IIMs say CAT 2017 registrations lower than 2016

Apart from the IIMs, several other business schools use the Common Admission Test (CAT) score for admission. CAT 2017 will be held on 26 November. Photo: HT

Apart from the IIMs, several other business schools use the Common Admission Test (CAT) score for admission. CAT 2017 will be held on 26 November. Photo: HT

New Delhi: The Indian Institutes of Management (IIMs) said Monday that while an extended registration window propelled the Common Admission Test (CAT) registration numbers to nearly 231,000, these were still slightly below the 2016 numbers.

By the original deadline of 20 September, the IIMs had received around 211,000. They subsequently extended the deadline to 25 September.

In 2016, the IIMs received 232,434 applications for the test. Apart from the IIMs, several other business schools use CAT score for admission.

“The final registration numbers are around 2.31 lakh. Around around 20,000 (registrations) were added during the extended window,” said Neeraj Dwivedi, convener of CAT 2017.

Dwivedi, also a professor of IIM Lucknow, said exact numbers would be available on Tuesday.

India has 20 IIMs admitting nearly 4,000 students into their flagship post graduate programme in management.

IIM Lucknow, which is conducting CAT 2017, will allow candidates to correct errors in application between 27 and 30 September. CAT 2017 will be conducted across 140 cities on 26 November.

[“Source-livemint”]

Money in Swiss banks: India continues to slip, stays at 88th place in 2016; UK on top

Zurich/New Delhi: India has slipped to 88th place in terms of money parked by its citizens with Swiss banks, while the UK remains on the top.

Representational image. AFP

Representational image. AFP

Also, the money officially held by Indians with banks in Switzerland now accounts for a meagre 0.04 percent of the total funds kept by all foreign clients in the Swiss banking system, as per an analysis of the latest figures compiled by the SNB (Swiss National Bank) as on 2016-end.

India was placed at 75th position in 2015 and at 61st in the year before that, though it used to be among top-50 countries in terms of holdings in Swiss banks till 2007. The country was ranked highest at 37th place in the year 2004.

The latest data from Zurich-based SNB comes ahead of a new framework for automatic exchange of information between Switzerland and India to help check the black money menace. The funds, described by SNB as ‘liabilities’ of Swiss banks or ‘amounts due to’ their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland.

SNB’s official figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries. There is a view that the Indians alleged to have parked their illicit money in Swiss banks in the past may have shifted the funds to other locations after a global clampdown began on the mighty banking secrecy practices in Switzerland.

Swiss banks have also said Indians have “few deposits” in Swiss banks compared to other global financial hubs like Singapore and Hong Kong amid stepped-up efforts to check the black money menace. The total money held in Swiss banks by foreign clients from across the world, incidentally rose by a small margin from 1.41 trillion Swiss francs (CHF) to CHF 1.42 trillion during 2016.

In terms of individual countries, the UK accounted for the largest chunk at about CHF 359 (over 25 percent) of the total foreign money with Swiss banks. The US came second with nearly CHF 177 billion or about 14 percent No other country accounted for a double-digit percentage share, while others in the top-ten included West Indies, France, Bahamas, Germany, Guernsey, Jersey, Hong Kong and Luxembourg.

Indians’ share not even one-hundredth of the total money. India is now ranked 88th with 676 million Swiss francs (about Rs4,500 crore)—a record low after falling for three consecutive years amid a continuing clampdown on the suspected black money stashed behind their famed secrecy walls.

The share of Indians’ money in the total foreign funds of Swiss banks also fell to 0.04 percent (from 0.08 percent in 2015). Pakistan continued to remain placed higher than India at 71st place (although down from 69th in 2015) with about CHF 1.4 billion—though down to below 0.1% of total foreign money parked with Swiss banks.

India was also the lowest ranked among the BRICS nations—Russia was ranked 19th (CHF 15.6 billion), China 25th (CHF 9.6 billion), Brazil 52nd (CHF 2.7 billion) and South Africa 61st (CHF 2.2 billion). Among these five, only China has moved up. Others ranked higher than India included Mauritius, Iran, Morocco, Kenya, Nigeria, Kazakhstan, Ukraine, Angola, the Philippines, Malaysia, Indonesia, Canada and Mexico.

A number of offshore financial centres are also ranked higher including Cayman Islands, Panama, Cyprus, Marshall Islands, Bermuda, Seychelles, Isle of Man and Gibraltar. Among India’s neighbouring countries, Bangladesh was ranked 89th (CHF 667.5 million), while Nepal was 150th (CHF 312 million), Sri Lanka was 151st (CHF 307 million) and Bhutan was way below at 282nd (about half a million Swiss francs).

The total money belonging to the developed countries fell to CHF 824 billion, while those from developing nations actually rose marginally to CHF 208 million. The money from developing economies in Asia-Pacific region rose to CHF 50 billion.

The funds parked in Swiss banks from offshore financial centres rose to CHF 389 billion. India was ranked in top-50 continuously between 1996 and 2007, but started declining after that—55th in 2008, 59th in 2009 and 2010 each, 55th again in 2011, 71st in 2012 and then to 58th in 2013.

[“Source-.firstpost”]

2016 Is the Year Small Businesses Must Develop Mobile Apps

Apps are no longer considered merely a “branding exercise” for small businesses. Business owners are becoming wise to the marketing power a well-designed, intuitive app can bring. From simplifying online purchases to providing easy-to-access information, the benefits are undeniable which is why small businesses must develop mobile apps to stay competitive.

Why Small Businesses Must Develop Mobile Apps

In previous years, the rising cost of custom app developers made apps an impossible expense for small businesses. The recent growth of software development kits that streamline the app development process and allow even non-coders to create a fully-functioning app have dramatically reduced the cost of creating an app.

The affordability and fast development times these kits allow has encouraged more businesses than ever to create their own apps.

As social media use continues to rise, consumers are becoming more open to engaging with brands on a day-to-day basis, even if they aren’t specifically loyal to or purchasers of that particular business. Business owners and marketers are capitalizing on consumers’ desires for interaction by producing entertaining mobile apps. While being fun to use, informational or inspirational, a common characteristic of these apps is that they feature a strong call-to-action to persuade the user to purchase a product or in some way benefit the company in question.

What Types of Small Businesses are Making Apps?

A 2015 analysis of 40,402 apps created with an app development platform found that while “expected” businesses such as restaurants and gyms were highly prevalent, others such as golf courses, hotels, politicians and plumbers were also on the rise.

But why are these industries building more apps? Well, as the ease of building apps increases, so does the amount of potential functionality. One-off investments in systems such as in-app payments or bookings can save businesses money in the long-term as they reduce the amount of time their staff needs to spend fulfilling orders, taking payments or completing bookings.

For businesses that meet potential clients at various locations, the ability to show data or portfolio pieces offline using an app can make the difference between closing the sale and losing the prospect to a competitor.

How are Small Businesses Benefiting from Mobile Apps?

A recent survey showed that 62 percent of the businesses asked already had apps or were in the process of building one. Of those, 20 percent used their apps purely for branding purposes, 30 percent have revenue generating apps and 50 percent use them for support and engagement.

We spend 174 minutes on mobile devices every day. Mobile sales are estimated to have reached $74 billion in 2015 — up 32 percent from 2014. Thirty percent of all online purchases by Millennials are done on mobile devices. This jumps to 33 percent for moms and 43 percent for U.S. Hispanics.

However, apps aren’t just for commerce businesses. Push notifications can be used by any niche to put your brand name directly in front of the smartphone owner. Apps can be used for any type of activity: booking systems, file uploads, vouchers, newsletters, digital magazines, support, providing information, logging exercise or nutrition, showing videos and so much more.

Even businesses that you wouldn’t have thought would benefit from an app are proving critics wrong by producing innovative and engaging apps. For example, an independent pet food supplier could have an app that encourages users to upload comical photographs of their pets for a chance to win a prize. A product for new mothers could build a community of local mums and arrange meet-ups. A realtor could create an app that compares local house prices now to five years ago. The possibilities really are endless. All it takes is a little imagination to devise a system that consumers will enjoy engaging with.

What Does the Future Hold?

The projections around app driven revenue are staggering. Non-game app downloads are estimated to grow 23 percent in the next five years, exceeding $182 billion in 2020. Smartphone adoption in emerging markets should see mobile app store downloads more than double between 2015 and 2020.

Current data about mobile purchasing across the different age groups gives a strong indication that in 5-10 years, everyone is going to be a mobile shopper. Sixty-nine percent of millennials buy products on their smartphones, compared to 53 percent of Gen Xers and 16 percent of Boomers.

The increased market share and spending power this brings will make apps a necessity for B2C businesses in order to streamline a consumer’s journey from product browsing to payment.

The above statistics are also good news for digital agencies that offer mobile app development. As more businesses adopt apps, the demand for their services grows. The development of new ‘smart products’ such as virtual reality and wearable technology may compound this further as apps will need to be adapted to work on new online platforms.

Mobile Phone User Photo via Shutterstock

[“source-smallbiztrends”]

Six Eye-Opening Mobile Trends for 2016

Six Eye-Opening Mobile Trends for 2016

A big problem that so many businesses face is staying on top of what is new in the niche.  But just because something is hard does not mean it’s not possible.  Generating new ideas often comes after a good hard look at what’s on the horizon.  An easy and effective way to do this is with a close examination of what is trending in your business’ market.

Those of us in the mobile business face great challenges when it comes to following trends because technology is changing so fast.  As soon as one idea becomes popular, it is quickly washed away — only to be replaced by something newer, faster, smaller, and more portable.  That is unless you dig deep and find what is on the horizon.

Here are six eye-opening mobile trends for 2016.  By looking at them, you can help yourself think through your next mobile venture.

Keep Your Eye on These 6 Mobile Trends in 2016

Invest in Smart Phone App Development

Smart phones will soon be to future generations what rotary phones were to the “Happy Days” generation, and the numbers support this growth.  This means that the demand for applications for these phones will be on the rise.

Investing in smart phone app development will certainly yield profit.  In fact, Android’s market grew 65 percent in 2015.

Whether you are considering investing in an app for your business or you are tossing around the idea of starting a white label app development company of your own, you are certain to generate some income and stay current with the market trends.

Knowing How to Use Data Driven Decisions is the Key to Marketing

If your business is not using data to make decisions, it’s a good bet that you are close to (if not already) a failed venture.  You have to use data as the backbone of your decisions — especially if you are in the mobile industry.

Data acquisition in 2016 isn’t the challenge that it was years ago.  It has become much easier to collect and much easier to sort.  If you want numbers, you can get your hands on just about any type of numbers you want.  The key is what you do with those numbers.

Your goal should be to use the data to make connections with potential clients. So what if you know that Mrs. Smith visited Store XYZ seven times in the past month on her mobile device. The trick is finding out how Mrs. Smith’s visits to store XYZ can help your mobile business.

The first step in the puzzle is assuring that your IT department and your marketing department has clear lines of communication.  A solid plan for sharing the information is the first step to utilizing the data you collect.

From there, you need a good team that can actually interpret the data.  Ultimately, your goal in any mobile venture is to find a way to simplify the lives of users.  Your team of data analysts needs to be able to interpret the data and supply it to your marketing department.

After your marketing department is given numbers and statistics that are easy to understand, it needs to take creative and innovative risks based on the numbers.  The more you learn about mobile users and their patterns of use, the easier it will be to simplify their lives.

Of course, there are always going to be people who are just able to follow their gut when it comes to innovation and creative thinking.  If you have one of those guys on your team — you know the type, anything he touches turns to gold — don’t dismiss him.

But for the most effective and practical solutions, look at the data and invest in a team that can interpret the numbers to mean something beneficial to your mobile business.

Say What You Need to Say — 2016 Technology Has Your Back

Don’t hold back what’s on your mind.  In fact, in the near future, you will be able to speak it right to your computer.  The best part — it will understand you.  Many of the industries biggest and brightest are battling with young and innovative start-ups to see who will figure out the best and most effective way to use voice computer interfaces.

Most computers come equipped with some type of voice recognition software, but as we journey into the future, these software applications will become much more innovative, which will allow computers to become even more involved in our day to day routines.

Your desktop is not the only form of technology that is listening to what you have to say. Most mobile devices are already equipped with some sort of voice recognition. Mobile devices are also jumping on board to develop voice recognition apps.  Companies across the globe are looking to develop the most responsive voice apps to stay abreast of the changing trends in the mobile market.

While we are not reaching “Jetsons” status just yet, there are several companies breaking ground in this niche, and it is certainly something to pay close mind to.

“Push” Those Ads — It’s the New way to Spread the Word

Push notifications are a great way to get information into the hands of your customers, and the numbers support it.  First of all, 2/3 of the population owns a smart phone.  And that 66 percent of people check their phones approximately 46 times per day.

That means that you have 46 opportunities EVERY. SINGLE. DAY. to send push notifications to people who chose to download your app.

With modern technology, you can use radiused and geofenced push notifications to offer promotions to consumers when they are near your stores.  To top off the benefits of the push, the best part is there are character limits, so you can say what you need to say in a short and sweet notice.  There’s no need for elaborate and creative copy.

SMS Marketing is the New Social Media

The social media craze has made its mark in advertising — there’s not doubt there.  You have to have a strong social media presence so your customers can engage with your brand.  They virtually do the legwork for you by sharing what you have to say.  But, it’s time to look past social media.  You need to look for even faster and more personalized ways to reach people.

In the past, this was called telemarketing.  Today, telemarketing is a good way to upset people and get called a name or two.  But, this is largely because people are engaging less and less in phone conversations and more and more in text communication.

Phone calls are a thing of the past.  Heck, you don’t even need to call to order a pizza or make a hotel reservation anymore, you can just text your request.  In fact, the research shows that 73 percent of people text.  Of those 73 percent of people, 55 percent of them send over 50 text messages each day.  As SMS messaging becomes the preferred means of communications, it makes sense to use it to advertise.

SMS marketing lets your customers engage with your brand on a personal level.  In fact, app developers are making messaging platforms that are starting to rival the built-in texting applications that come with phones.  Products such as Handcent, Chomp, and Hoverchat, are dominating the Android market.

What this means to you is that you virtually have a direct line to your consumers pockets.  You can tell them everything they want to know about your product.

Let Millennials and Generation Z Guide Your Thinking

Gone are the days of, “If you will build it they will come.”  Today, app developers have to build apps to simplify the lives of their users.  Simply put, this means that you need to look at the subsets of consumers who have technology needs that need met.  Enter Millennials and Generation Z users.

These guys are the ones who are filling the social media feeds with their thoughts, and they are the ones advertising their every move online — and they are doing it from their smartphones.

This means opportunity for you.  What are they talking about?  What do they need?  These kids put it all out there.  Use this to your advantage.  Find out what they need based on what they are saying, then build it.

Conclusion

If you want to compete in the mobile industry, you have to do your homework.  This means looking at the past and learning what has worked, and what has failed.  It also means looking at the data and trying to predict what is needed in the future.

By paying close mind to what’s trending in the industry, you can set yourself up for a successful mobile venture.  These six eye-opening trends should get your wheels spinning.  Look to apply them to what you know about the business and with some hard work, you can develop the next must have app in the store.

Using Smartphone Photo via Shutterstock

[“source-smallbiztrends”]