Any thoughts? You can join a conversation on Loquat LinkedIn Page and Twitter
Innovation is a crucial aspect of business growth and success. It is a process that involves generating new ideas, products, or services that can help a company stay ahead of the competition. However, it isn’t just about adopting the latest technology or trend. Innovation is about addressing the most pressing business challenges and finding solutions that can provide tangible results that boost the bottom line.
Innovation can take many forms, from introducing new products or services to improving existing ones. It can also involve enhancing internal processes, streamlining operations, and reducing costs. To be truly innovative, companies must be willing to take risks, experiment, and embrace change.
Innovation is essential in today’s fast-paced business environment, where disruptive technologies and market forces can quickly render existing models obsolete. By focusing on innovation, companies can stay ahead of the curve, anticipate future trends, and better serve their customers.
In conclusion, innovation is not just a buzzword; it is a vital component of business success. Companies that prioritize innovation and invest in it will be better equipped to navigate the challenges of the future and thrive in today’s competitive landscape.
In today’s fast-paced business environment, banks need to stay abreast of the latest technological advancements to remain competitive. While a bank’s core technology may have served it well in the past, it may not be suitable for the future.
With the rise of fintech products, banks are being forced to compete in new and innovative ways. This means that banks must be able to adapt quickly to changing market conditions and customer preferences. One way to achieve this is by upgrading their core technology.
Have you heard of DTaaS?
DTaaS is an all-in-one solution that uses advanced technologies like cloud computing, AI, machine learning, big data analytics, and IoT to help businesses transform seamlessly and continuously. DTaaS providers offer a range of services, from consultation to ongoing support, so businesses can implement digital transformation strategies without the need for in-house expertise. This approach helps businesses avoid the common pitfalls of traditional IT projects, such as cost overruns, delays, and failed implementations.
LOQUAT Inc., an innovative financial technology company, developed and operates a proprietary banking as a service platform designed with the small business customer in mind by a world-class team of former banking executives, fraud specialists, technology and digital transformation experts, and business owners.
The end-to-end-platform allows credit unions and community banks to improve or launch a streamlined digital banking functionality aimed at serving small and medium-sized businesses (SMB) from new account onboarding through delivering lending options, while preventing fraud without sacrificing on the user experience.
To learn more about Loquat, visit: www.loquatinc.io
Is your outdated core banking system holding you back? It’s time to consider an upgrade! But before you take the leap, make sure you’re prepared for the future.
Evaluate your current technology infrastructure and explore new technologies like AI and blockchain.
A core upgrade can bring improved efficiency, enhanced customer experience, and increased flexibility. But beware of potential risks and challenges like data migration issues and system downtime.
To ensure success, a core banking upgrade should be part of your overall technology modernization plan. Don’t let an outdated system inhibit your business and operations. Keep up with market changes and stay competitive by upgrading your core banking system. Ask the right questions and make an informed decision that supports your long-term goals.
LOQUAT Inc. entered into a Strategic Partnership with FIS (NYSE:FIS) to enhance and accelerate the delivery of its end-to-end digital small business banking platform to credit unions and community banks.
The Loquat | FIS Partnership will allow financial institutions to expedite and reduce the cost of new customer onboarding including KYC and KYB, streamline information flow, maximize data security, and manage information privacy throughout the entire customer journey.
Find Inspiration this Sunday: Have you ever asked yourself what you’re doing with your life?
Diana Nyad, a record-breaking long-distance swimmer, is here to inspire you to pursue your wildest dreams.
In her TEDMED talk, Nyad shares the story of her most impressive feat yet: attempting to swim from Cuba to Florida at the age of 60. She provides insight into her mental preparation and encourages viewers to chase their own extreme dreams.
Nyad’s talk is both powerful and humorous, leaving you feeling motivated to make the most of your life. So, take a moment to reflect on your own aspirations. What do you want to achieve? Let Nyad’s words inspire you to take action and pursue your biggest goals.
Curious Saturday: Get ready to level up your learning game!
Video games have a natural ability to captivate our attention and track our progress towards specific objectives. Kris Alexander, a video game design expert and avid gamer, believes that these same elements can be harnessed in traditional education to cater to diverse learning styles and engage students worldwide, whether in-person or online.
With their dynamic blend of audio, text, video, and interactivity, video games are a potent tool for intensifying focus. And Kris knows firsthand – he earned his PhD studying the impact of these elements on gameplay. Now, he’s on a mission to bring the power of video games to the classroom and beyond. So, whether you’re a seasoned gamer or a curious learner, get ready to unlock your potential and achieve your goals with the help of video game-inspired education.
Unleash the Power of Community: A New Playbook for Business!
Spreadsheets can only tell us so much. It’s time to shift our focus from numbers to the people who make it all possible. The old playbook for businesses and CEOs is outdated and ineffective. We need a new playbook that prioritizes people and communities.
The future of business is all about community. Let’s stop asking what a community can do for us and start asking what we can do for the community. The most successful businesses are the ones that are deeply rooted in their communities and actively seek ways to help.
Collaboration is key! It’s time to break down the walls and start working with the communities we serve. We need to listen to their needs and work together to achieve success. Are you ready to embrace a new way of doing business that puts people first?
Check out Hamdi Ulukaya’s TED Talk on “The Anti-CEO Playbook” for more inspiration!
Albert Einstein, one of the most brilliant minds in human history, believed that imagination was the key to unlocking the mysteries of the universe. He recognized that imagination was not just a fanciful notion, but a powerful tool that could help us to envision and create the future we desire.
Imagination is the ability to form mental images or concepts that are not present in our immediate surroundings. It allows us to explore new ideas, create new possibilities, and envision a better world.
Our imagination is what drives us to pursue our goals and aspirations, and it is what keeps us motivated and inspired.
Small Business Optimism Index Hits New Low, But Don’t Panic!
The National Federation of Independent Business (NFIB) recently reported that small business optimism has hit its lowest level since 2013. While this may sound concerning, it’s important to remember that sentiment doesn’t always reflect reality.
The good news is that 30% of small businesses reported having all their credit needs met, and 59% were not interested in a loan. Plus, a net 6% of small businesses found their last loan easier to obtain than previous attempts.
So, while the NFIB’s report highlights some challenges, it’s not all doom and gloom. Don’t panic, keep a level head, and remember that sentiment isn’t always a reliable indicator of economic activity.
Don’t wait for the storm to hit!
According to McKinsey, banks can stay ahead of the game during economic uncertainty by developing early warning signals at an industry level. By keeping a close eye on customer behavior, supply chain disruptions, and market demand, banks can proactively mitigate credit risks and maintain financial resilience.
Don’t leave your bank’s success up to chance! By taking a strategic and proactive approach to credit risk management, you can position your bank for long-term success. Don’t let economic uncertainty knock you down – be prepared with early warning signals and stay ahead of the game.
Banks Hit the Brakes on Lending: Are Small Businesses at Risk?
The latest Senior Loan Officer Opinion Survey (SLOOS) conducted by the Federal Reserve has revealed that banks are slamming the brakes on lending, with credit terms becoming more stringent. This trend is particularly evident for small businesses, with almost half of banks surveyed reporting tighter credit conditions than in previous surveys.
What does this mean for the economy? While the survey suggests that demand for loans has declined, it remains to be seen whether this will have a significant impact on the wider financial system. Nonetheless, it is clear that banks are taking steps to manage risk and ensure the stability of the financial system.
Are small businesses at risk? With credit conditions tightening, it may be harder for small businesses to secure the financing they need to grow. Stay tuned for updates on this developing story.
Feel Good Sunday: I’m tired of people telling me to “grind”
They sleep – I grind.. Why?… May be you would not need to grind so much if you sleep at night..
Check out this TED Talk by Pardis Parker on why we need to reevaluate our obsession with grinding and embrace a healthier approach to success. Let’s make self-care a priority and stop glorifying burnout culture.
Curious Saturday – Surf’s Up: The Physics of Catching the Perfect Wave
What’s holding you back from catching the perfect wave? If you’re curious about the physics of surfing, then you’re in for a treat! Join Nick Pizzo as he takes you on an educational and exciting ride on what it takes to catch the ultimate wave.
From weather patterns in the South Pacific to tectonic geology and fluid mechanics, Nick uncovers the science behind the art of surfing. Get ready to be amazed at how much goes into catching that perfect wave!
Don’t miss out on this cool and informative animation that’s sure to make you appreciate the sport of surfing even more. Watch “The Physics of Surfing” now on TED and get ready to hit the waves like a pro!
We believe smallbusinesses are the roots of a diverse society that drives innovation forward, and there should be no barriers or limits to their growth
Small Businesses are the Heart and Soul of our Communities!
Small businesses are the backbone of our society, adding a unique flavor to our neighborhoods that cannot be replicated. Without them, the world would be bland and uninspired, lacking the diversity and vibrancy that makes it so special. These small ventures symbolize the grit and determination of individuals who dared to pursue their dreams and passions.
“The world without small businesses would be a very boring place. Their mere existence makes communities unique and the world more diverse.” – Zarina Tsomaeva, CEO & Founder, LOQUAT Inc.
They offer us a chance to explore new and exciting products and services that are not available from large corporations. By supporting small businesses, we not only sustain our local economies but also invest in the creativity and innovation that propels our society forward.
The “State of AI Report 2022” by Nathan Benaich & Ian Hogarth is a fascinating read, offering insights into the latest developments in Artificial Intelligence. The report aims to spark an informed conversation about the state of AI and its implications for the future.
One of the most intriguing observations in the report is the race for compute power, with companies building computers bigger than national supercomputers. OpenAI CTO, Greg Brockman, believes that whoever has the biggest computer will reap the most benefits.
Overall, the “State of AI Report 2022” is a must-read for anyone interested in the future of AI and its impact on society.
The world is changing rapidly and the traditional methods of predicting outcomes are no longer reliable. Banks need to adapt and develop new metrics that enable them to identify risks and opportunities quickly and efficiently. McKinsey’s guidance on credit risk management highlights the need for forward-looking approaches to navigate economic uncertainty.
LOQUAT Inc., a fintech company, has developed a banking as a service platform that caters to small businesses. The platform is designed by a team of experts in banking, fraud prevention, technology and digital transformation, and business ownership. It provides credit unions and community banks with an end-to-end solution that streamlines digital banking functionality for small and medium-sized businesses. The platform offers new account onboarding, lending options, and fraud prevention without compromising user experience.
To learn more about Loquat and its innovative banking solutions, visit our website at http://www.loquatinc.io
In today’s world, businesses need to keep up with the fast-paced digital landscape to remain competitive. However, transformation is no walk in the park, and there are many factors to consider to ensure success.
One of the most critical factors is innovation from the top. It’s essential for leaders to embrace change and foster a culture of innovation within the organization. Prioritization is also crucial, as businesses need to focus on the most critical areas for transformation. A thriving culture is vital to ensure employees are engaged and committed to the transformation process. Technological flexibility is another critical factor, as it enables businesses to adapt quickly to changing market conditions. Finally, businesses need to balance risk and reward, as transformation involves taking risks, but the rewards can be significant.
At LOQUAT Inc. we understand the challenges of transformation and can help you navigate the process successfully. We offer a range of services, including digital banking, community banks, credit unions, fintech, banks, small business, BaaS, tech, leadership, workforce development, and career coaching. Contact us today to learn more about how we can help you with your transformation journey.
Fun Fact Sunday: How everyday interactions shape your future
As a social psychologist and professor, Mesmin Destin designs experiments illuminating experiences that change how we see ourselves in ways that inspire and support possibilities.
“What if schools and systems that we’re in as we’re growing up supported everyone’s vision and potential?
What if they encourage people to see that there is a path to the goals that they’re working towards and that there are ways that the circumstances of their lives, whatever they may be, are setting them up for success as they see it, building up their identities rather than shrinking them.”
These messages can be backed up by the policies that are necessary to make the financial resources that you need to reach these goals actually available for every kid, without taking on crippling debt.
At LOQUAT Inc. we are driven by social responsibility, transparency, and an inclusive approach. We stand for humanity and financial inclusion.
Learn more about our story: https://lnkd.in/dgMaytDn
LOQUAT Inc. an innovative financial technology company, developed and operates a proprietary banking as a service platform designed with the small business customer in mind by a world-class team of former banking executives, fraud specialists, technology and digital transformation experts, and business owners.
The end-to-end-platform allows credit unions and community banks to improve or launch a streamlined digital banking functionality aimed at serving small and medium-sized businesses (SMBs) from new account onboarding through delivering lending options, while preventing fraud without sacrificing on the user experience.
Learn more about Loquat platform: https://loquatinc.io/
Psychological tests might help companies hire better — but they cannot be used to predict job performance.. at least yet…
“Only 10-15 per cent of companies on the Fortune 500, FTSE 100 and S&P 500 indices did not use some kind of pre-employment testing, according to Chamorro-Premuzic. Yet there is no guarantee such hiring tools work.”
In March more than 1,800 signatories — including Musk, the scientist Gary Marcus and Apple co-founder Steve Wozniak — called for a six-month pause on the development of systems “more powerful” than GPT-4. Few weeks later Elon Mask set up a new company to compete with Open AI.
What is AI Alignment?
In the field of artificial intelligence (AI), AI alignment research aims to steer AI systems towards their designers’ intended goals and interests.
“Alignment is an unsolved research problem. We don’t yet understand how human brains work, so the challenge of understanding how emergent AI “brains” work will be monumental.” Jan Hogarth
At LOQUAT Inc. we are seeing applications of AI far beyond a chatbot. 2022 was pivotal in laying the foundation for what is to come in 2023 and beyond where we have progressed from text-to-image to ChatGPT.
As we explore and try to understand what AI solutions are, it is imperative to understand how it could be implemented in the Financial Institutions to drive performance improvements.
“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 augment approach involves adding financial components sourced externally or from other parts of the enterprise to existing or future financial services offerings.
- The productize approach involves distributing financial components as products to other enterprises.
- The contextualize approach involves addressing specific customer issues or problems that may not align with traditional banking products or services.
- The diversify approach involves distributing nonfinancial components to third parties.
- Developing AI across their enterprises
- Thinking like tech companies
- Improving data practices
- Creating AI factories
- offering services tailored to small business needs
- streamlining digital account opening and onboarding
- providing sophisticated self-service capabilities
- prioritizing payments with a higher level of security and accuracy
- putting financial wellness at the center by providing personalized guidance and messaging.
- AI enables products to personalize the user experience
- AI has a significant potential in enterprise-oriented applications for internal search
- AI can augment or even spark human relationships
- AI can help us connect with people who are no longer around or available
“Digital technology cannot fully replace traditional brick-and-mortar interactions with the customers, but it can enhance and complement them.” – Zarina Tsomaeva, CEO & Founder, LOQUAT Inc.
“Personalization is one of the most sought-after features that SMBs want from financial partners.
– 83% sought convenience from their financial partners– 69% want customer analytics and intelligence
– 65% who are likely to work with a financial advisor to receive the personalized attention they need.”
“A report by the Small Business Association indicated that over 99% of all businesses in the U.S. are small businesses. They create 66% of new jobs and deliver 43% of gross domestic product (GDP). Yet, two-thirds of these business owners feel underserved, misunderstood and unappreciated by their primary bank.” – Credit Union Times.
Happy Easter! Funny Easter from the Loquat team!
- Analytics and Data Integrity
- Data and Information Security
- Researching new technologies
- Going digital and embracing emerging technologies
- Promoting an agile culture
- Evolving alongside the future of work
- Monetizing data and leveraging platforms
- Planning across the entire financial ecosystem
— Executive Alignment and Vision
— Culture and Operational Structure
— Technology and Infrastructure
— Risk-Reward Balance
“Customers highly value proactive service experiences and organizations can provide greater value by shifting to a more predictive service model, which can drive growth for the company and reduce customer effort.” — Minesh Valera, CTO at LOQUAT Inc.
“Within firms, nominal wages are relatively insensitive to local prices. In the absence of national wage setting, wages for national wage setters would vary across establishments by a median of 6.1%, and profits would be 3 to 5% higher.” – Becker Friedman Institute for Economics Finding from University of Chicago Research
This new paper from Becker Friedman Institute for Economics “addresses the issue of minority status and the likelihood of police encounters by reviewing driving data from Lyft records in Florida from August 2017 to August 2020, totaling over 40 billion observations. These data allow the authors to explore whether minority drivers, because they are minorities, are more likely to be stopped and to be issued a citation. To examine this question, the authors focus on citations for speeding.”
Curious Saturday: We ARE our stories..
LOQUAT Inc. is a next-gen BaaS platform, and its modern UI that provides a rich User Experience that exceeds expectations, will help you meet your user demands.
Melissa Fleming: Let’s help refugees thrive, not just survive.
- Since most components of sole proprietorship registration are entirely self-reported by an individual, they require more extensive KYC checks.
- We’ll see more proprietaryAnalytics and identifiers. Many leading KYC startups aggregate hundreds of disparate data sources to provide comprehensive coverage, but few have been able to convert this data into a proprietary identifier.
- The identity verification players can vertically integrate by expanding more broadly into areas like onboarding and credit-related workflows.” – Seema-Amble and Marc Andrusko, Partners, Big Ideas in Tech for 2023 | Andreessen Horowitz
Loquat is constantly innovating.
If you have an idea for small business banking – let’s build it together!
“In 2023 31% of the CEOs see an increasing cybersecurity risk.” – EY Survey “CEO Outlook Pulse”
Curious Saturday – What is Gini index?
Regardless of rampant inflation fears, geopolitical tensions, and on-going pandemic fears, banking CEOs are intent on #transforming their organizations to stay ahead of disruption while guarding against these challenges.
🎉 Happy 2023 🎉 from Loquat!
“Banking technology has made it simple and efficient to invest in good causes.” – Mark Skousen (American Economist)
Merry Christmas 🎄 and Happy Holidays 🎈 from team Loquat!
Loquat’s Non-Traditional lending platform can authenticate, verify, underwrite via Proprietary Scoring Models, and disperse funds via a virtual debit card.
Learn how at: https://loquatinc.io/financial-institutions/
Happy Hanukkah from Team Loquat!
We stand for Humanity, Respect for all, Individual Freedom, Financial Inclusion.
Learn more about our story: https://loquatinc.io/about/
As a research by Harvard Business Review suggests, “gratitude has a profound impact on employees.”
Happy Thanksgiving from Loquat!
- increase retention
- grow revenue
- attract new members
When we ditch our assumptions and embrace the power of storytelling, we can regain our sense of child-like wonder.
An entertaining Ted Talk for your Saturday morning: https://www.ted.com/talks/zach_king_the_trick _to_regaining_your_childlike_wonder
A new study from Juniper Research found that the value of the BaaS industry sits at $11 billion and the next 5 years of growth will be driven by the BaaS providers who offer a user-friendly banking and payments experience, improving relationships between banks and their customers or members.
In hard economic times, it can be easy to lose sight of what is important: how to best serve our customers in times of need.
We agree with Gartner that it starts with creating a customer-centric culture, deploying listening, empathy, and customer engagement, and measuring the progress as we navigate periods of uncertainty.