Digital banking services are vying to improve the CX factor, given the intense competition that is warranted by the growth of Fintech companies. Traditional banks that were resistant to change have now joined the mainstream of digital banking. The end-user of financial services find their financial needs addressed in a realistic and convenient manner, the likes of which are unthinkable with offline only banking. From paperless cash transfers to API linked payments, from trading on equity to forex, everything can now be accomplished right from your mobile banking app
The Onset of Fintech: Creating Pressing Needs for Collaboration of Banking and Technology
Fintech companies use innovative technology to render the delivery of financial services to end-users in an effective manner. Using mobile technology, robotics, and peer-to-peer payment systems, fintech firms are now placing pressure on traditional banks to join hands with top-notch financial technology and change the way financial services are distributed to consumers.
Delivery of AI-Powered Customer Experiences
AI (Artificial Intelligence) and Machine Learning are the twin drivers of human-enabled transactions in the landscape of digital banking. The absence of face-to-face contact with a credible RM (relationship manager) is no longer a spoke in the wheels of the distribution model of new age online-only banks. The chatbots are equipped to use intuitive technology and answer customer queries by building on human intelligence.
How Digital Financial Services Influence Core Players in the Financial Value Chain
The financial value chain is dynamic. Some of the important stakeholders impacted by the digital transformation include the fintech companies, credit unions, providers of digital banking services and the capital markets. Customer facing apps are being increasingly used by banks and credit unions, while the financial firms of the capital market deal with analytics and insights.
At The Cusp of Digital Disruption
Finance has traditionally been a slow reactor to the digital wave when compared to other sectors. However, the change now has become inevitable in major areas like wealth management, insurtech, trade financing, forex management, taxation, crypto currencies and many more. As recipients of these financial services, the new age bank-goer is enlightened with personalized information regarding his banking needs, served right on his smart screen.
The Evolution and Sustenance of Open Banking Services
The banking sector has now opened up its core – that is- the once sacredly protected customer data is now made available to third-party vendors – at your instance, permission and validation, across a safe and secure platform. In a word, above process is termed as open banking services. The bouquet of advantages includes better engagement with customers, enhanced UX and a great deal of time and cost saved over global financial transactions. The technology-aided open solution has decentralized traditional banking and the power of customer data is being enjoyed by them like never before.
The paradigm shift from private data to open data through a tech-based usage of APIs,
enabling third-party developers to build their applications and services has been a milestone
in new age banking. It took a great deal of homework and a policy level metamorphosis for
the legendary banks like Bank of Ireland, HSBC, and Lloyds, to mention a few, to open up
their data. The PSD2 (the second Payment Services Directive) authorizes the use of financial
data held by banks in a standard, safe and secure manner. Banks can capitalize on open
banking and stand to gain competitively by strengthening their digital core.
Giving customers the power over the money banked
Monetizing the API-driven open banking agenda is possible by enhancing UX and driving market share. Digital banking companies instead of yielding to open banking services by statutory compulsion must come forward to welcome it. They can optimize the process by building healthy internal communities and strengthening intra-organization IT resources for the purpose and also by engaging with external communities like API builders. Many banks in Singapore and the US have also successfully housed open banking, willingly as a competitive advantage rather than as a compliance requirement.
The Genesis of BaaS (Banking as a Service)
In the years of its infancy, banking customers were familiar with PFM (personal financial management) tools which required a cumbersome and insecure process of screen mapping and entering of financial credentials in third-party sites. Open Banking has made organic changes to this scenario and now banks can gain the goodwill of customers by making hundreds of financial services through the bank swift and secure. For example, the complicated process of obtaining the loan from financial institutions after extensive documentation can now happen across the digital window, with lending institutions directly accessing your financial data.
Adopting the technology-first approach and creating open banking-conducive ecosystem
From the seismic impact of open banking in the UK, world nations are following suit and are optimizing their existing infrastructure to create APIs for cross-departmental collaboration. The Australian Government has introduced a phased approach to unlocking third party access to consumer financial data, like a debit card, credit card, and mortgage data. With the fintech investment in the country ebbing over $600 million, open banking is the main catalyst for the investors to earn a competitive ROI. Around 75% of banks in Europe find open banking services as the driving factor of digital transformation.
The use of open-source technology by digital banking companies is a welcome initiative that can make open banking work for them profitably. By allowing third-parties access to the financial data of customers in a safe way, banks now offer more value to their clients. Customer experience increases by leaps and bounds. Realizing this trend banks are now hell- bent on digitizing themselves which is the much-needed catalyst for successfully adopting open banking services .
Low-code development is the buzzword for expediting application development at a rapid pace and better ROI . It helps even non-coding specialists to create innovative, flexible apps for specific tasks. Many of its benefits enable organizations to adapt and respond to fast-changing businesses.
Forrester has predicted that Low-code will grow to 15.5 billion by 2020. Domains using traditional programming are now facing the heat with the fast growth of LCDPs or RMADs. It has opened the floodgates for the creativity of the citizen developers. They have hence become boon to organizations with their increased innovative capabilities.
Cloud container solutions and deployment eliminates manual code transfer of applications to different cloud environments. It also enables low-code or no code applications. Hence, the developers can be more flexible and control the environment to meet specific business needs.
Key takeaways with Low-Code Development
1. Rapid & Cost Effective
Visual stack allows exponential speed in development. Iterated testing during development makes building apps quickly. With the rapid development of apps , TCO and TTM are greatly optimized . A direct benefit of using low-code is the t eam size handling the project can be kept minimal with better productivity. Low-code reduces application development timeline from months to days / hours depending on the complexity of the application
2. Ease of change management
With less code , there is always an easiness in managing changes. Unlike traditional programming , being without complex coding enables more natural conversion without complexity. Digital transformation can be realized sooner with low-code without any limitation and constraints.
3. Improved Customer Experience:
Much of the time which might be needed in developing apps in traditional methods is saved while using low-code approach. Instead, the saved time can be effectively and efficiently utilized in delivering rich customer experience. Visually enthralling apps using low-code enhances end-user experience.
4. Developer friendly
Backlog burdens are familiar with most of the IT teams because of the prioritizing of the workload. With low-code, the skills needed for app development are minimal and visual drag and drop functionality and pre-defined templates/objects make developing team’s job much easier and eliminate backlogs.
5. Minimizes Shadow IT
With the IT department overloaded with work, business users entrust new applications and tool requests to third parties. Assigning sensitive data to unknown third parties could be dangerous in many ways. A low-code with their rapid application development tools minimizes this shadow IT.
6. Management & Version control
Unlike traditional programming which needs manual bug fixing, an uphill task of upgrading new features are all done easier with low-code. Since they are all pre-tested to integrate new features without any issues for seamless functioning.
Low-code application development is revolutionizing the digital transformation with its numerous benefits in application development.
Digital Transformation at Enterprise Touch is accelerating business by applying technologies on processes, operations, strategies for performance improvement in creating a positive impact on the bottom-line. And technology adoption alone may not be sufficient for achieving digital transformation, instead, organizations need a complete rethink of strategies to bring everything onto an elevated platform. And Enterprise Mobility plays a vital part in digital transformation for any organization and it ensures the readiness for digital transformation . Mobility i s considered an integral part of the digital transformation to clutch benefits like better access to information, increased productivity, improved efficiency and to bring down operational cost. Ideal digital transformation process needs a rethink on mobility initiatives in a broader sense, and not just being increasingly digital.
Forward – thinking global organizations see their employees being empowered, engaged and informed
by putting on-demand data and futuristic capabilities at their fingertips using enterprise mobility.
Getting the right mix of operational efficiency increas e and better end- user expectations on
customer experience is of paramount . Many enterprise applications get scrapped and abandoned
owing to reasons like apps lack needed functionality and no proper design of backend data for mobile
readiness. The aforementioned challenges need to be addresse d to enjoy the complete power of
enterprise mobility for a truer digital transformation.
Focusing on user experience , impacting business outcome as envisioned and adhering to the flow of
business processes ; enterprise mobility greatly impacts a successful digital transformation. Digital
transformation ideally starts with mobile apps. They can surely transform the way business es are
done. Digital transformation journey is often exhaustive and not direct, with getting few successful
mobility applications into business one can set the stage and momentum for transformation.
Digital Transformation invariably is process transformation , operations transformation and the
transformation of relationships with end – users. Digitally transforming People, Process , and Operations
gracefully from traditional working method to a new and updated model that leverages the
advantages of the later encapsulates digital transformation as a whole. Have a look into a brief on
each of these elements of digital transformation below and find out how enterprise mobility plays its
Process transformation may be the ideal place to start digital transformation for organization s . Taking
organizations ’ process to the next level wherein existing process is disrupted entirely and in place
get ting a new process that is modern, automated, and more user – friendly . Process Transformation
with the best use of technological advances addresses various pain points in the existing process
systems quickly and more productiv ely . It should aim to change the outlook of how the organization
work s to succeed in improving end-user experiences, positively impacting productivity, chopping
overheads, creating people empowerment, rapid feedback aiding decision making. Digital
transformation is not just addressing UI digitally it primarily should be an enabler in addressing
underlying end-to-end processes along with back-end orchestration of all the data. Enterprise mobility
solutions that cover all the pain points in mobilizing the entire business processes across modules
getting the whole organization under its spell, is a sure step in enabling a comprehensive digital
Industry-agnostic businesses use the power of digital tools and the capabilities of mobility to improve
collaboration, accelerate decision making and to gain better visibility into their entire operations.
Transforming business process management, ERP and other day-to-day tasks and processes reduce
inefficiencies and with a holistic view into entire operations, any organization can improve
collaboration greatly and can become more efficient in all the aspects of their business. Enterprise
mobility to bring transformation in operations impacting the whole picture of digital transformation
keeps the organization at a competitive pace and maintain s accelerated business growth. This is the
true essence of transformation.
End-user Experience Transformation
Digital transformation is primarily driven by the customer, end-user , and consumer of organizations’
products or services. “Customer-First” approach is vouched by almost all the organizations globally. So
the transformation of customer experience successfully seals digital transformation for your company.
To have relevant on-demand data and content any time anywhere on any device is now the bare
minimum expectation of the customer. To keep the “always-connected” customers happy and better
informed, business es must embrace transformation using upbeat technologies to deliver an
unmatched user experience. Having the right technological backing to support the transformation of
end – user experience, embrace enterprise mobility that sits on an agile and flexible IT environment.
With successful enterprise mobility, c ustomer experience that is personalized and seamless across
multichannel helps businesses achieve a successful digital transformation
For staying competitive, aligning organization’s digital transformation strategy with entire customer journey is of paramount. There are few prime considerations for aligning digital transformation strategy for the organization. This greatly improves customer satisfaction, retention and improves their profitability.
To sum it up, digital transformation service providers drive change s through mobilizing enterprise and provides a wealth of opportunities to organizations world over. Industry-agnostic companies across regions are experimenting with and are benefiting from enterprise mobility leading to digital transformation. In conclusion , create consistent and scalable enterprise mobility to enjoy digital transformation in its wholeness.
Enterprise Touch as a digital transformation company enables organizations’ process efficiency and business acceleration. With Enterprise Touch, embark on a transformation journey to hyper-connect stakeholders and processes in the organization’s business ecosystem. We help transform business- critical processes of varied industries. Our offerings include Digital Transformation in BFSI organizations, Digital Transformation in the Manufacturing sector, Digital Transformation Public Sector & e-Government Transformation, Digital Transformation in the Transportation industry, Digital Transformation in Education Sector etc.
Have you tried to manage digital transformation through in – house IT application development
team? With rapidly changing technology it is becoming increasing ly difficult and time – consuming.
More and more enterprises are opting for Application Development Managed Service Provider
for numerous reasons . Few important reasons being they provide proactive management to
business, on-demand support, knowledge , and expertise needed for business and on the whole
simplifying IT expenses.
How to zero in on the right application development managed service provider for Digital
Transformation ? Here are 4 considerations to look for
Managed Service Provider should provide resources for enterprise mobility to be successful. Not any resource, but the ones with the needed expertise to carry out transforming business process and aligning them with organizational goals. Organizational needs should match with the capabilities of the provider and their technology partners if any. They should be capable of getting to know the pulse and should be a solid foundation and extension to existing IT strategy.
Standing out in the preferred market with the know-how of the new and emerging technology trends and be informed about the same is very vital. Preferred managed service provider should act as an adviser towards the suitable approach that is ideal for IT needs. In this digital industrial revolution era, new technologies are rolled out at a rapid pace and also loads of demand to implement them into business processes pushes each organization to outperform their competitors. Equally, end-users are demanding new tools in solutions delivered, so go for a provider who use the right tools and who has room to grow in offering end-user experience than device level experience.
Managed Service Provider should thrive on stabilized internal processes to move forward and to scale up in the ever-changing custom application development arena. Its incredibly vital for providers to have a plan with smart goals that are specific, measurable, attainable, realistic, timed in handling business outcomes. Managed Service Provider as a digital transformation solution enabler should have flexible models that are structured and offer right business plans and solution models that are custom-made for businesses. Better-fit, standard-based and compliant-adhered model gives more time thereby more money and more space for business. IT standards of Managed Service Provider should eliminate any service disruptions of existing business processes.
Hybrid infrastructure that is all-encompassing should be in place to handle on-demand requirements. The Provider should support according to the preferred time zone to help stay competitive thereby reducing costs and down-time. Capable to support multiple channels and form factors along with adequate and needed development tools and resources is must-have when looking to partner up with potential Application Development Managed Service Provider. Infrastructure should sit on a resilient network and communication system for convergence. Important of all, irrespective of the size of the company, Managed Service Provider should be able to scale up to support business needs. Managed Service Provider’s geolocation, accessibility, seating capacity, other amenities offer a value addition.
Managed Service Provider should be versatile to perform many different functions that are in demand. When the need arises, they should advise and educate on the best way to succeed in the organization’s business outcome roadmap. The proactive mindset in dealing challenges, their focus should be on working better-fit model for the customer than what works for their own benefit. Maintaining vendor relationships with a process in place to know customer feedback, to carry out research and in studying the competition and extended services using their expertise can definitely save time and money. They should scale up, track and apply metrics and have a process to make businesses successful.
There are Application Development Managed Service Providers who help in more than one way. Consider a managed service partner who can really bring down the pressure of handling too many things. Push the digital transformation enterprise mobility projects to managed service provider if there is a feeling that when done in-house it cannot do complete justice to the project.
Digital transformation is the need of the hour for each and every industry/sector. Business processes are bitten by the enterprise mobility bug and government and public sector is no different. There may exist some challenges when it comes to e-governance transformation and/or in digital transformation public sector.
Enterprise Touch’s ET Core product for mobilizing Oracle E-Business Suite with its in-built connectors speeds up digital transformation and ensures quick time-to-market. With rapid application development on Native approach or platform approach, Enterprise Touch as an Application Development Managed Service Provider offers end-to-end digital transformation solutions. In partnership with world leaders in rapid and low code application development, Kony and OutSystems, Enterprise Touch’s offshore application development model suits varied business needs of industry-specific transformations.
A fundamental shift is happening in the behaviour of the people. There is a change in how people view and use digital content and applications. As mobile internet charges become less day by day this trend of using mobile applications will only increase. There is a tectonic shift of people into the digital world. All companies will have to respond to this shift. There is a behavioral change observed in the people. Companies will need to have a strategy in place for smooth digital transformation
Digital transformation is aimed at changing the functioning of the whole company. It has the potential to increase sales, increase productivity, change interaction with customers, faster turn around time, etc. As digital transformation has the potential to affect all aspects of the company it must be aligned with overall strategy of the company. Digital transformation strategy should be aligned with corporate, operational, functional and IT strategy. Further digital transformation will also have an effect beyond the company borders. It’s channel partners and vendors will also have to adopt and adapt to this change.
When adopting digital transformation a company has to decide upon the technology. Once the technology is decided, the company has to decide when in the technology life-cycle the company will adopt it, in the early market or wait for the technology to reach mainstream. The company has to decide whether to be visionaries or conservatives. When a technology is adopted very early the company will have first mover advantage. However the company will also face some risks. If the technology fails for some reason or is not scalable across the industry the investment will become a sunk cost. Further the company will also have invest continuously in the technology to maintain competitive advantage as other companies will also begin to adopt the same or similar technologies.
Adopting digital transformation will lead to changes in value created by the company. The value will change across the entire ecosystem. The employees, vendors, channel partners, rival companies, customers, etc will be affected. They will have to adapt to and learn the new technology. The technology competency of the people in the company will have to increase to rise up to the challenge. Often new opportunities arise and companies will have to move quickly to take it.
Digital transformation will also lead to structural and organizational changes. The company will have to consider the impact of digital transformation on itself. If the impact is small new avenues created due to digital transformation can be incorporated within itself. If the impact is significant the company should consider spinning off a new subsidiary. At an organizational level some positions may become redundant or obsolete. The company will have to consider this into account to up-skill or re-position the existing employees.
For digital transformation to happen one of the most important aspects is the company finance. How quickly the transformation can be effected will depend on the financial ability of the company. The size of the company will also determine the cost of such a transformation. Generally small companies will be able to transform more quickly than small companies.For smooth transition the company must select a partner to guide them through all these considerations. In summary a digital transformation company will have to consider technology selection, change in value creation, structural and organizational changes and financial aspects before any digital transformation process.
Facilities and asset management is primal in delivering environment that supports various aspects of maintenance related to physical assets, equipment, office campuses etc. By integrating smartness into facilities management, organizations can aim to bring distinctive elements together. Upon streamlining and managing facilities/assets through digital transformation, cost overhead incurred by manpower ramp up to oversee can be cut substantially. Mobilizing facilities management solutions elevates user experience and brings down response times, wherein business focused organizational priorities can be achieved.
Digitizing facilities management process increases visibility with real-time information on enterprise-wide work-order creating, tracking and managing, all on the go. When the facilities/assets are spread out across multiple sites, handling them would be a herculean task. With ever mounting pressure to reduce costs, facilities managers struggle with resource allocation to oversee regular tasks. With innovative solutions, facilities management mobility makes the work force job easier for the organizations that strives to offer a thriving environment.
Facilities management across industries savour these benefits with Digital Transformation in general.
Elevate user experience Improve performance Capture Data on the Go Visualize the enterprise as a whole Make Data-Driven informed decisions Swift diagnosis and automated intelligence Ease of use
Digitally transform student experience
Educational institutions today are going global by developing systems, environments and pedagogy to attract multi cultured students community across nations. Elevating student’s experience, institutions are looking for smart solutions to carry out business as usual more efficiently and effectively. Having a transformed facilities management in place attract students to be a part of such an institution that offer ultimate on-campus experience.
Catering resources to stakeholder community within facility that offers unparalleled education to vibrant cultured students, education institutions may face numerable challenges. Manually resolving facilities management issues becomes tedious and time consuming snowballing into compromised productivity and efficiency in workplace.To be a successful and sought-after campus, managing assets and inventory effectively is a prime concern that needs immediate smart solution that is developed and deployed rapidly.
Revolutionizing the way assets and facilities management is carried out in education institutions with its multiple locations across borders, Enterprise Touch leverages versatility with custom facilities management transformation solutions offering the following benefits.
Submit real-time service request for accommodation, catering and transportation
Manage assign and enable work orders from anywhere
Stamp out cost and time over heads
Productive and efficient environment as all transactions are on mobile
Optimize developing, operating, maintaining, upgrading and disposing of assets
By bringing mobile advantage in managing Assets and Facilities, find out how Enterprise Touch stands out in transforming business processes digitally. Check us at https://goo.gl/KC6TzX
Mobile is magic in everyone’s hand around the world now. It creates wonders including the development of the Enterprise Mobility with its use. With nearly four billion smart phone users which is more than 60 % of the population, it has become pertinent to utilize its services for enterprises. The use of smart phones by big and medium enterprises has become more of a necessity than need. Digital is taking wings with smart phones. But everything comes with a price. The use of smart phones under the BYOD or bring your own device by enterprises have made some serious advancement in digital technology.
EMM & EMD:
These are the new buzzwords of digital development. EMM or the Enterprise Mobility Management is a concept of managing the BYOD for optimum use of the enterprises with the highest security. EMD or the Enterprise Mobility Development is the fast increasing strategy for maximizing the BYOD concept of enterprises. These two together could change the business world for better in the future.
EMM & efficiency of enterprises:
With EMM there is no necessity for traveling around the world for strategic meetings where crucial data and features to be shared in a boardroom or for technical purposes. All can be done anywhere anytime with just the use of the smart phones. The management of the data and information are of crucial in nature and should be safeguarded well for avoiding any malpractices, exposure to third parties, loss of phones and many more. Hence the EMD or Enterprise Mobility Development is focused in two ways. One is effective sharing of the data and information in mobiles according to the protocol levels. The second is the security of it.
EMD and its significance in enterprise mobility:
Enterprise Mobility Development makes the enterprise mobile and vibrant all the time. It could enhance the enterprise growth to enormous propositions if this Enterprise Mobility is effectively increased. The in-depth knowledge of the enterprise functions, core objectives, resources and many more should be properly focused to bring out an effective EMM. The protocol level of what extent the data and information should be shared among the employees is of the prime concern. The levels should be strictly adhered with proper passwords and another security measure to not exceed.
Importance of EMD for effective EMM:
It is very important of what data or information is to be shared in the multi mobile devices of its employees. It is also important to develop software in a manner for maximizing the usage of their employees with zero risks of misuse or loss. The following are some of the factors to be taken into account by the Enterprise Mobility Development for taking digitalization to the next level.
To avoid the usage of platform dependent apps
Be prepared and ready for routine and future work
Even though only the endpoint management activity and details are only shared, even that caution should be exercised for superior security
The vital and crucial data and details are stored in the cloud
The security should be controlled by the highest level of the Enterprise Mobility Specialist so that even in case of loss the data could be erased from enterprise.
With the increase of applications for all kind of needs in today’s technological world, it is pertinent to develop an app as quickly as possible. This increased the necessity of Rapid Application Development (RAD) which signifies more on adaptive process rather than the planning. RAD technology reduces nearly 60 % of the time taken for making an app. This has made RAD platform popular around the world and preferred by many mobile application development services.
What is RMAD?
Rapid Mobile Application Development (RMAD) is the mobile counterpart of rapid application development. RMAD uses programming tools with less code or no code at all. Also, the latest technological developments like AI based RMAD frameworks have unique features like in-depth research analysis based on data mining. It is a model which uses reusable software, prototyping, informal team communications and many more for developing high standard and efficient products as quick as possible.
Why is RMAD popular?
Apart from making quick apps within weeks as per the inputs and requirement, RMAD has many
features to make it popular among app developing companies.
It provides App Development engineers with the incorporated system to planning, creating, testing, and keeping up their adaptable applications.
Its tools enable cross-platform development of mobile applications for all devices with any kind of operating systems like iOS or Android. The less coding or no coding feature of RAMD helps developers without fluency in various programming languages for mobile devices.
Any kind of app including the native, web, and hybrid could be developed with the RMAD platform.
RMAD with features like pre-built templates and modules will suit any specific requirements of any industries to enable the developers to develop blueprints with less time
Various tools could be added to the RMAD platform which even includes as many as 500 APIs
Enables users to drag and drop in a graphical user interface (GUI) to build cross-platform applications with less coding knowledge. This is due to the Integrated Development Environment (IDE) of RMAD
The importance of RMAD in enterprise mobility:
The biggest advantage of RMAD is enterprise mobility. With 60 % of the world’s population now using smart phones, Enterprise Mobility is at a rapid pace with organizations. This not only increases the growth of enterprises but also facilitates various functions saving time, work and money. The following are the benefits of RMAD utilized by many successful enterprise mobility providing companies.
RMAD is far superior to the complex Mobile Enterprise Application Platform or MEAP in many ways. It is difficult to move from one MEAP to another which makes enterprise mobility difficult with a number of operating systems in various devices.
With RMAD IDE or integrated development environment enables rapid prototyping to check if the app will be widely used. This will enable to rapidly construct an immediate basic application.
The custom user interface can be created with scripting and drag-and-drop options of certain RMAD platforms.
There are many RMAD platforms and the best could be the one to provide all the best features including the ones that could enhance Enterprise Mobility within short time limits.
RMAD does build mobile application solutions quickly, while Mobile Application Development
Platform, MADP offers customized custom applications for business-specific end-user
Platforms Kony and OutSystems are leaders in rapid application development.
Kony offers everything an organization needs with an amazing omni-channel application support to excel in rich user experience and realize value added business expectations. At Enterprise Touch, Kony capability expertise through Rapid Application Development to industry-agnostic customer centric solutions are delivered swiftly.
OutSystems offers custom application development with native support for agile development and delivers application faster with low code development. Enterprise Touch’s Low-Code Development using OutSystems agile platform capabilities helps build enterprise-grade applications rapidly to meet business demands quicker than anticipated.