How can companies ensure cloud security amid cyber threats and malicious online activities?
The explosion of the cloud has changed the face of the business process as we know it. Nearly 90% of companies rely on the cloud. And yet, there has been some skepticism around cloud security. With recent breaches and technological attacks, maintaining cloud security has become the foremost concern for businesses worldwide.
Security experts at Fingent understand your concern, and so we have put together this blog about the importance of cloud security and the best practices which will ensure that you are secure on the cloud.
Why is cloud security important?
According to a report by Cisco, cloud data centers process 94% of all workloads. Despite the popularity attained by cloud technology, most of these companies are skeptical about cloud security. There is a reason for this. Statista reports the number of data breaches in the U.S alone increased to 156 million in 2020. It has also been reported that hackers attack every 39 seconds. This can be fatal to businesses in the following ways:
1. Managing remote work
Remote work lets you hire talent from across the globe. However, this arrangement entails inherent security risks. Using personal devices may expose your data to malware and phishing attacks. If a malicious virus enters through them into your cloud system, the damage done could cut your company off at its knees.
Read more: Why It’s Time to Embrace Cloud and Mobility Trends To Recession-Proof Your Business?
2. Security breaches
If your company chooses to run your application on a public or hybrid cloud, you are entrusting a third-party to take care of your data. This means you no longer have any control over data security. So it is critical to stay on top of things and ensure that your cloud computing provider is serious about this responsibility. Even when you know your provider will ensure top-tier security, it is your responsibility to verify that your data is secure as a client.
3. Comply with regulations
Data protection standards were put together to ensure the integrity and security of customer data. When you store your customer data on the cloud, it is your responsibility to keep it secure, especially if your organization belongs to a highly regulated industry like finance, insurance, banking, or legal. A data breach will destroy your reputation and brand because external parties will hold you accountable.
4. Build access levels
Unintentional leaks of data will compromise your business integrity and give your competition a leg up. Limiting data access only to those employees who need it can prevent errors that lead to data leaks.
5. Disaster recovery
Disasters such as flooding or fire can strike without warning. Unless your data is secured and protected, you could lose all your data. This may undermine customers’ confidence in your organization, delivering a death blow to your otherwise successful business.
Best practices to ensure cloud security
“Cloud computing is a challenge to security, but one that can be overcome” – Whitfield Diffie, an American cryptographer.
True to Whitfield Diffie’s words, cloud security measures can be taken to encrypt the system that will help achieve adequate cloud security.
1. Carefully choose a trusted provider
Partnering with a trusted provider is the foundation for cloud security. Choose a partner who delivers the best in-built security protocols and follows industry best practices’ highest levels. You need to ensure that you confirm their security compliance and certifications.
Learn more: Take a look at how InfinCE, an infinite cloud platform, ensures secured work-collaboration within an organization and helps enhance company efficiency & growth!
2. Review your cloud security contracts and SLAs
In an event, SLAs and contracts are the only guarantees of service and course of assistance. 62.7% of cloud providers do not specify that customer data is owned by the customer, creating a legal grey area. Read through the terms and conditions, annexes, and appendices to ensure who owns the data and what happens if you terminate the services. Also, seek clarity on visibility into any security events and responses.
3. Understand your partnership of shared responsibility
When you tie-up with a cloud service provider, you enter into a partnership of shared responsibility for security implementation. Understanding the shared responsibility involves discovering which security tasks you will handle and which your provider will handle. It is important to ensure transparency and clarity in your partnership of shared responsibility.
4. Control employee access
Implementing strict control of user access through policies will help you manage employees who attempt to access your Cloud services. Cloud security best practice starts from a place of zero trust. Afford user access to data and systems only to those who require it. To avoid confusion and complexity, create well-defined groups with assigned roles. This will allow you to add users directly to the group rather than customizing access for each employee.
5. Secure user endpoints
Since most of your users access your cloud services through web browsers, it is crucial to introduce advanced client-side security to keep it protected from exploits. Implementing endpoint security solutions that include firewalls, antivirus, intrusion detection tools, and more will help to protect your end-user devices.
6. Maintain visibility of your cloud services
Remember, you cannot secure something that you cannot see. Using multiple cloud services across various providers and geographies can create blind spots in your cloud environment. Make sure you implement a cloud security solution that provides visibility of your entire ecosystem. You can then implement granular security policies to mitigate a wide range of security risks.
7. Implement a strong password security policy
Strong password security may sound basic, but it is an important element in preventing unauthorized access. Have a strong and strict password policy. To defend against most brute force attacks, enforce a rule that users update their password every three months. You may also implement multi-factor authentication. This would require a user to add two or more pieces of evidence to authenticate his/her identity allowing you to trust your users while ensuring that they are authorized users.
8. Highest levels of encryption
Your data may get exposed to increased risk while sending it back and forth between your network and the cloud service. You must consider using your own encryption solutions for data, both in transit and at rest. Encryption keys will help you maintain complete control over your data.
Don’t wait till it’s too late!
You never know when a stealthy hacker could attack your business and make you go under. All organizations, independent of their size, can benefit from these best practices and improve their cloud usage security.
At Fingent, our experts go above and beyond to ensure that your business is hacker-proof and secure. If you need to discuss cloud security options, do not put it on the back burner! It could creep up on you and set your whole business afire, ruining your competitive edge and spelling doom for the future. Call our experts and discuss your options today.
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Embedded finance, aka embedded banking, is transforming the financial services distribution model. E-commerce companies, Point-of-Sale systems, ride-sharing apps, food ordering apps, and other digital financial service providers consider it a revenue opportunity.
Is 2021 the Beginning of the Embedded Finance Era?
With over $7 trillion in revenue, embedded finance has generated a significant buzz in the FinTech market. Sadly, the financial services industry has not upgraded its core business model in years, and the COVID-19 pandemic has made the need even stronger than before.
While banks and insurance companies have spent exorbitant amounts of money digitizing their existing processes, it is high time that they invest fully in creating digital business models to recover the economic crisis.
Embedded finance helps businesses overcome digital adoption barriers and offer outstanding financial services to customers. While embedded finance will benefit the economy globally, its potential implication for the FinTech industry is massive.
Fingent’s FinTech application development services continuously provide financial service and technology innovations, valued by global financial services institutions.
What is Embedded Finance?
Embedded finance is the amalgamation of a non-financial service provider with a finance service. It allows enterprises to create new revenue streams and reinvent the services they offer their customers. It is beneficial to both the enterprises as well as users. In most cases, it is easier to buy products from one single source instead of interacting with many other businesses over the day.
FinTech is already growing at a significant rate, and the pandemic has caused more people to use day trading platforms from lending sites to stocks.
As the world will start incorporating FinTech in their lives, embedded finance opportunities will increase in the future.
What are the opportunities for Embedded Finance?
The most significant advantage of embedded finance is that it streamlines financial processes. Previously, there was a gap between a consumer and the service provider or seller. So, the consumer would often approach a lender or a bank to bridge the gap. However, with embedded finance, the need for a third-party bank or lender is eliminated. Here are a few examples to understand how embedded finance can help you.
Read more: FinTech Innovation: What Is In Store?
1. To make payments
For some consumers, paying with cash for a purchase hurts, making them reconsider a purchase. Embedded systems help eliminate this pain. A consumer using a mobile app with an embedded payment program can tap a few buttons and make a purchase instead of digging into their wallets for cash – for example, a ride-sharing app like Uber. So, when you book your ride, you don’t have to pay the driver cash or pull out your debit or credit card at the end. Instead, you complete the transaction in the app after you reach your destination. You can also use the embedded system to order your favorite cold brew or lip-smacking snack from Starbucks. The mobile app allows users to order and pay for their best-loved delicacies. Starbucks’ online ordering system also rewards customers with redeemable points for every purchase.
Before embedded finance, a person had to apply for a bank loan or open a credit card if he/she needed to borrow money. However, with an embedded system, a person can apply for and secure a loan at the time of purchase.
Klarna and AfterPay are examples of embedded lending. These programs split an online purchase into smaller monthly payments. For instance, a payment of $100 can be divided into four installments with $25 each.
The need to consult an insurance agent or broker for purchasing an insurance policy is eliminated with embedded insurance programs. In the past, buying insurance was needed to buy a car or a house. Also, it was a completely separate part of the process. Some companies have now found ways to speed things up and increase their bottom line by embedding the action of applying for an insurance policy into making a necessary purchase.
For example, Tesla offers an insurance program that allows people to purchase an appropriate amount of coverage almost instantly. Additionally, the insurance available directly from Tesla costs less than a policy from a third-party insurance provider.
Most people feel investing is a complicated process and prefer to stay out of it. However, embedded banking programs help simplify the investing program.
For example, Acorns is a program that invests your spare change by rounding up purchases, thus making investing seamless and touch-free. It doesn’t require you to manually pay back the money since the app takes care of that. They adjust their portfolio according to the market, and so you don’t have to pay attention to the values of mutual funds or stocks.
How can enterprises use embedded finance or banking in their products or services?
Organizations can embed finance or banking in several ways. Even companies that are not in the FinTech industry are seeking ways to offer financial services. For instance, Shopify is offering lending services and bank accounts to companies. Organizations like Udaan and Grab have also started financial services like Udaan Credit and GrabPay.
In some cases, companies can act as connectors between financial services and non-financial businesses. For example, organizations can use a data transfer network by Plaid to offer financial products.
Another option for companies is that they can work with businesses that embed the required infrastructure into their products or services. With an increasing number of transactions and payment processing, the platform ecosystems can expand quickly, giving rise to the need for external financial services.
How is embedded finance beneficial to companies?
1. A new revenue system
Most customers show displeasure when redirected to multiple applications or experience a failed transaction due to timeout. The best resolution to this issue is to have a single unified flow in the customer journey. Customers would stay loyal to a brand if they have an easy-to-use eCommerce website.
Companies can charge a small fee as a commission on such transactions. It helps companies to have a new revenue opportunity without investing in bringing in new customers.
2. Increased hit rate/footfall
Embedded finance products can boost footfall if they can provide an overall improved experience. Given the cut-throat competition, customer loyalty can decline when a better product is launched in the market. Consumers will not hesitate to switch their allegiance to a competitor as long as they get what they need.
Companies can expect an increase in hit rate and better scope of converting users to potential customers with embedded finance products. If the transactions are smooth, the conversion rate will improve.
3. Use existing resources
Organizations need not worry about the expenses and resources needed to acquire new customers or procure high-level infrastructure. By including a financial angle to create an embedded product, you can modify the current systems.
4. Improved customer experience
Embedded finance helps companies create a unified journey for their customers. Offering more services to the customers will eliminate their need to deal with a third-party vendor for completing their transactions. It will result in higher profits. The direct connection between the customer and the company will help improve the customer experience significantly.
How will embedded finance change the future of the FinTech landscape?
With the evolving nature of technologies, embedded finance will persist due to its customizable nature. It will give rise to new opportunities and reduce the gap between various industries and their interactions.
Companies must be open to collaborating to build a bigger market, survive, and stay ahead of the competition. Software solutions providers and technology companies like Fingent play a crucial role in boosting the financial services landscape. Contact us to know more about our FinTech software development services and solutions.
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The logistics and supply chain market is predicted to experience most complexities this 2021, especially with the COVID-19 vaccine distribution. Here are ways to enable smooth logistics operations, even amidst the chaos!
COVID-19 Vaccine Distribution: A Guide for Logistics and Supply Chain Leaders to Make Strategic Decisions
Crunch time and performing in a crisis – logistics and supply chain leaders are familiar with these challenges. The pandemic recovery mode has turned out to be a whole different ball game for logistics and supply chain service providers. It has thrown them a new and unique challenge in the distribution of the COVID-19 vaccine. Now, the world is looking to those same industry leaders for more strategic decisions and ways to shock-proof the supply chain.
Thus far, most companies have relied on a strategy of low-cost supplies and minimum inventory. However, given the combination of the pandemic, trade conflicts, and harsher natural disasters, they are rethinking such an approach. 2021 is facing one of the most complex logistics and supply chain challenges that we have never experienced in the past. This article shows how logistics businesses can enable smooth operations, especially with the vaccine distribution throughout 2021.
How is COVID-19 vaccine distribution affecting the logistics sector?
According to Jabil’s report on supply chain resilience in a post-pandemic world, the coronavirus disease impacted 78% of respondent supply chains, more than any other disruption over the last decade. Supply chain disruptions are not new, but they are usually contained and short-lived. However, COVID-19 has brought in extraordinary challenges. Here are a few of them:
1. Speed to market
Swift development of the COVID-19 vaccine has a ripple effect throughout manufacturing and distribution. Unlike other vaccines, COVID-19 vaccines need to be shipped under ideal conditions. Speed to market and the need to maintain cold chain integrity will be a big challenge for the supply chain sector.
2. Global and pervasive
Unlike traditional vaccines, the COVID-19 vaccine is not location-specific. Supply chain leaders may encounter challenges as they ship to new customers through unfamiliar trade lanes, using new transport systems. In other words, the vaccine supply chain has to meet the demand on a global scale.
3. Full-scale distribution
The COVID-19 vaccine will have to be distributed full-scale from the start. Given the unfamiliar network, the risk entailed in this process doubles.
These unique challenges are forcing industry leaders to rethink traditional approaches. Those in the supply chain dedicated to the COVID-19 vaccine distribution will need to act in real-time and guide others downstream proactively.
Six stages to enable smooth logistics operations throughout 2021
Post the COVID-19 vaccine release announcement, the public’s attention began to shift from research and development to distribution. And rightly so! Here are six stages that supply chain leaders must focus on while making strategic decisions:
1. Planning is everything
The success of any task starts with proper planning. The supply chain encapsulates the procurement of goods, storage, and delivery to a specific location. With appropriate management of time, transportation, and other parameters, logistics companies can earn maximum profits. Adhering to the schedule helps attain better tracking, quality control, and timely delivery.
Despite good planning, supply chain procedures may encounter some challenges. Supply chain providers need to have a backup emergency plan to manage such unexpected situations.
2. Train for efficiency
The success of the plan is determined by those who execute it. In other words, well-trained staff can have a significant impact on the plan’s success. To this end, the team must be well trained in utilizing modern techniques.
Apart from frequent training sessions, companies can increase their teams’ efficiency through brochures and paper notices posted on the workplace walls. Apart from that, make sure that each employee is aware of the new policies. Educate your staff on how to handle the vaccine shipment so that the handler is conscious of packing and labeling.
3. Keep up with the latest technology
Technology is continuously evolving now more than ever. It is essential to keep up with the latest technology to handle challenges and tackle vaccine distribution demands.
- Artificial Intelligence can assist in providing timely updates regarding the movement of goods.
- It helps the client know the details about the supply, warehouse, and delivery. Automation of such information can save a considerable amount of time for the industry and its clients.
- Automation eliminates human error in tracking, which improves overall process management.
- AI can also assist in managing the account details and employee details.
- Automated warehouses can make sorting, packaging, and organizing vaccines much easier.
- Automated voice bots and chatbots can play a significant role in customer services.
4. Warehouse and inventory management
Effective supply chain management is incomplete without proper warehouse management. Warehouse operations vary according to the product. For example, most vaccines require ultra-low temperatures. Ensure that your current warehouse facility is capable of stocking the vaccine at appropriate temperature levels. Proper warehouse inventory will ensure minimum wastage of goods.
Moreover, using vertical storage columns can maximize storage capacity. Implementing efficient tracking software allows warehouse personnel to locate products quickly.
Implementing logistics software solutions or applying robotics logistics such as robotic palletizing, packaging, and automated picking can modernize warehouse operations, improve health and occupational safety in the warehouse premises, reduce physical contacts between workers, and increase efficiency fulfillment.
5. Improved transportation
Efficient transportation can decrease expenses and speed up the delivery of vaccines. Determine the shortest and safest delivery route. Optimize the packaging to reduce the weight of the package and the volume.
The pandemic has accelerated digital shopping. Last-mile delivery has become more critical than ever before. The use of technology can help logistics managers optimize that last-mile and help them keep their customers updated.
6. Analyze and improvise
Integration of feedback and analysis makes any logistics network complete and optimal. Predictive data analytics can help industry leaders learn from what happened and improve in the future. You can use it to get a detailed understanding of what caused delays in your supply chain. Once you identify those bottlenecks, you can boost the productivity of your logistics business and efficiency on your future trips.
Building supply chain resilience
Just as the coronavirus spread from place to place, the vaccine must follow suit to support a global recovery. However, the vaccine’s possible routes are determined by the cold chain. Some areas do not have the option of freezer storage. Local logistics and supply chain leaders must ensure that these communities have access to the approved vaccines.
Location intelligence and technological advantage help leaders determine where vaccines need to go and how to get them there. For most logistics firms, the pandemic seems to be a trial-by-fire. By implementing responsible strategies, you can build resilience in logistics and supply chain practices.
To fulfill the increasing demand for last-mile delivery, logistics companies must strengthen smart tech investments and build healthy partnership ecosystems. Fingent is closely monitoring the situation and helping businesses return to work with our technology consulting and innovation capabilities. Contact us, and let’s get you started.
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SAP helps increase warehouse management productivity with voice picking!
Voice technology has been there for a while and is here to stay. Its increasing adoption among warehouse distribution centers has led to increased accuracy, improved productivity, and training time reduction. Supply chain executives report attaining a 50% decrease in picking errors and a typical ROI in less than one year with voice integration.
In retail warehouses, complex facilities such as inventory control are vital, with several picks to be performed every hour. The warehouse employees should be an efficient and accurate while ‘picking’ as wrong picking can lead to incorrect deliveries and affect customer satisfaction.
To improve staff accuracy and speed of pick, warehouses can consider “Voice Picking” technology. Voice picking is an extension of the Warehouse Management System (enhanced by additional software and hardware) that allows transferring instructions to the warehouse operators using earphones and microphones. Voice Picking uses a wearable computer that includes a headset and microphone so that the order pickers can be instructed on what items to pick from where and later confirm their actions verbally into the Warehouse Management System (WMS).
Benefits of Voice-picking
A voice-picking system creates a hands-free, heads-up workflow. Unlike the traditional warehouse order picking, where you need to stop to read, scan, or punch keys, the voice-picking system allows users to listen and speak efficiently. Some of its benefits include:
- Productivity improvement
- Reduction in errors by 25% or more
- Decrease in accidents as operators rely on eyes and hands-free technology and hence are more aware of the surroundings
- Cuts training time
How is voice-enabled warehouse operation helping during the COVID-19 pandemic?
In the last few months, warehousing and logistics have been hit hard. While there was enormous pressure on the warehouse to execute deliveries quickly due to increasing customer expectations, COVID-19 has caused further disruption.
Logistic companies have had to evaluate options and make changes across transportation modes, considering delays, interruptions, and price changes.
According to a survey from August to September 2020, about 32,200 jobs were added to the warehouse and storage sector. Thanks to voice and device technology! Voice integration helped address the labor shortage and equipped new workers. Here are a few benefits of voice-enabled warehouse management.
1. Efficient onboarding
New workers can pick up their barcode scanner or mobile device and begin their work with minimal onboarding time. Latest device upgrades offer improved designs and user-friendly interfaces. Whether a Windows 10, iOS, or Android device, workers can choose the device they like. This flexibility helps simplify the training and onboarding process of new workers, optimizing workforce management, and making it a more efficient experience.
New workers can get started quickly without the need for lengthy training processes. With voice-enabled applications, you can reduce the training time from several hours to just a few minutes.
2. Increased productivity
Voice capabilities are helping workers to keep pace with the high volume of orders. It helps them cope with the increased pressure to meet soaring demands, reduce training time, and use the hand-held devices of their comfort.
3. Higher accuracy
With hands-free wearables and voice picking, workers don’t need to stop frequently to check their devices. It will reduce errors and allow pickers to complete more orders within the same timeframe with improved speed and accuracy.
4. Improved safety
The coronavirus has made “contactless” mandatory. Voice picking can eliminate many physical touchpoints that can lead to virus exposure. Minimizing surface contact is one of the best ways to protect warehouse workers.
Read more: Contactless services: The new retail norm
How does SAP help voice-picking?
SAP’s open architecture supports several voice integration methods that help users achieve immense productivity and accuracy. If your business is running on SAP’s Extended Warehouse Management (EWM) solution or Warehouse Management (WM), voice can be easily integrated. It results in the seamless integration of ERP with your warehouse management solutions and voice. Ultimately, the accuracy, productivity, comfort, and safety of all your warehouse processes will improve. It helps distribution centers deliver on time, achieve deadlines, and scale.
Today, voice integrated into SAP has become an essential tool for many businesses. SAP’s voice picking provides superior ergonomics, eliminates distractions, and allows users to focus on the task. The voice technology is specifically designed to provide voice recognition in noisy environments. The noise cancellation ability helps lower warehouse background noise, such as truck horns, pallet drops, and conveyor system mechanism.
Additionally, the technology helps overcome language barriers as most systems come in more than 40 languages allowing users to interact with SAP most naturally and effectively.
Voice with SAP can quickly scale with your business both when your business grows and when you need to accomplish seasonal peaks. With SAP’s explicit instructions, you can add new employees’ onboarding time and capacity without any complex changes to the given infrastructure.
Download Our Case Study: How Fingent automated integration between SAP SuccessFactors and SAP S/4HANA
As the economy battles to overcome uncertainty, using safe, cost-effective solutions, embracing advanced technologies like voice-enabled applications are imperative to sustain. Additionally, with COVID-19 showing no signs of ending soon and the world shifting to contactless shopping, embracing voice-enabled applications makes sense from an economic and physical safety standpoint.
No other technology has impacted the logistics and shipping industry like voice in the recent past. Extend your logistics and fulfillment processes by making voice technology a vital ingredient of your company’s IT strategy. Contact us now to get started.
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Technology in Finance: An Overview of the 2021 Landscape
Technology in finance, along with evolving consumer behavior and regulations, are transforming the financial services industry. The COVID-19 pandemic is accelerating the industry’s focus on digital offerings. Government payment schemes, emergency loans, and personal finance management are the need of the hour.
With several bank branches shut and long waiting hours for phone assistance, financial institutions are forced to invest in better IT infrastructure, relevant automation, and technology in finance to deal with the growing consumer demands.
Read more: The impact and significance of digital transformation in financial services.
A study of financial institutions (FIs) by ISMG and OneSpan in North America revealed that providing customers with a top-notch experience is their main priority. 49% of the respondents feel that legacy and manual ID verification are the biggest obstacles to digital opening for FIs, while 35% found that knowledge-based authentication tools were obstacles to onboarding.
Some general FinTech statistics worth knowing are:
- By 2022, the global financial sector is expected to be worth USD 26.5 trillion with a CAGR of 6%.
- 49% of banks and 60% of credit unions in the US believe that FinTech partnerships are worth it.
- Digital payment is one of the most significant FinTech products and holds about 25% of the FinTech market.
That said, many banking and financial institutions are adopting the latest technologies such as artificial intelligence, blockchain, etc., into their operations to benefit their customers, stay competitive, and improve business growth.
Here are the top five technologies that transform the financial services industry currently.
1. Artificial Intelligence
The most crucial advantage of Artificial Intelligence in the finance industry is cost savings, which is anticipated to be worth $447 billion by 2023.
AI systems are a game-changer for the finance industry as they can examine vast amounts of data and find patterns and trends that people may miss, and even predict future trends. AI technology makes it possible to automate processes and manage tasks such as comprehending new rules and regulations or generating personalized financial reports for individuals. For example, IBM’s Watson is capable of understanding complex regulations, including reporting of markets’ requirements in the Financial Instruments Directive and the Home Mortgage Disclosure Act.
Chatbots in banking are helping automate simple tasks such as opening a new account or transferring money between accounts and are proving to be a great money-saving tool.
Many financial institutions such as Bank of America and JP Morgan Chase use AI to streamline customer service. Additionally, AI facilitates mobile banking that allows 24/7 access to customers to conduct banking operations. AI is also helping financial institutions boost security and detect and prevent fraud.
Blockchain is a promising technology that will impact financial systems significantly. Blockchain technology is inspiring to create several P2P (peer to peer) online financing platforms that help monetary interactions happen in a more decentralized way. Blockchain technology can improve existing systems and processes and create cryptocurrencies.
Five typical applications of blockchain include:
- Make cross-border transaction processes faster, more accurate, and less expensive
- Banks can leverage trade finance to create smart contracts between participants, increasing transparency and efficiency
- Clearing and settlement procedures
- Protect against fraud and speed up the verification process with blockchain-enabled IDs
RegTech is a regulatory technology that uses cloud computing technology through SaaS (software-as-a-service) to help businesses comply with regulations efficiently and lower costs.
The various areas of RegTech intervention are:
- Data management
- Reframing regulations and implementing new governances
- Real-time reporting
- Data- analytics and decision
- Fraud and risk management
Non-compliance with mandatory government rules leads to fines and crisis. So most FIs want to do everything in their power to avoid non-compliance.
The need for RegTech solutions is growing as FIs grapple to stay compliant with new and existing regulations. RegTech solutions will create a layer that companies will rely upon significantly. Its high accuracy, single dashboard, data analytics, alerts, and insights will help companies optimize resources allocated to compliance and achieve better results.
4. Machine learning
Similar to AI, machine learning helps create a marketing campaign around the consumer. It enables you to understand what kind of services will attract your target market. For example, how people find a financial website, what page they clicked, and what services they need.
Machine learning algorithms and their capability for sentiment analysis will impact trading significantly in the future. It involves using enormous volumes of unstructured data such as photos, video transcriptions, social media posts, presentations, webpages, blogs, articles, and business documents to understand the market sentiment.
Sentiment analysis will transform the future financial markets, and many believe that machine learning will be central to developments.
5. Big Data
According to the IDC Semiannual Big Data and Analytics Spending Guide, currently, banking is one of the top investors in big data and business analytics solutions. Credit card transactions, ATM withdrawals, credit scores, etc., generate massive amounts of data. Deriving actionable insights from this data is crucial to optimize financial processes and make effective business decisions. It will increase the competency of financial institutions in the future.
Big data can help FIs learn more about customers and make business decisions in real-time. Big data analysis allows FIs to identify market trends and streamline internal processes and reduce risks.
Read more: FinTech Innovation: What Is In Store?
The Future of FinTech Adoption
82% of traditional financial organizations plan to collaborate with FinTech companies in the next five years as they fear losing out. 88% of established FIs believe that they may lose to standalone FinTech companies in the next five years if they fail to adopt FinTech innovation.
Financial companies will have to work towards providing a seamless digital experience for their consumers. To avoid the risk of losing out in the market, many FinTech startups, incumbent financial institutions, and technology companies are entering into new partnerships.
Technology in finance is no different than other disruptive technologies across various industries. It would be wise for even small businesses to consider FinTech as an investment for the future. Fingent has developed end-to-end disruptive technologies and innovative FinTech solutions that will help your business thrive and stay relevant. Contact us for more details.
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Manufacturing technologies set to hold the reins in 2021
From big data analytics to advanced robotics to computer vision in warehouses, manufacturing technologies bring unprecedented transformation. Many manufacturers are already leveraging sophisticated technologies for manufacturing such as the internet of things(IoT), 3D printing, Artificial Intelligence, etc., to improve operations’ speed, reduce human intervention, and minimize errors.
As 2021 rapidly approaches, manufacturers will have to move away from Industry 4.0 and embrace Industry 5.0. The latter is all about connecting humans and machines (smart systems). Interestingly, Industry 5.0 may already be here. The ongoing COVID-19 pandemic only accelerates its arrival.
Read more: Digital Transformation in Manufacturing
Here are the top 10 technologies that positively impact the manufacturing industry.
With advances in robotics technology, robots are more likely to become cheaper, smarter, and more efficient. Robots can be used for numerous manufacturing roles and can help automate repetitive tasks, enhance accuracy, reduce errors, and help manufacturers focus on more productive areas.
Benefits of Using Robotics in Manufacturing:
- They improve efficiency right from handling raw material to finished product packing
- You can program robots to work 24/7, which is excellent for continuous production
- Robots and their equipment are highly flexible and can be customized to perform complex jobs
- They are highly cost-effective even for small manufacturing units
Collaborative assembly, painting, and sealing, inspection, welding, drilling, and fastening are a few examples of the jobs done by robots. Today, robots work in several industries, including rubber and plastic processing, semiconductor manufacturing, and research. While they are mainly used in high-volume production, robots make their presence felt in small to medium-sized organizations.
Nanotechnology has grown to a great extent in the last few years. It involves the manipulation of nanoscopic materials and technology. Though its widespread use is relatively new, it will be indispensable to every manufacturing industry soon. Further research and experimental designs suggest that nanotechnology can be highly effective in the manufacturing industry.
Applications of Nanotechnology in Manufacturing:
- Create stable and effective lubricants that are useful in many industrial applications
- Car manufacturing
- Tire manufacturers are using polymer nanocomposites in high-end tires to improve their durability and make them wear resistance
- Nanomachines, though not used widely in manufacturing now, are, for the most part, future-tech
3. 3D Printing
Post its tremendous success in the product design field, 3D printing is set to take the manufacturing world by storm. The 3D printing industry was worth USD 13.7 billion in 2019 and is projected to reach USD 63.46 billion by 2025. Also known as additive manufacturing, 3D Printing is a production technology that is innovative, faster, and agile.
Benefits of Using 3D Printing in Manufacturing:
- Reduces design to production times significantly
- Offers greater flexibility in production
- Reduces manufacturing lead times drastically
- Simplifies production of individual and small-lot products from machine parts to prototypes
- Minimizes waste
- Highly cost-effective
Major car manufacturers use 3D printing to produce gear sticks and safety gloves.
4. The Internet of Things (IoT)
IoT in manufacturing employs a network of sensors to collect essential production data and turn it into valuable insights that throw light into manufacturing operational efficiency using cloud software. This connectivity had brought machines and humans closer together than ever before and led to better communication, faster response times, and greater efficiency.
Benefits of Using IoT in Manufacturing
- Internet of Things (IoT) reduces operational costs and creates new sources of revenue
- Faster and more efficient manufacturing and supply chain operations ensure a shorter time-to-market. For instance, Harley- Davidson leveraged IoT in its manufacturing facility and managed to reduce the time taken to produce a motorbike from 21 hours to six hours.
- IoT facilitates mass customization by providing real-time data essential for forecasting, shop floor scheduling, and routing.
- When paired with wearable devices, IoT allows monitoring workers’ health and risky activities and making workplaces safer.
The ongoing pandemic has expanded the focus on IoT due to its predictive maintenance and remote monitoring capabilities. Social distancing makes it difficult for field service technicians to show up on short notices. IoT-enabled devices allow manufacturers to monitor equipment’s performance from a distance and identify any potential risks even before a malfunction occurs. Additionally, IoT has enabled technicians to understand a problem at hand and come up with solutions even before arriving at the job site so that they can get in and get out faster.
5. Cloud Computing
After making its presence felt in other industries, cloud computing is now causing ripples in manufacturing. From how a plant operates, integrating to supply chains, designing and making products to how your customers use the products, cloud computing is transforming virtually every facet of manufacturing. It is helping manufacturers reduce costs, innovate, and increase competitiveness.
IoT helps improve connectivity within a single plant, while cloud computing improves connectivity across various plants. It allows organizations across the globe to share data within seconds and reduce both costs and production times. The shared data also helps improve the product quality and reliability between plants.
6. Big Data
The manufacturing industry is complicated in terms of the variety and depth of the product. As far as opening new factories in new locations and transferring production to other countries is concerned, companies can leverage big data to tackle it.
As the process of capturing and storing data is changing, new standards in sharing, updating, transferring, searching, querying, visualizing, and information privacy are arising. Think of manufacturing software like MES, ERP, CMMS, manufacturing analytics, etc. When integrated with big data, these can help find patterns and solve any problems.
Benefits of Using Big Data:
- Improve manufacturing
- Ensure better quality assurance
- Customize product design
- Manage supply chain
- Identify any potential risk
Explore our use case: Adding New Dimensions to Equipment Maintenance with IIoT, AR, and Big Data
7. Augmented Reality
In manufacturing, we can use AR to identify unsafe working conditions, measure various changes, and even envision a finished product. Augmented Reality can help a worker view a piece of equipment and see its running temperature, revealing that it is hot and unsafe to touch with bare hands. An employee can know what’s happening around them, like what machinery is breaking down, a co-worker’s location, or even a factory’s restricted sites. Simply put, AR applications can help inexperienced employees to be informed, trained, and protected at all times without wasting significant resources.
AR has made it possible for technicians to provide remote assistance by sending customers AR and VR enabled devices and helping them with basic troubleshooting and repairs during the COVID-19 crisis. Also, more and more customers are open to allowing manufacturers to implement AR with the long-term goal of creating permanent solutions. After all, it helps both the customers and field technicians by reducing the risk of exposure.
5G will have a tremendous impact on the manufacturing industry. It will be more transformational for devices that drive automated industrial processes.
The amazing low-latency and connectivity of 5G will power sensors on industrial machines. It will help generate a lot of data that will open new avenues of cost savings and efficiency when combined with machine learning. Currently, China and South Korea are leveraging 5G this way. Soon the US and the UK are expected to compete with them.
9. Artificial Intelligence(AI)
Manufacturers are already employing automation on the plant floor and in the front office. In the future, AI-powered demand planning and forecasting will continue to develop that will help manufacturers align their supply chain with demand projections to get data that were not possible previously.
A study from IFS shows that 40% of manufacturers plan to implement AI for inventory planning and logistics and 36% for production scheduling and customer relationship management. 60% of the respondents are said to focus on productivity improvements with these investments.
Moving manufacturing operations to the cloud and building and integrating systems using IoT will equally create opportunities and challenges. In an increasingly insecure digital era, there is a pressing need for heightened security.
Manufacturing experts are investing in secure cloud-based ERP like SAP and Odoo to resolve the security challenges. Enterprises-big or small- will soon increase their dependence on cloud-based ERP systems to address security glitches and save costs by paying for usage.
White Paper: What difference does RPA bring to your business? How can you embrace this disruptive technology to remain competitive? Download to learn more!
Technologies for manufacturing will decrease labor costs, improve efficiency, and reduce waste, making future factories cheaper and more environment-friendly. Additionally, improved quality control will ensure superior products that will benefit both the consumers and the manufacturers.
COVID-19 has changed the way the manufacturing industry operates. If your business wants to remain competitive, you will have to embrace manufacturing technologies to shape your company’s future. To know more about the forward-thinking strategies that integrate the latest trends and technologies, please connect with us today.
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All That You Need to Know about Managed Services for IT!
IT requirements evolve continually as the technology undergoes rapid changes. This has led to increased security threats to data and downtimes which can disarm any business. Before you panic however, let’s begin by saying that many companies have been able to successfully handle these challenges. The solution – a good partnership with the right managed IT services provider.
Managed services for IT play an integral role in the modern business field as it is nearly impossible to venture into contemporary services without some form of IT support. Managed IT services can help you smoothen different processes on the cloud while managing security and finance challenges efficiently in a continuous manner. That isn’t all. This article will help you see why managed services for IT is important and how you can implement it to improve your business operations.
Read more: What Is IT Consulting? How Can It Revitalize Your Business?
What do you mean by Managed Services for IT?
Managed services for IT are services that are outsourced to an external IT service provider. That service provider is completely responsible for the day-to-day operations of your specialized applications and business equipment. This allows your in-house IT team to focus on more strategic IT programs and frees up your team to focus on your business’s core competencies.
What is the importance of Managed Services for IT?
Traditionally, IT-related maintenance was done only through the “break-fix” methodology. This meant that a business would call a maintenance expert only when something broke down. This would completely halt all business operations until the problem is fixed. The more your system stays down, the more will be your organization’s money drain. Unresolved IT issues such as security breaches that compromise your data could prove to be costlier than you think. Such data security breaches are devastating for your business.
Thankfully, as the name suggests, Managed services for IT allows smooth management of a business without disrupting the flow of business operations. On your behalf, your IT service provider will manage, monitor, and resolve the problems of your IT systems and functions. Such a partnership allows you to focus on your core business process without any hindrance caused by IT issues.
Read more: Software Development Outsourcing – Why software development outsourcing is a smart move now?
The most important advantages of Managed IT Services
1. Get the expertise you need
New technology might bring in new problems that your IT team may not have the knowledge or experience to solve. Then there is the issue of management. Fortunately, both these problems can be resolved by your managed service provider. A key advantage of the managed service model is that it allows you to either hire an entire team of IT professionals or choose specialists depending on the demands of each project.
Managed services for IT lowers labor costs. Also, it can completely eliminate the cost of hiring and training new IT staff. The best upside is that you won’t ever have to worry about unexpected service costs. This means your organization can now shift from a capital expense model to an operating expense model.
3. Scale your system as needed
Your technology decides whether you need to scale up or down. Managed IT service providers can respond to such changes in real-time.
4. Downtime reduction and recovery
Managed services for IT provide backup solutions to protect critical information. In the event of a disaster, they can also provide avenues for service continuations. For smaller businesses, this can be a lifesaver.
How can you leverage Managed IT Services to improve your business?
Leveraging managed services for IT cannot be done in a one-size-fits-all way because most companies use different options to meet their overall goal. Though the services offered by each provider may vary, they can still be useful when handled properly. There are businesses that use three or more types of IT functions. If yours is one of those businesses these tips below will help you take the most advantage of managed services.
1. Choose your provider wisely
Each business has its own specific requirements. Identifying that requirement will make it easier to choose the right managed services provider. Often, most businesses need a minimum of three IT services (eg: cloud, IT consulting, and data and network security). But you will need to assess your business needs and come to the exact number. Once you have your requirements down, you can go about researching the credentials of the IT partner. Previous clients and case studies is the best place to start. The best way to find a capable managed service provider is through referrals, work colleagues, and reviews on online platforms.
2. Develop a business relationship
The best collaboration is when your managed IT services provider partners with your existing IT team in a seamless way. With that in mind, it is important to build a good working relationship with your provider. This will ensure that your skills complement each other, and resources are effectively used leading to better business outcomes. It will also give your team the opportunity to learn as much as possible from them.
3. Device a reliable data backup and recovery strategy
The most important objective of hiring managed services for IT is to protect data. Your data is under tremendous risk during a virus attack, machine error, unexpected hacking, or improper handling. During such instances, it is critical to have a good back-up strategy. Such a strategy will ensure that your business does not grind to a halt due to lost data. Fortunately, hiring good managed services for IT makes it easier for your company to develop a strategy that can protect existing data and retrieve lost data.
Read more: Digital Innovation – 10 Services Offered by Fingent to Prepare Your Business for the Future of Digital Innovation
What does the future hold for Managed IT Services?
According to Gartner, 56% of business leaders engage with service providers for long-term development and maintenance. This will result in 63% of global managed service providers gaining their revenue through digital business infrastructure operations by 2023. Managed services for IT have kept the business world running and will continue to do so in the future. Are you keeping pace with it?
Survive and thrive
In our current state of extraordinary upheaval brought by the COVID-19 pandemic, managed services for IT may be your company’s greatest hope for surviving and thriving during and after these unprecedented times. Partner with us and see for yourself! First though, take a look at our case studies and feel free to check our credentials. We want you to be sure we are the right fit for you.
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How Technology is Transforming Classroom Learning
There’s no denying that technology has completely transformed the way we live and steadily it is becoming more and more predominant in the classroom as well. From improving the communication between teachers and students to enhancing presentations and lessons, to organizing curriculum calendars, there is no limit to the ways to use technology in classrooms to set up a successful life for students outside of school.
Today, many educational institutions are offering courses that no longer need students to study in a traditional classroom. 92% of teachers said that the internet has a significant impact on a student’s ability to access resources, content, and materials, according to the Pew Research Center.
Benefits of using technology in the classroom
Here are a few advantages of using technology in classrooms.
1. Improves collaboration
Many technology-based tasks involve aspects that require students to seek help from their friends or teachers. Teachers have observed that when students are assigned to tasks, the students who are more technologically advanced assist those who are not.
2. Incorporates different learning styles
Each child is different and it can be challenging to adjust a study plan to fit every student in the classroom. Thanks to technology in education, it is possible to modify the lessons. For instance, kids who might want to draw during the class can create an infographic to demonstrate their capabilities and understanding of the concept which a teacher might not have previously seen or assessed.
3. Creates an engaging environment
While most people consider technology to be just a distraction, it is not so. When used correctly, it can help encourage active participation in the classroom. Using laptops, computers, tablets, etc., in the classroom can help bring more interaction and fun into learning, thus making lessons more interesting.
4. Students learn essential skills
Using technology in classrooms, students can gain the knowledge and skills essential for problem-solving, critical thinking, collaborating with others, and improving motivation and productivity. Technology can also help develop several practical skills such as creating presentations, writing emails, learning proper online etiquette, and understanding the difference between reliable and unreliable sources on the internet. These skills are very important and prepare the students for the future.
How to use technology in the classroom?
While traditional classroom learning is still prevalent, many educational institutions are willing to embrace technology. Here are nine creative ideas to use technology in classrooms to enhance learning.
1. Schedule your online classes
Google Calendar allows you to create and share a class calendar that will keep the students informed about the class, duration, announcements, and important dates. Teachers can easily email the class calendar link to the students. This will help both the teachers as well as the students to stay organized and come prepared for each class.
2. Use virtual manipulatives
While there are manipulatives such as blocks, ten blocks, coins, and tangrams to visualize mathematical concepts, virtual manipulatives are more effective.
Virtual manipulatives help students to comprehend complex concepts. So, incorporating virtual manipulatives in classrooms is not just going to benefit the students but also appealing to hands-on-learners.
3. Digital field tours
One of the popular and cost-effective ways to use technology in classrooms is to take digital field tours. Apps such as Google Streetview allow you to virtually explore parks, forests, and even national and international landmarks from the comforts of the classroom. For instance, a virtual tour of the Grand Canyon can help students learn about the location or the subject and help them learn beyond books.
4. Use Social Media
Much of our time is spent on social media today. So integrating social media into the classroom is a great way to use technology in classrooms. For example, creating a WhatsApp or Facebook Group for a particular class allow students to post discussion topics. You can even consider developing interesting Twitter hashtags students can use to discuss lessons or ask questions.
5. Create digital content
Digital content related to what students are learning helps them display their individual creativity as well as showcase learning. Provide options like blogs, videos, eBooks, podcasts, flyers, or other digital means that will help students to express themselves.
6. Gamified learning
Make learning fun by incorporating gamified learning. Simply create a virtual scavenger hunt by giving the students a list of questions for students to search and find the correct answers. You can even consider forming groups or pairs of students to encourage teamwork and collaboration.
7. Include videos
Videos help students remember important concepts longer than reading. Teachers can record videos such as whiteboard explainers, peer presentations, classroom activities, etc., and share it with the class via Google Classroom, YouTube, or Gdrive.
Videos will help visual learners to learn at their own pace. Also, videos will help establish a better connection between teachers and students while comprehending clarity.
Motivational podcasts, interviews, and online courses can aid the teaching process in the long run.
Some examples of podcasts that teachers can include in the classroom are;
- Podcasts blogs
- Lectures from other teachers
- Researches on academic topics
Teachers can take it to the next level by asking the students to create their podcasts.
9. Multimedia lessons and presentations
By incorporating visual effects, music, videos in the presentations, they can be made more enriching for students. Teachers can consider inviting virtual guest speakers via Skype, Google Hangouts, and Facetime to engage their class during the slideshow or digital presentations. This will boost engagement with lessons.
Some of the future trends in the education industry
1. Student-centered learning
The future of education will be student-centric learning. Teachers need to adopt personalized teaching and learning practices. Flexibility in learning will result in imparting quality education to students. Flexible learning patterns will gain prominence in future classrooms.
The concept of blending learning with entertainment is opening the doors to thinking forward. Technology can be used to focus on slide shows and online videos. Technology innovations like Augmented Reality (AR) are already replacing pens and chalk pieces in the field of education and will bring about significant changes soon. A study conducted by the University of Georgia has shown that the introduction of AR makes 72% of the students more likely to participate in classes. Building such participation is a critical aspect of education.
Media learning is helping students to hone their creative skills and stay in touch with educational events that are happening across the globe. Videos, educational podcasts, simulations, and recorded audio-visual lessons are trends that transform traditional classroom learning and teaching.
3. Adaptive learning
The adaptive learning curriculum is personalized learning that allows students to work on instant feedback given by their teachers and improves student engagement.
In the future, students will be categorized and trained based on their inherent strengths and capabilities. Appropriate learning tools can be recommended to reveal students’ budding talents and bring them to the fore. The adaptive learning pattern will not only keep the fundamental interests in mind but also the individual needs of the students.
Fingent helps schools, universities, colleges, educational institutions, NGOs, and training centers to develop customized LMS platforms that come with aptitude-based smart learning tools. This makes sure that you can have a more interactive learning atmosphere. Customized LMS allows you to cultivate more transparency and communication between the instructor and the learner, which works to improve performance significantly.
Integrating technology into the classroom allows more effective communication between the teachers and students. It empowers students to take responsibility for their learning by participating in projects and learning activities, giving feedback on lessons, and understand how to use technology in classrooms creatively and safely. Get in touch with our experts today and know how we can help you bring technology in classrooms more effectively.
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The inevitable role of FinTech in improving your financial systems and outcomes
The COVID-19 outbreak has affected every aspect of the economy including financial technology or FinTech. Postponed events and conferences mark missed opportunities for FinTech companies, which could have been a great time to build relationships and focus on new businesses. As investors and customers retreat to more cautious positions, FinTech companies may find fundraising a challenge. Those who seek consumer investments are hit harder. Consumers may be reluctant to invest during such volatile times. Even those consumers who are relatively insulated from economic fallout may choose to invest in safer options for the present. FinTech innovations can improve the efficiency of the financial system and financial outcomes for their customers. This article will discuss how FinTech can safeguard customers’ interest in the post-pandemic world.
What is FinTech?
FinTech is a combination of Finance and Technology. It is used to describe new technology that can improve and automate the use and delivery of financial services. It also enables people to live upgraded lives through innovation. FinTech includes many sectors such as fundraising, education, retail banking, and more. It plays a major role in the development and usage of cryptocurrencies. FinTech also covers various day-to-day financial activities including money transfers, check deposits, and investment management.
Read more: FinTech Innovation: What Is In Store?
Why protect customer interest?
Customers are the primary source of growth, so they must be handled with the respect they deserve. Any product or service which is customer-centric offers the potential to attract and retain customers. Since FinTech provides advantages of speed and convenience, customers are looking at FinTech as a viable alternative. People want streamlined services with applications that are easy to adapt to. Hence, FinTech companies are outlining measures to make their services less complex and more transparent. They are focusing on creating better digital processes that their customers can personalize easily.
Customers’ convenience and requirements are paramount for FinTech start-ups. To that end, they are designing products and solutions to ensure customer satisfaction. Delivering a top-notch customer experience is the goal of FinTech companies globally.
Measures to protect customer interest
Here are some cutting-edge technologies that are protecting customer interest now and into the future:
1. IT foundation for better customer experience
FinTech startups are usually smaller in size and have a technological edge. They have a fresh canvas, allowing them to migrate easily from legacy technologies. The younger digital-first audience is attracted to their services. Larger FinTech enterprises must adopt a new IT foundation with modern technologies. Currently, FinTech customers prefer startups over established brands because they can reap the rewards in the form of better digital experiences. Though startups have a technological advantage, they must continue to focus on their capital reserves to make it through these unprecedented times.
2. Digital communication tools
The FinTech sector is based on understanding the needs of their customers. It is crucial for these companies to strategize the manner in which service providers communicate with their customers. This gets customers locked onto their services with relative ease. Communication through online media or through the content on your site can draw in new leads and build customer trust. When customer interest is protected, they will most likely return to you. In turn, they will recommend the service to their relatives and friends. These parameters are crucial if you want to keep your business afloat.
3. Embrace digital transformation
While your staff may be susceptible to coronavirus, technologies like ML and AI are immune. The financial services system must address customers’ demands swiftly and efficiently. Smart devices and the integration of artificial intelligence are a great way to achieve this. Virtual assistants and chatbots can deliver a customized experience to your customers. They perform all the activities that are usually done by customer service personnel and other executives. However, these digital solutions are faster and reflect sophistication. Digital transformation provides holistic 24/7 monitoring and automated remediation.
4. Digital banking
Previously, a customer’s confidence in a financial company depended mostly on physical infrastructure. However, COVID has changed that momentously! The new generation banking system is going all-digital to reach mobile-first customers. Digital-only banks do not need sophisticated infrastructure or higher human resource management. Digital banks are able to deliver cost-effective, robust services that match the high standards set by traditional banks.
5. P2P Transactions
P2P digital payment is quickly gaining popularity. Customers are adopting such technologies for daily use. P2P eliminates the middle layer and drastically reduces transaction costs. Digital transactions help FinTech enterprises expand their footprints and customer base.
6. Security and privacy
FinTech is an industry where the risk of financial crime is high. It is vital for FinTech companies to think over customer security while designing their consumer experience. Apparent security measures make customers feel comfortable. Customers expect rigid security from FinTech solutions along with reliability and FinTech is practicing stringent security measures to beat the competition. They are making visible efforts to handle customer data with care. To gain the attention of your customers you can make your privacy policies visible enough on your website or app. Remember, it can reflect on the confidence a company has in its security measures.
Changing for the better
It may be difficult to predict how the payments landscape will emerge in the next few years and what will be the long-term impacts on the FinTech industry. Nevertheless, it is likely to witness a transformation that can dwarf what has been achieved thus far. At such times, it is important to gain the confidence of your customers to retain them and enjoy their loyalty.
Thus far, FinTech has only been in the shadows as it were, but now it has found a home in the innovation economy globally. Millennials are more reliant on their smart devices to accomplish their daily tasks. They want the world and its conveniences at their fingertips anywhere and anytime. Given that, perhaps the future might see more interesting innovations in customer experience.
Let’s look at some opportunities for FinTech in the future:
- Companies with remote workforces are better positioned to thrive during and after this difficult period.
- FinTech gives an impetus for greater adoption of contactless money transactions.
- FinTech companies are well-positioned to find new ways to incorporate better digital solutions.
In order to capitalize on all these opportunities, you will need a technology partner to help guide you through the latest innovations. Give us a call and let’s discuss how Fingent can help you guide your business and customers to success in the post-pandemic world…
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Supercharge Your Business with These 11 Hot Tech Trends
Technology is having an ever-greater impact on our personal lives and most importantly on the way we do business. The business world has transformed rapidly in the past few years and it will evidently continue to change the pace of business in the years to come. Whether it is the production of goods or the computing devices used at the office, new technologies have helped businesses run smoother and more effectively. As information travels more quickly and reliably, businesses are realizing how easy it is to grow globally and across multiple sectors. To gain benefits, however, businesses must keep up with technology and adopt new trends. This article discusses 11 tech trends to look forward to in the next couple of years. First, let us understand what drives these tech trends, and then we will consider their impact on businesses.
What Will Drive the Evolution of Tech Trends?
Two major reasons for the evolution of all kinds of tech trends are our day-to-day business challenges and the passion for innovation. As an intelligent being, it is normal for human beings to innovate to live better. However, from a business standpoint, it is about optimizing all that humans are capable of accomplishing and that includes making profits.
1. Greater predictive levels and programmability will reshape cybersecurity
Cybersecurity will be one of the prominent IT functions to mature. New technologies will bring about a fundamental shift in cybersecurity as they enable greater predictive capabilities and programmability. It will become more predictive with the use of large-scale data along with AI, analytics, and machine learning. As a general rule, the more we have, the more difficult it becomes to protect it from thieves. That is not the case with immense data accumulation. Even as data increases it will become easier to determine and match patterns to both predict and shut down any attack vectors.
As every element of infrastructure becomes programmable, you can put a firewall inside the software of all virtual machines in your architecture, thus limiting the flow of data within the software. This will eliminate the need of storing data on a network from where the data can easily be hacked or stolen. Businesses will continue to see this capability emerge as programmability improves.
2. Promise of serverless computing
According to IDC’s prediction, “from 2018 to 2023 — with new tools/platforms, more developers, agile methods, and lots of code reuse — 500 million new logical apps will be created, equal to the number built over the past 40 years.” Currently, we are witnessing a distinct change in the application infrastructure with most businesses moving to cloud-native applications.
There are four distinct computing models that are evolving simultaneously such as virtual servers, physical servers, container-based computing, and serverless computing. Virtual servers and container-based computing make it easy to move applications. Whereas the promise of serverless computing offers greater agility and cost savings as the applications do not need to be deployed on a server. Alternatively, functions can be run from a cloud provider platform. It can return outputs and instantly release the associated resources. As businesses see a change in the infrastructure, they will have to make choices about how they approach development.
Accelerated in part by the long-term shutdown due to COVID-19, industries that design and manufacture products will quickly adopt cloud-based technology trends to aggregate and intelligently transform. In a couple of years, these intelligent algorithms will allow manufacturing assembly lines to optimize towards increased levels of output and enhanced product quality thereby reducing the overall waste in manufacturing by half.
3. IoT and Edge
IoT and Edge can rightly be termed as superpowers of the tech world. The developing, managing, and running of widespread IoT and Edge applications will grow in complexity with numerous endpoints. For example, audiovisual technologies are being used to achieve the same input as you would get when you connect numerous IoT sensors. When compared to individual sensors, these tech trends provide reasonable mass coverage at a minimum cost. This is only possible when AI and ML are integrated into the IoT platform. Powering and maintaining thousands of sensors is a daunting prospect. Audiovisual solutions can thus make this a significant growth area. As a result, these changes will have a profound impact on how the businesses get value out of new data that they are able to collect and process.
Read more: Gearing up for IoT in 2020
4. Everything will revolve around data
Enormous amounts of data collected from IoT devices and digital platforms can now be made available through application programming interfaces for business insights, analysis and to develop other applications. Collecting information from a sufficient amount of data-points enables you to model behavior and understand patterns and come to more accurate conclusions quickly with minimum cost. With abundant data from multiple touchpoints and new analytic tools, businesses are able to customize products and services by creating ever-finer consumer microsegments. Businesses that do not build around data will find themselves swamped by its enormity.
5. Voice control is the next evolution of human-machine interaction
The advent of voice technology such as Apple’s Siri, Google’s Assistant, and Amazon’s Alexa is disrupting businesses as it creates a three-way interaction between devices, services, and people. It has completely changed the way consumers interact with smart devices.
According to recent research, by 2024, the global voice-based smart speaker market could be worth $30 billion. This technology trend has a huge impact on how online searches will happen. Businesses will have to adapt their way of promoting their products and services. It will also affect the way companies are organized as internal knowledge can be shared more easily which improves the possibility of multitasking. This will result in increased productivity.
In the next couple of years, we will see a transformation of voice technology from being an information tool to a transaction tool. It offers the possibility to directly order from brands and perhaps even pay.
6. Blockchain platform market
Blockchain started as an offshoot of the cryptocurrency movement. Now, it is evolving to find use cases beyond just the international settlement areas. According to Gartner, Blockchain will grow to slightly more than $176 billion by 2025 and continue to exceed $3.1 trillion by 2030. The marriage of Blockchain and Artificial Intelligence can significantly change the nature of transactional businesses. This is possible as Blockchain is a decentralized unchangeable space for encrypted data and AI will assist you in analyzing and interpreting that data quickly and reliably to drive actionable insights. There is great potential for this technology to have an immense impact on cybersecurity.
7. Seamless blend of the digital twin
Applied technology will intersect between the physical and digital worlds, the digital twin. For example, the digital twin will have a perfect digital copy of the physical world. Applied technology will allow you to blend these two worlds seamlessly. The resulting immersive environments will have a pervasive impact on the industry. This twin will allow you to collaborate virtually, simulate conditions quickly, understand what-if scenarios clearly, predict results more accurately, and more. Most businesses are already aware of the benefits of applying the digital world to enhance the physical world. They are digitizing physical processes to reduce inconsistencies, redundancies, and human error.
This pandemic has shown us that communication is not just for work but is required to form real emotional connections. In the next couple of years, AI technology will be used to connect people at a human level and drive them closer to each other. There has been a lot of concern over the security of video conferencing companies. However, these concerns will move companies to ensure that they provide secure digital connectivity for their consumers.
Being a secure video conferencing software, InfinCE has been a game-changer for enterprises of all sizes. Click here to explore
8. 5G will be the game-changer
5G has innumerable use cases beginning from healthcare to more reliable security. With 5G, the audio-video experience will be faster and clearer than it has ever been. On the flip side, 5G will enable businesses to provide remote opportunities for their employees with work experience that would be similar to that inside the office. It will bolster recruitment and retention efforts for top talent.
As more businesses move their critical tasks to the cloud, employees will become increasingly productive from wherever they work and with whatever device they use. Though currently, 5G coverage is limited, according to Ericson’s Mobility report, 5G subscriptions could cover up to 65% of the world’s population by 2025. Businesses that anticipate and embrace these emerging technology trends will see a positive impact in the years to come. Low latency 5G networks can help resolve the challenges caused by the absence of reliable networks and can facilitate more high-capacity services. Private 5G networks can offset the high cost of mobility with economy-boosting activities.
9. Data lakes enable new analytic models
Data lakes are storage repositories that contain quantitative and qualitative data. Data lakes enable new models of predictive analytics and help unlock the potential of digital twins. Since they can hold enormous amounts of data, organizations can leverage the insights, including discrete data points to create a ‘digital twin’ of each customer. You can gain access to customer details such as demographic data, browsing behavior, purchasing patterns, and payment preferences. The ability to gauge qualitative data will increase the demand for robust ERP systems and AI-driven automation. This would mean that businesses should acquire the skills to set up, manage, and secure their data lakes and build data models that will help extract the insights they require for ongoing innovation.
10. Sophisticated sentiment analysis for real-time insights
Sentiment analysis uses techniques to interpret and classify the ‘mood’ of your customers. Sophisticated sentiment analytical tools allow businesses to recognize the customers’ sentiment towards a product, a service, or a brand. It can also be used by the businesses to respond to the feedback with a proactive approach. It allows businesses to understand how people are feeling in real-time and proactively position products, services, and visual merchandise. In the future, this technology will be used in addition to tools such as conversation intelligence, text analysis, and natural language processing. It can enable innovation on demand. Businesses will find it advantageous to incorporate sentimental analysis into their data analysis in the areas of customer feedback, marketing, CRM, and e-commerce.
11. Micro-fulfillment for e-commerce fulfillment
Robotics has turned around numerous industries except for a few sectors such as grocery retail. With the new robotic application termed micro-fulfillment, grocery retailing will no longer remain the same. Micro fulfillment allows you to convert personal garages into storage spaces and can operate 5-10% more economically than a brick and mortar store. This rising trend is captured in tiny, urban warehouses that leverage high-end automated systems to complete online orders with greater efficiency. These centers are used to deliver goods rapidly, in as fast as an hour. Robotic arms can be used to pick up items. The application of robotics downstream at a ‘hyper-local’ level will disrupt the grocery retail industry. This technology trend will unlock wider access to food and a better customer proposition such as product availability, speed, and cost.
How Technology will Continue to Disrupt Businesses?
The transformative potential of innovative technology trends is exciting businesses today. It will change the way businesses plan, start, manage, operate, market, and make a profit. The next couple of years will see profound improvements in addressing most business challenges as organizations develop and deploy solutions that will deliver tangible results. Driverless cars, 3d printing, artificial and business intelligence tools, robotics, and IoT are just a few examples of how technology has transformed or disrupted the business world and has the potential to continue to disrupt.
The COVID-19 pandemic has necessitated worldwide collaboration, transparency of data, and speed at the highest levels to navigate the human and business impacts. Now is the time to recognize and support the opportunities for technology trends that can best and most rapidly address business challenges. Partner with us to capitalize on these trends and scale your business quickly.