Organizations pursuing digital transformation initiatives are typically doing so to achieve a variety of possible business outcomes ranging from improved customer experience to improved operational efficiency. As enterprises plan their digital journeys, they are increasingly moving to a more distributed IT environment where corporate applications reside on premises as well as in public cloud environments, and access to these applications is provided on an anytime, anywhere basis to a variety of endpoint devices.
In this type of environment, there are a number of technology-related issues that will drive enterprises to think about new security risks such as the adoption of new technology, IT architectural migration, and the implementation of new operational processes. While these issues typically drive the front end of a digital transformation plan, security is often viewed as an obstacle to a digital transformation initiative or is an afterthought and only considered after the plan and design of the digital transformation initiative is finalized.
Security as an obstacle to innovation
Technology issues like cloud migration, the proliferation of endpoint devices (or “things”) attached to the network, and the adoption of new technologies like AI and IoT can potentially create new vulnerabilities for attackers to exploit. For some organizations, the thought of digital transformation creating a need for incremental security spend above what is currently being spent can slow the pace of digital transformation or stop it entirely.
The reality is that digital transformation is driven by business objectives and the development of a digital transformation strategy must include security requirements at the outset to minimize potential technology and business risks that cybersecurity represents to an organization. What is needed is a better understanding of the business risks associated with a digital transformation plan and the potential impact to the business if those risks ever materialize.
Attempting to “bolt on” a security strategy after the digital transformation plan is in place can put an organization at significant risk once the transformation plan is implemented by not having the proper controls, processes and technologies in place. Every component of a transformation initiative brings inherent risk, and organizations must rethink their overall security posture and the effectiveness of the current security controls they have in place.
Therefore, in the shift from an organization’s current state of IT operations to their future state, IDC believes that a framework for security that includes the combination of a comprehensive security strategy in conjunction with a digital transformation strategy would provide a guide to help organizations understand where potential risks exist and how best to address the risks inherent in their digital transformation journeys. This approach brings security concerns and technical risk in better alignment to business objectives.
Accelerating the path to digital transformation securely
Reference architectures are commonly used as a template for highlighting the various components of an architecture, their functions, and the interdependencies of the functions provided through a set of interfaces. The objective of the reference architecture is to provide a level of commonality for consistent implementation and reuse. This helps to accelerate the delivery of a technology solution while ensuring consistent implementation.
When considering the architectural changes taking place in enterprise IT environments as organizations execute on their digital transformation strategies, the use of a security reference architecture can help bring business objectives and security concerns in alignment, while also accelerating the path to digital transformation in a secure manner.
Given the challenges businesses face today keeping pace with the ever-changing security threat landscape and the demands for IT to be an enabler to digital transformation, a consistent approach to implementing security at the strategy, operational and technical level is a business imperative. The use of a holistic framework that provides a consistent methodology, uses a common language and provides a step-by-step guide for embedding security into any digital initiative will help organizations streamline transformation and accelerate the time to realize real business value.
The transport and logistics industry has been experiencing tremendous growth with the evolution of services such as Alibaba and Amazon. However, there’s one major challenge to the smooth delivery of online orders: retailers and manufacturers use different data formats for issuing and tracking order shipments.
In the absence of universal agreements for identity and access management that work across the entire industry, companies have had to draw up individual written contracts for every shipment. Customers may get their items in a reasonable period of time, but when it comes to the retailer, shipper or consumer tracking the product, there’s no uniform view of the entire shipping route as the package is on route to its final destination.
That’s why a group of forward-thinking public- and private-sector partners within the transport and logistics sector in the Netherlands have formed iSHARE, a consortium that seeks to develop a uniform standard for automatically exchanging data while shipping products following an online sale. All data and policies are stored in a central repository, enabling each partner to work with the same identification, authentication and authorization methods, thereby eliminating the need to manually type multiple contracts in order to share data and ship a product.
The Netherlands has been funding this project over the past few years, and consortium members hope that iSHARE can become a global standard. To give credibility to the notion that iSHARE will be embraced wordwide, large maritime port and airport cargo handlers – in tandem with a large U.S. retailer – have also contributed to investing in the project.
Recently, the consortium has been testing the last mile of delivery in the online food sector using crypto technology developed by iSHARE. For the last mile, solutions are being developed that can open a smart lock or box via Bluetooth or Wi-Fi with crypto tokens. Sometime soon, the delivery agent will only need an app on a smartphone or tablet to open the lock/box. A crypto token will work in tandem with policies, developed by solutions providers, that will determine whether the contents of the box need simply to be cooled or remain frozen.
Once this last mile technology emerges, then the great potential of online shopping can be realized. A Rabobank report found that total supermarket spend in the Netherlands in 2018 across 3,730 stores was 38.7 billion euros, of which 1.4 billion euros (3.6%) came via online shopping. The good news: Rabobank expects online food shopping to grow up to 30% by 2030.
Despite this promise, online food shippers still face unique challenges, namely that perishable food items need to be stored in temperature-controlled conditions and can’t just be left at a front door or on a person’s driveway. Residents must be home to receive the goods or pick them up at so-called pick-stations. An analysis by Dutch supermarket franchiser Ard van de Huijgevoort, owner of van de Huijgevoort Group, found that because deliveries can only be made when people are home, only nine deliveries are made per van, per day — well below the volume they know is possible.
But what if deliveries could be made at any time of day so that the shippers can drive the most cost-effective routes? In addition to the use of crypto tokens noted, there are systems under development that include iSHARE for data exchange in leveraging autonomous delivery and other modern food storage techniques. Ard van de Huijgevoort found that, under such a system, three to four times as many deliveries can be done in one day. Along with considerably better economics for the supermarket, this also reduces carbon emissions because the trucks drive fewer kilometers for the same deliveries.
To be sure, there are still many challenges in the transport and logistics industry, but uniform data sharing standards, such as those created by iSHARE, should accelerate improvements across the many stages of the delivery journey.
Experts predict air travel will grow steadily over the next two decades. The Federal Aviation Administration (FAA) reports that the number of passengers boarding planes is expected to increase from 880.5 million in 2018 to 1.3 billion by 2039. Airports are responding with massive construction programs and new processing technologies to help them handle more gates and passengers and deliver enhanced security.
Airport managers understand that deploying new technologies can be a critical component of managing expected growth. Yet too often they find it simpler and more expedient to expand their current systems rather than start construction projects with the more modern solutions. I have personally seen how this short-sighted approach ultimately costs more and adds delays to projects, as newer systems are eventually retrofitted anyway. A more intelligent strategy would be to begin projects by thinking of technology and construction from a business perspective.
How technology helps travelers
Numerous existing and conceptual technologies can make airports the efficient, high-tech facilities that today’s travelers expect. The most obvious ones include WiFi and emerging 5G technology. More sophisticated technologies include smart sensors that can determine the mood of the crowd, monitor how full trash cans are, and automate how planes park at the terminal — without human intervention. In addition, modern communications technology can tie into retail service companies so travelers can order coffee or food that’s ready for them at the gate when they arrive at a destination.
It’s all possible, and can bring tremendous benefits to airports and travelers, but it needs to be properly planned for. Airports can expect the best business outcomes when technologists are part of the design and orchestration process. Here’s how incorporating their input from the beginning of a project can enhance five key business initiatives:
1. Situational awareness
Both management and the public expect airport security to know what’s going on around the perimeter of the airport. By bringing IT into the conversation at the beginning of a project, cameras and sensors can be strategically placed around airport property to give the security team a 360° view of vehicle break-ins or other criminal incidents. In addition, video footage coupled with predictive analytics can help determine crime patterns that emerge over several months and years. Technologists’ input will ensure that there’s a good balance between ongoing support costs, the desired capability of the application and cybersecurity.
2. Improved risk management
Similarly, involving IT early in the construction process can help airports deploy sensors and cameras in optimal locations. Salt Lake City International Airport, for example, installed seismic sensors to monitor potential earthquake activity in the region. More commonly, facial recognition sensors, installed properly, can read the mood of people passing through terminals and alert security to potentially suspicious activity. Technologists and legal staff can ensure that airports don’t inadvertently take on more risks when implementing new capabilities.
3. Reduced costs
It’s always more cost-effective to allow for the technology upfront, as opposed to doing a retrofit. After all, airport construction project managers don’t want to reopen ceilings or redo wiring once a building or parking lot is done. Sometimes a new construction project provides an opportunity to “forklift” out existing technology and replace it with far more capable and easier-to-maintain equipment, which lowers total cost of ownership over time. However, the actual technology equipment should be bought later in the construction cycle — just before the implementation — to ensure it doesn’t get out of date before it’s even turned on.
4. Improved public reputation
Today’s travelers expect access to lightning-fast WiFi, self-service check-in kiosks and other digitally enabled features. Any airport renovation project that fails to deliver modern technology will likely result in negative feedback scores for the airport and a public outcry on social media. There’s no reason for that, especially when most IT teams are more than willing to work with airport management to deploy modern technologies that will improve safety and deliver a better experience for travelers. Additionally, IT staff can help guide the use of new 3D technology to simulate future environments so that all stakeholders know that the airport staff understands their concerns and intends to feature the latest technology.
5. Enhanced customer satisfaction
The best IT staff are customer-focused today, so building in the technology to help airports improve services is second nature. Airport managers can work with the airport IT staff and the carriers to install the right WiFi technology and 5G towers to facilitate all kinds of new services, such as deploying applications that can text travelers the location of the closest restroom when they get off the plane or let them know if the restroom is closed for construction. Also, airport managers should make sure IT and marketing staff can fully leverage social media to properly track and respond to concerns.
Making technology upgrades part of airport construction projects brings business value and isn’t a hard concept to grasp, but it’s essential if an airport hopes to maximize its investment. Give technologists a seat at the table – and airports can meet the traveling public’s technology expectations while in turn avoiding expensive retrofits.
A massive percentage of the finance sector is willingly switching to mobile banking. But how much does mobile banking app development cost?
Irrespective of how slow we call the adoption of technology in the finance sector, there is one transformational event that can not be ignored – a massive percentage of people willingly switching from desktop and branch-visiting banking to mobile banking.
Mobile banking apps have today become one of the primary ways in which people log on to their bank accounts and perform transactions. The attraction towards mobile banking is so high and prominent that banks, across size and geographical locations, are not just expanding into the online banking app development offering but are also looking for ways to make them new-gen technology-rich.
In this article, we are going to deep dive into the different facets of banking application development and the feature-sets that come together to define how much does it costs to create a mobile banking app.
A Peek Into the Mobile Banking App Market
The ease that banking apps come with – real-time access of account information, ease in transactions, card-less ATM withdrawals, etc – has led to the fact that every bank now comes with their own banking applications.
But does it mean that the time for entrepreneurs to join the bandwagon has passed? No!
There are a number of statistics that validate the need for a mobile banking application. Here are some prominent ones –
In a decade’s time, mobile banking apps have taken over the combined user count of internet banking, branch-visit banking, and telephone banking. We can only imagine how big the market will be in the years to come.
The Top Players That Every Mobile Banking App Development Company Looks Up To
The experience that these brands offer has played a massive role in increasing the adoption of mobile banking apps in the industry by showing the users that the process can be extremely seamless and automated.
Another factor that helps these applications become revolutionary is the feature-set that they come with.
Let us look into some of those features.
Must-Have Features of Banking App
There are a number of features that come together to define a well-strategized mobile banking app creation process. In order to get an idea of which is the best one, it can be helpful to look into the reasons why people use banking applications in the first place.
While the image gives a good idea of the kind of features that must be considered when you are looking for answers on how to develop an online banking application, let us reinstate the primary features.
1. App access
Like a majority of applications, a banking application also starts with authorization and registration. The sign-in option in the banking application should be simple but also highly secure. There are two options that brands generally follow when building a banking app – PIN entry and Fingerprint. A multi-factor authentication system can help secure the application to a great extent.
2. Account information
You should enable the users to access their bank account information – account number, balance, card number, name, etc. There are a number of success stories that highlight the need of showcasing the feature of checking balance and other information in the first screen that opens when the user logs in. However, even if it goes differently than your plan, at least make the sections easily accessible for the users.
3. Payment and transfer
The next must-have feature of a banking application would be the ability to make real-time payments and transfers. There should be a specific section for the transfer activities containing the ability to add beneficiaries, view account balance pre and post-transfer, etc.
At the payment stage as well, you should ask the users to put in their password/PIN or fingerprint to allow money transfer.
4. Transactions history
Another primary feature of a banking application is real-time transaction history. On a usual note, you should give your users the feasibility of viewing their transaction history for the period that they want, i.e custom date setting.
5. Push Notifications
A well-thought-of push notification strategy can not just help you retain your customers but also increase the engagement levels in your application.
Generally, push notifications are divided into three parts:
Transaction-based – notify users of everything related to their bank accounts
Promotion-based – inform the users about offers, discounts, and deals
Application-based – document submission or password change request
6. Bank and ATM locations
It is one of the most convenient features present in a banking application. You should integrate Apple or Google Maps in the application to help guide the users to the nearby bank locations and ATMs.
7. In-app chat
There are a number of ways chatbots make banking better. The number one is making banking accessible to the users on a 24*7 mode. A securely devised chatbot can help keep updated with their account details, check if x amount was credited from their accounts, etc.
While these are the must-have features that define how to build a banking mobile app, there are a number of advanced features that can elevate the returns on mobile banking development services investment. They can be – regular payments, QR scan, integration of third-party services like investment portals, hotel or travel booking options within the app, etc.
Now that we have looked at the must-have feature sets of banking applications, let us get to the point where we look into the cost of banking application development.
How Much Does it Cost to Develop a Banking App?
The banking app development cost is dependent on a number of factors. Here are the top ones –
1. Features
Mobile banking app feature-set is the first thing that contributes to the development cost estimate. The more advanced the features, the greater would be the development cost. For example, the more you move away from a standard mobile banking app and gravitate towards the integration of Blockchain for IoT in the application, the higher would be the overall cost range.
2. App design
There are a number of information present inside a banking mobile application – account information, money transfer details, customer service information, an active chatbot, etc. It is very easy to create a design which tries to add all the information in place. But what is needed and appreciated is minimalistic design – something that carries its own place in the mobile app design cost list.
3. Technology Integration
The other key factor that has a direct impact on the banking app development cost is technology integration. While we do suggest adding new-gen technologies like AI or Blockchain to future-proof your banking applications, it can increase the development cost to a great extent.
4. Location of the agency
The last element is the location of the agency. As you move from East to West, the cost of app development increases. The average hourly rate of mobile banking app developers in the US is usually in the $100 to $120 range, while in India it can be anywhere between $60 to $80.
All the elements come together to define the cost of banking application development. If you are looking for a numeric value, share your idea with our banking software experts. They’ll help you validate your app idea while giving you a costing estimate.
While you are working on your banking application idea, keep the banking trends into consideration which would help make your app 2021 ready.
Mobile Banking Development Trends That Will Rule 2021-22
ATM connectivity
Innovations in QR code scans and near-field communication technology will help customers manage their ATM transactions without fumbling to find their debit cards, while saving them from entering passwords in a public setup.
Voice commands
Voice technology will find itself getting adopted by the banking sector by a greater extent. Users will now be able to check their bank balance or transfer money to people in their contacts simply by initiating a voice request.
Greater integration of AI
This year will see a number of innovative use cases of AI in the payment & banking sector. Right from fraud detection to establishing a 24*7 connectivity between users and banks, AI and Machine Learning will be integrated by the banking institutions to a great extent.
Improved app security
Although the banking sector is still one of the most secure sectors, 2021 will see it become unhackable. Here are a few elements that we will be adding in the banking applications to make them breach-proof:
Multi-factor authentication system
End-to-end encryption
Fingerprint authentication
Real-time alerts
Incorporation of AI to identify fraud instances, etc.
At this point, you have all the information needed to initiate a mobile banking application and the factors that will help you get an estimate on the project. The next step? Find a team of developers who can help you with the project. We are one of them.
Rail carriers are finding that the combination of electric trains coupled with computer-based transportation management systems can help them run more trains, handle increased ridership and reduce their annual power bill – sometimes to the tune of 6 percent annually.
According to Patrick Mazza, coauthor of the book Solutionary Rail (2016), electricity serves nearly 25 percent of railroad track miles and supplies more than one-third of the energy that powers trains around the world. While the United States has fallen way behind in this area, other regions, such as EU countries and India, are developing the electrification of their railways. After all, there’s a growing consensus in the rail industry that long-term, electric trains make sense in terms of reducing costs and addressing sustainability.
In his book, Mazza outlines the following benefits of moving from diesel-powered to electric trains:
Lower power costs. While prices of diesel fuel are low right now, many industry analysts estimate that long-term prices will increase. On the other hand, electricity prices are falling with the fast-growing use of renewable energy sources such as wind and solar. Even at current prices, an industry report by Amtrak estimates that it is 50 percent less expensive to power a train by electricity than by diesel.
Lower engine costs. Electric locomotive engines cost about 20 percent less than diesel locomotive engines on the global market, and maintenance costs are up to 35 percent less than for diesel engines.
Reduced pollution. Phasing out diesel-powered locomotives would reduce air pollution, including soot, volatile organic compounds, nitrogen oxides, and sulfur oxides, all of which negatively affect public health and the overall And switching from diesel to electricity would also help address the need to replace petroleum-based liquid transportation fuels with cleaner alternatives as we seek to lower greenhouse gas emissions.
On the technology front, rail carriers can now collect data and run analytics to determine how trains perform under different driving styles, in order to improve overall performance and energy efficiency. For example, carriers can analyze how four drivers manage 100 journeys in a week and determine why some drivers use more power than others even though they run the same routes.
If test data determines that some drivers stop and start more frequently or brake harder than others, the drivers could be taught to better use trains’ regenerative braking technology, which captures the energy expended by trains as they slow down. They can then re-use the power, improve energy efficiency and reduce a train’s carbon emissions. Chennai Metro Rail in India estimates that with regenerative braking, each train can generate nearly 1,900 kWh, or 30 percent of the energy consumed. Thus, by saving 30 percent of power needs, Chennai Metro Rail says their trains are cutting down carbon emissions as they reduce dependency on power supplied from fossil fuels. That’s a big savings, both for Chennai Metro and for the environment.
Although it will still take the rest of this decade to make a more complete transition to electric, many rail carriers around the world have been on this track for at least the past few years. I think it’s safe to say that people can expect electric trains to become much more mainstream around the world by 2025. Couple that with increased use of digital technologies and analytics, and our industry stands to make great strides on transforming railroads into modern carbon-neutral companies.
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