Jacob Parker-Bowles | Fintech

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Transferwise — The Revolutionized International Transfer Jacob Parker Bowles

TransferWise — The Revolutionized International Transfer

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On September 6, 2018

In FinTech, Jacob Parker-Bowles

Anyone who has ever had to deal with international money transfers, whether through ACH, wire transfers or e-Wallets like PayPal, knows well the extreme headaches, frustrations and steep fees that are a seemingly unavoidable part of doing so. Yet, in a globalized world where it is necessary for businesses, entrepreneurs, and freelancers to send and receive payment across the world and in multiple currencies, international payments are often a necessary part of conducting business.

In many cases, however, the costs that businesses and individual entrepreneurs face for maintaining international payment capabilities can be prohibitive. While banks and services like PayPal often advertise low fees for sending money across borders, everyone who has done so knows that the realities are often not as they are promoted.

TransferWise is a UK company that was founded by two entrepreneurs who finally had enough of the deceptive marketing that banks and other services put out about the true cost of international transfers. TransferWise is a system that is designed to eliminate the banks’ and large payment processors’ stranglehold on international money transfers. By holding accounts at hundreds of banks across the globe and striking strategic deals with key financial institutions, TransferWise is able to almost completely eliminate surcharges associated with sending and spending across borders.

TransferWise typically charges a simple, low fee of around .6 percent, plus a flat fee of $1 per transfer. Whereas sending $5,000 from the United States to the United Kingdom through PayPal may cost business account holders upwards of $200 between both the sender and recipient, with TransferWise that same transaction will cost only around $31. It’s easy to see how savings like that can add up to huge boosts to the bottom line of any business that is required to regularly transfer large sums.

TransferWise also has a number of highly unique products, such as real foreign bank account services. TransferWise Clients are able to obtain real account information in dozens of countries, which they can then use as their local business accounts for that area. Having local bank accounts wherever one does business not only provides a patina of international prestige, but it also can eliminate hundreds of dollars in transfer, exchange and service fees on every transaction.

TransferWise is revolutionizing the way that international payments are made.

Are Macs More Secure Than Pcs Jacob Parker Bowles

Are Macs More Secure Than PCs?

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On August 9, 2018

In FinTech

Apple users sometimes brag about their immunity from viruses. After all, for years, rumors have persisted that Mac computers have better security than Windows PCs. For the most part, those claims are false.

During the first quarter of 2018, a rash of headlines describing Mac OS malware has attracted attention, making some people question Apple’s security. Man-in-the-middle attacks, remote access infections, malware droppers, infected applications, and cryptojacking only begin to tell the story.

So, in response, consumers should now realize that Apple’s operating system has just as many vulnerabilities as Windows. However, everyone should exercise care before drawing incorrect conclusions. After all, both Windows and Mac OS have achieved a high level of security.

Although viruses have become less of a problem for both computing platforms, malware issues continue to persist. Perhaps the parity between PCs and Macs was perfectly illustrated when both platforms required patches to deal with the Meltdown and Spectre flaws.

Despite knowing about the vulnerabilities of their OS, Apple continues to lag behind Microsoft when it comes to dealing with bugs and exploits. Still, Mac users can take some definite steps to mitigate their risks:

  • Use the official Apple App Store. Users that download from alternate sources risk acquiring apps that have been infected with viruses and malware.
  • Avoid questionable software. In other words, when Mac users see an app that meets their needs, they should first check to see if a reputable company offers a similar product.
  • Install updates. Apple periodically releases new MacOS versions that fix bugs and patch vulnerabilities. Simply by installing these updates, users can improve their security.
  • Avoid public Wi-Fi. Hackers can use the Wi-Fi at libraries and coffee shops to capture data and infect computers. People who must use public Wi-Fi should first connect to a paid VPN service.
  • Backup your computer. Users should always have multiple computer backups on different types of media. Also, everyone should store at least one copy at an alternate physical location.
  • Use a security app. Mac users should subscribe to a security application to identify and mitigate threats such as viruses and malware before they become a problem.

In summary, Mac users should realize that they face risks similar to those that Windows users face. In response, they should take the above simple steps to protect themselves and their data.

Unusual Uses For Blockchain Technology Jacob Parker Bowles

Unusual Uses For Blockchain Technology

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On July 3, 2018

In FinTech, Jacob Parker-Bowles

One block at a time, blockchain technology is revolutionizing the way the world sees commerce—as well as a slew of different sectors that one might not even imagine. In a world where many people across various industries are seeing the massive potential of this technology, here are some of the most interesting ways it’s being employed.

Voting

As the global geopolitical situation grows increasingly volatile by the day, many are working on ways to institute blockchain technology into the voting system. Providing a way to keep votes safe, experts believe that blockchain will play a significant role in the future of voting.

Worker Productivity

With many employees now distracted by a plethora of time-sucking devices and applications, blockchain technology designed to monitor their progress is now in the midst of being developed.

Digital Art

For those who are budding O’Keefes and Picassos, it might be time to turn to the blockchain in order to monetize some artwork. With a startup laying out its vision for “crypto collectibles,” it seems more and more likely that the next great artist may be discovered as a result of blockchain technology.

Selling Solar Power

A new startup in Brooklyn is allowing the owners of solar panels to profit from their excess energy by selling it to others who’d like to use it. With no power company in the middle, an app allows neighbors to compensate one another by being green.

Dental Records

As we all know, there is a multitude of very important uses for dental records. Because blockchain provides a secure method of distributing data, one token is taking on the dental industry with a vengeance, promising to allow healthcare professionals to relay important information to one another.

CryptoKitties

If you aren’t in the position to take a pet into your home, think about getting your hands on some CryptoKitties! Powered by the blockchain, this game even offers virtual pet owners the opportunity to breed cats. With prices shooting up to over $100,000 for just one cat, this craze doesn’t seem to be going away anytime soon.

Rewards Programs and Loyalty Points

For those who are sick of having to track their loyalty points with different companies, blockchain technology may offer a convenient and exciting way to keep everything in one place.

How To Avoid Fake Icos Jacob Parker Bowles

How To Avoid Fake ICOs

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On June 12, 2018

In FinTech, Jacob Parker-Bowles

It’s hard to avoid hearing about cryptocurrencies these days. Amazing return for Bitcoin, Ethereum, Litecoin, and many others tantalize professional and amateur investors alike. Bitcoin’s meteoric rise captured the public’s imagination. Less famously, Ethereum rose from just $8 at the start of 2017 to near $700 in March 2018. Such returns are an investor’s dream come true.

With all the publicity, many firms have turned to initial coin offerings (ICOs) to raise capital. ICOs are like cryptocurrencies, but they are issued by private companies in the same way startup corporations issue stock. The concept of the ICO is simple. Investors get a piece of the company by buying the coins the company issues. Theoretically, if the company is successful, the coin appreciates in value. In this way, ICOs work much like traditional initial public offerings of stock.

Except stocks are highly regulated. ICOs are more of a wild west type of investment. That being the case, many are cautious about ICOs. Due diligence is just as important, if not more important, in selecting an ICO as it is in picking a stock.

How to avoid scams

As a wild west investment, scams are out there. Fake ICOs have popped up. As Cryptocompare explains, there are several ways to spot a fake.

Be on the lookout for ICOs touting unrealistic expectations. An ICO that promises to fix global warming is a scam, as are ones that offer out-of-this-world price predictions. Also, be wary of any ICO promoters who use a salad of buzzwords that offer no substance. Also, any legitimate ICO will provide a detailed white paper. If the white paper is just a rehash of buzzwords and unrealistic expectations, you can bet you are looking at a fake ICO.

Email scams

Darryn Pollock warns against phony emails purporting to be from crypto wallet providers. These emails attempt to entice users into providing their private keys, allowing the scammers to steal their cryptocurrency.

Look out for phony profiles

ICO investor Ankit Kumar recommends checking on the profiles of the ICO’s founders and advisers. Often, scam ICOs will put up fake names and fake biographies. Check these names against all the research tools at your disposal, such as LinkedIn, Facebook, Twitter, and Instagram. Are these real people? If they are, you should be able to cross reference them.

 

Pros And Cons

Pros and Cons of Wearable Technology

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On May 10, 2018

In Jacob Parker-Bowles

Wearable technology: Snapchat Spectacles, Fitbit fitness tracker, Apple Watch, Google glasses.

The concept of wearable technology has been a sought-after market since creative minds put it in mainstream media (yes, I am referencing movies).

One out of six consumers in the U.S. currently owns and uses wearable technology, according to multiple sources. Whether its a watch that allows them to make a phone call or a bracelet that tracks your calories burned, Americans are all in when it comes to technology of the future.

Although the successes of wearable tech are far more discussed than the failures and its impact is further reaching than ever, it remains essential to consider the pros and cons of wearable technology for citizens.

 

Pro:

Convenient. As a society, one of the top things we look for is convenience, which is one of the most significant selling points of wearable technology. You can easily monitor your progress of exercise or steps are taken without giving it one bit of attention. Other wearable technologies take the convenience even further. For example, the Apple Watch allows users to learn essential news stories, check messages and keep themselves informed with a glance at their watch.

Useful. In 2014, Rackspace and Goldsmiths released a survey that found wearable tech increased the productivity of employees by 8.5% and increased with overall level of job satisfaction by 3.5%. It is suggested that combining wearable tech with particular applications could improve a variety of businesses processes.

Hands-Free User Experience. This aspect is one that is often mentioned when selling products. As we get busier and busier as a society, improvements to wearable tech allow us to do more than ever before. In specific enterprise settings, such as manufacturing and oil and gas companies, hands-on products are very profitable.

 

Con:

Expensive. The prices for an individual piece of wearable technology are jaw-dropping. For instance, the cheapest version of the Apple Watch costs around $350 and the current Fitbits go from $100 to $250 depending on the features included. The expense of the tech is immediately called to question by the longevity of the products.

Data Accuracy. One of the biggest critical critiques of wearable tech, such as the Fitbit, is the accuracy of its data. There needs more development in the accuracy of each’s physiological measurements, as well as better positioning for sensors to analyze data.

Charging. This is the #1 top issue with wearable technology. Currently, device manufacturers are researching ways to extend battery life, while also looking for a natural charging solution. It seems that the answer to these issues will be wireless charging, which can hopefully lead to actual waterproof tech.

Robinhood Makes Cryptocurrency Affordable And Accessible Jacob Parker Bowles

Robinhood Makes Cryptocurrency Affordable and Accessible

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On May 5, 2018

In FinTech, Jacob Parker-Bowles

Cryptocurrency is rapidly becoming one of the most popular investments, especially among young people. Dedicated investment platforms that focus on the currencies, such as Robinhood Crypto, are starting to come into use. More than a million people signed up for the platform’s early access program, largely due to the way that it makes trading easy and affordable for the average investor.

Zero-Fee Trading

Zero-fee trading is the primary reason for Robinhood’s popularity. Most trading platforms charge fees of at least 1.5% for trades and fees that reach up to 4$ are fairly common. That isn’t a huge problem for experienced investors, but it does prevent new or casual investors from taking part in the system by eliminating a large portion of their profits.

Robinhood is popular with that segment of the market because it does not charge any fees. That reduces the profit margin that the traders need to attain to justify their risks, which makes it easier for novices to come out ahead. Robinhood funds its platform by collecting interest on money that is deposited into investor accounts, just like the way that a bank makes money on deposits.

Ease of Trading

Part of Robinhood’s popularity also comes from the tools that it offers to make trading easier. Most of these tools were already in use for stock traders but had not become available to people who invested in cryptocurrency.

The platform allows a rapid transfer of up to $1000 from a bank account to the investment account, with the usual ACH transfer being necessary for larger sums. That money can be used to purchase cryptocurrencies at any time, and some transactions will even be automated through the system. Stock trading is also integrated into the platform for the convenience of investors.

Security

Security is the final factor that is causing people to use the Robinhood platform. The platform helps to address security concerns by using a mixture of both hot and cold storage systems for the cryptocurrency, which provides a layer of protection from hackers. Regular reviews of the system’s code and careful management of the company’s personnel will also help to prevent the loss of data that could expose investments to theft. Taken together, these policies provide an adequate level of protection for investors.

What Is Psd2 Jacob Parker Bowles

What Is PSD2?

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On March 23, 2018

In FinTech, Jacob Parker-Bowles

PSD2 (or the second Payment Services Directive) is a law in the United Kingdom and other parts of Europe that has affected payments since January 2016. All payment service providers (PSPs) were required to adhere to the new policies by January of this year. Although many Europeans may not assume this law affects them, let’s look at the ramifications of adapting to these new standards.

What does PSD2 consist of?

In order to understand the impact of PSD2, we should first explore what it is comprised of. According to waar.ch, the law is meant to open the payment services market up to more competition by regulating standards. Some of these include:

  • Stating of exchange rates when making a payment in another currency, such as an online purchase from a foreign site.
  • Increasing security measures, including a two-factor authentication system.
  • Limiting payer liability in the event of an unauthorized purchase, either from information theft or vendor error.

How does PSD2 affect consumers?

Consumers had previously been exposed to unfair and deceptive banking practices, which includes limited access to fee schedules and hidden interest rates. A lack of competition in the banking sphere reinforced these practices. As a result of PSD2, customers can expect more transparency and open communication regarding the status of purchases, rates/fees, and other financial services.

Another benefit is the ability for third-party payment providers to offer better solutions to traditional banking services. This may include investment products, accounts, and payment vehicles. Even online banking can change, as consumers can use sites and apps to easily access information.

How does PSD2 affect the marketplace?

Competition is expected to increase as a result of this law due to exposing unethical practices. I expect many fintech companies to debut, with solutions for every client concern. These can range anywhere from budgeting apps to alternative payment platforms. One area that should see substantial growth is wearable payment devices.

Regardless of the amount of competition this brings, we can expect to see more secure platforms and better incentives for consumers. A bank cannot simply bring people in because they exist; they must now prove they are worthy of your money. Payment systems likely will increase their move toward digital, as new businesses provide vendors with plenty of options for cashless payment accessibility.

In Conclusion

Although you may not see immediate changes in your banking routine, you can expect to hear news of increased options in the near future. I anticipate this change will affect the general population in a very positive way. Even further, this law opens the door to fintech entrepreneurs who would normally shy away from competition. In a year’s time, I believe traces of this law will show up in our everyday lives, and it may even influence other countries’ banking systems.

Paying With Your Phone Jacob Parker Bowles

Paying With Your Phone

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On February 23, 2018

In FinTech, Jacob Parker-Bowles

Cashless payment alternatives are increasing in popularity, and there are no signs that it will stop. One big breakthrough is the ability to pay with only your phone, through Apple Pay, Android Pay, or the soon-to-be Google Pay. There are definite pros and cons to paying with your phone, for both convenience and security reasons. Let’s look at some of the biggest.

Pro: Forgot your card? No problem.

We’ve all had that moment where we could have sworn we brought our wallet, or that we put our card away, but we can’t find it. Although it is stressful to lose a card or to not know where your wallet is, paying with your phone can, at the very least, get you out of a sticky situation. Luckily, many stores and restaurants are beginning to accept mobile payments, so you may be in luck next time you have no alternative.

Con: Hackers can steal your data.

While companies like Google and Apple have high-end security, hackers have been able to exploit even the most obscure security flaws to steal your information. With Apple Pay, for example, you store your complete card information on your phone. Hackers have to be extremely skilled to get this info, but it is not impossible.

Pro: Less time in drive-thrus.

Many fast-food chains are implementing mobile payments to reduce wait time and add convenience. Think of the last time you went through a drive-thru. From the time you place your order to the time you have to pay, you have to worry about not holding up a line while searching for a way to pay. Using your phone simplifies this process, as we often have our phones in easily accessible places, while our money may be located somewhere not so convenient.

Con: Processing times can lengthen.

Even though you may not hold up a line by looking for money, you may hold it up due to long processing times. Devices that are meant to read your phone are slow and sometimes can’t detect anything. You may spend twice as long paying via phone instead of paying the old-fashioned way.

Mobile payments are likely going to become standard in the next few years. However, in order to make them efficient and safe, bank institutions, phone manufacturers, and device reader companies need to consider both the good and bad things about this process and change accordingly. Once that happens, you may be hard-pressed to find a place that does not accept a mobile payment.

The Skill Learning Bias Jacob Parker Bowles

The Skill-Learning Bias

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On January 26, 2018

In Jacob Parker-Bowles

Our brains are complex and require significant effort to rewire. After all, our brains manage dozens of detailed operations throughout our body at any given time, so it tries to take shortcuts where it can. As a result, learning new skills — whether it be a foreign language or coding — becomes more difficult each day. Don’t believe me? Watch this video, where the man before SmarterEveryDay tries to learn a backward bicycle for months, and his son crushes it in a few minutes.

Why is it so difficult to learn new skills?

As said in the video, knowledge is not the same as understanding. We may read a book that gives us information, but that doesn’t mean we know what that information means. This is because of biases in our brain. Think of it like predictive text; the software uses your normal sentence patterns to predict what you will type next. This is nearly the same process our brain takes multiple times every day. By predicting our surroundings, what we read, what we hear, and what we will do, our brain makes it incredibly difficult to deviate from the pattern.

When is the best time to learn skills?

As a result, the older we get, the more difficult it becomes for us to learn new skills. It makes sense, as we have more experience detecting patterns each day. There is a scientific term to describe how structured your brain is: neuroplasticity. As children, we have more neuroplasticity, because our brains are able to take in and interpret more information without biases. As we learn, we create biases naturally. This is actually the basis for many psychological phenomena. Therefore, the best time to learn skills is as soon as you are able.

How should you learn a new skill?

The way you should learn a new skill may technically vary depending on the skill, but the best way is to practice regularly. Practicing for even 5 minutes every day is better than practicing for an hour every week. The skill needs to stay fresh in your mind and become a habit in order to stick. This is why many people lose the ability to speak a foreign language after they leave school, and why it is possible to forget how to do just about anything.

What are some skills you should learn?

Now that you understand why it is so difficult to learn a skill, you may be wondering which skills to learn. This will, for the most part, depend on your field and your interests. For example, a web design freelancer may also want to learn about ethical hacking. If there is nothing of interest in your field, you could always try learning a difficult foreign language (such as Arabic or Mandarin), improve your writing skills, or public speaking. No company will criticise you for practicing one of these.

Whether you are a manager or a low-level employee, you should keep this information in the back of your mind. Every year, our ability to learn decreases at a constant rate, and that can make training and retraining more difficult. However, it is also important to remember that while learning new skills is challenging, it is ultimately not impossible.

Altcoins That Are Worth Your Attention Jacob Parker Bowles

Altcoins That Are Worth Your Attention

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On December 22, 2017

In FinTech, Jacob Parker-Bowles

When the average person thinks of cryptocurrency, they likely think of Bitcoin. Not only is it the most popular, it is also the most expensive, and some say the most volatile. While most cryptocurrency are tied to Bitcoin, either by using similar code to create it or simply through the market, each coin has its own distinct use and purpose. I suspect that in the future, a few altcoins will rise above the rest and will stay. Although I think everyone should put many hours of research into anything they invest in, here are some interesting altcoins to keep your eye on.

Litecoin

Litecoin is, in its basest form, a copy of Bitcoin. However, Litecoin comes with some distinct advantages that set it apart. It has a limited number of coins, just like Bitcoin, but it is larger at 84 million versus Bitcoin’s 21 million. It also processes transactions 4x faster than Bitcoin (with an average time of 2.5 minutes), and allows for better technology to be implemented. This has resulted in lower waiting times for transactions, as well as lowered fees. Finally, Litecoin is more fair to miners when they are rewarded.

Another reason Litecoin is a great altcoin to watch is it is easily accessible for even the most tech-illiterate. You can quickly buy Litecoin on Coinbase, which also offers a Litecoin wallet. Also, Litecoin is tremendously less expensive than Bitcoin, coming in at a few hundred dollars, rather than several thousand. While I cannot suggest anyone go and buy Litecoin, I think it is an altcoin that is worth watching out for.

Ripple

Another altcoin making waves is Ripple. Many people looking to exchange currency are doing so through Ripple. The currency itself has a built-in way to switch currency instantly. For example, people looking to travel may use Ripple, because they can convert from their country’s currency into their destination’s.

Likewise, banks are interested in Ripple for these reasons. It becomes much faster and less expensive to exchange currency through Ripple, rather than the traditional way. This is a bonus to both the bank and the consumer, as rates to transfer are significantly lower. Furthermore, Ripple can be a benefit to overseas merchants, and may eliminate excess fees for foreign buyers. This one factor is why I think we can expect to see Ripple adopted on a broader level than Bitcoin or Litecoin.

Monero

One benefit of cryptocurrencies on the whole are their anonymity. However, none is safer than Monero, which claims to provide complete discretion with your transactions. Because Monero is completely decentralized, you are 100% in control of your money, and if you lose it, there is no way to get it back.

Due to the nature of Monero, it is used heavily by criminals. While I do not condone criminal activities, I would be foolish not to recognize that this cryptocurrency has staying power for this reason. Also, many celebrities and companies are offering discounts to anyone who makes a purchase using Monero. I have mixed feelings about Monero, however, I will continue to watch it and see what happens next.

As I’ve said previously, I cannot and will not give you advice on how to invest in cryptocurrency. However, these three altcoins are becoming quite popular, and anyone interested in the options available may want to watch what happens to them. I believe that altcoins, just like Bitcoin, are going to become even more mainstream, and we will likely see more great altcoins join in the future. For now, we will have to watch the market and the news carefully before deciding where to place our money.

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