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Finance internships: How much experience do you need beforehand

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Finance internships: How much experience do you need beforehand

An internship is a period of experience with a particular organization or in a specific field. Although in today’s world of competition to rely solely upon the wait for the right internship can beat you in your game.  Your peers are constantly preparing themselves for market by engaging in different activities and training.  Internship in the field Of Finance is comparatively more demanding of their interns. There are a dress-codes and presentation skill which an intern should master upon. Internships were introduced with the concept of providing beforehand experience to the students. It is an introduction to employment sector but today students are required to have preset of skills and experience before applying to any internship. Intimidating yes but internship let us explore our deep buried skills and talents. Few areas of experience are so tough on the fresher that a fresher learns to put their frustration aside.

An internship comes with several opportunities and adversities but the call should be to continue with the work. One needs to keep in their mind that Internship is just an experience that makes us aware of the workings of a field. To explore our limits and self-capabilities one should get involved in as many Internship as possible before seeking for a permanent Job.

Several shortcuts can be taken to match the criteria of internship eligibility offered by the desired company. No top organization will want their interns to be completely clueless. They can’t afford a student’s experiment with their career. Asking for pre-internship experience is their one way of ensuring that you are comfortable with an area of working and its demand.

In-college experience

Universities and colleges sprinkle upon us lots of opportunities to learn and gain experience. Through plenty of Fests, Congress and meets, colleges let us come out of our classrooms and interact with more experienced personalities. Performing during graduation is one way to gain experience and make resume stronger. Students from streams like BBA and B.Com have Finance as their core subject, focusing on which can open many doors in future.

Internships with Entrepreneur and Start-ups

As mentioned before, interning under a well-established organization can be a back-breaking task. It is wiser to start first with an organization which is new on the market too. This helps the student in a way that both the intern and the one hiring will welcome each other and let the other party know the demands. For the organization which is hiring, Interns are right candidates to analyze the psyche of the prospective employee and vice-versa. Initially, the stipend will be less and efforts will be more but it is always worth it to put your 100%.

Practical knowledge of Syllabus

You may be a 9 pointer but without any practical knowledge, you are of no use to the company. No one needs a bookish definition of a term until unless you actually are aware of its details.  For instance, a bookish definition of balance sheet does not mean anything till you know how to balance it.  The logic that follows this requirement is very practical. Internship in a training period, without having practical knack you won’t stand a chance despite your degrees and certificates.

Right-Track Internship

Finance is a sector which demands commitment and perfection. Usually, in this field, a third- party (customer) is involved. There is no room for mistake. So, to step into the field of Finance it is advisable for the students to work in the same field since the beginning. This not only adds credibility to your portfolio but also makes you market ready.

Finance

Gain financial regulation qualification online

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Gain financial regulation qualification online  

Warwick Business School in partnership with the Bank of England are delighted to offer two online specialist Postgraduate Awards, which are perfect for anyone working in financial regulation to evidence their professional development.

  • Financial Conduct, Leadership & Ethics – Starting in February 2020
    You will debate and cover questions such as how do financiers judge ethical questions in financial markets? What are the implications for regulators and for clients?
  • Financial Regulation & Supervision – Starting in June 2020
    You will develop a comprehensive understanding around financial regulation by looking at topics such as its tools, benefit and practical application.

Studied online over a period seventeen weeks, you will gain a detailed knowledge of the subject, learn industry best practice and gain a qualification to evidence your understanding.

The wider Global Central Banking & Financial Regulation qualification offers three start dates and four qualification levels.

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Invest in your career

Find out more about these Awards and the qualification levels offered by Warwick Business School in partnership with the Bank of England, by downloading the brochure here.

This is a sponsored feature

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COVID-19: Dealing with fraudulent applications for the Bounce Back Loan Scheme

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COVID-19: Dealing with fraudulent applications for the Bounce Back Loan Scheme 3

By Ed Lloyd, EVP Global Head of Sales, Encompass

The COVID-19 pandemic is still having a devastating impact on businesses and the economy in the UK, and access to funds, loans and financial schemes remains a top priority for business. In many cases, this kind of support is what has helped businesses to stay afloat so far.

The Coronavirus Bounce Back Loan Scheme (BBLS) is just one example. Announced in April, it was designed to help small firms unable to access other forms of support survive the crisis by providing quicker access to funds, through a number of accredited lenders across the UK, with the government, at the time, providing guarantees around the repaying of agreed loans, provided they were evidenced to be legitimate

However, since then, the scheme has been plagued by fraudulent applications, with opportunistic criminals seizing the opportunity to strike. As a result, it has been estimated that up to 60% of the loans may never be repaid, with the National Audit Office (NAO) saying taxpayers could lose as much as £26bn, from fraud, organised crime or default.

Bounce Back Loan Scheme corrupted by fraud

Since the Chancellor extended all connected loans, with businesses now having to pay loans back in January, there have been rising concerns about the potential risks. As mentioned, the scale of fraud has been significant, with criminal gangs exploiting the situation.

And, during this time, we have seen that false applications in the UK have gone almost entirely unreported, with less than 0.5 per cent of the expected cases being flagged to the police. The latest figures from the national Action Fraud service show that only 176 reports of fraud citing a government-backed lending scheme have been received this year, which is extremely concerning. Of these, 95 were crime reports, detailing offences that had taken place, and the remaining 81 were information reports, about attempted crimes. However, the National Audit Office reported that the Bounce Back Loan Scheme alone had delivered £36.9bn to more than 1.2 million applicants.

Even the Cabinet Office has warned that fraud losses from these loans were likely to be significantly above the norm – suggesting at least £1.85bn had been claimed dishonestly

The impact this issue is having on businesses and businesspeople alike cannot be underestimated, as the government refuses to pay back any fraudulent loans, and victims are even having to fight to prove they did not make loans applications.

We are now a matter of weeks away from when businesses will have to begin to repay banks, and they are finding themselves under increasing pressure. A particular concern is that, because of the high levels of fraud in applications, some of the money used to pay back loans may be the proceeds of crime – and banks need to be able to identify this risk.

To do this properly, it is likely they would have to conduct Know Your Customer (KYC) activity on loan beneficiaries again, and to a higher standard than before, in order to ensure dirty money is not flowing into their institutions. We know current manually driven KYC processes are not time effective and they would struggle to do this correctly in the timeframe as a result.

How are criminals doing it?

Lenders have been under pressure from the government to approve these loans within 48 hours, which doesn’t give them the time they require to conduct the level of KYC checks and measures needed to identify any risks or fraudulent activity. This problem is exacerbated by the high level of demand for the scheme – and, worryingly, there is just no telling how many of these applications are indeed fraudulent.

The Solution

Whilst it is true that the entire process needs a head-to-toe structural review, there is one core topic that must be highlighted here, and that is the benefits of RegTech.

RegTech, and specifically intelligent process automation, allows banks to perform comprehensive due diligence checks in order to make sure a company, or individual, is who they say they are, and this can be vital in helping businesses cope in times of  unprecedented demand, when they are working to tight deadlines.

It can take the burden away from analysts within the banks by doing the heavy lifting when it comes to carrying out proper KYC due diligence, ensuring an efficient and effective process. The right software should also be able to provide corporation dates and financial audits, as well as spot and flag suspicious applications, history, or activity.

We cannot forget that COVID-19 has led to a dramatic increase in other forms of financial crime, with many criminals using its guise to trick unknowing consumers into sophisticated cyber scams, which have been designed to look like legitimate government schemes or financial aid services. What’s more, the increased pressure on banking services means the fight against fraud and money laundering in the UK has become more important but, in many ways, more challenging. Financial services institutions must ensure they invest in trustworthy and secure onboarding processes if they are to have a truly meaningful KYC programme.

It is crucial that they make use of the solutions at their disposal to ensure swift approval and compliance, and avoid falling foul of regulation. Using advanced technologies such as automation is a solution to a significant problem, and its importance is only underlined during these times of pressure and uncertainty.

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Data Unions, fisherfolk and DeFi

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Data Unions, fisherfolk and DeFi 4

By Ruby Short, Streamr

In the fintech world it seems every month there’s a new trend or terminology to get acquainted with. From just learning about cryptocurrency a few years ago, to the crazy boom markets of 2017-18, the market has now moved on to DeFi, or Decentralised Finance to those less in the know.

It’s a trend which is gathering momentum, too – $275m of crypto collateral was invested in the DeFi economy in early 2019, but by February of this year it hit $1 billion, and by the end of July this number had risen to $4 billion.

According to crypto exchange Binance, DeFi refers to “a movement that aims to create an open-source, permissionless and transparent financial service ecosystem that is available to everyone and operates without any central authority.” Essentially it gives full asset control to those who use it, whether this is through peer-to-peer models or DeFi applications.

These apps, known as DApps, run on a blockchain network meaning they’re not controlled by a single authority. And as they are also Open Source, they are publicly available – characteristics that make transactions quicker, more affordable and more efficient than their centralised counterparts, where data is stored on servers managed by one authority (think traditional banks).

So why is DeFi getting so much attention?

DeFi is exciting for many because it gives more people more control over their money. Where much of the financial sector is traditionally centralised it inherits bias, thus restricting many people from their funds and what they can do with it.

With this approach, anyone can make investments or get into trading much more easily, and, most importantly, keep control in the hands of the user and not large corporations.

One of the preliminary benefits of this control is the improved visibility we gain over our financial data. In fact, any data we produce in general, whether online or through smart devices is predominantly controlled by giant centralised platforms such as Google and Facebook. In many cases users are unaware of where this is being sold on, or at least have been up until now.

As with DeFi and DApps, a way to decentralise this control has been introduced – in the form of Data Unions. A relatively new concept, this is a framework that enables individuals to bundle together their real-time data with others to create valuable insights which can be sold on, offering each the chance to earn revenue. It is helping businesses and individuals realise the value of the information they produce.

How does it work?

Our data on its own holds little value, but once bundled with multiple data sets from other people and sources and combined in a Data Union, it becomes an attractive set of insights to buyers who can use it to improve their market knowledge, product or service.

Data is shared through an app on the device or object via Streamr’s Data Union framework, a toolbox, which any developer or company can integrate into their existing products. It also allows individuals to choose which particular data types they share and monetise, and which they keep private.

This information then passes, encrypted, through the Streamr Network, to the Data Union where it’s bundled with others’ data for sale on the Marketplace – a process called crowdselling, which has the potential to generate unique data sets by incentivising trade directly from data producers.

What’s more, Data Unions can be set up to capture any form of data. For instance, a music streaming company could commission their own app where users could sell their listening and genre habits paired with their demographic info.

What has this got to do with DeFi?

Data Unions can help provide a means of DeFi direct to the people that need it most.

To break this down, a Data Union is beneficial because it enables any internet user to be paid for their data, which is unlike any data tax that has been proposed by many politicians. And, the advantage of a DeFi solution is that anyone can get paid from it because the finances are no longer dependent on their jurisdiction, but on which products they are using. Putting these together can have endless benefits.

We’re already seeing this happen, with a framework being used to improve the lives of financially marginalised groups. Tracey is a blockchain enabled Data Union working in partnership with WWF.

The application incentivises Filipino fisherfolk to record their catch and trade data digitally through direct data monetisation via the Streamr Marketplace. This data makes the first mile of their seafood products through the supply chain, traceable. With regional fish stocks declining, accurate catch yield data is a desirable insight for third party members such as retailers and final buyers.

The benefits of this model are twofold. Many fisherfolk in the Philippines are unbanked, meaning they don’t have a bank account. Trading this data gives them access to finance and loans previously out of reach, changing them and their family’s livelihoods. It also enables a self-sustaining ecosystem that captures accurate traceability data and helps these areas monitor their overfishing levels for more sustainable fishing.

What does this mean for us for the future?

We’re seeing a lot of momentum building around all forms of online decentralization,and the potential is huge. Over the coming years we will see these systems become ever more integrated into the existing internet stack, which will profoundly impact our possibilities online. Soon, it will become normal to take part in the internet’s data economy.

We see internet users becoming members of several Data Unions and have a range of different options to choose from that best suits them and their data sets. Personal data monetisation will no longer be a privacy issue we’re all suffering under, but rather a question of whether we want to sell our data or not. Users will have the freedom to choose for themselves if they want to sell their data or not and ethical data sharing will become the norm.

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