5 Benefits of Financial Technology

Financial technology (also referred to as FinTech) is the use of innovative technology to deliver a wide range of financial products and services. It is intended to facilitate the multi-channel, convenient and fast payment experience for the consumer. This type of technology is effective in many different business segments, such as mobile payments, investment management, money transfer, fund-raising and lending.

The rapid growth of financial technology has been very beneficial for consumers worldwide, such as the ability to serve customers that were not previously attended to, a reduction in costs, and an increase in competition.

Let’s take a look at a few of the benefits related to financial technology:

Better payment systems – this type of technology can make a business more accurate and efficient at issuing invoices and collecting payment. Also, the more professional service will help to improve customer relations which can increase the likelihood of them returning as a repeat buyer.

Rate of approval – many small business ventures are starting to use the alternative lenders like those involved in financial technology because it has the potential to increase accessibility and speed up the rate of approval for finance. In many situations the application process and time to receive the capital can be completed within a period of 24 hours.

Greater convenience – the companies involved in financial technology make full use of mobile connectivity. This can significantly increase the number of people who can access this type of service and also increase the efficiency and convenience of transactions. With consumers given the option to use smartphones and tablets to manage their finances, it is possible for a business to streamline its service and provide a better all-round customer experience.

Efficient advice – many of the latest systems rely on robo-advice to give people guidance on their finances. This can be a very quick and low-cost option to get useful information on investments, as well as to limit a person’s exposure to risk. However, this type of service won’t be able to give the most in-depth advice that would come from a professional adviser.

Advanced security – Using the latest security methods is necessary to ensure more people are confident in using this type of financial service. The need to harness the latest mobile technologies has resulted in a major investment in security to ensure customer data is kept safe. A few of the latest security options used by those in this sector include biometric data, tokenization and encryption.

How Is NBFC Different From a Bank?

NBCFs and Banks both act as financial intermediaries and offer fairly similar services. But, there are many points of difference. There are very stringent licensing regulations for banks as compared to NBFCs.

What is an NBFC?
Principal business activities of a Non- Banking Financial Company consist of lending or financial leasing or hire purchase, accepting deposit or acquisition of shares, stocks, bonds, etc. To initiate any business they are required to acquire a license from RBI and they are regulated by RBI.

Based on Liability, NBFC can be Deposit-taking or Non-deposit taking. NBFC can be of following categories:

Loan Company
Asset Finance Company
Investment Company

What is a Bank?
Banks perform activities like granting credit, demand deposits and provide withdrawals, interest payment, cheque clearing and other general utility services to their customers.

They dominate the financial sector of the country and provide a link as a financial intermediary between borrowers and depositors.

Key Differences between NBFC and Bank
Now that we have separately analyzed the activities undertaken by both these institutions, let us analyze how NBFCs and banks differ in nature and their functionalities.

NBFC is first incorporated as a company under the Indian Companies Act, 1956 and then apply for NBFC license from RBI, on the other hand bank is registered under Banking Regulation Act, 1949.
Banks are government authorized financial intermediary which are chartered to receive deposits and grant credit to the public. However, NBFC is a company that provides banking services to smaller sections of the society without holding a bank license.
Banks are authorized to accept demand deposits, but NBFCs are not authorized to accept deposits which are repayable on demand.
As NBFCs are established as companies under Companies Act, 2013 they are allowed to accept up to 100% foreign investments. But, banks are can only accept foreign investments up to 74% of their total amount.
Like a bank, NBFCs do not form an integral part of payment and settlement cycle in the country.
RBI mandates the maintenance of reserve ratios like CRR or SLR by banks. NBFC have no such obligation.
Deposit Insurance and Credit Guarantee Corporation (DICGC) provide deposit insurance facility to the depositors of banks. Such facility is unavailable in the case of NBFC.
NBFC is not involved in credit creation like banks do for their customers.
Banks provide services like overdraft facility, the issue of travellers cheque, transfer of funds, etc. Such services are not provided by NBFC.
NBFCs are not allowed to issue cheques drawn on itself like banks can.

Saving With Patio Furniture Clearance

Nearly everyone nowadays has a patio of some sort. We all love the look of the new patio furniture that the manufacturers offer. The only problem that we may have with it is the price. Patio furniture can be just as expensive as regular furniture. The best way to purchase patio furniture is through a patio furniture clearance sale.

Yes, retailers do offer clearance sales on their furniture and you can save hundreds by purchasing furniture that is on clearance. The best time to find these sales is usually after summer is over because most retailers do not have the extra room to store large pieces of furniture like this.

You can find just about any piece of patio that you can think of in a clearance sale every once in a while. From tables and chairs to lounges and end tables made from wicker or metal, you will be able to find it. Clearance sales offer you a great deal on the latest brands, styles, and furniture.

You do not have to wait to find these clearance sales at your local retailers. You can even find patio furniture clearance sales on the Internet. You will find a wide range of different websites that offer sales like these. This is a great way to locate the exact piece of furniture that you want at a great price.

Just perform a search through your browser for the keywords “patio furniture clearance” and a ton of results will show up. Even though there are many sites that offer sales, you may want to search through all of your options before making any final decisions. Look until you find a website that offers a better deal than another. We all want to get the best possible price on anything that we purchase, so shopping around and comparing prices is the way to do it.

You will be able to view pictures of all of the furniture that they have available for clearance sale purchase. You will be able to view a detailed summary of the product, as well as the dimensions and anything else that you will need to know. In some cases, you will be able to view care instructions. No matter how much money you spend on your new furniture, you will want to make sure that you know how to take care of it properly so that it will last you for years to come.

Patio furniture clearance sales can even be found year-round on the Internet, unlike at your local retailer. Most of the time, in instances like this, the furniture is stored in a warehouse and shipped directly from there; however, they may be trying to clear room in the warehouse for next year’s arrivals. Either way, the savings will be passed on to you.

Save money with purchasing your outdoor furniture on clearance. Make sure that you wait to purchase your patio furniture on clearance at a patio clearance sale.

Patio Furniture Clearance Sales Year Round

If you’ve ever tried to get the patio furnishings of your dreams during the short spring and summer selling season, then you know how hard it can be. The pickings at your neighborhood store can be downright slim. And even if you do find the perfect piece, it can cost you an arm and a leg.

However, there is a better way to get a deal while still getting top quality furniture: the patio furniture clearance sale.

The best ones are online and many furniture sellers offer nice discounts on fashionable, top quality furnishings that may be just what you’re looking for.

Yes, the words “patio furniture clearance” can strike fear in the hearts of many a homeowner. Thoughts of poor quality, scratch and dent pieces come to mind – furniture you wouldn’t be caught owning, let alone relaxing in.

But “patio furniture clearance” doesn’t have the same meaning when you’re shopping for quality furniture. Rather, it could simply mean the seller had an overstock of a particular piece or style or they may have to make room for new furnishings.

If you’re interested in shopping patio furniture clearance sales, you’ll want to consider both in-store and online sales. If you live in a location with seasonal sales, you’ll want to start shopping for a sale in July. By August everything will be gone as retailers enter the holiday shopping season. All the patio furniture clearance items have to make way for Halloween and Christmas.

Online is another matter. No matter what the season, there always seems to be a sale going on somewhere. Entering the keywords “patio furniture clearance” is a great way to start your online search. You can also enter phrases like “patio furniture sale” or “patio furniture discount”. It may take a few tries to find exactly what you’re looking for.

And what will you find? While you can always find an assortment of your run of the mill plastic chairs and tables, you can also find gorgeous pieces that will turn your deck or balcony into a showcase of style, beauty and comfort.

One of the great things about online patio furniture listings is that you can shop by style, material or color. In other words, you can find matching teak pieces quickly and easily, including many accent pieces that you wouldn’t normally find, even in a well-stocked outdoor furnishing store.

For example, you may find a lovely sofa and loveseat set as well as a matching storage chest and even a trash receptacle in matching teak. Many times these furnishings come from nationally known manufacturers, not a low-end exporter.

Best of all, they come with an attractive price tag. In contrast to the height of summer where you will pay top dollar for your purchases, patio furniture clearance sales may mark down that same item anywhere from 10% to 50% or even more.

When shopping for clearances, pay particular attention to the shipping and handling fees. Some online retailers tack on shipping, which can reduce your savings. Try to find those who offer free shipping or really reduced rates. They are out there. You just need to do your homework.

Finding patio furniture clearance sales is relatively straightforward and can even be an adventure. By investing just a little time and effort, you can find top quality items at very competitive prices, often without leaving the comfort of your own home. Not only do you end up with some gorgeous furniture in the process, but you also can save quite a bit of money, enough to spring for a nice cookout with friends and family so you can all enjoy your smart buys.

Guiding New Graduates to Financial Success

New college graduates are on the