Blockchain is revolutionsing KYC

The introduction of blockchain technology in the KYC process can amount to a 10% reduction in headcount

KYC BLOCKCHAIN BLOCKCHAIN TECHNOLOGY IMPLICATIONS

How can blockchain revolutionise the KYC process?

JESSICA SMITH

Know Your Customer (KYC) is regarded as the backbone of a financial institution’s anti-money laundering efforts. Recently, industries have experienced a massive shift to digital transformation in the last ten years, and the 60 percent of change was more accelerated banks showed as companies started interest in prioritising cost savings, using their efficiency and security. One funds to particular industry that drive digital benefitted most from the adoption digital shift is the financial technologies sector. According to a study like AI, published in 2020 by Ernst blockchain, and Young, 60 percent of analytics and banks showed interest in robo-advisors using their funds to drive digital adoption technologies like AI, blockchain, analytics and robo-advisors. KYC is regarded as the backbone of a financial institution’s antimoney laundering efforts (AML). Hence it is commendable to see global spending on AML and KYC solutions reaching the $1.2 billion mark. The signifies how institutions are investing in rgtech, which is the management of regulatory processes within the financial industry with the help of technology. This is done so that regulations become more efficient and accurate. The adoption of the emerging technologies for KYC processes has been increasingly spearheaded by regulators and governments. For example, Dubai’s Department of Economic Development and International Finance Centre announced the expansion of a KYC tool for financial institutions that is powered by blockchain technology and it will help process more than half of all KYC checks in the city.

KYC is a regulatory requirement that underpins our current global economy, but many believe that its current processes are inefficient and outdated. It is imperative that financial institutions from all over the world must conduct time-consuming, costheavy checks in order to verify their customers’ identities. If not complied with existing regulations, not only will they face fines but they often have to navigate between many different regulatory borders, along with storing and protecting their huge amount of users’ data.

But, no matter how much entities strive to keep up with digitisation, evolving processes do not happen all at once and change is not linear. And this is exactly what we are seeing in the KYC space. While organisations have taken steps to innovate and improve, KYC processes still remain lengthy and inefficient, primarily because of a lopsided focus on information gathering and processing

instead of conducting risk assessments. Banks have been doing their best by introducing technology into the elements of the KYC process. For example, live identity verification automates the processing of KYC documents in order to save some manhours. But one of the biggest obstacles that are currently standing in the way of efficiency in KYC is the lack of efficient information processing between two parties.

The flaws of the existing KYC process Financial institutions have been battling with inefficient and labour-intensive KYC processes for a long time now. Even with the help of technology, a study found that banks are still struggling with issues like lack of data accuracy and sufficiency, along with a rise in false-positive screening results. Additionally, 64 percent of banks believe that focusing on better customer due diligence (CDD) is the key to these problems. Traditionally, when financial institutions decide to onboard clients, they would require the company to share information as a part of the KYC process, which usually involves going back and forth between banks and customers, and multiple rounds of questioning. After that, banks are required to systematically update client information to ensure that data is stored in the most detailed manner possible. But there are two major problems with this. Firstly, only when suspicious activity takes place in their account, entities might be alerted. they are also required to conduct frequent media searches to keep the customer profile up-to-date.

Talking from a regulatory perspective, most regions believe that customers, be it individuals or businesses have to take responsibility for their own data. This translates to the fact that client information is kept confidential and only the customer is allowed to share their information with chosen parties. However, this stretches the information gathering process since the information has to be separately received and validated by the banks and contributes to the overall inefficiency of existing KYC workflows. This could result in customers feeling frustrated with the lengthy approval process and prospects might miss opportunities during the delay or might back away due to the complex nature of KYC checks.

KYC BLOCKCHAIN BLOCKCHAIN TECHNOLOGY IMPLICATIONS

In 2020 alone, global institutions were fined $10.4 billion related to AML, KYC and data privacy violations and issues. While this may seem huge, but if you start unpicking the complex and relentless requirements, it becomes quite clear that there are many regulatory loopholes for institutions to jump through. KYC checks are not done after institutions can verify a person's identity and then continue to provide services. Instead, it’s a long-drawn process where banks and other financial institutions are required to conduct checks and monitor customer transactions on a regular basis that takes up substantial time and resources.

Banks and other financial institutions will also have to make sure they adhere to all applicable regulations, which can be cumbersome when facilitating transactions across borders and regulatory zones.

The Covid-19 pandemic has also accelerated criminal activities and they are slowly becoming sophisticated. Attackers are coming up with a lot of innovative methods which is often faster than the speed at which organizations are digitizing their KYC processes and are also exploiting the unstable economy to take advantage of the system. to fight this, it is important for institutions to support the existing KYC procedures. To fight against the fraudulent landscape, it is essential that banks leverage the diverse data points and come up with a comprehensive risk profile for their clients.

In essence, the risks are far-reaching and have severe consequences. To understand the magnitude of the problem, we only need to take one look at the Facebook data leak of 500 million users to see the serious economic and social implications of not adequately protecting user data. Business owners are usually very protective of their information or hide the source of assets in the likes of offshore bank accounts and shell companies. All these factors add to make the KYC process even more difficult.

Blockchain helping revolutionise the KYC process More than anything, the data industry now requires a solution that will guarantee transparency, security, efficiency and scalability. Currently, KYC processes are extremely expensive and resourceintensive. Finding a solution to this will actually streamline the redundant and slow data gathering processes that is currently present which will result in cost-saving for the industry while boosting the confidence of market participants and regulators. Blockchain technology is actually the perfect solution here. It is anti-fraud by design and makes sure that records are encrypted and immutable. By implementing blockchain technology, there will be no need for an intermediary providing assurance. Shared data can also come with the customer’s digital signature, and it can completely remove the need for third parties to be involved in the process and to validate data manually.

Blockchain can also be used to scale and process massive volumes of data. Given the enormous number of banks and

Blockchain in banking

Payments 66%

Securities settlements 56%

Fraud detection and security 41%

Trade finance 33%

Source- Business Insider

clients present on a global scale, this is indeed a blessing. With the help of permissioned enterprise blockchain platforms, customers can be assured that their sensitive data and personal information is only shared on a need-to-know basis, which will happen under strict authentication requirements. All the parties involved will be present in a closed ecosystem and members involved decide to whom to grant access. Keeping this in mind, creating such a platform will also bring added benefits for regulators and customers alike. Working on the same concept, regulators would be able to review KYC processes, data, and accurately evaluate the risk profile of their clients, all while staying within the regulatory framework. Integration of blockchain technology will also be able to save time that goes behind consolidating and validating data. Customers will be able to liaise

with their respective banks on KYC related queries.

Blockchain shaping future of regulated industries KYC processes are essential to fight money laundering schemes, and banks will definitely benefit from the integration of blockchain technology into existing KYC methods. But the application of blockchain technology in highly regulated industries does not stop here. It has been witnessed previously that the public sector has continued to embrace new and evolving technologies. Seeing the advantages, they are now demanding more efficient and reliable systems to cut down on costs, realising that they can reap the benefits of blockchain technology in more than one way. From how to manage governments, allocating and granting funds in governments’ procurement processes, land registries, in providing citizens’ services, blockchain technology brings a plethora of benefits.

SWIFT, a global provider of secured financial messaging services has established a KYC registry with 1,125 member banks sharing KYC documentation. But this is only 16 percent of the 7,000 banks on their network. SWIFT’s KYC registry is an efficient and shared platform that helps manage and exchange standardized KYC data. Users can upload their documents for free to the registry and share them with other institutions. SWIFT validates the data rigorously, informs the client if it’s incomplete or needs updating, and sends out alerts to correspondents whenever the data changes.

There is no denying that there will be issues regarding the security of customers’ KYC information but, as long as all KYC is held on a private blockchain rather than a public one, these issues can be heavily minimised from a customer’s point of view. Experts say that data stored on the blockchain will merely be a reference point with a digital signature or cryptographic hash. This would give individuals access to the relevant client information in a repository separate from the blockchain, which will ensure a secure and private way of conducting and storing a customer’s KYC information.

Given all that we have discussed above, it is clear that blockchain could have a major role in streamlining these KYC and AML processes. But this may require cross-border consensus regarding what is acceptable and what needs to be done in terms of acceptable document verification. According to a report published by Goldman Sachs, the banking sector can achieve 10 percent reduction in headcount with the introduction of blockchain in the KYC procedures. This amounts to around $160 million in cost-saving annually. Blockchain is also expected to reduce budgetary resources allocated for employee training nu 30 percent, thereby saving $420 million. Overall operational cost savings are estimated to be around $2.5 billion dollars. The introduction of blockchain technology will also reduce AML penalties by $0.5 to $2 billion.

editor@ifinancemag.com

TECHNOLOGY FEATURE IOB IOB IMPORTANCE

FEATURE

IOB APPLICATION

Internet of Behavior and why it is important

MOUMITA BASU

IoB uses data from customers and uses it to provide its customers with a better user experience

Just as we were trying to understand the role of the internet of things (IoT) in small businesses, a new player has entered the market and it is the internet of behaviour (IoB). We have come to understand that it is essential to study and gain insight into the growing importance of this latest addition. and how it will affect business and everyday life in the near future. So what is IoB? In short, the IoB refers to the analysis of all the behavioural data collected from the IoT and other sources, also taking the number of attempts was made to make use of it. The data is collected through personal wearable technologies as well as household electrical devices and individual's online activity. Needless to say, this provides valuable insights and information about users’ behaviour and interests. With the help of the IoT and IoB, it is now possible to track, collect, and interpret the massive amount of data that is amassed from personal behaviour and online activities including commercial transactions and social media habits. The concept of IoB revolves around the correct analysis and understanding of behavioural data, and how it can be applied to create and promote customized products and services which will be of more value to customers. Given the plethora of advantages, corporates and organizations have already started investing heavily in this technology to improve their

TECHNOLOGY FEATURE IOB IOB IMPORTANCE

bottom lines. Additionally, IoB also benefits its customers by providing better tailoring goods and services to their needs and desires.

Growth prediction of IoB

According to experts, the future of both the IoB and IoT is bright and it will continue to have more growth and influence in the future. Gartner, in its report, has predicted that there will be more than 25 billion connected devices by the end of 2021, with the majority of the IoT is currently made up of smartphones and other devices are also becoming increasingly common. The Gartner report also predicted that by 2025, there will be 75 billion connected devices all over the globe. Additionally, by 2023, more than 40 percent of the global population’s individual activity will be tracked digitally in order to influence their behaviour using the IoB concept. This translates into the fact that more than three billion people globally will be tracked by their behaviour.

Theoretically, the IoB is capable of revealing crucial insights to organizations that allow them to increase productivity, monitor compliance with COVID-19 safety protocols, and more. But, as we all know, the collection of data can be quite problematic. The use of the IoB begs questions like how we gather, navigate, and use data, especially as we collect more of it. Something as common as smartphones can be used to track your online movements and real-life geographic position. Now companies also know an individual’s interests, dislikes, and the way they purchase.

There is also the risk that cybercriminals can hack and use the data for nefarious means. This information could be stolen and sold to other criminals and has the risk of revealing. This information could be stolen and sold to other criminals. Hence it is important to keep in mind that IoB is an important trend for companies to take notice of, but they also need to be equally careful in the ways they are protecting the data they collect.

How can the IoB benefit businesses?

For a while now, a large number of digital marketing companies have been using analytics tools to find insights that reveal common consumer behaviours. With the help of IoB, marketers are able to analyze customer buying habits across platforms, gain access to previously unattainable data, redefine the value chain, and provide real-time point-of-sale notifications and targeted advertisements. Additionally, an appealing UX is an important part of sales. With the help of the data provided by the IoB, companies now can understand people’s attitudes toward specific products or services. This makes the process of resolving customer issues and complaints even easier. The companies that come under the manufacturing sector are already using sensors and RFID tags to determine if on-site employees are washing their hands regularly. And with the help of computer vision, it is also possible to make sure employees are complying with mask protocol or social distancing directives. With the help of IoB, health providers can measure the activation and engagement efforts made by patients. IoB also helps improve public safety by monitoring exciting new opportunities across industries.

The importance of IoB

IoB in businesses provides the ability to analyse a wide range of consumer

more than 25 billion

connected devices by the end of 2021

By 2023, more than 40 percent

of the global population’s individual activity will be tracked digitally in order to influence their behaviour using the IoB concept

behaviour and then effectively respond to it for their benefit. Commonly, businesses will use the IoB to market their products and services more effectively to current and potential customers and to influence them further to buy their products. It may seem like IoB only benefit businesses, but there are a lot of ways how IoB can benefit customers. For example, an insurance company working on a premium based on an individual’s positive or negative health habits or driving records. In another example, a fintech company can use user data to encourage different types of savings or investing plans after analyzing the customers’ spending habits. Additionally, individual health and lifestyle applications can assist customers with important daily variables like sleep, diet, heart rate, weight, and blood sugar. The collection and tracking of this personal health data can help us as well as the healthcare system formulate more targeted and effective treatments and recommendations for better physical

and psychological health. For example, Netflix uses user data to forecast what they might like or dislike, by providing suggestions based on their personal preferences and ratings for a specific film or series. Another example is where Uber or any other cab aggregator uses IoT to track drivers and passengers. They offer a survey after each journey to review the guests' experience.

Additionally, with the help of IoB, companies can also provide a service to individuals with access to this more insightful personal data which will help them resolve potential problems before time and provide improved products and services that will keep their customers happy.

There is no doubt that data has been absolutely essential for businesses to flourish and stay in the market since the inception of the internet. IoB ensures that businesses continue their growth, even in the face of a global pandemic and changing climate of the world’s economy. But the main purpose of IoB is to collect, analyze, respond and understand all types of behaviours to improve customer/user experience. It is a known fact that psychology and marketing go side-by-side from the beginning of advertising. This way, businesses can get new insights into the data that’s collected by IoT. Currently, the IoB is a new but powerful tool for businesses’ sales and marketing worldwide. IoB can help businesses get a better understanding of their customers to keep them happy.

Not only IoB affects customer choice, but it also restructures the supply chain. It helps insurance companies and banks to improve their profile. IoB can help change violent behaviour without special medical advice and can also forecast responses to shopping ads or social media messages.

Concerns surrounding IoB

As is the case with any growing interconnectedness, there is an increasing concern regarding finding the legal and socially acceptable balance when it comes to IoB. According to

FEATURE

IOB APPLICATION

security experts, while most customers are concerned about companies having too much access to their personal data, but it has also been observed that they are agreeing to trade off an acceptable amount of privacy in order to get access to the best deals on products and services they want. It has also been observed that many job seekers will accept some online investigation and analysis of their background by a potential employer.

For example, a lot of people in the logistics industry would be okay with their employers accessing their driving history so that they could determine if there are any issues that need to be addressed. But the same set of people will have an issue if their employer starts snooping their social media activities to determine if they fit for the role.

Similarly, most consumers will not object to a company reviewing and analyzing their latest searches and purchases from the company website, but it’s safe to say that this could easily flip if the company misuses their access and start analysing their social media behaviour.

Given the rapid growth of IoB, coupled with the rising number of smart devices, it definitely presents a cybersecurity concern. Most of the portals we access are connected to either our personal or business network, which, in turn, presents a threat for sensitive data that has the risk of being compromised or stolen. As IoT and IoB gain more and more popularity, experts say that it is essential to pay more attention to our cybersecurity efforts and to remember to follow good cybersecurity practices both at work and at home.

editor@ifinancemag.com

TECHNOLOGY IN CONVERSATION NIC KLOPPER CEO OF HEARX GROUP

hearX takes pride in providing new ways to overcome traditional barriers in detection, diagnosis and treatment of disabling hearing loss

Providing accessible hearing healthcare solutions

PRITAM BORDOLOI

In recent years, we have seen the integration of revolutionary technologies such as AI to offer better services in various sectors be it banking, logistics or healthcare. AI is changing how we deliver healthcare in the modern-day. It has countless applications when it comes to healthcare. According to the report ‘Artificial Intelligence (AI) in Healthcare Market 20202026', the global market for AI in healthcare is projected to grow at a Compound Annual Growth Rate (CAGR) of around 51.5 percent. AI is being used to detect diseases such as cancer more accurately nowadays and at an early age. AI is also being used in fields such as primary care, telemedicine, dermatology, and radiology among others. PwC said in a report, “AI is getting increasingly sophisticated at doing what humans do, but more efficiently, more quickly and at a lower cost. The potential for both AI and robotics in healthcare is vast. Just like in our everyday lives, AI and robotics are increasingly a part of our healthcare eco-system.”

AI has been used to also overcome traditional barriers in detection, diagnosis and treatment of disabling hearing loss across the globe. South Africa-based HearX Group has developed what is being dubbed as the ‘world-first AI system advance ear care’. HearScope is a digital otoscope for affordable access to ear care using a smartphone.

According to its website, HearScope captures high-quality images and videos from a smartphone or desktop. This innovative product includes the world’s first AI image classification feature to support categorising eardrum images. It enables health providers across primary to tertiary levels to accurately diagnose patients with ear disease to ensure the right treatment is provided. In an exclusive interview with International Finance Magazine, hearX Group

TECHNOLOGY HEALTHCARE

chief executive officer Nic Klopper discusses the firm’s innovative products and services, technology and his vision for the company among other things.

IFM: Can you tell us a bit about hearScope?

Nic Klopper: Chronic middle ear infection affects more than 300 million people worldwide. Ear disease is the leading cause of hearing loss and the second most common reason for children to visit a doctor. The need for accurate solutions that can assist with detection of ear diseases, triage patients to receive the required healthcare service and be used within telehealth systems, is constantly growing. hearScope is a digital video otoscope that solves all of these needs. It can connect to a smartphone or desktop, running the free hearScope application, to capture high-quality images or videos of the eardrum and ear canal. This innovative solution offers an Artificial Intelligence image classification feature that accurately and instantaneously categorises captured images. hearScope can be used within any telehealth system where the video or images are used by healthcare professionals to diagnose patients. hearScope can be used by people with minimal healthcare training and enables healthcare assistants to capture images prior to examinations, attach otoscopy images to patient records and allow the healthcare practitioner to formulate a diagnosis easily and quickly. hearScope is a cost-effective and innovative solution that changes the way ear examinations are performed and contributes toward affordable hearing care for everyone, everywhere.

Can you elaborate on the different products and services hearX Group is offering across the markets it operates in?

Passionate about affordable access to healthy hearing for everyone, everywhere; hearX® takes pride in providing an entirely new way to overcome traditional barriers to the detection, diagnosis and treatment of disabling hearing loss across the globe. hearX Group has two divisions with core focuses on either the clinical business approach, or on the consumer approach.

The B2B division has a product range which is split into two categories: Screening and clinical hearing tests, and hearing assessments for occupational health.

The screening test solutions consist of innovative digital hearing and vision screening technologies

TECHNOLOGY IN CONVERSATION NIC KLOPPER CEO OF HEARX GROUP

for use by hearing healthcare providers. Our flagship product hearScreen®, is an innovative pure tone screening audiometer on a smartphone for clinically valid, time-efficient and low-cost screening. hearDigits allows for free online hearing screening from a professional’s website and Vula Vision offers a quick eye screening on a smartphone/tablet to screen a patient’s visual acuity at a distance. hearX Group also provides affordable, evidence-based clinical solutions for hearing healthcare. hearTest is a certified pure tone diagnostic audiometer on a tablet; and combined with calibrated headphones the solution also supports extended high-frequency testing. hearScope is a digital video otoscope with AI image classification, enabling the capturing of high-quality images and videos of the eardrum and the ear canal during examination. hearTest Occ Health is hearX’s tablet-based occupational health audiometry solution, used by hearing conservation professionals, to make occupational health compliance easy and affordable.

The hearX Self Test Kit is a low- and no- touch audiology solution for accurate, comprehensive and remote diagnostic assessments outside a booth.

The B2C division centres around Lexie Hearing®, which introduced a revolutionary way of ensuring that hearing aids are accessible to everyone through a first-of-its-kind subscription model. Customers subscribe to Lexie Hearing for all inclusive hearing care for a pair of Bluetooth enabled hearing aids and access to the Lexie mobile app. The subscription includes the regular delivery of batteries and other hearing aid accessories, a protection plan for breakages and losses, and Lexie Care - unlimited, real-time video or voice support from a team of hearing experts, six days a week. Through the use of smart technology and remote care, Lexie Hearing has brought medical-grade, direct-to-consumer hearing aids to the US market, at 80 percent less than the average cost of hearing aids.

Can you tell us about the technology behind your innovative products?

The audiology industry has seen very little innovation over the last century. hearX® has revolutionised and disrupted the industry by creating technologies that use smart algorithms, artificial intelligence and big The current beta version can classify normal tympanic membranes with an accuracy of 99 percent, wax obstruction with 100 percent accuracy and chronic perforations with a 98 percent accuracy

data to detect, diagnose and treat hearing loss around the globe, making cost-effective hearing accessible to those who need it most. hearX® is an ISO certified company and we pride ourselves in developing both CE and FDA certified medical devices. Our technology enables the use of smartphones/tablets and headsets for evidence-based hearing screening, which dramatically reduces the cost and simultaneously makes the process more efficient.

All our solutions have been clinically-validated to produce accurate and reliable test results and there have been numerous peer-reviewed publications on the clinical accuracy of the applications. The headphones are calibrated annually to further ensure the accuracy of test results.

Results are uploaded to our cloud-based server called mHealth Studio Cloud where it is securely stored in accordance with the data protection regulations within each region in which we operate. The results can also be downloaded for further data reporting requirements, if required, and the system can automatically generate and send messages to patients (or parents) on outcomes of the tests or instructions for any follow-up triage services.

How can technologies such as AI be integrated to offer quality hearing care?

A lack of trained healthcare personnel and diagnostic low-cost video-otoscopes in low- and middle income countries, means ear disease more often than not remains undiagnosed or incorrectly diagnosed. Otoscopy is the most common diagnostic tool and starting point to identify and address ear disease. hearX® designed the hearScope digital video otoscope, to impact access to ear and hearing health by making the tool affordable, easy-to-use and innovative in providing Artificial Intelligence (AI) support.

The hearScope AI image classification feature

TECHNOLOGY IN CONVERSATION NIC KLOPPER CEO OF HEARX GROUP

enables health practitioners to receive instantaneous classification results on images taken by the digital otoscope. The AI system is trained on thousands of tympanic membrane images diagnosed by ENT specialists and applies machine learning to provide an accurate image classification. The current beta version can classify normal tympanic membranes with an accuracy of 99 percent, wax obstruction with 100 percent accuracy and chronic perforations with a 98 percent accuracy. The abnormal classification indicates a high probability of a pathology present in the ear and suggests that the individual should opt for a professional examination of the tympanic membrane.

This advanced AI classification feature supports clinicians in their diagnosis of ear conditions and plays an important role when triaging patients. The image classification result enables a clinic nurse or healthcare assistant to make decisions on appropriate referral paths and specialist consultations where needed. This solution not only adds value with regards to classification of ear disease for timely intervention and prevention of complications like hearing loss, but is also extremely valuable in prevention of ear disease.

How did Covid-19 impact you? What are some of the major challenges faced by the company during the Covid-19 pandemic?

Prior to the global Covid-19 pandemic, ‘remote care’ was only made use of as a matter of convenience and personal preference. During the pandemic it rapidly escalated as a matter of safety first and foremost. The Covid-19 pandemic and social distancing has severely affected hearing healthcare and retailer clinics globally and has made it increasingly difficult for professionals to provide their patients with treatment and support. It has changed the way in which they need technology and the way in which they consume it, to future-proof their clinic and ensure a continuous income stream. hearX® has been able to use the challenges posed by Covid-19 as an opportunity to springboard changes and advancements in the audiology industry, by releasing the hearX Self Test Kit, a breakthrough remote hearing care solution. The hearX Self Test Kit is a tablet-based hearing test solution that allows patients to take a hearing test remotely, receive counseling, buy and receive hearing aids and have them adjusted, without having to physically consult a professional.

We also released a retailer solution that allows people to take a hearing test remotely from the retailer’s website or by themselves in-store and buy hearing aids should they wish to, when receiving their results.

The disruptions caused by Covid-19 continue to be a challenge, but it also provided unexpected opportunities. Now that people are used to the “new normal” these technologies that hearX® offer to clients have become the new standard.

Are there new products from hearX that are in the pipeline?

As a leading audiological tech company, there are always exciting developments in the pipeline. You’ll need to watch this space to see.

You have launched Lexie Hearing in the US recently. Do you plan to enter new markets in the near future?

As an industry leader, we are always looking at new markets and assessing them on merit.

Can you tell us about your vision for the company? Where do you see hearX in the next five years?

hearX® has managed to grow from strength to strength since commercialising technology from a local University back in 2016. While we have touched the lives of 1.4 million people to date, we plan on connecting over 10 million people with hearing services globally by 2026, by scaling our technologies into new markets, and also by releasing a handful of new technologies too.

editor@ifinancemag.com