Breaking Stereotypes: The Future Of Finance And Tech Is (And Will Be) Women

Work culture in organizations is gradually moving towards diversification and inclusion. The current times are witnessing gender stereotypes bring identified and shattered in the wake of gender sensitization and diversity. Organizations across the globe are making concerted efforts towards the goal of equality of opportunity. Still, equality at workplaces is a far fetched dream. Take for instance the case of the US, where: 

Yet they earn lower salaries and fill up fewer seats in male-dominated professions like technology and finance. Fortunately, these stereotypes – those of women typically avoiding math, science and often all things logic – are on the verge of shattering.

A study conducted by the global research organization Catalyst stated that among Fortune 500 companies, the companies which had the highest number of women directors on board have shown better financial results and those having at least three women on their board have stronger-than-average results.

Gender Stereotyping deeply impacts the psyche and confidence of the female workforce. As per research, by the age of 6 years stereotypes regarding intellectual ability take root in girls. Girls identify themselves less with STEM subjects (Science, Technology, Engineering, and Mathematics). At the workplace, women find a less conducive environment to hold leadership and skill-based jobs, share their ideas in discussions concerning these subjects. 

Indian Scenario: Tech

The current Indian scene has begun a positive, and hopefully soon – pretty picture: 

  • Women representation in corporate jobs has increased from 21% to 30% in a span of five years, as posted in  Zinnov-Intel Gender Diversity Study 2019
  • Females are represented higher in non-technical roles at 31%, while in technical roles their share is 26%. 
  • Only 11% of the C-suite positions are held by the women, they were represented at  20% in mid-roles and 38% in junior roles. 
Women's Day

If these stats are compared with the global figures, Indians are surely taking strides in leaps and bounds to cut across cultural misfits and gender Stereotyping issues. As per a NASSCOM study of IT professionals and middle management from companies of Europe and India, 35% of the people with specialist technology roles are women in India as compared to a mere 17% female representation in Europe. 

Several organizations like Oxfam India through its campaign Bano Nayi Soch are all in for progressive ideas that subvert the norms of patriarchy.   

In 2016, Facebook initiated recruitment practices focused on bringing in black and female workers into their workforce – in who now make up 36% of its workforce. Sheryl Sandberg, COO of Facebook and the only woman on their board posits the concept of ‘leaning in’ in her recent book as the idea of being ambitious in any pursuit.  

Kiran Mazumdar Shaw, the CEO of Biocon and the first woman billionaire entrepreneur, reiterates that there is no dearth of talent in meritorious women and even though a small minority, they are well respected and worthy of inclusion. 

Indian scene: Finance

Women are considered excellent investors, but female representation in the finance sector remains meager. A CFA Institute Gender in Investment Management study shows a mere 11% representation of women investment professionals in the industry.  Research across the globe has proved how a culturally rich and diverse workforce delivers optimum results and lower risks for investors. Experts cite several pros of getting the women included in the workforce. 

  • Firstly, female inclusion will tend to bring in newer perspectives into the industry that can usher in a new revolution in the industry. Quality of output and decisions will definitely see improvements. 
  • Gender diversity can lead to innovations and rethinking of the old investment strategies that are sure to impact investment outcomes. 

Several initiatives have been taken to improve the involvement of the females at all levels. For instance, Young Women in Investment, India’s first initiative seeks to create female awareness and interest in the investment management industry. The initiative focuses on presenting investment as a long term viable career option to the women. The success and support of this initiative have definitely paved the way for the inclusion of females in the future of finance. 

Initiatives to Break Stereotypes

While we’re doing well, there can be several initiatives that can make the future of tech and finance into a substantial female-centric arena: 

  • Tech can be leveraged to advance gender parity and women empowerment in a number of ways. The development of the gig economy is offering a contingent workforce that is sure to lessen such gaps in the future. 
  • Unlearning the biases in our mindset and doing away with gender stereotypes will be a daunting task that would demand our attention towards sustainable and all-inclusive economic growth. 
  • A survey conducted by Unilever showed that 77% of men and 55% of women felt that men are best suited for high-stake projects. Such views deeply impact gender parity issues. Marketers and media need to stop the sexist portrayal of women. 
  • Social, political and cultural fronts should take it upon themselves to curb these formative practices of stereotyping and expose both the genders to all kinds of non-traditional fields like tech or finance to let them make their decisions rationally. 
  • There is a dire need to bridge the skill gap among women by taking advantage of digitization and tech innovations. The global “talent shortage” is currently at 38%, with the top ten hardest jobs to fill in STEM professions. The focus has to shift to building competencies and skillsets among women. 
  • Another key area of concern is the online representation of women. There are 250 million fewer females present online as compared to males. Connecting and bringing greater access to regions with no internet can bring about unforeseen opportunities and can even act as catalysts synthesizing women’s inclusion in tech and finance. 

The instilling of the right temperament among the youth holds prime importance as the majority of them make their career choices by the age of 26 as per a survey. Women do not lack in tech or finance skills and knowledge, what they lack is the proper nurturing environment enabling them to fulfill their dreams sans any bias or stereotyping. Once the institutions of today get in sync with gender equality and diversity themes, the potential and opportunities awaiting women in tech and finance can be attained.
And we can surely hope for a feminine era in finance and technology awaiting us in the near future. 

“You are fierce, bold and daring! Also, the best when it comes to caring.”
Happy Women’s Day!


Spouse In The Same Office: A Closer Look At The Implications for HR

Compiled By: Sandeep Raghunath
About Sandeep: He is the Head of Human Resources at EarlySalary, with 10+ years of international experience in HR across industries.

It is perfectly natural for a professional to fall for another if they’re working in the same office, or are spending a significant amount of time together. Open and vulnerable conversations are fairly likely to occur, and the more familiar they become with each other, the more potential there is for mutual attraction. While they may be frowned upon, relationships within an office setting are far from uncommon. Some partners even often end up getting married. 

In this context, however, the HR function isn’t expected to remain out of the loop. Organizational policies, cultural sensitivities, etc – there are many factors influencing the HR functions’ role in managing professionals with a spouse in the same office. How can they approach this? Let’s look at some important aspects.

Disclosure of relationship

It is vital to maintain an environment where it is known that keeping a relationship or marriage secret is not in the interest of the company and can have larger implications. According to Sarah Churchman, head of diversity and inclusion and employee well being at PwC, the only way to manage relationships is for the couple to be totally out in the open. “If they don’t inform us, someone else in the department will. Not because they are necessarily behaving in an inappropriate manner, but simply because they may fear a problem with favoritism.”

Some enterprises have a policy in place allowing for managers to be demoted, transferred or even dismissed in the case of the manager being in a relationship with their direct report without disclosing the same. It is, therefore, essential that an office couple is made to sign out a disclosure form with the HR Department. This allows for a line of communication between the office and the parties involved and also serves as a formal notice of their relationship. It also prevents misinformation and rumor-mongering in the workspace which hampers productivity. 

Different organizations have varying HR policies on how they deal with a spouse at the same office. If a company is strictly against work relationships, one of the spouses can be dismissed, though it would not be a popular move and discourage transparency. “You can’t legislate against office romances or indeed falling in love, and an outright ban would be totally unworkable,” says Churchman.

It is imperative for a company to have a policy on office relationships and furthermore ensure that all employees, especially spouses, get familiar with these and abide by them at all times during work hours. This includes coffee breaks, lunch breaks, business trips, etc.

Personal life and Professional life

The need to maintain a professional relationship between spouses in the same office space is vital. Often, the hardest battle in managing office relationships is inculcating the need to strike a balance between personal life and professional life. According to a research “on flirting at work” conducted by Amy Nicole Baker, an associate professor of psychology in University of New Haven, and an author on workplace romance papers, it was found that people who frequently witness other colleagues flirting often feel less valued by the company and have a decline in job satisfaction. This feeling of discomfort can also lead to many quitting their jobs. In order to prevent others from being uncomfortable and thus putting oneself under the radar. 

Spouse In The Same Office: A Closer Look At The Implications for HR
“Open and vulnerable conversations are fairly likely to occur, and the more familiar they become with each other, the more potential there is for mutual attraction”

Public displays of affection and flirtatious conversations can disrupt the working of the office and reek of unprofessionalism. It is essential to treat your spouse like a regular colleague within office hours and even in work parties, off-sites and other such events which are an extension to the office workspace.

Senior-Junior Relationship

In the case of a senior and subordinate getting married, the need for professionalism is critical in order to prevent conflict of interest. According to most office guidelines – it is necessary for the senior spouse not to be involved in the appraisal or evaluation of their partner. The two must not work together in the same department in order to curb the space for favoritism and nepotism within the workspace. There is also a potential threat to the security of confidential client information and the risk of information leaks.

To avoid the occurrence of favoritism, one spouse should be transferred to another department, and ideally, no couples should work together in the same department.


The unfortunate scenario of a married couple splitting up can have deep repercussions on their work ethic, their behavior in the office as well as the office environment itself. The disclosure form should specify what would happen to both the parties in case of this occurrence. The way two ex-partners are treated in the office also deserves attention. They might act in a more isolated nature and may be unable to maintain good performance. This situation is a nursing ground for potential blame-game and office politics. This difficult period of the employees’ life should be battled with care and acceptance. They might not need advice and might need someone to listen to them in order to clear their mind and concentrate during work hours. In case of poor performance, they should be nudged towards the direction of working better and given gentle reminders instead of indifferent statements like “Your divorce is not our problem.”
Perhaps an Employee Assistance Program to help deal with such traumatic instances is worthy of consideration from employers.


Can Millennial Stress be Resolved by Financial Wellness?

Stress is an issue bigger than ever for millennials, who are rushing ahead with their worklife, finding little time to enjoy the intricacies of life. They are not only toiling themselves with projects, preparing reports and meeting targets, but also when off the work they busy themselves worrying about their debt, savings and expenditure.  India has been, off late, a very volatile economy with companies shutting down production and filtering out chunks of employees. As such millennials are forcing themselves to work in return for poorly paid salaries and unsatisfactory job environments. In most of the cases, they are not able to manage their day-to-day expenses and have to revert to debt; while in other cases are confused about their financial course.

A whopping 76% of Millennials say they are experiencing financial stress, up 23 percentage points from 2018, according to the PwC 2019 Employee Financial Wellness Survey.

Financial stress is the top contributor in affecting employee health and morale followed by their jobs and relationships. Matching your salary with your expenses is only the tip of the iceberg, when cash flow and debt issues add to the worries. Employees are worried that they are not able to save enough and will face or are facing a financial crunch. Let’s look at the major issues hounding today’s millennials in terms of finance:

Past concerns  

With higher education becoming more expensive each year, an increasing number of new employees enter the corporate sector already laden with the burden of huge debt in the form of education loans or personal loans. As per Workplace benefits report 2017, 40% of millennials say that they left high school and college unprepared for the real world. As such they look upon their employers for the necessary guidance and help related to a majority of topics around financial wellness. 18% of millennials want more help with their student loans.

In some cases, these debts may be gifted down from one generation to another. A son may have to pay off a home loan or some other debt incurred by his father. These circumstances dilute the finances and millennials find it difficult to lay away the stress.

Present concerns

According to the 2017 Workplace Benefits Report, a significant number of Millennials say they feel unprepared to manage their finances and need help with topics across the financial wellness spectrum, including saving for retirement (43 percent), general savings help (40 percent), paying down or managing debt (34 percent), saving for major expenses (36 percent) and budgeting (31 percent). 

Peer pressure, maintaining the status quo and lavish lifestyles often lead millennials to the brink of a financial crisis if they do not plan their finances well in advance. Many are highly ignorant about how to proceed with investments; banks or mutual funds, long term or short term, commodity or shares, and a lot more. About 43% feel that they require more help with investing, 40% wanting more information on how to save taxes and 21% feel that they want to save more. It’s an additional issue when they require funds in a lump sum for unforeseen expenditure or a major purchase. They either trap themselves in instalments or else fall in a debt trap. 63% of Millennials consistently carry balances on their credit cards and two out of five have trouble making minimum monthly credit card payments.

Future Concerns

Besides provident fund schemes, gratuity and a few other benefits, employees aren’t assured adequately about their future. They remain concerned about their retirement and pension, their children’s education, medical expenses and a lot more. Pension schemes are offered by insurance firms, but which one is best suited remains a matter of concern. Career opportunities and growth also impact future and present decision making. Not surprising then that employees, especially millennials, find themselves to be dependent on their employers.

Why should employers take up financial wellness programmes?

Financial stress not only impacts an employee on a personal level, but his working capabilities and mental faculties get impacted too. Stress can be behind severe health concerns that may lead to employee absenteeism, employee turnover, and dissatisfaction. The issue of financial health becomes of utmost importance to keep the solubility of the firm intact on one hand and to achieve common organisational goals on the other. As per a survey, an employee spends 12 hours on an average each month stressing about their finances. 

Bank of America Merrill Lynch report says that the lack of confidence in financial matters affects Millennials’ workplace behavior. On average, employees spend 3 work hours each week (12 hours per month) dealing with financial stressors.

A well thought of and structured wellness programme may act as a tonic for the employees’ financial health:

#1 Making an in depth study of employee concerns before finalising on the mode the financial programme is critical. Not everyone shares the same crisis, and not everyone will desire third party approvals or advice before taking decisions. A financial assessment is essential before you initiate the program and want it to succeed. This can be an eyeopener for those employees who may have been unaware of the causes of their financial stress and will make them ready to adopt the new financial course.

#2 Educating employees about financial health and other resources should be taken care of as well. This can be one through seminars, online courses, or even lectures and classes conducted by an expert or professional.

#3 The employees must be educated on healthcare costs as well. It doesn’t hurt to take this opportunity to promote healthier lifestyles as well. This can save them a lot in the long run. Group insurance schemes and health insurance schemes should be encouraged as a norm in the organisation.

#4 Financial debt management, especially the management of student loans, is another area of focus. Employers, if possible, could even consider taking it upon themselves to sort out the education loan or debt of the employees as a gesture of goodwill. This can be offered as an employee benefit as well. Executed right, the company can go a long way in earning the reputation of being the best in class when it comes to their employees’ welfare.

#5 Then comes the basic question of managing the current expenses such as installments, deductibles, premiums and other expenses. There are several paradigms involved in financial planning and it can be overwhelming for a millennial who has just been placed on his job.

Encouraging employees to take part in these programmes and letting them get involved through participation, and one on one discussion will assist them in reducing their financial stress. The overall focus of the employee can shift to organisational task boosting his productivity and overall efficiency. At the individual level, it will boost their confidence to manage their current expenses and plan for their future expenses in advance. Financial wellness programmes can, therefore, help in improving employee health and quality of life. A healthy and financially sound human resource can be an unending source of profitability and efficiency for any enterprise.

Pay Close Attention Before You Apply For Instant Personal Loan

Personal loans can help you through some of the big purchases in your life while saving on the interest rates and a lot of related hassle. Not surprisingly, reports suggest that the demand for personal loans has been increasing in the past couple of years. People generally avail personal loans for financing home improvement, funding the next big trip, etc. There are a few questions that one must pay close attention to before applying for Instant personal loans. 

Here are some questions you must ask yourself before applying for Personal Loans. 

#1 What Is The Exact Amount You Would Need? 

The first step towards choosing to take a personal loan is to know how much money you’d need. Depending on what you need the personal loan for, you can calculate the amount with the personal loan calculator at EarlySalary – which clearly indicates your expected EMI, interest costs, and more! 

#2 Do You Want To Pay The Creditors Directly, or Do you Want the Money To Be Transferred To Your Account? 

If you are availing personal loan to pay off a consolidated debt, you can choose to have the amount transferred directly to their accounts. However, usually, banks transfer the amount to your checking account. 

#3  How Much Time Would You Need To Pay Off Debt?

Once your personal loan application gets approved and you have received the amount, you’ll generally have to start paying the monthly installments back within 30 days. The amount you decide to pay monthly and the interest depends on the time you have taken the loan for. 

However, EarlySalary offers instant loan within ten minutes. You can check your eligibility on the application, get your documents approved in no time, and the loan amount will be deposited into your account in no time. 

#4  What Would Be The Interest Rate? 

The interest rate for personal loans relies on a couple of factors like your credit score, loan amount, time for repayment, etc. Interest rates on personal loans can be as low as 3.49% and as high as 36 percent. If you have a good credit score and you choose the shortest repayment term possible, you’d get the least interest rate on your personal loan.

#5 Can You Afford Monthly Payments? 

When you apply for a personal loan, you have the chance to choose what kind of repayment plan would work the best for you. Depending on the level of your income and the cash flow, you can choose your repayment plan. Sometimes, lenders may provide you an incentive if you choose the option to autopay.

Generally, people choose to make their monthly payments as low as possible to pay the loans back over a more extended period of time. For shorter repayment periods, the monthly payments are generally high. 

But choosing more extended periods of repayment comes with high interest rates. And choosing shorter periods of repayment comes with low interest rates. This only means that because your monthly payments are minimal and the interest rates are higher, you pay much more than the actual amount. 

You may also choose to enable smart pay via EarlySalary. Under this, you can clear off your bills easily, and you wouldn’t have to wait for a minimum due amount to pay. Furthermore, once you approve of your EarlySalary limit, you can pay your entire credit card outstanding via a simple journey on the app. 

#6 What Is Your Credit Score? 

Before you apply for a personal loan, it is essential to know your credit score and make sure you qualify. Personal loan lenders generally look for candidates who have a good credit score, especially online banks. However, if you already have a relationship with your bank, it may favour your loan request depending on your bill payment history. 

People with poor credit scores tend to face difficulties in getting loans. While there are many ways by which you can improve your credit score, one way is to ensure that you don’t apply for loans with too many banks. 

#7 How Soon Do You Need Funds?

Some personal loan lenders deliver funds electronically within a day or two once your application has been approved. Some may even take up to ten business days. If it’s an emergency, be sure to check out EarlySalary Instant Loan for faster approvals – in the order of hours!

#8 How Will The Personal Loan Affect Your Credit Score?

Personal loans can be called a form of an installment credit card but generally for more significant amounts. So if you pay your loans on time and there is no late fee charged, or the bank didn’t have to run behind you to get the payment, your credit score would only get better. Some may say that adding new installment loans may improve your credit score, but there is no point in adding yourself to more debt unless you need the money. 


Personal loans can be a great solution when you need instant cash. Things can be a bit tricky if your credit score is not good. But if you have kept a good credit score, things would go smoothly for you. After the personal loan gets approved, the only next step is to pay the installments on time. 

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The Relationship Between Gender Diversity and Our Bottom Lines

The gender gap has been one of the toughest disparities to bridge over the past couple of years. According to the World Economic Forum’s Global Gender Gap Report 2021, closing the global gender gap has increased by a generation from 99.5 years to 135.6 years, especially now with the effects of Covid-19 in the limelight. Those are some staggering projections.

Taking a look at real-world examples reveals that this huge number is not exaggerated, but only reasonable. Even in relatively progressive countries of the West, such as Germany, women face a pay gap of about 17%, which is one of the largest in Europe. 

But it’s no secret that gender diversity is the need of the hour and crucial to making workplaces more inclusive, profitable, and innovative. But even if one were to take a cold, more statistical look at the challenge, they’d be surprised by what’s in store. Several pieces of research have concluded that there is a direct and strong correlation between gender diversity and productivity, and therefore – bottom lines. Like the famous phrase coined during Bill Clintons’ 1992 campaign – It’s the economy, stupid! – perhaps it’s time more people realized that gender diversity is more than a morally righteous call, it’s also a logically obvious decision.

Closing these gender pay gaps and encouraging equal participation in the workforce could help in increasing the size of the world economy by an astounding $160 trillion, according to a report by the World Bank. 

According to a report published by the Harvard Business Review, there was an overall 7% increase in a firm’s market value when they saw an increase on the gender diversity index by just 10%. Such examples illustrate the importance of a good relationship between gender diversity and our bottom lines, and how crucial it is for organisations worldwide to make their workplaces more inclusive. 

There are three major reasons why researchers believe gender diversity in the workplace has a direct and positive impact on bottom lines:

  • First, a diverse workforce that is inclusive and accepting is more attractive and feasible for a majority of talent
  • Second, a workforce with a greater gender diversity shows signs of competent and effective management, which is crucial for attracting relevant investors
  • Finally, gender diversity works on a deeper level – when an organisation values diversity, an interesting and unique exchange of diverse ideas occur, improving and optimising processes

Gender diversity cannot (and will not) be achieved overnight, especially in male-dominated sectors such as technology, energy, and construction. These sectors struggle with diversity efforts due to the fact that men’s contributions are generally recognised on a greater scale and level compared to their female counterparts, as discovered in a 2018 report from Namely, a US-based HR platform. Even though women make up about 50% of the working-age population, their work and effort are often unacknowledged and underrepresented, ironically in the top roles of the workforce. 

Organisations, however, can learn from these statistics and take up opportunities presented by gender diversity policies, which are advantageous to both the workforce when it comes to productivity as well as employee satisfaction. As companies become more gender diverse and inclusive, they pave way for: 

  • Higher employee retention and satisfaction
  • Greater and more room for innovation
  • Accessing and opening untapped business opportunities 
  • Significant improvement in decision making when it comes to teams

Several studies also show that the strong relationship between gender diversity and the bottom line is mutually empowering and advantageous, with diverse teams making more well-informed business decisions at the managerial and executive levels. These gender-diverse teams made business decisions that were well-framed with clear and articulate goals, sufficient information, and a series of alternative routes and options to steer clear from groupthink. 

According to Jackie Vandebrug, the managing director at U.S Trust, there is a growing body of research that states and proves that female leadership and gender diversity help the bottom line. 

Growing organisations must recognise the importance, significance, and relevance of gender diversity in the workplace to create work environments that are more inclusive and nurturing, to leverage the plethora of benefits that come along with doing so. Organizations will definitely benefit a great deal from such practices, while also being able to include more diverse viewpoints, perspectives, and insights.  

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5 Trends That Will Shape FinTech Industry in a ‘Path-Breaking Year’

Compiled ByAshish Goyal, Co-Founder and CFO at EarlySalary
About Ashish: As CFO, Ashish oversees the overall strategic direction of the company and focuses on building the funding profile to ensure that it is diverse and deep. In this role, he is responsible for building EarlySalary’s business, strengthening EarlySalary’s position. He oversees the integration of EarlySalary’s overall growth strategy with Co-Founder Akshay Mehrotra

India is one of the world’s biggest FinTech markets. With China, India has the highest FinTech adoption rate in the world. The $65 billion we processed in digital payments in 2019 is projected to rise at a CAGR of 20% until 2023. According to the Worldline India Digital Payments Report, UPI transactions increased by over 82 percent in volume and 99 percent in value in the second quarter of the financial year 2021. 

Let’s check out 5 trends of 2021 that will shape the FinTech industry in a “path-breaking year”.


The introduction of the Open Credit Enablement Network (OCEN) has been a powerful catalyst by the Government in India’s progress toward credit and financial inclusion. OCEN is a collection of APIs that enable lenders, Loan Service Providers (LSPs), and account aggregators to communicate. OCEN is bound to make MSME credit easier once it is fully functional. It is as powerful a revolution as Aadhaar once implemented successfully. The cost of getting information, accessing it, and providing it will fall dramatically. 

Account Aggregator

Source – sahamati.org

An Account Aggregator (AA) can be considered as a manager of consent for sharing all information related to finance. The Reserve Bank of India (RBI) licenses Account Aggregator (AA) services, and an AA cannot retain any user’s data, eliminating the risk of data leakage and exploitation. 

AA is expected to disrupt the way we can manage our finance, share information, tax filing. It can actually make us lazy! (in good ways) by taking care of money management. 

Wealth management services companies will be the biggest winners from AAs, as their products would improve dramatically. This would increase their scope and enable them to analyse client needs and financial situations more quickly, lowering costs.

Digitisation Adoption

Our financial system has seen a massive migration to digital as companies and consumers adjusted to the Covid-19 crisis. Despite the long road still, ahead the future of digital finance appears bright, with the FinTech sector pushing progress across verticals. FinTech has opened up many possibilities for tapping into a vast database of consumers, enabling a solid digital base. We at EarlySalary have launched the nation’s first end-to-end digital card, SalaryCard, with remarkable features:

  • Enjoy flexible term choices.
  • Shop on EMIs with any retailer.
  • Save up to 12,000 INR a year, all with no subscription charges, yearly charges, or renewal charges.

New Age Technologies

New-age technologies, along with VKYC (Video KYC), CKYC (Central KYC) will ease the process and provide the best services to customers. The task of onboarding new customers has become more complicated in recent times, as people are wary of visiting bank branches for fear of catching the virus. Financial firms have implemented KYC solutions that make the onboarding procedure more comfortable for consumers without requiring them to leave their homes.

  • VKYC – Video-KYC (VKYC) is an alternative to the complete in-person KYC procedure that banking customers must go through before receiving services like account openings or loans. Customers would no longer be expected to follow up with physical document authentication under the newly approved Video-KYC system, which aims to fully replace the old KYC structure.
  • CKYC -The Central Know Your Customer Registry (CKYC) is a centralised repository for KYC information from consumers that use financial services. CKYC aims to make sending KYC documentation easier when beginning a relationship with a new finance firm.

ML and AI changing the game

Big data and the ability to build algorithms powered by ML will create exciting opportunities. Fraud identification, model validation, stress checking, and credit scoring are some particular areas that will be majorly influenced by AI and ML. Since machine learning algorithms can execute larger amounts of data in near real-time, they are more successful at fraud detection than humans. When someone purchases something with a credit card, machine learning algorithms check it right away to see if it’s a fraudulent payment. Banks can use AI and machine learning in banking and data science acceleration to improve their customers’ portfolio offers.


The FinTech industry looks promising in 2021. Payments and the banking industry have evolved in tandem with the growing requirements and demands for financial transactions. The best possible customer experience and fast responses to changes would be the most important factors of evaluating how successful the trends have been in shaping the FinTech industry. 

5 Must-Watch Movies in Finance

Movies aren’t just about entertainment, whereas books are generally meant for knowledge. What if they interchange their roles? What if movies help you gain knowledge, typically financial knowledge? 

Below are five finance movies that you must watch if you want to learn more about finance. They’ll take you to the world of money and the market and probably impart knowledge and insight.

The fantastic motion picture is based on The Big Short’s nonfiction book: Inside the Doomsday Machine by Michael Lewis. It follows a few traders as they become aware of the housing bubble that triggered 2007-2008.

This finance movie breaks down sophisticated financial instruments by, for example, having Selena Gomez explain what synthetic CDOs are at a poker table or having Margot Robbie explain mortgage-backed bonds in a tub with champagne.

Margin Call is a Wall Street finance thriller following a high-powered brokerage firm staff in the 24 hours leading up to the stock market collapse in 2008. Written and directed by J.C. Chandor, the movie shows the men (and one woman) from a human perspective. Unlike The Company Men, their humanity can’t mask the fact that they essentially sold their souls long ago to achieve their successes.

A margin call is usually not good news for an investor in finance. If you borrow money from a broker to invest, they will often require you to comply with a certain maintenance margin or the maximum percentage of the equity in the investment. It’s easy at the beginning: If the maintenance margin is 30 percent and you want to make a $150,000 investment, you’ll have to pay $50,000 of your own money. 

If the value of the investment falls, you’ll have to pay money to meet the maintenance margin again. For example, if the investment value falls to $100,000 but you owe your broker $50,000, you’ll have to pay him or her $20,000 to make up the difference. Imagine this scenario on a massive level, and you’ll be close to the plot of Margin Call. If a firm is overleveraged, a significant drop in the market could cripple not just one investor but an entire company – and that’s what’s about to happen to the company featured in Margin Call.

One of the best finance movie is the Oliver Stone classic, Wall Street. The movie was released in 1987 and popularized the phrase “greed is good.” It holds the power to attract traders, brokers, analysts, and bankers even till now. It serves to warn people about the dangers of insider trading. 

The story is of a corporate tycoon with few morals to speak of, named Gordon Gekko, who takes a young stockbroker under his wing – but only because Fox agreed to help him with insider trading. The movie was made in tribute to Oliver Stone’s (the producer’s) father, a stockbroker during the Great Depression. By the end of the movie, greed threatens to impact the people the character cares about the most. Any more information might spoil the fun of the financial movie, which you wouldn’t likely miss. 

Directed by Gaurav K. Chawla, Baazaar is a Hindi finance movie released on 26 October 2018. It mainly revolves around money, power, and the stock market. A small-town lad heads to Mumbai. To work with his role model, a corporate czar, he tries various things. Beginning from smuggling diamonds on crowded Surat to Mumbai express trains, the two worlds collide. The contrast between a 100-meter sprint and a marathon race is discussed, numbers are crunched, shady deals are struck, stocks are bought and dumped, and fortunes are made and marred.

A young, ambitious broker, that is, Saif Ali Khan, partakes in insider trading in both movies and then snitches on the giant market raiders to the authorities. The movie, while being entertaining, is quite informative as well. It is about a host of rich and powerful people, including stockbrokers, businessmen, and industrialists. It uses plenty of stock market jargon and uses them effortlessly so that a typical viewer can also understand what’s happening. 

The Big Bull is based on a real story following the life and times of Hemant Shah. This man was a small-time stockbroker who manipulated the loopholes in the country’s archaic banking system to create a massive bull run on the stock exchange. But when the Indian economy was taking its giant leap towards liberalization, it was only a matter of time before Hemant Shah’s dream run ended in a nightmare. It’s a true rags-to-riches story that has captured the collective conscience of the world. Abhishek Bachchan plays the main character. The film’s dialogues too are pretty ineffective, like, ‘hamare paas bhagwaan se bhi zyada paise hain.’ Most of the dialogues don’t propel the characters to make them look powerful even when the scenes demand so. 

The movie depicts a dramatic story of one of India’s most prominent financial scams. It was orchestrated by a man who seemed more like a common man than a con man. DIve into the suspense and share your reviews about Junior B.

Watch These Finance Movies

These were some of the finance movies you might enjoy watching! In case we missed any superb financial movies, please comment below. Don’t forget to mention which financial movie is your favorite!

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Learn To Use Credit Card Responsibly

Credit cards are generally more secure and convenient compared to other forms of payment. Utilizing one indeed has more benefits and rewards than a debit card. Nevertheless, credit cards can be tricky if you are not habituated to using them. Many end up in a debt trap. If you want long-term benefits and improve your credit score, learn how to use credit cards responsibly through this article.

The purpose of credit cards

Credit cards – whether they come from HDFC or SBI or anywhere else – are a form of payment that enables users to make cashless transactions until they hit their assigned credit limit. When the card is swiped, banks loan that money to users to make a purchase. Since this is essentially a debt the credit card user incurs whenever they make a payment using their card, they have to pay back the amount according to their issuer bank’s terms. Unlike loans that require fixed monthly payments, credit card users can choose to repay the minimum amount due for a month, a large partial repayment, or even complete repayment on the credit loan.

A grace period usually given by most banks allows you to pay back the total amount without interest if paid within a month. If not paid on time, interest will start to accumulate on the remaining balance amount each month, which will be added to the total amount you have to pay back to the bank. Grace periods are a blessing because you get to utilize a temporary interest-free loan. As long as you pay the entire due on time, interest won’t be levied on your purchases. But before you grab the next HDFC or ICICI credit card, consider these best practices, and even check out an offering we have for you below.

Here are some tips for using your credit card responsibly:

Read the terms of the agreement

After opening a new credit card account, carefully review the customer agreement. Also, read the disclosure mentioned at the opening of your account. Through these terms and conditions, you will know the repayment terms, due dates, interest rates, etc.

Prevent Credit Card Debt

One can prevent debt on credit cards by exercising restraint while using the card. Avoid exhausting your card limit frequently. By doing so, your credit scores won’t be affected as well. Credit scores are affected by the credit utilization ratio. Credit Utilization Ratio indicates how much credit has been used; the lower the ratio, the better your credit score.

Also, don’t just pay the required monthly minimum due; clear your entire balance if possible. The right way to use your credit card is to spend the money and then pay off your balance responsibly. By repaying your entire balance diligently, you can build up your credit score and avoid unnecessary interest.

Pay your dues on time

By paying the bank back on time, your credit history will show your discipline. Since credit scores are determined based on your payment history, dues paid irregularly will affect your credit. Your interest amount for future loans or credit cards might increase as well with a bad credit score. By setting up credit card payment alerts or paying your dues through automatic payments, your credit score is sure to increase.

Try to make total payments

Paying minimum dues avoids penalties in every billing cycle. However, you will still have a large balance left that will keep accruing interest. The additional interest amount makes it difficult to clear your credit card debt. Hence, it would be best to always try to pay your credit card bill in total every month, or atleast make the repayments as high as you can above the minimum due.

Protect your Credit Card

By storing your credit card safely and out of reach of other people, you secure all the essential information needed to use your card. Never share your details regarding your card number, CVV, or OTP codes with anyone.

Always report any lost or stolen card immediately and block the card to prevent unwanted usage. If you are notified of unauthorized purchases, always report them to the bank at the earliest opportunity. By doing so, you won’t be held responsible for paying back the bank for the unauthorized usage of your card.

Monthly Review of the statements

To make the best use of your credit card, you need to be aware of your spending limit, annual percentage rate, interest rate, hidden fees, and more. Your credit card statement will contain all these details. By using your credit card frequently, you also maximize reward points on your card. However, if you have a high interest rate or debt to repay, you should avoid using your credit card frequently until all or majority of the debt is paid off. As a result, it is essential to keep checking your card statements to be aware of such details.

Lastly, monitor your credit score

By monitoring your credit score, you can see what purchasing patterns hurt, maintain or increase your score. It also helps to identify mistakes or fraudulent attempts that could hurt your credit score.

Advantages of using your credit card responsibly

If you responsibly make use of your credit card, you will get benefits – A lot of credit cards offer rewards and provide additional value to your credit. If you’ve taken the proper steps in using your card, you will have an exceptional credit score. A good credit score will give you access to more credit card options. Some cards even have additional perks like cash back, travel, reward points, and more. You should consider the new SalaryCard from EarlySalary, featuring higher spending limits, zero processing fees, and no renewal charges.

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Work from Home vs Office: What are the Financial Implications for Employees?

Compiled by: Alapinee Deshmukh, Human Capital & Sustainability Evangelist.
About Alapinee: A Human Capital & Sustainability Evangelist, she is ER Lead at eCW.

It has been almost a year since the outbreak of the COVID-19 pandemic, and our life still is far from what we used to consider ‘normal’. One of the most significant changes that the pandemic and the consequent lockdown has brought on the entire country is the shift to remote working, also called the work-from-home format, in almost all industries. This is a significant shift that has had an impact on all involved – employers, employees, and the economy at large.

The impact of shifting to a WFH setup has been felt in almost all domains of life. Several individuals were found to have seen a negative change in their mental health or with respect to work environment and collaborations at the workplace or its financial impact on both the employers and the employees.

Specifically from the employer’s perspective, on one hand, the work from home setup is diluting the corporate culture and team building. But on the other hand, there have been several benefits as well. For instance, several employers have benefited financially by cutting down costs on utilities like electricity consumption, travel allowance to employees, etc. In addition to this, with most employees having traveled back to their hometowns, their productivity has considerably improved. Not only do they require lesser holidays, but the overall increase in productivity of the employees also has both efficiency and financial related benefits. While this has been the case, eCW ensures that even while the company is cutting down on costs, they’re not adding to the financial burden of their employees. This is why they offer incentives like internet allowance and free transportation for employees for medical needs. These incentives are provided to all of their employees who are now working from home.  

Financial Implication on Employees from shifting to Work from Home setup 

As discussed above, the implications of the work from home setup, mostly due to the COVID-19 pandemic, are manifold – social, physical, mental as well as economic. 

Strictly speaking about the financial implications of the WFH setup on the employees, it can be said that it has been a mixed bag. Some of the positive implications upon the employees are listed below: 

1.Traveling time and other associated costs have gone down

One of the major components of any employee’s monthly expenditure is traveling. This includes the money spent on fuel, fares for public transport, etc. According to a report by Awfis, An average working professional in India is saving Rs 5,520 per month and 1.47 hours of travel time everyday while working from home. Therefore, a huge chunk of their income and time is saved with the WFH setup. 

2.Decrease in childcare expenses 

With all schools shifting to an online teaching mode, the WFH setup has been a boon for working parents, especially working women. Having a toddler at home generally makes it very difficult for parents to manage to go to work without using a daycare, which is one of the major reasons for fewer women in the workforce, alongside reducing household income. 

With the work-from-home setup, not only will more and more women be able to retain their jobs while taking care of their child, they also are managing to save all the money they would otherwise have spent on sending their child to a creche or hiring a nanny. The WFH setup also allows both parents to spend quality time with their children during their most important years.

3. Increase in productivity

The WFH setup gives more comfort to the employee and coupled with lesser commute hours and travel fatigue, employees are seen to be more productive overall. In fact, the CEO of TCS was reported saying that since 90% of their employees started working from home, they are “seeing increased levels of productivity in certain instances and an increased level of engagement.”

In addition to this, there is a lesser need for taking holidays and hence the overall productivity of the employee increases, which would have a direct effect on the performance-based financial incentives given by the employers, like bonuses. 

However, the financial implications have not all been good. There have been some aspects of the WFH setup which have burned a hole in the pockets of employees. Two of the most significant expenses are: 

  • Electricity and internet bills are off the roof 

Since all the work is happening through cloud computing and other allied virtual workplaces, there is a constant need for a stable internet and electricity connection. All of these services are, in most cases, being paid for by the employees themselves in the WFH setup. In fact, as many as ¾th of employees believe that they should be compensated for electricity and internet bills while working from home, according to a survey by TravelBank. 

  • Increase in the need for proper ergonomics

For working long hours from home, it is now almost mandatory to have a proper home office setup – with an ergonomic desk, chair, and other such needs. Employees also require a decent pair of noise cancellation headphones and webcam setup for all the virtual team and client meetings as well. 

Even though initially people made do with makeshift arrangements for these things, with working from home becoming a permanent feature in a lot of organisations, the ergonomic needs of the employees are the need of the hour. The expenses related to all this also have to be borne by the employee themself. 

Concluding thoughts 

While working from an office setup or from home comes with their own boons and banes, it is important to recognise that both of them come with a huge cost, pun intended. 

Even though work from home is the need of the hour and is also expected as a norm in a lot of industries now, the rise of employee expenses also needs to be taken into account. Coupled with salary cuts due to the economic slowdown as a result of the COVID-19 pandemic, these underlying expenses can be a source of worry for a lot of employees.

10 Famous Financial Podcasts For Women

Have you ever wondered why a limited number of women work in finance? Is it because women are not good with numbers? We all know this stereotype isn’t true at all.

So why is finance a taboo topic? Even among women who love to talk about everything under the sun. If you’re a woman reading this, you probably rarely witness a discussion about money matters in your social groups with other women. There must’ve been a time when you needed some advice related to money, everyone has;  Have all your queries been resolved?

If not, thanks to technology, and the popularization of various podcasts, you need not worry anymore! Gone are the days when you had to hesitate to ask questions or read books flooded with jargon and articles on managing your money. Now, you can tune in to your favorite podcast and choose from millions of options available. From them, you are sure to get advice from financial experts on relatable and real-life money problems.

If you’re searching for a perfect podcast to solve your financial queries, we’ve got you covered! Here are some of the best financial podcasts for women by women.

Podcasts for Newbies

If you’re new to financial podcasts and a woman who wants to learn from financial experts who are women as well, the below-mentioned channels are the best way to start your podcast journey.

So Money

Leading personal finance expert Farnoosh Torabi is the enigmatic host of So Money. The award-winning podcast is famous for touching topics which the general audience will find relatable. This podcast has crossed over 1000 episodes, and it airs every Friday and will engage you with financial tips and expert opinions on your troubled pockets. Farnoosh has had top business leaders guest her show, Tim Ferris, Ariana Huffington, and many more. 


Hosted by Jean Chatzky, a Personal Finance journalist, HerMoney is one of the most famous podcasts. This podcast has crossed over 250 episodes. You will receive tips on budgeting, investing, financial planning, etc. Through HerMoney, Jean aims to be an inspiration to women in managing finance. In the podcasts, she answers the financial-related queries of her listeners. Also, HerMoney is women-centric and pro-LGBTQ.

Brown Ambition

Mandi Woodruff and Tiffany Aliche capture audiences’ attention through their dynamic podcast- Brown Ambition. They touch broad topics in their episodes and have a great rapport with their listeners. Conversations around wealth and women of color, along with quirky banter, are part of this podcast. If you want to learn about wedding savings, salary negotiations, scams, and more, tune in.

The Fairer Cents

Winner of ‘Best Podcast for Women’ (2019) and one of ‘The 8 Best Finance Podcast’ (2020), The Fairer Cents podcast is for listening to real money stories and learning from them. Hosts Tanja Hester and Kara Perez pitch self-help tips and encouragement to step out of the patriarchal notion of success. Tanya and Perez discuss ambition, comparison, and competition along with finance in The Fairer Cents.

Clever Girl Knows

financial podcasts

Clever Girl Knows’ host Bola Sokunbi learned to manage her finances from her mother. In her podcast, Bola talks about how she’s made money mistakes and wants her listeners to learn from them. Her guests converse about budgets, business, and choices to secure a better financial future. Her listeners are in awe of Bola’s personality and show. Indeed, she’s a fan favorite. Tune in to learn about paying debts, money conflicts, and single mother advice.

Podcast for Enthusiasts

Experienced women in finance who are avid podcast enthusiasts also require boosters to run their businesses from time to time. If you want more expert finance tips on investing in stock markets, growing businesses, and becoming successful CEOs, check the list below.


Sallie Krawcheck, Chairwoman, and Kristy Wallace, President of Ellevate Network, host the podcast called Ellevate. Female authors, businesswomen, inspiring leaders, and entrepreneurs guest this show to share their experiences and learnings from their careers. Sallie and Kristy aim to close the gender gap in various careers by empowering women.

Women Take Stock

If you’ve been intending to invest in the stock market but don’t know where to start, Women Take Stock will guide you throughout the process. Hosts Jen, Dana, Tula, and JJ have experience writing, investing, producing, and more. They are friends who get together on the podcast and share trading intel and tips on how to change your financial stories by investing in stocks.

More Money 

Accredited Financial Counsellor from Canada, Podcast host Jessica Moorhouse interviews experts to help you manage your finances, earn more money, create wealth by investing, etc. Her interviewees are famous business experts, entrepreneurs, authors, and influencers. More Money Podcast airs a new episode every Wednesday.

Fundraising Stories with Women Entrepreneurs

Julia Elliott Brown, the CEO and founder of ‘Enter the Arena,’ gives tips on fundraising and dealing with the challenges that come with it. She is an equity fundraising expert who helps women raise investments and provides business coaching as well. You are sure to hear inspiring stories from female founders on how they raised investments for their businesses and top-notch tips for becoming successful businesswomen.

Inner Boss

Host Jen Casey is a social media and sales strategist. She is a brain-based business coach who believes a solid subconscious mind will help women become better entrepreneurs. Jen airs solo episodes where she shares how to strengthen your mind, goals, and more. Inner Boss’ interview-filled podcasts have leading entrepreneurs who guest the show and provide intel on real-life challenges women face in finance and business.

If you want to know more about financial management, investments, and more money tips, visit EarlySalary. Rest assured, these top 10 financial podcasts will help you in your financial understanding and planning. Visit their websites to know more about them! These podcasts are available on Spotify, Apple, and Google, so tune in to your new favorite podcast.

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Save Environment With Paperless Online Loan from EarlySalary

The importance of environmental protection and conservation cannot be emphasized enough, particularly in today’s society, where individuals and organisations alike are more concerned with chasing profits than anything else. However, public awareness of numerous environmental challenges has recently increased, and it is in this spirit that we commemorate days such as World Environment Day, Earth Day, and other such events to remind people of the seriousness of the issue. 

With environmental protection becoming the need of the hour in order to ensure humankind’s survival in the coming years, awareness of the importance of protecting the environment has also been growing. In fact, according to a global survey conducted by Accenture in 2020, consumers have “dramatically evolved” since the pandemic began, with over 60% of them becoming more environmentally conscious and incorporating sustainable and ethical behaviors into their daily lives.

More individuals are now active on the issue and clearly doing their part to contribute in ways they can, from simple actions like reusing paper at workplaces to leaving the vehicle or bike at home and riding cycles instead, sharing cabs, and moving to eco-friendly bags.

One such initiative that individuals can take is drastically reducing their paper utilization, whether it is at work, home, school or anywhere else. More paper usage equals more deforestation, thereby making this a critical step to take given the numerous alternatives to paper available, such as e-documents, PDF files, electronic signatures, and so on.

Use of Paperless Banking 

Certainly, utilization of the web and other digital services in everyday affairs has allowed us to limit the utilization of paper. Paperless banking is perhaps the most significant step we can take in our journey towards paper-saving. Through the effective implementation of paperless banking, both banks and individuals can collectively save a lot of time, effort and our environment as well.

Paperless banking encompasses the entire bank and the entirety of its capacities. A paperless banking system allows you to do everything and anything related to banking, from internet banking to account opening and other services, right on the web itself. This definitely shows us how all financial services can be digitized and made accessible online.

Internet banking can be effectively used for various traditional financial practices such as cash withdrawal, cash deposit, fund transfer, balance inquiry, and also to apply for loans. Almost every bank in India offers net banking services on their sites with digital payment features. 

Paperless Personal Loans might have been inaccessible a couple of years ago, but today this is easily accessible in our country and the drastically increasing usage of the internet in the Indian financial sector can be thanked for this. 

Personal Loan Online

These days, the majority of personal loans are applied through the websites or mobile apps of various banks. Not only is this better in terms of convenience, but the processing time of these loans is also much lesser compared to traditional loan application options.  

Here is how online banking and online personal loans are transforming the concepts of traditional banking. 

Improved Security and Privacy 

Security is undoubtedly the most important feature of banking, regardless of whether they are digital or not. Internet banking transactions are typically secured through various methods like client IDs, passcodes, one-time passwords (OTP) and some mobile phones even require fingerprint authentication of users. Some advanced financial services even employ coding, and as a result, data is extremely secure and cannot be hacked. 

24*7 Accessibility

One of the major drawbacks of traditional banks is that you cannot avail banking services beyond working hours. Post working hours, they can’t be accessed by anyone, even if you might be in an emergency. But the benefits of Internet banking have made it feasible to apply for instant personal loans quickly, at any time and from anywhere.

Saves Time and Efforts

Traditional banking approaches also require the physical presence of customers to avail services. One must visit the bank and even if individuals are physically present, a lot of time is wasted by standing in long queues and other application procedures. All these processes are very time consuming and require a lot of effort. A paperless online loan erases all the difficulties of conventional banking methods and allows you to apply for loans at your own pace. 


A Paperless Online Loan provides numerous benefits which anyone can avail easily if he/she has online access. By switching to paperless practices in various aspects of life, including banking, individuals play a significant role in environmental protection. 

This Environment Day, let us all come together to ensure that our actions reflect the theme of this year – “Reimagine, Recreate, Restore”. Let’s all go green and paperless, and play our part in saving the environment. If you’re looking for the best and easiest Paperless Online Personal Loan Services, EarlySalary is here to help you out. At EarlySalary, we support World Environment Day endeavors throughout the year by offering a paperless online loan.

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How to become a self-made Billionaire?

Who doesn’t want to be a billionaire? Everybody aspires to be rich, but few are really able to accumulate extraordinary wealth. We tend to believe that billionaires are born, not made. However, the number of people that have made a lot of money without inheritance or upfront investment will surprise you.

It is absolutely possible to become a self-made billionaire from the ground up without any inheritance. However, it becomes imperative to understand that there is no shortcut to this process. There are a lot of real-life examples where people have made it big through their efforts. The common theme among all these people is their attitude. The triumph, persevere, dedicate, and solely focus on achieving their goals.

There are several hundred ways of earning money. Like joining a regular job with a high-paying cheque, earning money through various online gigs, monetizing your master skills, or starting your own business. But to become a self-made billionaire, you must have to follow a few basic rules. Much of the success will have nothing to do with money, and the most crucial part is that the journey has to begin with the right mindset, cash management skills, attitude, people, and other good habits. Following are some of the typical traits you should possess to become a self-made billionaire.

Focus and Discipline

Focus on your goals of achieving success rather than focusing on money, and wealth will follow automatically. If you know what you want, you should strive to attain it and not get sidetracked by less important matters. You may cut your expenses or even look for ways to increase your income, but you must stick with your goal to become a self-made billionaire.

Put your skill to work and chase your dreams

If you’re aspiring to start your own business, or if you do not wish to work for someone else because you are not being valued, then it’s highly likely that you will not go too far in the same path. To achieve success, it’s essential to focus on your passion, choose something that you are passionate about and love to do. You must have goals and dreams of your own and be driven to see them through. Self-made billionaires have ambitions and are willing to take risks to make those happen. They are passionate and relentless to succeed in their goals.

By setting highly defined short-term and long-term goals with strict deadlines, you can figure out precisely what you want and how to get there. While most ordinary people want to lead an ultimate comfortable life, self-made billionaires push beyond the average and believe in creating their own opportunities. Be clear with your vision, what you want to eliminate from your current life, and what you need to add over the next few years.

See the Big Picture

Keep your eye on the bigger, more motivating reward, and let yourself be continually driven and inspired to achieve that. Expand your focus from short-term successes to long-term plans of how you want your life to be shaped. Set goals for yourself towards becoming a self-made billionaire; choose something that is not readily achievable, something that will make you stretch your faculties to the maximum. If you are running a business, re-invent it regularly to keep up with the change in the market and technology.

Take calculated risks, and persevere through failures

Without taking risks and overcoming fear, you would never become a self-made billionaire. While deciding the risk factor, ask yourself what the worst-case scenario can be? Evaluate the costs versus rewards before jumping in with both feet. If you can survive the worst that could happen and the most likely thing to happen will get you closer to your goals, then go for it. You can always rely on Early Salary personal loans for all your sudden needs and unseen expenditures in the worst-case scenario.  

Shift Focus from Spending to Investing

You can never acquire wealth if more money is leaving your wallet than what is coming in. This is especially true for people who are earning and who aim to become self-made billionaires. It’s what you do with the earned money that matters. The rich don’t spend money; they invest, count every penny, and use it for something productive. The worst you can do in your drive to become a self-made billionaire is to spend all your earnings. You have to develop the habit of buying what is necessary for life instead of spending on pleasures. You have to plan what percentage of your profits to spend and what percentage to invest into other things.

Having a lot of money to start with is not a prerequisite to becoming successful or extremely wealthy. The only way to become a self-made billionaire and have that success translate into wealth is sheer hard work, the ability to take risks and make the most out of opportunities that come one’s way.

Don’t forget to financially secure yourself on your journey. Be prepared for covering sudden expenditures and medical emergencies. With the help of EarlySalary’s instant cash and medical loan options, you will no longer have to worry about putting a break to your big strategies. You can explore more money management, investment, instant cash, and financial wellness ideas on EarlySalary for all your needs.

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How Mobile Payments Help People During the Pandemic

The Covid-19pandemic meant organizations had to be shut down, people had to socially distance themselves and everyone was stuck in their homes. Naturally, this led to a global economic downturn and the financial situation was highly impacted. But financial transactions can’t just be shut down in this digitized world. After all, digital financial services have been embraced by individuals and organizations alike.

As the Financial Access Survey (FAS) of IMF defines, mobile money is a pay-as-you-go digital medium of exchange and store of value facilitated by a network of mobile money agents. (Mobile Money in the COVID-19 Pandemic) Mobile money services do not explicitly require a presence of a bank account as in the case of mobile banking. The only primary requirement is a mobile phone with access to these facilities. This concept has been rapidly adopted by many low and middle-income countries. According to a report by WorldPay, the coverage of mobile payments was 22% of the global point-of-sale payments which could raise to 29.6% by 2023. The contactless process of mobile payments has contributed to the presence of financial transactions without sabotaging the users’ physical and mental safety.

Some of the characteristics of mobile money have made their presence invaluable to the global financial community.

  • High Market Penetration:  Mobile money has strengthened its footing in low and middle-income countries. The epicenter of the same has been considered to be the continent of Africa, although the growth has been significant globally. These high rates of penetration mean that they are a readily available option for carrying out financial transactions especially during the pandemic. It can also be used as a substitute for direct cash benefit transfers for social assistance programs by various governments.
  • Minimal contact physically: The one point which all the experts have been saying about this virus that we should socially distance ourselves and minimize physical contact. Mobile payments are frontrunners at this task already before the virus coming into context. Further, there are a significantly larger number of mobile payments access points as compared to traditional banking points like ATMs. The only requirement for carrying out such transactions is a mobile phone, and all the financial activities like paying your bills, making transfers, remittances, etc. will on the fingertips of your hands.
  • Usage availability for even the unbanked: Mobile money allows even those individuals who don’t have bank accounts to use their system to carry out their transactions. Many low and middle-income countries, where access to banks can be difficult or limited or don’t have the trust of the common people have taken up the opportunity to provide the people greater access to mobile money systems. The unbanked are allowed to carry out fund transfers, and sometimes enjoying savings and other financial services. For example, a couple of Kenyan commercial banks have partnered with M-PESA to offer additional financial products to the customers.

With the pandemic taking place and countries realizing the importance of mobile payments in this situation, many of them have taken various measures to facilitate the growth of these platforms. Where some countries have been taking fee cuts on carrying out financial transactions, some have been increasing the limits of fund transfer and payments and giving greater flexibility in KYC onboarding.

Like everything, mobile money is not free from its limitations. With a threat to profitability, the platforms might charge from other points. There is also the question of customer protection and privacy in this digital age. There are risks associated with concentration and operation too. Sometimes, there might be times when there is an arbitrage in a regulatory environment.

But with the growth of mobile money, there also arise the concepts of availing financial services through mobile apps like getting an instant loan or salary advances. For all that EarlySalary comes to your rescue-the one-stop solution for all your instant cash needs.

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