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Fast Company
15-05-2025
- Business
- Fast Company
Open finance is coming: What's your moat?
Open finance is no longer a distant regulatory shift—it's a powerful force reshaping finance. In regions like the UK and EU, PSD2 regulations, which regulate how businesses and consumers make and receive payments, have already forced banks to open their APIs to third parties, breaking monopolies on customer data. Back-end connectors like Plaid and Yodlee have achieved critical mass, making it easier to link financial products. Meanwhile, markets like Australia and Brazil have embraced open finance frameworks, driving radical transformation. Today, various players can weave together different components of finance. Wealthfront combines robo-advisory with FDIC-insured banking. Apple has a credit card and controls significant tap-based payments. We're seeing embedded finance in non-financial platforms like Uber alongside entirely new business models like Rocket Money for managing subscriptions. And, similar to Rocket Money, Experian has moved beyond credit bureau services to providing an app to find and reduce recurring payments. For incumbents, the impact is visible: Customer loyalty erodes as fintechs, challengers, and native apps offer seamless, personalized experiences with better data integrations. Traditional revenue streams are under attack, and the old playbook of customer lock-in through inertia no longer works when users can switch providers by scanning a QR code or checking a box. The financial institutions that thrive will leverage open banking while identifying strong moats. So then the question becomes: What's your moat and how do you build it? CREATE THE TRUSTED BRAND A strong brand and trust moat are crucial when data is open and switching providers is easy. American Express (Amex) has built a reputation for exceptional service, fraud protection, and premium rewards, fostering loyalty even in a competitive market. Amex products are perceived as prestigious, and the company strives to make customers feel valued. How To Moat It: Pick an area where customers care deeply and focus on delivering superior products and experiences to build a loyal user base. MAKE IT DEVELOPER-FRIENDLY A seamless developer experience can drive adoption for financial services embedded into third-party platforms. Stripe built dominance by making payment integrations frictionless. Once developers build on a platform, switching becomes costly, creating stickiness and network effects. How To Moat It: Invest in easy-to-use APIs and developer tools to make your platform the go-to choice for embedding financial services. BUILD INDUSTRY VERTICAL INTEGRATION Owning a larger piece of the financial stack within a specific industry creates a powerful moat. GlossGenius integrates payment processing, scheduling, and business management tools for beauty professionals. By controlling both software and financial infrastructure, these platforms reduce reliance on third parties, increase margins, and create deep customer lock-in. How To Moat It: Identify an industry with fragmented financial tools and build an end-to-end solution that embeds finance directly into day-to-day operations. CREATE NETWORK EFFECTS The more users and businesses that rely on a financial platform, the harder it becomes for them to leave. PayPal and Venmo became dominant through widespread merchant adoption, making them default payment methods for small businesses, which in turn drove customers to establish accounts. How To Moat It: Develop features that make your platform more valuable as more people join through. These may be easy and free P2P payments or B2B accounting platforms tools like Intuit. EMBEDDED FINANCE AND DISTRIBUTION MOAT By embedding financial products into popular non-financial applications for businesses where users already spend time, companies create natural stickiness. Shopify exemplifies this strategy by integrating Shopify Payments and Capital directly into its e-commerce platform, so merchants can access payment processing and finance their businesses without leaving their store management interface. Shopify also lets them pay back loans directly from payment flows. How To Moat It: Partner with non-financial companies to embed your services, offer banking-as-a-service capabilities to let businesses integrate financial tools into their platforms, or build financial products directly into SaaS environments. DELIVER ROCK-SOLID SECURITY In an era of open finance, where data flows freely between platforms, security becomes a critical differentiator. Customers remain loyal to institutions offering superior fraud protection and data encryption. Apple Pay has built a strong security moat using tokenization, biometric authentication, and device-based encryption. Plaid has positioned itself as an intermediary that prioritizes security through encrypted data transfers and strict consumer consent controls. How To Moat It: Design your product to leverage better security, like Apple Pay uses NFC, and to use the latest capabilities. Then make the differentiations clear to lay users and explain how you are protecting them. The lesson here is clear: Rather than viewing open finance as a threat, forward-thinking companies will see it as an opportunity to redefine their role in the financial ecosystem. This can mean smart application and product design, better use of technology, or more old-school approaches like delivering superior service for word-of-mouth growth. One thing's for sure: As open finance removes barriers to switching, every financial company needs to design a moat and figure out new ways to retain customers for the long run.
Yahoo
25-04-2025
- Business
- Yahoo
Nail Technicians Can Make More Than $100K a Year: 6 Ways They Do It
On paper, the average nail technician salary might not turn heads, hovering around $30,000 to $45,000 a year according to industry estimates. But scroll through social media or step into certain high-end salons and you'll see a different story: nail artists booking weeks in advance, charging premium rates and running their own brands. For You: Trending Now: So how do some nail techs break out of the pack and rake in six figures or more? The short answer: they're not just doing nails. They're building a business. Below are the top strategies that set six-figure nail techs apart and how you can turn your nail passion into serious profit. Also here are other jobs that pay six figures. At the high end of the nail world, clients aren't just paying for a manicure, they're paying money for art. Top nail artists charge $100 to $300 or more per set for intricate hand-painted designs, rhinestones, 3D embellishments and custom work. Read Next: To justify those rates, these techs treat their craft like couture: they build a unique aesthetic, showcase it on social media and attract a niche audience willing to pay for exclusivity. Pro tip: Focus on one signature style (like minimalist, kawaii or glam) and promote your work consistently on Instagram or TikTok. Nail techs who hit six figures often fine-tune their process to serve more clients per day, without rushing the experience. They also increase ticket size with add-ons like: Nail art (charged per finger or by time) Gel upgrades Nail strengthening treatments Cuticle care or hand masks Even a $10 add-on across five clients a day adds $250 a week or $13,000 a year. Pro tip: Use booking software (like StyleSeat or GlossGenius) to automate scheduling and upsells. High-earning techs often ditch the salon entirely and go mobile — catering to clients at home, hotels or events. Others offer VIP services with perks like champagne, extended appointments or luxe add-ons. This 'convenience-first' model allows techs to charge premium prices and build a loyal, high-end clientele. Pro tip: Target bridal parties, influencers or corporate clients for regular mobile gigs. Many six-figure techs build massive followings on TikTok, Instagram or YouTube, where they not only attract clients, but also open doors to sponsorships, affiliate deals and product collaborations. From nail tutorials to salon vlogs, content creation is a scalable way to make money outside of appointments. Pro tip: You don't need millions of followers; brands often pay micro-influencers to promote nail tools or nail polish lines. Once they've built an audience, some nail techs expand into educators and product creators, launching online courses, selling e-books or starting their own press-on nail lines. Others create their own brushes, decals or kits and sell them on Etsy, Shopify or Amazon. Pro tip: A single $29 course selling 100 copies a month will bring in $2,900 in passive income. Techs who want full control (and no commission splits) often rent a salon suite or open a home-based studio. This setup increases profits and allows full pricing flexibility, which is key to scaling earnings. Some even sublease chairs to other techs, creating a side income as a mini-salon owner. Pro tip: Start small with a part-time suite and scale up as your bookings grow. Nail techs making $100,000 or more aren't necessarily the busiest, they're the smartest with their business. They build a brand, diversify their income and charge what they're worth. If you love nails and want to turn it into a thriving career, now's the time. With the right strategy and hustle, six figures is more than possible — it's the new polish standard. More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 How Much Money Is Needed To Be Considered Middle Class in Every State? This article originally appeared on Nail Technicians Can Make More Than $100K a Year: 6 Ways They Do It Sign in to access your portfolio
Yahoo
12-03-2025
- Business
- Yahoo
‘Recession brunette' hair trend grows amid rising financial concerns
The Brief The "recession brunette" trend reflects a growing number of women ditching costly hair color treatments in favor of natural hues. The trend, which also includes "recession blonde," has been amplified by social media users embracing lower-maintenance beauty routines. Experts say the shift is partly due to rising salon costs and economic concerns, but also a move toward effortless, natural aesthetics. LOS ANGELES - As financial concerns linger in 2025, many women are opting for lower-maintenance hair color, allowing their natural shades to grow out rather than keeping up with costly salon visits. Dubbed "recession brunette"—or "recession blonde" for those going darker—the trend reflects both economic necessity and a shift toward more effortless, lived-in beauty. The backstory The term has gained traction on social media, with TikTok users measuring their grown-out roots and jokingly using their hair as a personal indicator of the economy. One TikToker posted, "How's the economy?" before showing off inches of dark roots. "Well, it hasn't been good for a while," she quipped in a viral video. This trend is part of a broader movement toward natural, blended tones that require less upkeep. According to GlossGenius, a salon software company, "lived-in color," including subtle highlights and balayage techniques, was the most popular hair color choice among stylists last year. Hair stylists say many clients are making strategic choices to cut down on expenses, opting for techniques like balayage or glossing treatments that grow out more naturally and extend the time between appointments. "There's been a big shift towards growing out greys or transitioning to more naturalized colors that require less maintenance," said Reece Wentworth, a salon manager and stylist at Blue Tit London, in an interview with The Mirror. Even those who can afford frequent salon visits have embraced this lower-maintenance aesthetic. Celebrities such as Ariana Grande and Taylor Swift have shifted to darker, more natural tones, fueling the popularity of the "recession brunette" and "old money blonde" looks. "It feels really expensive to have this kind of natural, cool-girl blond," stylist Emaly Baum told the Wall Street Journal, explaining how blended, softer shades have taken over high-maintenance platinum styles. With inflation continuing to impact daily expenses, experts predict that low-maintenance beauty trends will continue gaining popularity. Many stylists recommend practical alternatives to frequent salon visits, such as at-home toning treatments or using color-depositing conditioners to enhance natural hues between appointments. The trend also aligns with a growing embrace of "quiet luxury" in fashion and beauty—favoring subtle, well-maintained looks over more obvious, high-maintenance styles. While "recession brunette" may have started as a response to financial pressures, it has become a full-fledged style choice for many embracing the ease and elegance of their natural hair color. The Source This article is based on reporting from The Wall Street Journal, The Mirror, and other industry insights on evolving beauty trends. It includes expert commentary from hair stylists and analysts on the growing shift toward natural, low-maintenance hair colors amid rising costs.
