Month: February 2018

What is Recruitment 3.0?

There has been a fundamental shift in the landscape of recruitment over the past decade. With a dwindling pool of talent to choose from, the global race for best talent is on. Recruiters feel that the current system of education leaves candidates unprepared to hit the ground running when it comes to work.

Recruitment 3.0 focuses on improving the quality of hires while reducing the time to hire ratio and cost per hire ratio. The aim is to build talent pipelines with transparent 2-way communication to keep people engaged.

The Process of Recruitment

As the needs of the market and the talent changes so does the process of recruitment and the expectations of recruiters.

Recruitment 1.0 – The era of Resume Databases from 1990’s to mid-2000’s. It encompassed traditional recruiting methods with a fairly large timeline.

Recruitment 2.0 – The Rise of Social Media due to the need for community-centric consciousness around 2005 onward. The recruitment process moved online with technology for online job boards.

Recruitment 3.0 – Web 3.0 pushed the recruitment process into the digital age of Contextual Web. Google’s update to its hummingbird algorithm in Aug 2013 was designed to help it derive both context and content from Google searches.

It is expected that in the near future a search phrase of “I want an accountant in Paris with 5 years’ experience” will give customized results as Google would have pulled all data relevant to the “I” from the relevant social media accounts, company blog and CRM to give a customized search result.

The Core Philosophies of Recruitment 3.0

1. Everyone is a potential candidate – Anyone volunteering to be elected by applying for a job post or being referred or willing to be considered could be a potential candidate. Research indicates that 90{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of talent suitable for available roles is not looking for a change. The remaining 10{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of active job seekers are being fought over by competing firms and talent acquisition companies.

2. Employment Brand is Pivotal to Success – The identity of a business, its core values and its promises to its employees and customers is the employment brand. The better the brand, the better they would look to potential recruits.
Relationships sell. Potential recruits are looking for honesty, authenticity, integrity and transparency in their workplace.

3. Relinquish control over what other people are saying – The digital age ensures that there are many avenues for people to get their views out through social media, blogs and other web boards. Businesses cannot extend any control over the messages being posted. However, PR and marketing departments can embrace this and open a channel to officially seek community inputs to get a better angle on the perception of their businesses.

4. Relationship building is key – Differentiating your social media from others is key. Building relationships, engaging the community and keeping them interested enough to build a viable pipeline of potential employees is vital to the recruitment process.

64{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of hiring managers estimate that the best candidates are drawn from referral pools, and they have the added benefit of reducing the time to finalize recruitment from 39-45 days to 29 days. Furthermore, 47{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of the candidates through referral are known to stay for more than 3 years on average when compared to compared to the 14{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} who come from job boards.

 References:

  1. “A Vision For The Future Of Recruitment: Recruitment 3.0” – Matthew Jeffery [ERE}
  2. “RECRUITMENT 3.0 | The best source of Hires” – Hicham Gharib [LinkedIN]
  3. “Recruitment 3.0: Looking Outside The Box” – Lalit Bhagia [Accountests]
  4. “Web 3.0 And What It Means For The Future Of Recruitment” – Irene McConnell [Workology]
  5. “Required Reading For Recruiters – Recruiting 3.0 & 4.0 Explained” – Jennifer McClure [Unbridled Talent]

 

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Recruitment 3.0 – Is Social Media Changing the World of Recruitment?

What you do on Social media speaks volumes about the kind of person you are. Recruiters are using Social media networks like Linkedin, Instagram, Facebook and Twitter, etc. like never before, to spot and hire the best talent in the industry. They also use these platforms to retain talent that is at risk of leaving. This is Recruitment 3.0 for you.

The first interaction that a potential worker has with the company is during the recruitment phase. It is important that this phase is carried out properly as fingers are usually pointed at the recruiter if the selected worker isn’t able to meet the expected levels of performance. Recruitment over the internet is a reality today and companies are looking beyond traditional methods of recruitment to hire talented individuals.

Recruitment 3.0

Traditionally, workers would upload their résumé against job offers posted by companies on their websites or even newspapers. Recruitment 3.0 works differently – potential candidates that are found suitable to fill the vacant roles in an organisation are reached out to by recruiters themselves. Social media users, who are keen to be spotted by companies, are also becoming increasingly careful about how they showcase themselves on the internet. Whether it’s their résumé, Facebook, Instagram and Twitter handles or their personal blogs and websites – they are all at the top of their game – they have to be.

Social Media & Hiring

Through social media, if the company wants intricate details about the potential candidate and wants to attract the best talent that could fit into its organization. Potential candidates too are looking out for reputable companies to work for and want to research extensively about the company. From what is it doing, what would it be like to work with them to whether their goals align. Essentially it all boils down to the fact that recruitment today is a two-way street where both the parties involved want to emerge as winners, and nobody wants to go home disappointed.

In the current market, a company’s reputation is of utmost importance to catch the attention of the limited pool of talent available. Companies have begun realising this and have resorted to social media to create a stronghold in the online world.

LinkedIn, in particular, enjoys unparalleled popularity in recruiting candidates – especially those of a higher grade. Welcome to the digital world where companies have gone as far as creating videos to advertise about their job openings. 

Social Media as the Game Changer

Whatever be the method of recruitment, it isn’t uncommon for recruiters to ultimately resort to social media to know more about the potential candidate. Activities of a candidate on the internet, social media, in particular, gives a great insight into the candidate’s personality and this also serves as an excellent medium to carry out extensive background checks of the candidate. It isn’t uncommon for recruiters to use the internet to validate the information that the applicant has provided – search engines like Google and social sites like Facebook give information about a candidate at the click of a button. 

Going by the pace at which things are going, traditional recruiters will soon lose out on thousands of potential candidates if they do not upgrade themselves to newer forms of recruiting like Recruitment 3.0.

LSI Keywords: recruitment, recruitment 3.0, Linkedin, social media, the internet.

 

 

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Talent Resourcing is not Head-Hunting: A View of Recruitment 3.0

How does a company recruit the best talent for a job? Matthew Jeffery, Head of Talent Acquisition at Autodesk in an article from 2011, says, traditionally there been two stages to spotting real talent.

The Process of Recruitment

Recruitment process 1 was during the pre-digital days when a company advertised in mainstream media, waited for candidates to apply, short-listed them, put them through an interview and picked their ideal candidate. Recruitment process 2 was equally bureaucratic, but the difference was that candidates started applying digitally with job-sites through online resumes.

Redundancy

Jeffery says that Recruitment of talent in the first two formats is now redundant. He says a new way of talent resourcing has caught up to the advantage of the ones creating opportunity and those who use the chance to enhance their skills. Matthew Jeffery calls this new phase of talent scouting Recruitment 3.0, through the effective use of social media.

The Difference?

The primary difference is to segregate job-seekers as against talent pooling. Job-seekers may be qualified, technically-equipped and to a greater or lesser degree experienced in a given category. These candidates would only be 10{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of those applying for a role in any given sector. 90{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of the candidates are either unreached or unaware of the openings.

Potential Talent

Jeffery terms the 90{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} potentially talented but non-active as a segment. The talent potential could have skill-sets far more varied and superior to the usual job-seekers who have got used to the grind.

The way to woo a potential talent would be by defining a candidate as a volunteer to an electoral process. Choice thereby clearly emphasised as a social process where everyone is, hypothetically, talented.

Too Good to be True?

Although this might sound too good to be true, there are at least two sound reasons why Recruitment 3.0 could be the way forward.

The digitisation phase of the first generation has come to an end. Data mobilisation of the old industrial set-up has transformed manufacturing as a sector and as an economic entity.

Shift in Priorities

The old macro-system held through by hierarchy is soon to be dismantled. Digital processing of data has given way to the manufacturing of digitally integrated systems such as Internet of Things (IoT). Traditional capital has given way to impact investment scenarios shifting the way businesses operate at the human scale.

Skilled Choice

The versatile move has scaled up the definition of the job as a skilled choice rather than a mere livelihood. Livelihood itself is increasingly being viewed as a culmination of latent potential rather than as the blue-collar sector of the old industrial system.

This horizontal expansion of business convergence on a global scale makes Recruitment 3.0 as a proposition of high social capital.

Changing Realities

The shift in education as skill enhancement is another important reason why 3.0 holds more than casual water. Honing of specific skills is both a universal value-addition as well as a culture-specific symbol of talent accumulation. This potential was hitherto watered down by academic degrees that prepared nobody to the changing realities of the market.

Slow Change

But as Matthew Jeffrey himself says, employers as a group have barely awoken to infuse an “emotionally-engaged idea of transparent talent resourcing”. There are very few indicators for a breakthrough in creating an employment brand as against the building of corporate brand value.  

Primary Keyword:

Talent Resourcing

Recruitment Process

Talent Pooling

Potentially Talented

Candidate as Volunteer

Specific Skills

Employment Brand

 

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The Future of Recruitment Is Here: Recruitment 3.0

“If you meet the criteria, you get the job. If you fail to meet the standards or just get one of the interviewers angry by staring at them, you don’t.”

‘The process of hiring the best candidate for a job opening having the right skills, after finding them in an efficient manner.’

The definition of recruiting hasn’t changed over the years as well as the recruitment process either.

This changes with the arrival of recruitment 3.0, ushering in a new era for the industry. “So what is recruitment 3.0 exactly, how is it different from recruitment 2.0 or just recruitment?” Let’s jump right to the answer.

All of these points are lacking in the traditional approach to recruiting.

Make Recruitment An Engaging And Interactive Process

Every neighbour and their dog know how a general recruiting process goes by. Find a company looking for candidates with your skill set. Then contact the company with your CV and if you get selected, go past their selection process after which you get into the personal interview sessions.

Finally, if you meet the criteria, you get the job. If you fail to meet the criteria, you don’t.

This stagnant process needs an overhaul which is exactly what one of the elements of Recruitment 3.0 is.

By building an engaging process of recruitment rather than the same old non-distinguishable from the millions, you get more candidates interested. Instead of emailing CV and waiting for a long selection process, how about a live video chat with the said candidate after verification of their identity and documents?

Human Beings are social animals. We love to communicate our thoughts and ideas. Making recruitment processes transparent like this greatly piques the interest of potential candidates.

Don’t Take Your Brand For Granted And Provide Better Work Environments

Big brands rely on their market name to attract new candidates each passing year. However, they forget the fact that the market is ever-changing.

Candidates are continually being snatched up by relatively newer companies that offer more or less the same pay but have a more attractive offer. This can be either due to better facilities for employees or easier selection processes.

Regardless of the underlying reason, candidates are moving away from your brand. Many of them potentially among the best fits for those roles. All this because of you, a recruiter, may be failing to acknowledge the changing trends.

This is something that is changing this new recruitment process.

Don’t Assume All Candidates Are Looking At Your Job Offer

Sure, job hunt websites, advertisements and CV searching results promise of thousands of potential candidates for a particular role. However, they may not be the most ideal.

Consider this, while unemployed, even the most experienced candidate will search for jobs. But when this isn’t the case, like when he/she is already employed, things don’t work the same way. They might be earning less than what you offer, but due to lack of interest, such potential is wasted.

Recruitment 3.0 aims towards fixing this issue. Instead of thinking traditionally, and going for the minority of interested candidates, we broaden the pool by hitting the majority too.

Candidate Psychology Can’t Be Challenged

As expressed before, human beings love to talk, and if you as a company do not acknowledge this fact, then you are in for a surprise. When companies follow a strict work environment where any form of social gathering other than that in the same designation is shunned, it will negatively affect the company.

It’s 2017 already, people have become more social than ever. One bad move by a company towards one of the employees can start a textual wildfire over social media overnight.

Word spreads, people verbally state their disagreement, and unless you are one of the Fortune 500 companies having millions of dollars to fall back on, you take a big hit. Overnight, you have lost your candidates trust and thus their determination and also end up losing untrusting candidates to other companies in the long run.

The goal of the new recruitment process would be to provide very friendly and open environments that nurture the relationship between owners and employees and develop better HR teams.

These are the changes brought up by Recruitment 3.0, which in itself is steadily evolving. Unless employment leaders who have majorly ignored these points up to this point, embrace the changes brought up by the fast-paced world they risk being ruled out.

LSI Keywords-

Primary kw- Recruitment 3.0

Variants- recruitment 2.0

Synonyms-recruitment process, new recruitment process, recruitment processes, recruiting process, recruiting.

 

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Fintech Trends in India

Socio-economic and demographic changes have increased the demand for innovative and secure Fintech in India. Fintech startups are piggybacking on the government’s initiative to reach the majority of the population with their tech-friendly regulations.

National Payments Corporation of India [NPCI], Digital India, Smart Cities, Startup India and Aadhaar are some of the prominent Government programs that help build and support this ecosystem.

The growing interests in Fintech Markets put the transaction value of Fintech sector $33 billion as of 2016, and it is expected to grow and reach $73 million by 2020 putting the annual growth rate at 22{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616}.

There is wide scope for development in the Fintech Sector, and they can be categorized into the following spheres:

 

Growing FinTech trends to watch for in 2017:

  1. Micro-Payments – Companies focusing on the FinTech Sector are capitalizing on the Unified Payment Interface (UPI) and NPCI (National Payments Corporation India) to expand the ecosystem of digital payments. The increased efficiency and security of digital payments systems have increased the adoption rate of transactions via smartphones. A growing acceptance in this space will enable the objective of a cashless society.
  1. Blockchain Adoption – Blockchain is the technology behind “Crypto Currency.” It is an innovative integration of cryptography, mathematics, and economics that helps create and maintain an expansive database of transactions. It resembles a single consolidated ledger of financial activities.

The scope of applicability is large as Blockchain also promises security and credentials. According to the World Economic Forum [WEF], 80{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of the banks are expected to start Blockchain projects with big players like Goldman Sachs getting behind the concept.

Even the RBI is considering this as a means to mitigate cheque fraud.

Blockchain also guarantees operational simplicity, reduction in process & settlement time and risk mitigation.

  1. Marketplace Lending – Online lending platforms (P2P) are becoming very prominent. They primarily use non-traditional data to determine a customer’s creditworthiness. Given that almost 75{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} of the Indian population does not have an established credit report, this works well in their favor.
  1. These platforms data analytics backed by algorithms to make a risk assessment for lending.The categories predominant in P2P portfolios include personal loans, commercial loans, and microfinance.
  1. Reg Tech – Regulatory technologies are evolving to accommodate the barriers to business entry. The goal here is to provide the right tools and services that will enable automation of compliance tasks, improve the accuracy of identity management and reduce risks of fraud.

Delegating a lot of the redundant tasks to technology removes the burden of repetitive tasks and enables a lean business. This is a newly discovered market with promises to provide a lot of potential savings to organizations.

  1. Robo-Advisory – This market is expected to grow at a Compound Annual Growth Rate [CAGR] of 68{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616}. The projected estimate for managed assets by 2025 is expected to be USD 5 Trillion.

Currently in India the apart from the wealth and asset management sectors, retail space is capitalizing heavily on robo-advisory services. Increasing investment in biometrics and security promises to enhance customer experience through digital transformation.

 

References:

  1. “ The India Fintech Market Map: 72 Startups Working Across Lending, Payments, Insurance & Banking” – CB Insights
  2. “#5 Fintech Trends That You May Want To Watch Out For in 2017” – Kumar Srivatsan [Entrepreneur]
  • “3 Ways Fintech Is Disrupting The Indian Lending Space” – Manavjeet Singh [CXO Today]
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Fintech trends in India Today – Fintech Shows Early Signs of Recovery After a Slow 2016

We’re five months into 2017 and Indian Prime Minister Narendra Modi’s ambitious Demonetization move in the second last month of 2016 has had a tremendous impact on Financial Technology in India.

 So much so that the development of FinTech has seen unprecedented growth in the last couple of months, and Fintech start-ups are busy making hay while the sun is shining.

According to a report published by Professional Services major KPMG, investment in the sector declined to $216 million in 2016 from a whopping $1.6 billion in 2015. The Global Fintech sector may have shown signs of slowing in 2016, fast forward to 2017 and things are only looking up for this sector.

Let’s have a look at what’s happening in the FinTech space in India today:

  • Peer-to-Peer Lending:

Peer-to-peer lending, also known as P2P lending, is a trend to watch out for in 2017. Simply put, P2P lending is a win-win situation for both lenders and borrowers – lenders usually earn high returns compared to those offered by traditional financial institutions and borrowers stand a chance to borrow money at interest rates that are typically lower than those offered by banks.

A hugely unregulated sector, with as many as 30 peer-to-peer-lending agencies operating out of the country including Lendbox and Lendenclub. P2P lending is on the rise – quite a huge number of borrowers who didn’t qualify for a loan from the banks avail this platform.

  • Cryptocurrency:

Cryptocurrency is just like your traditional currency with the difference that it uses cryptography for securing your transactions, and it also controls the creation of new money. In simple layman terms, it may be referred to as digital currency.

Bitcoin, the first cryptocurrency to have been ever created enjoys unparalleled popularity even as many cryptocurrencies like Zebpay, Coinsecure, and Unocoin have emerged over the years. Today, One Bitcoin equals 113458.92 Indian Rupee and continues to grow in value.

However, it is worth noting that it is a currency that is highly volatile – Mark Thomas Williams, popularly known as Professor Bitcoin, who is a member of Boston University’s faculty, suggests Bitcoin is seven times more unstable than gold and eighteen times shakier than the US dollar!

  • Social Media:

India is a huge market for Social Media giants owing to its huge population base. Tech-savvy Indians, be it buying groceries or making bank payments, prefer doing things online. This has prompted most service providers to have their Social Media channels to broaden their customer base and keep the existing clients engaged.

 FinTech companies are no different – they are using Social media like never before, so much so that a new term named “Fintech Marketing” has emerged.

Fintech companies see Social media as a way of communicating with prospective clients, thereby facilitating them to understand customer behavior and preferences which would help them in selling the right product.

Profit book, a simplified and robust cloud accounting software that has proven to be increasingly popular among small organizations to create invoices, for tax calculation and tracking inventory, for instance, has its own Facebook and Twitter handle to connect with people at another level altogether.

2017 looks to be a promising year for the Global Fintech sector – more so for India and Demonetization is only going to accelerate Fintech’s growth. Cash crunch forced your friendly neighborhood tea and vegetable vendor to look beyond printed money and accept e-payments. We’re soon gearing up for a truly digital India, aren’t we?  

LSI Keywords: FinTech, Cryptocurrency, P2P lending, Bitcoin, digital currency

 

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2017 and the Expected Changes in Fintech Trends in India

Fintech, as a term, has changed meanings over the past decade. Defined only by the back-end technology at a time, today, Fintech includes all technological innovations in consumer & finance sectors.

At present in India, the financial sector is going through what may be chalked up as a mini-revolution in hindsight. With a moderately successful demonetization episode followed by the efforts to switch to a cashless economy ruled by digital transactions, the Indian Fintech space has grown to a position of improved significance.

Look at these few changes that 2017 may introduce around the Fintech space in India, given the changing economic scene in the country.

  1. Innovations Related to Digital Payment Systems

Demonetization pushed the already existing yet seldom used digital transactions into a new zone where it became an object of necessity and comfort. A new generation of applications supporting the same came out.

The ecosystem of online transactions is now more productive, inclusive, faster, and easier to use. However, a single digital wallet or operating system is soon to be a thing of the past.

Start-ups in 2017 could be seen trying to work with the consumers, seeking their imagination to improve the service, and introducing innovations to solve the niche and precise issues of digital payment.

  1. Blockchain Support

Cryptocurrency and Blockchain technology have been buzzwords for a few years now. As of now, Blockchain looks like the newest toy in the class, one that has numerous applications, incredible prospects and promises, and is primed for high acceptance.

World Economic Forum has reported an over 80 percent of banks that are willing to and working towards beginning one or the other kind of Blockchain project by 2017. In India, as RBI is considering using Blockchain tech to mitigate cheque fraud, over 90 central banks want in on the tech as well.

Blockchain technology offers operational simplicity. It could help reduce risk, settlement time, and fraud. It could contribute to improving capital and liquidity. Since the potential is immense, 2017 could see many innovations that use this technology.

  1. The Rise of Cryptocurrency

There has been quite a ruckus in India about the security concerns, especially in the financial sectors. Quite a few cyber-attacks in the past year, while not directed at the online transactional division, gave clear warnings regarding the stability of the same.

Cryptocurrency offers immunity from many prominent security concerns that surround the modern digital payment modes prevalent in India.

Bitcoins, an example of cryptocurrency, was seen attracting savings and investment enthusiast in the first quarter of 2017. However, it is a long way from constructing its market in the Indian subcontinent.

  1. Newer Lending Models

Financial inclusions and the availability of loan services to all, as prevails in the traditional banks, are riddled with loopholes. Fintech enterprises have worked to deal with these.

2017 can bring new lending models to the market via the Fintech companies. The reason behind it is RBI’s changing perspective towards the sector and its relaxing reservations towards it. The idea of a democratic financial service industry and exponential growth also aid the evolution of this scenario.

 

It Could Be an Exciting Year for Fintech Sector

The forecasts are numerous. You just read four, and the industry is brimming with hundred other ideas about how Fintech will carve a whole new space for its foundations this year. It will sure be exciting to see how these forecasts get manifested, evolve, or change into something entirely different than what is anticipated at present.

 

LSI: consumer & finance sectors, Indian Fintech space, cryptocurrency Blockchain technology, Fintech enterprises, Fintech companies, financial service industry, Blockchain technology.

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A Distressed Man’s Guide to Online Loans

The Internet is not the future. It is the present; it’s already here. And like most services, borrowing and lending money have moved online as well. So now you can borrow money to fund that very good idea of yours, without ever having to leave the couch.

We spend ages planning for our lives but realize life had other plans in store for us. Be it an emergency, a new idea or a sudden commitment, the need for money doesn’t always come announced. Time to visit the bank for a loan, right? Maybe not!

About Online Borrowing

Though most services we avail have moved to the web, borrowing funds hadn’t received the spotlight, it deserves until very recently. So, how do online loans work and how are they any different (or better) than traditional bank loans? Read on to find out.

Online loans focus on providing customers loans without any of the hassle associated with bank loans and at their conveniences. Before we dive deeper into the benefits and possible drawbacks of online borrowing, it’s important to know the various means of acquiring a loan on the web.

Fantastic Loans and Where to Find Them

When we talk about online borrowing here, we don’t mean applying for bank loans online. This is because you’d still have to wait for your loan application clearance and possibly visit the bank at some point. So not as convenient as the alternatives.

Online borrowing and lending began with peer-to-peer lending. As the name suggests, these are services where both borrowers and lenders (essential investors) sign up and interact. The borrower states his needs, and the lenders assess the creditworthiness of the borrower and extend loans for an agreed interest rate.

But what started off like eBay for borrowing as evolved into a much more organized platform. Individual lenders have been replaced by large financial organizations, and all the verification processes moved to the background, making the process seamless.

Here’s How To

To get a loan, you need a decent CIBIL score and… that’s it! The process itself is as easy as buying something online.

So just visit a lending service that best meets your needs, and registers with that service by providing all the necessary details.

Once that’s done, state the amount you’d like to borrow and the time frame. And as cliché, as it might sound, Voila! You’re done.

The Good, Bad and the Ugly

There are many reasons to consider online loan services. For starters, they’re quick and convenient. The approval process is instantaneous, and the interest rates are often lower too.

The loans offered online are unsecured and thus do not require any form of collateral or security.

If we had to state any downsides, it would be that one that applies to everything online: online scams and fraud. So research your lender well to avoid being mugged.

 

So this sums up our guide to borrowing funds online. 2Before you plunge. We would advise you to thoroughly research the services from multiple sources and strictly avoid services which demand an upfront payment. With these guidelines in mind, we wish you the very best of luck and hope you accomplish whatever it is you need funding for.

 

LSI Keywords

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Everything You Need To Know About Borrowing Funds Online

Borrowing Money

Barely a handful of members in our country may not be familiar with this term in their lifetime. But not everyone is born with a silver spoon in their mouth. Taking a loan to complete some of our goals, big or small, is something most of us have to do at some point in our lives.

Rising technology has changed how several things work in the lending industry. Online aggregators like www.moneysupermarket.com help customers zero in on the cheapest loan and banks quickly approve the same.

The personal loan facility from HDFC Bank, for example, takes just seconds to approve a loan to its net banking customers. It certainly saves time and is better than going to a bank.

Sure, the internet has “changed the game” when it comes to getting a loan online, but the basic rules stay the same regardless of online or offline.

Let us not bankrupt our today by paying interest on the regrets of yesterday and by borrowing funds in advance to increase the troubles of tomorrow. Regardless, these are three primary ways to get money online :

  • Borrow Funds Online Via Payday Loans

Websites like www.acecashexpress.com or www.lendup.com offer very short-term loans for small amounts. The idea is, if you only need the money to last you till your next paycheck, then you don’t need complicated big amount loans that may take a few days to process. Instead, you can opt for small loans from $100 to $1500, depending on your state, that you can repay in 7-30 days.

Payday loans are an effective way of quickly obtaining funds online without asking someone money or approaching money lenders but at the same time keeping yourself unburdened by a hefty loan amount that you don’t necessarily need.

  • Take A Short-Term or Title Loan

Depending on your requirements, payday loans may not offer you with enough money in the bank. At such times, a short-term loan is preferable.

Websites like www.cashcentral.com or www.opploans.com offer loans of $1000 to $5000 over a variable period depending on terms and your state. This way, you can get more money than a payday loan can provide but still, have less tenure than a typical long-term loan.

If you own a car, then you can go for auto title loan like www.titlemax.com or www.turbotitleloan.com where you can take a loan against your car for lower interest rates. Thus you get finance as well as retain the full use of your vehicle as you pay off the loan. 

  • Take a Long-Term Personal Loan

Finally, you can raise funds online by taking a personal loan. If you can wait a few days for the money, many online lenders offer personal loans that are approved within a few days at most.

The requirements for such loans are quite strict on the other forms mentioned above, but they also offer much higher loan amounts in return along with2 longer tenures and lower interest rates.

Websites like www.lendingclub.com or www.upstart.com offer loans up to $50,000 depending on your credit score among other things. These loans can be approved within three days. 

If you want to compare the terms and rates of different websites at once then, www.bankrate.com can help you get many personalized loan suggestions based on your location to obtain online finance.

LSI Keywords-

Primary keyword- Borrowing funds online

Variants-  Acquire money online, Obtaining funds online, get money online

 

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5 Ways To Get More Customers For Your Startup On A Shoestring Budget?

Sharks of the pond like Flipkart, Paytm and many others were never always the epitomes in the startup hall of fame. They were mere ideas pondered by a visionary mind. The shape that these remarkable startups took later is a result of careful management of resources and planning.

The early stage of a budding startup is crucial. The goals, strategies, planning and coordination need to be in alignment to hit the target.

Starting one’s own venture is often a long-term or even lifetime aspiration, and therefore it is essential to plan the finances efficiently, specifically in the beginning where the risk-return ratio rests more in the former’s side.

So, here are five cheap advertising ideas that one can take to build the consumer empire in a newbie startup.

Pay-Per-Click (PPC) Ads

Anyone in the virtual commerce sector is well aware of Google Business Accounts. Both Google and Bing let businesses space to place their ads on their search engines result pages.

As the business, you’re supposed to pay every time someone clicks on your ad and effectively lands on your website. The cost depends on the keyword you place with popular keywords costing more.

For this promotional tactic, SEO optimization of your website content is important. The keywords input by a surfer should easily pick up your website content.

PPC Ads are a flexible method of promoting one’s startup. Newbie startups must start off with lower budgets to experiment and analyze the result.

Content-Centric Email Campaigns

Email-marketing is a useful way of promotion. Every business must have an email list of prospective consumers. People join the list because they want to hear more from you.

Thus, new startups with fewer subscribers should hire free services provided by MailChimp and other similar service providers who offer free services to businesses with less than 2000 subscribers.

The emails also shouldn’t contain bland content. They must be of relevance to hold the attention of the consumer.

Exploring Local Networking Events and Startup Conventions

One of the classic and essential promotional tactics is meeting people.

Attending startup conventions and local events organized to connect peers of the industry is a sure shot way to get more people to know your product.

Collaborations and Guest Posts on Popular Sites

Posting as a guest on a popular niche site and spreading the informational content of your product can help you reach whole new audiences and prospect customer segments.

Collaborating with popular YouTubers or sponsoring a cause that is connected to your target community or venturing with other startups can help you gather popularity for your product.

Customer Testimonials and Reviews

Customers tend to place more faith in a fellow customer than a seller.

A good tip could be to highlight the positive experiences of your old customers on your website to build the trust and confidence in new consumers.

Document the honest testimonials and reviews of the consumers. Highlight the improvements you made to fit the consumers’ needs and expectations.

 

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