Whether you realize it or no Fintech is likely a huge part of your life. Right from depositing a check by clicking a picture and depositing it to the bank account, to paying your bill at the restaurant by tapping your phone and heading back home in an Uber where you book a cab online and pay directly through the app.
According to the Global Fintech Adoption Index 2019, a study by Ernst & Young adoption of Fintech services has steadily moved up from 16 % in 2015 to 64 % in 2019, and the number has obviously grown in 2020 due to the pandemic and social distancing guidelines as a new norm. If you are still wondering what Fintech is, here is a brief understanding.
Financial Technology abbreviated as Fintech is an innovative technology that aims to transform the traditional way of dealing with finances with the help of improved financial services.
Smart Chip technology is basically the smart chip ATM card, which minimizes the financial impact due to mishaps. The EVM technology embedded in the chip works on a one-time password formula for each transaction, hence improves the security aspects as the code is valid only for one operation. In case your card is stolen, it will not be of any use to them.
On the other side, banks prefer their customers to memorize their pin and do not share it with anyone to avoid any mishaps. No wonder banks are working hard to match up to something which provides top-notch security to its customers.
Banks still use the magnetic stripe technology that requires the same pin for all the transactions, hence compromising the safety and making it susceptible to fraud.
A biometric sensor is one of the inventions of Fintech. Biometric sensors and Iris scanners are the two technologies by Fintech which ATMs are using. These are advanced to a level whereas one need not carry a plastic card and need not require remembering the pin.
Also, these biometric-enabled ATMs use integrated mobile apps, fingerprint sensors, and eye and palm to identify the account owner. To make sure there is no kind of single mistake or error in customer recognition, ATMs also use micro-veins. Biometric technology gives a sigh of relief to those who get panic even with the thought of losing their ATM card. Biometric makes sure they can access their funds even after losing their card.
The online transaction ensures an efficient electronic payment system. These electronic payments include payment of insurance premiums, social security, salary, payment of loans, bills, etc.
Fintech has made a considerable contribution to transforming traditional banking systems from one branch to various other digital channels, e.g., social, online, and mobile. This scenario eliminates the need to be dependent on banks and specific branches that offer certain functions. It results in banks adopting the omnichannel option and reducing their number of branches.
Chatbots have become popular when it comes to customer service; this machine learning-enabled bots efficiently streamlines client interactions by handling queries as humans and directing the query to the right department.
Many banks have made Chatbots an integral part of their process and programmed it to advise customers on investment plans or advise customers with the relevant information they are looking for, hence increasing overall customer satisfaction.
AI and Machine Learning make an excellent combination for detecting suspicious activities/ transactions. These AI-enabled fraud detection software generate an alert when they sense a potential fraud transaction, later the matter is handled for further investigation by humans.
With the technology becoming dynamic and scammers becoming smart, fraud detection is becoming difficult, putting customer data at risk. To address this issue, banks have adopted AI along with a machine learning-driven statistical model to leverage historical data to identify the pattern of fraud attacks. It also includes a data aggregation platform to track data and find out unstructured transactions. It further enables process automation to transform the AML operations, hence reducing the human effort to 50%.
To name a few Samsung Pay, PayPal, Android Pay, and Apple Pay, some of the giants in the e-wallet world have widely used people to pay utility bills, booking tickets, paying on for purchases, and ordering food, etc.
Apart from these, many brands and e-commerce websites have come up with their own e-wallets, such as Starbucks/ Amazon/ Walmart Pay. These brands attract users by giving them an irresistible offer, cash backs, and reward points.
Banks have realized the potential in e-wallet due to its immense popularity and success. As a result, in collaboration with brands, many banks have come up with great e-wallet offers to lure customers.
The boost in the total number of smartphone users is spoiled with the choices they are offered at the convenience of their location with a few taps. This scenario has forced banks to offer mobile banking applications that provide convenient Fintech banking services.
As a result, nowadays, most banks have a mobile app that is user-friendly and has some fantastic features, like recognizing the user’s fingerprint. These apps work seamlessly without the need for any biometric app or hardware.
Mobile Apps have been everyone’s preferred choice for receiving and transferring funds and performing payment functions, right through the mobile banking app.
This scenario clearly shows that the role of Fintech in the banking industry is commendable, enabling banks to offer customer safe and user-friendly banking experience. Customers have embraced technology and demand more of it for smooth financial transactions, and the question still remains how are banks responding to Fintech?
Fintech simply uses an internet connection, mobile, and cloud to provide financial services. A few Fintech banking examples include:
Mobile wallets are the latest trend as people prefer to make payments without carrying cash/ card.
Apps such as Venmo, PayPal allows this feature.
Bitcoins have been famous as an alternative to currencies.
Mobile-only banks such as Ally and Marcus.
Such as Ketto- allow individuals to raise funds from people rather than knocking investor’s doors.
Websites or Apps that will enable people to get loans from friends or other individuals rather than from banks and traditional lenders.
Fintech makes it easy for people to get an insurance quote from various suppliers at once.
These apps are directly connected to people’s bank accounts and credit cards to keep track of the income and spending.
The swift evolution of Fintech has transformed how financial institutions used to function – banks, insurers, and asset management companies have been facing a new reality.
Products and services that were used for decades can no longer be used in the digital world. To keep up with the growing or maturing demand of customers and trends, banks have reinvented their processes. Apart from banks, many tech giants, retailers, and global organizations are looking forward to solutions to provide financial services as per their customer’s demands.
Fintech is not a rival for traditional financial institutions. In fact, Fintech in banking acts as a facilitator and not a competitor. It wants to work with banks hand-in-hand and grow as partners.
Banks and the credit unions and also the new Fintech providers are committed to providing a next-level banking experience. The advantages of Fintech in banking outweigh the challenges that face it. The partnership between banks and Fintech will create even better solutions and skills for the customers than the organization can offer on its own. Both the bank and Fintech together will surely create a new paradigm for every individual.
Technostacks is a leading FinTech app development company and if you want to develop a Fintech solution then you can contact us, email us on email@example.com or call us on +919909012616. We will give you the best assistance for your app development.
One sector that has been deeply impacted by wearable technology, it is the health domain. Over time, medicine and healthcare have matured through time. Some of the credit goes to wearable devices, the thrill which medical science can do these days are made even trendier. The wearable market is capable, as the number of connected wearable devices globally is likely to mature to more than 1.1 billion in the year 2022, while the telecom technology shifts right from 4G to 5G. Several Application Development Companies are building apps principally to run wearable in healthcare and other industries.
As discussed, different wearables have been accepted in an extensive array of domains; however, they have their maximum perspective in healthcare. The increasing usage, as well as the growing importance of wearable technology in the medical field, helps to address healthcare costs, help aging populations, and assist in solving the complexities of many chronic diseases.
Wearable technology depends on diverse sensor styles. The standard versions of wearable tech are smartwatches and wrist bands. They are found and utilized in clothing or jewelry, along with other accessories. Such wearable take an entirely innovative level of tracking, monitoring, diagnosis, and medical treatment. Many organizations are realizing the impact of wearable technology in healthcare and utilizing this technology because of its advantages and asking application development companies to build wearable apps.
Fitness trackers are some of the straightforward and most unique examples of wearable technology. These wrist bands have sensors to calculate and measure the physical activities. They also measure the heart levels of the device user. By connecting to a choice of smartphone apps, they provide users with medical, health as well as fitness suggestions.
Fitbit Flex was one of the foremost fitness trackers for standard users. With the five indicator lights, people were quite attracted by its silky look and capability to monitor progress during the whole day. Later a variety of wearable fitness trackers and wearable apps are built by the application development companies across the world.
HeartGuide was the first blood pressure monitor wearable device that was released in the year 2019. The wearable look to be a popular smartwatch can effectively monitor blood pressure and day to day activities, such as the number of actions taken, distance travelled, and how many calories you burned in a definite period.
Biosensors are wearable devices that are budding and utterly diverse from wristbands as well as smartwatches. The wearable biosensor comes in use as an auto-adhesive patch that enables patients to move around while calculating pulse, breathing rate, heart rate, and temperature details.
The advanced wearable smartwatches are not only utilized to track heart rate, sleeping patterns but come with many more health statistics that are helpful for patients. It is specially developed for offering support, and patients gain from such devices. This wearable is predominantly the precise technology for people with persistent chronic conditions needing uninterrupted monitoring and tracking of their health conditions.
The wearable devices make it simpler to collect health and medical data on a regular basis so that the primary disease can be tracked correctly. Patches devices can be mounted right on the skin surfaces to bring together health information. Such patches can display medical data in real-time in order to represent a clear pattern. If a patient requires monitoring or tracking in quick time intervals or every few hours, the use of such wearable patches is a substitute to frequent or continuous hospitalization.
Trips to the hospital will take efforts, time, and money for the patient’s family. It not only involves treatment fees, but they are also heavily charged with periodic medical consultation fees. Innovative wearable applications and devices built by the app development agencies trim down costs for health treatments. This scenario applies more than ever to patients with medical conditions such as diabetes, hypertension, and others who need customary assessments. Effectual health diagnosis would also lend a hand to enable care and thus lessen overall treatment costs and regular technical hitches to some extent.
Doctors are assisted with the regular diagnosis of the patients’ issues if they have access to quick and real-time data. The gathering information helps determine the sternness of the patient’s condition and thus facilitates doctors and medical staff in prioritizing medical cases easily. In many cases, wearable applications like Google Glass have been found to be extremely helpful for some healthcare surgeries. The device assists to do CT scanning and ultrasound images to get a correct picture of the health-related targeted zones.
While we all know that the smartphone element ecosystem played a significant role in getting the first wearable to market, the next wave of modernization is being steered by silicon.
Not only is Apple creating exclusive processors and sensors right into the Apple Watch; however, the company is also utilizing its own chips for the execution of Bluetooth in AirPod wireless headphones. Different companies are coming together with their own products for advancing healthcare domains with wearable technologies. Product makers that cannot compete with Apple openly for smartwatch processors are turning to Qualcomm.
Ear-worn devices are wearable technologies built to improve hearing. While the market remains in the near to the beginning adoption phase, hearables provide many possibilities in the areas of healthcare as well as fitness. Hearables can perform a diversity of functions starting from heart rate calculations to sleep tracking, steps as well as calorie monitoring, and they are perfect for brain wave analysis. The blending of Amazon’s Alexa, Google Assistant, Apple’s Siri, and IBM’s Watson is turning hearables more intelligent.
As per a survey by the World Economic Forum (WEF), around 92 percent of country leaders think that 10 percent of people will wear internet-connected clothes by the year 2025. The marketplaces for smart clothing are in the primary experimental stages with some of the fitness and healthcare products, comprising NadiX yoga leggings, Ambiotex intelligent shirts, and Sensoria socks, accessible commercially.
With enhancing the adoption rate in most of the mature markets, both the acceptance and competition in the wearable technology domain are immensely increasing. With miniaturization and lowered prices of device development, the scenario will generate a surge for wearable sensors in medical and healthcare areas, leading to substantial market growth.
We saw wearable devices used in healthcare and how the healthcare industry is transforming with the help of wearable devices.
Technostacks is a leading wearable app development company and has exceptional experience in developing healthcare apps. Our technology teams have even developed advanced HIPAA compliant applications for our global clients. Let’s connect to discuss your app development ideas in detail.
Enterprise Mobility Solution is a budding trend that is rapidly grasped by the global market to enhance the productivity irrespective of the workspace. The organizations who consider mobile application as a top priority are experiencing more numbers of work hours yearly on an average. With the latest trends in digital transformation, integrated innovations and cloud computation, the enterprise mobility is going to play a significant role in 2019.
With open and mobile data sources and application, enterprise mobility solutions become more vulnerable to the security breach. Effective threat management, hybrid solution for hosting critical apps and control over the devices and cloud would come as a responsibility with the latest trends. Moving towards 2019, we will see security measures like biometric authentication to access data, device or services, tracking device information and location to set the security threshold of the workflows and device protection against malware and viruses. Especially, Android and cross-platform enterprise application would get more IT focus.
For tapping into the latest trend, you need sound professionals as your development partners and Technostacks is the optimum choice in this context. Our experience and expertise both allow you to leverage the latest tools and technology in the cost-effective manner to get highly intuitive Enterprise Mobility Solutions.
CEBIT Thailand is ASEAN’s business platform, festival for innovation and digitization. The event will be held from October 18 to 20 at IMPACT Exhibition and Convention Centre in Muang Thong Thani. It is hosted by the Ministry of Digital Economy & Society and the Minister of Science and Technology (TBC). The event will pull technology professionals in Southeast Asia, from varied industries demonstrating the entire breadth of the technology sector.
CEBIT ASEAN will feature an exhibition and a conference programme. Admission to the CEBIT ASEAN THAILAND is constrained to trade professionals only. And the dress code for entry is firmly business-wear.
There has never been a more imperative time to do business in the swiftly evolving world of technology and this event offers boundless possibilities for businesses wishing to be at the front of innovation, technology, infrastructure and culture. It will cover Cloud Technology, IT Security, Big Data, IOT, Software and Hardware Solutions; to Emerging Technologies.
And will attract technology professionals and business leaders from assorted industries including financial services, healthcare and government, manufacturing and media, indicative of the complete breadth of the technology sector.
Technostacks, who specializes in mobile app development, software development, web and e-commerce solutions, digital marketing and cloud based services will exhibit at CEBIT ASEAN Thailand 2018 at Hall 7-8, IMPACT Exhibition & Convention Centre, Bangkok, Thailand.
The company has its business presence in the USA, Germany, UK and India. It works on advanced technologies covering Angular JS & Node JS, Liferay Development, .Net Development, IOT (Internet of Things), AR, VR, ML, AI, and Salesforce. The company is highly committed to supporting digital industry development and progression. It innovates solutions in Augmented Reality, Embedded System, Wearables, Beacons (Context Awareness), Blueetooth low energy (BLE) Artificial Intelligence as well as in Machine Learning.
The event will offer an assortment of networking opportunities through personal meetings. Technostacks will be a focus for technology professionals and business leaders from varied industries including finance, medical, manufacturing, media and other technology domains. Businesses or individuals looking for any category of IT solutions are welcome to connect with us. So, let’s fix up a meeting for your IT requirements at below contact details.
If your organization is in the technology business and/or digitization you should reserve your booth today itself!
Technostacks, reputed IT Company in India, has successfully carved its niche within a few years of its inception….