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 non-tech founders can build great technology companies

If you’re a founder from a non-tech background, you may feel disadvantaged when building a technology company. You may need to figure out where or how to start. But with the right advice and resources, you can overcome these challenges and create a successful tech company. In this blog post, we’ll discuss some tips for non-tech founders and helpful resources that will guide you through the process. So don’t worry – you got this! Just follow these simple steps, and you’ll be on your way to success.

Building a product/service without understanding of the underlying tech can be tricky. You may face some challenges like:

Hiring a technical team

Building a tech team is the most challenging part of setting up a startup. You need to find tech talent that is suitable for your business needs. Sourcing, engaging, and hiring tech talent takes a lot of time. If you are looking to hire developers, you need to figure out the entire development pipeline. Assigning them roles and responsibilities can be challenging if you don’t know the tech. 

To overcome this, non-tech founders can benefit from the expertise of a reliable pre-assembled plug-and-play tech team. Instead of worrying about recruitment or team leadership, you can focus on developing your product or service.

Finding a co-founder with a tech background

While having a co-founder with the tech expertise is not mandatory, they can help build a tech team. They can also be critical players in business-related activities such as networking, pitching to investors, presenting your products at conferences, and gathering user feedback.

Many benefits come with finding such a co-founder. But recruiting a technical co-founder can be challenging too. Many non-technical startup founders need help figuring out where to start looking for such experts.

Solution?

Outsourcing with an external tech company means that you’ll be benefiting from the technical expertise of teams that may be located all over the world. This helps broaden your search and find people excited about your product. Plus, you can always leave the door open for bringing a tech co-founder on board when the time is right.

Non-tech founders have succeeded and how!

Wonder if you can succeed as a non-tech founder? There are plenty if you are looking for some inspiration. Founders with no education or work experience in the technology space have gone on to become successful entrepreneurs.

Brian Chemsky is one such name. He and co-founder Joe Gebbia famously built the 100 billion dollar business Airbnb without an iota of coding skills. The duo were industrial design/graphics design graduates from Rhode Island University. Today, Airbnb is over six million rooms strong in over 81,000 cities globally as of 2020. 

For another non-tech entrepreneur, the journey began in 2012. Falguni Nayar, the founder of the Indian online cosmetic marketplace Nykaa, was a banker for two decades before dipping her toes into entrepreneurship at age 55! Nykaa specializes in multi-beauty and personal care products. Today, the e-commerce giant is valued at approximately $13 billion after its recent listing on India’s National Stock Exchange.

Similarly, Alexis Ohanian, a non-technical entrepreneur, co-founded Reddit. As a prominent news aggregator, Reddit receives over 1 billion page views per month and can convert a news topic into a viral hit. Ohanian co-founded Reddit with co-founder Steve Huffman after graduating from the University of Virginia in 2005 with degrees in commerce and history.

We could go on and on. But the bottomline is, if they can do it, so can you. Let’s see how. Start by building a solid tech team.

How can you build a strong tech team?

Finding tech talent is difficult for many CEOs. After all, even if you know your business well, it might be tough to discern if the person you hire can truly accomplish what is required of him/her. According to a McKinsey survey, 61% of HR professionals believe building a tech team is the most challenging for them in the years ahead.

Regardless of the daunting hurdles in finding tech talent, established organizations can only expect to survive in the digital era if they are technologically strong. As a result, IT talent should be the CEO’s top focus.

Here are a few tips that will go a long way if you want to build a tech team as a non-technical founder/entrepreneur.

Multi-pronged approach

Filling your tech-talent demands is becoming a multidimensional competition. Companies must spend concurrently throughout the “hire to retire” life cycle.

This begins with creating a digital-talent engine; a dedicated team is tasked with managing the whole employee experience, from hiring and onboarding to generating new career pathways and continually upgrading capabilities.

Bridge the talent gap

Do your employees have the skill required to fulfill your business needs? Analyze the skill gaps of your employees periodically and develop training sessions to refresh their existing talent or upskill them.

Focus on candidate experiences

To find the perfect tech talent, a more effective approach is to focus on the candidate’s experience. You need to improve the virtual candidate experience since 70% of companies in a recent survey said their recruiting and onboarding was at least half virtual. Some ways of doing that include the following:

  • Tech talent want to meet other technologists, so ensure that engineers and other relevant roles are part of your interview team. 
  • Promising applicants are ambitious and have a wide range of possibilities. Create an interview and evaluation strategy that can result in a decision in as little as one day.
  • Because IT talent isn’t only going to job boards, be active in non-traditional channels like hackathons, open-source channels, and skill-specific curated sites. 

iView Labs as a talent partner

iView Labs can be a potential partner that helps businesses find tech talent. We have a team of experts who know how to find the best tech talent. This way, businesses can focus on building their product or service and not worry about the nitty-gritty of hiring. iView Labs is a reliable partner that you can trust to build a tech team for your business.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.

Is working with a remote tech team for long sustainable? Here’s why most companies are adopting the remote model.

A survey by Owl labs reveals 59% of employees would be more likely to choose an employer who offered remote work compared to those who didn’t. So, perhaps the question of ‘whether remote-work is sustainable’ is rather misplaced and should fact me ‘how can you establish a sustainable remote-work model in your organisation?

While several businesses have transitioned into a remote or hybrid setup, business managers need to be aware of a few caveats this move bears. But once these challenges are addressed, the business impact of embracing remote work can be astounding. We have already discussed why having a remote workforce makes good business sense. 

But, long-term success requires a planned approach and a sustained effort to transform the organisational culture.

But if it’s so much effort,  why are businesses adopting remote working in the first place? Think of less office workspace, fewer rentals, less commuting, fewer trips, higher productivity and greater employee focus- when you look at the perks and incentives for both employees and employers, remote work starts seeming more effortless than an office setup with full strength. 

So, how can businesses make remote work sustainable

By enabling employees to work from different cities around the world and change their compensation accordingly, remote setup can save larger organisations millions of dollars. The only need is that businesses make their initial investment in establishing the right processes in place. 

Let’s go through some solutions that can help us face the special challenges of remote working and make it healthy and sustainable for the long run:

Plan it: Of course, the success of remote work depends on having a solid plan. The move to a remote setup requires close collaboration with other organisational executives, feedback from the team on the goals, and provision of the necessary equipment.  Establish processes, methodologies, and protocols to be followed for all day-to-day operations so that everyone who joins your projects is aware of the entire modus-operandi and can do their bit as desired. 

Build the right digital infrastructure: Remember that providing the appropriate tools is perhaps the most crucial step in guaranteeing the successful operation of a remote model for any firm. In order for smoother collaboration, you might need to invest in the right software that can allow teams spread across geographies to communicate and collaborate effectively. Integrated tools that can easily be accessed  Businesses can use various solutions managed by professionals like iView Labs that can guide their operations in the proper direction. 

Master the hiring and training process: Working remotely is no exception to enhancing employee performance through learning and skill development. There are several ways to set up and manage remote training depending on the needs of a business, and the procedure works differently for different organisations. Making all training programmes accessible while maintaining their engagement is a great place to start.

A remote recruitment service can look for specialised abilities and experience matching an organisation in time-friendly countries. You can consider having a reliable recruitment partner to manage your remote workforce needs. This will help businesses master their onboarding and training process. Remote recruiters increase the talent pool by looking for prospects everywhere. 

Take care of employees: Remote work raises stress levels by disrupting work-life balance or escalating friction between work and personal life, according to a study. Many studies have shown that people who work remotely often struggle with overworking, increasing their labour hours. So you need to ensure that you touch base with your employees regularly, understand their challenges and find ways to address them on a continuous basis. 

Remote work is not just sustainable for your business but also for the environment

Lockdown memories of rush-hour silence, and fading haze at dawn during the pandemic support the notion that remote working intrinsically benefits the environment. Consider commuting: transportation is the biggest source of greenhouse gas emissions. 

Eliminating millions of people’s daily commutes and replacing them with WFH policies appears to be a simple climate win. Reduced foot traffic in large corporate buildings can cut paper, furniture, and food waste. As a result, WFH may have a net positive impact on waste management techniques. 

Furthermore, organisations can simultaneously increase employee productivity while reaching sustainability objectives by implementing sustainability policies that provide co-benefits (such as financial and environmental rewards).

Remote working is more likely to stay than not and will become an even more important part of how we operate in the future. Businesses should begin preparing for this “return to the new normal” as soon as possible.

[Footnote] 

At iView Labs, we offer technical team talent on demand to supplement or add to businesses’ current capacity and meet their 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.

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.

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.comDownload the latest portfolio to see our work.

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.

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.comDownload the latest portfolio to see our work.

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.

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.comDownload the latest portfolio to see our work.

What is the Role of Technology in Healthcare?

Healthcare is a sector where there is great scope for technological innovation. Due to its essential nature, the healthcare industry is only going to grow, and the demand for technological solutions to refine healthcare systems and processes is only going to expand. In addition, new and exciting developments in fields like communications, data analysis, biotechnology, blockchain etc., can help hospitals and doctors provide the best and most efficient solutions to patients.

In this article, we’ll be discussing some of the emerging trends related to the role of technology in healthcare. 

Big Data Analysis

Due to the extensive increase in the need for medical facilities in recent days, integration of big data analysis in the healthcare industry has become very important. 

Due to extensive increase in need of medical facilities in recent days, integration of big data analysis in the healthcare industry has become crucial. Some of its applications are:

Efficient hospital staffing: By studying the past and present admission rates, hospitals can estimate the future admission rates. Based on this, they can take decisions as to how many staff to hire and which facilities they should be assigned to.

Error-proof medication: Data analysis systems can flag any errors or inconsistencies in the treatments or medicines assigned to the patient by studying patients’ medical history. This will be a failsafe against mistakes made by the hospital staff.

Preventive care: Again, by analysing patients’ medical history, systems can detect the early symptoms of any medical conditions so doctors can treat them before they reach the serious stage.

Wearable Medical Devices

Wearable medical devices like pacemakers, fitness trackers etc., are a burgeoning part of the healthcare market, and they are expected to form a 27 billion USD market by 2023. Examples of wearable devices are heart rate trackers, calorie trackers, oximeters and fitness trackers. These devices provide medical information about the patient in real-time and can provide advance warning of major health issues. 

Fitness trackers give the patient a sense of responsibility and give them control over their own health. Since they can directly see their activity level, they are encouraged to exercise more to reach some tangible goals. By adding rewards, alerts etc., these trackers “gamify” the fitness process and make it less of a chore for patients.

Virtual Reality Tech

Some doctors are using VR tech to provide relief to patients with chronic pain issues. Since pain is felt in the brain, distracting the brain with VR or other engaging tasks which require a high level of participation and interest from the patient can reduce their pain levels. 

Another application of VR tech is in reducing the anxiety levels of patients who are about to undergo surgery. By distracting the patients through virtual reality, doctors can take their thoughts away from the impending surgery, thereby reducing stress and anxiety levels and improving mental health and wellness.

Apart from helping patients, VR tech can help doctors hone their own skills. For example, doctors can rehearse complicated surgeries in virtual reality and get a better, immersive understanding of the internal arrangement of the human body, including even the smallest organs. 

Blockchain

Blockchain is a major milestone in the field of encryption technology and data security. Keeping the patients’ medical records secure and private is very important for healthcare facilities. This information must also be shared between hospitals when patients are transferred from one facility to another. Blockchain in the healthcare market is estimated to be worth almost 900 million dollars by 2023, showing that hospitals are starting to understand the value of this technology. 

Vendors like BurstIQ and Medicalchain are working to apply blockchain to the healthcare sector. They empower patients to have control over their medical records and are helping hospitals to store, organise and transmit patients’ medical information safely.

Telehealth

Telehealth and online medical consultations have come to the forefront of the healthcare sector due to the restrictions on in-person interactions imposed by the advent of the Covid-19. Even without the pandemic, telehealth comes as a boon to those patients living in remote or rural areas who can’t often travel to the doctor or patients with severe mobility issues (e.g. patients who use wheelchairs or patients suffering from neurodegenerative diseases) who can’t easily leave their houses to visit the doctor. 

Another use case is for patients suffering from contagious illnesses. Despite all the precautions that are taken, there is still the possibility of them spreading the disease. Again, telehealth can be used to treat these patients remotely.

Conclusion

Technology will definitely play an ever-increasing role in healthcare in this new digital age. From empowering people to ensure their fitness, protecting patients’ privacy and medical data, and helping hospitals make more efficient decisions vis a vis staffing and treatment, technological innovations can help doctors and patients in more ways than one.

iView Labs believes in bringing a better version of the healthcare industry at your call, we have a versatile team of developers and consultants to assist you to meet all the innovations you are planning for your healthcare business.

If you are interested in learning more about how to avail of these services, visit www.iviewlabs.com or write to us at sales@iviewlabs.com in case you have any queries. You can download our latest portfolio to get to know us better.

How Estonia is Creating Waves in the Field of Healthcare / How Estonia is teaching the world a lesson in digital health

Estonia has come to be known as a digital-first nation providing its citizens with solutions such as i-voting and e-residency. Furthermore, it has been in the vanguard of digitizing healthcare too. With a population of just 1,328,046, this small EU member is spearheading the digital healthcare phenomenon.

 A favorable place to do business, Estonia welcomes people from all walks of life, due to its agile methods and openness to innovations. It has become the playground for several tech tycoons and healthcare investors. Today, Estonia ranks first in the Digital Health Index with an incredible e-health score of 81.9. It set high standards for Electronic Health Record systems (EHRs) and the rest of the world is anticipated to soon follow suit.

The emergence of Coronavirus was a pivotal phase in Estonia’s Electronic Health Record systems (EHRs) coming to the limelight. While most countries struggled to cope with the outbreak, Estonia’s digital health record systems made it easier for medical practitioners to devote more time to help combat the deadly virus.

Let’s take a closer look at how Estonia is embracing digital life and paving the way for a more comfortable and convenient healthcare system. 

A national database of digital medical records
Almost all of Estonia’s hospitals and doctors have digitized their patient data, allowing citizens to access their medical records with relative ease. There are close to 40 million health documents in the e-Health system. This straightforward procedure has sparked interest, with Denmark and Spain following suit. The EHR system benefits both patients and doctors because it saves time and allows for quick and precise diagnosis.

E-ambulance service at your fingertips

Another advantage of the EHR system in Estonia is the availability of e-ambulance services, which detect the position of the person seeking aid within 30 seconds, resulting in a faster turnaround time for treatment.  It also provides the medical personnel to view the medical records of the patient they are about to save. This enables on-the-spot treatment depending on the person’s previous medical history.

Hassle-free e-prescriptions

Another important digital solution that Estonia has mastered is e-prescription. A warning notice is issued when a doctor recommends a prescription that may interfere with the current medication a patient is taking. The doctor can then recommend a different treatment to avoid side effects or any other potentially dangerous medical scenario. The technology also generates e-prescriptions, allowing patients to obtain re-prescriptions based on the doctor’s recommendations without having to visit the hospital.

EHRs a reality or a pipe dream for India?

In the healthcare sector, India is still developing and needs to speed up the digitization process. Public-Private Partnerships (PPPs) have become a crucial facet of healthcare, and the government is slowly but steadily looking into them to provide its residents with the best-in-class healthcare facilities.

There are various obstacles to overcome on the way to making EHR a reality in India. Here are a few: 

  1. An expensive affair
    Hardware, software, employee training, network fees, and maintenance can all seem a bit pricey in the beginning.
  2. Data leaks
    Indians are still hesitant to share their personal information because they believe that data leakage is a major worry.
  3. Data migration
    Converting data from paper to digital records is a difficult undertaking.
  4. Training of medical personnel
    Doctors will need to devote additional time to learning and adapting to the new system.
  5. Lack of technical guidance
    Another issue that private and small health facilities confront is a lack of in-house technical assistance to ensure that EHR systems work smoothly.

What can India learn? 

For the health record of any individual to be of clinical value, it needs to cover the various staged of life along with every clinical encounter that the person underwent throughout these stages.  It hence becomes critical for the records to be available, in a chronological order to provide a summary of the various healthcare events throughout the life of the patient. 

India is still in the early stages of implementing EHR systems. India can successfully integrate EHR systems in the future if it focuses on the following factors:

The PPP Way:  A higher level of public-private partnership is required to address infrastructure shortcomings in the healthcare delivery system. The commercial sector must be aware of public health issues, as these will have an impact on healthcare’s overall success. The private sector has the ability to bring in massive quantities of money to build world-class healthcare facilities for the general public. Simultaneously, the public sector can provide the necessary subsidies and accessibility. To attain universal health coverage and offer high-quality care at a reasonable cost, PPP employs a high volume, low margin strategy.

Personnel Training: Transitioning from legacy systems to newer ways of keeping records could be challenging in the beginning. Doctors and healthcare personnel must be properly trained in order to be able to leverage the advantages of this system. It may appear time-consuming at first, but in the long term, it will save time and provide a more open and simple manner of dealing with health issues.

Uniformity: In order to ensure health records across systems, organizations and institutions can seamlessly sync with each other, certain homogeneity is required in the way the records are stored. Guidelines have already been established by the Ministry of Health and Family Affairs, keeping in view the suitability and applicability in India. Institutions across the country need to ensure that they comply to these standards to be able to contribute towards the larger objective. 

Security: Maintaining high level of data security to ensure sensitive data of patients is protected is a must. Drawing parallels, there was a lot of resistance to online payments in the beginning, but once the security and privacy concerns are addressed, people have readily accepted digital as a preferred mode of payment. E-HRs will be a similar story. 

The pandemic served as a wake-up call for several countries including India. We are compelled to steer away from the conventional healthcare models to more unconventional ones. E-HR is the next power move promising to uplift the health conditions and healthcare experience of the general populace. From luxury, it needs to become a basic necessity. And to make it a reality, India as a country, needs to learn from many other countries and move at an exponential speed to emerge as a forerunner in the digital healthcare map.

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.comDownload the latest portfolio to see our work.

Rapid Application Development: Low Code/No Code (LCNC) Will Continue To Flourish

Low code/no code development refers to a software development approach that requires minimal or no coding to create a piece of software. With visual workflows and drag-and-drop features, low code/no code platforms have revolutionized the way companies and developers build software. 

What exactly are these platforms? How are they helping businesses leverage software more efficiently? Are they going to stay or vanish in the future? Let’s explore answers to these questions in this blog. 

Low code vs no code development platforms

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A low code development platform is a set of tools that enables software development with little manual coding. A no code development platform is one that creates software with no coding requirements. Often, both low code and no code development solutions are packaged in the same platform.

However, there are some platforms that are truly no code and some that absolutely do require a bit of manual coding. The main distinction then lies in the target user of these platforms.

Low code development platforms are intended for personnel with some programming expertise. No code development platforms are intended for users with no programming background who need limited functionality in their software. Because no code platforms come with a complete package of only pre-built components, they stifle customization capabilities. Therefore, most businesses opt for low code development platforms.

Examples of popular low code development platforms include Microsoft PowerApps, Salesforce Lightning, and Zoho Creator. While tools like Webflow, Appy Pie, and Bubble are commonly used by non-IT personnel for no code development.

Low code/no code development is on the rise

The low code/no code development approach has been around for a while. However, with the emergence of COVID-19 and the large dispersal of organizations thereof, a lot of businesses attempted quicker digital transformation using the low code/no code technologies.

A KPMG survey across Global 2000 organizations revealed that after the emergence of the pandemic, over 26% of executives considered low code/no code as their most important automation investment. Prior to the pandemic, only 10% of businesses considered investing in low code/no code development.

Considering how low code/no code platforms accelerate the process of application development and delivery, it is no surprise that the market for these platforms is rapidly increasing. According to Statista, as of 2020, the global market for low code platforms generated revenue of 12.85 billion US dollars. With a CAGR of over 26%, it is estimated to cross 65 billion US dollars in 2027.

Why are businesses investing in low code/no code development?

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It removes the barrier to entry into the market by reducing development costs

Traditional software development is both a time-consuming and a resource-intensive affair. It requires businesses to hire a specialized team of experts in design, development, and testing. The hired team then works together for months to deliver a piece of software. Therefore, only established businesses with access to a lot of capital could build software.

However, with the rise of low code/no code platforms, any small business or even a single entrepreneur can easily translate their idea into a functional app. As a result, rapid application development using low code/no code tools has eliminated the barriers to entry into the market for businesses with limited capital and human resources.

It facilitates faster time to market with quick development and deployment

For a majority of startups and small businesses, a faster time to market is indispensable if they don’t want to lose out to the competition. The unexpected shift in consumer preference to online shopping during the COVID-19 pandemic is a great example of how businesses that rolled out apps faster were at an advantage over the ones that lagged behind.

Even in general, the success of a startup is considerably dependent on how quickly they are able to solve an existing or impending problem.

Low code/no code platforms offer ready-to-use components that are pre-tested. Therefore, without having to invest time in creating code and testing it, businesses can plan and launch a software solution in the market much faster compared to traditional software development.

It ensures higher customer satisfaction by enabling quick iterations 

No software application is immune to the need for iteration. Whenever an app is launched, the app owner keeps a keen eye on what the users are liking about it and what needs to be improved. The success of popular web and mobile apps largely comes from regular iterations based on user reviews and feedback. 

In the case of a traditionally built app, implementing changes is time-consuming as you have to write new code and because of how each component is related to the other. However, if you build your app using a low code/no code platform, making iterations is a lot quicker. That’s because these platforms consist of pre-built modules that work well together. So you can make changes to your app quite easily, with little risk of incompatibility.

Challenges of low code/no code app development

One of the biggest challenges of low code/no code development is little scope for customization. There’s a limit to the kind of and the number of templates available to be used in these platforms. If you have a very specific use case for your app, it might be hard to find a platform that satisfies the design and development needs of your app.

Secondly, rapid app development using low code/no code platforms compels you to rely on the security and governance measures implemented by the platform owners, leaving you with no ownership over the source code. This may prove to be risky in unpredictable scenarios like the platform being acquired by a third party or mismanagement of critical customer data.

Lastly, low code/no code development platforms may not be equipped to meet the scaling needs of an application. These pre-built templates may not work so efficiently when the user base expands substantially.

We can help you overcome these challenges and maximize your low code/no code development ROI

Despite some challenges, the low code/no code approach is going to become a significant part of the future of software development. It makes building software more accessible and empowers small businesses to leverage the benefits of software without heavy investments.

The key to driving success with your low code/no code investment is to identify the right platform that will serve your business goals without having to compromise on the security or the functionality aspects. 

iView Labs is an experienced software development company that specializes in creating a winning low code/no code technology strategy for small to medium scale businesses. If you are a business decision-maker who wants to create efficient apps with minimal time and money investment, our team would love to guide you.
Just drop your project details here and our consultants will help you choose the right platform and the right strategy for rapid app development.

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.comDownload the latest portfolio to see our work.