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3 Major Trends That Will Impact the Events Industry in 2020

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As is the way with many industries, the events industry is rapidly advancing and evolving to meet the growing demands of consumers. In an industry that is already so dynamic, 2020 is predicted to bring an abundance of exciting developments to the world of events.

Event management teams and planners can prepare and adapt to what’s going to shake up the event industry by staying ahead of the trends. By keeping an eye on what’s predicted to come, you can be sure to plan and manage some unforgettable events this year.

  1. Attendee Personalisation 

Advancements in technology mean that consumers are continuing to expect more personalisation in their interactions during events. Personalisation is now going beyond digital marketing and seeping into event marketing and the nature of functions. While personalisation is not a new term, we are entering a new phase in which planners finding ways to respond to the needs of attendees.

Consumers are expecting more interactive experiences with each event. The key to delivering this experience is enhanced individual personalisation. Traditional event design is structured around the satisfaction of attendees. However, today, event organisers need to deliver on a customised experience by considering the person, professionally and personally, and understanding their preferences and personal value structure.

Tailoring for personal relevance and experience is now a crucial component of event design. In 2020, event managers who refuse to use collected data to deliver tailored and relevant experiences will fail to satisfy the demands of event attendees. According to Sydney event management company Polite, the biggest trend in 2020 will be towards delivering a personalised experience for all event attendees.

  1. Sustainability 

Sustainability is not a new trend; however, it looks like it’s only going to be further stressed this year. Rather than making sustainability an after-thought, event planners are going to need to weave eco-friendly behaviours into the design, planning, and execution of events.

Eco-friendly choices are already being offered in the world of events. Event organisers are making behavioural changes and adapting in what has traditionally been a relatively wasteful industry. Consumers are becoming more aware of sustainable practices and are demanding more from their events to implement such changes. As such, events need to be planned in a manner that will have a minimal environmental impact.

So, how do you make an event sustainable? There are plenty of opportunities to make impactful changes. From switching to digital advertisements and ticketing systems to replacing plastic cutlery and bottles with biodegradable alternatives, using seasonal and local produce for catering, and providing vegan and vegetarian menu options. Events typically are a huge source for landfill and waste, so planners need to consider ways to minimise footprint with each event.

  1. Artificial Intelligence

Human-centred technology is quickly becoming an important asset to the planning and delivery of a successful event. In today’s exciting phase of digital innovation, technology is advancing to become more human-centric than ever. Tech is being designed with the ability to reach a deep understanding of people, the items they use, where they go, their activities, and the nature of their relationships. Technology has become second nature for so many of us that it is becoming difficult to imagine what life would be like without it. Every resource or tool is smart, optimised, and automated for efficiency.

So, what does this have to do with events in 2020? Consumers are still looking for that human touchpoint with the added abilities of advanced technology. Artificial Intelligence (AI) is a solution that provides a connection between attendees and planners, while strategically relying on technology for event planning efficiency. Here are some ways that events can utilise AI:

  • Chatbots
  • Collecting Data on Attendees
  • Translation
  • Process Automation

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Business Strategies of Michael Gastauer

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Michael Gastauer, a German billionaire and entrepreneur, has led Black Banx to remarkable heights with his innovative strategies in the digital banking sector. As the founder and CEO, his vision has transformed Black Banx into a significant player in the global financial industry, serving millions and revolutionizing banking practices. 

Gastauer’s approach has been distinctly customer-centric, focusing on solving real-world problems through accessible financial services. This strategy has not only captured a vast market share but also established Black Banx as a model of innovative fintech success.

Innovate Early and Often, Invest Strategically

Gastauer’s journey began with a robust foundation in the fintech sector, where he initially created and later sold a payment services company for US$480 million. 

This significant capital boost allowed him to invest in his next venture: Black Banx. Launched in 2014, Black Banx differentiated itself by offering real-time account opening and cross-border payment solutions to a global audience, addressing major inefficiencies in traditional banking. 

Gastauer’s foresight in identifying and investing in these key areas early on allowed Black Banx to scale quickly and efficiently. His strategy was clear: leverage high initial investment to accelerate growth and secure a substantial market presence before competitors could catch up.

Within a year of its inception, Black Banx expanded rapidly, reaching over 1 million customers. This was just the beginning, as the platform soon integrated cryptocurrency options, enhancing its appeal and utility for a broader client base. By the end of 2018, Black Banx was valued at US$9.8 billion, a testament to its rapid growth and the successful implementation of its business model. 

Gastauer’s bold move to integrate cryptocurrencies early in the game positioned Black Banx as a pioneering force in fintech, well ahead of traditional banks.

Pinpoint Problems and/or Challenges

One of the core components of Gastauer’s strategy was to tackle financial exclusion head-on. Black Banx made significant strides in offering banking solutions to the unbanked and underbanked, particularly in regions with limited access to traditional banking services. 

By leveraging technology and strategic partnerships with mobile network operators, Black Banx has been able to extend its reach and offer innovative banking solutions to millions worldwide. This strategic alignment with mobile operators has been crucial, as it taps into an existing infrastructure to reach remote areas, significantly lowering the cost of expansion.

The platform’s ability to facilitate quick, cost-effective international money transfers has been a game-changer, particularly in markets like the Middle East, Asia, and Africa. This not only supports individuals and businesses in these regions but also contributes to the overall growth and stability of the global economy. 

Gastauer’s focus on simplifying and reducing the cost of these transactions demonstrates a deep understanding of the core needs of his customers, thereby enhancing customer loyalty and trust in the brand.

Take a Tech-Driven Approach

Under Gastauer’s leadership, Black Banx has remained at the forefront of technological integration within the banking sector. The adoption of blockchain, AI, and data analytics has enabled the platform to offer personalized financial services, enhancing customer experience and satisfaction. 

This technology-driven approach ensures that Black Banx stays ahead of industry trends and continues to offer relevant and secure banking options. Gastauer’s commitment to integrating advanced technology not only streamlines operations but also provides a scalable model that supports continuous growth and adaptation in a rapidly evolving market.

Leave No Market Unturned

Gastauer’s vision for Black Banx was never limited to a single region. By 2023, the company had expanded its services to include 28 FIAT and two cryptocurrencies, with a robust presence in over 180 countries. This global approach has not only diversified the company’s customer base but also minimized regional economic risks, allowing Black Banx to thrive in a competitive and fast-changing financial landscape. 

The strategic decision to operate across diverse markets also mitigates the risk of localized economic downturns affecting the overall health of the company.

Set Milestones

The year 2023 was a landmark year for Black Banx, as it reached 39 million customers and reported revenues of US$2.3 billion. The company’s ability to maintain a high rate of customer acquisition and satisfaction speaks volumes about its effective strategies and customer-focused approach. 

The first quarter of 2024 continued this trend, with Black Banx announcing a pre-tax profit of US$639 million and revenues of US$2.1 billion, driven by strategic implementations like fixed monthly account maintenance fees. Gastauer’s strategy to introduce fixed fees was a calculated risk that paid off, providing stable revenue streams and further solidifying Black Banx’s financial foundation.

Michael Gastauer’s strategic foresight and relentless innovation have propelled Black Banx to new heights, making it a leader in the digital banking sector. His commitment to financial inclusion, coupled with an aggressive expansion strategy and technological integration, has not only shaped the future of Black Banx but has also set a new standard in the industry. 

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