hacklink hack forum hacklink film izle hacklink marsbahisizmir escortsahabetpornJojobet

News

Tag: Financial

  • College Football Playoff System Also Includes Financial Incentives

    College Football Playoff System Also Includes Financial Incentives

    The College Football Playoff committee’s much-anticipated final reveal will be televised live Sunday, when the teams selected for the inaugural 12-team tournament field will be announced.

    Champions from the Atlantic Coast, Big Ten, Big 12 and Southeastern conferences receive automatic berths into the playoff, as will the top-ranked school from the Group of Five.

    The four top-ranked league champions receive a bye into the quarterfinal round, while the lowest-ranked champion will join seven at-large teams to play four first-round games to be held Dec. 20-21.

    The prestige of inclusion in the 12-team field is hardly the only perk. Money is also at stake. The CFP’s financial distribution model rewards conferences for not only how many teams they place in the field but also how far they advance.

    CFP REVENUE DISTRIBUTION

    Per terms of the agreement for playoff participants:

    *A conference will receive $4 million for each team that makes the College Football Playoff and for each team that advances to the quarterfinals.

    *A conference will receive $6 million for each team that advances to the semifinals and each team that advances to the national championship game.

    *A conference whose team makes the field will receive $3 million to cover expenses for each team in each round.

    *Separately, each conference will receive $300,000 for each school whose team meets the NCAA academic progress rate (ARP) for participation in a postseason game. Each independent institution will also receive $300,000 when its football team meets that standard.

    A BYE IS VALUABLE

    It is not difficult to understand why coaches and officials from the Big 12 and the ACC attempted to make a strong case for their conferences after the most recent CFP rankings were announce Tuesday. No. 8 SMU was the only ACC team ranked in the top 12, and none of the Big 12 teams was ranked that high. Arizona State topped out at No. 15.

    The champion of one of those conferences is almost certain to be the No. 5 seed, which would keep the league from maxing out on its potential revenue. The first four CFP seeds will net $8 million for their leagues by virtue of the first-round bye — $4 million for making the field and another $4 million for (automatically) advancing to the quarterfinals.

    No. 10 Boise State won its second straight Mountain West championship with a 21-7 victory over No. 20 UNLV on Friday night, and it seems impossible that the Broncos could drop out of the top 12 in favor of a two-loss Big 12 champion or a two- or three-loss ACC winner.

    Arizona State and No. 16 Iowa State (both 10-2) will play for the Big 12 title and SMU (11-1) will play No. 17 Clemson (9-3) for ACC title.

    Saturday’s championship card also includes No. 2 Texas (11-1) against No. 5 Georgia (10-2) in a rematch for the SEC title and No. 1 Oregon (12-0) meeting No. 3 Penn State (11-1) in the Big Ten title game. An an independent, No. 4 Notre Dame (11-1) is not eligible for top five seed per CFP rules.

    THE 2023-24 PAYOUTS

    Based on calculations from the 2023-24 season, the CFP said the following distributions were made in the spring of 2024:

    *For conferences that had contracts for their champions to participate in the Orange, Rose, or Sugar bowls, the base amount combined with the full academic performance pool was approximately $79.41 million for each conference.

    *The five conferences that did not have contracts for their champions to participate in the Orange, Rose or Sugar bowls received approximately $102.77 million in in base and APR pools.

    *Notre Dame received a payment of $3.89 million by meeting the APR standard. the other six independents shared $1.89 million.

    IF LATEST CFP RANKINGS HOLD

    The Big Ten and the SEC stand to be the big winners if nothing changes Sunday from the most recent CFP rankings Dec. 3.

    Four Big Ten schools — Oregon, Penn State, Indiana, Ohio State — and four SEC schools — Texas, Georgia, Mississippi, Alabama — were ranked in the top 11. Alabama landed at No. 11, one spot behind Boise State and one ahead of ACC Miami, which in that instance would be the first team out.

    For that, Big Ten and SEC teams would earn at least $20 million for their conferences in the first two rounds — $16 million for the four teams in the field and another $4 million for the conference champion because it automatically advances.

    That would leave first-round money of $4 million for each Notre Dame, Boise State, the Big 12 champ and the ACC champ. The Mountain West would be the biggest unexpected winner, inasmuch as it could make $8 million if Boise State gets the No. 4 seed and the bye.

    The quarterfinals are Dec. 31-Jan. 1, the semifinals are Jan. 9-10 and and the championship game is Jan. 20 in Mercedes-Benz Stadium in Atlanta.

    Hypothetically, if an SEC team and a Big Ten team meet in the final game, each conference would earn another $12 million apiece — $6 million for reaching the semifinals, another $6 million for making the title game.

    If one conference has both finalists, the windfall would $24 million.

    Source link

  • Emirates NBD revitalises bespoke Emirati Package proposition targeting aspirations, lifestyle and financial needs of UAE Nationals

    Emirates NBD revitalises bespoke Emirati Package proposition targeting aspirations, lifestyle and financial needs of UAE Nationals

    Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region has bolstered its offerings for UAE Nationals, introducing a full suite of new, tailored offerings and services to empower UAE Nationals through its ‘Emirati Package’.

     

    The bespoke brand campaign by Emirates NBD caters to the financial needs of the bank’s Emirati customers under the tagline “Ramsatna Wehda” or “We speak your language.” The Emirati Package has been further enhanced in perspective of diversified needs with respect to accounts, loans, wealth management, cards and rewards. 

     

    As the UAE’s leading national banking group, Emirates NBD has a deep commitment to the local community, leading to the revamped Emirati Package. All Emirati customers with a salary of AED 30,000 and above or an account balance of AED 300,000 will receive Priority Banking premium services with a dedicated relationship manager to cater to all their financial needs. 

     

    The family story: An attractive proposition for family savings

     

    Emirates NBD recognises the prime importance that Emirati customers attach to savings, family and preparing for the future. To encourage the habit of saving, the bank is now offering interest on the pooled balances on Family Savings Accounts. An attractive rate of up to 2.75% per annum will be offered on family pooled balances in these accounts. 

     

    In addition, Emirates NBD has launched the Emirati Millionaire Account, including two 

     

    AED 5 million winners per year and other exclusive monthly prizes for account holders. This marks Emirates NBD’s Emirati Millionaire Account to be the single largest prize money programme exclusively for Emiratis in the UAE.

     

    Based on the bank’s insight into the banking and lifestyle needs of Emirati customers, Emirates NBD has focused on providing preferential pricing for loans. The bank ensures that UAE National customers benefit from the best rates available for personal, auto and home loans. A key milestone is the introduction of commercial loans that allow Emirati customers to invest in buildings, warehouses and groups of villas, helping them expand their wealth and asset base.

     

    Wealth management: An exclusive fund for local equity investment

     

    Another integral offering in the Emirati Package by Emirates NBD includes a strong emphasis on wealth management. The bank has introduced an exclusive investment fund designed specifically for local equity investments with special pricing for Emirati customers in addition to being able to opportunistically choose from and invest in a broad suite of other regional and global investment solutions across asset classes. 

     

    In another first, the bank is offering real estate advisory services for Emirati customers who are looking to invest in the UK, enabling them to access international opportunities to diversify their portfolios.

     

    Cards: Exclusive offerings and benefits 

     

    Emiratis will also receive additional card offerings, including exclusive complimentary credit cards with incremental rewards and benefits across a range of premium co-branded products. New exclusive offers will be available only to Emirati cardholders, ensuring they receive added value that speaks to their lifestyle. 

     

    A rewards app with fast-track access

     

    Based on independent research, Emirates NBD has identified that Emirati lifestyle is indeed distinctive. In response, the bank has introduced an exclusive Emirati rewards app filled with offers and discounts across sectors including retail, food and beverage, fitness and entertainment. 

     

    Yousuf Saeed Mohd, Head of Priority and Personal Banking at Emirates NBD

     

    , commented: “We are pleased to enhance our bespoke offerings within the Emirati Package, targeting the financial needs, lifestyle and future portfolio diversification of Emiratis. As a homegrown national financial institution, we have curated our proposition to Emiratis based on our vast experience and research into their banking and lifestyle habits. With the new added offerings, we hope to empower UAE Nationals with exclusive solutions by anticipating their needs and offering an innovative, practical and insightful banking platform.”

     

    Source link

  • Financial and community hurdles slow geothermal energy development in Southeast Asia

    Financial and community hurdles slow geothermal energy development in Southeast Asia

    JAKARTA, Indonesia — Providing round-the-clock energy, using minimal space and considered a clean source of power — geothermal energy seems like an ideal option for countries like Indonesia and the Philippines, where the potential is high, and governments are seeking to transition away from highly polluting fossil fuels.

    Yet most of the potential of geothermal energy, created by harnessing heat produced by the earth from underground reservoirs of hot water to power turbines that generate electricity, remains untapped in these countries and across the world — as financial, regulatory and community roadblocks have stalled growth.

    More readily available financing and domestic regulatory changes are starting to address these barriers, but experts say more should be done to unlock the vast clean energy source trapped just beneath the Earth’s surface.

    Countries with high geothermal potential — such as the United States, Indonesia and the Philippines — are usually located close to tectonically active regions where hot water or steam is naturally carried to the Earth’s surface through volcanic activity, or can be accessed by shallow drilling.

    “We’re essentially standing on our own sun, which we can get clean, reliable energy from,” said Marit Brommer, CEO of the International Geothermal Association based in Germany.

    Experts also laud geothermal plants for their ability to operate continuously to meet the minimum level of power demanded around-the-clock, unaffected by weather, with long lifespans and minimal maintenance.

    As countries shift towards renewable and cleaner energy, geothermal use is expected to grow: In Southeast Asia, geothermal power generation is expected to increase tenfold from 2020 to 2050, reaching 276 million megawatt-hours, according to the International Energy Agency.

    With their steaming volcanoes and bubbling lakes, Indonesia and the Philippines — two archipelagic Southeast Asian countries located on the seismically active “Ring of Fire” — are the second and third-largest users of geothermal energy in the world, with some of the highest geothermal energy potential. The U.S. is number one.

    Yet Indonesia uses less a tenth of its gargantuan reserves, making up 6% of its power supply. In the Philippines, about 8% of geothermal capacity has been developed, constituting 14.6% of the country’s energy use, the country’s largest source of renewable energy.

    Both countries plan to expand use of geothermal energy as they transition away from fossil fuels: Indonesia aims to increase the share of geothermal power generation by at least 8% by 2030, making it the second-largest renewable energy source after hydropower. The Philippine government is targeting several projects to boost geothermal capacity by adding nearly 1.5 gigawatts, nearly doubling its current use.

    But the exploratory stage of geothermal development — when companies do tests and drilling to confirm the size, temperature, pressure, and potential production rates of sites — is expensive and risky. That makes it hard to attract finance for development, said Shigeru Yamamura, an energy specialist at the Asia Development Bank.

    “That’s the most difficult part of developers, because (financially) they cannot take 100% of the exploration risk themselves,” Yamamura told The Associated Press.

    Climate finance for geothermal development is limited for most Southeast Asian nations, accounting for only 9% of finance available for the Association of Southeast Asian Nations — a political and economic bloc of ten states in the region, which includes Indonesia and the Philippines.

    A 2024 ASEAN energy report said “blended finance” using both public and private sources, grants and green bonds could help bridge the gap.

    The Philippine government has announced green energy auction schemes for geothermal energy and is preparing a “smart green grid plan” that prioritizes renewable energy — vital to enable private developers to get financing from banks. This signals progress in policy support for investment, Yamamura said.

    Indonesian President Prabowo Subianto has focused on geothermal as part of the country’s energy transition. The Ministry of Energy and Mineral Resources says it’s working to shorten permitting times and considering ways to increase rates of return on investments in geothermal projects. The state electric utility, Perusahaan Listrik Negara, also said it’s committed to ramping up geothermal energy development.

    The World Bank is providing a $150 million loan to scale up Indonesian investments in geothermal energy by reducing the risks of early-stage exploration. The Green Climate Fund and the Clean Technology Fund are providing a $127.5 million.

    Even when finance is secured, community pushback can slow development.

    In Indonesia, residents of villages have protested projects, citing safety and environmental concerns: Several geothermal sites in Indonesia have had deadly gas leaks in the past five years.

    Some Indonesian communities don’t understand what geothermal energy is and how they could benefit from its development, said Timothy Ravis, a doctoral student in global development at Cornell University.

    Protests at geothermal sites in the Philippines have led at least one company to pay royalties to Indigenous groups worried about land degradation caused by geothermal development.

    Governments and businesses should work to gain the consent of communities near projects to help ensure they succeed, said Brommer.

    “We need to show that this development benefits all people, not just a company,” she said. “It’s not about being a good neighbor, it’s about being the best neighbor and really working with communities to respect their concerns.”

    ___

    The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

    Source link

  • Newly-elected World Rugby boss Brett Robinson vows to tackle sport’s ‘financial crisis’, promote women’s game and stop time-wasting – after first southern hemisphere chairman sees off rivals to succeed Sir Bill Beaumont

    Newly-elected World Rugby boss Brett Robinson vows to tackle sport’s ‘financial crisis’, promote women’s game and stop time-wasting – after first southern hemisphere chairman sees off rivals to succeed Sir Bill Beaumont

    World Rugby’s new chairman, Brett Robinson, has outlined his urgent mission to tackle the sport’s acute financial crisis, after narrowly winning the vote to succeed Sir Bill Beaumont.

    The former Australia flanker became the first elected figurehead of the global governing body from the southern hemisphere, by edging out ex-France captain Abdelatif Benazzi 27-25 in the second round of voting. 

    As expected, it had become a two-horse race when the Italian candidate, Andrea Rinaldo, was eliminated after gaining just nine votes in the first round, compared to 22 for Robinson and 21 for Benazzi.

    Having come through the tense, tight ballot at a luxury hotel here in the Irish capital, the 54-year-old victor spoke about his pride and pressing priorities. 

    ‘It’s a great privilege and honour to be elected to chair World Rugby,’ said Robinson. ‘I was honoured to be put up, but to have the game come and support me is fabulous.

    ‘Work starts today. There are a list of things that (World Rugby’s) Council want from me, having elected me, and I’ve got to start looking at those in some detail. 

    Brett Robinson has seen off the competition to become the new World Rugby chairman

    Brett Robinson has seen off the competition to become the new World Rugby chairman

    Robinson (second-right) will replace outgoing Sir Bill Beaumont (second-left) in the role

    Robinson (second-right) will replace outgoing Sir Bill Beaumont (second-left) in the role

    The result was a disappointment for former French star Abdelatif Benazzi who expected to win

    The result was a disappointment for former French star Abdelatif Benazzi who expected to win

    ‘I was very clear leading into the elections that the financial sustainability of our member unions is at crisis point, so we have to find ways, collectively, to deal with that. I was really clear about the need to grow the game, while ensuring our core markets are in a good place.

    ‘I was clear about the competitions that matter to us – the Nations Championship getting off the ground, the women’s game continuing to grow, and our platform around the Sevens being reset after the Olympics. I was also really clear about listening to our fans.

    ‘There is not enough ball in play, too much senseless kicking, and we’re not promoting teams to attack. Finally, World Rugby as an organisation has been in the professional era for about 30 years. 

    ‘Now, we’ve got so much to think about as an organisation, what our priorities are, and how we can be fit, lean, and ready to deliver.’

    The perception going into the election was that Robinson was a status quo candidate while Benazzi was more focused on overseeing an era of global expansion. 

    Asked if his aim was to reinforce the game’s core unions and nations rather than targeting new markets, Robinson added: ‘We’ve done some great work in the past few months bringing our top unions together.

    ‘There are revenue and cost levers we can play with. We did a workshop four weeks ago, and last night the CEOs and chairs of the major unions came together as a follow-on from that. We’re into some detail about those things now.’

    This was not only a satisfactory outcome for Australia, it also represented a perfect result for the RFU, who have been able to maintain English influence at the top of World Rugby. 

    Robinson drew attention to the Rugby Sevens platform being 'reset' after the Olympics

    Robinson drew attention to the Rugby Sevens platform being ‘reset’ after the Olympics

    He also vowed to assist the women's game as it 'continued to grow' in popularity

    He also vowed to assist the women’s game as it ‘continued to grow’ in popularity

    The result is good news for the RFU as it maintains English influence at the top of rugby

    The result is good news for the RFU as it maintains English influence at the top of rugby 

    Former England full-back Jonathan Webb will serve as vice-chairman after being elected to the executive board, after the RFU strongly and openly backed Robinson’s campaign.

    Benazzi had been confident of victory in the chairman election and as he hurried to leave the hotel after his agonising defeat, he lamented the decision by Rugby Africa to cast their two votes in favour of Robinson. 

    The Morocco-born candidate had evidently expected to be supported by the region whose leading nation, South Africa, were staunchly supportive of Benazzi’s bid for the lead role.

    Shortly after the voting concluded, the president of Rugby Africa, Herbert Mensah – a Ghanaian businessman and sports administrator – could be seen posing for selfies with Robinson. It emerged that Mensah had been voted on to the new executive board.

    Another man hoping to gain one of those coveted seats at the top table was former Argentina captain Agustin Pichot, who had narrowly lost the previous chairman election to Beaumont in 2020. However, the popular Pumas legend missed out, as did the president of Rugby South America, Sebastian Pineyrua.

    Source link

  • Evolv Financial Turmoil Is A Cautionary Tale For Sports Tech

    Evolv Financial Turmoil Is A Cautionary Tale For Sports Tech

    Evolv Technology (“Evolv”), which provides AI -based security screening to clients including sports teams and stadiums, announced that its previous two years of financial statements can no longer be relied upon, a stunning development for one of sports tech’s darlings.

    The decision was based on preliminary results from an internal investigation into sales practices. That investigation, previously unknown to the public, is still ongoing, so releasing this news now likely means the evidence is damning.

    I’ve been monitoring this story carefully, because, reading the disclosures, and having investigated hundreds of similar matters, it’s clear the problems are symptomatic of broader issues in the sports and software-as-a-service (”SaaS”) industries.

    A rising star

    Evolv’s flagship product, the “Evolv Express”, uses sensors and Artificial Intelligence (“AI”) to make securely entering buildings, such as stadiums, quicker and simpler. Two-thirds of the Company’s revenue is earned through subscriptions, whereby customers get the Evolv Express product and access to its intelligence software.

    That technology and business model has generated considerable growth. The company went public through a reverse merger in 2021, won “Best in Sports Technology” from Sports Business Journal in 2024 and has contracts with over 50 major pro and collegiate sports venues in the US and England.

    But the issues stem from these agreements. According to the company, certain sales included ex-contractual arrangements – side terms not included in the main contract.

    Nightmare for Evolv’s finance team

    Evolv’s accountants, relying on the written contract, believed the Company’s had met their client obligations and recorded revenue in line with United States Generally Accepted Accounting Principles (GAAP). The company’s auditors likely used those contracts for support. But neither were aware that the Company had further obligations to certain clients.

    Evolv estimates overstated revenue between $4m-$6m over a 2-plus year period. That may seem trivial since Evolv’s most recent quarterly revenue was $25m. But those numbers are net of premature revenue that corrected in a later period. Individual period financial impacts were material enough that every financial statement since June 2022 could no longer be relied upon.

    No disclosures on the ex-contractual obligations but I have theories

    Like other technology companies, Evolv’s subscription agreements include multiple components, such as the product and related software. Accounting principles require those components to be treated separately, and so the company proportionally allocates revenue based on market prices.

    That increases the complexity – and the risk. Consider this hypothetical; a customer signs a contract to buy the Evolv Express and subscribe to its software. The product is installed at a stadium, the subscription starts, and the customer begins paying installments. The Company would likely record the revenue for the product component upon installation because the risks and rewards of ownership had transferred.

    But what if Company personnel had promised – outside of the contract – to take the product back if certain benchmarks weren’t met?

    Complex leases potentially a factor

    There’s also another possibility. 46% of the Company’s 2023 revenue came from leasing, not selling, the Evolv Express. That creates the opposite problem; the risk that company personnel promised clients, ex-contractually, a discounted or free purchase option at lease-end. Such a promise, referred to as a bargain purchase option, could materially alter revenue calculations and balance sheet classifications.

    Coincidentally – or perhaps not – the company was required to adopt a more complicated lease standard in 2022, the same year these accounting issues began. In fact, the Company’s June 2022 quarterly financials (the “10Q”) were delayed for immaterial misclassifications to leases, warrants and cost of sales. That’s a bingo for complicated accounting topics.

    Technology sector risks

    In this industry, companies are built on proprietary technology, but that creates pressure if the product falters or isn’t adopted at scale. That likely applies at Evolv, where the Chief Innovation Officer had admitted that its Chief Executive Officer, “sometimes exaggerated the…performance”. And though the company has grown, they acknowledge a “history of losses” and a risk they “may not achieve or maintain profitability in the future”.

    Now, that’s not atypical for an industry that runs a consistent playbook: spend to develop an impactful product (most R&D costs are not capitalizable), scale like crazy, make investors happy. But the caveat is that strategy requires an aggressive sales function.

    And that sales function is usually rewarded for securing Annual Recurring Revenue (”ARR”) because investors place higher multiples on predictable cash flows. That incentivizes sales teams to lock in subscription contracts.

    Coincidentally – there’s that word again – in its most recent filing, 83% of the company’s $25m quarterly revenue was deemed recurring, and the Company was forecasting $100m in ARR by December 31, 2024.

    Exacerbated by Sports

    I refer to Sports as a “Halo Industry” because headlines are monitored by stakeholders in unrelated sectors. Evolv might agree; they regularly tout their Sports Business Journal awards in SEC filings. But that pushes companies to chase headlines through new sports transactions.

    The industry’s growth enhances the risk that internal controls and processes haven’t kept pace, as I’ve written about elsewhere. For example, at other public companies, accounting policies include language prohibiting formal or informal “side letters”. It’s unclear if that existed at Evolv.

    And controls are also only as effective as the tone at the top. That’s why Directors are also investigating senior personnel, including potentially the Chief Executive Officer, who previously oversaw sales. There’s also a separate – and still ongoing – Securities and Exchange Commission investigation into Evolv’s marketing practices.

    Difficult to catch but not impossible

    Identifying ex-contractual terms is challenging; just look at the fraud by former Sacramento Kings Chief Revenue Officer, Jeffrey David. But regulators view confirming Accounts Receivable and key contract terms as an essential part of auditing.

    It also should be an essential part of fraud due diligence during transactions and funding. Evolv previously took outside money from firms like Finback Investment Partners, General Catalyst and SineWave, and went public in 2021. It’s fair to wonder if such procedures were performed at any point.

    Concern moving forward

    When the economics of technology companies are mixed with the high-profile nature of sports and the realities of investor pressure, it creates an atmosphere for potential fraud.

    Thankfully, Evolv’s directors are overhauling governance and assuaging investors. The CEO has been replaced, and it’s safe to assume that company personnel and vendors are working hard to finish the investigation and remediate control gaps. Auditors won’t sign off on the Company’s next year-end financials until they do.

    But this will happen again, if not at Evolv, then at another public – or private – company, especially as the underwhelming early returns from AI create investor pressure. It’s been said that when the tide goes out, we see who’s swimming naked.

    Hopefully lessons are learned in the meantime.

    Check out my website.

    Source link

  • Rewarding financial discipline: How CRED is turning payments into lifestyle perks

    Rewarding financial discipline: How CRED is turning payments into lifestyle perks

    Akshay Aedula, who oversees Product and Growth at CRED, provided an in-depth look at how the platform differentiates its rewards programme, ensures data privacy, and overcomes engineering challenges to deliver a seamless member experience in an exclusive conversation with Tech Today.

    Distinguishing CRED’s Rewards and Value Proposition

    When asked how CRED sets itself apart from competitors targeting a similar affluent demographic, Akshay emphasised the unique value placed on financial responsibility. “At CRED, we reward and recognise financial prudence because it drives real progress,” he explained. With over 14 million monthly active users, the platform enhances credit scores, uncovers hidden charges, and helps members avoid late fees through consistent payment reminders and incentives. The reward system, spanning cashback to exclusive experiences, is engineered to encourage positive financial habits, creating a feedback loop that benefits users’ lifestyles and financial health.

    The Reward Redemption Journey

    Akshay detailed CRED’s straightforward yet engaging process for redeeming rewards. “On CRED, every transaction is a step towards better financial habits. Members earn coins that unlock rewards like cashback, vouchers, lifestyle products, and experiences, turning financial discipline into tangible benefits,” he noted. He shared that over half a million members redeem vouchers each month, and cashback can be applied to reduce next month’s credit card bills—directly translating into savings and incentivising responsible spending.

    CRED’s offerings are expansive:

        •    Vouchers and Deals: “Since 2021, merchants have rewarded over 11 million members with 1.5 billion vouchers,” Akshay mentioned, highlighting the massive scale of CRED’s impact on consumer spending across groceries, dining, and more. Members spent 315 billion CRED coins in just three months on vouchers for popular brands such as Swiggy, Myntra, and Uber, underscoring the platform’s resonance with users’ daily needs.
        •    Lifestyle Experiences and Jackpots: CRED members with over 1 million coins can unlock perks that transcend typical rewards programs. Akshay shared, “These members enjoy exclusive access to lifestyle upgrades—100 room nights at Marriott hotels, Starbucks coffee, cocktail mixers, and premium electronics, all without any conditions.” Additionally, users have won coveted items such as Dyson appliances, luxury fashion from Dior and Balenciaga, and even MG Hector cars.

    Prioritising Privacy and Data Security

    In an era where data security is paramount, Akshay assured that CRED places immense importance on protecting member data. “Recently, we received in-principle approval from the Reserve Bank of India to operate as a payment aggregator (PA), which allows us to handle transactions efficiently while maintaining top-tier security,” he explained. CRED’s triple certification in global security standards includes ISO 27001, ISO 27701, and PCI DSS v4.0. These achievements, coupled with approval from the RBI, highlight CRED’s comprehensive approach to data governance and security.

    Gamification: Making Financial Management Rewarding

    CRED’s innovative use of gamification is designed to inject a sense of excitement and achievement into financial activities that are typically seen as mundane. “CRED rewards members for timely bill payments and responsible credit behaviour, gamifying a usually tedious task,” Akshay said. The platform’s approach is multifaceted:

        •    Reward-Based Engagement: Earning coins for timely actions motivates members to maintain good habits.
        •    Anticipation and Joy: The anticipation of unlocking rewards turns financial management into an enjoyable experience.
        •    Surprise and Delight: Occasionally, members receive unexpected perks, ensuring that engagement remains dynamic.
        •    Challenges and Goals: Members achieving milestones—such as accumulating a million coins—can access unique rewards, adding an element of challenge that promotes continued positive behaviour.

    Tackling Technical Challenges with a ‘Born Adults’ Approach

    CRED’s journey has not been without its technical hurdles. “One of the biggest challenges we faced was managing scale from the outset,” Akshay shared. The ‘born adults’ approach meant anticipating rapid growth and building robust systems capable of handling that expansion seamlessly. The engineering team also focused on resilience, ensuring service continuity through smart fallback systems and proactive data governance. This strategy allows CRED to process millions of credit card statements daily, predict user behaviour, personalise experiences, and prevent fraud, all while maintaining cost efficiency.

    Despite operating with a relatively lean team, CRED remains committed to quality and user experience. “We prioritise pixel-perfect designs and fast, secure, and reliable payment products to ensure a premium experience for our members,” Akshay stated.

    The Future of Rewards at CRED

    Looking ahead, CRED aims to continue redefining the concept of rewards with initiatives like “Only Fridays,” which feature exclusive, high-end giveaways and experiences. “For instance, three lucky members recently had VIP access to top cocktail bars in Delhi, experiencing a curated bar-hopping adventure,” Akshay shared. Other notable rewards have included PS5 bundles and gourmet dining experiences. Additionally, CRED’s introduction of the Claw machine, a physical manifestation of its digital rewards system has further blended online engagement with real-world interaction, proving that CRED’s vision for rewards extends beyond the screen.

    As rewards programs continue to evolve, CRED is positioning itself as a leader in delivering innovative, meaningful, and personalised financial incentives. “We will keep rewarding members for financially prudent decisions, with even more exciting rewards tied to their individual financial journeys,” Akshay affirmed.

    Source link

  • Rewarding financial discipline: How CRED is turning payments into lifestyle perks

    Rewarding financial discipline: How CRED is turning payments into lifestyle perks

    Akshay Aedula, who oversees Product and Growth at CRED, provided an in-depth look at how the platform differentiates its rewards programme, ensures data privacy, and overcomes engineering challenges to deliver a seamless member experience in an exclusive conversation with Tech Today.

    Distinguishing CRED’s Rewards and Value Proposition

    When asked how CRED sets itself apart from competitors targeting a similar affluent demographic, Akshay emphasised the unique value placed on financial responsibility. “At CRED, we reward and recognise financial prudence because it drives real progress,” he explained. With over 14 million monthly active users, the platform enhances credit scores, uncovers hidden charges, and helps members avoid late fees through consistent payment reminders and incentives. The reward system, spanning cashback to exclusive experiences, is engineered to encourage positive financial habits, creating a feedback loop that benefits users’ lifestyles and financial health.

    The Reward Redemption Journey

    Akshay detailed CRED’s straightforward yet engaging process for redeeming rewards. “On CRED, every transaction is a step towards better financial habits. Members earn coins that unlock rewards like cashback, vouchers, lifestyle products, and experiences, turning financial discipline into tangible benefits,” he noted. He shared that over half a million members redeem vouchers each month, and cashback can be applied to reduce next month’s credit card bills—directly translating into savings and incentivising responsible spending.

    CRED’s offerings are expansive:

        •    Vouchers and Deals: “Since 2021, merchants have rewarded over 11 million members with 1.5 billion vouchers,” Akshay mentioned, highlighting the massive scale of CRED’s impact on consumer spending across groceries, dining, and more. Members spent 315 billion CRED coins in just three months on vouchers for popular brands such as Swiggy, Myntra, and Uber, underscoring the platform’s resonance with users’ daily needs.
        •    Lifestyle Experiences and Jackpots: CRED members with over 1 million coins can unlock perks that transcend typical rewards programs. Akshay shared, “These members enjoy exclusive access to lifestyle upgrades—100 room nights at Marriott hotels, Starbucks coffee, cocktail mixers, and premium electronics, all without any conditions.” Additionally, users have won coveted items such as Dyson appliances, luxury fashion from Dior and Balenciaga, and even MG Hector cars.

    Prioritising Privacy and Data Security

    In an era where data security is paramount, Akshay assured that CRED places immense importance on protecting member data. “Recently, we received in-principle approval from the Reserve Bank of India to operate as a payment aggregator (PA), which allows us to handle transactions efficiently while maintaining top-tier security,” he explained. CRED’s triple certification in global security standards includes ISO 27001, ISO 27701, and PCI DSS v4.0. These achievements, coupled with approval from the RBI, highlight CRED’s comprehensive approach to data governance and security.

    Gamification: Making Financial Management Rewarding

    CRED’s innovative use of gamification is designed to inject a sense of excitement and achievement into financial activities that are typically seen as mundane. “CRED rewards members for timely bill payments and responsible credit behaviour, gamifying a usually tedious task,” Akshay said. The platform’s approach is multifaceted:

        •    Reward-Based Engagement: Earning coins for timely actions motivates members to maintain good habits.
        •    Anticipation and Joy: The anticipation of unlocking rewards turns financial management into an enjoyable experience.
        •    Surprise and Delight: Occasionally, members receive unexpected perks, ensuring that engagement remains dynamic.
        •    Challenges and Goals: Members achieving milestones—such as accumulating a million coins—can access unique rewards, adding an element of challenge that promotes continued positive behaviour.

    Tackling Technical Challenges with a ‘Born Adults’ Approach

    CRED’s journey has not been without its technical hurdles. “One of the biggest challenges we faced was managing scale from the outset,” Akshay shared. The ‘born adults’ approach meant anticipating rapid growth and building robust systems capable of handling that expansion seamlessly. The engineering team also focused on resilience, ensuring service continuity through smart fallback systems and proactive data governance. This strategy allows CRED to process millions of credit card statements daily, predict user behaviour, personalise experiences, and prevent fraud, all while maintaining cost efficiency.

    Despite operating with a relatively lean team, CRED remains committed to quality and user experience. “We prioritise pixel-perfect designs and fast, secure, and reliable payment products to ensure a premium experience for our members,” Akshay stated.

    The Future of Rewards at CRED

    Looking ahead, CRED aims to continue redefining the concept of rewards with initiatives like “Only Fridays,” which feature exclusive, high-end giveaways and experiences. “For instance, three lucky members recently had VIP access to top cocktail bars in Delhi, experiencing a curated bar-hopping adventure,” Akshay shared. Other notable rewards have included PS5 bundles and gourmet dining experiences. Additionally, CRED’s introduction of the Claw machine, a physical manifestation of its digital rewards system has further blended online engagement with real-world interaction, proving that CRED’s vision for rewards extends beyond the screen.

    As rewards programs continue to evolve, CRED is positioning itself as a leader in delivering innovative, meaningful, and personalised financial incentives. “We will keep rewarding members for financially prudent decisions, with even more exciting rewards tied to their individual financial journeys,” Akshay affirmed.

    Source link

  • Changing financial, lifestyle needs driving insurance offerings –NSIA MD

    Changing financial, lifestyle needs driving insurance offerings –NSIA MD

    In designing insurance products for customers, insurance companies have identified the crucial need to consider their financial goals, investment preferences, and lifestyle choices.

    These ensure that the offerings are not only relevant but also provide the necessary protection and support they need.

    Moruf Apampa, managing director/CEO, NSIA Insurance, said the underwriting firm offers a wide range of insurance services at competitive rates to meet the changing financial, investment, and lifestyle needs of its corporate, commercial, and individual customers.

    According to him, tailoring products to fit individual needs can enhance customer satisfaction and loyalty, making it easier for them to see the value in their insurance plans.

    Apampa said, looking ahead, NSIA Insurance is committed to strengthening its retail presence and providing top-tier services that offer peace of mind to individuals, families, and businesses across the country.

    The CEO said these are part of the valuable insights gained from its nationwide tour will guide future strategies as the company expands its reach and continues to deliver high-quality products to Nigerians.

    NSIA Insurance wrapped up its 2024 Roadshow, a major initiative designed to enhance customer engagement and raise awareness about insurance services across Nigeria.

    Read also: NSIA Insurance gross written premium up 24% in FY’23

    The roadshow made stops in key cities, including Onitsha, Benin, Ibadan, Kaduna, and Kano, where the company connected with diverse communities and emphasized the importance of insurance protection.

    It brought NSIA Insurance closer to its customers, offering interactive sessions that allowed individuals and businesses to explore the company’s comprehensive range of insurance products and services.

    A central focus of the roadshow was the company’s retail insurance products, tailored to meet the everyday needs of individuals and small businesses. As part of its retail expansion strategy, NSIA introduced both new and existing products specifically designed for the unique demands of each region visited.

    The team engaged with local stakeholders, discussing topics such as risk management, financial security, and how insurance plays a critical role in supporting long-term goals. These conversations underscored the company’s vision of becoming Nigeria’s leading provider of reliable insurance solutions, safeguarding lives, businesses, and assets nationwide.

    Source link

  • Changing financial, lifestyle needs driving insurance offerings –NSIA MD

    Changing financial, lifestyle needs driving insurance offerings –NSIA MD

    In designing insurance products for customers, insurance companies have identified the crucial need to consider their financial goals, investment preferences, and lifestyle choices.

    These ensure that the offerings are not only relevant but also provide the necessary protection and support they need.

    Moruf Apampa, managing director/CEO, NSIA Insurance, said the underwriting firm offers a wide range of insurance services at competitive rates to meet the changing financial, investment, and lifestyle needs of its corporate, commercial, and individual customers.

    According to him, tailoring products to fit individual needs can enhance customer satisfaction and loyalty, making it easier for them to see the value in their insurance plans.

    Apampa said, looking ahead, NSIA Insurance is committed to strengthening its retail presence and providing top-tier services that offer peace of mind to individuals, families, and businesses across the country.

    The CEO said these are part of the valuable insights gained from its nationwide tour will guide future strategies as the company expands its reach and continues to deliver high-quality products to Nigerians.

    NSIA Insurance wrapped up its 2024 Roadshow, a major initiative designed to enhance customer engagement and raise awareness about insurance services across Nigeria.

    Read also: NSIA Insurance gross written premium up 24% in FY’23

    The roadshow made stops in key cities, including Onitsha, Benin, Ibadan, Kaduna, and Kano, where the company connected with diverse communities and emphasized the importance of insurance protection.

    It brought NSIA Insurance closer to its customers, offering interactive sessions that allowed individuals and businesses to explore the company’s comprehensive range of insurance products and services.

    A central focus of the roadshow was the company’s retail insurance products, tailored to meet the everyday needs of individuals and small businesses. As part of its retail expansion strategy, NSIA introduced both new and existing products specifically designed for the unique demands of each region visited.

    The team engaged with local stakeholders, discussing topics such as risk management, financial security, and how insurance plays a critical role in supporting long-term goals. These conversations underscored the company’s vision of becoming Nigeria’s leading provider of reliable insurance solutions, safeguarding lives, businesses, and assets nationwide.

    Source link

  • Changing financial, lifestyle needs driving insurance offerings –NSIA MD

    Changing financial, lifestyle needs driving insurance offerings –NSIA MD

    In designing insurance products for customers, insurance companies have identified the crucial need to consider their financial goals, investment preferences, and lifestyle choices.

    These ensure that the offerings are not only relevant but also provide the necessary protection and support they need.

    Moruf Apampa, managing director/CEO, NSIA Insurance, said the underwriting firm offers a wide range of insurance services at competitive rates to meet the changing financial, investment, and lifestyle needs of its corporate, commercial, and individual customers.

    According to him, tailoring products to fit individual needs can enhance customer satisfaction and loyalty, making it easier for them to see the value in their insurance plans.

    Apampa said, looking ahead, NSIA Insurance is committed to strengthening its retail presence and providing top-tier services that offer peace of mind to individuals, families, and businesses across the country.

    The CEO said these are part of the valuable insights gained from its nationwide tour will guide future strategies as the company expands its reach and continues to deliver high-quality products to Nigerians.

    NSIA Insurance wrapped up its 2024 Roadshow, a major initiative designed to enhance customer engagement and raise awareness about insurance services across Nigeria.

    Read also: NSIA Insurance gross written premium up 24% in FY’23

    The roadshow made stops in key cities, including Onitsha, Benin, Ibadan, Kaduna, and Kano, where the company connected with diverse communities and emphasized the importance of insurance protection.

    It brought NSIA Insurance closer to its customers, offering interactive sessions that allowed individuals and businesses to explore the company’s comprehensive range of insurance products and services.

    A central focus of the roadshow was the company’s retail insurance products, tailored to meet the everyday needs of individuals and small businesses. As part of its retail expansion strategy, NSIA introduced both new and existing products specifically designed for the unique demands of each region visited.

    The team engaged with local stakeholders, discussing topics such as risk management, financial security, and how insurance plays a critical role in supporting long-term goals. These conversations underscored the company’s vision of becoming Nigeria’s leading provider of reliable insurance solutions, safeguarding lives, businesses, and assets nationwide.

    Source link