There’s a longstanding debate on whether leadership is an inherent trait. On one hand, some claim that there are people with inherent leadership skills due to their charisma, confidence, and other personality traits. On the other hand, others contest that leadership traits, behaviors, and skills can be learned and cultivated over time. However, Hall of Fame football coach Vince Lombardi defined leadership best when he said, “Leaders aren’t born, they are made. And they are made just like anything else, through hard work.”
In the world of finance and banking, effective leadership is the key to driving success to a bank or financial institution amid a tight and very competitive landscape. Only visionary, courageous, and devoted leaders bring their companies to the pinnacle of success. But more than securing the triumph of their firms, financial leaders also play an important role in molding future leaders in the financial world, or even the society as a whole.
How Banks Empower Customers
There may be a thick imaginary line separating service providers from customers, but in reality, the two also overlap in terms of the roles they play in the market. In the banking sector, for instance, bankers want what clients can give in the same way clients want what bankers can provide. Bankers provide financial solutions and services to their customers because the latter need them to better handle and manage their finances. In return, bankers get to keep and allocate their clients’ money to keep their financial operations running. In the process, customers learn and develop skills for when they have to make financial decisions. This is called financial literacy.
In the simplest sense, financial literacy refers to the knowledge and understanding of banking concepts and practices necessary to make informed decisions about personal finances. When consumers interact with their banks, they get to learn firsthand the different financial concepts and practices implemented by the financial institutions. For instance, customers learn how to save, invest, budget, manage debts, and plan their finances when they use the different services offered by banks. In traditional banks, managers, employees, and tellers help customers make sound financial decisions to improve their overall financial standing, reduce financial stress, and realize their long-term financial goals.
Financial literacy is also important for clients to avoid common financial pitfalls, including debt problems, investment fraud, and even identity theft. By understanding the ins and outs and even the odds and ends of the banking system, consumers can protect their wealth and make wise decisions when making financial decisions. For example, by knowing the interest rates, loan terms, and the implications of carrying debts, clients can prevent themselves from entering bad situations, such as excessive debt accumulation. Additionally, they can decide to be more fruitful when they enrich their knowledge of savings and different investment options, like stocks, bonds, mutual funds, and retirement accounts.
Financial Education in the Modern World
The banking industry has drastically changed in the past 30 years. Ever since online banking stepped into the scene in 1994, the landscape has witnessed the evolution of financial services, with more modern banks operating via digital-only or hybrid setups. Leveraging the advancements in financial technology, financial companies now offer their services remotely, with customers accomplishing their financial transactions with just a few taps and clicks on their computers or smartphones. The biggest advantage of this modernized banking system over traditional banking is convenience. However, another benefit that is often overlooked by most clients is the financial education these digital banks impart, albeit remotely.
Fintech firms and digital banks incorporate advanced technologies into their daily operations, particularly artificial intelligence and machine learning. They use AI to handle massive volumes of user data when carrying out digital banking transactions. AI algorithms are also used to execute anti-money laundering activities, identify fraudulent activities, track system loopholes, and minimize overall financial risks. Additionally, modern banks utilize machine learning to monitor transactions to provide well-thought-out financial suggestions for when customers have to make decisions concerning their stored money and investments.
The thing with modern banking is that customers don’t get left behind when they can’t visit the physical branches of their banks. Fintech firms equip their sites and mobile apps with all the products, services, and features their customers may ever need. It’s also become very common for their platforms to have virtual assistants and chatbots that can walk first-time clients through all the aspects of the banks. By providing the right knowledge, skills, and resources to effectively handle finances even in a remote setting, modern banks are empowering their clients to understand financial concepts, develop positive financial habits, and navigate various financial situations throughout their lives.
Black Banx: An Icon of Entrepreneurship and Innovation
One of the standout fintech brands on the global banking scene right now is Black Banx, the Canada-headquartered digital bank founded by German billionaire Michael Gastauer. As the creator of the company, Gastauer put in the hard work and did everything in his power to lead Black Banx to the zenith. Even before the company launched in 2015, he was determined to make it stand out by finding its purpose and setting its mission. Having experienced the flaws of cross-bordering banking, account opening in foreign countries, and international wire transfers for years since he dabbled into the finance industry upon graduating college in 1999, he formed Black Banx to address these issues while championing financial inclusion for all.
Gastauer’s professional working experiences, including the time he had a short stint at the startup incubator Gorilla Park in Zurich, Switzerland, and the short but meaningful years he allotted to his self-made asset management company and payment solution for e-commerce businesses, proved to be useful in his role as CEO, president, and founder of Black Banx. Notwithstanding this, Gastauer himself has demonstrated his strong leadership skills not only as an entrepreneur but also as an innovator, as evidenced by Black Banx’s efficacious business moves, such as its rapid customer acquisition strategy and office expansions in key markets. Both of which helped Black Banx solidify its brand as a pioneering fintech brand.
Under Gastauer’s tutelage, Black Banx has helped countless customers change their lives and become more financially stable. By providing banking access to even the most secluded places in the world, Black Banx actively cultivates opportunities for everyone to be part of the financial market. Gastauer believes that for people to succeed in life and become financially stable, they need to have access to the global economy. Interestingly, Black Banx does more than just provide this access to them, for it also imparts financial literacy and education through its digital banking platform, so they are better equipped to become financial leaders themselves.
