Financial institutions are not excluded from the challenges of marketing and keeping a constant flow of customers coming in to seek their services. They have found that one of the most effective sources of new customers is through current customers of the bank.
Do not be surprised if your customer asks for an extension to repay their debt. That is the current trend in the financial world. A recent survey on working capital found that extended repayment terms are on the rise. A request for an extended repayment period may be a sign of trouble. It could also be a sign of a "new way of managing cash flow," regardless of the ability to repay a debt or cash flow status of the business.
We continue with highlights of the McKinsey article “Strategic choices for banks in the digital age” while relating it to features in the copyrighted CreditBPO Rating Report®.
In their article “Strategic choices for banks in the digital age”, Henk Broeders and Somesh Khanna of management consulting firm McKinsey & Company, enumerate compelling actions that banks will have to undertake if they are to survive.
The United Nations has set the 2030 Agenda for Sustainable Development of achieving 17 sustainable development goals globally by 2030. The goals listed range from promoting sustainable use of natural ecosystems to the ending of poverty. Due to the ambitious scope of these goals, efficient application of Science, Technology and Innovation (STI) is required on multiple levels from the municipal to the international. Thus a clarion call for innovations was made through the U.N.’s partners that spans an expansive global network. This Call to Action culminated in the 1st Multi-stakeholder STI Forum for SDGs (Sustainable Development Goals). The Vision: Ensure that no one is left behind.
Unlike their contemporaries in developed nations, Small Medium Enterprises (SMEs) in developing countries are at a disadvantage due to, among other things, a lack of access to a centralized credit bureau to maintain and compile credit worthiness scores. This limits communication about credit worthiness in the greater market and this hampers the SMEs overall access to credit.
Event: “Rural Banks: Transforming Risk Management Initiatives into a Competitive Advantage” (Confederation of Central Luzon Rural Bankers: Annual Management Conference)
Event: “Bridging the Gap- An Open Forum” (Confederation of Southern Tagalog Rural Bankers: Annual Management Conference)
Anyone professionally involved with Small Medium Enterprises (SMEs), government entities or multilateral organizations has probably heard the news that all innovation-ready SMEs now have access to a number of significant financial services that were previously only offered to major corporations.
Tourism is an industry that has historically been tied to ever growing Globalization trends. In the 21st Century, the tourism industry is larger than ever before – employing 1 out of every 12 people and contributing 5% of global GDP. While the tourism growth rate for first world countries is steady to low, with the U.S. being almost constant and Europe seeing a steady estimated 3% a year, on average it is the emerging economies that benefit the most from this industry.
You’re not the only one facing these problems when you run a small business. Naturally you focus on your core functionality, so you don’t put credit or debit on your list of priorities. After all, staying operationally organized isn’t your strength. While this is true, ignoring certain aspects may lead to accounting problems that will ruin your success, so you must be diligent to follow through with your business in its entirety.