Retail Banking Trends in the Middle East in 2015

The Middle East market with the UAE, Kuwait and Saudi Arabia – to name the most important – is a special one.

Customers in this region are used to receive an excellent service. Banks need to take care of this.

One way to try to attract and satisfy customers is the permanent investment into the latest available technology on the banking and finance market.

More important than ever is the marketing point of view towards the market. Retail banks need to get media coverage to get customers attention. To obtain this they try to implement new features and even gadgets to be one step beyond their competitors.

This could be a fancy new application for smartphones or new functions to facilitate the daily bank account maintenance.

Digital banking is for sure one of the hottest topics in 2015, we can clearly observe this trend in the last 6 month of this year. The customers are paying more and more attention to get everything done on their smartphones so mobile banking is very important too.

Besides all the interest in mobile banking the banks in the Middle East are maintaining and increasing their network of brick-and-mortar branches in 2015.

Branches and especially flagship branches are important brand ambassadors. They need to be modern and stuffed with the latest available technology under the hood and visible to the customer to showcase the bank wants to be a technical and innovative market leader.

Branches are also important for the private and wealth banking. These segments need to be taken care of in a special way. The more customers are wealthy the better banks are caring about making them happy.

In the Middle East this is more important than in other regions as we all know.

Even if we can observe a global trend to find the “next big thing” speaking about big data we can remark that in the region banks still like to invest into this model to analyse their customers behaviour to try to bind them stronger to their brands by the different outcomes of the filtered big data flow.

One of the goals is to make it very convenient to manage the financial affairs by making it simple and easy for the customer to handle them.

An example for this concept is the way one can open an account in Saudi Arabia. You just visit a branch and you are all set. This means you will be able to open the account, and at the same time the bank will instantly issue your bank card.

There is no need to wait for a letter or to pick up the card later.

This could be done by Video Teller Machines even 24/7. After the KYC (Know Your Customer) procedure certain models of these machines can instantly issue the card too. The whole procedure can be assisted by a remote teller connected to the VTM via video conferencing technology.

Internet banking has to be reviewed because it is considered not easy enough use compared to smartphone based mobile banking in 2015. An application on a mobile device is much easier and more convenient to understand and to manage than using classical internet banking where you need to sit in front of a computer.

Banks in the Middle East are aware of this and keen to apply new technologies to keep the customers happy and loyal to their brand.

Mobile, digital banking is used for new marketing methods. Beacon technology seems not to be that interesting as thought. Using the customer’s device to penetrate it via the different social channels is one example of digital marketing.

The new generation of ATMs and VTMs have bigger screens, the VTMs (Video Teller Machines) often offer even two large screens ( around 21″ – 22″ ) which are used for digital signage when there is no customer using them.

Video Teller Machines are welcomed in the Middle East. They are offering tons of new possibilities like 24/7 remote teller operated banking, cross selling via product specialists operating from the banks call center. This means they can be virtually everywhere be present where the banks are operating their VTMs.

Video Teller Machines entered the market in the Middle East to create teller less branches in 2015.

This concept will surely be used to quickly enhance the branch footprint of banks in shopping malls and metro stations.

The Benefits of Hiring Bankruptcy Attorneys

For families and individuals who are really struggling with debt in relation to their earnings, bankruptcy can denote to be a fresh start to your life and a stable financial future. In other situations, filing a bankruptcy is the most financially dependable action a person can take. Depending on the chapter of bankruptcy that you want to follow, you can either pay off the debts or finish those debts. Also, filing for bankruptcy helps stop those violent calls from creditors who will call you every time demanding for their payment and to stop foreclosure of your properties. That is precisely why lawyers open doors for your help. Lawyers will do the best to make sure that you are not in any overwhelmed with those debts and they will work with you in every single step to build a brighter future for you.

By filing the Chapter 7 bankruptcy form, you are offered a fresh schedule to start from. Chapter 7 eliminates all the debts by selling all the non-secured assets to your trustee. After the assets are sold, the cash that is collected will be paid out to the different creditors whom you owe the money. This form of bankruptcy is really beneficial because it offers you a new start to a better future.

Chapter 13 is typically preferable to people who do not easily qualify to get a straight bankruptcy. People with assets and getting an average income are as well advised to fill the chapter 13 bankruptcy. The chapter allows the people to renegotiate with the debtors on the terms of the payment. The debtor is able to easily budget himself by just paying off the loan, but this is done at a lower payment rate and also smaller installments that one is able to handle comfortably. Chapter 13 also allows the defaulter to keep the assets while he or she is paying back the debt.

Bankruptcy can in other cases be a very serious trouble and therefore you need not to stand alone while struggling with it. Do not be uncertain to seek legal advice from the competent lawyers when you are dealing with bankruptcy problems. Lawyers welcome all potential clients and are very ready to assist you in any single possible way out. The laws can as well give a voice to debtors to have a say to their present financial problem and help them to overcome it. If you are overwhelmed with your debt, lawyers can help you to determine if bankruptcy can benefit your case because there are many bankruptcy options available to suit all peoples’ needs.

The New Face of Bankruptcy

A few years ago people viewed personal bankruptcy as a problem for the poor people of the country. However, since the economic crisis in the year 2008, this legal matter has taken a new face. There are people who reside in the United States with 5-6 figure incomes filing for bankruptcy because of blunders or negligence with handling money. The affluent people in the country are now forced to file for such cases. The recession in the economy has definitely affected the lives of many. A survey reveals that individuals who have filed for bankruptcy in the past few years have earned over $70,000 in just one year. The real estate market continues to fall down and no economist can determine when or where the prices will stop. This has become a problem for many businesses around the world because they cannot decide whether to hire more employees. There is uncertainty in market and business owners do not know what is in store for their business in the near future.

The major groups that have been filing for bankruptcy are realtors, mortgage brokers, and contractors. These people were the first to face issues because of the recession and chances are that they will be the last people to recover. People have stopped buying houses, good for their homes, and electronics. Individuals have to face tight budgets and this affects even the person running a local restaurant because people do not have the extra cash to eat out.

It is important for you to understand that filing for bankruptcy is not suitable for all cases. You will need to take care of obligations like alimony, student loans, and child support before you take the next step. However, there is a possibility of discharging the student loan if you are able to prove that paying back the money would lead to further financial crisis. People who have disabilities can win their case because there is no chance that they can repay all of their pending debts.

You can check the chapters online or ask your attorney to help you understand the legal information for discharging your debt. The rules for filing bankruptcy changed in 2005. Make sure that you get all of the information required. Every personal bankruptcy case is different and this is why you should focus on the tedious aspects of your case. Hire an experienced lawyer and relieve all of your debt in order to start all over again!

Educate Yourself Before Filing for Personal Bankruptcy

Since the 1900’s people in the United States have started to try to do things themselves even if they do not have the expertise to handle the certain situation. You can find how to do books for everything like legal matters and healthcare. So, why pay someone else to handle the work that you can do on your own. It may seem like a noble option to handle your personal bankruptcy case on your own, but in many cases it is not the wisest idea to handle a bankruptcy case without any professional assistance. It is legal that you can represent yourself for your case, so if you are going to go about the case on your own, then you should attempt to gain information about the bankruptcy procedure.

The very first place to conduct research is online. There is numerous information regarding every aspect of bankruptcy, however, you need to be careful when you start to gather information online. Make sure that you look for information related to the area you reside in. The internet is a good source for information, but you must understand that there is no meter online that will tell you if the information is valid or not. When you are searching on a particular website make sure you search for the date of when the information was posted because laws continuously change. You should cross check all of the information you find by checking if other websites have the same information.

When you file your case without a lawyer, you will need to create a list of all of the assets that you own on the petition for personal bankruptcy. You cannot leave anything out on the petition because your case can be dismissed at any point and will have to deal with your creditors as soon as the case is rejected. It would be wise to get in touch with a personal bankruptcy lawyer because he/she will make sure that your property is not valued incorrectly. Devaluing your assets will just get you into trouble and professional help will assist you in avoiding such mistakes. You have to show the judge that you are an honest individual who is stuck in a disastrous situation.

Bankruptcy does not mean that the law will take everything you have away from you, but will help you begin your life again without any debts. Just remember that there are frequent changes in the bankruptcy code and therefore it is advised you get in touch with a professional to help you complete your petition properly. Compare the cost of hiring an attorney versus the compilation of debt, you will see there is a quite a difference between the values. So, be smart and handle your case in the best way possible by educating yourself about what steps should be taken throughout the entire process.

When Do You Need to Hire a Bankruptcy Attorney?

Life comes with many twists and turns and most times we aren’t as prepared for the unexpected as we thought. There are times when bills are much more expensive than anticipated. Debts can be incurred for many different reasons. The reasons are as vast and varied as each individual that experiences debt. It can become a large amount of money in a short amount of time leaving consumers in a financial quagmire.

Medical Bills Are a Health Hazard to Your Finances

One of the more common problems people encounter are medical bills. Hospital bills can come through an accident or an illness that come on without notice. Medical care has become an expensive and costly expense for many. The cost of emergency rooms visits, surgeries, and needed x-rays are vast. Medical equipment has become so expensive for hospitals to pay for that the majority of the costs get passed down to the patient.

Falling into a Sea of Credit Card Debt

Credit cards are also a significant contributor to debts. Many consumers decide to get a credit card in order to build their credit. Also, people use them in case of emergency when they have no cash on them. They are convenient to use when the need arises. They do, however, come with a price. Interest rates can cause credit card debts to companies become outrageous. The interest rates and payments add up quickly and lead people to find themselves in an amazingly large amount of debt.

A Solution to Your Troubles

For those that find themselves in this situation, it may be time to consider hiring a bankruptcy attorney. These types of lawyers have experience in all aspects of bankruptcy laws. They have the knowledge, education, and experience to help their clients navigate through their bills and debts and get help. Bankruptcy can help consumers reconcile their debts through a court-approved payment arrangement that will help pay off bills in a way that is agreeable to all parties.

Make Sure They’re Experienced & Reputable

A bankruptcy attorney with years of experience is likely the best bet for moving forward with this type of financial situation. Their expertise will mean that they have seen and dealt with all types of clients and finance issues. They will know how to work with the various debtors that will need to be spoken with and get things accomplished. Bankruptcy attorneys know how to establish a rapport with the debtors and get the job done in helping their clients. Having expert advice during a stressful time such as this can be quite helpful.

Also, it would be vital to hire a lawyer in this field that has the proper law degree and licensing within the state. This is to ensure that they have the education and approval to practice law within the state. Lawyers are required to pass a bar exam and show that they are experts in their chosen law field. Interviewing a potential bankruptcy attorney is also a smart tip to take advantage of. This is to verify that there is good communication between both parties and that all expectations are explained and understood fully.