that such shifts are most prevalent among younger, more economically advantaged individuals, and in places where there exists robust modern IT infrastructure enabling the use of mobile banking apps. We should not be surprised by the early evidence of Covid-19 driving similar trends in fintech adoption.

The article was published on ProMarket and it was originally published in VoxEu.

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About the Authors

Orkun Saka is an Assistant Professor of Finance at the University of Sussex, a Visiting Fellow at the London School of Economics and Political Science and a Research Associate at the Systemic Risk Centre.

Barry Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley, where he has taught since 1987. He is a Research Associate of the National Bureau of Economic Research (Cambridge, Massachusetts) and Research Fellow of the Centre for Economic Policy Research (London, England).

Cevat Giray Aksoy is a Lecturer of Economics at the Department of Political Economy at King’s College London. He is also a Principal Economist in the Office of the Chief Economist at European Bank for Reconstruction and Development in London and Research Associate at the IZA Institute of Labor Economics and London School of Economics.

Why Most Business Owners Should Target Social Media Sales in 2021

September 1, 2021

By Thomas Glare

It is a no-brainer how the gambling business is highly regulated. However, marketing is still required to find new gaming enthusiasts while also keeping the existing ones more engaged. With the adoption of social media as an essential marketing tool, there’s no denying casinos have maximized their reach to esteemed customers. As top online games such as Eye of Horus online are gaining traction among gamers, there’s a clear indication that social media marketing has given gaming websites more recognition. Well, this is just but a little of what social media can help businesses achieve. Read on to explore more of this impact.

1. It Can Add More Credibility to Any Business Offering

Every business needs a little measure of credibility and trustworthiness for its products and services to thrive in the market. As a business trait, credibility is crucial because it influences customer’s behaviors and thoughts towards your business. Therefore, if your business appears credible in the customers’ eyes, they are more likely to believe what is being said or taught about it.

Social media provides a perfect avenue to leverage your business or company’s credibility. A great social media campaign increases your presence, and many people can notice you are still in business. Make no mistake about it, any customer who wants to make a purchase will first research the brand’s presence on social media to find out about its reviews and unique offerings. Therefore, making good use of the online presence makes your business credible enough and increases the likelihood of more social media sales.

2. Helps a Business Communicate its Authority

Building a brand or business authority is a great way to elevate your business status in the market, specifically when it comes to establishing a good reputation and loyal customer base. With the current technological world rendering customers more knowledgeable about what they look for in a business, it is more urgent for your business to communicate authority.

Social media is an excellent tool for businesses to build and communicate their authority. In this case, you can make it part of your social media management task to set up good profiles with relevant content that builds your brand’s authority. This is important because, before customers arrive at any decision, they’ll perform a quick search on your website and social media accounts. That’s why they need to find more resourceful information, which is also crucial in making a first good impression and portraying you as a leader in the industry.

3. Most Customers Are Found On Social Media More Than Any Other Place

The massive influx of social media users means you stand to generate more business leads and create a better connection with your customers. In any case, it makes your digital marketing easier. According to Statistica, the number of worldwide social media users is expected to surpass the 3 billion mark in 2021. This is a simple fact that your customers spend more time on social media than on any other media platform.

A targeted approach that helps translate all these social media users into potential customers is what your business needs to explore. With this vast number of potential consumers using social media every day, there’s an opportunity for your business to increase its leads and translate them into sales.

4. It is Key in Industry Collaboration

Industry collaboration is essential to your business in boosting the overall business sales. The connections created with others and the different ways you collaborate with your business’s people help grow your business to new levels.

Social media stands out as the first place you might want to be if you plan on growing your business sales through collaboration. Emerging social media marketing trends reveal that influencer marketing is one of the leading forms of business collaborations that you should explore. It’s also safe to say that influencer marketing is one of the leading drivers for social media sales.

However, there’s more about the social media platforms used for influencer marketing, such as TikTok, Instagram, and Facebook. Your business and other brands alike can also effortlessly collaborate and increase their audiences by simply sharing a post or content on them.

5. Using Social Media is Cost-Effective

As a success-oriented business owner, your top priority should be maximizing the profits while incurring fewer costs. If you establish a way to optimize your lead generation and other marketing campaigns, you may find that you need a lot less money than you thought you did to attract customers.

Social media’s massive reach presents a more cost-effective way to carry out your marketing campaigns and optimize lead generation without investing a lot of money. Spending more time on social media enhances your presence with greater returns. The paid promotions on social media networks are also relatively low cost compared to other marketing campaigns.

You only require a good social media manager who will ensure there’s creation and publication of useful content while also having fruitful conversations with your followers. Optimized social media management can help a business generate a lot of traffic that can be easily converted into sales in no time.

6. There’s More Increased Brand Recognition

Social media is a proven vital factor in establishing brand recognition and awareness. This is because social media is a great platform when used by brands to keep customer relationships. As a business owner, taking full advantage of social media space will, without a doubt, increase business visibility.

The fact is, most customers who have already heard about your presence in the market want to learn more. This is especially about your brand and the value that you provide through online engagement. An increased social media engagement offers a taste of your brand personality and voice. If optimized, all of these are key to elevating your brand recognition. You can uncover new opportunities and show the value of communications strategy with real-time social media analytics for your brand, competitors, topics, and influencers.

7. It is a Perfect Way of Going about Your Press Release Strategy

At the basic level, press releases are short stories you tell about your brand on different occasions, such as a new product launch. They are part of the typical social media advertising strategies that most businesses get wrong. While most brands take it for granted, PR can be of considerable benefit to business performance if it is well approached.

Unlike the other overrated traditional media, social media provides an excellent platform to run your press release in a more personal and conversational way. With social media adoption, you have more control over your story. As if that is not enough, there are more increased odds of coverage and trust from your customers.

In Conclusion

Social media presents a goldmine of different opportunities to grow your business. The increased visibility, authority, authenticity, and recognition are just a few drivers to your increased sales. So, the ball remains in your court to take the next step. In any case, have any of your businesses succeeded without any reliance on social media marketing? Well, what is your magic formula? Please share it with us in the comments.

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About the Author

Thomas Glare is fascinated by everything related to social media. After getting his diploma in Psychology, he discovered a passion for freelance writing and started covering all sorts of topics. When he’s not enjoying free games, you’ll find him creating fresh content for various online businesses.

Company Management: Here’s How To Have Your Support Service Working Like A Charm

August 31, 2021

If you ask any top company what their secret is, it’s most likely that they are going to say that it’s their superb customer service that allowed them to reach those heights. Good customer support service can speak waves about your business as a whole and it’s one area that you should focus on if you want to achieve growth.

Improving customer service is a lot easier said than done. There are actually many ways you can improve customer service. What it really boils down to is how you want to approach the matter. Some businesses focus on accessibility, some businesses focus on speedy service, others focus on various aspects of customer support.

The key to quality customer support is actually a mix of all these things. You should also consider these tips to improve the current status of your services as well.

Understand Your Business And Your Customers

The very first thing you should do to improve your support service is to understand your business and the customers that it caters to. In doing so, you’ll be able to create a support system that’s tailor-made for the very purpose of your company. This personalized experience is the key to making your support service like a charm.

Use analytics to understand what people like most about your products. Also, check out their demographics and spending habits. Do things to help you understand your customers on a deeper level. In doing so, you can know what you need to do to provide a standout level of support service.

Incorporate Support Solutions

While manual techniques to improve customer service are always welcome, you still shouldn’t overlook the benefits of incorporating customer support solutions. This software can effectively increase the productivity of your business, as well as improve the quality of your service as well.

A good one to add to your framework is an IT ticketing system. This Help Desk tool helps you effectively manage and handle orders that come to your business. This is a good way to help support a company’s customer base especially if there are already hundreds of requests being processed regularly.

The biggest challenge for growing businesses is that it becomes tough to manage more and more people. Adjusting to the growing customer base can be tough at first but with the use of digital solutions, adjusting is as easy as clicking on a few menus through the software.

Train Your Employees

The main people that are in charge of delivering quality customer service are your front-end employees. In a retail setting, these people include salesmen and cashiers. In the field of restaurants and hospitality, these can be the waiters and hoteliers. They should be your first priority when it comes to improving customer service.

Providing your employees with the means to grow and develop as quality personnel is important. Top businesses will tell you exactly how important it is that you invest in the growth of your people. Aside from making them more capable of delivering quality service, this can also increase your employee retention rate as well.

Some of the things you should provide them are seminars that focus on teaching them the right way to handle customers – both good and unruly. As a general rule of thumb, all businesses should also provide an employee handbook that will serve as a quick go-to guide for your personnel.

It’s not just your products that you should invest on when you’re thinking about quality customer service. Don’t underestimate the good that quality training can do for your employees. The better trained they are, the more accommodating they can be for your business.

Always Look For Feedback

Good or bad, feedback can be beneficial for your business. However, it is only useful if you are able to capitalize on it. Always ask for customer feedback when you have the chance. This is the best way to source out the problems in your customer support service.

Of course, you shouldn’t go as far as forcing your customers to send their feedback about the service that you provide. Make it an option for them. You can also offer incentives when they answer your queries.

Be Accessible And Responsive

A good customer support system is one that is able to respond and listen to the requests of customers as soon as possible. With the right resources and proper support service plan, you can instantly respond to the requests of your customers as well.

First off, you’d want to maximize the amount of platforms that your business is accessible to. These include being present in social media, chat bots, calls, texts, emails, and more. This is important as it gives your customers multiple options to contact you just in case they have limited devices to use.

Another upside to this multi-medium approach to communication is that there’s always a way to contact your company. When one line is down, your customers can try another. People appreciate companies that respond fast.

Utilize Your Resources

Don’t be afraid to utilize all that you have to establish a good support service for your business. In truth, quality customer service does as good a job as any other marketing strategy when it comes to getting all the engagement and customers that you need.

People are always going to commend businesses that are able to treat them well. Utilizing your resources means maximizing the abilities and skill of your employees, investing your money in the right solutions, as well as using your connections to create a better support system for the people that you serve.

Some businesses don’t allocate the right resources to improve customer support. This is a big mistake. Businesses strive to please customers at the very least. This level of satisfaction is achieved both through quality products as well as quality customer service systems as well.

Customer support is one thing that your business should never lack. It doesn’t matter how good your products are. If you aren’t able to offer these products on a silver platter, people aren’t going to be supportive of your business. That’s because these days – people value experience over anything else.

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How to Better Organize Your Office Space and Make it More Comfortable

August 31, 2021

Working in an organized space is a lot more comfortable than working in a space that is dirty and disorganized. When you have your work supplies organized, it is easier for you to get started on your work since they are all conveniently placed right at your fingertips. In addition, an organized office space can help keep you focused so that you can get everything done before the end of the day. This article provides tips on how to better organize your office space and make it more comfortable.

1. Divide office with partitions

A portable partition is an interesting way to maximize the use of your office space. It can be used to divide a large room into several smaller spaces. A clever solution, like Portable Partitions Australia offers, can help you optimize your office space, making it more comfortable. This way you are able to avoid wasting any space as well as make it easier for employees to find their desired workstation.

2. Place a rug underneath your desk

A fun, yet helpful tip to make your office space more comfortable. If your office does not have a rug underneath the desk, be sure to place at least one underneath your chair or on the floor below you. The rug will make you feel as if you’re walking on a cloud while you walk around the office, and it will give a nice touch to the office.

3. Organize your work supplies

Organize all of your work supplies so that they are easily accessed when you need them while still being hidden from view so that the space does not look cluttered and messy. An office organizer with different compartments and baskets can help you keep everything neatly organized. Place one on top of your desk to hold important documents such as notes, contracts, invoices, and receipts. Keeping your desk organized will help keep you focused since there won’t be any unnecessary distractions.

4. Place some plants near the window

Placing a few plants near the window will make the room feel lively and more comfortable. The plants will brighten up the whole room and also make it feel as if you’re getting fresh air by bringing in some greenery into the space. You can also place some small potted plants on top of your cabinet to add an aesthetic flair to your workspace.

5. Put up some motivational posters to lighten the mood with a positive message.

Putting up some motivational posters will help you stay motivated and focused. Working in a cluttered environment will make you feel uncomfortable, so having these posters on the wall will help lighten up the mood by providing some humor, inspiration, or positivity in your office space. An ideal place would be on the back of your door or above a filing cabinet. Besides that, you can use them to decor the walls, cubicles or partitions.

6. Take time to clean up and organize your workspace every day.

Having a clean desk every day will keep you from being distracted and make it easier for you to get things done. It will take you less than 10 minutes to clean up and organize your desk at the end of each day. This way, you’ll avoid wasting time looking for missing items or gathering everything together when it’s time to leave since everything will be in its rightful place already. It will also help improve your mood by keeping your office space tidy.

7. Turn off electronics when they’re not being used, including televisions and computers, so they don’t distract you while working

It’s not uncommon to have a television or computer on in the background while you’re working. However, this common practice can often prove counterproductive because it can distract you from your work. There are ways you can handle this situation without completely turning off your electronics. For example, when you’re taking a break, watch your favorite show on mute with captions or keep your phone in airplane mode so that it doesn’t distract you with any notifications. Keeping electronics turned off when they’re not being used is a great way to ensure that you won’t be distracted by them.

Having your office organized and comfortable is not as complicated as it sounds, and can easily be done. Placing a rug or some plants around your office will make it more aesthetically pleasing, and motivational posters or post-its can help you feel motivated to work harder. Try some of these practical tips to make your office a better place.

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How to Take Your Business to The Next Level

August 31, 2021

Turning your business idea into a fully-fledged company isn’t an easy feat. There’s a lot to think about once you’re open, too, like targeting potential customers, finding the right employees, and adapting to change should you find yourself in the eye of an economic storm.

You’ll likely find that one of the biggest challenges in business is staying ahead of your competition, and being the brand that people think about when they need the products and services you offer.

Whether it’s adjusting marketing efforts in the IT industry or applying digital transformation in financial services, it can be hard to recognize when it’s the right time to scale up. Taking your business to the next level is key to ensuring that you’re ready to meet the market’s changing demands and that you’re always leading the charge in your industry.

There are various ways you can achieve this – keep reading to see what you can do to get there.

Take A New Approach To Customer Service

How you communicate with your customers is really important. Are you speaking to them enough? Are you punctual in responding? Can you safely say that they feel satisfied with your exchanges?

You can’t please everyone, of course, but this can be the difference between retaining custom and losing it. Plus, if you aren’t there enough to provide support or answers to queries, it’s unlikely these customers will be recommending your company any time soon.

Maybe it’s time to consider fleshing out the customer support team or creating one if you don’t have one already. Delegating this task to someone with a mountain of other responsibilities might be why this area could be improved. If it’s possible, add or increase phone support, and think about whether you’d benefit from a live chat system.

Your Business Plan Should Be A Work In Progress

A business plan shouldn’t be stuffed in a drawer and forgotten about once you’ve set your business up. It should be reviewed and adjusted at least once a month if you’re a new company in order to properly reflect your new goals and accomplishments.

If you’ve been operating for some time, but find yourself stagnating, at least once a year should be enough. That being said, there’s no rule as to when you should be making any updates. All facets of your enterprise, as well as how the market and your customers interact with it, are subject to change at any moment.

Create Your Own A-Team

Your most valued employees or department heads may be able to lend insights into business performance and the challenges you’re currently facing. You have the chance to create a sort of advisory team, at likely no extra cost to your company, where you can spitball new ideas, look at areas of the business that can be streamlined or improved, ways to speed up your development, and how to potentially cut expenses.

The beauty of this approach to growth is that you’re cherry-picking people from a number of departments, and, naturally, they have a better understanding of what goes on within them than you do. Running a company is a job of its own – being on top of everything is impossible. This is why we delegate responsibilities!

Keep An Eye On The Numbers

The numbers don’t lie. If you can see, clear as day, the areas that your company might be bleeding cash, or the departments that aren’t in tune with your development plans, you have the chance to make them your focal point on the way to the next level. For example, using software for tracking cash flow, managing inventory, and following the processes used by your employees will greatly enhance the way you do business internally and make your operations run more efficiently.

Digital Transformation

Now, this is likely the most comprehensive way to scale your business up, as it requires making a variety of changes – some more drastic than others. Digital transformation basically requires a company to adopt a range of digital technologies in various areas of their business in order to improve not just how they operate, but also the value they can bring to customers.

One example would be adopting the use of AI in customer service. Or, using a communication platform like Slack to enhance internal dialogue – these minor changes will have a solid impact on staff performance as well as support your customers in need of urgent support.

While it’s possible to bring together a range of tools in order to begin making improvements, the digital transformation solutions by EasySend provide just one option where virtually all possibilities are packaged in one, no-code customer engagement program. They typically include thousands of manual processes that you can begin automating or digitizing the moment you get started.

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Why are Online Dating Apps so Successful?

August 31, 2021

Human evolution is leading us towards the digitalization of our daily life. Every day brings us to this fact. Hopefully, it won’t be inevitable in a bad sense. And may this omnipresence of computers in our lives give us more freedom and time for ourselves.

Human relations are complicated, it’s no secret. Even the most loving couples face challenges. The society we live in demands more and more of us, and people also want more and more. Human relations are complicated. People are in a hurry and are less and less easily approached by strangers. By nature, we also seek ease. The digitization of our daily lives in the search for love has translated into a term everyone is familiar with: online dating on dating sites canada.

What are the people registered on these sites looking for?

As previously said, people are looking for ease. Depending on his age, his experience, his personal background, you will not necessarily want to go through the breakage of the classic pickup. Approaching people in bars, on the street… Does not inspire you, and you are not thrilled with everything. Nobody likes it! Specialized sites provide access to substantial member databases that allow people to connect without inconvenience. It becomes easy to find singles near me you didn’t even know lived there. A refusal on a site does not have the same psychological repercussions as a face-to-face refusal.

Discretion pushes towards these sites

Even though dating sites have become democratized in people’s heads, for many, listing on them is about being able to meet up discreetly. Flirt yes! But discreetly above all, therefore!

Abundance, beyond expectations

It is difficult to surpass yourself for certain things, to do violence to overcome your fears, your preconceptions. People who can approach anyone in the street, a bar, a public place, are rare. And those able to psychologically ignore refusals are even rarer. In fact, no one is completely immune to this kind of situation.

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Can I Believe All The Positive Chime Reviews? Learn About The Chime Benefits Discussed In The Reviews

August 31, 2021

Chime launched itself onto the market in 2013 as a new online banking system that did away with traditional brick-and-mortar branches. Instead, they offer customers the ability to manage their money and accounts online with their phones. Given that more and more of us are happy to run our lives through our phones, taking care of our finances through an app makes sense. It is easy, simple, convenient, and can help us achieve far better financial health than with a traditional savings account.

But does Chime really help customers achieve more savings? Has it disrupted the market so much that customers are no longer required to enter a bank? Here, we look to answer those questions and look at the safety concerns people have when opening an online account. We also identify whether it is possible to believe all the positive Chime reviews that you read online.

What Is Chime?

But first, what exactly is Chime? Chime is a financial technology company that gives its customers an effective and cost-efficient way to manage their money. The company’s ethos is that they want to ‘profit with our members, not from them’. As a result, customers enjoy accounts with several exciting features, including no hidden fees, no overdraft fees, and no annual fees. For example, the SpotMe feature allows customers to pay for something, even if they do not have enough money in their account. A qualifying customer can therefore access up to a $200 overdraft without incurring any costly fees. Plus, it has a very handy direct deposit option which allows customers to access their paycheck two days in advance should they need it. It is account features, such as this one, that people talk about when they leave a positive Chime review.

Chime’s entire business model is based on the notion that they do not want to rely on customers slipping into overdrafts to collect fees. Or, charge each month for an account and insist on minimum balances – or any other way that banks often put profits before customers.

Get a Chime Credit Card

Chime endeavors to put customers’ financial health at the heart of what it does. It allows customers to build credit with their Chime credit builder cards. The card is a Visa secured credit card that can help increase your credit score.

Increase The Savings In Your Account

Chime also wants customers to grow their money faster. To support this, it offers a savings account with a competitive yield that is comparable to savings accounts offered at other banks. Not only does Chime offer a good interest rate, but it encourages customers to save money regularly and consistently. Through its automatic savings account, every time you make a purchase or pay a bill with your Chime Visa Debit card, Chime will automatically round up the transaction to the nearest dollar and transfer that rounded-up amount from your spending account to your savings account. It goes to show that a little deposit in your savings account can make a big difference.

Can You Trust Chime?

While all that sounds like a good idea, can you really trust Chime? Are all the reviews accurate? Given that Chime does not have a physical bank location that you can go into if you have a problem, are its services trustworthy? How do you know it is not just one big hoax that wants to scam you from your hard-earned money?

Thankfully, Chime is exceptionally trustworthy. Its plethora of 5-star reviews show that it is one of the best online banking systems. The reviews highlight some of Chime’s best account features, including its security. Chime has several high-end security features in place to ensure that every time you log into your account, only legitimate transactions have occurred. Its technology is cloud-based and is the same infrastructure used by top tech companies in the country as well as other financial institutions and government organizations.

Chime Account Notifications To Protect Your Savings

Plus, what’s great about Chime is that some of its features inherently help users to trust the service. The company sends notifications to your phone every time a transaction occurs using your account. It means that you will know instantly if that transaction is one that you have authorized or if it is fraudulent. If it is fraudulent, contacting Chime’s security team is quick and painless. Any funds that have wrongly left your account will be reinstated within 48 hours.

The company also sends daily, morning notifications to your phone with account balance updates. Again, that is a fantastic protective layer to its service. It means that you can quickly identify if your balance is not accurate. If it’s not, you can log into your account immediately to see why that may be. If you find transactions that you have not verified, you can contact Chime to have the issue resolved.

Can You Get Scammed On Chime?

Thanks to the two methods mentioned above, and many other features, it is very difficult to be scammed when using Chime. The company has integrated the strictest of security measures and protocol into its software, so it really is very hard for any fraudulent activity to occur. In fact, the company is dedicated to minimizing fraud within the banking sector as a whole. It does so by participating in an active bug bounty program through HackerOne. This means it carries out regular security tests of its product. Doing so ensures that it is as robust as it can be to ensure the safety of its customers and their accounts.

Is Chime FDIC Insured?

One reason customers can trust Chime is the fact that its banking partners are FDIC-insured, meaning that a customer’s funds are insured up to $250,000 through Bancorp Bank and Stride Bank, N.A. So, in the unlikely event of a bank run or a bank failing, a customer’s accounts (up to the value of $250,000) are protected. That means they will not lose any money saved under $250,000 in your Chime account.

FDIC-insured status importantly means you do not need any other type of insurance for your accounts. You will save money by not needing to purchase deposit insurance to protect your funds. Again, like saving customers’ fees in the form of monthly fees and no overdraft charges, Chime saves its customers yet more money. The FDIC-insured status additionally covers all the accounts that Chime offers. At traditional banks, not every type of account is covered by the FDIC, even if a bank is FDIC insured. However, FDIC insurance covers checking and savings accounts – which are the two accounts provided by Chime.

Is Chime Safe?

Chime is very safe to use. Its software ensures any hackers will find it difficult to hack into a person’s account and steal their identity. Identity theft is a serious issue within the financial industry. Yet, through the strictest of protocols and technology infrastructure, Chime provides a service that is highly secure and designed to minimize the chances of being scammed.

Which means customers can use it safely, knowing that scammers will have a hard time getting through Chimes security features. By freeing them of the troubles of worrying about the security of their money, customers, instead, can zone in on growing their financial wealth through the many features the company offers. Which is part of what makes using Chime an efficient and effective banking experience that is enjoyable.

Is Chime Bank Legit?

So, here’s the big question. Is Chime actually legitimate? The answer is a resounding yes. Plus, Chime is not only legitimate, it is great at what it does. It takes the sting out of financial management. What is left is a growing bank account and comfort knowing that Chime is there to help you at times where you may find yourself a little bit short.

That’s why it provides a fee-free overdraft of up to $200 and the ability to access paychecks 2 days earlier than usual. The company knows that sometimes unforeseen circumstances have reared their ugly head, leaving people with a small deficit. Chime does not want that to ruin a person’s financial future. Instead, it supports them through the hard times as quickly as possible, to help achieve the financial health and stability to which we all aspire.

If you read a positive review online, you can trust the benefits listed. Try Chime yourself to see how this online banking system can help you.

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