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Author: Abhishek Nag

  • How are super apps helping the banking sector?

    How are super apps helping the banking sector?

    How are super apps helping the banking sector

    In recent days, super apps have brought revolutionary changes in the banking sector. This practice of using super apps has been very popular in Southeast Asia like Grab and Gojek, which enable you to manage everything, including housekeeping and insurance. In India, too, this trend is starting to accelerate after the surge of the pandemic. 

    Several financial services and banks are trying their utmost to develop a one-stop technology that can meet all the financial and banking requirements of their clients. According to experts, the traditional banking apps will not be in use anymore as customers are searching for a faster, better, and easier experience of financial management, including some other important services.

    Those super apps can help users to streamline their regular financial functions like booking cabs, paying phone bills, booking movie tickets, buying groceries, etc., onto a single platform that they can access anytime, anywhere, while bearing very low operating costs.

    How can these super-apps help the banking and finance sector?

    Super-apps can integrate financial services into their platforms and offer a seamless experience for their customers. Thus, many users bypass those banking apps and just choose to use those super-apps, which are more integrated. Thus, customers can reduce their dependence on credit cards and cash. In this way, those super apps can help users to streamline their everyday functions from anywhere and at anytime.

    Super apps can enable the banking sector to enhance and improve their analytics and data management capabilities and even share them across different service areas of the business to build a better view of their target audience.

    Super apps allow a rich flow of information between entities with the help of APIs for third-party integrations, open data architecture, and CX-based offerings that are enhanced. Those apps even support the procedure of digital onboarding by unified authentication, real-time KYC, facial recognition and biometrics, and some other AI-powered features that enable self-service for their customers.

    With the help of these super apps, banks can shift their focus on building long-term relationships with their customers that can lead to higher rates of customer satisfaction and acquisition and eventually strengthen brand loyalty.

    Thus, with the growing popularity of these super apps, they could become the most reliable and powerful source of competition for banks than either Fintechs or neobanks. Thus, convincing customers to leave those super apps and use the standalone digital banking app has become nearly impossible.

    How can open banking help super apps?

    The rise of Open Banking worldwide is powering those super apps to use data from various sources as per the needs of the customers and deliver the right financial products. This will offer the platforms a greater scope to offer a wide range of banking and financial services and even target the right kind of service to each user.

    Ways through which Open Banking can help super-apps

    • Access to everything on one platform

    Once the super-app can use Open Banking data, users can check their account balances, make payments, and monitor their transactions from the digital wallet of the app. Thus, it can reduce the need to access the own app of a bank.

    • Enhanced personalization

    The Open Banking system can develop an environment that can help platforms to leverage the data of the users and create some enhanced and personalized experiences for them.

    • Advanced technology

    Machine learning, artificial intelligence, and analytics can leverage data related to Open Banking that can build products that are customer-relevant and empower a culture of data-driven decision-making across the ecosystem of the super apps.

    Well-known super apps

    Kotak Bank-KayMall

    KeyMall is a one-stop online mall of Kotak Mahindra Bank that can meet all the shopping and travel needs of the customers. This app enables customers to book bus and flight tickets and book hotel rooms. Customers can even shop online from Amazon and Flipkart with this super app.

    SBI-YONO

    The YONO app of SBI can offer all kinds of banking and financial services offered by SBI within just a single app and offer convenience to its users. The customers of SBI can integrate all of their services and products like SBI Card, SBI Mutual Fund, SBI Securities and Life Insurance with the help of the bank’s website and this app.

    Conclusion

    Therefore, in this era of technology, these super apps are enabling the banking and financial sectors to perform their tasks and satisfying their customers in a hassle-free way. If you need help with any of your software needs in Fintech segment or across other verticals, please feel free to contact us right away!

  • How does Data Warehouse Help in Travel Management

    How does Data Warehouse Help in Travel Management

    How does Data Warehouse Help in Travel Management

    A data warehouse or DWH helps in decision making. In this blog, we will see how it applies in the business travel sector. It is based on the collection and consolidation of data and obtaining relevant information for practical applications.

    Data Warehouse Role in Travel Management

    By data warehouse, we refer to the collection point where various data gather from different sources. It basically forms the foundation for decision making, a point where negotiations are made and successes are measured. DWH is also the point of optimization of processes. With this, businesses are successful in achieving efficiency and making substantial savings. 

    Let us now talk about the travel field. If we look at it from a technical angle, a travel manager has nothing to do with the data warehouse. Then, why are we discussing it here? Well, with the help of a data warehouse, the manager can get crucial information; and this will help him profitably to improve the company’s results. With this information, he will also be able to provide the best possible support for his company’s travellers. However, it is imperative to ensure that all relevant data pools are connected to the data warehouse.

    What data should the Data Warehouse keep?

    The answer to this question depends on what insights you are looking to gain from your warehouse. Usually in the field of travel management, the following data are mostly needed.

    1. Booking data from multiple reservation channels – including both bookings made through travel agencies and also through the company directly.
    2. All personal and organizational data from the HR system
    3. All accounting data of the payment providers
    4. All data from the travel expense accounting systems
    5. Other data like exchange rate, geographic data for international travellers.

    What to watch out for while setting up your travel data warehouse? 

    There are a few important things that you must keep in your mind when you are planning to set up a data warehouse for your travel needs. One, you must select relevant data pots. This is because you can gain the right insights only if you have the right data. Next, you need to have automated processes. This will bring down manual efforts and errors too. 

    One crucial thing to keep in mind is data security. Since personal and business – both types of data will be involved here, you need to ensure that the ware house is absolutely secure. You should also give importance to data anonymization. Besides this, you need to make sure that whatever tools you are choosing for reports, monitoring and analysis- they should all be easily operable by all the users. 

    It is a huge benefit if he data warehouse is provided by an independent service provider. The advantage it gives you is the flexibility to react to changes. 

    What all information can you obtain from your data warehouse? 

    Speaking in more general terms, a data warehouse is one of the most basic steps when it comes to company’s strategy for business intelligence. It helps to make well-founded business decisions. And, it is a great option to gain results for performance management. In addition to this, a data warehouse also provides  important data for negotiating with the relevant service providers. In the travel needs, it is mainly used for

    1. Real time analyses such as location analysis, benchmarks etc.
    2. Recurring expenses reporting such as expenses per region or supplier etc.
    3. Reporting of number of travelers or number of bookings for region.
    4. Monitoring and controlling specifications such as KPI target achievement, travel policy compliance, total budget exceeding warning and so on.
    5. Providing data to other service providers like companies that look at travel risk management
    6. Forecasts and other analysis to improve the overall system

    As we see, the information that you can get from the data of the data warehouse can help in internal reporting to management and in overall optimization of current processes. It also assists in behavioral changes (e.g. with a view to sustainability or savings) and serves as a basis for negotiations with service providers. The data from the warehouse can also act as a data pool for further services, and as a decision-guidance for further improving the overall processes and systems.

    Conclusion

    Having a data warehouse greatly helps in travel management systems. The benefits of a good data warehouse are unending, as we discussed above. At EOV, we have been actively engaged in making the travel industry more tech-savvy and with our innovative products, our travel partners are soaring high! If you would also like to benefit from technology in travel industry, get in touch with us now!

  • How digital transformation helps data analytics in finance?

    How digital transformation helps data analytics in finance?

    Today, digital transformation plays a major role in revolutionizing industries. The finance sector is no exception. With the right digital transformation strategy, companies are able to stay ahead of their competition and win markets. Talking of the finance sector, digital transformation aids benefits like risk assessment, personalization, and forecasting.

    In this blog, we will cover how digital transformation facilitates data analytics in finance. We’ll also discuss how implementation of analytics tools impacts organizations’ entire business from their processes to the decision-making and eventually, their customer experience.

    Finance sector and digital transformation

    As of this day, companies emphasize more on customer experience than customer service. By customer experience, we mean enabling real-time notifications, getting queries answered instantly by a chatbot, or accessing accounts, etc. With greater customer satisfaction, firms can expect higher returns on revenue and profitability. This is how digital transformation helps, in a nutshell. 

    So, how do finance companies benefit? With the right digital tools and technologies, finance firms will be able to automate all processes that saves time and gives better customer satisfaction. Few examples include KYC verification, procurement orders, reporting, invoice generation etc.

    How digital transformation helps data analytics in finance?

    With data analytics tools in place, you can process huge quantities of data by using already accessible algorithms and analytics methods. This will help you in better understanding of the collected data. With this knowledge, you can curate more effective digital strategies and gain better success.

    Application areas of data analytics in finance include competitive analysis, forecasting, consumer analytics, etc. Each of these areas can be further optimized by the right digitization strategy,

    Benefits of data analytics in the finance sector

    As the finance industry embraces digital transformation, data analytics is becoming indispensable. In this section of the blog, we will have a look at a few of the most promising benefits of data analytics in financial services companies. 

    Get real-time analytics

    With data analysis, companies can gain access to and be able to analyze real-time data. And, real-time analytics are highly crucial in the finance industry. In the finance sector, data analytics helps in enhancing profitability and reducing customer churn. With real time data, financial firms can act on data like market prices and trading information without disrupting the user’s experience. 

    Data security and preventing frauds

    Another great benefit of data analytics in finance is fraud prevention. With the use of digital technologies, companies can predict fraudulent behaviors in real-time. This will help in detecting, mitigating them and adapting to new threats. In recent times, there has been a rise in the total online financial services that customers use. As such, it is imperative that financial institutions use Data Analytics and fraud management to protect clients’ data and finances.

    Personalization

    By applying data analytics in finance, organizations get a chance to know their clients in greater detail. This includes a fair idea of the customers’ spending habits, savings, investment opportunities, etc. Having this information can help the financial services firms to offer the best and most profitable plan of action to their customers.

    Financial forecasting

    Financial forecasting refers to the process of predicting financial trends based on real-time data. With financial forecasting, companies can make well-informed decisions on how to use that knowledge and stay ahead of their competition. It makes way for financial companies to create the right strategy for products, services, investments, etc. Apart from this, companies can guide their customers about making the right financial decisions, thanks to the implemented financial forecasting tools.

    Automating the tasks

    With task automation, it becomes much easier and quicker to handle and analyze data. This ensure much higher productivity and in turn, enhances customer satisfaction. Task automation will enable clients to perform a wide range of activities online and getting fields filled in automatically. Such practices help them save time and have greater satisfaction with using your products. With modernization and automation, you can speed up reports generation and get broader access to the information.

    Conclusion

    In the past few years, data analytics in finance has become an imperative necessity. More and more companies are opting for digital transformation to use data analytics. This further helps to create predictions, follow trends, analyze performance, and assess risk. You can contact us today, to know more of how we have helped finance companies in their digital transformation journey! We are just a call away! 

  • Best cross-platform app development frameworks

    Best cross-platform app development frameworks

    Mobile applications are becoming crucial for many businesses across several sectors. Such programs must function flawlessly across several platforms, including iOS, Android, and Windows. You may rapidly and cheaply construct such solutions by utilizing the cross-platform mobile development methodology.

    Cross-Platform App Development: What Is It?

    Cross-platform mobile app development, also known as hybrid mobile app development, is a methodology that enables developers to create mobile solutions that are concurrently compatible with a number of platforms and operating systems (Windows, Android, iOS). 

    Because they blend native code with autonomous code that is appropriate for several platforms, hybrid apps have a native appearance and feel. By reusing previously written code, programmers enable the launching of new products.

    Cross-Platform vs. Native Apps

    For constructing mobile solutions, there are two methods: native and hybrid/cross-platform. Depending on your goals and usage case, they might both be suitable for your project and have pros and cons. Tools and computer languages created particularly for one platform are used in native development. They are innovative in both the hardware and the software.

    Specific OS requirements serve as guidance for developers when producing native applications. A native app may utilize all of the features and functionalities offered by a target computing device after it has been installed. A native program cannot be utilized on other platforms, which is a drawback. 

    Top Four Frameworks for Developing cross-platform Mobile Apps

    The software development process and deliverables might change based on the tool you choose. The correct framework must be chosen in order to construct applications that resemble native ones. The top five platforms for cross-platform mobile development, which are more often used, have been assembled.

    React Native

    One of the best cross-platform mobile development platforms is React Native. It is designed for mobile devices and is built on React, one of the greatest JavaScript libraries for building user interfaces. With React Native, you can create cross-platform applications using a universal JavaScript language and also native platform-specific languages like Java, Swift, or C.

    Xamarin

    A popular open-source, free platform for creating hybrid mobile apps is Xamarin. Any mobile platform may employ Xamarin-based applications, which offer the same speed and user interface as native ones. This well-known Microsoft cross-platform mobile application framework is included with Visual Studio and is accessible under the MIT license. 

    It depends on the C# programming language and the.NET framework. These elements are part of its development toolkit:

    • A Xamarin SDK
    • Visual Studio/Xamarin Studio 
    • Xamarin
    • Creating native Mac applications on a Mac
    • Cloud Xamarin Test

    Sencha 

    Because of the tool’s foundation in contemporary web technologies like HTML5, JavaScript, and CSS, programmers may create cross-platform web as well as mobile applications that are data-intensive. 

    The service, which was formerly known as Sencha Touch, is no longer offered and has been combined with Ext JS to become Sencha Ext JS. It provides a selection of tools and themes that boost output and make optimization, deployment, design, theme creation, and debugging easier.

    Ionic

    Ionic is unquestionably one of the greatest hybrid app frameworks because it combines the desired qualities: it is open-source, simple to maintain, extensible, and easy to read. Ionic offers a collection of HTML, CSS, and JS components that are mobile-optimized and aid in the creation of interactive apps. 

    Ionic includes a wide range of capabilities and tools, such as native-style mobile UI components and layouts, out-of-the-box compatibility for material design, and more.

    Cross-Platform Mobile Development: Pros and Cons

    Due to new technology, cross-platform mobile application development is always changing, becoming more active and alluring to developers.

    Challenges

    • Performance may be impacted by the hybrid solutions’ more complex code, which blends native and non-native components.
    • All native-only capabilities of portable devices, such as sophisticated character animation or 3D effects, cannot be supported by cross-platform apps. Limited functionality and a worsening app design are the effects of this.
    • Native solutions may begin utilizing new capabilities as soon as Google and Apple update the Android and iOS operating systems. Hybrid apps, however, must wait until these upgrades have been modified to operate with the selected cross-platform framework. Consequently, there will always be a delay in updating.

    Benefits

    • A hybrid application employs a single shareable code that helps you stay within your budget as opposed to developing separate native applications for each platform, which is expensive.
    • Since just one programming team is needed to create and maintain an app, costs are decreased. Furthermore, understanding the fundamentals of major languages is sufficient; the rest will be handled by development tools.
    • Cross-platform apps’ native design and feel significantly enhance the user experience.
    • For businesses looking to draw in consumers of different mobile devices and get their products to market more quickly and affordably, hybrid development is unquestionably the way to go.

    In order to stay competitive, the majority of businesses now develop mobile editions of their websites. The best option for organizations is cross-platform development since it enables them to quickly produce dependable programs that are accessible with all client devices. Knowing more about hybrid application development frameworks can help you create the ideal app.

    Confused which is the right framework for you? Ask us for a free consultation today! And, know how we can help you build the right apps. Contact us now!

  • 5 tips for choosing the right mobile app development framework

    5 tips for choosing the right mobile app development framework

    One of the most often asked topics in recent years is “Which framework is the ideal match for mobile app development?” It doesn’t matter if you need a gaming app or a retail app—what matters is that you have the correct solution in place to help you realize your company goals.

    We all have access to applications, and we spend 70% of our day using them to satisfy our requirements. And even you must concur with this assertion. You may have wondered, though, “how startups evolved digitally.” What supports online app development for mobile devices? The finest mobile app experiences have always been delivered by using the appropriate development tools, libraries, and frameworks while creating a unique app.

    What Is a Framework for Mobile App Development?

    A framework provides an essential framework for the execution of programs. These are the set of tools that aid app developers in creating the most reliable, secure, and effective applications. You also need to be aware of the many categories of applications before you start narrowing down your choices.

    Web Apps

    The main distinction between web applications and native apps is that web apps may be accessed using both internet browsers and mobile apps. They are browser-based responsive applications created in programming languages like CSS and JavaScript.

    Native Apps

    Such programs are mostly made for mobile operating systems and gadgets. An app may be created using native coding both for iOS and Android.

    Choosing the right framework

    Let’s examine the elements that might assist you in choosing the finest framework for developing mobile applications:

    To satisfy the needs of your audience, research is essential.

    You need a thorough awareness of the industry, the community you want to reach, the needs of today’s consumers, and the most recent trends if you want to create a top-notch mobile app. Having thorough market research may help you offer insightful explanations of how well-known apps are performing in the marketplace. This makes it much easier for you to handle consumer issues.

    Next, it’s important to keep up with the most recent issues and innovations in the mobile sector. This will undoubtedly assist you in creating an application that is strong and highlighted enough to produce excellent results.

    The average cost of developing a mobile application

    One of the key considerations when engaging in mobile application solutions is cost. It depends on whether you’re employing an internal developer or an outside contractor. The sort of app you want, the features you want, and the in-app functionalities you want will all depend on your industry and the cost of development.

    Features That Will Strengthen Your App

    Every feature you provide in your app will operate differently on Android and iOS. Let’s say you decide on the cross-platform application. In such a scenario, characteristics like quick loading times, easy navigation, adaptability, security features, clever search filters, notifications/alerts, etc., should be on your list.

    Speed consideration is still another important element.

    When choosing a framework, an app’s speed is a key consideration. Like websites, apps must operate quickly enough to keep up with user demand. For usability, almost all program types require maximum performance. Swift and Java-created applications have better performance and load pages more quickly.

    Why is it crucial to target the right group of people?

    They are the people who your company will provide with goods or services.

    Finding the appropriate audience is essential when choosing a suitable framework. The choice of the target market is absolutely essential to a mobile app’s success.

    Apple users are less likely to install software than smartphone users.

    When choosing a mobile app framework, a variety of industry norms should be taken into account. Let’s talk about a few of them:

    Consideration of Speed

    Mobile applications, both native and cross-platform, must operate as quickly and effectively as web pages. This is necessary for practically all apps, but it’s especially important for gaming apps because they need a particular level of power and performance to function.

    Support for Platform Features

    Many of the mobile apps available today are cross-platform, meaning they can run on several platforms without needing to be specifically coded for each one.

    Security Hazard

    Mobile applications, which utilize a mix of security flaws, Wi-Fi security, and mobile network security, are steadily becoming more popular in an era of escalating data breaches.

    Following Launch Updates

    Select a framework that streamlines all future, routine maintenance workflows of the app once it is deployed when deciding on the best mobile application framework to utilize.

    Boost Efficiency

    The software application framework should be chosen, and working within the parameters of a system’s thin code pattern may assist developers in creating the most efficient mobile applications.

    Conclusion

    Choosing a framework for mobile application development is a crucial step that requires considering a lot of different factors. The most important aspects of developing a mobile app include the app’s purpose, its requirements, and major challenges, as well as the most notable advantages of the framework. If you have any mobile app development queries or requirements, please feel free to drop us a text rightaway!

  • Smartphones in 2025? The Destiny of Mobile Apps

    Smartphones in 2025? The Destiny of Mobile Apps

    The Destiny of Mobile Apps

    By 2025, recurring revenue models are expected to account for 21% of B2C income, triggering significant changes in strategy, spending, and channels. Businesses are expected to migrate to omnichannel marketing in order to magnify their brand and improve the whole consumer experience, including applications playing a key part.

    There is a rising desire for interesting, real-time mobile experiences, ranging from shopping online, restaurant food, and electronic COVID passports to exercise applications, video streaming, music, and much more.

    The goal must be to make the user journey as easy and convenient as possible across all devices. As a result, it’s critical for device makers and cell operators to keep up with the latest developments in the mobile app industry.

    Your smartphone is now a financial advisor, navigator, travel companion, and shopping cart, in addition to a camera, wearable device, and store finder. You may also ask it any inquiry you want about anything you’re curious about.

    It’s been said that it can also make phone calls. We hypnotically glance at our phones when strolling, riding, eating, consuming, exercising, and watching TV because of its genie-like features. However, while your smartphone is the most inventive device you’ve ever owned, you’re unintentionally jeopardizing its performance by piling on unnecessary features and content to an already overburdened device.

    Throughout this, we’re bombarded with notifications, messages, advertisements, different ring tones, queries, and cautions that our phone’s operating system will upgrade immediately overnight, but only if it’s plugged in.

    How Smartphones have changed?

    Let us have a look at how technology has had an impact on smartphones today.

    Instant previews are available

    People don’t want to wait before they can get to the stuff they want. New technologies, like iOS Clips as well as Android Instant Apps, will permit users to try out a portion of an app without having to download it.

    Assuring that these previews provide an appropriate lot of exposure and inducement will play a critical role in driving new product adoption, making the market even more competitive.

    Technology that isn’t touched

    Users are growing more accustomed to gadgets that don’t require them to be touched in order to do a task; thus, it’s possible that corporations will begin to spend heavily on voice assistance technologies.

    The Internet of Things (IoT)

    Manufacturers are increasingly capable of bringing technology that was previously exclusively accessible in high-end smartphones to their mid-range and lower-end products. This enables IoT-enabled application developers to provide a more personalized experience for consumers.

    As the technology available to manufacturers expands, and the attractiveness of smart home devices grows, demand for IoT with applications to interact across all home and workplace devices, as well as in automobiles, is anticipated to rise.

    By adopting 5G, developers and providers will be able to utilize tools like interactive multimedia better. Developers may employ these emerging innovations to provide a significantly better experience to customers, thanks to 5G’s fast speed and low latency.

    As smartphone friction increases, this transition in use cases will accelerate

    The current developments are a well-known chapter in the history of technology. The minicomputer delegated specific office programs to mainframes, much as PCs and laptops delegated personal productivity tools to the minicomputer.

    Wearables like Fitbit are now more effective cardio as well as other wellness metrics monitors than cellphones. Voice assistants and customized virtual personal assistants are shown to be more capable than the overworked phone in managing the home, teaching us French, and effortlessly playing music.

    Smartphones are perpetuating cognitive overload as they begin to crumble under their own weight (due to our overdependence on them). As a consequence, the smartphone’s current lifetime is coming to an end. Smartphones aren’t going away; instead, they’ll play a different function at the network’s edge.

    Regardless of whether the device is used, AI approaches like machine learning and advanced analytical minimize effort and improve the quality of user engagement. As a corollary, a new sort of smart network is forming, with new plug-and-play gadgets displacing smartphones as Uber devices.

    Conclusion

    Predicting the future is really tough. It’s much more challenging when it refers to smartphones because of the rapid rate at which new functions are launched every day. However, based on projected technological improvements, we have discussed the destiny of mobile apps you may predict in smartphones in 2025. For any of your mobile application development needs, you can get in touch with us right now!