Why You Need To Understand Bank Exchange Rates

In an increasingly global market place, particularly in Australia where the bulk of goods we consume come from overseas imports it has become important to understand Bank Exchange Rates and how they are calculated.

The strong Aussie dollar - near record highs - has seen the majority of Australians now buying their goods from overseas usually over the internet. The reason for this is usually two fold and comes down to ease and more competitive prices. Personally, I have traveled the world and have seen the prices paid for basic and non basic items and became somewhat disillusioned with the poor service and prices we receive in outlets across Australia. Without harping on too much, it is important to understand how the bank's come up with this rate and what you can do to achieve the best possible rate.

Decreasing the Risk of Fraud in the Decisioning Process

Financial institutions (FIs) are trying to cut costs to remain profitable in the ever-changing marketplace. Some FIs have even tried imposing new fees to recoup costs and increase revenue, but consumers didn't accept them. One way that FIs can cut costs is to reduce fraud-this will not only reduce the FI's losses, but protect their customers. Fraud prevention starts with the decisioning process. FIs should look at new and emerging alternative data sources, incorporating them into business logic, and test new logic to ensure that fraud prevention goals are being met.

FIs must use the vast amount of data available to them through data providers to make their processes more intelligent. Alternative credit data providers aggregate consumer information that can't be found in a traditional credit file. This information includes: rental history, utility and cell phone bill payments, payday lender information, and criminal history. 

The Top 5 Ways to Be a Better Investor

Do you make these 5 investing mistakes? So many people make several mistakes which can suck the profits right out of their account. These mistakes aren't commonly known - but they steal profits just the same.

Even worse, sometimes it seems like the entire investment industry is out to force people to make these mistakes - because the mistakes you make can make a lot of money for brokers and advisors. It's tragic, because these mistakes can be avoided with a bit of effort.

Here are the top 5 must avoid investment mistakes:

#1: Don't Go "All In"