When customers are accustomed to receiving food deliveries in 15 minutes and experiencing ultra-rapid 5G internet speeds, waiting a whole day for a transaction to complete becomes bothersome.
Traditional banking, the industry standard for hundreds of years, has drifted behind by today’s tech-savvy users. The obstacles that conventional financial institutions are currently facing include prolonged response times, security risks, and fixed business hours. And so, the fintech world came up with a solution: neobanks.
According to Statista.com, the market size of neobanks was estimated to be $35 billion in 2020, and it is anticipated that the market will expand at a CAGR of 21.26% from now until 2027.
Neobanks, in other words, will severely impact every aspect of the financial services industry.
Let us first understand what are neobanks.
Neobanks is a specific kind of challenger bank that only conducts business online. These are recently founded banks that are independent of major conventional banks. They can offer their services via mobile and desktop devices despite their absence of any physical branches. They mandate that all of their customers go through a digital onboarding procedure, typically on a smartphone. Neobanks can fall into one of two categories: those with a banking license and those without one.
Neobanks Vs Traditional Banks
Let us understand the basic difference between neobanks vs traditional banks. The traditional retail banking approach has failed to retain consumers since digitalization and the pandemic. Neobanks provide highly tailored services at cheaper prices by leveraging technologies like artificial intelligence (AI), automation, and cloud computing -something that traditional banks lack. Additionally, Neobanks’ unique digital presence is possibly their biggest edge over traditional banks. Neobanks benefit from lower operating expenses as they do not need to invest in infrastructure or physical branches. Neobanks can offer minimal or no fees and high-interest rates on deposits to their customers as a result, passing along these advantages to them. They can provide inexpensive international payments and money transfers since they exclusively use the internet to conduct business.
Technology’s Role in Neobanking
Technology has enabled Neobanks to become more successful, efficient, and innovative. It goes without saying that technology has aided Neobanks in cutting costs and enhancing customer experience. As a result that they are entirely digital, Neobanks can automatically collect transactional data, liberating resources for new services and goods.
Neobanks have evolved to improve the ability to realize their full potential by integrating the newest technologies, such as analytics, artificial intelligence, voice interfaces, etc. In addition to offering services around-the-clock, technology will also assist in locating solutions in much quicker and more effective methods. Technology would also make it easier to find relevant financial services, eliminating the delay.
Automation of processes:
The ability to do banking transactions online has been the most underrated change for customers. Neobanks have made it redundant to wait in line for hours at a bank branch to send money abroad. The transaction can be started in just five minutes, and you can monitor its progress in real-time from the comfort of your own home. Additionally, by digitizing the entire process, technology has allowed Neobanks to complete KYC, AML checks, etc. in a far more rigorous manner.
Technology-enabled design as brand edge:
Organizations in both the B2C and B2B sectors now recognize that design can be a powerful tool for building brand recognition. Artificial intelligence and Machine learning are connecting data and user experiences, while sleek user interfaces attract people and make the digital journey easier. Neobanks utilize these AI / ML technologies to forecast a user’s needs and offer specialized services or products by using personal data to create a personalized experience.
Future Trends
Neobanks would benefit as they move into the future by getting informed of trends and adhering to them. Neobanks’ ability to succeed more quickly might be accelerated by following the most current developments. A few trends that may help determine the future of Neobanks in the banking business are listed below.
- Banking Super Apps:
Super-apps are one of these customized tools which perform the task differently but effectively. Banking super apps demonstrate that consumers today are interested in more than simply banking. Choices made by consumers are now heavily interconnected. Neobanks have begun combining several services like banking, insurance, real estate, mobile payments, etc. under one platform and branding it a “Super-App” in order to cater to this need. These super-apps have special abilities. They place a high value on the demands of the customer, focus on those needs, and have excellent user experience design.
- Banking On Hyper-Personalization:
One of the determining factors for Neobanks in the future would be the ability to customize financial solutions to meet customer needs. Transactional data is in abundance at Neobanks. Neobanks might use their data analytics expertise to integrate with app analytics and transactional data to tailor their offerings to their customers. Neobanks can develop hyper-personalized data and improve their customer experience by using AI and ML.
- Advanced Analytics/ Predictive Analytics:
Implementing such digital capabilities can further improve the client experience. Advanced analytics evaluates the available data and delivers practical insights. Advanced analytics can analyze transactions, expenditures, and investment data from neobanks customers and offer a solution that could help the Neobank strengthen its points of strength or weakness. These data need to be utilized to predict the requirement of the future. Customers would benefit from the ability to forecast and gain from a new beginning. Additionally, this is not a one-time strategy. The Neobanks are gathering these data points to develop a useful understanding, specifically for the needs of future customers. This would include not only predicting but also personalizing the experience to the needs of the customer. And that would be the true future for neobanks and pure CX.
Conclusion
In conclusion, although banking has changed throughout the years—from cheques to demand draft to mobile banking to invisible banking to connected banking to digital banking—but the fundamental idea—that customers should be valued—remains the same. And Neobanking is the ideal solution for its tech-savvy customers, which attracts time and money savings. The future business model, market share, and commercial success of Neobanks are challenging to predict. Still, it can be anticipated that the banking industry will nevertheless face disruptive changes stemming from the widespread adoption of internet technology, and the rise of cryptocurrencies.
It is no longer surprising that the industrial sector is looking for a way to reimagine themselves in this competitive world. Every industry has embraced technological advances and is working to develop products that meet the demands of high-tech consumers. The banking and finance sector is one of them. Banks have been trying to incorporate AI systems for years in an effort to enhance customer service and beat off growing competition from upstarts outside the traditional financial services sector.
Artificial Intelligence has grown the evolution of the banking sector. According to a survey, AI will boost the banking and finance sector by at least USD 1.2 trillion by 2035. Presently, AI is helping to save costs for banks, and there is a prediction that by 2023, it will be worth $447 billion.
AI is more than just a driver of revenue generation and cost reduction. It is a result of how important it is in determining the banking landscape. Due to the rise of intelligent tools and numerous internet-connected devices, consumer demand is rising. People believe that the development of AI will provide them more control over their lives.
Banks and financial service providers are currently re-evaluating their offerings to better meet customer expectations. Predictive analysis plays a pivotal
Why Do Banks Require Use of AI With Predictive Analytics?
The AI bend has been triggered; thus, the emphasis is not only on the volume of data collection but also on its norm to derive useful insights. External variables include the many functions played by services, theft, security, corporate intelligence, uncertainty, consumer services, and more. It should now be seen as a network of interconnected functions where data is received in a hub-and-spoke configuration. Instead of using the present record-keeping systems, AI makes it easier to create these data centres. Banks must spend on creating consolidated data sets, which should contain meaningful, accessible, and contextualized data rather than just bytes of information.
Therefore, in the coming years, the potential of AI and predictive analytics will grow and continue to assist banks in making wiser decisions. By utilizing AI and maximizing the potential of their combined data sets. The following are some examples of applications of predictive analytics technologies in the banking sector:
Credit Scoring:
With the technological advancements, financial lenders can now lower their risk by utilizing a variety of client data. Relevant data is analyzed and distilled into a single value known as a credit score that represents the lending risk using statistical and machine learning. A lender might be more confident in a customer’s creditworthiness the higher their credit score. Credit scoring, a type of AI technology based on predictive modelling, estimates the probability that a customer will miss a transaction, become overdue, or be insolvent. The time it takes to assess a company’s financial situation is reduced by automated credit decisioning systems made possible by data-driven AI technologies. By examining a larger number of data points for a shorter period of time and producing quicker credit scores, it enables closer monitoring of its actions and creditworthiness.
Fraud detection:
The majority of laborious, time-consuming processes have been replaced by quick, convenient real-time payments as cashless transactions have evolved. But with many conveniences comes a surge in phishing, application fraud, identity fraud, and card skimming, among other online criminal activities. Using enhanced pattern detection, combining several analytics techniques can serve as efficient anti-fraud solutions and stop criminal activities. IDENCHECK and SHERLOCK by CRIF are two such products created by the Indian credit information business CRIF (Center for Research in International Finance). The former is intended to improve your current KYC verification procedures by giving you the ability to digitally check against public databases maintained by the government and other organizations, whereas the latter introduces a potent anti-fraud solution that simplifies it than ever to identify and look into application and identity frauds.
Collections:
Given the number of customers who frequently miss payments, collections have become a crucial operation for banks. What is required, however, is the proper harnessing of energies i.e., by streamlining the collections process, predictive analytics enables banks to properly differentiate between the various portfolio risks. It supports defaulting
Cross-selling:
Where there are several products available, effective cross-selling of products can be achieved by examining the existing customer behaviour patterns. With the assistance of this study, banks will be able to target their sales and marketing efforts and determine which specific products should be sold to which customers. And all of this leads to cross-selling that is more effective, boosting revenue and improving customer relations. Cross-selling another product to an existing customer is very beneficial because it might be difficult for banks today to retain one profitable customer.
The possibilities listed above represent just a small portion of what banks can accomplish with predictive analytics. Banks should recognize the significance of data science, implement it into their decision-making, and create strategies based on valuable insights from their customer data in order to acquire a competitive edge.
Conclusion
A new realm of the FinTech sector called predictive analytics in finance has the potential to significantly alter how data analytics is currently done. Real-time predictive analytics technology is already being successfully used by many businesses to improve their understanding of client demands, internal processes, markets, and other factors.
We all are aware that every bank’s journey toward digitization will be different because every institution has different problems that necessitate different solutions. Customers are becoming less tolerant of opaque procedures that take weeks to complete in the age of immediate approvals and one-click internet ordering. Using cutting-edge technology to understand your customers and anticipate their preferences, the system anticipates certain outcomes in order to better maximize conversions, engagements, and retention. The development of predictive analytics solutions using effective Big Data processing, Artificial Intelligence, and Machine Learning technologies is one of the many fintech development services provided by Sankey Solutions.
When new tactics overpower old traditions, the explosion of influence occurs automatically. Likewise, addressing the Fintech industry, a medley of financial industry and technology has thrived so far; bridging the hill, bringing in profits, and achieving huge heights. Former traditions like financial services and banks have backed themselves up by taking off to a technology-savvy Fintech industry based on a business model, providing financial services which comprise payment investments and lending services. This approach is followed by the whole nation making it efficient, safe, and better. Talking about the trading and investment companies who have augmented their service portfolio by inculcating several technologies launching day by day as the Fintech market blushes. People in banking tracts, trading & investments have acknowledged that technologies like artificial intelligence, big data, cryptocurrency, and blockchain have altered the topography in investment management, risk mitigation, and optimizing portfolios.
AMCs-Fintech white labeling
For financial institutions, it looks hard to play in the saturated market of Fintech where technology is already enough to conquer the market profit and fulfill the customer’s needs. In this case, when organizations are looking to cultivate their product or service, they white label it with a desirable tech company to lessen the cost and intensify the brand awareness to the targeted audience. A diversified approach to innovation and the ability to test value can fill the service gaps of these AMC’s by including Fintech services in their business model.
Fintech Partnering with AMC’s
This kind of partnership alleviates the resource building of one company that cannot make a profit in this market. To pull this company up, the investment unions have concentrated on partnering or collaborating with Fintech innovation to solve the challenges of procurement like integration, culture misalignment, risk management, synergy, time, and fund management. This trend is anticipated to accelerate in the future. This partnership can bring abrupt speed for people to adopt alternative lending platforms with the benefit of evaluating Opportunities.
Many Fintech companies around the world have shaped the nation with their powerful technological resources. These industries bring new-fangled solutions to the market which have acted as a barrier entry to other financial service providers. However, lack of technology can be a great reason for institutions to get acquired by technology-rich unicorns.
Asset management companies to include Fintech solutions
Still, there are innovators and leaders belonging to the AMC world inculcating innovative services with ingenious technology like text analytics, natural language processing, algorithm trading, cryptocurrency IoT, and other solutions.
Let’s understand some of the technologies in short!
Data analytics
This form of technology includes the use of types of computer programs for analyzing and deriving the meaning to help implicate the indicators of future performance of the company by assessing consumer sentiments and other analytics.
Natural Language Processing
It is a space for research that happens at the intersection of computer science and artificial intelligence which helps to interpret the human language and results in providing useful insights about the trends, interest rates, policies aggregate, output, and inflammation expectations of the business.
Algorithmic trading
This type of innovative trading is a computerized buying and selling of financial methods in pre-specified rules and guidelines set for execution. Also, high-frequency trading is a form of algorithmic trading that helps to design vast quantities of granulated financial data to place trades automatically when the condition arrives.
Cryptocurrency
This technology ensures that safe and verified payments transpire during transactions off summing dollars to cut off the labor-intensive tax for accounting. Cryptocurrency has fostered a Fintech offshoot in AMC’s hence this technology can benefit Fintech.
With these technologies in hand, the investment market has sophisticatedly enhanced financial services such as investment, financial advisory, and product comparison. View to which there are high chances of customers getting habituated with services that are digital, mobile-friendly, and interactive. The traditional wall is not yet over. There are founders in the financial sector who are lingering behind and have to rethink the depth and the scope technology brings with them in order to stay competitive and survive in the market. Thus, exchange demands the nexus of trends and developments to resolve the financial issues in terms of their several services and features. Foreseeing the growth, asset management companies can result in lowering the transactional costs of financial services, as well as relying entirely on digital access. Henceforth, businesses and consumers both incur gigantic benefits from offering these individuals effective financial services by turning or adopting Fintech practices.
If this topic interests your time and you are an AMC looking forward to enhancing your service portfolio, contact us for more information.
Evolution in Technology
Evolution in Technology is fascinating! In simplified terms, “Evolution is Change”. It brings a change in social dynamics and human life as quickly as the swing of a magic wand from Harry Potter.
We as homo sapiens have come a long way from evolving as a biological life form, but the evolution that is overlooked in many senses is the growth in technology. We have achieved throughout the decades with many noteworthy and remarkable people contributing to this change.
I personally love this representation of evolution with the perspective of technology immersed within. How we came from the plantation and hunting for food to building civilizations, industrialization, automation, to socializing etc. We all can notice the human energy spent, getting reduced in proportional to evolution and time, all thanks to technology.
I envision a world where people won’t have to do most of the repetitive & mechanical work and all that’d be left for people to do will be live and explore life while being creative in work. What a beautiful imagination!
Quantum Computers
After throwing my opinions on evolution, now let’s untangle the concept called as Quantum Computers. I’ll gracefully tell you why Quantum Computers could be the next step to evolution. To gain your attention, here’s a quote from a pretty popular person in the technology world
What is Quantum Computing and How is it different from normal computers?
To help answer this question, let’s understand a well-known paradox widely known as “Schrodinger’s Cat”
Schrodinger’s Cat is a thought experiment in which a cat is placed in a sealed box with a radioactive source and a poison that will be triggered if an atom of the radioactive substance decays. Quantum physics suggests that the cat is both alive and dead (a superposition of states), until someone opens the box and, in doing so, changes the quantum state. Quantum Superposition is a system that has two different states that can define it and it’s possible for it to exist in both.
Quantum entanglement is the state where two systems are so strongly correlated that gaining information about one system will give immediate information about the other no matter how far apart these systems are. The outcome of the measurements on the individual qubits could be 0 or 1(Cat is dead or alive). However, the outcome of the measurement on one qubit will always be correlated to the measurement on the other qubit.
Computers used today can only encode information in bits that take the value of 1 or 0—restricting their ability. So, basically every operation we make on a computer and the internet is processed in the language of 1’s and 0’s.
Quantum Computing, on the other hand, uses quantum bits or qubits. It has something (a particle or an electron), for example – that adopts two possible states, and while it is in superposition, the quantum computer and specially built algorithms harness the power of both these states I.e., the unique ability of subatomic particles that allows them to exist in more than one state (a 1 and a 0 at the same time).
Quantum Computers – Evolution, not a Myth!
Superposition and Entanglement in quantum physics are the fundamentals that empower quantum computers to handle operations at speeds exponentially higher than conventional computers with much lesser energy consumption.
Quantum Computing can solve specific problems with lesser energy which will open gates for new revolutions helping reduce the need for human efforts. Trending applications include running simulations and data analyses, such as chemical or drug trials.
Google has been spending billions of dollars on its plan to build its quantum computer by 2029. Hence, in my opinion, Quantum Computers are here to stay!
To Conclude:
Imagine going back a century in time and telling a person that in the next 5-6 decades, he/she will be able to communicate with a person in a different part of the world. You’d be ignored and laughed at. Now similarly, imagine a person coming to you from the future and laughing at your job while bragging that it is done by computers in the future. How would you react? ?
BLOG BY: ROHIT HEGDE
Technology! Definitely, it’s not something we can turn a deaf ear to. Every company found their varied tech fondness in respective fields. Entering 2022 and rolling the curtains of the online boom, the traditional supply chain has come to a halt. Old methods possessed bizarre ways of supply, messed up inventories, and unsatisfied customers. Making the whole of the supply chain and its management cost-efficient, the companies need a powerful combination of technologies and human resources. Working in the supply chain can involve many roles at a time like working under managers and buyers for fetching the right products, proper communication with the customers and suppliers, risk mitigation, and many more.
These channels and operations need thorough leadership of human resources and high support of technologies to make them victorious. The foundation for intelligent supply planning has gained significance as the concentration on technological improvements and shift in consumer standards has intensified. Organizations might build end-to-end logistic solutions, hasten procedures, and alleviate the risks in the supply chain.
Every role in the supply chain and E-commerce market expects automation. Here are some of the technologies and strategies binding their threads around the respective roles in this industry.
Effective information management
Knowledge management effectiveness could perhaps assist an organization in delivering its service to users undergoing operational obligations. Punctual distribution, lower inventory levels, order status, shipments and expediting, order efficiency, order thoroughness, consumer pick-up formation, forwarding opportunities and product substitution are prioritized by organizations with the support of this technology.
An ecosystem of connected devices
This characteristic of IoT has raised the caliber of how we manage supply chains in our businesses. From raw material purchases to payment security, all are operated expansively. By adopting IoT for logistics and operations, the journey to develop and set up the analytical strategies for polishing operational efficiency, product manufacturers relied arms on this tech. To read more about IoT and connected devices check out our blogs and case study.
The way organisms and environment are interconnected and create an ecosystem; likely on that route, our world of technology mentors us to understand several relationships between these wholly connected devices. Consequently, everything results in a dynamic transformation. This ecosystem; connecting IoT analytics and humans, helps the engineers to avoid delays and supply chain miscalculations, also simplifying manufacturing complexities.
Radio Frequency Identification (RFID) chips
Radio frequency identification systems, barcodes, and lasers are all important pieces of technology that may assist the company in a variety of ways. RFID chips or barcodes, for example, may be embedded in every commodity, enabling organizations to track inventory effortlessly. With automated product management, this system enables organizations with a high and dramatic increase in supply chain efficiency, thereby it helps to recognize any transaction irregularities as events arise, permitting professionals to correct inaccuracies and eliminate defects promptly. This technology also enables speedier and much more reliable traceability across the distribution network, offering comprehensive transparency and control over components.
Digital order processing system
The logistics management game’s nerve is the order fulfilment system. The system of the public that starts the logistics activity is offered by customer order. Consumer damage or exorbitant shipping, stocking, and packaging cost, as well as conceivable production damages caused by repeated impact on the production line, can all be traced to the costs and improvement of overall interaction. Hence, supply chain management and corporate management information systems are built on the premise underlying order processing and data systems.
Organizations are reconfiguring their activities to fit the new paradigm of electronic commerce. Therefore, ERP systems, purchasing datasets, warehousing, electronic data interchange (EDI, business to business electronic commerce), and electronic data interchange (EDI, business to business electronic commerce) are all contemporary advancements in green supply chain management.
Smart integrated operations
Implementing Smart Connected Operations motivates the vision to describe what the company should look like with its supply chain and production line. This provides the consumers with a hassle-free and convenient operational structure for managing AI ops, devices, IT operations and field businesses, further ensuring cost efficiency. The SIO is a scalable key that can handle millions of endpoints and unfold new revenues for the company. Connected products by digitalization is an example of engaging customers by serving a seamless user atmosphere with modern advancements in SCM [Supply chain management]
Artificial intelligence
In logistics, artificial intelligence is assisting in the delivery of the powerful optimization skills necessary for more precise production scheduling, improved efficiency, excellent quality, lower prices, and higher voltage, all while nurturing healthy and safe working conditions. However, talking deeper, one of the most challenging things in the supply chain is to maintain the optimum stock levels for avoiding the common ‘stock out issues’. For aiding this, AI and ML formulate to predict future demand of the products based on customers’ needs. When companies become familiar with the forecasted demand and supply through these technologies, their issues of being stocked out ends there.
Blockchain
Nevertheless, in logistics management, the idea is to allow a limited fraction of trusted entities to simply trade among each other while strengthening security, guaranteeing contract performance, and cutting costs. This technology helps to measure distribution networks, supply quantities, shipping documents, and many other items. Not ending here, Blockchain also assists to optimize small business financing by removing unpredictable sources and risk factors, henceforth resulting in full transparency of financial records and speeding up the processing.
You don’t spend on technology, you invest. This is what technology and supply chain merger outcome symbolizes;
- Positive and profitable cash flow
- Best predictive strategies
- Organized channels of Inventory, supply and demand
- Real-time deployment
- Virtual visibility on logistics.
- Owning control over the inventory
- Saving operating costs
- Surpassing the competition
- Improved warehouse efficiency
Note that the most efficient supply chain results in customer satisfaction and retention. Once you find your compatible technology, the above-mentioned results don’t look hard to achieve. Let’s talk numbers? The benefits of technology in supply chain management directly affect your company’s certain customer success ratios.
These numerical and practical benefits aided many E-commerce and other businesses in the race.
As a corollary, proper utilization of organizational information systems and technologies that are integral to logistics is the need of an hour. Concluding here “Innovation is the dazzling ball where every solution to our problems exists,” although, at the end of the day, it will have to either address business challenges or equip the organization to pursue a unique chance in the market. ”
“Everything boils down to robustness and the quest of emerging technologies.”
Your patience to read this showed curiosity on how you want to get benefit from technology in your supply chain management. We are here to serve you right; visit our page for matching your needs to grow the business.
Unexpected episodes of modernizations came in the show when handbooks, notebooks, and classrooms shifted online, especially post COVID-19 pandemic. Further, the nomenclature; EdTech, a modern instance in the educational sector growing from 2013, brought enthusiasm into students for learning digitally. Enriching access to tech-based infrastructure, electricity, and affordable internet it proved its ground to be substantial for laymen usage.
Adopting every fresh technology made people realize that nothing in this world exists problem-free. New technologies usually encounter a list of problems at first. But the solutions are always in the bag of the technologists like Sankey Solutions. Currently, the industry is poised for exponential growth, with over 4,500 start-ups and an estimated market value of $700 million – projections predict a market size of $30 billion in ten years. However, the ASER report 2020 found that the primary reason for children not having access to learning materials was the school’s inability to send them home.
Furthermore, grinding major problems in EdTech like the speeding problem, insufficient internet access, login problem, security alert, causality in ethics and norms, the unacceptable behavior of parents and teachers towards this industry, data collection and security and analytics and AI.
These dilemmas are appearing to be solved by many upcoming startups, existing companies due to which the probability of the EdTech market shall hit $4 billion by 2025.
Sankey Solutions, a technology niched driven company full of innovative flowers blooming in which seems capable to repair all the loopholes and present the best formulated ways to the founders falling in this industry. Contact here to book a session with our EdTech consultants.
Crypto was already there but now we see NFT getting a lot of traction. Man! these Blockchain guys keep on releasing new variants regularly like they are competing with COVID variants. DON’T FRET, we’ll help you to understand them.
A Crypto (short for cryptocurrency) is a digital form of currency that is way different from the fiat currency we have been dealing with all our lives. You’ll get way lot of answers when doing a simple google search but I like to put it simply as a means of exchange that is digital and secure. A more technical answer would be that it is a collection of binary data which is used as means of exchange. The collection of binary data is on a network that is made secure, hard to crack and counterfeit using the best cryptographic algorithms known to date. Also, the network that these cryptocurrencies are built on is decentralized and transparent which basically mean that every user on the network, if need be, can access the complete network history to get details about the transactions taking place and thus it becomes harder to cheat on the network when there are millions of active users.
You might have noticed the prime culprit of this whole shenanigan is this network that we hear a lot, it has the name “Blockchain Network”. To put Blockchain as simply as I could, it is a series of blocks grouped together with certain rules. A Block is the fundamental unit of the network which holds the binary information intended for the purpose. Yes, it is true these blockchains can be used for multiple purposes/solutions other than cryptocurrencies, more on that later. To understand in great detail, I have linked a YouTube video that explains the working on blockchain in a simple and complete manner.
Did not watch it? Watch till the 60-minute mark for Blockchain and come back later.
So now you understand, changing the block code or adding malicious data will take a lot of efforts to validate it. Also, you will be competing with other peers in the network who are also validating the network simultaneously. Hence, it becomes almost impossible to misdirect the network and insert inconsistencies, put in simple words cheat.
How does Bitcoin make use of this?
Well, Bitcoin and for that matter, all cryptos have a blockchain network that is decentralized and transparent. They might have different rules and that is what makes them stand out from the rest of the crypto players. When I say transparent, your actual PII – Personal Identification Information won’t be available for everyone to see in the network rather you will sign up on the network via a wallet which will provide a unique cryptographic code that will be your representative in the network. On a side track, the network rewards the member with some BTC for successful validation of a block which is termed mining when dealing with Bitcoin.
One well-known example of a crypto wallet is Metamask.
Well now that you have knowledge about things in detail, where does NFT comes into picture?
NFTs are again a variant use of the underlying technology which is Blockchain. Before I go more in detail, lets understand the meaning of word “Fungible”.
When you look at a Crypto, for example, Luna – it is fungible means that a token of Luna can be easily replaced with another. So, if I trade a coin of Luna with you for another one, the trade won’t make a difference to the net value of Luna that you hold. The monetary value will still be the same.
NFTs on the other hand stand for Non-Fungible Token, implying that they cannot be interchanged. Suggesting, that every individual NFT holds some emotional and monetary value which is unique to that particular token. Mind you these tokens can be anything that can be digitally stored, bought or sold.
Most of the tokens that we see are some forms of digital art but few weeks back we saw that a tweet was sold for millions indicating there are no restrictions to what can be an NFT. These NFTs are traded in new marketplaces which are emerging every day. Once you hold possession of a particular token your transaction of buying that NFT is stored permanently in the underlying blockchain network indicating that the owner of the unique NFT is you.
So there comes the sudden interest of people to convert digital pieces that hold emotional value to monetary by making them an NFT and then selling it onto a marketplace for actual money.
Here’s the list of top 10 expensive NFTs sold.
https://www.dexerto.com/tech/top-10-most-expensive-nfts-ever-sold-1670505/
Watch out for the market, far more expensive items are yet to be sold!
Article by :
Apoorvraj Sharma & Omkar Mindhe
Slipping our heads in 2022, the new way of financial advisory is admired by the level of digitalization it holds. More payment in cash, drawers filled with money, files piled up with financial data, we are enough of doing all this and so do the financial advisory firms. Due to incurring any financial imbalance, the constant rush in the market has throbbed our breaths. Isn’t this the case? Optimistically, this polarity is a consequence of changing business models, fintech that account for frauds and errors.
As we all know, the market here lacks community trust, addition to the same, financial advisors are unable to fulfill the client’s expectation in terms of giving them tangible outcomes due to insufficient resources. However, handling multiple clients at the same time leaves others unattended because of which the dilemma remains with the fund bearers about where should he invest? What is his actual profit? What percentage of his finance shortfalls? What can be his goodwill/ taxation strategies? This mashy stuff explains where the problem exists in the financial advisory industry; however, with digitalization, this saturated market has transformed from a transaction-based model to one with relationship-building.
The FA services like financial consulting, insolvency/bankruptcy awareness, audit, and insurance, tax planning along portfolio management are all chosen to be paired up with suitable technologies to help users understand better, trust better, and finance better. Waking up from a disheartened pandemic the demand for shifting digital has boosted; for instance inculcating automation and systematic mechanisms to aid financial advisory firms who can save their time, money, and energy and enable themselves to help a larger audience at a time.
The infusion of COVID-19 has brought significant growth to digitally accessible financial advisory embedded technology resulting in client portals, CRM, client servicing tools, digital advisors, e-signatures, excel analytics of financial data. Hence according to the IMA report, one-third of accounting teams out of 800 respondents spent 56% of their time on finance automation which reduced the administrative burden.
Up to this point, technologies have been tweaked to fasten the flexibility, resilience, and infrastructure complexity. Some upgradations like-
Cloud adoptions have strategized the scaling objectives for organizations in terms of planning, increasing trading volatility, and proving financial validation. Other banking experts and market leaders consider cloud banking the right hand to save money and time for employees and citizens across the globe. It is the home for financial service providers, enabling them to conserve data and requisitions. This mechanization has encouraged financial advisors to manage revenues, risks, and costs.
Artificial intelligence and machine learning have become the all-time used technology. For financial advisors like Chartered Accountants, Robo advisory continues to capture the title of most efficient use of AI/ML to attract investors. This type of applied science is a digital platform that imparts algorithm-driven financial planning services. A Robo-advisor accumulates the information from customers and interprets their financial situation, goals along unforeseen future. All this is done by an online survey from where it acquires data to output into viable advice. They are considered best for straightforward investing through buying and holding strategies.
Relational database management systems (RDBMS) technology is used to muster enterprise data. This assist in ERP software exaggerated as enterprise resource planning that aims to manage on course accounting, procurement, government risk and compliance [ GRC ], change management [supply chain management], and reports such as the general ledger, financial statements which are generated by gathering financial data from various departments through this technology source.
Big data and data analytics benefit to anticipate the analytics of consumers, based on their behavior by obtaining earlier information and mathematical algorithms. Likewise, Compiled data assists in preparing marketing strategies and fraud detection algorithms.
The explosion of Blockchain fever on Financial advisors is captioned everywhere!
Shielding the safety of public records, the burden on streamlining and auditing operations can be lessened. For Chartered Accountants and other financial strategists, blockchain helps in avoiding cyber breaches, offers better transparency, and proves a zero corruption rate to its people.
Financial advisors are sustaining their duty from these software intended for heightening their sales and accomplishment, along with nourishing the market analytics and understandings. Undoubtedly these tech-savvy advisors are seeming to contribute many benefits in our financial lives, from tax planning to preparing for retirement. If you are a financial advisor or run a financial advisory firm then technology should be in your pocket.
Visit our website to know more about the kind of service which can furthermore help your clients to trust you better. You may contact us to explore potential digitalization plan for you business and service delivery.
As the nature of an individual hits our mind, it surely strikes how one must be handling their personal finance. Around 40 unicorns in fintech are holding their positions on UK grounds worth more than $15 billion. Talking more about this country, people here accept the invention and for them, word of mouth is one of the most influential forms of marketing. It is a hub for fintech companies that use technology to improve financial services in the digital age.
All these points are directing to a logic that why technology is faster, vast, and enhanced in foreign markets?
Fintech touching roots in the UK
Asserting fintech companies in the UK, it comes under one of the most developed countries with a systematic ecosystem filled with talent-proof people on the grounds. The cherry part is the perspective that the fintech and banks are equally trusted. Yet the competition speaks for itself, in a saturated marketplace, the UK fixes its success spot every year hence, conquering the title of ‘The Developed Kingdom’ from different countries.
But UK fintech knew what was coming! However, the growing companies in this industry needed constant upgrades with time keeping the mindfulness towards people. It’s said as time changes, the attitude of people to buy stuff changes too. Henceforth this becomes important for companies to change their technology and set up the trending ones. The UK community in this industry survived in the game with the existing technologies. Going through a survey last year by Sankey Solutions, ideal fintech companies in the UK had an innovation charm where founders tie their principles, starting from building the potential to boosting efficiency with affordable costs financial services became the face of a new mode of exchanging money from 2005 onwards whereas other countries took the chain forward in 2010 henceforth.
Growing banking apps working digitally are an outcome of embedded technologies in it; major ones like artificial intelligence, cloud-based infrastructure, agile frameworks give assistance to users in tracking their finances, providing them simpler and paced access to all the banking services, helping them automate the repetitive tasks along with analyzing the data hence letting people experience a real-time banking experience while sitting on their comfortable couch. These windfalls are enough for any customers to get psychologically attracted.
If you are part of a fintech and follow what people look up to, mobile banking is your game to fish in. Going for digital loans to mobile stock services following e-commerce payment platforms everything is planted in the digital financial access.
The inability and lack of these technologies can lead to the unhealthy trust of people in fintech; hence the innovation and careers will remain untouched in terms of success. On the contrary, besides lacking trending technology the UK is still considered to be the prior grounds of global finance, incubated with trusted banks and insurance companies. For these reasons, outcomes and impacts, the venture capital firms invested $4.57 billion in UK fintech companies. The fintech leaders accounted to raise $18 billion funds for providing maximum benefits to the people. Today 4 out of ten residents are having a fintech account. The increment in industry users has heaped from 23% to 25% in 2021. Whereas the competition like the US and other foreign markets are on the leading stage as compared to the UK . Commencing from digital card payment technology trails to excelling in areas of payments, banking software and cyber security are the benefits which foreign market focuses on. Surely your brain is processing how US markets can level up themselves?
Well, there are multiple technologies grabbing a spoon for making fintech a global success.
| Technologies | Application in fintech |
| Blockchain | Securely stores financial records and sensitive data including daily transactions |
| Artificial Intelligence (AI) and Machine Learning (ML) | It allows credit scoring, fraud detection, regulatory compliance and wealth management. |
| Big Data and Data Analytics | Help to extract datasets, consumer preferences, spending habits and investment behavior to do predictive analytics. |
| Robotic Process Automation (RPA) | Enhances transaction management, regulatory compliance management statistics and data collection. |
| Open APIs | Pushes to Implement new features and services to existing software. |
These technologies have pulled the rope of customers for entering and accepting fintech with open arms and concrete trust. Many fintech companies in the UK made their internal structure strong with this above-mentioned bagful support. US fintech has the potential to raise its bars and offer an end-to-end product protection platform that is assisting businesses in securing every transaction and planning other features like insurance commitments and accident protection covering. Summing up, today startup enterprises and leading global organizations from different markets have formed higher customer-oriented and user-friendly digital applications in the financial industry by developing new information technology (IT) powered products and services, leading to rising digital servitization of financial products.
Are you a UK-based fintech company and willing to grow your roots in foreign markets by including the trending technologies?
Drop your comment and have a tour of our website or get in touch.
History Of Mobile Application Development
Before going and understanding the future of mobile application let us know what is the history of mobile application development.
If we stride back into the traditional days of mobile app design and development, then, we can probably find that the first used apps were mostly the monthly calendars, calculators, and even games that were developed in the Java framework.
But, interestingly, the first-ever known smartphone was launched by IBM in the year 1993. And, it came with features such as the contact book, calendar, world clock and calculator.
A few years later, in the year 2002, the next smartphone, i.e., the blackberry smartphone was launched.
This was one of the major accomplishments in the field of mobile app development, marking the significance of Blackberry Limited also known as Research in Motion Limited (RIM). This was what brought about the integration of the concept known as wireless email.
Less than 5 years since the launch of Apple’s app store, mobile applications have become one of the primary ways people communicate, shop, organize their lives, lay, or even work.
Stages of Evolution in Mobile Applications
Below is the complete roadmap till the initials of 20s.
(The Age Of Apps)
Native Mobile Application Development
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Hybrid Mobile Application Development
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Progressive Web Application
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No Code & Low Code
Read More: – Evolution of Mobile Apps – History of Mobile Application Development (acodez.in)
We have taken a look at the way the mobile application has evolved. Let us understand know why this evolution was required.
- High memory and battery consumption.
- Slowness.
- Access level control and Security.
- High development time and efforts.
- Go-live and update management etc.
Any change in business requirements would cause complete re-ramping of the application.
Low Code & No Code
Low-code & no-code will be the future of mobile application development. As both are based on the principles of automatic code generation.
Low-code development platforms (LCDPs) and no-code development platforms (NCDPs) are based on the principles of model-driven design, automatic code generation, and visual programming.
Amazon is almost leading everywhere.
Build a Better Way to Work | Amazon Honeycode
Amazon Honeycode is one of the example for above. It gives us the power to build apps for managing our team’s work. Also, amazon status that no programming required to work with Amazon Honeycode.
Now what are the advantages of using no code and low code
As businesses are changing a way faster than what was expected, we can adapt our custom app built with no code or low code platform. Any updates made to our app or its data are instantly shared to the customer.
We can configure our app so that each team member sees only the data they need to see and nothing more.
We can build our app for web browsers and mobile devices so our customer can use app from anywhere. etc.
In case of Honeycode we can easily integrate with popular SaaS applications, AWS services, and other tools by using Zapier or Amazon AppFlow.
Creating a New Application in React Native – Chandan Rajpurohit