RPA is the key to Fintech Industry growth

Introduction:

The fintech sector is observing a rapid change with the expansion and maturity of computer processing capabilities. Now information technology can provide advanced software that can perform human-like tasks. To mitigate the scarcity of skilled resources and boost efficiency at minimal cost, the banking, financial services, and insurance (BFSI) organizations are now ready to adopt the latest offering of the automation technology – the Robotic Process Automation (RPA).

As per the global fintech giants, RPA is the convenient choice and mandatory for the industry to take a competitive advantage. As claimed by Gartner, in 2022, the estimated market value of the RPA solution is $2.4 billion, which was $250 million in 2016. And it is forecasted to grow at a CAGR of 33.6% from 2020 to 2027.

What is RPA in banking, and how does it work?

Robotic Process Automation is an automated software that is used for automating different repetitive process flows within the company. In the banking and fintech sector, this specialized software is used to perform recurring, rule-based, and high-volume tasks.

In the fintech and banking industry, RPA follows a predetermined workflow that provides a guideline to the software robot on what steps to follow precisely. This software understands the proper keystrokes, follows the provided roadmap, and runs the required programs automatically to perform necessary tasks. Several banks and other financial institutions currently utilize RPA in customer KYC, account opening, processing client requests, and other repetitive tasks.

Benefits of RPA in the fintech industry:

There are several reasons behind the success of Robotic Process Automation in the fintech industry.

Comprehensive Insights:

Organizations can get detailed insights into their customers’ needs and the market influencing factor when implementing RPA. These insights are imperative to mark significant growth in this competitive environment.

With the introduction of RPA in business, companies are observing more customer onboarding. This is because there is more time to focus on business development and create attractive and much-needed products and services. Apart from this, RPA is efficient in providing the detailed report of competitors after performing in depth analysis. This can provide you a competitive advantage and through data representation in customized format ease the decision-making process.

Reduced Costs:

Fintech companies are processing vast amounts of bills and invoices every month. A well-programmed RPA can help you save a lot of time and money by automating the invoicing process. Moreover, there is significantly less chance of error compared to humans. Moreover, if taught smartly, these software robots can fill up forms and extract from several banking and financial systems and prepare a financial report in no time.

These all automation are a great money saver for your business. According to studies, implementing RPA in the fintech sector can save 25-50% processing time and cost. Now every sector is striving for higher profit margin and in Fintech, this pressure is more. Financial institutions can generate sustainable profit and mark significant cost reduction through automating maximum processes.

Higher Productivity:

If you want your resources to be more productive and innovative, you need to take them out of the monotonous and repetitive tasks. And the best way is to introduce RPA to perform such activities. You can thus utilize their skills to develop new strategies, foster agile development, and more. These activities not only help to increase their productivity but also encourage them to think out of the box.

Better Compliance:

Banking, financial services, and insurance (BFSI) organizations are set to operate within the guidelines and regulations. Meeting the compliances is a daunting task for businesses, but it is mandatory. A slight misalignment and compliance issue may cause massive damage to the organization.

RPA is a perfect tool for maintaining strict regulations and guidelines. To reduce the business risks, you can perform audit trials of every process through RPA. Moreover, there is no space for errors when the checking is performed by smart software. Even the advanced RPA software can detect fraudulent activities and deactivate the malicious accounts to avoid bad debts. This ensures the enhanced security of customers’ financial and personal data.

RPA Archetypes to transform Fintech Automation:

Robots for verification and validation: Information verification and data validation are important tasks for any financial organization. And a slight mistake can lead to major problems. This automated software can perform real-time authentication and verification processes for external and internal systems. These activities are vital in KYC verification, Customer Due Diligence, and other processes. Such automation can quickly transform error-prone operations into a smoothly running activity.

System interoperability robots: As the technology is changing every day, it is imperative to adopt the latest one to stay in the competition. In the way forward, the crucial part is to integrate the legacy systems with the advanced, and a lot of data migration takes place. Integrating (RPA) robotic process automation tools can bridge the gaps and perform the cumbersome data migration task without any error.

Scheduled robots: There are several banking events that operate until a particular event occurs. The scheduled automation robots are hardcoded and delivered when it is required. In this way, you won’t miss any deadline or can resolve any issue in a big rush.

Data input robots: This type of automation can synchronize the data without much time and labor. RPAs can perform human-like activities in data management like system login, searching the data, copying and inserting the records in the perfect place in an error-free manner. It improves productivity and saves a lot of recurring costs for the business.

Parting thoughts:

The fintech sector is facing tremendous pressure to improve its process, boost its efficiency, and cut down its operational expenses to improve the profit margin. Implementing Robotic Process Automation is the only way to make this sector future-ready.

Many financial institutions have already implemented this intelligent automation as these are quick solution providers, easy to implement, and cost-efficient compared to large-scale transformations. If properly implemented, RPAs can offer huge benefits, and this is the call of time for the banks, fintech, and other financial entities to adopt RPA into their solutions.

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Global Distribution System: A Much-Needed Enrichment To Global Tourism

If you’re an ardent explorer and frequently plan trips to new destinations, then you are likely to be a user of the Global Distribution System (GDS). Alternatively, if you are someone who offers to assist people in planning their travels, well, you ought to be using a Global Distribution System. No matter which end of the spectrum you’re at, you must know what the GDS is.

A Global Distribution System is a computerized network system operated by an organization that allows transactions between the tourism industry service providers, particularly airlines, hotels, car rental companies, and tourism companies.

The GDS ensures that visitors find what they’re looking for easily, regardless of where they are located in the world. Considering how travel data can be dramatically scattered across the internet, the GDS makes it simpler for tourists to plan their trips and find the best deals on their desired hotels and tourist attractions.

The Inception of Global Distribution Systems

The roots of GDS can be traced back to the 1960s when different airline companies started using sophisticated and fairly new methods of communication to monitor and schedule flights or check seat availabilities, and prices. American Airlines (AA) was the first company to develop a real-time computerized reservation system (CRS) in a joint venture with IBM. The SABRE (Semi-Automatic Business Research Environment), one of the first CRS, was launched in 1964 and helped process nearly 26000 transaction requests per day.

Soon, several other airlines and travel agents joined the bandwagon. The advantage was clear- the ability to cater to bookings from a geographically dispersed market! And that’s how the foundation for GDS was established.

What makes the modern GDS different from the traditional reservation system?

We’ve come a long way since the early years of the inception of GDS. Originally, it was created with the intent to be used by travel agents to provide the best possible alternatives to their clients. However, as the customer 2.0 has changed its behavior, so has the GDS module. Today, it has transitioned into being customer-centric, thanks to the DIY and self-service model which gives the user complete autonomy. In an omnichannel approach, the GDS is highly adaptable as per the preferences and choices of the customers to provide them with intelligent suggestions and customized options. But how does this work?

In retrospect, a CRS is mainly used by respective vendors or sellers, GDS was used by travel agents to be able to track consolidated views from different vendors. GDS holds no inventory but simply has a real-time link to the vendor’s database; this is how Agoda or Booking.com tells you whether your favorite hotel has any rooms left for the selected dates.

Connecting providers of tourism services on one end and consumers on the other, the global distribution system is a neutral interface creating a global presence in both supply and demand.

What does this mean for service providers in the travel and hospitality industry?

Travel sites and apps are the modern avatars of a travel agent. The objective remains the same – provide a convenient, seamless experience to the customers catered to their preferences. The preference could vary from location to duration, to budget, and more.

● The number of bookings completed by a GDS generally outnumbers the direct bookings. While direct bookings are on the rise, people still prefer to pursue their alternatives and best deals using a GDS.

● Hotels rake in more revenue through a GDS because it acts as the central point for customers to compare prices across multiple channels rather than verifying it themselves.

● Travel agents can now successfully book corporate travel packages via GDS to have their clients accommodated swiftly.

● Hotel managers can uncover new market avenues to promote their offerings.

For a new entrant in the travel and hospitality sector, the GDS becomes the backbone based on which it builds its service. However, what differentiates various platforms from each other is the comprehensiveness and quality of GDS integration. But do you know how a GDS is behind the scenes?

Ideally, the booking engine deployed should be able to allow a single search against multiple data providers. It should be connected via the latest APIs, GDSs, and consolidators. The GDS uses its deep learning algorithm to find all the listings of particular hotels, flights, or bookings to cross-check based on the rates stated across sites.

If you’re a travel business, you should also consider the integration of a CMS-based travel portal that allows your team to update your site’s content without recurring technical assistance. In a world where global tourism is expected to see a boom again, multiple languages and currency support become a must, notwithstanding integration with multiple geography-specific payment gateways.

The Way Forward : Future of GDS

Travel agents and booking platforms have seen the tremendous benefits that come with working with a well-implemented global distribution system. By using a system like this, agents and platforms can easily connect with suppliers all over the world and avoid the hassles and delays that can often occur while trying to negotiate deals directly with individual vendors.

We’ve learned from all major industrial revolutions that it’s always a smart move to leverage evolving technologies designed to meet the demands of the modern consumer. The best-performing GDS systems globally include names like Amadeus, Sabre, Galileo, and Worldspan by Travelport, where we’ll get to see the most growth. Looking ahead, the world is leaning towards automation with the help of conversational commerce.

With the help of deep internet search and technologies like Data Analytics, GDS providers like the ones we’ve mentioned above can improve their algorithm in order to improve customer experience. Moreover, as people are more inclined to self-service, the unilateral platforms can pursue to improve their omnichannel services. Not only does this lighten the burden of travel agents and booking organizations, but also streamlines their operations based on the ever-changing customer behavior.We at iView Labs, have been helping several legacies, as well as new businesses, create user-friendly, efficient, and robust travel and booking portals. As the world of technology grows, our services and solutions adapt themselves to cater to the shifting demands that come with it. With our expertise in Global Distribution Systems, we’re all about improving the progress and streamlined workflows of businesses that partner with us. If you’d like to get on board the GDS revolution, reach out to us today. For more regarding the latest technologies, stay tuned to our blog!

No Dream Too Big: How Smart Education Can Change The Lives Of The Underprivileged

“Education is the most powerful weapon which you can use to change the world.”

– Nelson Mandela

The Indian Education System has often been criticized for its inability to reach the population living in the rural parts of the country. The villages and remote towns often lack the infrastructure, such as access to proper classrooms and latest study materials, roads, and electricity, that is required to deliver good quality education As per a report in 2019, over 32 million children had never attended school.. As a result, the potential of this rural population remains largely underutilized – and their dreams, untapped.

However, while the existing education system struggles to reach remote areas, a new and “smarter” revolution has already begun to plant its roots. Thanks to the spread of digitisation, the internet and broadband services, rural India now has greater access to educational material from across the globe. Not only can the students access public libraries on the internet, but also enroll for digital/virtual courses that bring the classrooms to them.

Digitisation: A Boon To India’s Rural Classrooms

While rural India constitutes for more 50% of the country’s workforce and is the largest contributor to its economy, the facilities made available to them remain negligible. Schools in remote villages often require long travel which is a highly unfavourable condition for children to pursue their passions in. As a result, most parents decide that it is not worth the hassle and discontinue their child’s education. Even the schools that manage to overcome this roadblock, often have to make-do with facilities and teaching methodologies which are sub-par or outdated.

The spread of the internet and mobile technology has proven to be a boon to the situation. India holds the second-largest mobile phone user subscription base in the world, with over 900 million mobile phone users. This means that mobile phones are available in places where more traditional educational infrastructures are yet to find their feet. This opens a window of opportunity for institutions to deliver education to the students who need it the most, hence providing some much-needed support to India’s crumbling educational infrastructure.

Harnessing The Power Of Technology

Bengaluru-based NGO eVidyaloka has been instrumental in this shift and has been orchestrating sessions in remote villages of India, by creating “digital classrooms”. The social enterprise encapsulates a vision to enable quality education for the children of rural India by leveraging the power of technology. It is supported by a team of passionate volunteers from across the globe, ranging from homemakers to retired professionals who commit to delivering high-quality education to these children living in some of the most remote villages of the country. The focus is largely on children aged between 10 and 14 years (6th‑8th grade). Through a powerful partner ecosystem, the organization has been able to offer these children LIVE interactive classes in their local medium.

The organisation was launched in 2011, where it started a wave of change with the introduction of “Computer Teachers” in village classrooms. Today, their classrooms hold over 6,000 students across Indian Villages, who are being guided by a team of 533 dedicated Volunteer teachers. We need many more such organizations to come up with innovative remote education models to bridge the existing literacy and education divide.

While this was a movement in motion for young children, there are several young girls who discontinue their educational journey at or after 14 years of age. Most of the rural development programs provide basic education- but what happens to over 100 million women of rural India who are missing out on the opportunity to build technical and employable skills through higher education?

A notable name in the world of technological activism in rural areas is Sajhe Sapne. Their initiative comprises measures to ensure that women of rural India get a fighting chance to build a thriving career. By establishing Sapna Centers, underprivileged women who wish to chase their dreams of an aspirational career can now live their dream. The campus provides residential training, day-based college sessions, and online training, based on the preference of the students. Their higher education degrees come in the form of professionally developed skill building courses that equip such women to build careers, not just jobs. Not only does Sajhe Sapne give wings to dreams for women of rural India, but they also arm them with all the digital, english-speaking, and specialised skills to be successful individuals.

A Lasting Impact

Making education accessible to the students in villages can have a lasting impact on the future of India as a country and economy. Digital classrooms compensate for inconveniences such as traveling long distances, further minimising the risk of discontinuation. These classrooms also help alleviate the discrepancies in the quality of education that can be accessed by rural and urban populations. This means that in the long run, students from rural backgrounds would be just as equipped to join the global workforce.

Additionally, better education will also expand the population’s exposure to new techniques and methodologies which can enhance life in various ways. For example, a large portion of the village population relies on agriculture as a source of their income. However, their reliance on traditional methods of irrigation limits their capacity to prosper from it. The exposure gained from high-quality education can help these farmers learn about the latest innovations from around the world and leverage it to improve their standard of living. To put it simply, the future of the rural areas depends on how well digitized modes of education can help reform the youth’s mindset through changing times.

A digital classroom brings with it a promise of growth and prosperity for the average rural household. This can’t be considered a “leg-up” but an evening of the playing field- A straightforward solution that can help empower these populations to explore new horizons and dream big with no limits!

How Blockchain Manages Data?

Introduction:

Blockchain technology is nowadays snatching the attention of every digital and print media. With the increasing popularity of cryptocurrencies, the technology behind them is also attracting the tech-savvy world. Though blockchain was initially invented to develop bitcoin, its immense usability in other aspects is now attracting several industries, from healthcare to fintech.

Nowadays, data is the most valuable asset. Technology experts and data scientists have observed that one of the most viable usages of blockchain is in the data management sector. And the most exciting aspect is how blockchain helps make data management more secure and efficient. Let’s have a look.

What is blockchain?

Blockchain is not as easy as it sounds. But in a simplified form, we can explain blockchain as a distributed and decentralized ledger or register where all the transactional records are stored in a structured format in a database. Blockchain is an amalgamation of two words, “Block” and “Chain.” “Block” represents the transactional records or data, and “Chain”- which is a combination of database networks connected through peer-to-peer nodes. It is a highly secured “digital ledger,” unalterable, and can be shared within the network like we use Google Docs. Anybody in the network can see and modify it, but all the activities are tracked in real-time.

In the blockchain, it is vital to understand that you cannot transfer the data but rather distribute the information among all the interconnected devices, also known as nodes. That’s why blockchain has a permanent record of every transaction and information, making it the most secure data management platform.

Why use blockchain for data storage?

The current problem:

The traditional data storing concept is mainly concentrated on cloud storage. There are some advantages to using the cloud for storing massive amounts of data. But it also brings several problems for users in the data management which are

Low security: The major disadvantage of the current data management system is that all the information is located on a centralized platform. This increases the risk of data vulnerability.

Mutability: Another drawback is during the transaction, the data is not encrypted, which makes it easier for hackers to tamper with the data.

Unclear Traceability and Authenticity: The current cloud system cannot offer any robust process to trace the source of the breach. It always raises the question of the authenticity of the data.

With the use of blockchain:

The data is stored in a decentralized manner where every involved party can control the data.

Blockchain offers transparency of the data, which is visible to everybody.

Blockchain provides tamper-evidence of the data. When a datasheet or information is changed, the blockchain captures each and every transaction, which you cannot delete.

How is data stored in a blockchain?

Data storing in the blockchain system takes place by using decentralization and cryptographic hashing. Blocks are the units or primary building components of a blockchain. Putting one block upon another generates a chain of blocks containing a data link system. Let’s have a step-by-step look.

Step-1: let’s assume that the blockchain is a wall of bricks and the starting brick on the base is the initial block for the blockchain.

Step-2: The next block stores the information about the unique hash of the previous block.

Step-3: The block stores the data and information inside it, and a hash is generated for the unique data.

Step-4: Likewise, every block preserves unique data, and therefore, a different hash is generated for every block.

Step-5: Now, if any change occurs in any data, it triggers a change in the hash key of that block. This changed hash key now cannot be fitted with the next block of the chain, and therefore, consecutive change in the data of the next block is required.

Step-6: This function triggers a simultaneous change in every block of the chain, which ultimately restricts the overall tampering of the information in the blockchain.

Benefits of blockchain for data management:

Protection of critical data:

With the advent of digital revolution, the number of cybercrimes has also drastically increased across the globe. And there is a good reason for everyone to be worried about the exploitation of their personal data. According to the Cybercrime Magazine, by 2025, cybercrime will cost $10.5 trillion per year worldwide. Hackers are not only targeting the giant organizations, but also MSMEs are getting affected by cyber-attacks.

Stringent security measures like implementing blockchain technology can provide considerable security to the data at every level. Though it is not full proof, the chances of data breach can be reduced significantly.

Data quality:

As we are moving into a data-driven world, which is more important is the quality of data. Every organization analyzes a giant pile of data for their business growth. And if the study is done on poor quality data, it may lead to destruction.

In the blockchain network, every piece of data is analyzed and cross-checked thoroughly before adding it to the next block. This extra layer of scrutiny ensures that the information must have superior quality or the data get rectified before passing on to the following receiver block. Gartner says that organizations will have 50% more high-quality data in their system through blockchain smart contracts.

Data Traceability and transparency:

Traceability and data transparency are now essential for every industry to grow in the competitive market. In Healthcare, food, manufacturing, pharmaceuticals, and the supply chain, every industry is struggling to get complete visibility of the data and track it on a real-time basis. To meet the high customer expectation of minimum lead time, organizations are now able to improve their efficiency by implementing blockchain in their system. Through blockchain in the supply chain, all the stakeholders can securely access the shared ledger data without any fear of tampering.

Critical data Sharing:

Data sharing without fear of losing or tampering is a tough job. The legacy systems do not provide this facility, and here comes the blockchain application. Through its decentralized nature, blockchain allows to share information to every party involved. Interestingly, by its inherent nature, everybody with a permission can see it but cannot alter it, making it more trustworthy.

The Bottom Line:

Recognizing the exceptional benefit of blockchain technology in data management, organizations are adopting it very fast. With the increase in internet usage, the chances of a data breach will also shoot up. Before it is too late, it is vital for businesses like you to implement this most advanced, highly secured, and efficient technology.