Product development – Page 2

How to Ease the Burden of Operations in an On-Demand Solutions Industry

The COVID-19 pandemic has ushered in a new age of on-demand customer experiences characterized by unprecedented speed and efficiency. As customers around the world grow to expect immediate provisioning from their product and service providers, the on-demand economy continues to flourish. In fact, according to a recent PwC report, the market value of the on-demand app economy is expected to reach a staggering $335 billion by the year 2025.

With the overwhelming growth of the on-demand economy promising to create better business opportunities, the burden now lies on the Operations Team to achieve the necessary speed and accuracy for each delivery. The heroes working in Operations are solely expected to handle numerous issues that may arise in the on-demand business. This leaves them with a sense of ineffectiveness as challenges pile on. To lessen the burden of the Operations Team and enable them to make proactive decisions, sophisticated on-demand applications that integrate adequate technologies are a necessity.

On-Demand App Development Overview

For organizations aiming to enter and flourish in the on-demand economy, a well-crafted on-demand application is fundamentally integral. According to the U.S. Census Bureau’s American Community Survey, American consumers spend approximately $57.6 billion in the on-demand economy annually. These numbers highlight the immense recent growth of the on-demand industry. It is clear that massive value can be generated by developing a successful on-demand application.

An application developed for the on-demand industry requires a host of unique features depending on the exact service. Besides a visually appealing and friendly user interface, an on-demand app essentially requires order tracking features, a detailed map, order history, vendor profiles, recommendation engines, push notifications and multiple payment gateways for ease of use. Since monetary transactions are at the core of such applications, strong cybersecurity features are also a requisite. Other features such as reviews and ratings and in-app chatting further add to the appeal of on-demand applications.

To additionally ease the duties of the Operations Team, a real-time analytics feature to manage fleets is integral. Customer experiences are at the forefront of the on-demand industry. Thus, the Operations Team is expected to provide immediate solutions and unparalleled efficiency. A constant feed of relevant information can be leveraged to make real-time decisions, adding to the overall customer experience. Being able to analyze routes, traffic patterns and possible shortages in real-time can be a much needed feature to thrive in this industry.

Catching Up With Costs

The cost of developing an app for the on-demand industry is largely determined by the hours of work needed and the functionalities required. A custom on-demand app is widely expected to take anywhere between 2,670 – 3,720 hours to fully develop and deploy. The hourly rates in the U.S. for developing such applications range from $100 to $250 an hour. Hence, developing an on-demand application tends to be more expensive than the average software solution.

Globally, developing an on-demand solution application can cost anywhere between $53,400 for a single platform project to $930,000 for a refined cross-platform application with a plethora of features. Advanced technologies such as real-time insights, recommendation engines and in-app payment gateways take substantially greater time to be integrated into an application but are essential for large scale on-demand apps that cater to wider audiences. Sophisticated technologies, in terms of real-time insights and hyperlocal analytics in particular, have grown in prominence during recent times as speed, accuracy and efficiency become paramount characteristics for an enterprise in the on-demand market.

Guide to Creating Your On-Demand Business

Launching an on-demand business application requires you to follow a number of steps. The process includes designing the application, analyzing the market for opportunities, development and implementation of the app and then finally QA testing and stabilization. A few key imperatives are as follows.

Choose Your Market: The on-demand industry consists of a broad range of subdomains covering fields such as food delivery, retail, healthcare, groceries, cosmetics and taxi services. Before you enter the on-demand economy, identify your niche market and integrate the particular necessary features.

Identify the Target Audience: As per an HBR report, nearly 49% of on-demand service users are Millennials. The age group between 35 and 54 make up another 30%. Your on-demand app has to appeal to the audiences most likely to use your products and services, especially the Millennial population that dominate the on-demand customer base.

Start Locally: To create a successful on-demand application that is not only aesthetically pleasing but also successful, you have to begin at a local level. By catering to a smaller area and a denser population , you can test concepts, strategies and advertisements. This also allows you to test features individually and start with an MVP.

Find Your Features: As discussed earlier, the features you decide to include in your app are determined by your overall product and service portfolio. For a taxi service such as Uber, advanced solutions like real-time insights, traffic data, dynamic price calculations, fleet tracking and route optimization are all essential. The same features may not be necessary for a small scale cosmetics delivery application.

In Conclusion

In today’s on-demand world, the pressure to provide quality services is unrelenting. With ever-growing customer expectations, it becomes increasingly difficult for the Operations Team to provide accuracy and efficiency. Developing an on-demand application can be the optimal strategy to ensure your Operations Team has a strong backbone. Such applications enable your organization to thrive in this blooming new industry. By leveraging modern advancements with real-time, data-driven insights and integrating these features into a comprehensive application, your enterprise can scale up to reach unfathomable possibilities.

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.

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.

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.

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:

An expensive affair
Hardware, software, employee training, network fees, and maintenance can all seem a bit pricey in the beginning.
Data leaks
Indians are still hesitant to share their personal information because they believe that data leakage is a major worry.
Data migration
Converting data from paper to digital records is a difficult undertaking.
Training of medical personnel
Doctors will need to devote additional time to learning and adapting to the new system.
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.

7 Up and Coming Programming Languages To Explore in 2022

Programming languages like JavaScript and Python still rule the software development ecosystem majorly. However, the yearly Stack Overflow surveys have proved time and again that the developer community is open to experimenting with new technologies.

There is always space for new tools to emerge, especially if they make software development easier. And programming languages, being a core development technology, are always evolving and responding to the needs of both the developers as well as the businesses.

Here is a list of 7 programming languages that haven’t begun to be used as widely as the giants like JavaScript but surely hold the potential to be big in the future.

1. Typescript

TypeScript was first introduced in 2012 by Microsoft to deal with shortcomings of JavaScript, especially for large-scale application development.

TypeScript is a statically typed language. It is a superset of JavaScript and all your JavaScript programs would work just fine with Typescript. Moreover, the code written in the TypeScript programming language converts to JavaScript so it runs anywhere JavaScript runs.

Because of the integration between TypeScript and all the commonly used code editors, you can now catch errors early on in the development phase which is such a blessing for JavaScript developers.

TypeScript supports ECMAScript standards with features like classes, modules, and an arrow function syntax. Also, it is open-source so you can use it in Visual Studio Code and alm.tools with plugins and extensions available in all major IDEs.

2. Go

Go (also commonly referred to as Golang) is a programming language developed at Google which is syntactically similar to C.

Like TypeScript, Go too is statically typed and compiled. It additionally features structural typing, memory safety, and garbage collection.

A major upside to Go is its support to DevOps and SRE which provides faster build, short syntax, automatic formatting and doc generation.

You can scale your web apps quickly with enhanced memory performance and support to several IDEs. The best part is that major cloud providers have a strong ecosystem of APIs and tools to get you going with Go.

3. Rust

If you are looking for a language that is super fast and memory-efficient by performance, Rust is the one. It also has no runtime or garbage collector due to which it can power performance-critical services.

Rust runs on embedded devices and can be easily integrated with other languages. It is syntactically similar to C++ and you can get memory safety by validation tweaks.

Rust has also been a consistent winner of the “Most Loved Programming Language” by Stack Overflow survey since 2016. Called by some as a Systems Programming Language, Rust has gained popularity among tech giants like Microsoft, Google, Meta, Discord, and Amazon.

4. Dart

One of the more popular languages on this list, Dart is designed by Google for client development. Mostly used for developing native mobile apps (iOS and Android both), it can also be used to develop web apps, desktop applications, and to build a server.

Dart is specifically super useful for building user interfaces efficiently. One of the most loved features of Dart is Hot Reload. Hot reload provides quick debugging without having the need to reload the entire application every time you make a change.

Like other object-oriented languages, Dart can compile JavaScript or native code. A single codebase can be used across all platform applications for Android, iOS, Windows, macOS, and the web. Android Studio and Visual Studio Code are the most commonly used IDEs for Dart.

5. Groovy

Groovy is a multi-faceted language for creating Java applications. It is a dynamic language with static capabilities and can be used as a programming language as well as a scripting language.

Java developers can easily adapt to using Groovy as code written in Java is mostly valid in Groovy. Code written in Groovy is compact and can work with many Java elements.

Groovy also supports XML and HTML markup languages natively via Document Object Model (DOM) Syntax. Unlike Java, you can execute Groovy source files as a script.

Similar to Python and Ruby, Groovy script is parsed, compiled, and generated before execution. It is used by popular organizations like Netflix, MasterCard, Sony, Linkedin, etc.

6. R

R was developed by statisticians as an open-source implementation of the S language. R is mostly used for data mining, data analysis, and statistical software development. It has a command-line interface and for various different operating systems, it provides pre-compiled executables.

There are graphical user interfaces such as RStudio and notebook interface Jupyter made available by a third party. With built-in support for graphics and data modeling, it can generate and plot linear models with residuals.

R users can define their own functions, as R is specifically designed for that as a ‘true computer language.’

7. Crystal

With a highly resembling syntax to Ruby, Crystal is a compiled language that uses static type-checking without generally having to specify types of variables or methods.

It is being actively developed and is released as open-source and free for all under Apache License version 2.0.

Crystal was created keeping in mind the greatness of Ruby in addition to efficiency, speed, and type safety. Crystal provides automated garbage collection and also supports method and operator overloading.

Interestingly, Crystal can be used to create blockchains because of how efficient yet user-friendly it is. It is as fast as C and slick as Ruby which, being an object-oriented language, is very impressive.

The Bottom Line

Like any other technology, the above programming languages are not the absolute best in themselves. There are certain advantages and disadvantages to using them. And so, whether you should use them in your next project or not depends on a strong understanding of your project needs and the features of these languages.

Need guidance on which programming language is right for your project? We are right here to help you. iView Labs is a team of experienced consultants and developers who specialize in choosing the right technology stack for both web and mobile app development.
Just let us know a little bit about your project requirements. We will study them, put together the right tech stack, and help you with the development roadmap. Schedule a free consultation call with our experts here.

Blockchain: Finally, Life Begins Outside Cryptocurrency

Until a couple of years back, the terms ‘cryptocurrency’ and ‘blockchain’ commonly appeared together in the same bracket, at least amongst people who are not very familiar with the technology. But as tech companies became more aware of blockchain’s versatility, it became clear that cryptocurrency is one of the many subsets of this disruptive technology. Soon, the hype around blockchain gathered momentum and led to the emergence of several best-case uses of the technology other than cryptocurrency.

At present, blockchain has become a buzzword in not just high tech but any industry that leverages software for data management.

Let’s take a closer look at what blockchain exactly is and how its applications have moved far beyond cryptocurrency.

What exactly is blockchain?

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Blockchain (sometimes referred to as Distributed Ledger Technology) is a decentralized database of digital assets. It is a distributed ledger that stores and records the history of a digital asset (data) by using decentralization and cryptographic hashing. To put it in simpler words, blockchain is a shared database consisting of blocks of data chained together sequentially as the single-source-of-truth for the information.

Blockchain is composed of three important concepts: blocks, miners, and nodes. Blocks are chunks of data tied together in an irreversible chain. Miners play the role of adding new blocks on the chain. And nodes are any electronic device with shared access to the blockchain, keeping the network functioning.

It is important to note that in blockchain the data is not transferred from one user to another. Instead, it is distributed among all the nodes (devices), thereby creating an immutable record of a digital asset. This decentralization of data creates a secured transparent system where all the parties involved get full real-time access to the data.

Blockchain applications and use cases beyond cryptocurrency

The popularity of cryptocurrency pushed blockchain to become one of the most coveted technologies. Today, blockchain has expanded its roots into various commercial domains and its applications are only multiplying by the day.

Statista reports that the global blockchain market is expected to reach a whopping $39 billion by 2025. As of 2020, it’s the finance sector that leads the way, accounting for 60% of blockchain’s global market value. However, other industries are rapidly catching up in employing blockchain to reap its benefits. One such example is that of the manufacturing sector which accounts for 17.6% of the share.

While the list of different blockchain applications is a ‘blockchain’ in itself, we’ll take a look at its major large-scale applications below.

Blockchain in FinTech: Cross-border transactions and trade finance

Providing frictionless cross-border transactions is an increasingly common application of blockchain in the financial services industry.

The advanced security and transparency in blockchain make it possible for users to transfer funds globally without having to rely on intermediaries too much. Ripple is a great example of how a company can leverage blockchain to offer a decentralized infrastructure for instant cross-border payments.

Blockchain is also exceptionally useful to reduce the risks of fraudulent activities in the trade finance ecosystem. By enabling transparent governance and reducing the complexities involved in the transactions, blockchain unlocks new opportunities for both the banks as well as the customers.

IBM has already rolled out a blockchain-based trade finance solution that has been helping banks not only automate approval processes and trading cycles but also extend services to smaller businesses that are new to the market.

Blockchain in Healthcare: Patient data management and security

Because of the decentralized and immutable storage of data in blockchain technology, any patient data recorded on it becomes impossible to hack. Moreover, transparency in blockchain also ensures that any changes in the data are always visible and trackable. Thus, blockchain in healthcare can ensure nobody tampers with patient data.

Companies like BurstIQ and Medicalchain offer blockchain-based solutions that not only empower patients to have complete control over their medical data but also help healthcare organizations to securely store, manage, and share patients’ medical information.

Blockchain in Public Sector: Ensuring legitimate voting

Among the wide applications of blockchain in the public sector, the most notable one is its use for fair elections. Illegitimate voting, counting errors, and vote tampering are common issues that many major democracies in the world currently face.

A blockchain-based voting mechanism can eliminate all of these issues by ensuring authentic voter registration, secure record-keeping of the votes, and accurate counting free from any human errors. FollowMyVote, a blockchain voting startup, has created an incredible solution that can aid the US to conduct fair elections. Citizens can simply install the software on their device, register an account by identity verification, and cast their vote. Once they have cast the vote, they can also verify that their vote has been recorded as intended.

Considering the potential benefits of blockchain technology, it’s likely going to be used for building the fundamental voting infrastructure in the future.

Blockchain in Supply Chain Management: Transparency and traceability

Traditionally, supply chains employ paper-based data systems to keep track of and trace all the product inventory and transactions. But the scattered nature of such data makes information sharing a lot more complex and inefficient among its stakeholders. This lack of transparency and traceability eventually raises issues like visibility gaps, counterfeiting, and compliance violations.

Blockchain-based supply chain solutions offer a unified view of the data while also allowing the stakeholders to discreetly verify transactions. The technology can be used to design applications that immutably and cryptographically record all transactions in a supply chain. In essence, all the parties involved can access required information on a shared ledger where no single party is the owner, thus bridging the transparency and traceability gap.

With blockchain integration, supply chain companies can record production updates with utmost data visibility. Since all the data on a blockchain system is updated in real-time, companies can also track production status and location at any given time, and share the data with customers for product authenticity.

Blockchain in Cybersecurity: Identity management

The IoT technology has revolutionized how businesses and the teams within communicate with each other. But as the number of users (and devices) grows, IT departments often struggle with user authentication and providing shared access to critical business applications. This calls for an identity management system that’s both trustworthy and liable.

Blockchain enables IT departments to develop sophisticated identity management systems based on decentralized identifiers. Meaning, digital IDs can be created for users as well as endpoints which are then secured owing to the reliability of private/public-key cryptography. While the private key facilitates data decryption, the public key can be freely distributed for user or device authentication.

Additionally, the immutable nature of blockchain technology makes these systems highly secure as all the data is tamper-proof. Also, decentralization of data allows users to get ownership of their identity and transfer it as they desire.

The Bottom Line

The advent of cryptocurrency introduced blockchain as a game-changing technology. However, the technology caught the eye of investors outside the purview of the finance sector and quickly grew in popularity. Recognizing its extraordinary benefits, brands across all walks of commerce are now investing heavily into blockchain in a bid to improve and secure their businesses worldwide.
If you are a business that wants to explore the viability of blockchain for a specific use case, our tech specialists are happy to offer you a free consultation. Just let us know your concerns here and we will help you understand how to make the most of this brilliant technology for your business efficiency.

What Are the Key Digitization & Automation Practices in Financial Services?

As the world gets used to the “new normal” induced by COVID-19, most consumer services have taken the digital route. Among them, financial services have been the top adopters of digitization. With people relying more and more on online banking apps and portals, financial institutions have no choice but to digitize their processes end to end.

While changed consumer behaviour presents a huge business opportunity to the financial sector, it is not devoid of challenges. In an ideal state, the growing demand for digital products, applications, and services would mean increased revenue and market share for the traditional finance industry.

But the truth is far from it.

While core financial services have been digitized, there are many back- and mid-end services that are still stuck in a rut. From account opening to loan approval, there are many processes that start off at digital touchpoints but culminate with manual, pen-and-paper processing.

This way, the digital chain in financial services gets disrupted. The “right here, right now” advantage of digitization loses significance when consumers have to wait for facetime with financial advisors.

To be fair, banks and FIs are working overtime to meet evolved customer demands and needs. In this post, we will talk about financial services that have been the focus area of digitization and automation.

Let’s get started.

1. Commercial and Small-Scale Business Lending

All over the world, governments are offering stimulus packages to businesses affected by the economic slowdown. Many businesses have had to revamp their infrastructure and systems to make way for the changing ecosystem. They need funds promptly without too much paperwork. That’s where digitized financial institutions can expedite the lending process.

For instance, the Office of Management and Budget in the US has allowed e-signatures in the loan application step. They have, in fact, taken out official orders to encourage staff to use e-signatures as much as possible to simplify processes.

At the same time, there is a spurt in the number of financial frauds where miscreants assume fake identities and siphon funds as loans. To avoid these pitfalls, a double line of defence is recommended. Double authentication in the form of facial recognition with document verification can fail-proof your systems.

2. Consumer Lending

There is a global recession in the making. Household budgets are in the red after layoffs and pay cuts. That’s why global banks like Goldman Sachs have allowed their consumer borrowers to delay their loan instalments.

According to American Banker, “Many banks are also working to identify emergency borrowing needs – and using digital platforms to provide advice and process loan applications.” Despite all these empathetic steps, financial pressure on solopreneurs, workers, and small businesses is going to mount. The number of personal loans, debt consolidation loans, and bridge loans are multiplying.

Digital-savvy lenders and financiers are reprioritizing their processes by focusing on mobile channels. In this area, two new developments are visible on the horizon – mobile e-signatures and mobile shielding. Since many consumers have started banking and borrowing through phones and tablets, mobile-first lending can make their transactions seamless and painless.

Mobile e-signature, as the name implies, creates a digital trail for tracking signatures while maintaining compliance. Mobile shielding covers due diligence to protect banking applications from tampering, instructions, and breaches. By these two advancements, banks and FIs can ensure data security and compliance without disrupting the user experience.

3. Account Opening

Even in this crisis period, banks have reported a 300% increase in account-opening numbers. The increment is primarily because of increased loan applicants.

To accommodate the heightened demand for new accounts, banks and FIs have transitioned to online mechanisms. According to American Banker, Citi’s commercial clients have “strongly gravitated toward digital onboarding.”

While techno-savvy banks and FIs are making hay while the sun shines, their technically-challenged peers are in for serious troubles. According to a Litico survey from mid-March 2020, 82% of people are hesitant to visit bank branches during the outbreak. However, the same survey reveals that 63% are more inclined to try an app.

This is good news for FIs that already own mobile apps or are in the process of building one. They are poised to earn a competitive advantage and increase their market share.

In a recent ISMG banking industry survey, 68% of FI respondents have identified digital account opening as a priority initiative for their institution this year. To make room for greater customer volumes, they have expanded budgets for tech stacks like ID verification, machine learning, and digital signature.

To prevent fraudsters from intercepting security, banks and FIs are exploring safeguards like two-factor authentication and biometric scanning. Using these next-generation methods of identity verification, these institutions are able to offer mobile banking to customers without compromising on their security.

4. Account Maintenance

Customers need to maintain or update their account from time to time. Priorly, they would have to visit their bank to create fixed deposits or add nominees to their accounts. Most procedures were incomplete without hard copy documents and signatures.

But with banks opening for limited hours and people hesitant to visit banks for health concerns or restrictions, digital services have come in handy. With e-forms and digital ID verifications, banks and FIs are well-equipped to serve customers in the comfort of their homes.

Fraud prevention in the form of account takeovers has emerged as the biggest threat during this time. In this kind of cyber attack, unauthorized users permeate bank security and infiltrate accounts. Once there, they can easily siphon funds, change account settings, and block payments, much like the real owner.

Fraud prevention platforms have cropped up to safeguard FIs against such threats. They closely monitor suspicious account activities and take necessary preventive action timely.

Ready to Go Digital?

Apart from the above use cases, digitization is also being abundantly applied to employee-facing processes. From payroll to attendance, everything is recorded and tracked without human intervention.

The best part is that these systems can be tailored to suit your organization’s specific needs. Another great thing is that they can be scaled up with ease to accommodate more data and user volume. This can help you save a lot of time, effort, and resources, keeping the quality and output intact.

Still, there’s a lot that needs to be done with regards to personalization of financial services. Currently, only 52% of banks offer personalized services in digital formats. This is a huge turn-off for discerning customers with high standards of customer service and support.

Another area where digitized services are falling short is the speed of transactions. Presently, too many regulatory stipulations are bogging down the speed at which financial transactions come through. For click-happy customers, slow speed is a reason enough to abandon the transaction altogether.

However, there’s a lot going on in digitization and financial services are bound to catch up with other more digital-savvy business areas soon.

Can you think of other applications of digitization in financial services? Share your thoughts in the comments below. And state tuned for more cutting-edge information.

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5 Steps to Improve Your KYC with Biometrics

KYC stands for “Know Your Customer.” It refers to the process where a business verifies the credentials and information of its potential and existing customers.

KYC is an essential step to prevent hijacking and tampering of sensitive customer data. It also helps businesses verify customers’ identities and assess their risk quotient.

Traditional KYC verification has many downsides, including restricted data portability and high costs. At the same time, vendors can’t exactly ignore KYC, especially as online transactions become rampant during COVID-19.

To overcome the limitations of pen-and-paper identity verification, businesses have started leveraging next-gen solutions like biometrics. Let us talk about the advantages and best practices of using biometrics to streamline KYC. But first, let us understand why KYC is important and what are the issues with conventional KYC.

Why is KYC Important for Businesses?

Businesses, especially banks and financiers, rely on KYC for many reasons. A robust KYC system helps them to:

Thoroughly investigate new customers and verify their identities.
Prevent money-laundering and identity theft.
Assess the loan-repayment capability of clients.
Minimize potential security risks.
Comply with regulatory requirements.

Companies that don’t follow a stringent KYC procedure can expose themselves to fraudulent customers, insolvency, and reputation damage.

What Are the Drawbacks of Traditional KYC for Businesses and Customers?

Banks and financial institution have eliminated outdated KYC verification systems because of the following reasons:

1. Too Much Customer Friction

Customer-onboarding time has increased considerably ever since laws made KYC mandatory. According to a Thompson Reuters study, a simple account-opening process took 18% more time in 2018 as compared to 2017 since the verification time has stretched. 12% of customers say they got frustrated and switched banks when their bank asked for additional documents to complete complicated KYC.

Not only do customers have to wait longer for basic work, but they also resent the level of documentation they are asked to furnish. Privacy intrusion issues can arise when companies request for personal customer details.

2. High Compliance Costs

Companies are spending too much on legal fees and labor that are required to complete customer due diligence. Every week, 50% of bankers spend 1.5 days on onboarding new clients. The global compliance costs amount to $500 million annually for banks and finance-related businesses. If companies spend 15% to 20% of the total “bank-running” costs on compliance, risk, and governance, their profit margins dip.

3. Variable Data Rules

The list of permissible KYC documents varies from nation to nation. For example, Cyprus has recently updated their KYC requirements. They now demand an in-person meeting with each account holder.

On top of that, there is no cognizance between companies when it comes to KYC rules. Different banks can ask for different verification documents from different clients. For instance, corporations may have to provide the director’s tax and legal papers. LLCs may be asked to furnish the Articles of Organization, etc.

Compliance requirements depend on the Central Bank’s dictates. Plus, banks might formulate their own compliance policies. With such fluid rules, it becomes difficult for customers to keep documents handy.

For all of the above reasons, biometric verification for KYC has become popular.

Biometric-based KYC is scalable, company-agnostic, and standardized. The collection of user data is fast, simple, and portable. Moreover, biometric provides more precise and reliable MFA multi-factor authentication) than knowledge-based authentication (KBA) like passwords or PINs.

Last, biometrics can be based on facial-recognition, voice ID, or fingerprints. By disallowing shared user credentials, biometrics is the most secure authentication system for KYC and AML (anti-money laundering).

5 Biometric Best Practices You Need to Follow

There’s no denying that biometric KYC is the way forward. However, to use this cutting-edge technology in the best way, you need to follow the tips below.

1. Allow Single-Sign-On (SSO)

Often, users find it challenging to remember multiple passwords. Biometric-enabled SSO enables users who fail to recall passwords, to sign in. Busy, multi-taskers enjoy the convenience and time-saving of SSO. Intel has already leveraged SSO to allow users to log in to multiple systems securely using a single username and password.

2. Integrate Anti-Spoofing features

The biometric system should include built-in security systems that risk-proof your KYC from imposters. Fingerprint scanners require a live finger not recorded finger pictures to complete the scan. Similarly, liveness detection ensures that the customer is a live one. Iris-pattern scanners may require you to move your eyeball or blink to pass the due diligence routine.

3. Include Multi-Factor Authentication (MFA)

To prevent data breaches, add a security layer by using MFA. It has two components—a custom pin that is system-generated, and personal authentication data (fingerprint, voice ID, iris pattern, geolocation, etc.). Mastercard’s “selfie pay” biometric system double-checks users’ identities by asking them to upload an instant selfie.

4. Take Advantage of Multi-Modal Biometrics

Typically, a single biometric data point is used to authenticate users. But background disturbances can distort voice tags and lighting can impact facial recognition. In such scenarios, authentic users can be locked out of systems. Also, a single data point is relatively easy to penetrate. That’s why some banks use multi-modal biometric KYCs that combine the results of more than one biometric.

Your access control machines can be equipped with geolocation tracking and face scanners. Your bank locker systems can ask for voice identification along with eye patterns. This way, you can prevent spoofing even if one of your data points is compromised.

5. Be on Top of Trends

Identity verification is a fast-evolving space. Why so? That’s because fraudsters are always one step ahead of the legal system. As new ways of data leaks, account takeovers, and credit card frauds crop up, authentication systems also revamp. So, it is essential that you be abreast of trends in data security domains.

If you use outdated, weak protocols, you are risking your customers’ financial and personal information. You are culpable for damages that your customers incur for your negligence and incompetence. Apart from the huge legal costs, you can also damage your business reputation and goodwill in the market.

Are You Ready to Improve Your KYC with Biometrics?

With SSN and KBA systems phasing out, biometrics-based KYC is the need of the hour. Since your customer relationships and business reputation are at stake, leave no stone unturned to master biometrics KYC. They offer convenience, cost-savings, and security to you and your customers.

Leverage all the tips mentioned above and keep a lookout for changing trends. Subscribe to our blog to get free, monthly updates on the latest developments in product development, software innovation, design, and more.

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