Tag Archives: Technology

Artificial Intelligence: Microsoft Copilot

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Microsoft Copilot is an AI-powered productivity tool that integrates with various Microsoft 365 apps. It uses natural language to interact with these apps, the Microsoft Graph, and a Large Language Model (LLM).

Here are some key points about Copilot:

  1. Functionality: Copilot can understand and generate text based on your content and context. It performs actions within the apps, making tasks more efficient and streamlined.
  2. How It Works: Copilot processes your prompts and responses, leveraging grounding, processing, and post-processing techniques. It interacts with organizational data to provide relevant answers.
  3. Use Cases:
    • Drafting Documents: Copilot assists in creating documents, emails, and presentations.
    • Summarizing Emails: It can summarize lengthy emails.
    • Chatting: Copilot can engage in natural conversations.
    • Business Insights: It provides insights based on Microsoft Graph data.
  4. Privacy and Security: Copilot respects your privacy and security. It does not retain or train on your data.

References:

  1. https://copilot.microsoft.com/

Alphabet Announces Layoffs

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Google’s parent Alphabet announced it intends to eliminate 12,000 jobs, about six percent (6%) of its workforce. From a macro perspective, layoffs that began in 2022 are accelerating across technology companies. 

In an email sent to staff, Google’s parent Alphabet Chief Executive Officer Sundar Pichai wrote that, “Over the past two years we’ve seen periods of dramatic growth,” reports Bloomberg.  “To match and fuel that growth, we hired for a different economic reality than the one we face today.”

Moreover, Pichai said that he was “deeply sorry” to workers that will be let go and that it was a “difficult decision to set us up for the future.” The layoffs will be felt globally and across the entire company, and Pichai said he takes “full responsibility for the decisions that led us here.”

“Taking full responsibility without consequence seems like an empty platitude.” ~ Layed-off Google employee

With the layoffs, Google joins a host of other giant technology companies like Amazon, Microsoft and Facebook that have announced layoffs and drastically scaled back operations amid a faltering global economy and soaring inflation, reports Bloomberg.

Despite Google’s strong ad and cloud-computing divisions, the company saw a 27 percent drop in profit last quarter compared to the year before, and Pichai said Alphabet would need to reduce expenses and hiring, reports Engadget.

As Google announced the companywide layoff, many employees had been bracing for a potential layoff and have been questioning executive leadership about the criteria for layoffs which surprised some employees, who woke up to find their access to company properties cut off, reports CNBC. Some of the laid-off employees had been long-tenured or recently promoted, raising questions about the criteria used to decide which positions were cut.

References:

  1. https://www.bloomberg.com/news/articles/2023-01-20/google-cutting-12-000-jobs-in-6-slash-to-global-workforce
  2. https://www.engadget.com/google-parent-alphabet-is-laying-off-12000-employees-105523115.html
  3. https://www.cnbc.com/2023/01/21/google-employees-scramble-for-answers-after-layoffs-hit-long-tenured.html

Fear of Higher Interest Rates Ending Technology Stocks Growth

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Technology stocks have been the driving force behind the longest-running bull market in history.

The technology sector is vast, comprising gadget makers, software developers, wireless providers, streaming services, semiconductor companies, and cloud computing providers, to name just a few, according to Motley Fool. Any company that sells a product or service heavily infused with technology likely belongs to the tech sector.

And, the pandemic has been mostly positive for the tech industry. Companies like Amazon have thrived as consumers shifted hard toward e-commerce. Additionally, companies like Microsoft have also done well, buoyed by demand for collaboration software, devices, gaming, and cloud computing services as people spend more time at home.

Many of the most valuable companies in the world are technology companies.

Growth stocks have outperformed for 12 years and counting. Since the end of the Great Recession in 2009, growth stocks have been a driving force on Wall Street. Many of the most valuable companies in the world, like Apple and Microsoft, are technology companies.

Historically low lending interest rates and the Federal Reserve’s ongoing quantitative easing measures have created a pool of abundant cheap capital that fast-paced businesses have used to expand operations and investors have used to fuel the longest running bull market.

Technology stocks have been a key component of the market’s rising trend. Since the financial markets collapsed, demand for consumer electronics and related products and services has caused the tech sector to far outperform every other segment. 

However, revenue growth is starting to slow, although the delta variant surge may drive consumers away from stores once again. The economic dynamics favoring technology’s 12 year growth are changing.

Inflation is running rampant, and the Federal Reserve has indicated it’s become more hawkish on fighting it, indicating as many as three interest rate hikes may be in the cards calendar year 2022, effectively ending its loose money policy. Higher interest rates hurt growth stocks because growth stocks intrinsic value is based on the value of their future earnings. And, those future earnings are not worth as much if interest rates go up.

To best analyze tech stocks, first determine if the company is profitable or not.

For mature tech companies that produce profits, the price-to-earnings ratio is a useful metric. Divide stock price by per-share earnings and you get a multiple that tells you how highly the market values the company’s current earnings. The higher the multiple, the more value the market is placing on future earnings growth.

Many tech companies aren’t profitable, so the price-to-earnings ratio can’t be used evaluate them.

Revenue growth matters more for these younger companies.

If you’re investing in something unproven, you want to make sure it has solid revenue growth.

For unprofitable tech companies, it’s important that the bottom line be moving from losses toward profits.

As a company grows, it should become more efficient, especially when it comes to the sales and managing expenses. If it’s not, or if spending is growing as a percentage of revenue, that could indicate something is wrong.

Ultimately, a good tech stock is one that trades at a reasonable valuation given its growth prospects.

Accurately figuring out those growth prospects is the hard part. If you expect earnings to skyrocket in the coming years, paying a premium for the stock can make sense. But if you’re wrong about those growth prospects, your investment may not work out.

Thus, investing in technology stocks can be risky, but you can reduce your risk by investing only when you feel confident their growth prospects justify their often lofty price to earnings valuations.

References:

  1. https://www.fool.com/investing/2022/01/20/2-top-tech-stocks-ready-for-a-bull-run/
  2. https://www.fool.com/auth/authenticate/
  3. https://www.fool.com/investing/stock-market/market-sectors/information-technology/

Cathie Wood Dislikes Investing in Chinese Stocks

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“Pouring billions of dollars into China now is a tragic mistake.” George Soros

Cathie Wood, the CEO of Ark Invest, has slashed her company’s investment exposure to China in 2021. Her actions came as Beijing’ tightened its authoritarian grip on domestic businesses and the economy. These actions has rattled global investors, wiping trillion of dollars off the value of Chinese stocks and triggering fears about the future of innovation in China, especially with China experiencing serious economic slowdown and real estate turmoil.

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Wood revealed that her Ark Innovation ETF has significantly reduced its exposure to China. Sweeping regulatory changes have made the investment environment riskier in,China, according to a Financial Times report.  Additionally, the Chinese government has been accused by the U.S. and the international community of committing genocide specifically against the Muslim Uyghurs and other minorities which has resulted in several countries boycotting the 2022 Beijing Winter Olympics because of these allegations.

Almost every week late last year, China announced a regulatory crackdown aimed at reasserting its absolute control of its economy. The crackdowns included a banned on the ride-share company Didi from app stores a day after it listed on the New York Stock Exchange.

With Chinese authorities apparently focusing on social issues and social engineering at the expense of capital markets, Wood said, “We own very, very few stocks there [in China] because they’re unpredictable. They are grappling with what most governments are grappling with: the gap between rich and poor.”

Furthermore, Chinese authorities have been cracking down on cheap credit in an effort to cool the country’s real estate market that has been driven by speculation. These actions has caused China’s Evergrande Group, the world’s most indebted property developer, and other large property developers to default on bond payments. Wood is concerned that 75% of consumer savings in China is held in real estate, and real estate values have fallen in recent months. Her analysis: That the Chinese government is willing to risk the decline in real estate values and wipe out real estate investors in order to address the wealth gap.

Angel investor and entrepreneur Jason Calacanis commented: “I think the mad king is circling his wagons because he feels threatened. I’m talking about [Chinese President] Xi Jinping.”

President Xi Jinping’s has talked about “common prosperity” as a policy goal in China, and called on high-income Chinese enterprises to “return more [of their profits] to society”. These policies have been particularly focused on cracking down on the power of big private companies, such as e-commerce giant Alibaba and ride-hailing app Didi. Beijing’s policies have prompted investors to sell Chinese assets in 2021.

Moreover, Chinese companies in the technology, education and gaming sectors have faced an onslaught of draconian new rules relating to data privacy and workers’ rights in recent months. Chinese authorities have told the companies to “break from the solitary focus of pursuing profit or attracting players and fans.” Within the past several months, China barred online gamers under the age of 18 from playing on weekdays and limited their play to just three hours on weekends.

Cathie Wood is also circumspect about China’s demographics. China has been confronting the lowest fertility rates it has experienced in seven decades as well as a material gender imbalance. This is a growing concern to the Communist authoritarian government.

“I think President Xi is very unsettled that China’s three-child policy is not working. And that’s very forecastable,” Wood said.

Multinational U.S. companies have come under increased pressure both within China and internationally as they aim to comply with Xinjiang-related trade sanctions while simultaneously overlooking Chinese government’s crimes against humanity while continuing to operate in China. These companies issued marketing statements condemning the murder of George Floyd in the U.S. while turning a blind eye and remaining mute regarding genocide and mass murder in China.

Billionaire investor George Soros said BlackRock’s and other U.S. businesses who are investing billions of dollars into China now is a “mistake” and will likely lose money for the asset manager’s clients, according to an opinion piece in the Wall Street Journal.

“Pouring billions of dollars into China now is a tragic mistake,” Soros wrote in the op-ed. “It is likely to lose money for BlackRock’s clients and, more important, will damage the national security interests of the U.S. and other democracies.”

References:

  1. https://www.forbes.com/sites/kerryadolan/2021/12/03/investor-cathie-wood-on-bitcoin-why-she-sold-stocks-in-china-and-what-her-firm-is-buying-now
  2. https://www.cnn.com/2021/09/09/investing/cathie-wood-ark-china/index.html
  3. https://www.afr.com/markets/equity-markets/how-jack-ma-treatment-prompted-cathie-wood-to-quit-china-20211020-p591ia
  4. https://www.reuters.com/business/finance/soros-says-blackrocks-china-investments-likely-lose-money-wsj-2021-09-07/
  5. https://www.cnbc.com/2022/01/11/intel-deletes-reference-to-xinjiang-after-backlash-in-china.html

Fintech (Financial Technology) Investing

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  • “Ignoring technological change in a financial system based upon technology is like a mouse starving to death because someone moved their cheese.”  Chris Skinner
  • The integration of technology with financial services is today’s new and present reality. These technologies not only improve the efficiency and productivity of financial services but also enhance the customer experience.
    • Fintech is a hybrid industry of two nearly opposing parts—finance and technology
    • Fintech’s disruptions may transform not only the way we transact money but the definition of money itself
    • Financial technology is a rapidly growing industry.

    We’re on the precipice of a major evolution in the domestic and global financial services industry. How we send, receive, store, spend, and invest money may undergo a few radical changes.

    Fintech—“financial technology”—is an emerging hybrid industry that brings together legacy financial services and technological innovation. With this combination, the Fintech industry is likely to compete with and disrupt traditional financial services, especially banking.

    Financial technology is the driving force behind the rapid digitization of the world. Fusing the concept of financial services with new technology, fintech companies aim to improve traditional methods of moving money around by offering lower costs, time efficiency and improved access for businesses and consumers to manage their finances.

    The term fintech can describe many processes, such as online money transfers, mobile payments, loan management, or investments, all done digitally without the need for intermediary.

    There are countless examples of how Fintech is reshaping the world of money, commerce and financial services, but they all fall into three primary categories:

    • New tech (such as apps) that allow for monetary transactions online,
    • Digital money which is a blockchain technology-based alternative to cash and
    • The Internet of things (IoT)-enabled credit and loan services (which are replacing and digitizing traditional banking services).

    Naturally, fintech is often described as a disruptor of the finance world. The financial services once recognized as the domains of banks, brokerage houses and desktop computers are now available on mobile phones.

    It’s one thing to invest in a financial asset for the long term. It’s another thing to invest in the very source and infrastructure that may give all financial assets their substance, mobility, and meaning.

    Fintech’s growth is driven by three primary factors:

    1. Cryptocurrencies: Fintech’s fortunes are closely connected to the skyrocketing popularity of cryptocurrencies, such as bitcoin, and blockchain technologies that provide a safe, decentralized platform for them.
    2. Mobile devices: Smartphones, tablets and laptops are used for nearly everything these days, and it’s almost hard to imagine how we lived without them. None of these devices would have been able to thrive without the rise of mobile apps and related technology.
    3. Millennials: This generation is the most tech-savvy in U.S. history. Millennials are the first people to grow up with the internet and smartphones, and they’re on track to become the biggest wage earners, buyers and money managers since baby boomers.

    To invest in this rapidly evolving industry, you might consider paying attention to all the moving parts that feed into the engines of financial progress and disruption. In a way, the current areas of only scratch the proverbial surface of Fintech’s potential.

    1. https://tickertape.tdameritrade.com/investing/what-is-fintech-financial-technology-industry-15946
    2. https://paulmampillyguru.com/america-2-0/fintech-companies/
    3. https://finance.yahoo.com/news/top-10-best-fintech-companies-144738653.html

    Metaverse

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    Metaverse, the next generation of the internet.

    What is the Metaverse, you ask?

    A metaverse, to put it simply, is a space where individuals can participate in a shared virtual universe. Meta’ is a prefix that means ‘beyond,’ and ‘verse’ comes from ‘universe,’ making the word ‘Metaverse.’ The term can refer to digital spaces which are made more lifelike by the use of virtual reality (VR) or augmented reality (AR).

    The Metaverse, with a capital M, is the idea that there will be one single virtual reality that individuals will become avatars in. These individuals will engage in this shared virtual reality space, talk to each other, hang out, play games, watch movies, even browse the web. It will be a new internet.

    The Metaverse will have texture, dimension and color, according to the website cryptonews.com. People will meet, watch shows, hang out, visit virtual museums, ride virtual parks, go to websites all within the same Metaverse.

    Investment bank Jefferies defines the metaverse as “the convergence of physical and digital in a way that is persistent, real-time rendered, and infinite in its ability to offer shared experiences allowing for a total sense of presence to the point where it embodies us.”

    Metaverse might use AI, AR and VR technology to create artificial world

    Think of the metaverse as an artificial world created by new technology like artificial intelligence, augmented reality and virtual reality. It’s a virtual world that looks, feels, tastes and smells like the real world.

    The movie Matrix depicted a storyline where a future society is unknowingly trapped inside a metaverse called the Matrix, which intelligent machines have created to distract humans while using their bodies as an energy source.

    Facebook (FB) founder and CEO Mark Zuckerberg intends to rebrand the FB enterprise with a new name that focuses on the metaverse. And, Zuckerberg expects FB to be seen primarily as a metaverse company and not just a social-media company in the coming years.

    At its heart of the rebranding is the concept that by creating a greater sense of “virtual presence”, interacting online can become much closer to the experience of interacting in person. The metaverse has the potential to help unlock access to new creative, social and economic opportunities.

    No one company will own and operate the metaverse, Facebook reported. Like the internet, its key feature will be its openness and interoperability. Bringing this to life will take collaboration and cooperation across companies, developers, creators and policymakers, Facebook explained.

    Currently, the metaverse is extremely speculative concept. It will take significant time, corporate collaboration, financial and technical resources to create and to make operational.

    References:

    1. https://cryptonews.com/guides/what-is-the-metaverse.htm
    2. https://www.barrons.com/articles/metaverse-facebook-tech-stocks-51634943295?mod=past_editions
    3. https://www.nasdaq.com/articles/best-stocks-etf-for-the-trillion-dollar-metaverse-2021-08-16
    4. https://www.equities.com/news/what-is-the-facebook-metaverse-think-of-the-matrix-movie-jeff-kagan
    5. https://about.fb.com/news/2021/10/creating-jobs-europe-metaverse/

    Preventing Scams and Cybercrime

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    Fraudsters and cybercriminals are getting sneakier – sometimes even claiming to be your bank or financial institution. Outsmart scammers with these tips.

    With more than 2 billion people worldwide accessing the internet through smartphones, hackers have never had greater incentive to devise new scams. Getting scammed is an unpleasant experience, but you can be one step ahead.

    For example, you look at your phone and you have a new text message saying it is from your bank or financial institution. The message tells you to click this link and download a new app to secure your identity or customer account. It’s strange because you’ve never received a text from your bank at this number before, and you already have your bank’s app downloaded, or at least you thought?

    STOP! Don’t click that link. There are a number of red flags to watch out for to recognize a phishing attack. Although this trick is commonly employed over email, savvy thieves are now trying to install ransomware or steal your financial or personal information by impersonating a bank, credit card company or service provider by phone calls or even text messages. Phishing is when a fraudster tricks a consumer into providing their personal information through a fake app or website. The site may appear have a copy of your bank’s or another company’s logo and appears legit. So how do you tell it’s not?

  • With increasing number of cases related to cyber frauds or online scams, it’s recommended that you follow these tips to detect a scam by text and protect your identity:
      • Check the number and search for how your bank has texted you in the past. Are they different? Don’t click the link!
      Is this message irregular? If you have not recently conducted business, used your cards or logged into your bank via the app, mobile or desktop, it may feel out of context to be receiving this request. Don’t click it!
      Are they using the right terminology for you and your account? Does your bank refer to you as a member but this text message says “customer.” Don’t click it!

    REMEMBER: Do not download any software or click on unknown links sent to you by email or text! Banks will typically never ask you to download software in an email or while you are on the phone with us..

    Emails

    There are some easy ways to ensure the email is from bank. Bank emails typically include a Security Zone to help you distinguish a legitimate email from a fraudulent one. Here is what to look for to help identify authentic emails:

    • Always hover over the sender’s email address to verify who it is from. Banks will only send emails from an address that clearly indicates it is from your bank.
    • To be effective, you must verify the spelling of your first and last name and the accuracy of the last four digits of your USAA member number every time you receive an email from USAA.

    Phone Calls

    RING, RING, RING

    The caller ID says your bank across the top. It’s not a 1-800 or a 1-877 number, but when you answer, the caller says they are with your bank and now asks for your customer service identification number to verify you. The caller may offer to assist with installing software you need for your financial services … what do you do?

    STOP! Don’t share your personal information before verifying the caller. If your bank is calling you, they typically will never ask for your “customer” identification number, credit card number or other personal information.

    Follow these tips to detect a scam by a phone call and protect your identity:

    • Do not share security or personal data: Your bank will never call you and then ask you for your one-time verification code, PIN, password or other personal identification details.
    • Always realize that you can call your bank to determine if any request for information is valid. When you call us, know that we’ll use the multifactor identification code from your phone to verify you.

    “Grandpa, I need your help. My car won’t start. Please send me money using this app…” OR

    “Hi, how are you? I can’t deposit any money into my bank account because I am deployed. Can you send me some money for my phone card so we can continue talking? I really miss you.”

    STOP! Imposters have many tricks up their sleeves when they are trying to access your information or steal your assets. As discussed above, it could be by impersonating a company through a phone call, email or text, but now they are even trying to contact you on third-party social platforms, like Facebook or Twitter, or through dating apps and sites.

    Follow these tips to avoid a grandparent or romance scam:  

    • Never send money to someone you don’t know in real life, especially using a third-party app like Zelle, CashApp, etc.
    • If someone claims to be a family member, verify with that family member by calling them directly! If you think your grandson needs help, call him or call his parents before sending money unintentionally to a scammer.
    • Do your research. If you are getting to know someone online, make sure you look them up, validate they are who they say they are. Some also claim to not have access to common resources overseas because they are serving, which is often untrue.

    If any of these situations should happen to you, reach out for advice before giving out any personal information. And, if you get a suspicious email, text, instant message or phone call, you can report it to your bank or to the Federal Trade Commission at ftc.gov/complaint.

    If a scam does trip you up in real life, get help! The FBI has an Internet Crime Complaint Center at ic3.gov. You can also report identity theft to the Federal Trade Commission to 1-877-ID-THEFT (84338).

    There are also some easy ways to ensure a text message is from your bank.  Based on your request, many banks may send a one-time code as part of its multi-factor authentication process. If you suspect fraud, you should:

    •  REPORT! Even if you didn’t share personal information or click a questionable link, if you suspect fraud, let us know so we can help prevent it to protect you and other members in the future.
    • If you receive a suspicious call from someone claiming to be your bank and is requesting account information or security credential information, hang up immediately!
    • If you provided any personal identifiable information prior to hanging up, alert your bank.
    • If you did not provide any information, you should still send an email to your bank reporting the phone number or text message and message details. This helps them to actively work to shut down fraudulent callers, sites and emails.

    Imposters can come from the least expected places and they are constantly changing their tactics. That’s why it is so important to always be on alert. While financial institutions can use sophisticated detection processes, they are most effective in fighting fraud when they work together with their customers.

     

    Think Before You Click

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    #ThinkB4UClick

    The global pandemic has tested the online security resilience and vigilance of people world-wide, while at the same time the pandemic is pushing more and more individuals to conduct their daily personal and work lives online.

    Unfortunately, cyber criminals have sought opportunities to create havoc and financial gain in the midst of the chaos caused by the pandemic.

    Since our lives have shifted into the digital dimension, educating the online user on cyber security has become more important than ever before.

    As a result, cyber security has become increasingly important domestically and globally. But we must all remember that cyber security begins with a few basic steps such as: being vigilant, changing your password often and most important… think before you click on or open a link.

    Tips for Securing Your Digital Accounts

    Like keeping our doors locked to keep our homes safe from burglars, keeping our online accounts secure is vital to help protect ourselves from cyber criminals – and passwords are the key.

    Here are some tips to help you keep your accounts safe online.

    1. Choose strong passwords

    The stronger your password is, the more difficult it is to hack your account.

    Create passwords that are at least 15 characters long and include a combination of upper and lower case letters, numbers and symbols if allowed.

    A good way to do this is to create a passphrase – use a sentence that includes unusual words, or words from different languages.

    In addition, always use unique passwords for all your online accounts.

    2. Use a password manager

    A password manager is a convenient way to take care of your passwords.

    Several very good password managers are free and easy to use. It will create strong passwords for you and keep them secure.

    If you’d prefer not to use a password manager, write your passwords into a notebook and keep it in a secure place away from your computer.

    3. Enable Multi-Factor Authentication (MFA)

    Multi-factor authentication (like 2FA) provides an extra layer of security to help protect your accounts.

    It is an electronic authentication method where you need to present two or more pieces of evidence (factors) to confirm your identity and access your account, for example a password and a code that is sent to your mobile phone. Your account cannot be accessed without entering this code.

    4. Do all of the above!

    For extra security, use a password manager that will create strong passwords for you and enable multi-factor authentication when available for your best chance to keep your accounts secure.

    References:

    1. https://cybersecuritymonth.eu/resources/top-tips-for-securing-your-accounts/

    Financial Technology (Fintech)

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    “There are more financial products for more consumers than you could ever imagine.” Fintech Startup Founder

    Fintech, or financial technology, refers to the technological innovation in the design and delivery of financial services and products. The term can apply to any innovation in how companies and people transact business, from the invention of digital money to double-entry bookkeeping. The technology in finance continues to evolve; advancements include the use of Big Data, artificial intelligence (AI), and machine learning to evaluate investment opportunities, optimize portfolios, and mitigate risks.

    Fintech refers to any business that uses technology to enhance or automate financial services and processes. The term encompasses a rapidly growing industry that serves the interests of both consumers and businesses in multiple ways. From mobile banking and insurance to cryptocurrency and investment apps, fintech has a seemingly endless array of applications.

    There are 326 Fintechs, according to one database, from one-stop shops such as PayPal Holdings Inc. and Revolut Ltd. to behind-the-scenes payment processors.

    Fintech companies integrate technologies (like AI, blockchain and data science) into traditional financial sectors to make them safer, faster and more efficient. Fintech is one of the fastest-growing tech sectors, with companies innovating in almost every area of finance; from payments and loans to credit scoring and stock trading.

    “Fintech’s disruptive potential was unleashed in mature markets such as the U.S. only recently, thanks to a confluence of factors: low interest rates, better technology, rising consumer demand, and a more permissive attitude toward nonbank finance”, according to Lionel Laurent, a Bloomberg Opinion Columnist. “Efficiency gains in software have kept products coming.”

    Fintech technology examples include:

    • Crowdfunding Platforms – Crowdfunding platforms allow internet and app users to send or receive money from others on the platform and have allowed individuals or businesses to pool funding from a variety of sources all in the same place. Instead of having to go to a traditional bank for a loan, it is now possible to go straight to investors for support of a project or company. 
    • Blockchain and Cryptocurrency – Cryptocurrency and blockchain are hallmark examples of fintech in action. Cryptocurrency exchanges connect users to buying or selling cryptocurrencies like bitcoin or litecoin. But in addition to crypto, blockchain help reduce fraud by keeping provenance data on the blockchain. And while cryptocurrency and even blockchain have certainly taken parts of the investment world by storm in recent years. 
    • Mobile Payments – It seems as though everyone with a smartphone uses some form of mobile payments. In fact, according to Statista data, the global mobile payment market is on track to surpass $1 trillion in 2019. Using increasingly sophisticated technology, services have emerged that allow consumers to exchange money and payments online or on mobile devices – including popular payment app Venmo. 
    • Insurance – Fintech has even disrupted the insurance industry. In fact, insurtech (as it’s been so-called) has come to include everything from car insurance to home insurance and data protection. Additionally, insurtech startups are increasingly attracting funding. 
    • Robo-Advising and Stock-Trading Apps – Robo-advising has disrupted the asset management sector by providing algorithm-based asset recommendations and portfolio management that have increased efficiency and lowered costs. Since the rise of more advanced technology that can analyze various portfolio options 24/7, financial institutions have adapted to offer online robo-advising services. Perhaps one of the more popular and big innovations in the fintech space has been the development of stock-trading apps. When once investors had to go directly to a stock exchange like the NYSE or Nasdaq, now, investors can buy and sell stocks at the tap of a finger on their mobile device. And with inexpensive and low-minimum apps, investing from anywhere with any budget has never been easier. 
    • Budgeting Apps – One of the most common uses of fintech is budgeting apps for consumers, which have grown exponentially in popularity over the years. Before, consumers had to create their own budgets, gather checks, or navigate excel spreadsheets to keep track of their finances. But after the fintech revolution prompted the development of financial services apps, consumers can easily and efficiently keep track of their income, expenses and other budgeting tools that have revolutionized the way consumers think about their money. Budgeting apps help consumers track their income, monthly payments, expenditures and more – all on their mobile device. 

    With fintech innovations, firms can better meet customer needs and expectations. With clear benefits, fintech is quickly changing the landscape of investment management. Advancements include the use of robo-advisers, Big Data, AI, and machine learning to evaluate investment opportunities, optimize portfolios, and mitigate risks. In the area of financial recordkeeping, blockchain and distributed ledger technology are creating new ways to record, track, and store transactions for financial assets.

    Additionally, artificial intelligence (AI) is having a major impact on the finance industry as part of fintech. AI is being used to analyze investment opportunities, optimize portfolios, and mitigate risks, among many other functions, but the applications go well beyond the investment decision-making process. For example, automated wealth advisers (or “robo-advisers”) may assist investors without the need for a human adviser, or they may be used in combination with a human adviser. The desired outcome is the ability to provide tailored, actionable advice to investors with greater ease of access and at lower cost.

    The annual Forbes Fintech 50 compiles some of the hottest fintech platforms on the market worth noting.

    Fintech is changing the landscape of financial and investment management. At its core, Fintech exist to help companies, business owners and consumers better manage their finances, processes, and lives by utilizing specialized technology, software and algorithms.

    References:

    1. https://www.investopedia.com/terms/f/fintech.asp
    2. https://www.cfainstitute.org/en/research/fintech
    3. https://www.bloomberg.com/news/articles/2021-10-07/fintech-s-explosive-growth-has-regulators-scrambling-lionel-laurent
    4. https://www.thestreet.com/technology/what-is-fintech-14885154
    5. https://www.forbes.com/fintech/2021/#1e6de3bc31a6
    6. https://www.forbes.com/sites/elizahaverstock/2021/06/08/the-future-of-personal-finance-fintech-50-2021/?sh=2ce3aba8710a

    Apple Issues Emergency Security Update

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    Apple released critical software patch to fix latest security vulnerability

    Apple issued an emergency software update to fix a security flaw that researchers said allowed hackers and governments to invisibly spy on Apple users without so much as a click.

    The “zero-click” exploit was discovered by cybersecurity research group Citizen Lab. The researchers said Israeli cybersecurity group NSO Group has been exploiting the software vulnerability since February.

    To install the software fix, ensure your iPhone is plugged in or has at least 50 percent battery life. Then:

    • Go to Settings.
    • Click General.
    • Click Software Update.
    • Click Install Now to update to iOS 14.8.

    Although cyber security experts contend that the retail iPhone, iPad and Mac users generally need not worry, since such attacks are highly targeted, the discovery still alarmed cyber security experts. “Users of mobile and computing platforms need to make checking for security updates a part of their weekly, if not daily routine,” wrote Steve Turner, an analyst at the tech consulting firm Forrester.

    References:

    1. https://www.huffpost.com/entry/cybersecurity-apple-security-update_n_613faff0e4b0628d095f108
    2. https://support.apple.com/en-us/HT201222
    3. https://us-cert.cisa.gov/ncas/current-activity/2021/09/13/apple-releases-security-updates-address-cve-2021-30858-and-cve