Over the last couple of years, the pace of change has increased, especially for consumer shopping, selling and payment habits. Businesses are in the midst of a shift in overall methods of commerce. If the steps taken are done right, it bodes well for businesses in the future.

Despite recent challenges, some businesses hit the ground running at the onset of the pandemic and thrived. What’s the secret to their success? Square, a global technology leader providing tools and financial services for businesses, collaborated with Wakefield Research to find the answers. They conducted a survey of 1,000 customers and 500 retail businesses in Canada to gather their insights for the Future of Retail 2022. From this report, businesses can learn what it takes to evolve successfully in a changing world.

Keeping pace in a changing retail world

Automation is one area that is receiving plenty of attention. While companies are seeing it as a possible solution to ongoing labour shortages, it doesn’t mean replacing employees with robots. Automation allows staff to focus on more meaningful work. It’s a big trend with an estimated 93 percent of Canadian companies saying they use, or plan to use, automation technology to decrease the hands-on time of staff.

Consumers are turning to alternative ways of shopping beyond just online, including buying through live streaming and social media. During the pandemic, they’ve been accustomed to alternate channels and want options available to them. These seamless and easy-to-use omnichannel buying experiences are expected to grow in scale in the upcoming years.

It’s a win for businesses, too. Omnichannel commerce builds customer loyalty and provides multiple touchpoints for maintaining contact with consumers. The barrier for some retailers is a lack of knowledge about technology that prevents them from selling goods via newer online or social channels.

As Darryl Julott, Managing Lead at Digital Main Street, explains: “If you’re a smaller business, you need to look holistically at your business, your customers and your current omnichannel marketing strategy to see where you have gaps and where you can actually begin implementing a full-fledged strategy. You don’t want to get so far down the road and into the weeds with no direction. Pull back before you jump in — figure out how you’d be able to correct things and make adjustments on the fly.”

Consumers seek alternative shopping channels

Even as in-person shopping rebounds, the demand for e-commerce isn’t going anywhere. Retailers will have to adapt as consumers change how they want to buy and pay. The report findings show 61 percent of consumers prefer contactless payment, while 36 percent of retailers say they no longer accept cash. That makes adopting other payment solutions like mobile wallet apps, touchless card payments and QR payments a smart move.

Though consumers say they want contactless shopping, they still want connection, which is why conversational commerce is emerging as a leading trend for retailers. It allows businesses to meet their customers where they are. The data shows 47 percent of retailers reported they currently sell or plan to implement selling via text or chat. Customers are already embracing alternate channels with 23 percent buying retail items from salons and spas through social media channels.

Social media isn’t just about connecting, the report states. It’s about customer demand and translating it into sales. “By fine-tuning their message on all social channels available, retailers have a unique opportunity to meet millions of potential new customers and reach existing ones to help drive additional sales,” explains Brandon Levy, Square’s general manager, inventory, fulfillment and merchandising.

With change comes opportunity. Businesses can stand out by offering interactive, memorable retail experiences. Stores can break out of the box and experiment with inventive ways to keep customers engaged and spending more time with their favourite brands.

The post Top Trends Impacting Retail in 2022 appeared first on HiveInnovates.

The pace that commerce has accelerated during the pandemic has changed the way businesses and consumers transact. With no sign of slowing, the continued reliance on digital payment technologies has been a keyfocus among businesses. Consumers have embraced new shopping and payment behaviours in a significant way and have come to depend on them.

Adopting digital payments has played a vital role for businesses of all sizes and in all industries. According to leading payments technology company, Global Payments, key trends have emerged and are explored in detail in their 2022 Commerce and Payment Trends Report. Payment experts, global businesses and issuers weighed in to provide their insights about which trends businesses should pay attention to this year.

Digital technology gains momentum in a post-pandemic world 

The results, presented as five key trends, are shaking up commerce in a positive way. For businesses, these insights are invaluable for evaluating current strategies and ensuring they are prepared to meet the needs of customers and partners.

1. Buy now, pay later means higher conversions

Businesses selling big-ticket items are accustomed to offering customers installment plans. This year, offering tailored and flexible buy now, pay later (BNPL) plans on smaller purchases is on track to be a top payment trend. Though primarily limited to in-store transactions in the past, the availability of BNPL has now expanded to online purchases.

An estimated 65% of merchants plan to adopt this payment option, according to Global Payments. Consumers have shown they are comfortable making larger purchases when they have the option of BNPL. Features like opt-in payment plans and BNPL plans can be offered at check-out to split their payments and set-up installment plans.

2. Adapting to changing customer expectations is key

Meeting a customer’s expectations these days should include the ways they prefer to pay at checkout. The pandemic amplified the need for businesses to allow customers to pay digitally, both online and in-person. As such, the acceptance of digital wallets, QR-code payments, payment links, and online invoicing have proven to meet the needs of digital-savvy consumers and businesses alike—addressing concerns for safety and expectations of convenience.

As online shopping habits continue to form, businesses should also review their ecommerce platforms, ensuring their product pages are optimized and the checkout process is frictionless.

3. Customers expect a connected buying experience

When mapping a customer’s buying journey, businesses should aim to look at the bigger picture–from beginning to end. Connecting every point of the buying process to support a strategic commerce ecosystem has been shown to deliver better outcomes. Integrating gift and loyalty programs, for example, help attract new customers, retain existing customers and drive revenue.

Brand affinity and familiarity are driving factors for many purchase decisions. That’s why digital commerce strategy should focus on adopting ways to create a superior experience for customers while also providing key metrics and analytics to help run and grow business. Often, businesses rely on many different providers to deliver what they need which can be inefficient–a better option is to choose a single-source provider that can provide a robust suite of options at the start.

4. Data security remains a priority

Handling customer data means businesses should adhere to the latest guidance and follow proper protocols for data security. It’s a topic that will drive some of the greatest challenges for businesses this year.

Cybersecurity Involves ensuring data privacy policies, procedures, and protections are met. Technology Can help protect data. For example, tokenization—where sensitive data is modified and stored with “tokens” which have no real relationship between the token and the original card number–provides an added layer of security to protect data.

It’s recommended that businesses re-evaluate their policies and procedures at least once per year and consult with a payments partner for recommendations and solutions.

5. B2B payments get digitized

Businesses transacting with other businesses are continuing to see the reciprocal role that digital commerce plays. With more of the workforce remote, businesses need to ensure payment obligations are being met with suppliers, driving the need to digitize B2B payments. It’s estimated that digital B2B payments are expected to increase from 121.5 billion in 2020 to 200 billion transactions by 2025, according to Capgemini.

The benefits of a streamlined digital B2B payments approach includes better cash flow management, greater efficiency and less money spent on paper supplies and postage to name a few.

The post Businesses and Consumers Embrace Digital Payment Technology appeared first on HiveInnovates.

Acre75 is a one-of-a-kind Canadian family-owned company. And it’s redefining what it means to shop local while enjoying the convenience of online shopping.

Acre75 is a one-of-a-kind Canadian family-owned company. And it’s redefining what it means to shop local while enjoying the convenience of online shopping. Located in Perth County, Ontario, Acre75’s online shop and subscription box service are stocked entirely with quality products made by makers in small communities with less than 30,000 population. Scrolling through the company’s product catalogue is like taking a small-town road trip across Canada. Acre75 is celebrating its fifth anniversary, so here are five reasons you’ll want to consider Acre75 for your next shopping experience.   

Convenience that makes you feel good supporting local 

More than 70 percent of Canadians have purchased goods or services online. While we like the convenience of shopping online, many of us also like the idea of supporting local businesses. Unlike most online shopping sites, Acre75 gives us both. And it has opened up a national audience for many local makers.

Quality products you’ll use

Acre75 sources high-quality products, ranging from home goods to all-natural bath and body products to gourmet food items and more. Locally made products are more valuable because of the amount of time and care that has gone into the making of these products, most of which are made by hand in small batches. These are the kinds of goods you’ll want to use and tell your friends about.

Businesses in small towns are the anchor of their communities. When you buy their products they can invest in their community, by supporting other local businesses, sponsoring local sports teams, arts clubs, and other civic groups.

You can be a difference maker

Businesses in small towns are the anchor of their communities. When you buy their products they can invest in their community, by supporting other local businesses, sponsoring local sports teams, arts clubs, and other civic groups. Income is recirculated, so when you support a small-town business, you’re also supporting an entire community. 

Feel good about supporting rural mental health

Acre75 founder, Virginia Ehrlich, is passionate about supporting mental health. Normalizing this conversation is especially important in small communities where there is limited access to mental health services and an increased sense of stigma around seeking mental health support. For that reason, one dollar from each Acre75 sale is donated to rural mental health awareness and initiatives. Over $4000 has been donated since January of 2020.

A subscription service you can’t wait to get

The majority of Acre75’s business is its popular and award-winning premium subscription box service, called Acre75 Gathered. A surprise of specially curated products from its stable of makers is sent to subscribers quarterly. Each box supports over six small-town Canadian businesses. There’s something special about knowing who made your product and where (even if you’ve never heard of that town before!) Included in each box is an information card describing the products and a fun fact about the communities they were made in. The boxes are delivered each season in June, September, December and March. Acre75 Gathered is a one-of-a-kind experience. You won’t find a subscription service that features only small-town Canadian makers anywhere else. 

“Acre75 is proof that no matter where you come from, even if it’s in the middle of nowhere, you can be successful. I’m looking forward to continuing to grow my little local corner of the internet over the next five years and beyond,” says Ehrlich.

The post The Convenience of Online Shopping with a Local Twist appeared first on HiveInnovates.

Buying a pre-construction home is an exciting step that requires careful decision-making. It helps to know how your new home warranty protects your purchase.

Choosing a newly-built house or condo as your first home can be a good way to avoid bidding wars and to personalize your home with finishes that suit your style. In Ontario, new homes are protected by a warranty that’s provided by the builder and backstopped by Tarion, a not-for-profit consumer protection organization.

Here are five key protections that your warranty provides:

Your deposit

Freehold home deposits (including upgrades and extras) are covered for up to $60,000 on homes with a purchase price of $600,000 or less, and up to $100,000 on homes over $600,000. Condo deposits are protected under Ontario’s Condominium Act and have warranty coverage up to $20,000.

Delayed closing

Delays to your closing or occupancy date can lead to extra storage or moving costs. Your warranty ensures that you’ll be compensated if your builder provides short notice of a delay, or if the delay extends beyond a certain date.

Unauthorized substitutions

In most cases, the builder is required to get your written approval before substituting any interior or exterior finishes that the builder has agreed to provide. If changes are made without your consent, the builder is required to provide either your original selections or a cash settlement.

Defects in your home

Your home comes with one-, two-, and seven-year warranties for a total of $300,000 of warranty coverage for work and materials, Ontario Building Code violations, structural defects, and more.

Condominium common elements

When you buy a condo, there are separate warranties for your unit and the building’s shared areas, known as common elements. Tarion’s website provides a full breakdown of what’s covered.

The post Buying a Newly-Built Home: Five Things Your Warranty Covers appeared first on HiveInnovates.

November is Financial Literacy Month, which raises awareness of the importance of financial literacy skills. Financial literacy skills have the power to improve confidence around financial decisions. Money Matters is a free program that aims to build these skills.

Here are 5 financial literacy tips from participants of the program:

Ask yourself if the item you “need” is actually more of a want than a necessity. If you still think you need it, wait 14 days before purchasing to see if it’s really that important.

Put some money away. Putting just $50 a month away in an RRSP can make you $500,000 if you start before you’re 30.

Don’t be afraid to borrow. Borrowing money isn’t always bad, especially if you’re using it to buy something like a house.

Talk to people who are more knowledgeable about money. While it might seem daunting to ask people about money, you shouldn’t feel bad about asking simple questions. By asking them why they made their financial decisions, you’ll become more confident in making your own decisions.

You don’t have to put all of your investments in “high-risk” or “low-risk” stocks or mutual funds. You can diversify your investment portfolio.

The post 5 Financial Literacy Tips You Should Know About appeared first on HiveInnovates.

This National Cybersecurity Awareness Mo­­nth, what message do you have for fellow business leaders?

If I can emphasize one thing it’s that cybersecurity isn’t a luxury, it’s a necessity.

I went on the record saying that 2021 will be the most profound year in cybersecurity in our global history, and it’s no secret that the challenges we’ve faced in the cybersecurity community so far this year have been unprecedented and demanding. While we’ve seen a huge shift over the past year in prioritizing cybersecurity within corporations and even at the federal level of government, we’re still not where we need to be.

I’ve got a question for business leaders – if you’re not investing in a Managed Security Services Provider, a team that’s solely dedicated to the day-to-day defence of your infrastructure, why aren’t you? An investment in cybersecurity is an investment in your employees, your customers, and your company’s reputation.

Today, cybersecurity isn’t just a way to protect and prepare an organization for a potential threat, it’s one of the best business drivers an enterprise can have in its arsenal.

Should the everyday individual be concerned with the topic of cybersecurity?

Absolutely, and I mean every individual. It’s been wild to see the digital transformations happening across all industries over the past few years but think about the progressions when it comes to social media. I mean, we’ve got Gen Z-ers making millions on social platforms like TikTok and Instagram – think what would happen to their self-created businesses if something were to happen to their accounts.

Enterprises and organizations are not the only ones at risk when it comes to cyber-attacks, and that’s a mentality we need to emphasize. A lot of people say, “Why me? I’m just an everyday person. What would a hacker want from me?” Hackers don’t discriminate. They don’t care if you’re a 16-year-old on TikTok, a small local mom-and-pop shop, or a multi-million-dollar enterprise, if you’re online, you’re at risk of being targeted.

Education on good cyber hygiene and safe internet practices need to be prioritized at home, in schools, and in corporations of all sectors and sizes. Just like you previously mentioned, October is Cybersecurity Awareness Month, and at Herjavec Group it’s our goal to provide everyone with resources, tips, and training on how we can all do our part to be cyber smart!

 As our ecosystems continue to accelerate their digital and cloud transformations, what steps can government take to ensure we improve security outcomes?

Innovative, modernized, resilient, agile, and citizen-centered transformations are what governments need to focus on. We must break away from outdated methods and perspectives – especially in government sectors. Cybersecurity is constantly evolving, and it’s imperative we evolve with it. The same way you can’t try to make old business models work in conjunction with new technology, archaic methods of cybersecurity won’t cut it when defending against modern threats.

When it comes to digital transformations, cloud computing is going to be huge over the next few years, and for most, this is a fairly new concept to grasp – it’s complex and the vulnerabilities and threats vary depending on the specific needs and uses of each organization and individual. Therefore, hiring top industry talent is a crucial step that governments need to be taking.

Over the course of the past year, it’s been great to see governments putting more resources into cybersecurity, because like I mentioned, it’s not a luxury, it’s a necessity! Governments need to tap into external ecosystems to support their digital transformation needs by working with the private sector and cybersecurity firms.

With the rise in nation state and ransomware attacks, we’ve seen throughout the course of the pandemic, there’s too much on the line. The best way to protect our citizens, our data, and our nation is to modernize our cybersecurity approaches and build a more resilient, scalable, and secure infrastructure.

Cybersecurity is often seen in terms of the cost of mitigation. How is this perception changing and how can businesses leverage cybersecurity as a primary business driver?

A resilient cyber-defence system is an expectation from a customer standpoint in every industry, and it should be from a business standpoint as well. When it comes to business, it’s all about the customer. It’s your job to build that trust and ensure your customers feel secure. If there’s a choice between a company with a resilient cyber-defence program and one without, who do you think the customer is going to go with? The worst time to decide how to handle any kind of cyber-attack is after it’s happened, so you need to make sure your customers know they’re in good hands if something happens and their personal data is on the line.

The perception of cybersecurity as a business driver is changing in a positive way, but we need to continue to drive that home. You should always be thinking about what you can do to build trust with your customers. So, not only should you deploy a cyber-defence program within your business, but you should also educate your customers on exactly what having a resilient cyber-defence program means:

Transparency is key. A lot of people may not know exactly how cybersecurity works and what can happen if there isn’t a secure structure in place. Cybersecurity isn’t just an IT problem, it’s something that everyone needs to care about, and as a business leader, it’s your job to drive that home and sell it.

18 years on from the founding of the Herjavec Group, what has your extensive journey to the top of the cybersecurity and entrepreneurship worlds taught you? 

When it comes to cybersecurity, I’ve learned that the only thing that stays the same is constant change. Change in environment, threat landscape, technology, threat actors, solutions – you name it. We must always be looking for what’s next and continue to scale to the needs and demands of our customers and environment. Successful cybersecurity will always require a method that balances an innovative, cutting-edge approach with data-driven, proven best practices.

When it comes to entrepreneurship – dream big, and once you’ve done that, dream bigger. But also know that dreaming alone isn’t enough. Be willing to put in the work to make those big dreams a reality. If you know me, you know I love cars and I love golf, but give me a free afternoon and I’d rather work than race cars, play golf, or do anything else.

I mean look at those numbers. It’s been 18 years of persistent hard work, sacrifice, and dedication to get Herjavec Group to where it is today – it doesn’t happen overnight. But if you’re willing to put in 120% day in and day out, there’s no limit to what you can accomplish.

 In the ‘State of Ransomware 2021’ report, the average cost of recovery associated with a ransomware attack in 2021 has nearly doubled since last year. Why do you think ransomware attacks have become more targeted and sophisticated?

In simple terms, ransomware attacks have become more targeted and sophisticated because the events of the past 18 months have combined to create the perfect cyber threat storm. Cyber criminals aren’t dumb. They’re motivated by money and can see a predatory opportunity when it presents itself. Unfortunately, ransomware is both a lucrative business for skilled hackers and the perfect malware to take advantage of situations like the pandemic and the rapid digital transformation that most enterprises and individuals experienced. As technology continues to become more advanced, so do hacker’s methods of attack.

The pandemic has opened doors for hackers – they take advantage of vulnerable situations like COVID-19. With so many of us working remotely, we don’t have the same protections we once did in an office building. We’ve seen a transition of larger scale, more generic automated attacks to more personalized, hands-on targeted attacks. Take phishing emails for example – all it takes is clicking on a link or an attachment for your data to be compromised. Simple yet sophisticated methods like this take advantage of the fear surrounding the pandemic and the growing attack surface due to remote work environments. As a result, the frequency and cost of ransomware attacks have skyrocketed.

For businesses concerned about the destructive potential of ransomware attacks, what do you suggest is the best response to active incidents and their prevention in future?

A huge misconception when it comes to cybersecurity is that having a resilient cyber-defence program and team in place will eliminate any risk of a breach occurring. The truth is, there is no such thing as a perfect cybersecurity program. This is to say that even with the most resilient program in place, there is still a risk of a breach. What differentiates a truly comprehensive cybersecurity program is not only its ability to prevent an attack, but how quickly it is able to detect, respond to, and remediate a successful attack. Like I said before, you can’t figure out your strategy on how to handle an attack after it’s already happened, you have to be prepared 24 hours a day, seven days a week, 365 days a year.

When it comes to cybersecurity, humans need to be trained. I always say individuals can either be your greatest first line of defense or your weakest link. Business leaders need to make sure their teams are properly educated so every person on their team at every level of the organization practices good cyber hygiene and knows how to identify and deal with a potential breach. Employ awareness training for your teams at least a couple of times a year. Make sure your employees know how to spot a “phishing” email and other malicious activity. And implement companywide policies and processes so everyone knows exactly what to do if they experience a breach. From an individual standpoint, it’s important to stay on top of mundane tasks. Run regular data backups and antivirus scans on your devices, make sure you’ve got multifactor authentication set up on all platforms you have access to, update your passwords regularly, and always be on high alert.

When it comes to links and attachments in emails, ask yourself a few key questions before engaging:

The more prepared each of us is, the more protected we will be.

The post Q&A with Robert Herjavec appeared first on HiveInnovates.

The young women in your life look up to you as a role model. What you say and how you act has a huge influence on how they see the world, including how they formulate opinions about occupations.

Everyone has biases… preconceived ideas and stereotypes about the kind of work women and men should do. But how do you become more mindful of the opinions you have towards certain careers? And how do you ensure that you have explored all of the opportunities that are available when you aren’t sure of what’s out there (and when some of the careers of the future don’t even exist yet)?

First, always be conscious of your language around gender and vocations (when you picture a scientist who do you see?), have an open mind, and be careful to not dismiss your daughter’s ideas. Second, explore the huge list of opportunities that are out there so that as a family, you are able to make informed career decisions.

How do you help your daughter discover her passion, explore careers, and plan for the future? 

Build a Dream’s 10 Tips for Career Exploration

Work backwards! Discuss what lifestyle and future your child pictures for themself and go from there.

Don’t stress over specifics. Start with a list of things that answer, “What do you want to do?” instead of “What do you want to be?”

Expand your ideas. Discuss likes and interests and ask questions. “Do you enjoy being indoors or outdoors? Do you want to travel?”

Take an inventory. Help your child outline their skills and abilities. You can even ask others (i.e. relatives or teachers) who may have insight.

Find the passion. Help your child find clubs, camps, activities, volunteer opportunities, and organizations (FIRST Robotics, STEM camp, etc.) that help explore interests and build transferable skills.

Get the edge. Encourage your child to get a part-time job, join an organization, or play sports to help build valuable soft skills like leadership and teamwork. Soft skills are a key differentiator for employers!

Keep doors open. Ensure that critical subjects like math and sciences are maintained so that all opportunities are accessible in the future.

Try it out. Empower your child to discover, investigate, and test out careers through experiential learning programs offered in high school (Dual Credit, Specialist High Skills Major, co-op).

Seek role models. Look for ways to meet women who are working in different roles and ask them about their typical day. Build a Dream’s career discovery expos are a great way to meet women working in STEM and other industries!

Use FREE resources. Along with many online tools, utilize resources like Build a Dream’s Career Guide or listen to the Perfectly Unfiltered podcast for information and insight on jobs you may have never heard of.

Careers in science, technology, engineering, and mathematics (STEM) offer an endless list of benefits including financial stability, mobility, and growth opportunities. In addition, the increasing reliance on technology means that the demand for STEM professionals will only continue to grow. 

Encourage the young women in your life to dream big and explore the endless possibilities available in STEM.

The post How to Help Your Daughter Explore Careers Outside of Your Comfort Zone appeared first on HiveInnovates.

Has remote work allowed you the freedom to move out of the city? Are you looking to get while the getting’s good? Whatever your motivation, buying a house is still one of the biggest financial decisions you will make in your lifetime. Before you bid blind, wave conditions, and pen a heartfelt letter to the sellers and/or Chrystia Freeland, we have five simple tips to help you stay cool in this hot market. See if you can spot the pattern!

1. Get Industry Expertise When You Hire a Mortgage Broker

Working with a mortgage broker means you’re not on your own when it comes to navigating the complexities of buying a home. You have access to an individual or individuals with experience in the real estate industry who can speak to insurance, taxes, and more.

2. Find The Best Rate When You Hire a Mortgage Broker

While you can get a mortgage through your bank, a mortgage broker works with multiple banks and other lenders and isn’t restricted to just one lender’s product options. A mortgage broker can find you the best interest rate, but because of differing lender preferences for borrower type, they can also find a product tailored to your specific financial circumstances.

3. Discover Broader Lending Options When You Hire a Mortgage Broker

Mortgage brokers can do more when it comes to inconsistent income streams, bad credit, and other more complex situations that might otherwise preclude an individual from getting a mortgage through their bank.

4. Feel More Secure in Your Purchase When You Hire a Mortgage Broker

A mortgage broker can provide trustworthy industry experience and advice. Make the decision to have a knowledgeable expert in your corner and feel more secure in your home purchase. A broker will also guide you through the process of completing and submitting mortgage applications and supporting documentation required by the lender. If the terminology seems a little confusing, your broker is there to explain important information and conditions set out by the lender as well as any steps required to close the mortgage transaction.

5. Save Big When You Hire a Mortgage Broker

Choosing to work with a mortgage broker means you’re hiring a licensed professional to find the best mortgage solution for your needs and circumstances. Let this industry expert negotiate the best rate for you. Save time, money, and headaches.

The post 5 Tips to Navigate Canada’s Housing Market appeared first on HiveInnovates.

PayTechs

The PayTech sector was constantly shifting during 2020, with Buy Now Pay Later (BNPL) becoming the most dominant PayTech trend. This technology was accelerated by the pandemic and its resulting economic fallout as people looked for new ways to make purchases. PayBright emerged as a major Canadian player in this space following its acquisition by Affirm. Simultaneously, Tech Giants like PayPal, Shopify, and Square and global players like Sezzle, Afterpay, and Klarna entered the Canadian BNPL space. Prepaid is also enabling innovative use-cases in the market like early payroll access.

Challenger Banks

Incumbents need to keep a close eye on the Challenger Banking space. As of December 2020, there are 30 Challenger Banks in Canada as they continue to make waves nation-wide. Two such Challenger Banks are STACK, which was acquired by Credit Sesame, and Neo Financial, which launched from Calgary. Currently, there’s a huge white space for small- and medium-sized business Challenger Banks in Canada, so they continue to expand their offerings by targeting this segment. Shopify Balance and QuickBooks Cash have both launched in the U.S., and NorthOne and Relay Financial are Canadian-based companies currently operating in the U.S. Incumbents need to watch out for Challenger Banking solutions, especially if Tech Giants start to enter Canada with similar digital banking offerings.

Tech Giants

Tech Giants like Google, Amazon, Google, and Apple are methodically launching their payments offerings in Canada and will substantially increase the competition in the industry. Tech Giants are also partnering with FIs, as seen in Google’s partnership with BMO and Shopify’s partnership with both Stripe and Evolve Bancorp. This shows some FIs are taking a partnership route to innovation.

The post The Top Payment Trends to Look Out for in 2021 appeared first on HiveInnovates.

The Canadian Association for Girls In Science (CAGIS) is an award-winning club for girls aged 7­–16 that supports interest in science, technology, trades, engineering, and mathematics (STEM). Chapters meet monthly to do fun hands-on experiments and activities. Usually, these events occur at the workplaces of our STEM experts but in response to the pandemic we’ve moved our meetings online and adapted our activities. There are loads of cool things to try at home with CAGIS Virtual, including app development, making your own ice cream, and even extracting DNA!   

Here are three tried, true, and kid-approved activities you can explore with your children to inspire some scientific thinking. These experiments are simple, but the concepts are big!

Incredible Ice Melt

When you take a piece of ice out of the freezer and place it on your kitchen counter, it melts, of course. The warmer the temperature, the faster the melt will occur. But did you also know that ice melts under pressure, even in cold temperatures? 

You can do a simple experiment to test this out. Take an ice cube and put it on a plate. With a pair of scissors, cut the ends off a cotton swab. Use the stick to press against the ice cube. With some pressure, it will take only a few seconds for the stick to start to sink into the ice. As soon as you release the pressure, the ice refreezes, and you may find you can lift the cube up by pulling on the stick. 

You’ll also have observed this phenomenon if you’ve ever gone ice skating. When you place your skate on the ice, the blade (and your weight behind it) exert pressure on the ice. This causes the top of the ice to melt — just while the blade is in contact — allowing your skate to glide across the slippery surface! 

Exploring Surface Tension

A super simple experiment with pepper helps to demonstrate the way a small amount of soap affects the surface tension of water. 

Fill a bowl with about an inch of water. Grind some pepper (or sprinkle pre-ground pepper) over the top of the bowl. Observe how the pepper floats on the surface of the water. 

Now dip a toothpick into some dish soap. You only want a tiny amount on the toothpick. Touch the toothpick to the water’s surface, right in the centre. You’ll notice the pepper suddenly darts to the edges of the bowl or sinks to the bottom. What’s happened?

The pepper flakes can’t dissolve in water. They float because water molecules tend to stick together. The effect of this is that the top layer of water molecules act like a thin elastic sheet — something we call surface tension. Soap breaks down that surface tension. This is one of the reasons we use soap for cleaning.  

Egg Trick

To do this experiment, you’ll need two eggs in their shells — one raw, and one hard-boiled. They look exactly the same, but with a little science knowledge, you’ll be able to tell which is which, without cracking them! 

On a smooth hard surface, give each egg a spin. Observe how they behave. You’ll notice that one egg spins smoothly, while the other one wobbles. 

The secret to telling the eggs apart is understanding the principle of inertia. Inertia is the tendency of objects to resist a change in motion. The inside of the hard-boiled egg is firm, so everything moves together, and it spins smoothly. But the raw egg has fluid in it, which resists the spinning motion applied to the shell, and causes the egg to wobble.

Membership in CAGIS Virtual costs $200 per year (and $50 for each additional sibling). This includes invitations to 24–28 virtual events per year. Sessions run most Saturdays at 11 a.m. EST (ages 7–12) and 1 p.m. EST (ages 11–16). Our one-hour events include a hands-on activity and time for questions, led by a STEM expert and a certified teacher.

The post No Lab? No Problem! 4 Ways to Explore Science at Home appeared first on HiveInnovates.