The most advanced examples are AliPay and WeChat Pay in China. Ant Group, the financial offspring of Alibaba, was born out of the fact that shoppers flocking to Alibaba lacked a safe payment method. Alipay was initially just an escrow account to transfer money to sellers after buyers had received their goods, but it was soon launched as an app for mobile use. In 2011 it introduced codes for payments, which are trivially easy to generate. Now a shop owner need only display the code to accept money. This means of payment proliferated, supercharging Alipay’s growth. It has more than 1bn active users and handled $16trn in payments in 2019, nearly 25 times more than PayPal, the biggest online-payment platform outside China. A competitor arrived in 2013 with Tencent, which added a payment function to WeChat, China’s main messaging app. Together the two process some 90% of mobile transactions in China. The first blow to banks is that both companies earn as little as 0.1% of each transaction, less than banks do from debit cards. Interchange fees around the world have tumbled because of such firms. “It was very lucrative for fintechs to come in and compete these fees away,” says Aakash Rawat of the bank . “In Indonesia they have fallen from 200 basis points to just 70.” But the bigger threat is that payment platforms may become a gateway allowing tech platforms to attract more users. Using data that payment transactions provide, Ant, Grab and Tencent can determine a borrower’s creditworthiness. Ant began consumer lending only in 2014. By 2020 it had already grown to account for about a tenth of the consumer-finance market in China, though regulators are now reining it in. Banks have traditional ways to assess borrowers’ creditworthiness, such as credit history or current wealth. Often they secure loans against collateral, like homes or cars, minimising the need to monitor an individual borrower. Bob Hope, a comedian, quipped that “a bank is a place that will lend you money if you can prove that you don’t need it.” Yet as Agustín Carstens, boss of the Bank for International Settlements, a club of central bankers, said in March, “Data can substitute for collateral.” The information that payment platforms have on users is so plentiful and, until recent crackdowns, the restrictions so lax in China, that Markus Brunnermeier, of Princeton University, talks of “an inverse of the information asymmetry”, in which lenders know more about whether borrowers will repay than borrowers themselves. Big tech and fintech firms have lent $450 per head in China, around 2% of total credit, in five years. As banks found decades ago, there are synergies between loans and other financial products, like asset management and insurance.


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Keeping this definition of quality in mind, we can make distinctions between: Quality control: through an inspection or certain examinations the properties of the product are verified so that it is satisfactory. Quality management: defines the guidelines to be followed in terms of an organization’s quality policy, with responsibilities in planning, resources or processes. A Quality Management System (QMS) includes a series of norms and standards that must be met. The ISO 9001 standard deals with establishing the requirements to certify that a company has a quality system in accordance with the standards contemplated. This is practically implemented by QMS software such as HGINT Quality Management Software Systems . These rules establish the procedure under which the company’s productive activity is to be carried out, defining the organizational structure, the procedures to be carried out or the resources to be used. The goal of meeting these set quality standards is to ensure that the end result will be the best for customers, while simplifying processes during production. What does a quality management system look for? – Customer satisfaction: the purpose official statement of implementing a quality management system is to be able to meet customer expectations. The whole process is geared towards him. – Obtaining new customers: compliance with the standards that a quality management system determines provides security for potential customers. The acquisition of new customers is due to the good image that the fact that a company offers quality goods or services projects, and this happens by adopting a quality management system that supports both the procedure carried out and the result of the productive process. By having the certification in the ISO 9001 standard, excellent customer service is ensured that helps to attract them. -Improvement in the organization of the company’s processes: the processes that are carried out in the productive activity follow standards that ensure that the rules that make it an optimized process are being met. – Differentiation from the competition: a company that has a certificate in the ISO 9001 standard will always stand out above its competition. Having a certified quality management system projects a positive image to potential clients that makes the company prevail over others. – Cost reduction without affecting quality: it is possible to improve the quality of a product or service without affecting its quality. It is about optimizing the process and eliminating unnecessary costs of time or resources. – about his Compliance with Public Administration requirements: having the ISO standard certification is a requirement to enter any Public Administration competition, without which you cannot choose to participate in it.