4 reasons you must embrace push notifications to increase revenue – Best in Australia

Photo: Cristian Dina, Pexels.

You think of expanding your business, suddenly one idea sparks in your mind and that is none other than the mobile app technology and you want to adapt it since you want your business to excel and you don’t want a single stone to remain unturned for the sake of your success. 

But after getting a mobile app you realize that it is turning out to be a hard task for you to retain users.

When the question of app’s success comes the very segment which describes the success of a mobile app is the number of active users on your mobile app, and something which takes this journey one step ahead is the app retention on your mobile app. 

Push notifications can be a tool for the user retention, but only if you decided to proceed with certain tactics, which are mentioned herewith in this blog. Let’s read ahead and experience the difference

App retention is one of the greatest concerns every app has to deal with and needs to find out the best ways out of it in order to make your app survive the app chaos elegantly. 

Indeed there are certain aspects which must be integrated into the app during the app development process, so the app can fit in the requirements of the business and falls as an absolute fit for the users’ expectations as well.

But with so many features, functionalities, it gets more confusing for the app owners to pick the right strategy for the mobile app, which can help the mobile app from getting doomed, so to avoid the cloud of confusion, we have brought this post today, which clearly speaks that how a simple feature in your app, can help your mobile app to survive the game of the app retention…this feature is none other than the Push Notification.

Motivates users to buy products

When a customer plans to buy something from your app, but adds them in the cart and forgets to buy the product, in such scenario when you send a push notification reminder to your targeted audience so they can complete their purchase.

So with a help of simple push notification, you trigger your audience and help them to stay hooked to your services only.

Offers personalized notification

Your users have a different choices, and the different demand from the users, often lead the users to visit the competitor’s mobile app, since they feel the existing app doesn’t have anything new to serve them, so with a push notification you can easily eradicate this possibility by continuously updating your users, about any new feature or the new update which would suit their taste.

With this, you would help your users to stay engaged with your mobile app only and you can experience a much-engaging user experience.

Works on users’ psychology

When you wake up in the morning, and find a notification on your mobile app, telling you the weather forecast, you would definitely feel touched and would start to notice the app. 

This same strategy is integrated by the Facebook as well, wherein on opening the app or the web page in the morning, you are notified by a beautiful message, which states, Hi XXX, today weather will remain clear in Australia, you can enjoy the sunshine!!!, these small notifications which stay on top of your mobile app, keep reminding the users to about your app.

Now the question comes, that how to make the push notification a successful strategy???

Unfortunately push notification can be a deal-breaker or the maker for your app if you skip following the rules. The rules are quite simple and state:

Keep the content simple

When you decide to proceed further with the push notification then you must remember that your users don’t have much time to understand and act on your notification, so the very first strategy suggests, that more your content would be simple, more it would be preferred by the users. So keep the notification content simple yet engaging with some magic words, like ‘ Grab the deal’ or ‘ (name) you should not miss this deal’, by integrating the words like this, you would allow your users to use your app.

Push platform

The selection of the right platform to send the push platform is also mandatory for the successful push notification strategy. There are many push platforms in the market, such as PushWoosh and Parse to name a few, but you need to pick the most appropriate option as per your business needs.

Notifications must have the frequency

You need to understand a very common and most significant fact, that every user has a personal life as well, and you cannot disturb it with your push messages, so you need to understand that your push notification must not turn out to be an irritating factor for your mobile app, so by keeping this in mind you must set a frequency of your push messages.

Switch on/off option

When it comes to push notification, the more you allow your users to use it as per their convenience they would prefer to use it further. To make this happen, you must let the On/Off option in your mobile app, which would allow the users to set the notification-receiving as per their convenience.

Indeed push-notifications can help your mobile app to retain the users, but only if it is planned and managed with the right strategies to yield the best result out of it and can help you to make your app development a cherishing experience for your business goals.

Also, one another fact which equally matters in the success of a mobile app, and cannot be given a miss at any given cost, is the selection of the right mobile app development company for your app.

I know there are many app development companies in the app development market, and which keep on confusing you further, but you need to be sure of picking a right app development partner, which has the impressive technical experience and the technical exposure to handle your app requirements effortlessly.

If you are finding it hard to find such company for your app concept, then you must get in touch with experienced app builder such as Techugo, which has every bit of these requirements coupled with the renowned clientele list, and help your app to grow immensely.

Jason is a senior Android developer in Australia. He holds great expertise in latest and advanced Android technologies, and ensures to integrate his skills into the mobile app development process.

What do you think about it?

Related posts

Donald Trump claims viral picture of orange tan line was ‘photoshopped’

person

Trump cries fake news

Donald Trump did compliment his wind-swept hair (Picture: Reuters)

Donald Trump has furiously claimed an image showing him with a dramatic orange tan is ‘fake news’ and has been photoshopped.

The US President has been widely mocked by social media users after the snap was posted by the unofficial Twitter account White House Photos on Friday.

The original picture showing the Commander-in-Chief walking to the Oval Office was taken by photographer William Moon, a reported Trump-enthusiast who attends press events.

Many Twitter users began mocking Trump using the #orangeface hashtag and comparing his appearance to cats, corgis, Mrs Doubtfire and the Oompa Loompas from Charlie and the Chocolate Factory.

One meme included the caption: ‘Tupperware after you store spaghetti in it.’

7983251 Trump claims his fake tan lines are photoshopped but his 'hair looks good' as meme of his face with orange streaks goes viral

One Instagram user compared Trump to Mrs Doubtfire (Picture: Instagram)

7983251 Trump claims his fake tan lines are photoshopped but his 'hair looks good' as meme of his face with orange streaks goes viral

This Instagram user compared Trump to a three-year-old (Picture: Instagram)

7983251 Trump claims his fake tan lines are photoshopped but his 'hair looks good' as meme of his face with orange streaks goes viral

Trump hit back at critics saying his hair ‘looks good’ (Picture: Instagram)

Another quipped that Trump’s look was ‘girls before YouTube make up tutorials’.

One Twitter user added: ‘Nobody tell him that his foundation doesn’t match his face.’

But Trump hit back in a trademark Twitter rant in which he claimed the black-and-white photo had been digitally altered.

‘This was photoshopped, obviously, but the wind was strong and the hair looks good? Anything to demean!’

7983251 Trump claims his fake tan lines are photoshopped but his 'hair looks good' as meme of his face with orange streaks goes viral

Social media users had a field day with the picture (Picture: Instagram)

7983251 Trump claims his fake tan lines are photoshopped but his 'hair looks good' as meme of his face with orange streaks goes viral

Trump was compared to cats and corgis (Picture: Instagram)

Following Trump’s claims, Mr Moon tweeted that the photo was not ‘photoshopped’ but he had used the ‘Apple smartphone’s photo app to adjust the color of the picture’.

Moon is not employed by the White House and is not a member of the White House News Photographers Association.

His Twitter bio reads: ‘White House Correspondent, Journalist, Photographer, Poet and Pesco Vegetarian.’

Similar pictures of Trump at the same time taken by official photographers clearly show a tan line, but the colour is not as dramatic.

A Washington Post investigation into the photo concluded that a bronzer, or artificial tanner, led to the orange hue on Trump’s face.

Got a story for Metro.co.uk?

Get in touch with our news team by emailing us at webnews@metro.co.uk. For more stories like this, .

Related posts

Citizen Journalists Who Exposed Beijing’s Lies In Wuhan Have Suddenly Vanished

person
Citizen Journalists Who Exposed Beijing’s Lies In Wuhan Have Suddenly Vanished

As we reported late Thursday evening, the death toll from the viral outbreak on mainland China has surpassed 600. With global markets once again in the red, Bloomberg reports that Beijing has silenced two of the citizen journalists responsible for much of the horrifying footage seeping onto western social media.

As BBG’s reporter explains, Chinese citizen journalists Chen Qiushi and Fang Bin have effectively been “the world’s eyes and ears” inside Wuhan (much of the film produced by American news organizations has consisted of drone footage). In recent days, SCMP and other news organizations reporting on the ground and publishing in English have warned that Beijing has stepped up efforts to censor Chinese social media after allowing citizens to vent their frustrations and share news without the usual scrutiny.

On Wednesday, China said its censors would conduct “targeted supervision” on the largest social media platforms including Weibo, Tencent’s WeChat and ByteDance’s Douyin. All in an effort to mask the dystopian nightmare that life in cities like Wuhan has become.

But that brief period of informational amnesty is now over, apparently. Fang posted a dramatic video on Friday showing him being forcibly detained and dragged off to a ‘quarantine’. He was detained over a video showing corpses piled up in a Wuhan hospital. However, he has already been released.

Chen, meanwhile, seems to have vanished without a trace, and is believed to still be in government detention. We shared one of Chen’s more alarming videos documenting the severe medical supply shortages and outnumbered medical personnel fighting a ‘losing battle’ against the outbreak.

The crackdown on these journalists comes amid an outpouring of public anger over the death of a doctor who was wrongly victimized by police after attempting to warn the public about the outbreak. Beijing tried to cover up the death, denying it to the western press before the local hospital confirmed.

The videos supplied by the two citizen journos have circulated most freely on twitter, which is where most in-the-know Chinese go for their latest information about the outbreak. Many “hop” the “great firewall” via a VPN.

“There’s a lot more activity happening on Twitter compared with Weibo and WeChat,” said Maya Wang, senior China researcher at Human Rights Watch. There has been a Chinese community on Jack Dorsey’s short-message platform since before President Xi Jinping rose to power, she added, but the recent crackdown has weakened that social circle.

Chen has now been missing for more than 24 hours, according to several friends in contact with BBG News.

Chen has been out of contact for a prolonged period of time. His friends posted a message on his Twitter account saying he has been unreachable since 7 p.m. local time on Thursday. In a texted interview, Bloomberg News’s last question to Chen was whether he was concerned about his safety as he’s among the few people reporting the situation on the front lines.

It’s all part of the great crackdown that Beijing is enforcing, even as the WHO continues to praise the Communist Party for its ‘transparency’.

“After lifting the lid briefly to give the press and social media some freedom,” said Wang about China’s ruling Communist Party, the regime “is now reinstating its control over social media, fearing it could lead to a wider-spread panic.”

With a little luck, the world might soon learn Chen’s whereabouts. Then again, there’s always the chance that he’s never heard from again.


Tyler Durden

Related posts

Govt explores case for new public broadcaster

Govt explores case for new public broadcaster

The Government will explore the case for a new public broadcaster cobbled together from the existing two, Television New Zealand and Radio New Zealand, Marc Daalder reports

The Government will complete a business case examining the possibility of creating “a new public media entity as an independent multiple-platform, multi-media operation,” Broadcasting, Communications and Digital Media Minister Kris Faafoi has announced.

Final decisions about Television New Zealand and Radio New Zealand won’t be made until the case has been reviewed by Cabinet. Faafoi said he expected to receive the report, which will be written by consultancy firm PwC, around the middle of 2020.

The announcement comes as Three, the country’s private, free-to-air broadcaster, has begged for the Government to rein in TVNZ. TVNZ competes commercially with Three but has not had to pay dividends this year. MediaWorks has put Three up for sale but intends to keep hold of its profitable radio division.

There are also worries that, if it cannot find a buyer, MediaWorks will simply shut down Three.

NZME and Stuff, which between them own the vast majority of the country’s newspapers and the other half of New Zealand’s for-profit radio stations, have also been encouraged to merge by New Zealand First. The first attempted “StuffMe” merger was canned by the Commerce Commission over concerns about media diversity.

Faafoi referenced the fraught media environment in his announcement on Friday.

“It’s well known that New Zealand’s media sector, both public and private, is facing unprecedented challenges with competition from the likes of Google and Facebook, declining revenue shares, and changes in when and how audiences access their information and entertainment,” he said.

“The Government must ensure New Zealanders have a strong independent public media service for decades to come, which means ensuring public media assets are fit for the future and able to thrive amid the changing media landscape.”

Faafoi said that NZ On Air, which funnels some Government money to commercial and non-commercial media outlets alike, will continue to operate. It was not immediately clear whether Faafoi planned to boost funding to NZ on Air. New Zealand has the second-lowest per capita public subsidy for public broadcasters in the world, at about $20 per person. Only the United States, which funds public broadcasters to the tune of $3.50 per person, is lower.

Newsroom will update this article as more information becomes available.

Related posts

Pluto’s famous heart powers icy winds on the dwarf planet | Live Science

Pluto’s icy heart is beating.

The dwarf planet’s famous heart-shaped feature, which NASA’s discovered during its epic July 2015 flyby, drives atmospheric circulation patterns on Pluto, a new study suggests.

Most of the action comes courtesy of the heart’s left lobe, a 600-mile-wide (1,000 kilometers) nitrogen-ice plain called Sputnik Planitia. This exotic ice vaporizes during the day and condenses into ice again at night, causing nitrogen winds to blow, the researchers determined. ( is dominated by nitrogen, like Earth’s, though the dwarf planet’s air is about 100,000 times thinner than the stuff we breathe.)  

These winds carry heat, particles of haze and grains of ice westward, staining the ices there with dark streaks.

“This highlights the fact that Pluto’s atmosphere and winds — even if the density of the atmosphere is very low — can impact the surface,” study lead author Tanguy Bertrand, an astrophysicist and planetary scientist at NASA’s Ames Research Center in California, . 

And that westward direction is interesting in itself, considering that Pluto spins eastward on its axis. The dwarf planet’s atmosphere therefore exhibits an odd “retrorotation,” study team members said.

Bertrand and his colleagues studied data gathered by New Horizons during the probe’s 2015 close encounter. The researchers also performed computer simulations to model Pluto’s nitrogen cycle and weather, especially the dwarf planet’s winds.

This work revealed the likely presence of westerly winds — a high-altitude variety that races along at least 2.5 miles (4 kilometers) above the surface and a fast-moving type closer to the ground that follows Sputnik Planitia’s western edge.

That edge is bounded by high cliffs, which appear to trap the near-surface winds inside the Sputnik Planitia basin for a spell before they can escape to the west, the new study suggested.

“It’s very much the kind of thing that’s due to the topography or specifics of the setting,” planetary scientist Candice Hansen-Koharcheck, of the Planetary Science Institute in Tucson, Arizona, said in the same statement. 

“I’m impressed that Pluto’s models have advanced to the point that you can talk about regional weather,” added Hansen-Koharcheck, who was not involved in the new study.

New Horizons’ Pluto flyby revealed that the dwarf planet is far more complex and diverse than anyone had thought, featuring towering water-ice mountains and weird “bladed” terrain in addition to the photogenic heart (whose official name, Tombaugh Regio, honors the discoverer of Pluto, ).

The , which was published online Tuesday (Feb. 4) in the Journal of Geophysical Research: Planets, reinforces and extends that basic message.

“Sputnik Planitia may be as important for Pluto’s climate as the ocean is for Earth’s climate,” Bertrand said. “If you remove Sputnik Planitia — if you remove the heart of Pluto — you won’t have the same circulation.”

Mike Wall’s book about the search for alien life, “” (Grand Central Publishing, 2018; illustrated by), is out now. Follow him on Twitter . Follow us on Twitter or

Related posts

‘Watch out Tesla believers’: Critics are piling on to warn the 300% stock rally will crash and burn

person
  • Tesla shares have soared 300% in six months, hitting an all-time high of over $900 on Tuesday.
  • Investors, analysts, and politicians are warning investors the rally won’t last.
  • “I have no doubt it will end in tears for many people,” one investor said.
  • Visit Business Insider’s homepage for more stories.

Tesla shares have surged about 300% in the past six months, hitting an all-time high of over $900 on Tuesday. Traders, analysts, and politicians are lining up to warn investors that the run up won’t last.

“This is obviously a computer-generated rally, it’s not a reflection on the company, or on valuation. It’s just a trade,” Andrew Left, the activist short seller behind Citron Research, told MarketWatch this week.

“Yes, I’m shorting it … whoever bought it at these prices has to flush it out, and when it flushes, it’s going to flush hard,” he added.

Left’s comments came after Citron blasted the stock rally as unsustainable.

“We believe even Elon would short the stock here if he was a fund manager,” the equity-research publisher tweeted on Tuesday. “This is no longer about the technology, it has become the new Wall St casino.”

Others have warned Tesla’s rally will hurt those left holding the stock when the music stops.

“This is an incredibly dangerous place to be buying the stock and I have no doubt it will end in tears for many people,” trader and analyst Jani Ziedins wrote in a recent post on his Cracked Market blog.

“Owning a stock that’s tripled over the last few months is great, but don’t mistake serendipity for skill,” he continued. “While the fools are spending all of their time daydreaming about what they will buy when the stock breaks $1,200, smart money is selling their stock to those greedy dreamers.”

Matt Maley, chief market strategist at Miller Tabak, echoed those sentiments in a CNBC interview this week.

“This is taking Tesla well above a level that would be supported by its current fundamentals,” he said. “The stock is going to get absolutely clobbered at some point before long.”

Even former presidential candidate Ralph Nader sounded the alarm, warning Tesla could take down the entire stock market.

“When the stock market bubble implodes, it will have been started by the surge in Tesla shares beyond speculative zeal,” he tweeted.

“Watch out Tesla believers,” he added in a follow-up tweet.

Join the conversation about this story »

NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the ‘3rd wave’ firms that are leading the next round of tech disruption

Related posts

The Devil Devours His Own – Crisis Magazine

person

The sordid life of Jeffrey Epstein serves to highlight the decadence of the deplorable epoch in which we find ourselves, as do the suspicious circumstances surrounding his death. The web of vice and viciousness that he had spun was widespread, serving to entrap not only underage girls but also the rich and famous who preyed upon them. Using the allure of underage sex to lure his wealthy associates into his web, Epstein secretly filmed them in the act of sexually abusing minors, thereby turning his “associates” into his blackmail victims.

Epstein seems to have believed that the powerful people whom he’d entrapped in his “insurance policy” would have a vested interest in keeping him safe from the law, a strategy which worked for a while. In 2008, Epstein was convicted in Florida of sexually abusing a fourteen-year-old girl, receiving a scandalously light sentence, but due to a plea deal he was not charged with sexually abusing thirty-five other girls whom federal officials identified as having been abused by him.

After a further ten years in which Epstein masterminded the trafficking of young girls to satisfy the pornographic and pedophilic appetites of his powerful network of friends, he was finally charged in July of last year with the sex trafficking of minors in Florida and New York. A month later, he was found dead in his jail cell. Although the medical examiner originally recorded the death as being a case of suicide, there are so many anomalies and mysteries surrounding the circumstances of Epstein’s death that many people agree with Epstein’s lawyers that the death could not have been suicide.

One thing that is certain is that Epstein’s death removed the possibility of pursuing criminal charges. There would be no trial, and therefore Epstein’s powerful associates would not be exposed by their victims in a court of law. Seen in this light, or in the shadow of this possible cover-up, it is tempting to see Epstein’s “insurance policy” as his death warrant. He was too dangerous to be allowed to live when the lives of so many others depended on his timely death. It is no wonder that “Epstein didn’t kill himself” has become a hugely popular meme, nor that HBO, Sony TV, and Lifetime are planning to produce dramatic portrayals of Epstein’s life and death.

One aspect of Epstein’s life which is unlikely to be the focus of any TV drama is his obsession with transhumanism. For those who know little about this relatively recent phenomenon, transhumanism is usually defined as the movement in philosophy which advocates the transformation of humanity through the development of technologies which will re-shape humans intellectually and physiologically so that they transcend or supersede what is now considered “human.” At the prideful heart of this movement is a disdain for all that is authentically human and a sordid desire to replace human frailty with superhuman or transhuman strength.

Transhumanism rides roughshod over the dignity of the human person in its quest for the technologically “created” superman. Its spirit was encapsulated by David Bowie in the lyrics of one of his songs: “Homo sapiens have outgrown their use…. Gotta make way for the Homo superior.”

Most of Epstein’s so-called “philanthropy” was directed to the financing and promotion of transhumanism. The Jeffrey Epstein VI Foundation pledged $30 million to Harvard University to establish the Program for Evolutionary Dynamics. It also bankrolled the OpenCog project, which develops software “designed to give rise to human-equivalent artificial general intelligence.” Apart from his support for the cybernetic approach to transhumanism, Epstein was also fascinated with the possibility of creating the “superman” via the path of eugenics. He hoped to help in a practical way with plans to “seed the human race with his DNA” by impregnating up to twenty women at a time at a proposed “baby ranch” at his compound in New Mexico. He also supported the pseudo-science of cryonics, whereby human corpses and severed heads are frozen in the hope that technological advances will eventually make it possible to resurrect the dead. He had planned to have his own head and genitalia preserved in this way.

In addition to his bizarre association with the wilder fringes of technological atheism, Epstein also co-organized a conference with his friend, the militant atheist Al Seckel, known (among other things) as the creator of the so-called “Darwin Fish”—seen on bumper stickers and elsewhere, it depicts Darwin’s “superior” evolutionary fish eating the ichthys symbol, or “Jesus fish” of Christians. Seckel fled California after his life of deception and fraud began to catch up with him. He was found at the foot of a cliff in France, having apparently fallen to his death. Nobody seems to know whether he slipped, jumped, or was pushed.

Apart from his unhealthy interest in atheistic scientism, Jeffrey Epstein was also a major figure amongst the globalist elite. According to his lawyer, Gerald B. Lefcourt, he was “part of the original group that conceived the Clinton Global Initiative,” which forces underdeveloped countries around the world to conform to the values of the culture of death. Even more ominously, Epstein was a member of the Trilateral Commission and the Council on Foreign Relations, two of the key institutions responsible for fostering and engineering the globalist grip on the world’s resources.

As we ponder the sordid and squalid world of Jeffrey Epstein and his “associates,” we can’t help but see his life as a cautionary tale, the moral of which is all too obvious. It shows that pride precedes a fall and that it preys on the weak and the innocent. It shows that those who think they are better than their neighbors become worse than their neighbors. It shows how Nietzsche’s Übermensch morphs into Hitler’s Master Race and thence to the transhuman monster. It shows that those who admire the Superman become subhuman. It also shows that the subhuman is not bestial but demonic. It shows that those who believe that they are beyond good and evil become the evilest monsters of all.

Those of us who have been nurtured on cautionary tales such as Mary Shelley’s Frankenstein or C. S. Lewis’s That Hideous Strength will know that fiction often prefigures reality. We see that the real-life figure of Jeffrey Epstein is a latter-day Viktor Frankenstein, reaping destruction with his contempt for his fellow man and his faith in the power of scientism to deliver immortality to those who serve it. We can also see that the transhumanism which Epstein financed is a mirror image of the demonic scientism of the secretive National Institute of Coordinated Experiments in Lewis’s prophetic novel. We may even be grimly amused by the fact that the “leader” of the demonic scientistic forces in Lewis’s tale is a severed head which has apparently been brought back to life.

There is one final lesson that the pathetic life of Jeffrey Epstein teaches us. It shows us that the adage “the devil looks after his own” is not true. It’s a lie told by the devil himself. The devil hates his disciples as much as he hates the disciples of Christ. Once he has had his way with them, he disposes of them with callous and casual indifference, much as Jeffrey Epstein disposed of his victims.

Photo credit: Getty Images

Related posts

Goldman Sachs is making it easier to plug its services into other tech platforms like Amazon or Apple’s iPhone, and an industry consultant says it shows how the bank is leading a `fundamental change’ in retail banking.

  • Goldman Sachs is in talks with Amazon about providing small-business loans to merchants who sell products on Amazon’s retail platform, according to a person with knowledge of them. The talks were first reported by the Financial Times on Monday. 
  • The partnership would be the second inked by Goldman with a large technology firm that can provide the scale and distribution for Goldman’s products that it can’t get itself. 
  • The partnership, and another one with Apple, is an example of banking-as-a-service, though some insiders have taken to calling it Goldman Sachs-as-a-service. 
  • “If Goldman can pull off an embedded banking deal somewhere else besides Apple Pay … that’s a leading indicator of a fundamental change in retail banking,” according to independent consultant Richard Crone.

Goldman Sachs is close to inking a second high-profile deal to offer banking services in partnership with a large tech company, and it’s a sign of what may be a fundamental change in retail banking. 

Goldman is in talks with Amazon to offer small business loans to merchants who sell products on Amazon, according to a person with knowledge of the discussion. The Financial Times first reported the talks on Monday. Goldman’s small business loans may feature the bank’s name and begin as soon as March, the newspaper said. 

A spokesman for the bank declined to comment. 

If the deal is signed, it would become the second Big Tech partnership for Goldman Sachs after it launched a credit card last year with Apple last year. Goldman CEO David Solomon has called the Apple Card the most successful credit card launch of all time, without providing details to back up the claim. 

But it would also be a sign of something much more ambitious: Goldman Sachs moving quickly and aggressively to leverage those characteristics that make it uniquely a bank, with a license that allows it to offer banking products and a balance sheet where it can fund loans cheaply being just two prominent examples. 

The company has been sinking hundreds of millions of dollars into building out its technology capabilities, including APIs (application programming interfaces), to make it as easy and seamless to plug such services into the technology platforms of others, whether that’s Apple’s mobile devices, as with the Apple Card, or Amazon’s retail platform. 

At an investor day last week, execs referred to it as banking-as-a-service, but some insiders have taken to calling it Goldman Sachs-as-a-service. 

Stephanie Cohen, Goldman’s chief strategy officer, appeared on stage last week at the bank’s investor day alongside Marco Argenti, the co-chief information officer who recently joined the bank after several years as a senior exec at Amazon Web Services.

Cohen said the bank is looking for ways to use technology to embed the types of things that Goldman can do well, such as risk management, or loan underwriting.

Cohen cited the Apple Card, which is a Goldman-designed product delivered on Apple’s devices, as one such example. 

“That last capability is the consumer version of our platform strategy,” Cohen said. “It allows us to take products and services that we build for our own clients and then give it to other clients so that they can embed financial products into their ecosystem. This strategy will drive top-line growth, and it will create scale efficiencies.”

Goldman isn’t the only large bank that’s working with Big Tech companies. In November, Google announced a partnership with Citigroup to provide checking accounts to the tech firm’s customers. 

And yet, Goldman is probably doing it better than anyone because it has developed a suite of APIs that it can take off the shelf and plug into other platforms, according to Richard Crone, an independent consultant. 

“Goldman Sachs, when they write the history books, will be noted as the one who invented or perfected embedded banking, where you embed your financial services through the user interface, or at the edge, of someone else’s network,” Crone said. “If Goldman can get this right with Amazon, I would expect them to go to Facebook next or any other online platform of substance that provides them a large distribution channel.”

Goldman is leaning on many of the lessons it learned in its partnership with Apple, known as an incredibly demanding partner, Crone said. Most notably, the ability to offer instant issuance to a set of customers that have already been pre-validated, multi-factor authenticated, Know-Your-Customer credentialed by the large tech firms. 

“They already know the customer, but they have met the regulatory requirement in advance before they hand it over,” he said. 

The product will likely look similar to what small merchants are getting from Square Cash or PayPal Working Capital. 

Goldman has bigger ambitions. At last week’s investor day, the bank presented a slide that showed a product called Marcus Pay, which talked about point-of-sale solutions for merchants based on its digital consumer bank. 

This is just another example of how embedded banking is here to stay, which can be hard for a lot of bankers to understand because they want to service customers through their own app, Crone said.

But “no financial institution can reach the scale that’s required to compete electronically” with the large platforms if they only do it through their own app, he said.  

“If Goldman can pull off an embedded banking deal somewhere else besides Apple Pay, or if Citigroup can pull off Google Cache, that’s a leading indicator of a fundamental change in retail banking.”

See also: Goldman Sachs just unveiled hundreds of slides laying out the future of the company. Here are the 10 crucial slides that show how it plans to transform into a bank for everyone.

See also: Inside Goldman Sachs’ first investor day, where avocado toast and crab apples were served with tech talk, 3-year plans, and a surprising trading mea culpa

NOW WATCH: WeWork went from a $47 billion valuation to a failed IPO. Here’s how the company makes money.

Related posts

You asked these businesses to come, here’s what they said | Daily Mercury

THE Daily Mercury asked readers which new businesses they’d like to see come to the region.

The Facebook post received hundreds of comments, with dozens of businesses nominated to open a franchise in Mackay.

We put the question to those major businesses and this is what they said:

MILKY LANE

The delicious burgers and milkshakes Milky Lane is famous for could be on their way to Mackay soon.

Co-owner and founder of Milky Lane, Christian Avant, said Mackay was on his radar.

“Mackay has always been hot on our radar for Queensland and is something we will definitely be looking closely into mid-2020,” he said.

“We have current plans for Townsville and Cairns later this year and if everything aligns, we’ll be able to feed the people of Mackay delicious food, cocktails and desserts by the end of 2020.”

The Caramilk Cheesecake Spring Rolls available at Milky Lane. Picture: contributed.

COOKIE MAN

Although Mackay residents are eager to get their hands on some delicious sweet treats, they might have to go online to get their fix. A spokeswoman for the business said Cookie Man no longer had any physical stores.

“It is always lovely to hear that many customers still want Cookie Man to be a prominent brand in their local areas; however, we no longer have any physical stores for Cookie Man as we are focusing on our online store as well as incorporating our cookies in our Mrs Field’s franchises,” she said.

“I hope you are able to understand our situation and are able to pass on this information onto any Mackay locals who may be asking the same question.”

Mackay residents would like to see a Cookie Man open in the region. Picture: Contributed.

NANDO’S

The Nando’s spokesman was rather secretive about plans to expand, but there is still hope.

“It’s great to hear locals are keen to see a Nando’s in Mackay,” he said.

“We will pass this on to our business development team. You never know what the future holds.”

Nando’s is famous for its grilled chicken meals.

THE PANCAKE PARLOUR

Who doesn’t love pancakes at midnight? We can understand why Mackay locals are crying out for this business to open in the region, but unfortunately we might have to wait a little longer.

The Pancake Parlour marketing and events co-ordinator Michael Dib said the business was not looking to expand.

“At the moment The Pancake Parlour is a family owned business in Melbourne and unfortunately we are not looking into expanding our operations into other states in the foreseeable future,” he said.

“We do, however, sell our pancake mix in Coles and Woolworths nationally and hope our interstate friends are still able to get their buttermilk pancake stack fix in the comfort of their homes.”

Mackay residents would like to see The Pancake Parlour open in the region. (Pictured: Samantha Jones). Picture: contributed.

One of the most commonly requested businesses by Mackay locals, we were hoping to receive some positive news from the retail giant.

Unfortunately, Aldi is not on it’s way to Mackay yet.

“While we continually look for opportunities to expand into new locations, we have no plans

to open a store in Mackay in the near future,” an ALDI Australia spokesman said.

Mackay residents would like to see an Aldi open in the region. Picture: Matthew Vasilescu.

FLIP OUT

The trampoline centre would be an excellent addition to the region.

Lucky for us, it could be on the way soon.

“We are talking to several interested parties about opening in Mackay,” a Flip Out spokesman said.

“Nothing is set in stone yet.”

Mackay residents would like to see a Flip Out trampoline centre open in the region. Picture: Richard Walker.

KRISPY KREME

Arguably the most famous doughnuts in Australia, we understand why Mackay residents want a closer option than Brisbane Airport for these delicious goodies.

A Krispy Kreme spokesman encouraged fans to never say never.

“Although we’d love to bring Krispy Kreme to Mackay, there are no current plans for a store to open in the area,” he said.

“We are thrilled by the local support and would encourage our fans in Mackay to never say never.

“We do, however, air-freight our delicious Krispy Kreme doughnuts to the Mackay airport as part of our Fundraising Program. You can find out more about it on our website here https://www.krispykreme.com.au/fundraising.”

Krispy Kreme doughnuts are famous in Australia and Mackay residents are keen to see a store open in the region. Picture: Stewart Mclean.

If we can’t have Aldi, can we at least have Costco?

Mackay residents were adamant about their desire to bring the retail giant to the region, but unfortunately the company has no concrete plans.

“We have been well received in the Australian market, and hope to continue to expand Costco’s reach to more people throughout Australia,” a spokeswoman said.

“While we are always on the lookout for new locations all over the country, at this time, we don’t have any locations confirmed in or around this area.

“Our focus is always to find the right location to meet our specifications so that we can ensure every warehouse is as comprehensively stocked, offering a wide range of products and services of the best quality at the best possible price.

“Our warehouses are quite sizeable in order to be able to house our comprehensive range of goods and specialty department services. A typical warehouse is about 14,000 square metres. “We also look for lots that can house our fuel stations and sizeable car parks as well.”

Costco is a massive department store, well-known in America. Picture: contributed.

BETTY’S BURGERS

Mackay residents love their burgers, and maybe Betty’s Burgers loves Mackay?

Betty’s Burgers managing director Troy McDonagh said he was thrilled to hear the business had such a large fan base in Mackay.

“We were thrilled to hear Mackay locals would like to see us come to town,” he said.

“We don’t have any immediate plans to open specifically in Mackay at this moment but who knows what the future holds.”

Edin Read from Betty’s Burgers. Picture: Josh Woning.

Other businesses were contacted for comment but did not respond.

These included Mecca Maxima, Grill’d, T2, Starbucks, Lush, Zara and IKEA.

Nats double down on commitment to coal, Joyce rants against wind and solar | RenewEconomy

person

If there were any questions over the National Party’s commitment to the coal sector after the loss of Matt Canavan from the resources portfolio, they were quickly answered by new deputy leader David Littleproud who reasserted his party’s commitment to a new coal generator in Queensland on his first day in the job.

In an interview with ABC’s RN Breakfast program on Wednesday, Littleproud trotted out the three consistent assertions of the coal lobby; that you can reduce emissions using more coal, that more coal generation is necessary to lower electricity prices and that baseload power is a necessary feature of the future energy system.

Each of these three assertions have been repeatedly debunked, but it confirms that it’s business as usual in a Morrison cabinet that will continue to face internal divisions over a need to act on climate change and the fossil fuel advocates within its ranks.

It is understood that Queensland Nationals MP Keith Pitt is the front runner to take over Canavan’s former positions as the minister for resources and Northern Australia when new ministerial appointments are announced by Prime Minister Scott Morrison on Thursday.

Pitt himself has been an outspoken advocate for a new coal-fired power station in Queensland, so while Canavan – who liked to describe himself as “Mr Coal” – has exited the federal cabinet, the pressure to push forward with the Collinsville project is likely to continue.

Pitt has also been a strong supporter of a nuclear industry in Australia, and will have the backing of failed Nationals leadership candidate Barnaby Joyce, who again argued for nuclear power to be considered as part of Australia’s efforts to reduce emissions as part of a bizarre Facebook rant against renewable energy.

“We have to recognise that the public acceptance of wind towers on the hill in front of their veranda is gone, and the public dissonance on that issue is as strong as any other environmental subject,” Joyce said.

“If zero emissions are the goal then surely nuclear energy should be supported, but it is not. If wind towers are a moral good and environmentally inoffensive, why can’t we have them just off the beach at Bondi so we can feel good about ourselves while going for a surf? It would cause a riot.”

“Do you want a 3,000ha solar farm next door to you? Lots of glass and aluminium neatly in rows pointing at the sun. I am not sure others will want to buy that view off you when you go to sell your house.”

The coal industry might have lost its most enthusiastic advocate from the federal cabinet, but the Nationals were quick to show that it won’t lead to any changes on the party’s energy and climate change policies.

In his interview, Littleproud, who is also tipped to take on the now vacant agriculture portfolio, told the ABC that investments in new coal generators would help lower emissions and lower electricity prices.

“You need to make sure that you create an environment in the marketplace with a mix of renewables and coal-fired power stations, and if you can improve the emissions of coal fired power stations, you should make that investment if it means that we hit our targets and we reduce energy prices,” Littleproud claimed.

It has been well established for some time that the cheapest source of new electricity generation capacity are renewable sources like wind and solar.

A recent update to the CSIRO’s GenCost assessment of the costs of different generation technologies re-confirmed that new wind and solar are, by far, the cheapest sources of electricity generation. Even when additional storage is accounted for, prices of firmed renewables are competitive with fossil fuel generators when the costs of carbon emissions are considered.

Renewables are already helping to drive down electricity prices.

This week, the ACT, which has recently achieved its 100 per cent renewable electricity target, is also set to see an almost 7 per cent fall in its electricity prices this year, as the territory’s investments in wind and solar projects have helped deliver lower electricity prices for Canberra households, ensuring they continue to pay some of Australia’s lowest electricity prices.

But this also didn’t stop Littleproud asserting that it is possible to achieve reductions in greenhouse gas emissions while still embracing coal.

“You can invest in clean coal technology in and reduce emissions,” Littleproud said.

“I’m not disputing the science, what I’m saying is I’m not gifted academically to have that science background myself.” – @D_LittleproudMP when asked about his recent statement that he didn’t know if climate change was man made. #abc730 @leighsales #auspol pic.twitter.com/sFh44eNP2a

— abc730 (@abc730) February 4, 2020

Again, there are fundamental limits to how much emissions from coal-fired power stations can be improved. Even with a complete transition to the Coalition’s favoured high-efficiency low-emissions (HELE) coal power station technologies, the most generous estimates put the amount of emissions reductions at 20 per cent.

In his review of the National Electricity Market, chief scientist Dr Alan Finkel compared the emissions intensity of different generation technologies, showing that the HELE coal-fired power stations promoted by the Nationals will still produce 0.7 tonnes of carbon dioxide equivalent for each megawatt-hour of electricity produced, and is only slightly below the NEM’s current average emissions intensity.

When the science, and the international commitments made under the Paris Agreement, are calling for governments to achieve zero net emissions by 2050, a 20 per cent cut in coal power station emissions is going to be grossly insufficient.

It’s a position that leaves the Nationals at odds with science, but also the business community which is undergoing an accelerating exit from the coal industry. This includes BlackRock, which manages USD$7 trillion (A$10.15 trillion) in investments, which announced in January that it was divesting its portfolios from thermal coal companies.

Littleproud argued for the need for “baseload” power, suggesting that coal-fired power stations are necessary, as Australia currently lacks sufficient levels of battery storage.

“We’ve still got to have baseload, the thing is that we don’t have battery storage to the capacity that we need to be able to keep the lights on,” Littleproud said.

With the emergence of new energy management technologies, a growing market for energy storage that is outpacing growth in coal generation in Australia, demand response platforms and the falling prices of renewables, the concept of baseload is quickly becoming outdated.

With system planners recognising the crucial role that a ‘flexible’ energy system will have into the future, pushing new inflexible baseload power stations, like a new coal generator, into the energy system will only be counterproductive.

Chair of the Energy Security Board, which has been tasked with redesigning Australia’s energy market in response to the widescale transformation underway in the energy sector, labelled Australia’s existing “baseload” generators as “dinosaurs”, singling out coal-fired generators Bayswater and Liddell saying that their inflexibility made them poorly suited to a future energy system.

There has been a surge of installations of large-scale battery storage systems, and new investments continue to be made in deploying storage projects, while coal-fired generators are readying to exit the market.

The renewed push from the Nationals for a new coal generator appears to have been bolstered by the findings of a $10 million feasibility study into a potential new coal-fired power station in Collinsville. The feasibility study was funded as part of the government’s Underwriting New Generation Investments initiative and has yet to be released publicly.

“Collinsville, there’s a there’s now a report that’s come back to say that that business case should advance and then obviously, that will be backed by the economics of it,” Littleproud told ABC’s RN Breakfast.

The saga of the Collinsville power station has been a source of tension within the Coalition party room. Outgoing resources minister Matt Canavan had been desperate to get the project off the ground, and confronted prime minister Scott Morrison when he thought progress on the proposal was progressing too slowly.

Those tensions continue to play out in the party room, with a fiery confrontation occurring during the first coalition party room meeting of the year, and after a summer dominated by bushfires and calls for stronger climate action.

Several Nationals members shouted down calls from moderate Liberal MPs, who called for the Morrison government to demonstrate that it was taking climate change seriously.

Related posts