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Reservations.com Co-Founder Yatin Patel Recognized in 2019 “Outstanding 50 Asian Americans in Business” Awards

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Reservations.com Co-Founder and CEO, Yatin Patel, was recently recognized for his business and philanthropic contributions in the 2019 Outstanding 50 Asian Americans in Business awards. “It is humbling to be recognized alongside such an accomplished group of professionals who are playing a pivotal role in driving sustained economic growth and job creation in the United States. I want to personally thank Mr. Wang and the entire Asian American Business Development Center for the honor,” said Mr. Patel.

The Outstanding 50 Asian Americans in Business Awards Gala Dinner was first established in 2001 by the Asian American Business Development Center, which has remained the most prestigious forum to highlight the achievements of Asian Americans business professionals across the U.S. The award recipients represent a microcosm of the best of Asian American entrepreneurs, professionals, and corporate executives who are engaged in a wide range of business interests, and all of whom have a role in driving the U.S. Economy.

In addition to Mr. Patel’s “Outstanding 50” recognition, Reservations.com also received a 2019 Central Florida Fast 50 award, a Great Place to Work® certification, a 2018 Best in Biz award, and a 2017 Bronze Stevie Award for best hospitality and leisure website.

The 2019 “Outstanding 50” will be honored at a Gala Awards Dinner on Thursday, June 20th. The event is being held at Cipriani Wall Street and attendees will include over 600 government, business, and civic leaders. The full list can be found here.

Patel is an active and philanthropic member of the Orlando community, and has served as a board member with: The Dr. Phillip Performing Art Center, University Club of Orlando, and the Orlando Film Festival, OnePulse Foundation. He is an active member of YPO (Young President Organization), CEO ( Chief Executives Organization ) PathNorth, Washington DC based Leadership Organization.

Patel is a nationally recognized photographer, currently exhibiting his collection entitled SUTRA (yatinpatel.com). Lending his artistic talents to philanthropic causes, he has hosted art gallery fundraising events both locally and nationally.

About Reservations.com

Reservations.com is an award-winning online travel company on a mission to bring the human-touch back to online travel. Founded in 2014 with a focus on helping consumers create memorable travel experiences, Reservations.com has experienced rapid growth. Reservations.com’s user-friendly website offers unparalleled visibility into hotels, including: descriptions, pricing information, and reviews of nearly 500,000 properties globally. The company is on a journey to enable customers to not only reserve hotels, but to create memories. For more information, please visit www.reservations.com.

About the Asian American Business Development Center

The Asian American Business Development Center, Inc. is a 501(c) (3) non-profit organization established in 1994. It assists Asian American businesses in strengthening their capacity to compete in the mainstream market, to expand business opportunities and to promote recognition of Asian American businesses’ contributions to the general economy. For more information about the AABDC, please visit www.aabdc.com and for the Outstanding 50 Awards, please visit www.outstanding50award.com

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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