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June 01, 2023
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.
May 31, 2023
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.
May 30, 2023
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
May 29, 2023
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.
May 28, 2023
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.
https://www.ted.com/talks/diana_nyad_extreme_swimming_with_the_world_s_most_dangerous_jellyfish
May 27, 2023
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.
https://www.ted.com/talks/kris_alexander_how_video_games_can_level_up_the_way_you_learn/c
May 26, 2023
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!
https://www.ted.com/talks/hamdi_ulukaya_the_anti_ceo_playbook
May 25, 2023
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.
May 24, 2023
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.
May 23, 2023
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.
May 22, 2023
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.
May 21, 2023
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.
https://www.ted.com/talks/pardis_parker_i_m_tired_of_people_telling_me_to_grind
May 20, 2023
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!
May 19, 2023
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
May 18, 2023
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.
May 17, 2023
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.
https://oracleblog.org/wp-content/uploads/2023/02/State-of-AI-Report-2022-ONLINE.pdf
May 16, 2023
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
May 15, 2023
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.
https://www.bcg.com/publications/2023/why-the-prioritization-stage-is-key-to-success
May 14, 2023
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.
https://www.ted.com/talks/mesmin_destin_how_everyday_interactions_shape_your_future
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
May 13, 2023
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/
May 12, 2023
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.”
May 11, 2023
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.
May 09, 2023
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
https://www.ft.com/content/03895dc4-a3b7-481e-95cc-336a524f2ac2
May 08, 2023
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.
https://www.ft.com/content/03895dc4-a3b7-481e-95cc-336a524f2ac2
May 07, 2023
Fun Fact Sunday: What if we let algorithms randomize our lives? How random is random?..
In this very cool talk Max Hawkins shares his experience when he let algorithms randomize his life for two years.
The speaker talks about his perfect routine in San Francisco when he was working as a software engineer at Google until he read a research paper on predictive analytics that made him question his choices. He decided to create an app that would randomly choose a place for him to go, taking him out of his comfort zone and into places he would not have gone otherwise. This led to him building several other experiments that involved randomness, such as a random YouTube video generator, random diet club, and a random Facebook event generator.
May 06, 2023
Curious Saturday: Architecture that repairs itself?
Venice is sinking. To save it, Rachel Armstrong says we need to outgrow architecture made of inert materials and, well, make architecture that grows itself.
The speaker talks about the importance of sustainable architecture and the use of metabolic materials to connect buildings with nature. She explains that her team is working on creating these materials from scratch, and they are interested in protocells, which are living-like chemical batteries.
The speaker believes in bottom-up construction approaches and gives examples of metabolic materials used in ancient times. He shows an example of how protocell technology could be used to sustainably reclaim Venice by growing a limestone reef underneath the city.
May 05, 2023
When thinking about jobs and tasks we try to understand the critical drivers of productivity and performance for different roles. We want to make sure that these hybrid arrangements are also able to drive the company’s success and support its culture.
May 04, 2023
“Ignoring technological change in a financial system based upon technology is like a mouse starving to death because someone moved their cheese.” – Chris Skinner
May 03, 2023
42% of banks place a high priority on collaborating with non-banking startups to provide new products and services. https://emtemp.gcom.cloud/ngw/globalassets/en/doc/documents/769256-embedded-finance-is-driving-innovation-and-differentiation-in-banking.pdf
By working together and successfully leveraging each other resources, two businesses will thrive in meeting and exceeding their customer expectations.
Learn more at: https://loquatinc.io/financial-institutions/
May 02, 2023
Tools serving small businesses will be a killer use case for generative AI. There are 32 million small businesses in the U.S., and they represent more than half of net new jobs created since 2000. They play a crucial role in our economy, but they’re often short-staffed and overwhelmed, especially given recent labor shortages.
Most of these businesses operate entirely online, which makes it easy for them to integrate AI tools into many parts of their workflow. And in a world of rising customer acquisition costs, brands are eager to try products that might help them lower costs, convert more shoppers, and increase retention.
LOQUAT Inc., a banking-as-a-service (BaaS) platform, is a next-generation multi-cloud hybrid architecture that allows for streamlined customer journeys and faster innovation of new products for financial institutions.
May 01, 2023
Consumer Financial Protection Bureau(CFPB) Finalizes Rule to Create a New Data Set on Small Business Lending in America.
The new rule aims to achieve several goals, including providing a comprehensive view of small business lending and covering diverse forms of credit by all types of lenders. The rule will use straightforward definitions and streamlined forms to make it easy for lenders to collect data from small business credit applicants, and it will phase in implementation for the largest lenders first.
Under the rule, small businesses will be able to self-identify as women-, minority-, or LGBTQI+-owned, and loan officers will not be required to make their own determinations of an applicant’s race, ethnicity, or any other demographic information. The rule also reduces duplicative reporting requirements and allows for the use of new digital tools developed by industry and technology partners.
The CFPB intends to issue a supplementary proposal that would provide additional implementation time for small lenders that have demonstrated high levels of success in serving their local communities, as measured by their performance under relevant frameworks like the Community Reinvestment Act and similar state laws.
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.
Loquat platform is built on three pillars: DataPrivacy and InformationSecurity, Transparency, and Simplicity. We use AI and ML technologies to remove biases that exist within the financial industry.
Learn more about Loquat platform: https://loquatinc.io/
April 30, 2023
Fun Fact Sunday: Does AI actually understand us — sometimes we attribute more intelligence than might actually be there…
«We are meaning-making humans, and we are going to continue to look for meaning and interpret the world around us. And we will need to remember that if we only look at the input and output of AI, it’s very easy to be fooled. We need to get inside of the metaphorical room of AI in order to see what’s happening. It’s what’s inside that counts.» – Alona Fysher
April 29, 2023
Curious Saturday: Where do all the myths about the Middle Ages come from?
Medieval Europe. Where unbathed, sword-wielding knights ate rotten meat, thought the Earth was flat, defended chastity-belt wearing maidens, and tortured their foes with grisly gadgets. Except… this is more fiction than fact. So, where do all the myths about the Middle Ages come from? And what were they actually like? Stephanie Honchell Smith debunks common misconceptions about the time period.
«Ideas about the Middle Ages have varied depending on the interest of those in later times.»
April 28, 2023
Publicis Sapient hosted female leaders from major financial institutions to discuss the importance of diversity, inclusion, and a consumer-first approach in the future of investing.
The participants stressed that diverse teams are a competitive advantage, but inclusion is also important. Understanding clients’ needs and having empathy is critical to driving innovation and tailoring services to unique client needs. Empathy is also an essential leadership tool for guiding the next generation of financial services professionals.
Leaders need to practice self-reflection, and employees looking to grow into leadership positions must speak up about their career ambitions. https://www.publicissapient.com/insights/diversity-and-empathy-in-financial-services
and an inclusive approach. We stand for humanity and financial inclusion.
Learn more about our story: https://lnkd.in/dgMaytDn
April 27, 2023
Gartner has developed a framework for embedded finance that includes four strategy approaches: augment, productize, contextualize, and diversify.
- 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.
The framework can be used by CIOs from all types of banks to develop insight and envision fundamental changes to the business model. Real-world examples are provided in Gartner’s Embedded Finance Use Cases for Your Digital Transformation.
April 26, 2023
«Sixty-two percent of banks said they viewed creating new products and services in partnerships with fintech operators within the banking industry as a high priority.» – Gartner https://emtemp.gcom.cloud/ngw/globalassets/en/doc/documents/769256-embedded-finance-is-driving-innovation-and-differentiation-in-banking.pdf
By working together and successfully leveraging each other resources, two businesses will thrive in meeting and exceeding their customer expectations.
April 25, 2023
What is a platform?
Alan Ravy from Publicis Sapient describes it as «not just flexible data and technology…; it must also provide useful functions/services, third-party access and governance, the right business strategy, and product assortment and support for producers and consumers.»
Platform product teams need to consider value generation for both producers and consumers, increasing the number of stakeholders.
Established enterprises need to shift to a platform model to adapt to digital disruption, which can be complex due to the many existing stakeholders and product capabilities across their value chain. The article recommends that companies invest in collaborative, creative, long-term, holistic thinking and be mutually incentivized around a clear vision. Finally, the article encourages companies to design for the uncertainty of tomorrow by understanding their customers and investing in what will not change.
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/
April 24, 2023
4 Ways Banks can successfully implement AI to protect their market share:
- Developing AI across their enterprises
- Thinking like tech companies
- Improving data practices
- Creating AI factories
LOQUAT Inc., a banking-as-a-service (BaaS) platform, is a next-generation multi-cloud hybrid architecture that allows for streamlined customer journeys and faster innovation of new products for financial institutions.
April 23, 2023
Fun Fact Sunday: How horses have changed history?
Horses have been an integral part of human history for thousands of years, from their evolution in North America to their domestication on the western Eurasian steppe around 2,000 BCE.
Cavalry appeared in combat around 1000 BCE, and riding technologies like stirrups were spread by steppe horsemen between the 4th and 8th centuries CE. The Mongol Empire relied heavily on the well-being of their horses, and equestrian empires eventually spread to the south of the Sahara.
Horses were reintroduced to the Americas by the Spanish in the 16th century and were spread around the globe through colonization and trade, but issues of hygiene and animal welfare emerged.
Nevertheless, people continue to maintain their relationships with horses today.
April 22, 2023
The speaker, a self-proclaimed «body architect» explores how technology can transform the human body through various experiments, collaborations, and projects.
They discuss their work at Philips Electronics, their obsession with blurring the perimeter of the body, and their collaboration with Swedish pop star Robyn. The speaker also explores the idea of merging biology with technology and creating a swallowable perfume that redefines the role of skin.
They conclude by stating that they feel they have just begun and have a limitless platform for discovery.
April 21, 2023
What Gen-Z Wants: How To Appeal To This Dynamic Workforce:
The dismissive language used by older generations towards Gen-Z can harm companies’ ability to attract and retain digital-native talent. Gen-Z values innovation, flexibility, and creativity and may prefer a sports team analogy over traditional corporate language. Companies must adapt to these expectations and offer incentives, creative space, and a sense of ownership to retain Gen-Z employees. Gen-Z seeks career advice on TikTok and desires a work-life balance, but companies should still set boundaries. Failure to adapt to Gen-Z’s preferences may result in losing talent to start-ups.
“The rate of change has been staggering… we are no longer walking, we are running at 1,000 miles an hour and the normal of today is going to be obsolete tomorrow. That ability to be flexible, agile and open to change is the only way to succeed.” https://www.oliverwyman.com/our-expertise/insights/2022/oct/what-gen-z-wants-how-to-appeal-to-this-dynamic-workforce.html
LOQUAT Inc., a banking-as-a-service (BaaS) platform, is designed for the future by keeping in mind what Gen-Z wants. Our platform is flexible and agile to accommodate the changes ahead of us.
Learn more about the Loquat platform at: https://loquatinc.io/
April 20, 2023
Small businesses remain underserved by financial institutions, especially in terms of digital capabilities.
“Credit unions that prioritize small businesses’ needs and provide the digital, self-service capabilities they need to succeed will be well positioned to deepen and grow member relationships.” – https://www.cutimes.com/2022/11/18/5-steps-for-credit-unions-to-better-serve-small-businesses/
5 ways Credit Unions can step up and better serve small business members:
- 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.
April 19, 2023
We believe that technology will never fully replace human connection – it will just assist us to live better.
According to Andreessen Horowitz paper “Generative AI: The Next Consumer Platform”
- 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
April 18, 2023
What we have learned from Bain on Technology Trends to watch in 2023, Identity Verification and Fraud continues to be a critical area of concern for Financial Institutions and customers. Web3 can no longer be ignored. It has sizable funding and clear targets to disrupt.
“Enabled by digital identity and powered by blockchain technologies, the Internet’s third iteration is more open and decentralized – ushering in an entirely new digital economy.”
At Loquat, we are in a constant search of HOW we can make our customer’s journey a personal, pleasant and up-to-date experience. We believe in the future of Web3 and its chance to democratize the online experience, and enable users to reclaim control of their data.
April 17, 2023
Digital banking is likely to continue evolving and transforming the financial industry in the years to come, as technology continues to advance and customer expectations change.
By 2025, digital banking is expected to see increased use of artificial intelligence and machine learning, greater adoption of blockchain technology, more widespread use of mobile banking apps and contactless payment options, the integration of digital assistants and chatbots, and the expansion of open banking initiatives. These changes will likely transform the financial industry as technology advances and customer expectations change.
April 16, 2023
Fun Fact Sunday: What happens to gas stations when the world goes electric?
In this TED Talk, Emily Grubert, an energy researcher and analyst, highlights the importance of having a clear plan for phasing out fossil fuel infrastructure while transitioning to clean energy to achieve international climate goals. She stresses the need for community-led projects and deadlines for fossil asset retirements to protect underserved communities from the disproportionate harm caused by unregulated disappearance of fossil fuel infrastructure.
“Planning the transition is an ethical responsibility that takes time, but also creates opportunities to implement a just and sustainable future that corrects the harms of the past. Collaboration and a laser-like focus on ensuring people have what we need to succeed through this transition will be critical, particularly as the transition collides with climate tragedies.”
April 15, 2023
Curious Saturday: When should you quit Social Media?
In this great TED Talk, Cal Newport, a millennial computer scientist, who has never had a social media account, believes that he is better off without it and wants to convince others to feel the same.
Newport addresses common objections he hears about quitting social media, including that it is a fundamental technology and necessary for success in the 21st century economy. He refutes these objections, saying that “social media is just a source of entertainment” and is somewhat unsavory when examined closely.
He also argues that success in the modern economy is based on skills and expertise rather than social media presence. https://www.ted.com/talks/cal_newport_why_you_should_quit_social_media
Do you agree?
April 14, 2023
Generation Z, referred to as the “New Greatest Generation,” in combating global warming, inequality, political and social unrest. This generation is the most diverse, educated, digitally adept, and nonconformist in history.
“Gen Z” have demonstrated resilience in the face of adversity and are a powerful force of activists. Accounting for 25% of the global population, Gen Zers are poised to make up 27% of the workforce by 2025, wielding a purchasing power of $7 trillion.
“Born between 1997 and 2012, Gen Z represents 25% of the world’s population, $7 trillion or more in purchasing influence, and will comprise 27% of the workforce by 2025. Gen Zers are empathetic, pragmatic, cynical, resourceful, self-protective, and wise beyond their years.” – Oliver Wyman
Gen Z faces challenges in social skills, detecting misinformation, and learning from mistakes. Ultimately, Gen Z has the potential to shape the future in unprecedented ways.
April 13, 2023
Hybrid approach to banking: Digital & Brick-and-Mortar
Financial Institutions must consider the challenge and opportunity of satisfying the needs of all customers while achieving transformation.
Although many customers prefer digital technology, some still value the convenience of having a brick-and-mortar branch nearby, especially for critical financial matters like personal loans and mortgages.
“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.
LOQUAT Inc., a banking-as-a-service (BaaS) platform, allows small businesses to bank the way they want – on the phone, on a laptop, or in the branch – providing easy user experience making banking a breeze.
Learn how: https://loquatinc.io/small-business/
April 12, 2023
Small businesses in the U.S. represent 99.9% of all businesses, with 32.5 million operating as of 2021.
The pandemic has led to an increase in self-employment, providing an opportunity for banks to offer digital support. SMBs seek digital banking features that streamline and personalize services, with payment innovations, digital cash management tools, and embedded finance being among the leading solutions they seek.
“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.”
However, traditional banks are mostly coming up short in providing comprehensive financial advice to SMBs. FIs must provide appropriate digital support for SMBs’ needs to avoid losing them to FinTech or Big Tech.
Schedule a demo today to learn HOW, LOQUAT Inc., a banking-as-a-service (#BaaS) platform, can help: https://loquatinc.io/demo/
April 11, 2023
Credit unions can offer small businesses an advantage over traditional banks and online lenders due to their community-oriented focus, local market knowledge, and ability to offer lower fees and competitive loan interest rates.
Despite accounting for 99% of businesses in the US, small business owners feel underserved and are increasingly looking for access to cash.
“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.
Credit unions can leverage their strengths to better serve small businesses, which comprise the backbone of the economy and reflect its diversity.
Learn HOW LOQUAT Inc. can help to make financial institutions more innovative and successful: https://loquatinc.io/
April 10, 2023
Small and midsize businesses are reviewing their finances as the collapse of banks such as Silicon Valley Bank and Signature Bank has created uncertainty. Business owners are moving their cash to other institutions, splitting it between multiple banks, putting it into money-market funds, or purchasing Treasuries.
“The recent banking-industry turmoil is particularly challenging for small businesses that typically do not have large finance teams or sophisticated cash-management strategies. Some small businesses are not taking any action, while others are scrutinizing relationships and habits they took for granted.” – LOQUAT Inc.
April 09, 2023
Happy Easter! Funny Easter from the Loquat team!
April 08, 2023
Curious Saturday: How do you measure the best country to live in?
In this TED Lesson Worth Sharing, the author presents limitations on solely using GDP as a measure of a country’s well-being and highlights alternative metrics, such as Gross National Happiness, the United Nations’ Human Development Index, and the Sustainable Development Index.
The video argues that a dashboard approach, which considers multiple factors, is more effective in measuring a country’s quality of life. Factors such as importance of personal values and beliefs.
Share your thoughts in the comment.
April 07, 2023
Loquat, an innovative financial technology company, developed and operates a proprietary banking-as-a-service (BaaS) 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.
Learn more about Loquat: https://loquatinc.io/about/
April 06, 2023
Modern core banking propositions can enable traditional banks to better compete with non-bank providers and neobanks.
While legacy core banking systems are secure, they lack the ability to respond to customers in real-time or integrate easily with new applications and ecosystems.
“The first incumbent bank to successfully transition to a next-generation embedded banking system will have a significant competitive advantage.” – Minesh Valera, CTO & CISO at Loquat Inc.
LOQUAT Inc., a banking-as-a-service (BaaS) platform, is a next-generation multi-cloud hybrid architecture that allows for streamlined customer journeys and faster innovation of new products for financial institutions.
Request a demo today and learn HOW: https://loquatinc.io/demo/
April 05, 2023
More customers are turning to online banking, but banks must balance security and usability to prevent customer frustration and cybercrime. KYC regulations require due diligence on every new customer, but traditional verification methods may hinder user experience.
LOQUAT Inc., a banking-as-a-service (BaaS) platform, provides a solution by ensuring the highest levels of security, while offering a simple user experience.
Learn more how LOQUAT Inc. can be part of your technical ecosystem: https://loquatinc.io/financial-institutions/
April 04, 2023
What is the future of Digital Banking?
The future of digital banking is rapidly evolving due to changes in consumer behavior, new technologies, and shifts in business models. Banks must implement strategies to stay ahead of the curve and be prepared for banking in 2023 and beyond.
Key trends changing the face of banking include:
- 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
These trends require financial institutions to invest in digital transformation initiatives, optimize their products and services, and cooperate with other players in the ecosystem to serve customers better.
April 03, 2023
Benefits of Digital Identification: Financial Inclusion for All
Digital ID can offer non-economic value to individuals through social and political inclusion, rights protection, and transparency.
The potential economic impact of digital identification (digital ID) through its ability to unlock access to critical services such as banking and government benefits.
Digital ID has a potential for inclusive growth, but careful system design and government policies are needed to promote uptake and mitigate risks.
At LOQUAT Inc., we are driven by social responsibility, transparency, and an inclusive approach. We believe that small businesses are the roots of a diverse society that drives #innovation forward, and there should be no barriers or limits to their growth.
Learn more about our story: https://lnkd.in/dgMaytDn
April 02, 2023
Developing AI systems that are more human-compatible could unlock its potential to solve global issues by aligning with human values and goals. Ultimately, steering the direction of AI development towards human compatibility is up to us.
View the video and tell us what you think: https://www.ted.com/talks/ted_ed_how_will_ai_change_the_world
April 01, 2023
Curious Saturday: Do you believe in climate “doom-ism” or “optimism”?
Climate doom-ism is hindering the fight against climate change as much as climate denialism, according to activist Zahra Biabani. She believes that climate optimism is crucial for those fighting climate change, as it gives hope and sustains their efforts towards sustainability.
Climate optimism is not for everyone, but it is particularly important for those who are part-time activists or marginalized communities in the Global South. Biabani emphasizes the urgency of climate optimism, as it empowers individuals to make positive changes and avoids relinquishing power to the entities that have caused the climate crisis.
“Climate optimism is a framework based on the idea that despite the bleak projections and the high stakes, we can restore our planet back to health, and in doing so, protect all that inhabit it.” – Zahra Biabani
March 31, 2023
Digital transformation is not only about upgrading technology or software, but also about an organization’s adaptability and flexibility.
To keep up with the changes brought about by digital transformation, banks and credit unions need a digital culture embedded in their organizational values.
March 30, 2023
“Next chapter of the drama moves from interest rate risks to credit woes.
Small and medium-sized banks in the U.S. are facing three interrelated issues:
– A deposit flight
– An eroding business model
– A credit crunch” – https://www.ft.com/content/bb4774dc-0ef0-42c6-9390-20e23809104b
The deposit issue has arisen because the Federal Deposit Insurance Corporation (FDIC) mandate only protects deposits up to $250,000, leading customers to move funds to too-big-to-fail giants, resulting in a flight from smaller banks.
Customers are also moving their money from low-yielding bank accounts to the money market funds, leading to banks losing abundant cheap funding.
As funding costs rise, banks will cut loans.
March 29, 2023
Digital ID technology has both, positive and negative impacts. It provides benefits to consumers, workers, microenterprises, taxpayers and beneficiaries, civically engaged individuals, and asset owners. It can also help financially excluded individuals to access financial services and simplify e-government services.
“Institutions can benefit from Digital ID technology from improved customer registration and reduced payroll fraud, which could save up to 110 billion hours (up to $1.6 trillion) globally.” – McKinsey Global Institute, Digital Identification
March 28, 2023
Banking-as-a-Service (BaaS) experienced a significant investment during the fintech boom, leading to some companies achieving unicorn status.
“The global BaaS landscape is going to change this year, but the need for BaaS services is not going away — the idea of embedded finance which these companies facilitate, has taken hold. People now want to be able to access financial services wherever the need arises.” – Forbes – https://www.forbes.com/sites/sarahkocianski/2023/02/27/banking-as-a-service-is-under-fire—whats-next-for-fintechs-hottest-segment/?sh=60397dc35177
LOQUAT Inc., SOC2 compliant banking-as-a-service platform (BaaS), takes AML, fraud, and compliance seriously. Learn more at: https://loquatinc.io/
March 27, 2023
Why Banking is not one-size-fits-all?
Banks and financial institutions need to customize their services to make sure they fit their customers’ unique financial needs, goals, and situations.
Different customers require different types of banking services, such as basic checking accounts, high-interest savings accounts, lines of credit, or specialized services.
LOQUAT Inc., a banking-as-a-service (BaaS) platform, can with help the diverse needs of customers, allowing banks and financial institutions to offer a range of products and services with varying fees, features, and requirements.
March 26, 2023
Fun Fact Sunday: Does being rich makes you a legend?
In his lively stand-up comedy routine, Pardis Parker exposes a sobering reality: having wealth won’t guarantee your legendary status.
Parker hilariously ridicules society’s fixation on billionaires and suggests an alternative path to leaving a lasting legacy.
March 25, 2023
Curious Saturday: Is it possible to keep human bias out of AI?
In this TED Conferences Kriti Sharma, a technologist, discusses how AI algorithms frequently make crucial decisions about individuals, such as job interviews and car insurance rates.
However, if these machines are created with human biases, it raises concerns. Sharma explains how the lack of diversity in tech is influencing AI and suggests three methods to develop more ethical algorithms.
March 24, 2023
According to PaymentsJournal, the shift to digital banking has led to the closure of over 3,000 physical bank branches in the US over the past year, with more closures expected in 2023. https://www.paymentsjournal.com/what-bank-branches-can-learn-from-retailers/
Banks need to adapt and leverage technology to meet changing consumer expectations and stay competitive. Banks can learn from successful retailers like Apple and adopt an omni channel approach, using tracking and customer identification technology to personalize the banking experience for customers.
Banks can also leverage digital tools like interactive kiosks and transform branches into financialLiteracy centers to build relationships with the community and differentiate themselves.
LOQUAT Inc. was founded with a passion to connect local financial institutions with small businesses who need a fast, secure and convenient digitalBanking experience.
March 23, 2023
Banks need to #transform for the future, but many are approaching it as a means of survival rather than an opportunity, hindering real action.
“Successful transformation requires innovating from the top, building a thriving culture, achieving technological flexibility, and balancing risk and reward.” – Zarina Tsomaeva, CEO & Founder at LOQUAT Inc.
Banks need to develop their own strategies for transformation, remembering to think positively and proactively about it as an avenue to compete.
March 22, 2023
Are You Gen Z Ready?
“They know what they want, and they’ll only do business with organizations that deliver it. So how do businesses rise to Gen Z challenge?” – Publicis Sapient https://www.publicissapient.com/insights/gen-z-what-do-they-want-from-their-banks
Gen Z, the demographic born between 1997 and 2012, presents a real challenge for banks due to their unique characteristics as true digital natives.
Banks need to create new strategies that consider Gen Z’s earning patterns, tech sophistication, social justice concerns, shorter attention span, interest in finance, and curiosity about digital assets and crypto.
Banks will need to evaluate credit worthiness differently for Gen Z and find new ways to engage with them through personalized end-to-end customer journey experiences, immersive technology, and education. Gen Z represents a new ball game for banks, and those who can adapt and engage with them effectively will gain a competitive advantage.
March 21, 2023
The financial industry needs to use its financial data to drive revenue growth, enhance customer experience, innovate, launch new products, and expand into new markets.
To achieve this, it’s crucial to analyze real-time data, especially for detecting fraud, predicting credit risk, and providing personalized services.
A modern data architecture is required to process and analyze large amounts of data in real-time, and technologies such as graph analytics and document data stores can help with fraud detection and data analysis.
LOQUAT Inc.‘s modern data architecture can help #financialInstitutions manage large volumes of data while improving the customer experience and profitability.
March 20, 2023
How to be Innovative in Banking?
Here are four key areas to focus on:
— Executive Alignment and Vision
— Culture and Operational Structure
— Technology and Infrastructure
— Risk-Reward Balance
Most of the financial institutions share similar traits, including the ability to rally stakeholders, communicate their vision clearly, build a supportive organization, use technology creatively and thoughtfully, and differentiate between perceived and actual risk.
Learn HOW LOQUAT Inc. can help to make financial institutions more innovative and successful: https://loquatinc.io/
March 19, 2023
Fun Fact Sunday: How Human Are you?
In this talk, Chuck Nice discusses how future technology can have unintended consequences, using social media as an example.
Social Media was meant to bring people together, but instead has made people more connected to their devices and given rise to online trolls.
“Technology isn’t scary. Never has been and it never will be. What’s scary is us and what we will do with technology. Will we allow it to expose our humanity, showing our true selves and reinforcing the fact that we are indeed our brother’s keeper? Or will we allow it to reveal our deepest, darkest demons?”
March 18, 2023
Curious Saturday: Why we need to imagine different futures
In an eye-opening TED talk, Anab Jain highlights how she creates immersive experiences that enable people to interact with the future.
Jain raises important questions about the kind of world we want to live in, and her projects emphasize the importance of advocating for the future we desire. Her talk provides a glimpse into potential futures that will provoke thought.
Watch the talk at: https://www.ted.com/talks/anab_jain_why_we_need_to_imagine_different_futures
March 17, 2023
Recipe for successful transformation in Banking:
Transformation involves making changes to your business, operations, technology, and other aspects to reach a point where your business can support any desired action.
This is becoming increasingly necessary due to the fast-paced and highly competitive business environment. However, the abundance of options and paths to transformation can overwhelm decision-makers, leading to “analysis paralysis”.
March 16, 2023
Silicon Valley Bank (SVB)’s fallout is not a fraud, its bad managerial decisions combined with a run on the bank.
The ongoing SVB crisis identified common risk management failures in banks and hedge funds, such as excessive risk-taking, insufficient diversification, and lax adherence to rules.
SVB’s specific issues included:
– A concentrated exposure to VC backed tech startups
– Poor diversification
– Inadequate hedging
– Failure to mark assets to market
– Weak risk management oversight
– Clients with close connections
– Proximity to regulatory asset thresholds
“There is no point for a “blame game”. Now it’s time to learn from the mistakes that lead to the fallout — for the regulators to be more proactive, for the banks executives to stick to the rules; and for the banks governing bodies to provide a proper oversight of the management they hired.” – Zarina Tsomaeva, CEO & Founder, LOQUAT Inc.
“LOQUAT Inc., a banking-as-a-service (BaaS) platform, operating model is unparalleled – focusing on establishing a strong and stable diversified network of strategicPartners from day one. This network is inherently stable due to its risk mitigation model being at its core.” – Minesh Valera, CTO & CISO, LOQUAT Inc.
Learn how LOQUAT Inc. can offer greater flexibility and innovation in financial services, while still ensuring the safety and soundness of your financial system: https://loquatinc.io/
March 15, 2023
Customers are not only interested in proactive service but are also willing to pay for it.
Those who consider proactive service significant are 30% more likely to pay a premium for it than those who do not consider it important.
March 14, 2023
Are your competitors who are focused on your market positioning themselves to challenge your business?
To develop a profitable service business, Harvard Business School‘s Frances Frei recommends a four-element approach involving designing the offering, managing employees and customers, and finding a funding mechanism.
The article argues that management tools and techniques designed for product companies are not enough for success in service businesses. Successful service businesses successfully integrate these elements and can defend against upstart competition by optimizing service models across multiple niches.
“The important difference in successful multifocused firms is that they formalize the process, designing very explicit ways of leveraging experience across service models.” https://hbr.org/2008/04/the-four-things-a-service-business-must-get-right
March 13, 2023
“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.
March 12, 2023
Fun Fact Sunday: The happy secret to better work
Is it possible that we have been approaching happiness and productivity in the wrong way? In his entertaining and dynamic presentation, psychologist Shawn Achor suggests that rather than working hard to achieve happiness, happiness itself can lead to greater productivity.
“If happiness is on the opposite side of success, your brain never gets there.”
“We’re finding it’s not necessarily the reality that shapes us, but the lens through which your brain views the world that shapes your reality. And if we can change the lens, not only can we change your happiness, we can change every single educational and business outcome at the same time.”
“What we found is that only 25% of job successes are predicted by I.Q. 75% of job successes are predicted by your optimism levels, your social support, and your ability to see stress as a challenge instead of as a threat.”
March 11, 2023
Curious Saturday: The Smartphone Hostage
In an interesting TED Talk, Robin Grebing, Ed.D. explains the truth behind our technology addictions. Robin’s research-based presentation on how the smartphone industry is counting on us to take a bite has resulted in many of us becoming addicted.
“Perhaps our insatiable craving for consuming technology is driven more by its components than our own desires.”
March 10, 2023
Unprecedented results for individuals and businesses are being brought about by emerging technologies, which are providing people with more control than ever before.
Through artificial intelligence (AI), individuals can unleash their innate creativity, Web3 offers the possibility of helping to shape the brands they are passionate about, and tokenization is poised to give them complete control over their personal data.
Although these changes in control may appear to be minor, they will have a significant impact on the overall power dynamics. Business leaders must consider:
– How much information are customers willing to provide to brands?
– How will brands establish trust and utilize new technologies to foster growth?
“As people internalize instability as a norm, they will evolve into new versions of themselves. The by-product of that evolution will be the generation of products and services that are defined by their choices.” – https://www.accenture.com/us-en/insights/song/accenture-life-trends?c=acn_glb_lifetrends2023google_13340110
“Building a community will be essential to growing a customer base. In an unstable world, people seek out places where they feel they belong. As a result, next-gen brands will be built as communities first, reshaping loyalty and brand participation.”
March 09, 2023
Do you know your customers? Do you know the challenges they are facing?
March 08, 2023
According to Fair Isaac Corporation (FICO) , a leading provider of credit scores, 28 million Americans have files with insufficient data to generate credit scores and 25 million Americans have no credit file at all.
“The beneficiaries of fintech underwriting models are low-credit score borrowers who would otherwise likely be denied credit under traditional underwriting models or subjected to high interest rates. Low-credit score individuals able to access credit also exhibit a much lower probability of defaulting on other liabilities, such as credit cards, and are often able to subsequently improve their credit scores, affording greater access to credit from traditional lending sources.”- https://www.nber.org/papers/w29840
March 07, 2023
Why is it important to disrupt traditional lending approach by leveraging alternative data sources:
Adding alternative data sources to the mix helps to increase fair, equitable, nondiscriminatory access to credit, particularly for those limited by their credit history or lack thereof.
Disrupting traditional lending models can also lead to the development of new products and services that better meet the needs of borrowers. By embracing new technologies and innovative approaches, lenders can create more personalized and customized lending solutions that align with the unique needs and circumstances of individual borrowers.
Using alternative data sources in #lending can improve credit access, accuracy, risk assessment, and efficiency, making it an essential component of modern lending practices.
March 06, 2023
“Customer service. Customer care. Customer support. No matter what you call it, how can you transform service interactions into an opportunity for shared value creation?” – https://www.accenture.com/content/dam/accenture/final/a-com-migration/custom/_acnmedia/pdf-173/Accenture-End-to-Endless-Customer-Service.pdf
Customer Service has traditionally been siloed and focused on efficiency, prioritizing the resolution of issues and answering queries at minimal cost. As a result, it has been relegated to a maintenance function, serving as a reactive and transactional aspect of the end-to-end customer journey. This approach has typically been viewed as a necessary cost of doing business rather than a catalyst for business growth.
While many companies have invested in enhancing their digital capabilities, including AI, automation, and self-service options, their primary goal has been to deliver faster, more flexible, and less expensive service.
March 05, 2023
Fun Fact Sunday: Inside the mind of a master procrastinator
Tim Urban knows that procrastination doesn’t make sense, but he’s never been able to shake his habit of waiting until the last minute to get things done. In this hilarious and insightful talk, Urban takes us on a journey through YouTube binges, Wikipedia rabbit holes and bouts of staring out the window — and encourages us to think harder about what we’re really procrastinating on, before we run out of time.
March 04, 2023
Curious Saturday: The case for a 4-day work week.
Do you know what fits your company?
The traditional approach to work needs a redesign, says economist Juliet Schor. She’s leading four day week trials in countries like the US and Ireland, and the results so far have been overwhelmingly positive: from increased employer satisfaction and customer satisfaction to revenue growth and lower turnover.
Making the case for a four-day, 32-hour work week (with five days of pay), Schor explains how this model for the future of work could address major challenges like burnout and the climate crisis — and shares how companies and governments could work together to make it a reality.
March 03, 2023
We believe small businesses are the roots of a diverse society that drives innovation forward, and there should be no barriers or limits to their growth.
Learn more about our story: https://lnkd.in/dgMaytDn
March 02, 2023
By working together and successfully leveraging each other resources, two businesses will thrive in meeting and exceeding their customer expectations.
March 01, 2023
Many traditional banks face stagnant or decreased revenue and profits.
The average global banking ROE was around 9.5 percent in 2021 — a significant recovery from 6 percent in 2020, but a sharp decline from 15 percent prior to the 2008 crisis.
Banking stocks trade at an accelerating discount to other industries — from a 15% percent discount in 2000 to a 70% discount in 2022.
This means that global investors are voting with trillions of dollars against the future profitability and sustainability of the existing business model of universal banks.
LOQUAT Inc., a banking-as-a-service (BaaS) platform, provide a seamless end-to-end digital customer experience. The platform provides small businesses access to their accounts, make transactions, and receive customer support through their mobile devices and computers.
Learn how at https://loquatinc.io/small-business/
February 28, 2023
Why banks should partner with BaaS providers:
Cost Savings: Partnering with a BaaS provider can help banks reduce their costs by eliminating the need to build or maintain their own banking infrastructure. BaaS providers offer pre-built and scalable solutions that can be easily customized and integrated into the bank’s existing systems, without requiring the bank to invest in expensive hardware or software.
Increased Flexibility: Partnering with a BaaS provider can provide banks with greater flexibility in how they offer banking services. BaaS providers offer a range of customizable solutions that can be tailored to meet the specific needs of banks and their customers. This allows banks to offer unique and differentiated banking solutions that can help attract and retain customers.
Faster Time to Market: Partnering with a BaaS provider can help banks quickly launch new banking services, products, or features. BaaS providers offer pre-built and tested solutions that can be easily integrated with the bank’s existing systems, reducing the time and costs associated with developing and launching new banking solutions.
Improved Compliance: BaaS providers are typically regulated entities, which means they must adhere to strict compliance and security standards. Partnering with a BaaS provider can help banks improve their own compliance and security posture by leveraging the expertise and infrastructure of the BaaS provider.
Access to New Markets: Partnering with a BaaS provider can help banks expand their reach by providing access to new markets or customer segments. BaaS providers typically offer solutions that are designed to be easily integrated with existing systems, which can help banks quickly launch new services in new markets.
Loquat is a banking-as-a-service (BaaS) platform, which allows FIs to open small business checking account, get a virtual card and secure a loan within minutes.
Learn more how LOQUAT Inc. is the right partner: https://loquatinc.io/financial-institutions/
February 27, 2023
“While traditional banks have been convenient one-stop shops for SMBs and consumers, many haven’t evolved their products in a way that matches the tech driven pace of change in other industries.”
With the changing customer expectations and rise of digital technology, LOQUAT Inc. provides fast, convenient, and personalized end-to-end customer journey.
February 26, 2023
Fun Sunday:
At every step of her career, Pat Mitchell has broken new ground for women, leveraging the power of media as a journalist, an Emmy award-winning and Oscar-nominated producer to tell women’s stories and increase the representation of women onscreen and off.
Transitioning to an executive role, she became the president of CNN Productions and the first woman president and CEO of PBS and the The Paley Center for Media.
Today, her commitment to connect and strengthen a global community of women leaders continues as a conference curator, advisor and mentor.
February 25, 2023
Curious Saturday: Jennifer Zhu Scott shares Why you should get paid for your data.
“The world’s most valuable tech companies profit from the personal data you generate. So why aren’t you getting paid for it?”
In this eye-opening talk, entrepreneur and technologist Jennifer Zhu Scott makes the case for private data ownership “which would empower you to donate, destroy or sell your data as you see fit and shows how this growing movement could put power (and cash) back into the hands of people.”
February 24, 2023
Buyers Look for Trust and Flexibility When Shortlisting Software Providers
“54% of survey respondents that bought software in the past 12 months opted for a customized solution versus an off-the-shelf product, even if the former was more expensive.” – Gartner
February 23, 2023
At LOQUAT Inc. we believe that data privacy is a fundamental human right and democratic societies have a duty to respect and protect this right through their respective institutions.
We envision that individuals shall decide “what becomes data in the first place, what we share, with whom, and to what purpose”.
February 22, 2023
“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
February 21, 2023
“Security, Help Desk and #Analytics Form the Foundation of Digital Business in 2023″ – Gartner, Digital Markets 2023
February 20, 2023
“Banking is facing a future marked by fundamental restructuring. But we also believe that banks that successfully manage this transition will become bigger, more profitable and grow faster while leading to a value creation opportunity of up to $20 trillion.” – The Future of Banks, McKinsey & Company
At LOQUAT Inc. we believe in the strategic alliances between banks and fintechs. By working together and successfully leveraging each other resources, two businesses will thrive in meeting and exceeding their customer expectations.
February 19, 2023
Fun Sunday: What does “Success” mean to you?
In this fascinating and full of humor Ted Talk, Alan de Botton talks about the ideas of failure and success in the 21st century.
Please see our favorite quotes below:
1) “We live in an age when our lives are regularly punctuated by career crises, by moments when what we thought we knew – about our lives, about our careers -comes into contact with a threatening sort of reality… It’s perhaps easier now than ever before to make a good living. It’s perhaps harder than ever before to stay calm, to be free of career anxiety.”
2) “The problem of modern society is it turns the whole world into a school. Everybody’s wearing jeans, everybody’s the same. And yet, they’re not. So there’s a spirit of equality combined with deep inequality, which can make for a very stressful situation.”
3) “What is a meritocratic society? A meritocratic society is one in which, if you’ve got talent and energy and skill, you will get to the top, nothing should hold you back. It’s a beautiful idea. The problem is, if you really believe in a society where those who merit to get to the top, get to the top, you’ll also, by implication, and in a far more nasty way, believe in a society where those who deserve to get to the bottom also get to the bottom and stay there.”
4) “We should NOT give up on our ideas of success, but we should make sure that they are our own. We should focus in on our ideas, and make sure that we own them; that we are truly the authors of our own ambitions. Because it’s bad enough not getting what you want, but it’s even worse to have an idea of what it is you want, and find out, at the end of the journey, that it isn’t, in fact, what you wanted all along.”
February 18, 2023
Curious Saturday: Do you know where “twerking” came from?
“Modern-day twerking derived from Black people and Black culture. It has a direct parallel to West African dances like mapouka. Traditionally, mapouka was a dance for West African women to be used as a celebration of joy, religious worship or a dance. Twerking is a Black American communal collaboration born of Black Southern culture. From DJ Jubilee and Cash Money Records in New Orleans, to Lil Jon and the Ying Yang Twins in Atlanta, to Uncle Luke in Miami, twerking was alive and well in nearly every Black club in the South.”
“Ladies and gentlemen, welcome to TED … Twerk!” Lizzo, The Black History of Twerking
February 17, 2023
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.”
February 16, 2023
LOQUAT Inc. enters 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.
Read more at: https://loquatinc.io/news/loquat-inc-partners-with-fis/
February 15, 2023
“Buyers Care Most About Ease of Use, Security and Features”
Easy small business banking – The LOQUAT Inc. 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 HOW LOQUAT Inc. can make your small business customer onboarding and digital banking experience easy and secure at: https://loquatinc.io/financial-institutions/
February 14, 2023
According to Gartner Digital Markets 2023 Global Survey – “Almost 70% of businesses are planning to spend more on software in 2023 vs. 2022), as software tools are critical to achieving their growth goals.”
LOQUAT Inc., an innovative financial technology company, developed and operates a proprietary banking-as-a-service (BaaS) 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.
February 13, 2023
“Digital Assets will not go away.”
“There are disputing camps among policymakers, with disagreements centered on the social utility of digital assets.” – Oliver Wyman Key Policies in Finance in 2023.
February 12, 2023
Fun Sunday: “I would not give people labels…”
In this, simply brilliant Ted Talk Platon, who has photographed more world leaders than anyone else in history, takes us on his personal journey.
February 11, 2023
Curious Saturday: We ARE our stories..
February 10, 2023
At LOQUAT Inc. we believe that data privacy is a fundamental human right and democratic societies have a duty to respect and protect this right through their respective institutions.
We envision that individuals shall decide “what becomes data in the first place, what we share, with whom, and to what purpose”.
Please learn more about Loquat’s vision and approach to banking at: https://loquatinc.io/
February 09, 2023
LOQUAT Inc. enters 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.
“Our technology platform was built with the small business owner in mind while also addressing the concerns and challenges of the financial institution. And with that driving focus, Loquat has developed an end-to-end platform that is not only user friendly, seamless, and quick – but also combats potential fraud with over six layers of authentication in addition to creating organizational operating efficiencies.” — Minesh Valera, CTO at LOQUAT Inc.
Read the full version: https://loquatinc.io/news/loquat-inc-partners-with-fis/
February 08, 2023
Brand trust matters.
February 07, 2023
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.
February 06, 2023
Why will government ownership of a national real-time payment rail make a difference?
“It will incentivize third-party infrastructure built on top of payment rails, as has been the case across the world.
Skeptics of the highly anticipated launch of the Federal Reserve’s real-time payment network, FedNow, point to the limited use of the existing networks in the U.S. The one key difference, however, is ownership: RTP and Zelle are owned by consortiums of the largest commercial banks in the U.S.”
February 05, 2023
Melissa Fleming: Let’s help refugees thrive, not just survive.
https://www.ted.com/talks/melissa_fleming_let_s_help_refugees_thrive_not_just_survive
February 04, 2023
Curious Saturday: Why gender-based marketing is bad for business?
“After 200 projects around the world, this is covering 20 countries or more, and, no surprise, gender was very rarely the most predictive thing to understand consumer needs.” – Gaby Barrious
February 03, 2023
Credit unions and community banks have the reputation of being for the small business owner, however, the lack of digital tools designed for speed, efficiency, security, and a personalized member experience means that they face losing even their most loyal members.
Learn more on the blog: https://lnkd.in/gepAKi25
February 02, 2023
LOQUAT Inc. enters 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.
“We’re excited to partner and collaborate with Loquat,” stated Jason Williams at FIS Impact Ventures. With this partnership our two companies will work together to provide credit unions and community banks the ability to deliver the most innovative digital banking services to their small business members and customers.”
Read the full version: https://loquatinc.io/news/loquat-inc-partners-with-fis/
February 01, 2023
Brand trust matters.
At LOQUAT Inc. we are driven by social responsibility, transparency, and an inclusive approach.
January 31, 2023
According to Andreessen Horowitz, compliance will give “competitive advantage” to the Baas industry. If “software is eating the world,” it has not yet taken a big enough bite out of compliance.
“Post-Dodd-Frank, financial services companies face more than 50k regulations across dozens of federal and state agencies (and that’s just in the United States). The existing and very manual compliance and risk processes are failing at both large financial institutions and at fintech startups supported by sponsor banks.”
LOQUAT Inc., a BaaS platform, is secure and compliant with regulatory frameworks and requirements. This makes it possible for us to support the Financial Institutions who we want to partner with and provide them with Cutting Edge Solutions that solve their most pressing problems, security being a top concern.
January 30, 2023
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. This 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.
Learn more about how LOQUAT Inc. provides convenient small business banking for Financial Institutions with the power of BaaS: https://lnkd.in/echGdkkW
January 29, 2023
Feel-good Sunday: The fight for freedom in Iran and Ukraine – CNN‘s Christiane Amanpour interview sheds more light.
Question: How would you say reporting on conflict and crisis has changed the way you think about the world, your perspective on life?’
“I think it’s changed my perspective in that I’m very clear that I can’t be a both-siderism, or “on the one hand/on the otherism.” In other words, in certain instances, such as gross violations of international humanitarian law, which we’re witnessing, in other words, you know, human rights atrocities, crimes against humanity, genocide and the like, you absolutely have to know where the truth is and what you’re looking at so that you know that there are aggressors and there are victims.”
January 28, 2023
Curious Saturday: If you think social media is powerful, keep an eye on immersive video games, says futurist Noah Raford.
As more and more people are drawn into gaming and virtual worlds, the communities they forge are spawning real-world social movements. Raford urges us to recognize what’s really going on — and then harness those forces to build the future we want.
January 27, 2023
What is Embedded Finance?
“Embedded Finance experiences occur directly within the application or on-site where the end-user or customer is engaged. They are seamless, and they rely on technology that operates in the background, processing the communication and exchange of data invisibly to the end-user.” – FIS “Embedded vs. integrated experiences: Enabling super apps to create deeper customer connection.” https://www.fisglobal.com/en/insights/what-we-think/2022/december/embedded-vs-integrated-experiences-deliver-super-apps-that-create-deeper-customer-connections
LOQUAT Inc., an end-to-end BaaS platform, that improves current effectiveness and efficiency through seamless integration and customization through a 2-way API.
Learn how LOQUAT platform can be part of your financial institution: https://loquatinc.io/financial-institutions/
January 26, 2023
At Loquat 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.
January 25, 2023
“To date, Know Your Customer (KYC) software has been more developed than Know Your Business (KYB). Much of the subcomponents and data from the KYB process overlaps with KYC. This is particularly true for businesses attempting to serve SMBs:
- 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
January 24, 2023
“Trust is the new brand equity” – Richard Edelman, CEO Edelman
LOQUAT Inc. was founded with a passion to connect local Financial Institutions with Small Businesses who need a fast, secure and convenient end-to-end digital banking experience.
January 23, 2023
How consumers bank is changing and so as the infrastructure that supports it.
For Financial Institutions, selecting the right technology partner who can facilitate the ever changing environment and the requirements to provide an up-to-date user experience is crucial.
LOQUAT Inc., an end-to-end BaaS platform, is built using the “best-of-the-best” tech stack. Now financial institutions can open small business accounts, instantly issue debit cards, and underwrite loans in minutes.
Book a demo today to learn more: https://loquatinc.io/demo/
January 22, 2023
Feel-Good Sunday: Dan Pallotta: The way we think about charity is dead wrong
In this TED talk, Dan calls out the double standard that drives our broken relationship to charities. Too many nonprofits, he says, are “rewarded for how little they spend – not for what they get done.”
Instead of equating frugality with morality, he asks us to start rewarding charities for their big goals and big accomplishments (even if that comes with big expenses). In this bold talk, he says: “Let’s change the way we think about changing the world.”
Hear Dan Pallotta’s perspective at: https://www.ted.com/talks/dan_pallotta_the_way_we_think_about_charity_is_dead_wrong
January 21, 2023
Curious Saturday: Is crypto truly the next big thing, or is it just a money-sucking flash in the pan?
In a demystifying TED interview, journalist Laura Shin explains what crypto is (and what it definitely isn’t), taking us through the most recent turns in its constantly evolving story – including the recent meltdown caused by the bankruptcy of FTX.
January 20, 2023
Loquat is constantly innovating.
If you have an idea for small business banking – let’s build it together!
January 19, 2023
Being member-owned means credit unions have a pulse on what their members are looking for. Whether it’s an aspiring entrepreneur or an established local business owner, a credit union’s goal is to help them succeed without the self-interest of a profit.
Loquat’s Banking-as-a-Service platform is designed by former banking executives for the local financial institution looking to serve their SMB members in the best possible way. Partnering with best-in-class providers, Loquat offers an unmatched digital experience for small business banking that prioritizes speed, efficiency, and security.
January 18, 2023
“Nearly 90% of shoppers will pay more for a product from trusted brands, strong brands can raise prices with less risk of customer churn.” – Commerce Trends 2023 – Shopify Plus
“In the ‘80s, the legendary brand strategist David Aaker defined brand equity in terms of brand loyalty, awareness, associations and perceived quality. Now brands will need to operate at the intersection of culture, purpose and society. Brands have to act in the moment and be a force for change.” – Richard Edelman, CEO Edelman
Loquat was founded with a passion to connect local financial institutions with small businesses who need a fast, secure and convenient digital banking experience.
January 17, 2023
User demands for a better way to bank have continuously increased – expecting instant response, an area where small business banking and credit unions are struggling. But HOW to change it?
A starting point is to assess a digital maturity of the organization, including the existing tech landscape and availability of reliable, verifiable data sources.
An integration with LOQUAT Inc., a next-gen BaaS platform, and its modern UI that provides a rich #userExperience that exceeds expectations, will help you meet your user demands.
January 16, 2023
Is mainstream AI adoption more “fun” than you think?
In recent years, Artificial Intelligence (AI) has entered the mainstream business landscape as a critical path to advance in the digital economy.
Instead of viewing AI solutions as a technology implementation leaders should focus on HOW they can derive business value from its implementation.
“At Loquat, we believe in the future of AI technologies. We are in a constant search for HOW we can make our customer’s journey a personal, pleasant and up-to-date experience.” – Minesh Valera, Chief Technology Officer at LOQUAT Inc.
January 15, 2023
Feel-Good Sunday: Great hiring tips from Nithya Vaduganathan for every company and job seeker.
January 14, 2023
Curious Saturday – Hear from Maurice Conti about the incredible inventions of intuitive AI.
“Over the course of the next 2 decades, more will change around the way we do our work than has happened in the last 2000 years. In fact, I think we’re at the dawn of a new age in human history. Now, there have been four major historical eras defined by the way we work.”
“The Hunter-Gatherer Age lasted several million years. And then the Agricultural Age lasted several thousand years. The Industrial Age lasted a couple of centuries. And now the Information Age has lasted just a few decades.”
Today we are on the cusp of another era called Augmented Age. In this new era, natural human capabilities are going to be augmented by computational systems that help you think, robotic systems that help you make, and a digital nervous system that connects you to the world far beyond your natural senses.
Learn more about our current era: https://www.ted.com/talks/maurice_conti_the_incredible_inventions_of_intuitive_ai
January 13, 2023
“In 2023 31% of the CEOs see an increasing cybersecurity risk.” – EY Survey “CEO Outlook Pulse”
January 12, 2023
Findings from the EY “CEO Outlook Pulse” show that most CEOs see inflation as a “critical risk, with the majority of respondents (69%) predicting it will negatively impact their company’s performance and growth. That majority includes 16% who identified inflation as the single biggest threat to their company’s revenue and margins.”
While underline drivers for inflation vary by geography and industry, price increase in labor and raw materials are the major inputs across all geographies and industries.
January 11, 2023
For the surveyed CEOs, Digital Customer Experience is important for two reasons:
1) CX or Customer Experience is perceived as either a primary or secondary competitive Differentiator
2) CX or Customer Experience has the power to improve customer Retention – creating brand or institution loyalty
By engaging customers through technology, Financial Institutions can improve product and service offerings while managing pricing.
Learn more on how LOQUAT Inc. has redesigned the banking experience through a single-integrated process for mobile, web, and face-to-face.
January 10, 2023
Customer Experience (CX) is all about defining competitive Differentiator. A well-known fact – Financial Institutions that invest in the customer Experience are going to retain existing customers and acquire new ones.
This has incentivized banks, credit unions, and other Financial Institutions to review current products and services to determine how to enhance the end-to-end Customer Journey through means of personalization.
January 09, 2023
According to EY, CEOs are reshaping their operations to remain resolute on investment as inflation surges.
CEOs aim to weather the numerous challenges they face by focusing on a range of strategic Initiatives with focus on ESG — Sustainability, the digital CustomerExperience, and Innovation.
Through Innovation, “In 2023, CEOs are looking to invest in early-stage businesses to enhance their existing portfolio, access new talent or create new business platforms.”
Adopting new pricing constructs or innovative pricing Models to improve profitability is also seen as key. All of these strategic Investments are designed to enhance their attractiveness and protect margins.
LOQUAT Inc., a BaaS, provides fast, secure and convenient way for financial institutions to offer digital banking to Small Businesses.
January 08, 2023
Feel-good Sunday: The hidden power of sad songs and rainy days
In this profound, poetic TED talk, author Susan Cain invites you to #embrace the feeling of longing — or the place where joy and sorrow meet – as a gateway to #creativity, #connection and #love. Accompanied by the splendid sounds of violinist Min Kym, Cain meditates on how heartache unexpectedly brings us closer to the sublime beauty of life.
January 07, 2023
Curious Saturday – What is Gini index?
January 06, 2023
It may come as a surprise, but we don’t believe in automating 100% of banking processes. At Loquat, we believe in helping FI’s develop efficient processes and digitalizing only the ones that make the most sense.
A smart approach will integrate manual touchpoints with automation while keeping the human element of the customer experience that we know is a big part of community and relationship building between credit unions and their SMB members.
According to Bain & Company, automation and #technology “many jobs of the future will favor human skills.” Automation fundamentally is associated with transformation, rather than merely touching, every aspect of daily life. https://www.bain.com/insights/automation-may-not-come-for-everyones-job-after-all-infographic/
January 05, 2023
According to EY survey of CEOs, continuation of investment in digital and technology capabilities is the main area where companies plan to increase spending. Digital transformation and Innovation is on the rise as CEOs look to compete effectively in their industry and leverage technology to make objective investment decisions, navigate disruption and drive long-term value creation.
As per the survey, regardless of the current global financial outlook, 22% of CEOs are not planning on making changes in respect to investment in digital and technology. While 67% of CEOs are planning on moderately to significantly increase digital and technology spend.
Companies require data driven, consistent and enterprise wide approach to capital allocation that focuses on qualitative and quantitative metrics.
See how Loquat can be part of your digital transformation: https://loquatinc.io/financial-institutions/
January 04, 2023
According to World Bank, the bottom 20% of the U.S. households received 5.1% of total income, while top 20% received 47%. https://data.worldbank.org/country/united-states?view=chart
“I believe that to improve peoples’ standards of living you must equip them with the necessary resources.” – Zarina Tsomaeva, CEO & Founder, LOQUAT Inc.
Loquat, a BaaS, stands for Humanity, Respect for all, Individual Freedoms, Financial Inclusion.
Learn more about our values at: https://loquatinc.io/about/
January 03, 2023
ESG continues to remain at core of the business and is a strategic priority for many CEOs over the next six months.
While the continuous development of ESG strategies present significant operational challenges, proactive companies will create long-term value through cost of capital optimization, mitigated operational disruptions and more personalized customer experience.
January 02, 2023
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.
January 01, 2023
Feel-Good Sunday: Why the secret to #success is setting the right goals
Our leaders and institutions are failing us, but it’s not always because they’re bad or unethical, says venture capitalist John Doerr — often, it’s simply because they’re leading us toward the wrong objectives.
In this practical talk, Doerr shows us how we can get back on track with “Objectives and Key Results,” or OKRs — a goal setting system that’s been employed by the likes of Google, Intel and Bono to set and execute on audacious goals.
December 31, 2022
🎉 Happy 2023 🎉 from Loquat!
December 30, 2022
“Banking technology has made it simple and efficient to invest in good causes.” – Mark Skousen (American Economist)
Six key challenges for financial institutions to deal with ESG risks
pwc.nl
December 29, 2022
Social disruption following Robotics and AI is an underestimated ‘S risk’ (ESG) for Financial Institutions. According to PWC, “Artificial intelligence (AI) will be increasingly important in enhancing productivity and profitability.”
As Financial Institutions bridge the digital divide, it is imperative to understand the #SocialImplications as well.
Learn Loquat’s approach to digital transformation at: https://loquatinc.io/blog/the-loquat-approach-to-digital-transformation-in-banking/
https://www.pwc.nl/en/insights-and-publications/services-and-industries/financial-sector/six-key-challenges-for-financial-institutions-to-deal-with-ESG-risks.html
December 28, 2022
“70% of C-level executives believe they are ahead of the competition when it comes to personalizing customer experiences, compared with only 40% of senior managers. In parallel, 68% of C-level executives say they are ahead of the competition in terms of enhancing customer servicing, compared with only 38% of senior management.” – Publicis Sapient (https://www.publicissapient.com/content/dam/ps-rebrand/industry/financial-services/2022/global-banking-benchmark-study-2022/GBBS22-WEBV-final-Updated.pdf)
Despite the disagreement on the digital direction of customer experience in banking, technology will continue to play a central role, facilitating financial institutions in shaping ideas and products that create and increase customer experience and member experience, all while reducing fraud.
Learn more how Loquat can help bridge that digital divide at: https://loquatinc.io/financial-institutions/
December 27, 2022
Financial Institutions can move towards not only compliance to ESG regulation, but also to long-term value creation, if the social challenges are properly tackled.
The science of Sustainable Finance is the combination of environmental, social and governance (ESG) factors in the DNA of a FIs, from strategy to investment and Credit Decisioning to RiskManagement all the way to external reporting.
ESG risks cover issues ranging from diversity and inclusion, to environmental, to the way FI grapples with questions around Data Protection and Data Privacy.
Loquat has 6+ layers of safety and security protect FI Small Business Owners against fraudsters.
Learn more at: https://loquatinc.io/about/
December 26, 2022
For Banks and Credit Unions, the future of ESG is NOW!
Environmental, Social and Governance issues are becoming increasingly hot topics within the banking industry as institutions adjust their strategies and practices to have more positive ESG outcomes.
Gartner predicts in 2023, financial institutions will need the ability to quantify ESG initiatives to ensure their success with them.
Loquat platform is built on sustainable technology, driving sustainable finance, operational efficiency, and responsible investing.
Learn more about what Loquat is doing: https://loquatinc.io/about/
December 25, 2022
Merry Christmas 🎄 and Happy Holidays 🎈 from team Loquat!
December 24, 2022
Curious Saturday: How to turn a group of strangers into a team?
In an interesting TED Talk, business school professor Amy Edmondson studies “teaming,” where people come together quickly (and often temporarily) to solve new, urgent or unusual problems.
Recalling stories of team work on the fly, such as the incredible rescue of 33 miners trapped half a mile underground in Chile in 2010, Edmondson shares the elements needed to turn a group of strangers into a quick thinking team that can nimbly respond to challenges.
“So what’s “teaming”? Teaming is teamwork on the fly. It’s coordinating and collaborating with people across boundaries of all kinds — expertise, distance, time zone, you name it — to get work done.”
December 23, 2022
Loquat, an innovative financial technology company, developed and operates a proprietary banking-as-a-service (BaaS) 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.
Learn more about Loquat: https://loquatinc.io/about/
December 22, 2022
At Loquat, we are driven by Social Responsibility, transparency, and an inclusive approach.
We believe small businesses are the roots of a diverse society that drives innovation forward and there should be no barriers or limits to their growth.
Learn how at: https://loquatinc.io/about/
December 21, 2022
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/
December 20, 2022
Financial Institutions’ focus on ESG will primarily focus their lending portfolios to include ESG as a main-stream component in sustainability strategy.
Responsible Lending by the banking sector and other financial institutions sends a strong signal to customers and members looking for capital access.
One of the ways this can happen is when banks prioritize loans and other Lending Instruments for companies with sustainability and ESG as a Strategic Commitment.
As regulatory pressure continues to mount, Gartner predicts that by Year 2024 “30% of global Tier 1 banks will proactively stress test lending portfolios for climate change risk because of multiple pressures by regulators in multiple countries.”
December 19, 2022
Happy Hanukkah from Team Loquat!
December 18, 2022
Feel-Good Sunday – How to discover your authentic self, at any age.
In a talk, packed with wry wisdom, pop culture queen Bevy Smith shares hard-earned lessons about #authenticity, #confidence, mature #success and why, if you put in the work, “life gets greater later.”
December 17, 2022
Curious Saturday – The evolving nature of banking.
While its base consumer transaction may have not changed at all, banking has been reconfigured over the last two decades. New technologies, more fluid interactions with consumers and emerging alternative means of payment have challenged banks to adapt and innovate. Tan Su Shan offers a look at the banking landscape and the trends shaping this vital sector.
December 16, 2022
We stand for Humanity, Respect for all, Individual Freedom, Financial Inclusion.
Learn more about our story: https://loquatinc.io/about/
December 15, 2022
“One of the biggest areas that is impacting credit unions and community banks is competition with the large banking institutions. What the smaller, local institutions need to focus on now is driving that customer loyalty with technology. Otherwise, your members are going to go somewhere else for a faster, efficient and convenient customer experience – it’s already happening.” — Minesh Valera, CTO at Loquat Inc.
December 14, 2022
According to the Publicis Sapient’s survey of 1000 Senior Global Banking Executives “banks’ digital transformation efforts are pivoting toward creating personalized customer needs. Banks are also offering new products and services and taking steps to transform from a product-centric to a customer-centric organization.”
December 13, 2022
“Banks are aggressively gearing up for the next phase of digital transformation. After making only moderate progress in the past 12 months, banks are refocusing on operational agility by investing in new technologies, enhancing their data use, and reorganizing their internal structures.” – Publicis Sapient https://www.publicissapient.com/content/dam/ps-rebrand/industry/financial-services/2022/global-banking-benchmark-study-2022/GBBS22-WEBV-final-Updated.pdf
Loquat platform, a BAAS, fast, secure and convenient way for financial institutions to offer digital banking to small businesses. Loquat’s flexible, scalable, and transparent platform offers operational agility that is needed for the next phase of digital transformation for financial institutions.
Learn more at: https://loquatinc.io/
December 12, 2022
Financial Institutions – What to look for in 2023: empowering digital transformation by centralizing digital capabilities and strategy.
Many FIs have little alignment on digital strategy, data and technology, across departments and regions. Switching to digital-first operating model prioritizes a digital investment.
December 11, 2022
Feel-Good Sunday: Why Joy is a State of Mind – Everybody has the power to tap into their potential.
In this TED Talk, with infectious energy, singer-songwriter Angélique Kidjo ties together the threads of her legendary career as a creative force and global activist.
In conversation with journalist Femi Oke, she discusses how joy powers her music (and sings an incredible impromptu song), details her work spreading educational opportunities to women and girls across Africa.
“An educated person is a peacemaker. And it’s true, because when you are educated and understand the connectivity, everything in the world we live in is connected, even us. And if there’s one thing we learned during the pandemic, it’s that we cannot live alone. Lockdown or not, it becomes a point where we need others to be able to celebrate our own humanity.”
“What I want people to remember is that you can fall beneath the Earth. But you always can rise. Does not matter how hard it is. Get up, and live your life. You know it, and that’s how we roll.”
December 10, 2022
Curios Saturday – What is Leadership, a Hierarchy or a Network?
In this TED Talk, Gitte Frederiksen, a Partner at Boston Consulting Group, shares her view.
“A typical view of leadership is a hierarchical organization chart. To empower many more to lead, to move leadership from the few to the many, we each need to let go of a bit of power. In a network instead, everyone’s in charge and we replace power of the few with influence of the many. Sure it looks more messy, but I’d argue more beautiful, more multi-dimensional, more dynamic, more like nature.”
“To empower many more to lead, to move leadership from the few to the many, we each need to let go of a bit of power. The first thing we can do is remove labels.“
December 09, 2022
We see our clients, employees and partners as multi-dimensional Rubik’s Cubes instead of over-simplified checkboxes.
Learn more about our story: https://loquatinc.io/about/
December 08, 2022
What strategic initiatives does FI have to implement to achieve a sustainable growth?
Loquat’s BaaS end-to-end solution allows FIs to open small business accounts, instantly issue debit cards, and underwrite loans in minutes. Loquat platform is built on three pillars: DataPrivacy and InformationSecurity, Transparency and Simplicity. We use AI and ML technologies to remove biases that exists within the financial industry.
Learn more HOW Loquat can help you achieve a sustainable growth. https://loquatinc.io/
December 07, 2022
What does an efficient growth bank look like and what is required to get there?
Loquat’s BaaS end-to-end solution allows FIs to open small business accounts, instantly issue debit cards, and underwrite loans in minutes.
Learn more HOW Loquat can help you grow your deposits and loan book; increase your revenues and income and, most importantly, make your customers/members HAPPY. https://loquatinc.io/
December 06, 2022
One of the emerging battlegrounds that will define future investments in Web3 is the concept of identity – a risk and opportunity the innovation will pose regarding who owns what and how to build defensible profit tools.
“Loquat platform is built on three pillars: DataPrivacy and InformationSecurity, Transparency, and Simplicity. We use AI and ML technologies to remove biases that exist within the financial industry.” – Minesh Valera, Chief Technology Officer at Loquat. https://loquatinc.io/blog/the-loquat-approach-to-digital-transformation-in-banking/
December 05, 2022
What we have learned from Bain on Technology Trends to watch in 2023, Identity Verification and Fraud continues to be a critical area of concern for Financial Institutions and customers. Web3 can no longer be ignored. It has sizable funding and clear targets to disrupt.
“Enabled by digital identity and powered by blockchain technologies, the Internet’s third iteration is more open and decentralized – ushering in an entirely new digital economy.”https://www.bain.com/insights/topics/technology-report/
At Loquat, we are in a constant search of HOW we can make our customer’s journey a personal, pleasant and up-to-date experience. We believe in the future of Web3 and its chance to democratize the online experience, and enable users to reclaim control of their data.
December 04, 2022
What do you think about gender-neutral bathrooms in public spaces?
In this TED talk, Ivan Coyote grapples with complex and intensely personal issues of gender identity and highlights the need for gender-neutral bathrooms in all public places.
There are a few things that we all need: fresh air, water, food, shelter, love … and a safe place to pee. For trans people who don’t fit neatly into the gender binary, public restrooms are a major source of anxiety and the place where they are most likely to be questioned or harassed.
At Loquat, we stand for #Humanity, #RespectforAll, #IndividualFreedoms, #FinancialInclusion.
Learn more at: https://loquatinc.io/about/
December 03, 2022
Fun Fact: Did you know that the Loquat is considered Bermuda’s national icon and a communal resource for its citizens?
The fruit thrives in the wild all over the country, leading to a bountiful harvest for Bermudans young and old, throughout the year.
But, who is responsible for the Loquat love affair, considering it is not native to Bermuda?
1839 Governor William Reid had several achievements during his term, including founding a library, building a lighthouse, and sending a packet of Loquat seeds from Malta to Bermuda, where he was posted at the time. 🌱
High in nutritional value, the Loquat originates from China and is used medicinally there, most notably for soothing the throat in cough drops.
The beloved Loquat is so versatile that it can be put to an abundance of good uses, transforming into jellies, jams, chutneys, desserts, including ice cream, and even liqueurs.
🌳 We believe small businesses are the roots of a diverse society that drives innovation forward, and there should be no barriers or limits to their growth.
Learn more about our story: https://loquatinc.io/about/
December 02, 2022
We believe small businesses are the roots of a diverse society that drives innovation forward, and there should be no barriers or limits to their growth.
Learn more about our story: https://loquatinc.io/about/
December 01, 2022
Loquat’s Approach to User Identity – Built for the Future
Despite the turbulence and disruptions in the Financial Services sector, a lot of technology advancements were made as we close out year 2022. In 2023, technology will continue to play a central role, facilitating financial institutions in shaping ideas and products that create and increase customer and member experience, all while reducing fraud.
“At Loquat, we are in a constant search for HOW we can make our customer’s journey a personal, pleasant and up-to-date experience. We believe in the future of Web3 and its chance to democratize the online experience, and enable users to reclaim control of their data.” – Minesh Valera, Chief Technology Officer at Loquat.
Learn more at: https://loquatinc.io/demo/
November 30, 2022
According to McKinsey “the new, high-performance credit decisioning models allow banks to define lending (and capital) parameters more precisely and thus sharpen their ability to approve creditworthy customers and reject proposals from customers who either are not creditworthy or cannot afford further debt.” https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/designing-next-generation-credit-decisioning-models
Loquat platform uses AI and ML technologies to remove biases that exist within the financial industry.
Learn more how at: https://loquatinc.io/financial-institutions/
November 29, 2022
Our Chief Compliance Officer (CCO) Pawneet Abramowski offers her insight into how financial institutions can approach security concerns in the digital age.
Loquat offers compliance and regulatory frameworks that act as checkpoints to reduce data breaches and fraud for the FIs we work with.
Tune into our executive interview with Loquat CCO Pawneet Abramowski:
November 28, 2022
Banking as a Service (BaaS) helps local banks with a smaller footprint grow, adapt, innovate and, most importantly, meet the demands of their SMB customers.
Banking-as-a-Service platforms such as Loquat allow credit unions to:
✅ Remain competitive by improving the customer experience
✅ Combat potential revenue loss and member churn
✅ Reduce fraud and customer acquisition costs
✅ Increase speed and efficiency
✅ Simplify time to market at whichever speed they desire to scale.
Learn more about how BaaS is revolutionizing the banking industry: https://loquatinc.io/blog/how-baas-is-revolutionizing-the-banking-industry-four-fast-facts/
November 27, 2022
“The milestone is an occasion to celebrate diversity and advancements while considering humanity’s shared responsibility for the planet.” – ANTÓNIO GUTERRES, United Nations Secretary-General, 2022
November 26, 2022
Happy Saturday! On this Thanksgiving weekend, we are continuing on our theme of gratitude and the positive impact it has.
In a fascinating TED Talk by Christina Costa, “There are several positive, psychological and social outcomes of gratitude like increases in happiness, decreases in depression, having stronger relationships and experiencing positive emotion. MRI studies show us that several parts of our brain and pathways are activated when we experience and express gratitude.”
November 25, 2022
As a research by Harvard Business Review suggests, “gratitude has a profound impact on employees.”
https://hbr.org/2022/04/research-more-powerful-people-express-less-gratitude
November 24, 2022
Happy Thanksgiving from Loquat!
November 23, 2022
What is Gratitude?
Most people have an instinctive understanding of what gratitude is, but it can be surprisingly difficult to define. Is it an emotion? A virtue? A behavior?
As we are going into the Thanksgiving weekend, we looked into the science of it.
November 22, 2022
What Gen-Z Wants: How To Appeal To This Dynamic Workforce:
“The rate of change has been staggering… we are no longer walking, we are running at 1,000 miles an hour and the normal of today is going to be obsolete tomorrow. That ability to be flexible, agile and open to change is the only way to succeed.” https://www.oliverwyman.com/our-expertise/insights/2022/oct/what-gen-z-wants-how-to-appeal-to-this-dynamic-workforce.html
The Loquat platform is designed for the future by keeping in mind what Gen-Z wants. Our platform is flexible and agile to accommodate the changes ahead of us.
Learn more about the Loquat platform at: https://loquatinc.io/
November 21, 2022
According to Boston Consulting Group’s Survey, “most of small business customers want a Hybrid Experience for their Complex Needs”.
“A bionic distribution network is a hybrid-banking model that has more seamless digital and in-person experiences—and ones that are not necessarily linked to a branch.” https://www.bcg.com/publications/2021/bionic-distribution-network-applications-retail-banking
Loquat offers a seamlessly integrated platform that allows the SMBs to bank the way they want – on their phone, laptop, or in the branch.
Learn more about what Loquat can do for your SMBs at: https://loquatinc.io/financial-institutions/
November 20, 2022
Sunday fun fact:
Millennials prefer communications with text messaging, chat and to a lesser extent, email. They would rather go to the dentist than pick up the phone; many will not work with companies that are ignorant of their culture.
“A different generation, with different wants, needs and purchasing styles, is aggressively taking the helm.”
November 19, 2022
Great perspective from Gartner for your Saturday morning.
Why Finance Leaders Must Create a Sense of Belonging to Retain Digital Talent?
November 18, 2022
End-to-End Customer Journey is the cornerstone of Loquat’s solution. Specifically designed as a mobile first App for SMBs Loquat is uniquely positioned to provide to FIs both, the speed and efficiency to deliver digital banking through mobile, web, branch and face-to-face.
“In order to meet the needs and expectations of your customer or to win a new one, the entire customer journey should be well-thought-out to provide a frictionless and pleasant experience.” – Zarina Tsomaeva (CEO/Founder, Loquat Inc.)
November 17, 2022
What is Web3?
A group of technologies that make up the third generation of the Internet focusing on Decentralization, Privacy, Security, AI, and Machine Learning. The foundational building blocks of web3 are blockchains, smart contracts, and tokens (fungible and nonfungible).
One of the emerging battlegrounds that will define future investments in Web3 is the concept of identity – a risk and opportunity the innovation will pose regarding who owns what and how to build defensible profit tools.
November 16, 2022
We provide a full customer journey as a simple, digital solution tailored to SMBs & local Financial Institutions to help keep up with market shifts without hefty system changes.
Learn more how Loquat provides an end-to-end digital banking journey: https://loquatinc.io/
November 15, 2022
We cannot agree more with the latest from McKinsey on the importance of the end customer experience.
In order to win a customer or to satisfy the existing one, the entire customer journey, instead of touch points, should go well. And in a today’s world with the customer’s access to new technologies on a daily basis their decision journeys continue to evolve. https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-cx
November 14, 2022
A bionic distribution network is a hybrid-banking model that has more seamless digital and in-person experiences—and ones that are not necessarily linked to a branch. https://www.bcg.com/publications/2021/bionic-distribution-network-applications-retail-banking
Loquat’s platform demonstrates a high-level of care and vision for both digital and in-person experiences using Bionic Distribution Model.
Loquat’s propriety flow and best-of-breed technology and partners help credit unions to proactively deliver best-in-class solutions to:
- increase retention
- grow revenue
- attract new members
November 13, 2022
Banks and Credit Unions should play a bigger role in a global sustainability effort. Adapting to new sustainability requirements may be demanding but it brings many new business opportunities for banks.
According to McKinsey the expected revenue from sustainable trade finance and cash management products will grow by 15 to 20 percent annually to total combined revenues of $28 billion to $35 billion in 2025. https://www.mckinsey.com/industries/financial-services/our-insights/sustainability-in-global-transaction-banking-a-market-imperative
Loquat, a banking-as-a-service platform (Baas), makes it easier for Financial Institutions to create sustainable products.
Learn more about what Loquat is doing at: https://loquatinc.io/financial-institutions/
November 12, 2022
Roughly two billion people worldwide don’t have access to banks or financial services like credit, insurance and investment — or even a way to formally prove their identity.
How do we bridge this divide? Mastercard ex-CEO Ajay Banga sits down with TED current affairs curator Whitney Pennington Rodgers to discuss how innovative public-private partnerships can help bring everyone into the digital economy — and why COVID-19 recovery hinges on financial inclusion.
Like the Loquat tree, our banking as a service digital platform helps credit unions, regional banks and community banks extend their branches to their SMB customers to help them bare more ‘fruit’.
We are driven by social responsibility, transparency, and an inclusive approach. Loquat helps small business owners of different ethnic and cultural backgrounds, sexual orientations and gender identities put their dreams into action.
November 11, 2022
Thank you!
November 10, 2022
BaaS helps banks with a smaller footprint to grow, adapt, innovate & meet the demands of their SMB customers. Our digital platform is designed for your small business customers!
Learn more about seamless integration & customizable features: https://loquatinc.io/
November 09, 2022
72% of your customers believe digital banking tools are necessary right now! If you are a credit union, regional, or community bank, you risk significant losses due to a lack of digital adoption.
Learn how to modernize your customers’ journey: https://loquatinc.io/
November 08, 2022
What you can learn from people who disagree with you?
Youth leader Shreya Joshi diagnoses a key source of political polarization in the US and shows why having “uncomfortable conversations” with people you disagree with is crucial to bridging the divide. “When we are able to recognize what unites us, it becomes so much easier to have conversations about what divides us,” she says.
November 07, 2022
“Human plus” AI
Did you know that companies that effectively weave together AI with people and process are growing and making money.
According to Sylvain Duranton, a Senior Partner and Managing Director at Boston Consulting Group, to deploy a successful “Human plus AI” (https://www.ted.com/talks/sylvain_duranton_how_humans_and_ai_can_work_together_to_create_better_businesses)
– 10 percent of the effort is to code algos
– 20 percent to build tech around the algos, collecting data, building UI, integrating into legacy systems
– But 70 percent, the bulk of the effort, is about weaving together AI with people and processes, which also means building powerful interface for humans in order to maximize real outcome
Learn more how Loquat can help: https://loquatinc.io/financial-institutions/
November 06, 2022
In this fun and practical TED talk, Boston Consulting Group’s Nadjia Yousif offers advice on how to better collaborate with the technologies in your workplace — by treating them like colleagues.
November 05, 2022
“The growing segment of millennials and Generation Z hold their employers and companies they buy from accountable for things like environmental responsibility.”
A great interview on how marketing departments can take the lead on corporate responsibility and ESG initiatives.
November 04, 2022
Loquat is the fast, secure & convenient way for financial institutions to offer digital banking to small businesses transitioning to a digital customer experience.
Learn more about what Loquat can offer your members: https://loquatinc.io/
November 03, 2022
Digital transformation through BaaS is an incredible opportunity for financial institutions of all sizes to expand their revenue sources at a low cost. It is agile & scalable for new market opportunities!
Fast, easy, & secure, we offer a path to the digital experience today’s community bank members are looking for.
We can authenticate, verify, & open a small business account within minutes. Onboarding customers used to take weeks–now it takes minutes!
Learn how we offer an end-to-end digital banking journey: https://loquatinc.io/
November 02, 2022
Data silos severely limit a bank’s ability to extract data & analyze it to understand changes in customer or member behavior for reporting on regulatory compliance, developing new products, etc.
This results in customer churn & a potential negative reputation, which is not something any bank can risk.
Learn how our BaaS improves end customer journey and prevents silos through high-availability cloud-based API infrastructure: https://loquatinc.io/blog/how-banks-can-reduce-costs-and-increase-revenue-in-a-recession/
November 01, 2022
If it were up to SMBs, they prefer to bank with local financial institutions – to the tune of 89%!
However, 45% of respondents primarily conducted business with a large national bank due to the desire for innovative and convenient digital banking tools.
69% shared that the pandemic and resulting economic crisis have accelerated the dire need for convenient, digital banking solutions.
Learn how local banks need to change to meet banking users’ tech expectations: https://loquatinc.io/blog/small-business-banking-of-the-future-what-we-need-to-know/?utm_source=Linkedin&utm_medium=Social&utm_content=ap_ahyq70stpl
October 31, 2022
“Human-Zero” vs “Human plus” AI
Did you know that only 18 percent of the companies in the world that are pioneering AI are making money with it. Those companies focus 80 percent of their AI initiatives on effectiveness and growth, taking better decisions – not replacing humans with AI to save costs.
In this fascinating Ted talk, Sylvain Duranton, a Senior Partner and Managing Director at Boston Consulting Group, shares his view on how humans and AI can work together.
“At Loquat, we use “Human plus” AI by helping FIs to develop powerful interface for humans. Our approach integrates manual touchpoints with AI while keeping the human element of the end-to-end customer journey in the forefront.” Minesh Valera, CTO at Loquat.
Learn more how Loquat can help: https://loquatinc.io/financial-institutions/
October 30, 2022
How to best serve shareholders, employees, suppliers, regulators and even planet Earth. Not easy… But there are some ideas.
An insightful Ted Talk for your Sunday morning: https://www.ted.com/talks/dame_vivian_hunt_how_businesses_can_serve_everyone_not_just_shareholders
October 29, 2022
“Human-Zero” vs “Human plus” AI
Did you know that only 18 percent of the companies in the world that are pioneering AI are making money with it. Those companies focus 80 percent of their AI initiatives on effectiveness and growth, taking better decisions — not replacing humans with AI to save costs.
In this fascinating Ted talk, Sylvain Duranton, a Senior Partner and Managing Director at Boston Consulting Group, shares his view on how humans and AI can work together.
October 28, 2022
No matter how strong we think we are.. we all need our champion! Understanding the power of human connection.
An inspiring Ted Talk for your Friday morning:
October 27, 2022
Financial institutions face an uphill battle in post-pandemic recovery.
Rising inflation & rate hikes, swiftly changing compliance regulations, technological disruption & now — a looming recession! 📉
This harsh reality is prompting bank executives to take a long, hard look at how and where they can reduce costs and open up more opportunities for revenue.
Credit unions, regional, & community banks can create more opportunities for revenue growth & reduce costs with the help of digital banking technology.
Learn how to make your bank recession-proof through digital adoption: https://loquatinc.io/blog/how-banks-can-reduce-costs-and-increase-revenue-in-a-recession/
October 26, 2022
With the rising demand for BaaS tools for SMBs and a market value of $19.14 billion in 2022 at a compound annual growth rate (CAGR) of 26.5%, financial institutions can’t afford to not invest in the future of BaaS!
Learn how we will equip your FI with the right tools to retain small business customers: https://loquatinc.io/blog/how-baas-is-revolutionizing-the-banking-industry-four-fast-facts/
October 25, 2022
Financial institutions face the reality that they will get left behind if they don’t keep up with the rapid pace of innovation. Small, local institutions such as credit unions are losing their bank members as their customers reluctantly switch to digitally advanced competitors.
BaaS allows banks to provide transparency by opening up their API’s to third parties in order to develop integrated financial offerings digitally.
Learn how local banks can futureproof their business through BaaS adoption:
October 24, 2022
Happy Diwali!
October 23, 2022
As hurricane Ian bore down on Florida just a few weeks ago, it was a startling reminder that climate-related weather events are an increasing threat.
The US is investing in technology to predict how bad storms like Hurricane Ian will strike in the future.
These supercomputers would enable scientists to access higher-resolution images of the earth’s atmosphere and oceans. This would give them a more detailed view on smaller patterns and trends emerging in storms being watched, as well as powering the simulation of more complex storm models.
Our hearts go out to the families and businesses recovering from this devastating hurricane!
October 22, 2022
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
October 21, 2022
Funfact. Did you know Miami has been ranked the best city in the US for foreign multinationals to do business in?
(Investing in America ranking compiled by the Financial Times and Nikkei)
The thriving Florida city finished first, achieving the most foreign direct investment per capita last year. Miami also scored high in catering to the special needs of overseas companies, including an airport with dozens of non-stops to foreign destinations and access to two of the largest shipping ports in the country.
Loquat is proud to be headquartered in the thriving metropolis of the south!
October 19, 2022
More than 30 million small businesses are registered in the United States and sadly 1 in 5 don’t make it past year one because they struggle to achieve reliable and consistent revenue.
This sobering reality means that small business owners need a banking partner they can trust that will play a critical role in helping their business survive.
Credit unions have the reputation of being for the small business owner, however, the lack of digital tools designed for speed, efficiency, security, and a personalized member experience means that they face losing even their most loyal members.
October 18, 2022
What does this mean for financial institutions?
As small businesses continue to adopt technology to mitigate the effects of inflation and other economic hardships, they will expect their bank or credit union to offer digital features that can match and integrate with what they are already doing.
SMB owners are loyal to their banking relationships, but it’s a two-way street.
With speed, efficiency, and transparency, the Loquat technology allows bank members to open checking accounts, apply for loans, and be issued a debit or credit card in minutes instead of days.
The time is now for FI’s to leverage technology such as Banking-as-a-Service to break down the barriers to financial access, which is made possible with Loquat.
Learn more: https://loquatinc.io/financial-institutions/
October 17, 2022
🌍 Sustainability is impossible to ignore in today’s world.
Reducing carbon emissions, addressing social issues in the workplace, and consumers choosing companies whose values align with theirs are only accelerating.
Technology can help pave the way for companies to adopt ESG initiatives and fully embrace sustainability transformation.
October 16, 2022
According to Goldman Sachs, investors have had an underlying fear that low interest rates would create a monster, better known as “zombie companies.”
A zombie company is typically described as a firm that survives on borrowing and barely produces a profit to service its debt.
The good news is, there aren’t as many out there as one would think.
October 15, 2022
Imagine if your local pizza shop could use AI to predict which flavor would sell best each day of the week. This is just one example of how small businesses can leverage the power of AI and machine learning for growth.
According to Andrew Ng, building a richer society by democratizing access to AI is possible.
October 14, 2022
An uncomfortable truth is that too many Americans still lack strong skills in personal financial management, which limits their opportunity to build long-term financial independence.
A 2020 Federal Deposit Insurance Corp. study found that about 7.1 million U.S. households are still “unbanked,” meaning they lack a checking or savings account at an insured financial institution.
Rodney Hood of the National Credit Union Administration shares his solutions to this growing issue in American Banker.
October 13, 2022
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.
October 12, 2022
“We’ve done our due diligence to ensure that the partners we choose reflect similar values as Loquat from an ESG perspective. In addition, we ensure that it provides stability, scalability, and customization for our clients.” – Loquat CTO, Minesh Valera.
Learn more about the Loquat approach to Digital Transformation in Banking with Minesh Valera: https://loquatinc.io/blog/the-loquat-approach-to-digital-transformation-in-banking/
October 11, 2022
Loquat founder and CEO Zarina Tsomaeva, and Rao Wu, Acuant Senior Director, Global Alliances, joined Mike Lawson on the CU Broadcast – a Credit Union talk show recently to discuss why we choose to work with best-in-class providers such as Acuant to prioritize speed, efficiency, transparency, and security for credit unions.
🎙 You can catch the episode here: https://lnkd.in/dssZSuAe
It can be tough to understand what a smart approach to digital success actually means for local financial institutions such as credit unions, community banks, and regional banks.
It may come as a surprise, but we don’t believe in automating 100% of banking processes.
💡 At Loquat, we believe in helping FI’s develop efficient processes and digitizing only the ones that make the most sense.
💡 A smart approach will integrate manual touchpoints with automation while keeping the human element of the customer experience – because we know this is a big part of community and relationship building between credit unions and their SMB members!
October 10, 2022
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.
