Why and How to transform your traditional business into a tech-driven one

As Winston Churchill said, “we should never waste a good crisis.” The biggest positive of the COVID-19 pandemic is that it has pushed us to rethink our potential and ensure that we prepare ourselves for future challenges. The pandemic kept us indoors for almost a year. There was a sudden mushrooming of apps providing a range of services. Digitization practically saved us during the crisis. Some businesses lapped up the technology and others who were slow to respond perished.

Crisis or no crisis, it is certain that technology is fast advancing, and organizations that do not adapt risk becoming obsolete. If you’re looking to stay ahead of the curve, now is the time to ramp up technology in your business. This blog post will outline why and how to build a tech team that transforms your business.

Why is digital transformation a necessity?

With the advent of new digital technologies, customers increasingly expect businesses to offer digital solutions and services. At the same time, new digital competitors are emerging, offering innovative digital solutions that can quickly capture market share. To stay competitive, businesses must embrace digital transformation and adopt new technologies and solutions.

Some of the benefits are:

Changes the Customer Experience
offers data-driven insights
Encourages teamwork and improves employee satisfaction
Improve agility and innovation.
Encourages a digital culture
Improve skill set and knowledge
Process and operations are streamlined

The advantages are many, and the time to act is now!

How to achieve digital transition?

Some companies are starting to see a real impact from their tech transformations. In a McKinsey study, around 50% of surveyed companies reported a moderate to significant impact on realizing new revenue streams, almost 70% reported an impact on increasing existing revenue streams, and 76% reported an effect on reducing costs.

Tech transformations, nonetheless, remain notoriously difficult and complex. Commercially, businesses are seeking the most effective methods to integrate digital into their operations. Among these methods are:

Creating a new digital business model: Customers now expect a tailored and seamless experience from the businesses they patronize. Hence, rethinking a business model is the cornerstone of the digital transformation of your business.

Implement personalization without impacting privacy: Personalisation has become essential for businesses that want to create a lasting connection with their customers. By tailoring communications to individual consumers’ specific needs and interests, businesses can create a more personal, engaging customer experience that builds loyalty and strengthens relationships.

Having said that, the most crucial aspect of digital transformation is building the right tech team.

Digital transformation is about talent, not technology

Harvard Business Review maintains that contrary to general opinion, digital transformation is less about technology and more about people. You can buy almost any technology, but your capacity to adapt to an even more digital future depends on cultivating the next generation of talents, bridging the talent supply-demand gap, and future-proofing your and others’ potential.

Focus on employee onboarding: As businesses increasingly move towards a tech-driven model, it is essential to focus on employee onboarding and training. After all, the transition will be significantly easier if your employees are equipped to handle the new technology.

Fortunately, there are several ways in which companies can accelerate digital innovation.

a. Prioritizing institutional knowledge for balance

In order to accelerate digital innovation, companies should prioritize institutional knowledge and find tech talent to integrate with legacy employees with domain expertise. New tech talent brings fresh ideas and perspectives that can help solve problems in new and unique ways. However, they may not have the same deep understanding of the company’s core business and processes that more experienced employees have. Bringing them together will build a tech team perfect for growth.

b. Go beyond the three ‘D’s of digital roles and skill sets

Beyond the designers, developers, and data scientists that everyone is vying for today, it may be clever to consider what new professions may arise as digital disruptors. Perhaps you’ll need an AI specialist in your Operations soon; if so, the time to start planning is now.

c. A resilient future-proof workforce

Once you’ve identified the skills and roles, build a tech team that will typically include internal people, external hires, partners, and freelancers. Empower your employees with continuous digital learning programmes, job mobility, and skill grafting to equip themselves and play their part in transforming your organization.

d. Balancing AI with tech talent

To fully keep up with the flood of AI-based applications and innovation opportunities, you must immediately create a balance between machines and people. This entails challenging decisions about reskilling, moulding talent, and ensuring your staff is the right size.

How can iView Labs assist you in building a tech-driven business?

iView Labs can serve as your potential tech partner to help transition your business into a tech-driven one. As the business world iView Labs understands the importance of being technology savvy and up to date with the latest tools and trends. iView Labs can also help you build a tech team within your company. iView Labs has a decade of experience helping SMEs transition into tech-driven businesses. We also assist CTOs in building remote development teams.
To learn more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs, write us an email at info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

How and Where to find the most suitable tech talent for your business

A competent tech team plays a vital role in keeping the gears of any organization running smoothly. From system design to creating system architectures, code and workflows to troubleshooting issues with operating systems, networks, databases, hardware and software, tech talent or their lack can make or break a business.

So the question most of us face as entrepreneurs is how do we as business tackle challenges related to talent shortages.

In a maze of job portals, social media, and online forums, where do you start?

Read on for tips and tricks to help founders and entrepreneurs find suitable tech talent.

1. Understand the Position You Need to Fill

The first step towards finding the right talent is understanding your own need for talent.

Long term vs short term Need, Specialised or Just getting the work done, Part time or full time, On Premise or Remote. Having a better clarity on the nature of the job and a working style for this role which is mutually beneficial for you and your business can really help to fill the position and get the necessary work done.

If you have a long-term need for an expert with specialization, it can be worth going through a rigorous recruitment process. But if you have a specific short term need for project-based work, it can be worth looking into hiring an agency or a Gig Worker. Small agencies and Gig workers can often help with out-of-the-ordinary situations:

Short-term projects or development “sprints.”
Projects requiring a limited number of hours
Cybersecurity emergency
Troubleshooting apps or software

However, suppose you need specialists who understand your business and can provide consistent support for your tech development, processes, apps, and products. In that case, it’s far better to have a full-time tech team, whether that’s in-house staff or a hired consulting firm.

2. Know the Ideal Candidate

When looking to find talent and build a tech team, it’s important to first understand what you’re looking for. Who is your ideal candidate? What kind of skills and experience are you hoping for? Knowing the particular skill sets and experience required for the position will help you rapidly sift out unqualified applications, allowing you to focus on those who are worth your time.

Once you have a clear idea of your ideal candidate, you can start to craft your candidate persona. Consider market demographics when doing this. For example, if you want to find tech talent, remember that almost half of all tech candidates are under 35. This information can help you adapt your candidate persona to find tech talent that matches your needs.

3. Figure Out What Your Ideal Candidate Wants

It’s not just you who chooses your ideal candidate. Your ideal candidate should choose you too. The current workforce is spoiled for choices. They will choose the opportunity that best suits them. Hence, to find the right tech talent, you must know what they want.

According to surveys from LinkedIn and Glassdoor, these are some of the factors that IT job seekers identified as most important:

Benefits – 63%

Salary – 67%

Company Culture – 60%

Location – 59%

Work/Life Balance – 29%

Consider what makes your ideal candidates tick. Include that in your job description.

4. Look at the right places

Even with the perfect job description, you won’t get any leads if qualified tech professionals don’t see your posts. You need to know where to find the best tech talent.

Job portals like Indeed and Monster may be good for getting resumes. But most of the qualified tech talent gets hired through strong personal networks. To find the crème de la crème, go to where you know the tech community spends its time. Like:

Industry websites (GitHub, Stack Overflow, etc.)
Online forums
Local technology events

People hanging out on these platforms are the ones serious about technology. Go hire them!

5. Work with a tech talent company

Of course, building a tech team doesn’t necessarily mean making a permanent hire. It merely means finding tech talent to complete a task. Sometimes, the easiest way to fill employment gaps is by using the services of a tech staffing company. An IT staffing company saves you from a complicated hiring process.

One such trusted solution provider to find tech talent is iView.

With iView, you can build a tech team quickly without any research, job postings, or scouring hundreds of applications. iView presents flexible solutions where you can choose the number of tech people you need and their duration. Thus, you can easily scale up or scale down your workforce as needed. You can now be more flexible with your projects and save time and money hiring unnecessary full-time employees.

So, if you’re struggling to find tech talent to manage your projects, trust the experts at iView to build a tech team for you. We have rich experience and can help you get the qualified professionals you need to complete any IT project.

Footnote:

At iView Labs, we offer technical team talent on demand to supplement or add to businesses’ current capacity and meet your needs for technical development. In accordance with the talents required by the business, we match, build, manage, and operate their technical teams for a more sustainable functioning. This broadly fits with the core principle of the digitisation movement, in which technology should ease your life and allow free creative minds to reach new heights. Rest assured that our team will continue to put our best foot forward to deliver astounding results. Want us to become a part of your growth journey? Get in touch today.To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs, just write us an email at info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

How To Build An Exceptional Fintech Application

Introduction

The finance industry has successfully amalgamated with evolving technologies to meet the growing demands of its clients across several verticals. The emerging fintech industry aims to reach 2 billion people worldwide who do not have traditional banking accounts. The objective is to make banking services accessible to all with greater convenience and flexibility. That said, fintech apps across domains have been able to garner interest from not just the unbanked but also many who wanted to overcome bottlenecks of the existing banking systems. Today, even these traditional financial institutions are deploying fintech apps to keep pace with the dynamic, fast-moving fintech startup ecosystem.

Today, you’ll see the daily lives of billions deeply enmeshed with fintech solutions, giving rise to one of the most advanced phases of human society. For instance, cross-border payments can be made with just the touch of a button- minus the extensive paperwork and approvals. Or, take a look at how convenient managing your investment portfolios have become. Fintech apps and platforms have made the Customer 2.0 self-sufficient to accomplish an array of financial tasks in a jiffy, without having to invest unwarranted amounts of time and effort.

As per research by The Business Research Company, the Fintech industry is expected to grow up to $158014.3 Million by the year 2023! Payment options, intelligent banking solutions, investment planning and several other services are being built on the foundations of AI, machine learning, blockchain and advanced data analytics to create a seamless customer experience.

Fintech App Development: The Journey

We can see a growing number of fintech apps in a market that aims to serve their customer base with a wide variety of functionalities. If there is an appropriate time to hop on the bandwagon, this is it! But how does one go about fintech app development from scratch?

In this article, fintech app development company iView Labs will discuss everything about it by helping you lay down the process of creating a stellar fintech application in six actionable steps.

Six Steps to Build a Robust Fintech App

Find your niche: Before you set out to create your fintech app, make sure that you have covered all your bases in research. This will give you a fair idea as to what kind of services and niche would provide the most lucrative results, in terms of operations as well as revenues. If you’re interested in building a cryptocurrency-based site, the process will be entirely different from wanting to create a unified payments app. Fintech Mobile app development requires you to get several licenses and permissions. So, make sure you’re on the right side of legal compliance.

Decide the features and estimate your costs: Once you’ve moved the niche and regulatory body’s permissions out of the way, it is essential to start thinking about the app’s functions. Charting the interface will need you to have a clear idea of how the app will work and what functions your users can perform while using your fintech app. This also brings you to deciding on a feasible budget that works for your organization, since many wonders about the fintech app development cost. Look upmarket standards before deciding on an estimate.

Hire an app development team: While creating your own app development team is a great way to get things done, it can be a highly expensive affair. Finding and recruiting the necessary professionals for the job takes time and funds, which could otherwise be saved. Instead, consider hiring a fintech app development company like iView Labs, that has an extensive portfolio in your specific niche. It will save you time and get the job done more effectively, including quick deployment, round-the-clock support, and maintenance.

Formulate the UI/UX Design: Once you’ve finalized your development team, it’s time to focus on the UI/UX design, which is the front-facing interface of your app. With the help of your app development experts, mention the exact specifications to curate your brand aesthetics, app elements, features, navigation, and functionalities. Once you’ve decided on these aspects with the app designer, the development team will quickly take over and curate your fintech app.

Develop Minimal Viable Product: It’s a good idea to test your app before embarking on your app development process. A Minimum Viable Product or MVP contains all the basic elements of your idea that can be a good test run if you’re looking for feedback. It will show you how much value your customers can get, and make room for improvements if there are any errors, saving you development time.

Modify and Support the Fintech App: The key to start a fintech company and keeping it going is having your apps tested constantly pre and post-deployment. There will always be new technologies, inclusions, and mandates that you’ll need to keep up with. Dedicating time to ensure that your site delivers a seamless experience to your customers will be the hallmark of your services.

Wrapping Up:

It may seem intimidating to set out on the fintech app development venture all on your own, especially as a new entrepreneur or traditionalist business that’s transitioning into digitization.

At iView Labs, we possess all the modalities, knowledge, and skills to deliver a fully functional, sophisticated, and impressive fintech application. Our professionals ensure not just the highest standard at the interface level but also the back-end of app development. To get started on your journey, contact us today. Stay tuned for more informative blogs on end-to-end development solutions on our portal!

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

Why Every Finance Institution Has to Be a Fintech Institution

“Ignoring technological change in a financial system based upon technology is like a mouse starving to death because someone moved their cheese.”

~ Chris Skinner

A study conducted by the American Bank Chase highlighted that 4 out of 5 customers prefer managing their money using a smartphone instead of going to an actual physical bank. As modern technologies, ideas and inventions shape the field of finance, the financial institutions that continue to resist this inevitable force are sure to get swept away. Advancements such as artificial intelligence (AI), blockchain and the Internet of Things (IoT), mixed with an extremely volatile market and ever-changing customer demands, all play a critical role in redefining the services provided by financial enterprises.

Fintech symbolizes the harmony between finance and technology that is changing the way we transact everyday. Fintech app development and fintech mobile platforms have become globally trending topics. As customer expectations increasingly hover around technology-led services, any bank, insurer or asset management organization looking to stay relevant and thrive in the market needs to become a fintech institution.

Fintech Application Development

Finance companies aiming to compete in a highly digitized environment need to promptly develop and integrate fintech applications into their line of services. The ability to leverage devices such as laptops, tablets or smartphones to perform financial tasks and transactions has immensely shaped the modern user experience of the finance industry.

A research conducted by Finder.com predicts that approximately 78% of the United States millennial population will become digital banking users by the end of 2022. Furthermore, a study published by The Fintech Times suggests that the mobile contactless payment market will rise by 40% to reach a staggering $3.516 trillion by 2023, further increasing to $4.6 trillion by 2025. These numbers strongly suggest that fintech mobile app development should be at the forefront of every finance institution.

Fintech applications can refer to a wide range of products; banking applications that allow money transfers and bill payments, stock trading platforms, loan apps and even applications with an integrated payment gateway system are all fintech subdomains. The cost of developing a basic fintech application with a simple user interface generally ranges between $30,000 to $50,000, a potential bargain given the limitless heights this industry is expected to reach.

Starting a Fintech Application Development Company

In our post-pandemic era, the fintech market continues to grow year-on-year as digital money management, transfer and payment options gain greater relevance. According to a recently published Promontory Interfinancial Network survey, 76% of 543 senior management professionals in traditional banks fear the emergence and widespread acceptance of financial platforms such as Apple Pay, PayPal and Venmo. With the global economy embracing the wonders of fintech, now would be the ideal time to enter this blooming industry.

When you start your fintech company or begin developing an application fit for the fintech economy, there are a few integral steps that you have to adhere to.

Study Rules and Regulations: The fintech industry is heavily regulated by a number of complex laws, limitations and requirements. Being a part of this economy requires you to be well versed in privacy laws such as GDPR, the ePrivacy regulation and CCPA according to the state or country that you wish to provide your services in. In the modern fintech industry, there are a number of compliance practices such as PCI DSS (Payment Card Industry Data Security Standard), AML compliance (anti-money laundering), KYC compliance (know your customer) and digital signature certificate that need to be considered as well.

Discover Your Niche: The fintech economy consists of a plethora of subdomains ranging from cryptocurrencies and blockchain solutions all the way to simpler personal finance apps. Choosing the correct niche according to the audience you wish to target can be the optimal strategy in finding success in this industry.

Choose the Appropriate Tech Stack: After you decide on the type of service you wish to provide, the next integral step is choosing the appropriate tech stack to get you started. Deciding upon the programming languages, frameworks and databases heavily dictates the overall cost and time required for development.

Embrace Modern Advancements: AI is tipped to power 95% of all customer experiences in the next decade. Similarly, blockchain business value is expected to surge to over $3.1 trillion by 2030. Embracing these wonderful technological marvels is integral to fintech companies looking to leave a permanent mark in the industry. The future of fintech lies within these advancements.

Provide Personalized Services: The fintech market is largely dominated by software powerhouses such as Microsoft, Stripe, Paypal and Venmo. In order to succeed amidst this competition, personalized services to your audience can become a competitive edge. Newer companies such as Mint and Robinhood have focused on carefully crafted experiences and convenient applications for their target audiences in order to gain relevance in the industry.

Ensure Optimal Security: Security is the single most necessary feature for a fintech application. Since these platforms deal with large sums of money, customers expect their transactions to be fully secure. Aspects such as data protection and safety can be ensured by utilizing encryption techniques and cloud services.

Look to Constantly Improve: To initially test the waters, it can be a smart idea to develop and deploy your minimum viable product (MVP). This basic version of your app can be used to gather public feedback and recommendations. Constantly improving upon this basic product can yield immense benefits.

Key Takeaways

The future of finance is predominantly governed by technology. As modern advancements sweep across the finance industry, embracing this inevitable change is the only way to stay competitive. Transitioning from legacy systems to sophisticated technology-enabled fintech companies is critical for every finance institution.

With smartphones, laptops and tablets taking over all age segments, developing fintech applications and fintech mobile platforms has become a necessity. Customers demand increasingly fluent digital experiences and catering to these demands is the only way to remain relevant. Ultimately, this technological boom in the finance economy can provide immense opportunities for enterprises aiming to leave a mark, but those who continue to ignore this change are the ones to surely be left behind.