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Mintyn Digital Bank

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Data Management; Strengthening Data Management in Banking and Finance

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Strategies for Strengthening Data Management in Banking and Finance

strengthening data management in finance and banking sector

Strengthening Data Management in Banking and Finance is very important hence; Banks and financial institutions must strengthen their data management practices to address these challenges. There are several strategies that financial institutions can use to enhance their data management systems. These include:

Data management in the banking and finance sector faces several challenges. These include increasing data volumes, data security and privacy concerns, data quality issues, and compliance with regulatory requirements. Banks and financial institutions must strengthen their data management practices to address these challenges. The following are some strategies that will help banks and financial institutions to improve their data management practices:

Data Governance

Data governance is managing data availability, usability, integrity, and security. Data governance is crucial in banking and finance to ensure data is handled following regulations and best practices. Financial institutions should have a comprehensive data governance framework that defines roles, responsibilities, and policies related to data management. Banks and financial institutions must establish a comprehensive data management framework defining data governance processes, quality standards, and security protocols.

Data Quality Management

Data quality management involves ensuring that data is accurate, complete, consistent, and timely. Poor data quality can lead to erroneous decisions, compliance issues, and reputational damage in banking and finance. Financial institutions should have a robust data quality management process that includes data profiling, cleansing, and validation.

Establish a data management framework: 

Banks and financial institutions must establish a comprehensive data management framework that defines data governance processes, data quality standards, and data security protocols.

Invest in data management technology

Banks and financial institutions must invest in data management technology, including data integration tools, data analytics tools, and data security tools.

Hire skilled data professionals: 

Banks and financial institutions must hire skilled data professionals, including data analysts, data scientists, and data engineers, to manage and analyse data effectively.

Implement data governance processes: 

Banks and financial institutions must implement robust data governance processes that ensure data is managed effectively and efficiently.

Prioritise data quality: 

Banks and financial institutions must prioritise data quality by implementing data quality standards and conducting regular data quality audits.

Focus on data security: 

Banks and financial institutions must focus on data security by implementing data security protocols, including encryption, access controls, and data backups.

Emphasise data analytics: 

Banks and financial institutions must emphasise data analytics by investing in data analytics tools and hiring skilled data professionals who can analyse data effectively to gain insights into customer behaviour, market trends, and other critical business factors.

Conclusion:

In conclusion, data management plays a critical role in the banking and finance sector. With the help of data management, organisations can improve the quality and accuracy of data, identify potential risks and opportunities, comply with regulations, and enhance customer experience. However, there are several challenges that need to be addressed, including the need for more standardisation in data management practices, the shortage of skilled professionals, and the lack of integration between different data management systems. By addressing these challenges, the banking and finance sector can strengthen their data management practices and achieve their business objectives.

Convert Your Airtime To Cash At An Instant

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Convert Your Airtime To Cash At An Instant

Mintyn Online bank introduced a new feature that enables users to convert their airtime to cash. This feature is a game-changer for people who regularly rely on mobile airtime as a form of currency. The Airtime to Cash feature is now available on the Mintyn Bank app!

With Airtime to Cash, you can quickly and easily convert airtime from any network to cash and have it credited directly to your Mintyn Bank account. Whether you need to pay bills, make a purchase, or need some extra money, our new feature makes it easy to access the funds you need whenever you need them.

For those unfamiliar with airtime, it’s a virtual currency loaded onto your mobile phone for making calls, sending text messages, and using the internet. However, airtime can also be used as a form of payment for goods and services, just like cash. With the new feature from Mintyn, users can now easily convert their airtime into actual cash, making it more convenient and accessible.

Mintyn, the digital bank revolutionising how we handle money, has recently launched a new feature to change the game. The convert airtime to cash feature is designed to make financial transactions seamless and effortless. We’ll delve into the benefits and advantages of this revolutionary feature. We are committed to providing innovative banking services. 

How to Convert Airtime to Cash on the Mintyn App

The process of converting airtime to cash is simple.

  • Download the mintyn app (Android & iOS).
  • Simply log in to their Mintyn Bank account and
  • Select the Airtime to Cash option.
  • Follow the on-screen instructions to complete the process, and your funds will be credited to your account in no time.

Benefit of Mintyn’s Airtime to Cash Feature

The benefits of this feature are numerous, starting with accessibility. Users no longer need to find a physical location where they can cash in their airtime, as it can now be done instantly from their mobile device. This feature saves time and effort and makes airtime even more helpful as a form of payment.

Convenient Access to Funds:

The converting airtime to cash feature allows users to convert their airtime to cash within minutes. Users no longer have to wait for banking hours or go to physical locations to access their funds. They can now quickly and easily convert airtime to cash, enabling access to their money anytime, anywhere.

Ease of Use

The feature is incredibly user-friendly. All users need to do is link their mobile number to their Mintyn account, and they can convert airtime to cash with a few taps on their mobile devices. The process is fast, secure, and straightforward, making it accessible to everyone, regardless of their technical skills.

Save on Fees

Traditional methods of accessing funds often involve high fees, such as bank transfer and withdrawal fees. With the converting airtime to cash feature, users can save on these fees and keep more of their hard-earned money. This feature also eliminates the need for physical cash, reducing the risk of theft and loss.

Boosts Financial Inclusion

With the growing popularity of mobile banking, more people are becoming financially included, but traditional banking methods are still not accessible to everyone. The airtime-to-cash feature opens up a new world of financial opportunities for those with limited access to banking services. This feature is particularly beneficial to those in remote areas which may need access to traditional banking services.

Convenience.

Instead of carrying around physical cash, users can now have the equivalent amount in their Mintyn account, ready for use. This eliminates the risk of theft or loss of cash and makes it easy to transfer money to others or make online purchases.

The new airtime-to-cash feature also offers a level of security that is not found with traditional cash transactions. All transactions through the Mintyn app are secure and encrypted, reducing the risk of fraud or theft.

Conclusion

In conclusion, Mintyn’s new airtime to cash feature is a revolutionary step forward for mobile banking. It offers convenience, accessibility, and security, making it a must-have for anyone relying on airtime as a currency. So, if you’re looking for a fast, safe, and convenient way to convert your airtime to cash, sign up for Mintyn today!

New Feature Alert: Pay for JAMB UTME/Mock Pin on Mintyn Bank Mobile App

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Pay for JAMB UTME/Mock Pin on Mintyn Bank Mobile App

Purchase Your Jamb Pin On The Mintyn App

We are excited to announce that Mintyn Bank has added a new feature to our mobile app – you can now use our mobile app to pay for your Jamb UTME/Mock pin! With this new feature, you can now quickly and securely purchase your JAMB UTME/Mock pin directly from the Mintyn mobile app without leaving your home’s comfort, saving you time and hassle.

We understand that paying for your JAMB UTME/Mock pin can be time-consuming and stressful. That’s why we have made it easy for you to pay for your pin directly from the Mintyn Bank app. You can make the payment in just a few clicks, saving you time and effort.

Here’s how it works:

  • Open the Mintyn Bank app on your mobile device.
  • Click on the “Pay BillsPayments” tab.
  • Select “Remita” from the list of available bills.
  • Scroll down and select “Education” from the list of available remita bills.
  • Select “JAMB UTME/Mock” from the list of available payments.
  • Enter the required details, such as your JAMB registration number and the amount to be paid.
  • Confirm the payment and wait for the confirmation message.

It’s that simple! This new feature means you no longer have to visit a bank or pay through other channels. We want to ensure you have a seamless and convenient experience when paying for your JAMB UTME/Mock pin.

We understand the importance of convenience and security when it comes to your financial transactions, which is why we constantly strive to improve our services and offer new features to our customers. This new feature will make your JAMB registration process smoother and more efficient.

We hope you enjoy this new feature and look forward to your feedback. If you have any questions or concerns, please don’t hesitate to contact our customer service team.

Traditional Banking Vs. Digital Banking: What Are The Differences?

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Traditional Banking Vs. Digital Banking: What Are The Differences?

Banks have impacted our daily lives, and when you are conducting business, this is especially true. Additionally, it’s crucial to pick the right bank for your company. When I say choosing, I also mean deciding between going for a traditional bank and a digital bank.

This begs the question of what distinguishes a digital bank from a traditional bank. Brick-and-mortar banks are traditional banks. A bank where transactions must be carried out in person. The banks that don’t require your physical presence are digital. You can conduct financial business whenever and wherever you feel comfortable.

However, today’s banking customers have a wide range of options for their banking requirements. Traditional banking was the go-to method for conducting bank business for many years. But thanks to modern technology, users can now access banking services that may be completed online or on mobile.

What Are Traditional Banks?

A traditional bank is a financial institution that does most of its business on-site. Most traditional banks still rely on physical locations to provide your banking needs, even though some offer limited online banking facilities. To assist with this, a conventional bank will have branches nationwide, and many will also have their own branded ATMs.

Traditional banks are ultimately chartered and possess their banking licenses. They frequently provide various financial services, including bank accounts, debit and credit cards, lending, credit reporting, and many other options. Customers should expect to pay more for various services because all this comes at a price.

What Are Digital Banks?

A digital bank is a bank that has its entire operations online without physical locations. Digital banks, also called Neobanks, pair banking services with financial software to provide a reliable yet user-friendly interface with beneficial business synergies.

It’s vital to remember that because of the restrictions on banking licenses, most neobanks aren’t properly regarded as full-fledged “banks. To provide financial services like FDIC-insured bank accounts, money transfers, and withdrawals, they instead collaborate with “Banking as a Service” (BaaS) providers.

Differences Between Traditional Banking And Digital Banking

1. Account Opening

Choosing a conventional bank or a digital platform like fincra will significantly impact how you open an account.

You may apply for a fincra account online within a few minutes as long as you supply all the necessary information to have a successful bank account verification.

But it takes much longer to open an account with a traditional bank. Even though some big banks are beginning to offer an online application process, most still require you to go in person to a location before you can start your application.

2. Account Fees

When discussing digital banking, it’s difficult to avoid mentioning fees, or more specifically, the lack of them. Digital banks, who entered the market using a more sophisticated business model, have raised the bar for the amount of service that businesses might expect before being subjected to banking costs.

Most neo-banks offer fees that are either free or almost zero, in contrast to the high maintenance fees and hidden costs connected with traditional banks. For instance, you are not required to maintain a minimum amount or pay any account fees when you use fincra.

3. Customer Service

Customer service is the following key distinction between digital and traditional banking. To emphasise this, prominent digital banking provides online support, whereas traditional banking only offers in-person assistance.

Due to the more quick and more thorough customer service that digital platforms can provide, more business owners are now shifting towards digital banking. For instance, you can contact fincra’s customer service by email and chat assistance in addition to visiting the Lagos office (Nigeria) or the office in Canada.

4. Data And Integrations

The focus on integration with other financial instruments is another crucial distinction between neobanks and conventional banks. You’ll likely want to connect your bank feed with your accounting software (like QuickBooks Online or Xero) if you’re opening a business banking account. You can integrate your accounting software directly with fincra’s API.

Additionally, you receive pervasive information about every transaction, allowing you to quickly and easily understand the details of every purchase. Your bookkeeping will be completed rapidly and with less effort.

On the other hand, most traditional banks are still learning how digital firms run, what kinds of data business owners want, and what linkages are necessary to automate corporate operations. When you bank with a traditional institution, you might have to put in a lot of effort to find out the details of each transaction and reconcile your bank statements by hand.

5. Automated Payment

When it comes to cutting-edge features for accounts payable administration, digital banks win. A platform like Finca enables you to send money and make payments for utilities without ever leaving your account, whereas some traditional banks only offer the most fundamental AP functions.

You can sync everything back to your documentation software, set up single-step and multi-step approval workflows, pay invoices from your fincra account, and unpaid import payments directly into your banking account.

Pros And Cons Of Traditional Banking

While traditional banking does not always provide the same conveniences as digital banking, it does offer a wide range of services, so you can probably find all you need in one location. A traditional bank may be a better option if you place the highest value on in-person customer service.

Pros Of Traditional Banking

  • Face-to-face customer service
  • Investment services
  • Access to a savings account

Cons Of Traditional Banking

  • High account maintenance fees
  • Low-interest rates
  • Lack of Convenience

Pros And Cons of Digital Banking

In terms of account costs, accessibility, integrations, and teamwork tools, digital banking takes the card. If that’s what you want, it could be time for digital banking.

Pros Of Digital Banking

  • Online account opening
  • Low fees
  • Multiple account checking

Cons Of Digital Banking

  • No physical location
  • Varying features from bank to bank

Conclusion

The future of banking is digital — especially if you’re a business owner. With digital banking, you can cut down on fees, get better integrations with your accounting software, securely collaborate with your team and get better visibility into how much you’re earning, saving and spending every day.

Therefore, consider using fincra if you send and receive money anywhere in the world.

How Can Banks Embrace A Growing Gen Z Workforce?

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How Can Banks Embrace A Growing Gen Z Workforce?

Whether we like it or not, the Gen Z workforce has disrupted how we do business. They have been a significant factor in the growth of co-working. They have pressured companies to make their values and environmental, sustainability, and governance (ESG) credentials the centrepiece of their brand identities and to end the stigmatising taboos around workplace concerns like diversity and inclusion, mental health, and wellbeing.

But just as businesses are learning to deal with the demands and preferences of their millennial workforce, a new generation, known as Generation Z, is set to upend everything once more. The era known as “Gen Z” was born between 1997 and 2012. These individuals are entrepreneurial digital natives who are only now reaching the working age. A business leader’s top priority should be luring the most talented members of this generation, who will make up 32% of the world’s population by the end of this year.

They live in a more connected world than any preceding generation because they were born into the mobile age. They seldom make voice calls on their smartphone and have never experienced a busy signal.

However, the generational divides go beyond technology. Gen Z has strong values, including support for those who struggle with social and economic hurdles and care for the environment, according to a study from Stanford University. They demand honesty and integrity from the businesses they patronise, and they require it much more from the organisations where they find employment.

Leaders in the banking and finance industries are particularly affected by this. They have had a famously difficult time recruiting millennial talent over the previous ten years. According to The Financial Times, there were 22% fewer young individuals looking for jobs in the banking sector between 2008 and 2018. Instead, IT businesses have been luring bright graduates with significant wages and promising to build a better, more connected society.

Many millennials who began their careers in finance were later drawn to digital businesses for their mission-driven work as well as their more creative and adaptable work environments, according to a Kronos survey.

Banks have put a lot of effort into winning back the millennial generation’s favour by implementing more flexible work policies and committing to more environmentally friendly corporate practices.

What Is The Outlook Of Gen Z Workplace?

Although Gen Zers enjoy working cooperatively with their coworkers, they are prepared to assume responsibility for their duties. Unexpectedly, they prefer face-to-face contact over online ones, indicating that a hybrid workplace will be more appealing to them than one that is entirely remote.

Gen Z workforce will likely take ownership of their roles once they understand their fundamentals. If given some latitude, they will devise creative solutions to finish their work because they are pragmatists and self-starters. While encouraging and challenging employees to explore more efficient work methods is likely to boost productivity and decrease attrition, strict supervision is expected to be unwelcoming.

Gen Z is aware that failure is frequently a part of the process after watching Millennials rush to launch startups with varied results. As a result, they might be less risk-averse than earlier generations. They are, therefore, well suited to an agile workplace because they understand that the key to long-term success is learning from mistakes.

A bank might be less of an entity and more of a notion for Gen Z. Their universe is not divided by branches and apps, incumbents, or other categories. They will be the generation confident in bringing commercial banking into the social media space, the metaverse, the cryptocurrency markets, and whatever else develops over the next 30 years.

How Can Banks Embrace The Gen Z Workforce?

1. Modernise Workplace Communication And Collaboration

These businesses urgently need to make investments in modernising staff collaboration and communication. All members of Gen Z were born after the internet became widely available, making them the first generation that was entirely accepted into the digital age. When you look at the most popular apps among young people, you can see that connecting across various platforms is second nature. Over 92% of people have a digital footprint. Gen Z interacts with one another through instant, multi-channel, multi-format communication, whether it is through Slack, Teams, WhatsApp, Instagram, or TikTok. They will also want this in their working environment.

In the banking sector, there has already been a lot of innovation. Collaboration tools, driven by Slack, have made a more dynamic working style more common. Employees can access various productivity-enhancing tools, including Zoom and Microsoft Teams. These enable them to collaborate in a way that satisfies both the requirements of the modern workplace and how younger people naturally interact. Banks and businesses in highly regulated sectors, however, have not fully utilised these technologies.

Most people attribute this to worries about compliance risk. Imagine that a regulator launched an inquiry and asked a bank to review every correspondence between a group of employees over six months. The use of email alone to accomplish this can be problematic. However, this work might appear to be insurmountable if that bank permitted its staff to additionally communicate via Microsoft Teams, WhatsApp, Slack, and mobile phones. Companies must record all of this data and ensure that emojis, GIFs, photographs, voice notes, and videos are all registered in a way that might give the regulators conducting the investigation enough context.

Banks have avoided fully utilising collaborative technologies that boost productivity and other new forms of communication. As a result, to reduce risk. In the most important financial institutions on earth, email continues to rule. Even though some uses of these tools are now commonplace, many in the industry still consider instant, multi-format, and multi-channel communication to be a pipe dream.

2. Implement a Solution To Capture And Archives Modern Communications

The problem here is that banks are allowing less regulated industries to overtake them. These businesses are passing on the significant advantages that the newest communication and collaboration technologies may provide by neglecting to find a solution. Additionally, they are targeting Gen Z only.

Meanwhile, there are connection suites that enable businesses to not only collect data from widely used corporate communication channels but also to store it in its original format. They may now examine their information through a single pane of glass with enough context to wholly and swiftly meet regulatory reporting standards. Additionally, it assures businesses that their staff members are using these products compliantly and reaping the maximum productivity benefits.

Communication solution provider ensures banks, financial services organisations, and businesses operating in highly regulated sectors can use the most cutting-edge communications and collaboration solutions to boost productivity while lowering compliance risk. Most significantly, it will enable these businesses to develop work event that will draw in the following generation of brilliant workers. A generation that unquestionably will bring with them a new wave of innovation and enhanced productivity.

3. Proactive Approach To ESG Issues

For Gen Z, having a positive impact on society is expected and making a difference in the world is crucial. It should be easier to recruit new employees to positions at your financial institution if you highlight opportunities like paid volunteer hours and involvement in internal ESG initiatives in your job descriptions.

For Gen Z, self-care is also a top goal. They saw their Gen X parents put in a lot of overtime to advance, but they saw little loyalty or advancement on the part of their parents’ companies. They’ll probably seek out flexible work schedules that enable them to take breaks when necessary and work from home when it makes sense.

More than anything, businesses must make the Gen Z workforce feel vital if they want to keep them, especially heritage organisations like banks. Long-term engagement and commitment are more likely to be maintained if you give them responsibility, appreciation, and chances to learn and grow. This is not a generation that prizes participation; Gen Z is willing to put in the effort as long as they feel their actions will have an impact.

What Is The Future Of Gen Z Workforce In The Banking Sector?

Numerous studies show how crucial it is for Gen Z to experience a sense of community, especially online; thus, technology is only one factor in the value equation for these clients. They will probably find interest in a concentration on “human” digital to answer queries and direct decisions. Accountability outside of technology implies focusing on the community, communication, and service aspects of banking rather than ignoring them in the quest for a revolutionary app or user experience.

There is a real risk of becoming weary of technology and overpowered by it. In my opinion, gamification, post-engagement marketing, and relevant content are essential for banks and credit unions to balance the to fos r authentic relationships outside of the applications themselves with the expectations of millennials and Gen Z for digital convenience.

Conclusion

Banks must embrace the challenge of attracting these younger, significantly more critical customers by using creative, novel methods to traditional banking if they want to lead and expand. Adding digital elements to historic offerings won’t be enough to get it correctly.

DYNAMICS OF THE MINTYN  DEBIT CARD

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DYNAMICS OF THE MINTYN  DEBIT CARD

the peculiarity of mintyn debit card; secure and Durable

The mintyn debit card is very peculiar because it is user-friendly, durable, neat, and secure. You don’t have to fret in the case of card loss or theft because your debit card is unique to you, and no one can do any transaction without your authorization. How?

Panless or numberless card services are being introduced by a growing number of banks and fintech companies in every major economy in the globe. The benefits of owning a numberless card become more tempting to customers as the ecosystem matures because competition keeps pricing low and services profitable.

The Mintyn debit card is PAN-less; PAN refers to Primary Account Number on debit or credit cards. It does not have the regular 16-digit number and expiry date you see on traditional debit cards. Mintyn debit card contains a chip, the cardholder’s name, and the CVV at the back.

Now you are wondering how you will make online transactions. That’s not an issue, as you can get your card details, PAN, CVV, and Expiry date on the mintyn app.

Mintyn Debit Card enhances the safety and security of your money. Not only does it improve security, but the card is also neat and fancy compared to traditional cards. Do you want to be that trendy minimalist making transactions most securely and reliably? Sign up with Mintyn or Apply for your Mintyn debit card now!

Facts You Might Want To Know.

How is a PAN-less card more reliable than the regular traditional card? 

Cardholders must authenticate their identities and connect to the bank’s mobile app to obtain the information needed for online shopping. The physical card’s chip would store the card number and expiration date instead of being printed on regular cards; the numberless card would only show the cardholder’s name. Along with the card verification value (CVC2) currently put on the back of conventional cards, these facts would be shown on the digital card via the bank’s mobile app, significantly enhancing privacy and security standards.

How can I apply for a Mintyn PAN-less Debit Card?

Applicants can apply for the Mintyn PAN-less card on the mobile app.

  • Log in to The Mintyn App
  • Navigate to cards
  • Fill in your details as well as your delivery address
  • Your Card will be delivered to you.

How do I use a PAN-less Card? 

Once you get your card, activate it at the nearest Zenith or UBA bank ATM, and you are all set to begin using it. You can use your PAN-less card the same way as the regular traditional debit card, whether at the ATM or POS. If you need your card for an online transaction, the card details are all available on the app (My Cards).