Given the global nature of our modern world, as well as the fact that chatbots are already a commonly used form of artificial intelligence, it will probably come as no surprise that one of the most sought-after products in this field is the multilingual chatbot. The technology is still in its infancy, and it’s easy to understand why. Programming a chatbot with the capability of simultaneously translating language is extremely complicated and time-consuming. There are rare examples of multilingual chatbots on the market today – such as Language I/O® Chat, a product designed to be a customer support tool – but they are few and far between. However, the day will certainly come when a variety of multilingual chatbots are available to businesses. After all, there are several situations where these programs would be useful.

But today, more often than not, those companies that would benefit the most from multilingual bots are instead opting to build separate bots for different languages. This makes sense considering the complexity of creating a multilingual chatbot. But whether you own a business that would greatly benefit from this type of program or not, it’s important to remember that what we’re really talking about is machine translation. As much as some of us might like to believe that artificial intelligence is capable of high quality, simultaneous translation of multiple languages, there are many challenges to overcome before that can be achieved – challenges such as:

• Differences in word usage and meaning between different regions – even if they speak the same language

• Cultural sensitivities need to be understood and considered to ensure that you don’t alienate or offend your users

• Before translation can take place, your multilingual bot must have the ability to understand what language a user is speaking, so it should include a language detection tool – but this type of tool will only work if you already have a multi-language database

• Regional accents can vary wildly, so it would be best to implement several rather than to limit yourself (and your target audience) to a single one

And these are just a few of the issues faced by companies embarking on the task of creating their own multilingual chatbot tools.

Although the task is incredibly daunting, there are no doubt companies that would benefit enough from a multilingual chatbot so that it would make it worth the time and effort to actually try to develop one. But in the meantime – certainly at least until the technology has advanced far enough to meet current needs – let’s pause to remember one important fact: machine translation is no match for the high-quality translation services provided by a trained, experienced linguist. The future of the Internet could very well involve a variety of multilingual chatbot tools, but we’re not there yet. If you’re attempting to expand your business to reach a global audience in 2018, the most feasible way to do that might very well be the old-fashioned way: with translation services provided by an actual person.

eCheck Payment Processing

eCheque payment solutions feature a simple check cashing system. In other words, this system is low cost as far as getting paid is concerned. Plus, the system works quite quickly, which is why it has become an ideal choice for merchants. With these solutions, merchants can meet their payment processing needs with no trouble.

Electronic check processing starts the moment a customer writes a check. The check is run through an electronic device. This reader verifies the information, such as the routing number, account number, and the check number. Besides, the system also verifies other information.

The verification of the check is completed on the basis of the agreement the payment processor has with the merchant. Then the writer of the check leaves their signature on the receipt. Afterward, the check is voided and sent back. Finally, the transaction shows up on the bank statement of the customer under the debit column.

The captured data is sent to the payment provider for further processing. And the funds take around 1 to 2 business days to be deposited in the merchant account. Therefore, this process works quite fast.

Lower Costs

The first advantage of electronic checks is that they come at a much lower cost than the traditional paper checks. As a matter of fact, the average cost is around $2. On the other hand, electronic cheques cost around 0.5 dollars. Therefore, it is possible to save half the amount against each transaction.

Time Saving and Convenience

Although this advantage is not related to cost, we know that time is money. You no longer have to depend on paper checks. Since you don’t have to sign this electronic checks, you can save a lot of time. Apart from this, you don’t have the problem of losing these eChecks.

Reliability and Security

Another great advantage of these units is that they have an automated system that depends on the ACH network. Unlike a paper check, electronic checks come with a higher level of security. In other words, the encryption system verifies the dollar amount, digital signature, and the account number against the account name.

Long story short, this was an insight into some of the major advantages of using electronic checks instead of the conventional alternatives to make or receive payments. If you have never used these systems, we suggest that you give them a go today. We bet you won’t regret your decision.

Even more startling: 10% of advice was found to leave investors in an even worse financial position.

Through a “vertically integrated business model”, Commonwealth Bank, National Australia Bank, Westpac, ANZ and AMP offer ‘in house’ financial advice, and collectively, control more than half of Australia’s financial planners.

It’s no surprise ASIC’s review found advisers at these banks favoured financial products that connected to their parent company, with 68% of client’s funds invested in ‘in house’ products as oppose to external products that may have been on the firms list.

Why the banks integrated financial advice model is flawed

It’s hard to believe the banks can keep a straight face and say they can abide by the duty for advisers to act absolutely in the best interests of a client.

Under the integrated financial advice model, there are layers of different fees including adviser fees, platform fees and investment management fees adding up to 2.5-3.5%

The typical breakdown of fees is usually as follows: an adviser charge of 0.8% to 1.1%, a platform fee of between 0.4% and 0.8%, and a managed fund fee of between 0.7% and 2.1%. These fees are not only opaque, but are sufficiently high to limit the ability of the client to quickly earn real rates of return.

Layers of fees placed into the business model used by the banks means there is not necessarily an incentive for the financial advice arm to make a profit, because the profits can be made in the upstream parts of the supply chain through the banks promoting their own products.

This business model, however, is flawed, and cannot survive in a world where people are demanding greater accountability for their investments, increased transparency in relation to fees and increased control over their investments.

It is noteworthy that the truly independent financial advisory firms in Australia that offer separately managed accounts have done everything in their power to avoid using managed funds and keep fee’s competitive.

The banks have refused to admit their integrated approach to advice is fatally flawed. When the Australian Financial Review approached the Financial Services Council (FSC), a peak body that represents the ‘for-profit’ wealth managers, for a defence if the layered fee arrangements, a spokesman said no generalisations could be made.

There are fundamental flaws in the advice model, and it will be interesting to see what the upcoming royal commission into banking will do to change some of the contentious issues surround integrated financial advice.

Many financial commentators are calling for a separation of financial advice attached to banks, with obvious bias and failure to meet the best interests of clients becoming more apparent.

Chris Brycki, CEO of Stockspot, says “investors should receive fair and unbiased financial advice from experts who will act in the best interests of their client. What Australians currently get is product pushing from salespeople who are paid by the banks.”

Brycki is calling for structural reform to fix the problems caused by the dominant market power of the banks to ensure that consumers are protected, advisers are better educated and incentives are aligned.

1. Cost of Living: Some factors, determining, the Cost of Living, include: wages (and wage growth); prices, etc, and how wages, are, or, aren’t able, to keep – up, with the increase in costs, etc! Most realize, we have, in the past – few months, experienced, a huge, jump, in pricing, most – apparent, in the food stores, restaurants, and, nearly, everything, related – to, day – to – day, existence, etc!

2. Federal Reserve: In recent times, the near – historic – low, extended period, of interest rates, has, in addition, to the intended measures (helping businesses, and the economy, in trying – times), has caused a Real Estate, Sellers Market, and, a huge rise, in home prices, in most parts of this country! In addition, it created a surge, in consumer use of credit, because, borrowing, appeared, cheaper! However, most economists forecast, many of these supports, and maintaining, such low rates, will, gradually, be reduced (or minimized), probably, beginning, next year. What impact will that have, and will we see, the historic reaction, which has been, when rates rise, it helps reduce inflation, etc?

3. National economy/ conditions: Largely, because of a world – wide, supply – chain, set of obstacles/ challenged, many industries, have experienced, challenges, in terms of, getting sufficient amounts of needed materials, etc! Go into, nearly, any store, and you will see, more – sparse, shelves, than we have seen, in recent memory! In addition, building supplies, products, food, toys, cars and car parts, etc, are under – stress, because of this!

4. Worldwide economies/ economic conditions: Nearly, every nation, is experiencing, economic issues and challenges! The United Kingdom, because of worldwide, as well as specific national trends/ causes/ conditions, has been largely, impacted! Since, we live, largely, in a global economy, when there is any disruption, in the supply – chain, it affects, everyone!

5. Stock and Bond Markets: Because of several reasons/ factors, the United States Stock Market, has benefited, significantly, and experienced, significant increases, in the price of stocks. In addition to the obvious ones, because, interest rates, have been, so low, many investors, believed, stocks, were, nearly, the only game – in – town! When, if, interest rates, rise, bond rates, will rise, and existing, bond prices, will adjust, and drop!

6. Immediate, intermediate, longer – term ramifications/ impacts: The immediate impact of inflation, is, usually, rising prices, and, wages, which, usually, rise, at a far – lower rate! In the intermediate – period, we begin to see, weakening economic trends, and in the longer – term, depending on how long, it ensues, there are often, several, undesirable ramifications, and impacts!

Don’t take inflation, and its risks, for – granted! The more you know, and understand, the better prepared, you will be!

1. Bond prices and interest rates: The price of a bond, generally, is inversely – related to interest rates! When these rates go down, prices, rise, and when they go up, the inverse occurs! Bonds have, what is known, as, a par – value, which is the price, paid, at the end of the term. Markets usually set these at 100, which represents $1,000 per bond, at maturity. However, during the period, the pricing can rise or fall, which impacts, liquidity – related issues!

2. Mortgage rates: For the last few years, we have been witnessing and experiencing, record – low, mortgage interest rates, which have helped the overall, real estate/ housing market, especially, in terms of, pricing increases! In most areas of this country, we are seeing, home prices, at their highest levels, ever, by a significant, dramatic amount! When this rate, is low, a home buyer is able to buy, more – house – for – his – bucks, because, his monthly payments, are so low! Consider, however, what might be the potential ramifications, and impacts, when these rates, will, inevitably, rise?

3. Consumer credit: Low costs of borrowing, help the automobile industry, in terms of consumer financing, etc! Although, not as much as other vehicles, rates on credit card debt, are lower, and there are often, shorter – term, promotions, offering deals! However, since, most of these are variable, and based, on some index, etc, what happens, when there is an increase, in this?

4. Business borrowing: Another area affected, is business cost of borrowing! Presently, they have had access, to relatively, cheap – money, which helps in reducing the costs of borrowing, overall operations, purchasing inventory, etc. But, what happens, when this, ticks – up?

5. Impacts on stock market prices: For some time, because bonds have paid so little, in terms of dividends, etc, many have considered, the stock market, the only game, in – town! In addition, many corporations, have seemed, better – off, than they probably are, and we have witnessed, a higher, ratio of prices to profits, than in the past! How long will this last? How high can it go?

Many factors impact these issues, especially: actual and/ or, perceived inflation; consumer confidence; politics/ government actions/ the Federal Reserve, etc. The more you know, and understand, hopefully, the better – prepared, you will be!