Maslow’s hierarchy of needs dictates that after a person’s physiological needs are met, they prioritize personal, emotional, financial safety, and security before anything else less critical for survival. “Ignoring technological change in a financial system based upon technology is like a mouse starving to death because someone moved their cheese.”– Chris Skinner Fintech, which technology describes as developing and distributing financial products and services, is one of the most involved innovation areas in startups. A rich area of research is the relation between technology and innovation. Information technology is commonly recognised as an essential component of internal process optimization, as well as new product creation and new service creation. The question is what is Fintech? Fintech is defined as design and delivery of financial products and services through technology. Industry surveys suggest that novel fintech offerings may be particularly appealing to young, high-income, high-value customers. As time passed and new security measures were introduced, the finance industry began transforming itself into what is called fintech. Read: How to Digitalize Traditional Business Practices? Fintech Cybersecurity and Stability Undoubtedly, the digitization of financial services may be of interest to most customers because the technology was not considered to be 100 percent effective. The risks most people were preoccupied with were identity fraud and money laundering. In 2020, more fintech firms will be taught how to secure their business operations and survive a cyber attack. Fintech in Big Data Fintech companies used unstructured, structured data known as big data for customer segment detection, fraud detection and risk management. In Fintech, big data can be used to spot fraudsters more quickly than a human eye can. The collected big data is analyzed to classify consumers’ usual purchasing behaviors and behaviours. Fintech firms will also be able to use big data to identify consumers and give them more customized deals. Fintech in AI The AI-powered systems being introduced help to reduce banks’ and other financial institutions’ operating costs. Experts will be among the most common factors to expect to see the relationship between AI and fintech grow stronger by 2020. Fintech traditional stacks weren’t efficient in real-time scenarios. However, what else one can have a stack that can adapt to customer requirements in real time? AI & machine learning is proving very successful when processing data streams in real time. It can also improve customer interactions and reduce risk. Fintech in Banking Fintech equips the banking sector with tools that make it more efficient than ever before. Banking institutions use technologies such as chatbots to improve customer service, mobile applications to provide consumers with real-time insights into their bank accounts, and machine learning for fraud prevention. Fintech-Next Generation Privacy SecureKey is a leading provider of identity and authentication which simplifies the access of consumers to online services and applications. SecureKey’s next-generation privacy-enhancing services empower consumers to easily and privately claim identity information using trusted providers, such as banks, telecom companies, and governments, helping them connect with a digital credential they already have and trust to essential online services while ensuring that information is only ever shared with specific user’s permission. “People are tired of having so many passwords.” -Greg Wolfond
Online Education Challenges During COVID 19 in Pakistan
Article Summary: Present study examined the experiences of teachers regarding online education challenges during COVID 19 in Pakistan. Findings of study illustrated that the majority of faculty members had no previous experience of online teaching while few faculty members reported previous experience of online teaching. According to findings of current study, the majority of teachers reported satisfactory online teaching experiences during COVID-19 and agreed to the use of technology for education as a way forward in Pakistan. Moreover, findings illustrated that barriers experienced by teachers in online teaching included increased workload, less interaction with students, lack of policies, lack of instructors training, lack of quality of course, inability to control students cheating, and lack of internet connectivity. Thus, it is clear that there are some major barriers associated with online education which need to be addressed. Key Words: Online Education, Challenges, Teachers’ Perspective, Pakistan Background: Closure of educational institutions during COVID-19 is one of the leading steps in combating the pandemic. In Pakistan, introducing a digital learning system on a national level has been challenging for the Higher Education Commission (HEC). However, HEC (2020) sanctioned educational institutions to adopt a digital platform for continuing teaching and learning during a crisis. Because: Stop teaching and learning was not a wise decision. Thus, embracing the digital education system became a need of time. Online education was unconventional in Pakistan (Akram et al., 2020) however, studies conducted on digital learning reported the feasibility of online teaching and learning (Mukhtar et al., 2020; Sethi et al., 2019; Jawad & Ashraf, 2012). In developing countries, lack of resources is a main concern in the use of digital media for education. Besides, lack of resources it is considered that the foremost challenge in use of digital media is lack of technical skills among teachers (Riaz et al., 2020). Capability of instructors in order to incorporate different tasks and tools while teaching digital education are important to attain course goals and objectives (Bailey & Lee, 2020). Students attending online courses might easily get distracted by the content available on technology which may influence their participation in online class (Melor et al., 2012). Thus, it is crucial to engage students in live online sessions that can be only possible if instructors have previous knowledge and skills in adopting digital media as a medium for education. To make digital learning more effective, improving technical skills and competencies is a crucial need of the present era. Though, training teachers to enhance their capabilities in technology seems challenging and costly, it is vivid that such initiatives ensure the standard, productivity and efficacy of online education. Therefore, it is important to identify teachers’ perceived barriers in online teaching. Keeping in view the major concerns of digital education, this study examines teachers’ experiences of online education challenges during COVID 19, perceived online teaching barriers and perceptions of teachers regarding the use of technology for education as a way forward in Pakistan. Methodology Sample A total sample consisted of 52 teachers (Females = 58%, Males = 42%). Due to Covid 19, this sample was approached through online platforms such as LinkedIn, Email, Facebook, Instagram and WhatsApp. In current study, 75% of the teachers were teaching at private universities, 14% at semi-government universities while 11% teaching at public universities. Moreover, the status of teachers suggested that 83% of teachers were working full-time while 17% working part-time. Survey Instrument Primarily items from Lioyd et al. (2012) were used including a limited number of authors’ self-developed items. The 11-item questionnaire consisted of four subscales including interpersonal barriers, administrative issues, internet access, and technical issues. Items were scored on 5-point Likert type scale ranging from 1 = Strongly Disagree to 5 = Strongly Agree. In addition, two items were used to assess the faculty experiences of online teaching. For instance, “Have you previously taught online?” scored on “Yes and No”. Secondly, “How was your experience of online teaching during CVOID-19?” scored on “Good, Neutral and Worst”. Lastly, teachers were also asked “Is using technology for education the way forward in Pakistan” responded on a 4-point Likert type scale ranging from “Definitely Not, Probably Not, Probably Yes, and Definitely Yes”. Results Findings in figure 1 revealed that the majority of the teachers had no previous experience of online teaching (62%) however, 38% teachers reported previous experience of online teaching. Figure 1. Distribution of Teachers Responses on Previous Experience of Online Teaching Based on survey results, the majority of teachers marked online teaching experience as satisfactory (50%) however, 40% teachers reported their online teaching experience as neutral. In addition, 10% of teachers considered online teaching as the worst experience (See Figure 2). Figure 2. Responses of teachers on online teaching experiences during COVID-19. Current study investigated the perception of teachers regarding the use of technology for education as a way forward in Pakistan. According to findings, the majority of the teachers agreed (90%) to the use of technology for education as a way forward in Pakistan while 10% of teachers disagreed (See Figure 3). Figure 3. Distribution of teachers responses on use of technology for education as a way forward in Pakistan. According to findings, the majority of teachers reported an increase of workload during online classes (71%), lack social interaction with students (64%) while 23% of teachers reported issues related to time management and anxiety/fear during online classes (15%) (See Figure 4). Figure 4. Percentage of teachers’ response on items related to interpersonal barriers. Responses of teachers on the items related to administrative and training issues depicted that the majority of teachers confronted troubles in controlling cheating (81%) and readjustment of quizzes, assignments and midterms (67%). In addition, other barriers associated with administrative and training issues included lack of policies for online classes (52%), lack of instructors training (48%), and difficulties in conveying course concepts (36%) (See Figure 5). Figure 5. Percentage of teachers’ response on items related to administrative and training issues. 42% of teachers agreed that there was a lack of internet services during online classes
Top 5 Digital Marketing Techniques That You Should Use to Promote Business Growth
“Business has only two functions – Marketing and Innovation.” -Milan Kundera Digital Marketing is a modern marketing practice that involves the use of electronic devices and digital platforms. Among the most effective Digital marketing techniques includes marketing through digital channels such as content, social media, email, web, search engine marketing and influencer marketing. Content Marketing It is to create and publish the content with the goal of building the visible reputation of the company. It works more efficiently when the target audience is known. For instance, the content described under the google links is the core of content marketing. Through that content people use to get a quick review and find their interests. The more relevant as well as valuable content will target the audience immediately which increases the quality traffic of that website. Read: 10 Steps You Should Follow to Build Your Content Strategy in 2022 Search Engine Marketing In the past ten years, Social Engine Marketing (SEM) has grown faster than traditional marketing techniques. A huge competitive market cannot beat through a good SEM approach. It is a highly effective way to grow business and promote products. For instance, the most common approach is using google ads. “Ad” sign is used at the beginning of the URL which may become the first result of the search result. So the next step after you have a website, run a google ad and be known. Social Media Marketing What do you think is the best way to interact with people around you? Social media it is; where everything and everyone is connected online and just one touch away. Therefore, the use of social media for business and product marketing has become of great significance. It is the best way to interact with customers and get real time feedback. You want to generate leads, create brand awareness or enhance catalog sales; social media platforms take care of all your business marketing needs. Email Marketing Emails in the digital marketing toolbox will help to reach a broader target audience, develop a long term relationship with your customers and enhance your business reputation. In email marketing, visually appealing newsletters are great to send to customers at regular intervals which may include offers, discounts, and news about upcoming events or products. In personalized emails, better company recognition, using videos and making them optimized for mobile devices may boost the customers’ trust in your company. 72 percent of people still prefer this technique, although it is one of the most cost-effective digital marketing strategies that generate positive results. App Development Marketing A time has reached where having a mobile app is not an option, it has become a necessity. It is a one-time primary cost investment that promotes business growth. For businesses, push notifications are a great opportunity, as it provides a platform for letting customers know of new products, offers etc. All of these notifications are there on the home or lock screen of the users’ phone. However, the utility of the application user for business notifications must be considered because users have the option to turn off notifications. “Success with digital marketing is the result of sound strategy, not perfectly executed tactics.” -Phil Frost
Female Internship Innovation Program – First Cohort Successfully Concluded
Internship programs are generally offered to provide a professional learning experience to fresh graduates and students. Taking advantage of online classes due to COVID 19, we at Beacon Innovation, launched our Female Innovation Internship Program (FIIP) From May 2020 Until September 2020. Staying committed to the goal of our internship program i.e to train young female graduates and graduating students for entering into the working sector – we offered internships in the following areas:- Information Technology Graphic Designing, Marketing Research These areas were most relevant to our working department at Beacon Innovation. To know more about our services click here! The idea behind this internship is to enable our interns to learn new skills in a friendly and professional environment and utilize their talents for organizational development. We believe that the learning curve should never flatten and therefore we encourage two-way learning and communication processes for our internship programs. Our interns included undergraduate and postgraduate students from various universities i.e. Foundation University, Rawalpindi; Fatima Jinnah Women University, Islamabad; HITECH University Taxila; STEP Institute of Art, Design, and Management, Lahore; COMSATS, Islamabad. Here are our interns sharing their internship experiences:- In the beginning, I was nervous but when I started working with the crew, the environment was so welcoming and healthy that I remained comfortable throughout the internship. I am blessed to be a part of this reputed organization because it helped me to improve my skills and learning abilities. The experience I had in this organization is worthwhile and will help me in the future. Thank you so much for making me a member of this reputable organization. As an intern, I have a lot to say to motivate people about how good are internships in grooming us and also in polishing our skills. But I will end it all by saying “Internships help you in coming out of your bubble which is the first step towards professional life” So it’s worth taking. Looking forward to working with this company again. I am now working as a Research Officer at Beacon Innovation and this platform has provided me an opportunity to improve my expertise in research and analysis under the supervision of a skillful and knowledgeable team. Within the last four months, I have written two papers under the supervision of our research lead Safoora Wajahat. These are in the process of submission to relevant journals. I highly appreciate this idea of a Female Internship Program. Being an Internee, I have learned so many things at a professional level working along with the proficient team. A must be given huge applause for the optimal and economical solution for every problem. I would love to work with them in the future. Thanks to them for the incredible Internship Program! I have worked as a junior graphic designer at Beacon Innovation, and working in a professional environment is very important for career growth. I think a friendly environment matters when you’re working somewhere and I’m glad I found it here. Click to read more about Female Internship Innovation Program (FIIP) We are committed to continue this internship tradition at our organization – but as an extension to this program we have launched Women Skills Development Program – to dedicate time and effort towards digital skills development. If you have not enrolled yet Click Here.
The Future of Mobile Technology
“If your plans don’t include mobile, your plans are not finished” – Wendy Clark The world operates in synchronous time which means the digital world needs to amp up communication technologies and strategies. From ordering food to attending online classes, mobile technology has become the quickest medium for simplifying lives. A lot of people talk about mobile as an enabler. But it’s more than that. It’s really a multiplier. At its heart, it’s really a game changer.” – Shawn Covell No matter which technology you choose, it should allow statistical insights. Mobile technology records a variety of information about customer interactions which are used to identify overlooked customer needs. Later, teams can utilize this data to improve customer’s experience. Read: SOCIAL MEDIA STRATEGY FOR 2023 Market is in search of new technology to disrupt the current situation. Mobile technology with the boost of 5G telecommunication technology will lead among companies which would be a game changer. For now mobile technology will be the primary hosts for these emerging technologies. However, as the Sixth Wave of Innovation will progress, this technology will be replaced with other devices that are more efficient, immersive and effective. The Sixth Wave of Innovation? Labelled as Fourth Industrial Revolution is about Digitalization, Sustainability, Robotics and Automation There are possibilities that mobile phones may become obsolete but it depends on the pace of emerging and advanced technologies. Although mobile phones won’t phase out right away: Old habits die hard. And we may be far too addicted to our pocket devices to give them up entirely. But one thing is for sure that some factors are primed to send today’s mobile phones to it’s grave over the next decade.
How We Offer Best Customer Experience?
Let us make it easy for you! Customer Experience is how our customers perceive their interactions with our company. “Good design is about process, not product” – Jared Sinclair Getting closer to customers is not only about building an information technology system. It is a learning journey that unfolds over different stages, each with its own obstacles, and each requiring people to coordinate in more sophisticated ways. Empathy for the Customers: One of the most basic elements to deliver a great customer experience is individual perception. It is the element that is most difficult to pinpoint because perception often differs from person to person. We commit to meet the expectations of our customers. A customer experience is simple relationship building that means building trust with our customers, understanding their needs, and adapting to nurture that bond. Read: Beacon Innovation Digital Marketing Services Agile Approach: We embrace Agility as it is all about innovation. We focus on our customer satisfaction, so the agile approach does. We improve the entire customer experience with provision of easy-to-access resources by allowing them to find their exact needs at every touch point. Holistic View: In our digital world, customer dictates each stage for each process. We design, implement and monitor each and every one of these processes to ensure that we are delivering the most consistent and best customer experience possible. For valuable results, we try to involve a cross-section of our team from different departments including transformation, design and research. “Know the user. You are not the user.” – Arnie Lund Authors: Syeda Fajr Murtaza; Safoora Wajahat
What should countries learn from COVID-19 financial disbursements for social protection?
During COVID-19, financial disbursements has become one of the major concerns. Globally, governments have launched various financial assistance packages to deserving households. Depending on the countries resources and technological advancements, they are adopting either digital or manual modes of payment for these cash transfer schemes. With the rising number of COVID 19 cases , the need for digital payments has become ever more significant. While, China has introduced digital modes of payments to avoid social interactions which may also become standard operating procedures (SOP) for any advanced country. However in Pakistan. you can see around fifty to hundred masked men standing outside a college building to receive monthly support stipend. During the viral pandemic outbreak, digitalization is the only safe way to manage domestic payments, financial disbursements, and sustain the global economy effectively. Contact-less digital payments assist consumers in getting their essentials with comfort and safety from their homes. They also help out organizations and governments to distribute funds among needy people more rapidly and precisely. Hence, countries lacking modernized financial services should quickly equip themselves with new digital tools to not only limit the viral transmission in current situation but to also keep up with the technological development pace globally. Collaboration between government, private organizations and entrepreneurs can provide better opportunities for vulnerable people to tackle the crisis situation via developing new digital services. As of 2024, these models have been refined and expanded to enhance resilience against future crises. Financial Disbursements Models 2024 Digital Payment Platforms Government to Person (G2P) Payments Blockchain Technology Mobile Money Services Public Private Partnerships International Aid & Loans The countries which are already on the right track still need to ensure consumers data protection and privacy. Additionally, such governments are expected to strengthen and implement cyber crime laws for e-theft and hacking so that people may not dare to reach out to others’ accounts. Most importantly, providing digital aid to remote areas with limited availability of internet and digital equipment should become an integral part of countries’ digital development strategies. Authors: Naveeda, Safoora Wajahat