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The evolution in technology has a promising effect on us. It has made people’s life fast and comfortable. Technology sooner or later will affect everyone. It has no exception.

Rather, it is one of the most important technologies to change the lives of people. It has put a positive and negative impact on almost every department.

Banking is also one of the affected departments. Look at the strongly emerging technology of digital currency which has revolutionized the whole concept of banking. Many more are being introduced every single day. One thing that is slowly but steadily changing the entire banking is “Digital Banking”.

It has put such a furious impact that many has thought physical banking or branch banking will soon die on its own. Will it happen soon?

Let’s try to find out the answer.

According to a report of Khaleej Times, many speakers in a seminar held in June 2019 by the “Institution of Chartered Accountants of India, (ICAI)”, expressed their concerns regarding this and told the audience that the emerging Fintech firms will disrupt the banking industry, but they would require the big players to get the customers. They also told that “Digital Banking” is getting pace in major markets like India, the US, and UAE.

“The footprints of bank branches will go down but they will not disappear at all due to the emergence of digital banks,”. Abe Karar said, who is the founder and CEO of Alchemy digital solutions.

Bain’s study was conducted on the impact of Mobile channels on traditional banking. Which concluded that almost half of the customers, who moved to the mobile channel, made fewer visits to the branch.

Talking about the cost comparison, another research by Diebold stated that the branch transaction costs about $4.25, while it’s just $.20 if done online and its expense further shrinks to $.08 if it moves through the mobile channel.

That is a huge and eye-opening difference in the expenses which will change the approach of the banks.

Considering this, it is a win-win situation for both customers and banks. It will save the customer time who is already obsessed with his fast-paced life and don’t find time to come to the bank for his routine banking needs.

Eventually, the Banks can cut a lot of expenses and maximize their profits.

A study spanning over 10 years revealed that although the gain of European retail banks is All-time high, yet the big players are facing the lowest growth(+1% in west Europe).

A.T. Kearney’s “Retail Banking Radar 2019” inspected Europe’s 92 banks data and revealed that despite getting strong growth, a big drop in income per client was observed.

This caused the shutdown of about one four of the branches across Europe since 2008. This shows that the banks need some serious modifications to meet the increasing customer demand for digitization and new opportunities in open banking.

A new wave of digital banks in Europe called “Neobanks” was introduced only a few years back, which only offer digital products and no physical banking involved in it.

This Idea is attracting more and more customers and they are partially or fully ditching conventional banking in favour of these new models. Now if you look at customer retention, then “Neobanks” has gained over 15 million customers since 2011 which, in near future, is predicted to further rise significantly, yet the traditional banks show the drop of 2 million.

This situation has forced many main-stream banks across Europe and the US to shut down their branches (many more to close soon) and shift their customers towards online banking.

In the UK only, over one-third of the branches have already been closed since the start of 2015. This includes the branches from the banks like TSB, HSBC and Royal Bank of Scotland.

Similarly, in the US, many renowned banks including Bank of America, The City Bank and Wells Forge have cut dozens of their branches in the last few years.

According to a World Bank report, a decline of 17% was observed in the European Union during the period of 2012 and 2015.

Now, what do you think that branch closure is the right thing to do? In my opinion, it is not a solution to this problem. Rather, banks must ensure alternatives to support and keep their old and loyal customers.

They themselves need to make some aggressive transformation and offer some remarkable innovations not only to flourish but also to survive in this digital era.

Muhammad Daud is a Pharmaceutical salesperson & tech enthusiast. Curious by nature, he loves to know & write about the things that attract him. He loves more to write about Tech, Health, and Entrepreneurship. Further seeks to adopt blogging as a profession. He can be reached on Facebook and Twitter.

Business is one of the most powerful terms that is recognized today. So a business can be an occupation, profession, or any commercial activity. Every type of business is different from other businesses based on organizational activity. It is very hard to secure business when it comes to the crisis we face in 2020.

Business owners face hectic life, which can be in the form of making final decisions, selecting the right step in keeping employees satisfied. Every week or so, many websites and magazines publish many tips for securing the business and making it successful. Also, many young entrepreneurs are keen on taking successful steps to make their business enlarged.

Insurance can be one of the ways to secure your business. What insurance means is a guarantee to compensate for the loss of damage that can be in the form of injury, death, or loss of financial assets, etc. Insurance can also prove to be one of the smartest ideas for someone who is in the initial stage of its business and wants to explore more.

However, it requires a lot of experience and dealing methods when it comes to securing your business. There are many companies providing insurance, and many different types of insurances are to fulfill your needs and requirement.

Also, many coverages are offering complete business insurance solutions, in which one of them is Krywolt.com. Moreover, it is essential to know the tips and tricks to secure your business using insurance which are:

Choose the Best Insurances that Fulfill your Needs

The world has changed and developed into many different forms. Many new types of insurance have made which can support your business and also make you feel satisfied. Some types of insurances are:

• Professional liability insurance
• Product liability insurance
• Business interruption insurance
• Workers compensation insurance
• Property insurance

These insurances can differ based on what you might require. Your requirements can range from property, employee corporation, product, or liability. Insurance can be one of the ways to protect from suits or judgments.

Insurance can also protect your products from natural disasters that might occur. Make sure to select the right insurance plan so that it covers all your target areas.

Always check the Policies and requirements

Checking the policies and requirements might feel like jumping off the cliff, but it is an essential part of selecting the insurance plan. You should always know what you are into and what it will do for you.

For an experienced person, this could be a really easy task to learn the policies and requirements. Donot forget to ask them to give you all the updates of your assets and any changes in the policies or requirements that occur.

Lessens your Financial Burden

Business insurance is always like an umbrella that protects you from lots of burdens. These burdens can be financial, which is one of the hardest to deal with.

Insurance can protect your property and savings from vanishing away. If any interruption or problem occurs, insurance companies take responsibility, so you donot feel any burden or bankrupt.

Take note of its Advantages and Services

Although insurances remove uncertainty, you should always keep in mind to double-check all the possible insurances plan you can find. You might get reviews about insurance companies providing any benefits that might not be beneficial for you.

Therefore, you should focus on research and development strategy by asking reviews from people when it comes to selecting the right insurance plan.

Keep in mind to always trust your guts and always discuss with your managers and employees. If you face any difficulty regarding decide which insurance plan gives the most advantages and services for your needs.

Check and Balance of your Assets

When you decide to sign for the insurance company papers, make sure to take the resolution that day to keep checking your assets and your financial status.

Make sure to mark it on your to-do list or memo as a reminder to visit the insurance executive or make an appointment to analyze your data and status further.

This process nearly reduces the risk of facing fraud situations, and it also makes you feel satisfied if you know that your money is spending on the right hands.

Supports your Business and Employees

One of the most important ways to secure your business is when your employees are happy and satisfied. If your employees are very much certain of the insurance plan, then they tend to work more. When employees are happy, this increases their efficiency, teamwork, and collaboration, and it might result in getting your business to a higher level.

Make sure you select the right business plan, which also covers your employee’s needs and also makes them feel safe for the place they are working.

Always Plan for your Future

Although insurance increases your vitality when it comes to business but donot forget to plan for your future. Always make goals and plans, and according to it. All business owners around the world always one step ahead of what they want to implement in their organization.

Always stay up to date to worldwide trends. Try making a good human resource team to discuss all the goals and plans often, so everybody can feel to be responsible for equal contribution. It does not always depend on the insurance, but it also depends upon your business organization.

Therefore, it is not right to blame the insurance if you face any trouble. If you are not sure of any future problems you might face, then you should probably make backup plans for any uncertainty that might occur. You can implement the best plan that’s less harmful to your business.

Conclusion

Even though you might face failures in your business-level, you need to know that insurance can be one of the ways to secure your future goals. Therefore, it always depends on the person on how effective he takes the insurances.

Many backup plans may support your business but always trust those plans that make you feel satisfied enough. If you are not experienced enough to select the right insurance plan, try considering an advocate or a lawyer to help you with the paperwork and understanding. You can further get the knowledge about all of these processes from browsing and surfing.

It is essential to remember that insurances can be important but not the only reason for the downfall or survival of an organization. There is no single reason but a bunch of reasons if any business environment is changed or affected anyhow. Therefore, these matters always depend upon the business and employees of an organization and their foremost loyalty and motivation.

How many times have you encountered an unfortunate visit to the emergency room that turned out to be something serious? Apart from the stress one thing that adds to your problems can be the hefty hospital bill that can keep pilling up.In order to avoid huge amounts of financial pressure in the case of a medical emergency, health insurance plans can be very helpful for every working person. Through it, you can avoid many future problems that you may encounter in terms of health.

Reasons why a health insurance is extremely important for everyone out there

Rising Medical Costs

One of the crucial reasons that might make you really think about some sort of health insurance is defiantly the rising medical cost. Tending to health today has truly become hugely dependent on the financial capacity and capability of an individual.

Having health insurance can at least help you through the rise in medical treatment costs. Companies like US health Group are actually committed and dedicated to providing people with the best forms of health insurance so that they do not have to worry because of the rising medical costs.

Through this, you will not have to use any portion of your savings or extra money in order to cover any sort of medical treatment costs. Even a doctor’s visit is covered by the health insurance making sure that you have absolutely no financial concern whatsoever.

Covers Family Also

Another great thing about health insurance is that you can opt for one that covers all members of your family. This will clearly make sure that in the situation that any member of your house required medical attention, the health insurance will fully cover the costs.

The good thing is that these types of insurances tend to be less expensive than individual ones thus giving you the maximum amount of benefit. It is very important to have all your family members on board for health insurance especially if you have kids that are young.

With younger kids, the risks of injuries are greater so it is best to have them already set on the plan in case you might need to take your eight-year-old daughter to the ER after she fractured her arm while playing basketball.

Lifestyle Is Changing

A major reason that health insurance becomes absolutely necessary is that our lifestyle is changing. Admit it or not, we do tend to skip taking care of our lifestyles in the most adequate ways from time to time due to increased work stress. Whether you are a working parent or a stay-at-home one, your lifestyle choices are a major cause for concern for any sort of health issues.

This tectonic alteration in our routine has made us more vulnerable to an extensive series of health conditions. Eating the wrong kinds of foods, hectic schedules, lack of exercise and many more reasons may contribute to many heart-related risks as well. To be fully prepared to counter those, it is best to have health insurance in place that can tackle any medical concerns that you may have to face.

Coverage Of Hospital Expenses

The best part about health insurance is that it tends to cover all sorts of hospital expenses that you have. If you have active health insurance then all kinds of hospital and medical bills are actually covered through that insurance. It covers both mainstream medical costs, but also the costs of other things like the outdoor patient department expenses and tests, etc.

Through health insurance, you can cover all these costs in desperate times without actually having to put yourself under any financial burden. In the case that you might have to go through surgery, the cost of that procedure is also covered by health insurance. This is truly a very important thing that everyone should invest in.

Tax Benefit

Did you know that the payments you actually make for your health insurance are also eligible for tax deductions in some countries under their income tax law? People who are of old retirement age may even claim to get a much more reduced amount for their health insurance without the threat of added tax.

This is the best way to make sure that in that part of the age you do not have to worry about the added medical bills. This really can give you an added help with any kind of taxation issues that you might also face. Apart from being absolutely essential, it is also very helpful in the long run.

Protects Savings

All your life you work hard to save some money. Then a time comes when your health might tend to decline and all your savings might just drain and simply vanish due to the costs of medical treatments. With health insurance in place, you can fully ensure that nothing will happen to your savings in any case.

You might need to make regular installments all through your health insurance but these payments are very minuscule compared to the whole costs of medical treatments done without them at the end.

Opting for health insurance can actually protect your savings from depleting in the end. With it, you can assure that you get the best quality treatment without any huge costs. Thus health insurance is the best way to make sure that your savings are protected from any sort of medical emergencies when needed.

People often do not realize the importance of health insurance until it is too late. Once the opportunity is gone then the importance of health insurance can become more visible.

Make sure that you do get yourself the finest health insurance policies in time so that you do not have to worry about the future when it comes to medical issues. From rising medical costs to covering hospital expenses, with health insurance, you can take care of everything without any stress.