September 2021 - anteelo

5 Ways Fintech Industry is Using Artificial Intelligence

Posted on 30/09/202113/11/2021 by Tushar

The bond which is getting seeded between Fintech business and Millennials is poised to be extremely strong. At the back of the digital inclined focus that Fintech startup companies have been operating with, the domain – as a whole – is staring at a time of complete revamp. While Fintech companies have been quick to adopt this changed demographics, the only answer to how banks could recreate themselves in the age of millennials lies in intelligence. They will have to learn the tricks of trades via introducing artificial intelligence in fintech.

Let us walk you through the Uses of AI and ML in fintech for Millennials, highlighting what both Fintech companies and banks can work around.

Since the past many years, the millennial user group has been upending the markets, making companies scramble to find the right approach to attract the industry’s first digital natives.

With more of these young adults entering the workforce and investing in their futures, monetarily, The Fintech industry too is soon realizing that it will have to relook at its complete approach to appeal to this demographic’s unique set of expectations and needs. In other words, they cannot move with the business as usual mindset with this smartphone generation.

While the millennial class of customers and users have been given a number of unflattering names in the recent years, like “trophy kids” and “entitled”, this tech-savvy lot has been hailed for being progressive and more acceptable of new finance app ideas compared to the last generations.

Millennial users value convenience and transparency. They demand personalized finance service and product on their fingertips, which is not restricted on time and geography. These primal set of characteristics are what Fintech companies need to maintain when aiming to maintain a competitive advantage in the climate of fast-evolving technological and demand change.

Many Fintech companies have already seized upon this niche opportunity – of millennials expecting digital-first service – at the back of the understanding that the traditional banking avenues are getting phased out. They, individually or in partnership with banks have started exploring the mobile domain to match the shifting consumer trends.

Even in the mobile domain, Financial mobile app development companies are now exploring avenues to present themselves as innovative brands which are aligned with the technical inclination of the end-users.

One such avenue that Fintech companies are focusing upon is Artificial Intelligence.

Artificial Intelligence is one of the biggest disruptions of the business economy with almost every vertical either embracing the technology or planning to add it into their process by the next 5 years. In fact, AI is found to be one of the prime fintech trends for 2020 & beyond, and fintech centric AI and Machine learning app developers are also putting efforts to excel in this field.

The industry is finding use cases specific to Artificial Intelligence which answers why Fintech is targeting millennials using AI to not just improve the millennial customers’ experience but also revamp their business model to its entirety.

Let us look at some of the used cases that the Fintech industry has found in terms of using Artificial Intelligence to change their mobile offering. These cases should be read as a series of new opportunities for a Fintech startup.

Uses of Machine Learning and AI in Fintech for Millennials

1. Algorithmic trading

While Algorithmic trading is not a new concept in the finance domain, using AI to effectively perform the task on millions of devices is.

[Algorithmic trading uses complex formulas, combined with mathematical models and human oversight, for making decisions related to buying and selling of financial securities on the exchange.]

A great number of financial companies invest in the algorithmic trading practice as the frequency of trade that is executed through machine learning is next to impossible to replicate manually.

2. Better Targeting

A better chance at targeting is what the core ML and AI benefits in banks are.

Millennials demand personalized service on their fingertips independent of the time and place. For the purpose, fintech companies are making use of machine learning-driven robotic advisors to replace the need of human advisors at all waking hours.

This robo-advisors target towards millennials is driven with the aim to not just attract them but also remove massive processing costs for the financial institutions. The extent of personalization and promptness that the robo-advisors offer is the answer to what is the impact of AI in financial services.

3. Better Customer Support

One of the primary uses of advanced automation and AI technology in the finance industry can be seen in how the Fintech companies and banks are making their customer service digital and real-time. Let’s give a much closer look at examples of how integration of AI in customer support services can be made possible and how it becomes one of the top benefits of artificial intelligence based apps, especially those which are centered around banking and other financial services:

Chatbots

Chatbots are the basic most answer to how Fintech is targeting millennials.

By 2022, banks might automate over 90% of their interactions through chatbots (Foye, 2017).

By making use of technologies like chatbots, AI helps financial institutions solve users issues instantly. A reason why businesses look for the cost of Cleo like chatbot app. Bank of America, for example, introduced a chatbot named Erica to give their customers instant information about their transactions, account balances, and other similar information.

Personalized experience

Personalization is an answer to building long-lasting customer trust and loyalty for any organization and business. People, especially when interacting with finance-related matters value deep relationships and transparency with the institution and mobile app. This is one of the main reasons why people appreciate the introduction of AI in banking and other fintech solutions.

Personalization is the number one thing that businesses ask for when asking how to use AI to develop next-gen apps. ML algorithms can help in analyzing customers’ information and predict the services that would most or least impress the Fintech users.

A few examples of personalization in AI-backed Fintech applications can be seen in:

Capital One Second Look program, launched by Capital One monitors expense patterns. After an in-depth analysis, it helps detect if customers have been charged twice for the same purchase and can inform them in time. The platform also analyzes the tips that customers leave at the restaurant and inform them if it is over what they can afford.
MoneyLion, the personal finance platform also displays tips and tricks card and blogs to their customers depending on their monetary activities. “We have bank transaction data, credit behavior and location data; we want to be able to match that with a set of advice and recommendations,” said Tim Hong, chief marketing officer at MoneyLion, which connects to customers’ banks accounts through an API.

Applications like these clearly show the importance of AI and machine learning in financial sectors to make millennials feel important and motivated to remain hooked with the application.

4. Help with underwriting services

The underwriting process is related to assessing risks which every financial service users come with. The role of AI in this fintech process comes in the face of analyzing the true worth of the applicants by looking into their stringed data, especially ones related to their personal spending abilities on social media and other places.

The AI algorithms also help in assessing and predicting the underlying loan trends which can influence the financial sector in the coming time.

5. Stock Market Changes Prediction

With the stock market becoming one of the best investment choices for millennials, the demand for apps that would help make the navigation easier has grown. Something that has helped define newer applications of ML and AI in the fintech industry.

Several AI-backed mobile apps have been introduced which analyze the past and real-time information related to companies and their stocks. And on the basis of this information, they help investors identify which stocks should be invested in and which would prove to be a bad investment choice.

So here were the 5 uses of Machine Learning and AI in Fintech for millennials’ user base to get their attention and make them remain invested in the mobile-based financial offering. An offering that fintech companies provide with the help of their partnered AI and Machine Learning app development company.

Now that you know why fintech companies are using AI, it is time to invest in AI based fintech app development.

Having developed multiple AI software and apps for fintech startups and establishments, we have mastered the art of integrating Artificial intelligence and ML in financial processes.

Let us help you.

Digital Transformation and Enterprise Risk Management

Posted on 29/09/202113/11/2021 by Tushar

Digital transformation and enterprise risk management can be thought of as parallel highways. That’s because any transformation effort will introduce new risks and change to the organization’s overall security posture.

As organizations continue their digital transformations, the transformation of security and risk management must be an integral part of that journey. Organizations must integrate security and risk management into DevOps and Continuous Delivery (CD) processes. The ultimate goal is to have resilient systems that can not only withstand cyber attacks, but also carry out mission-critical business operations after an attack succeeds.

Taking the analogy further, imagine that each of these highways has three lanes: one for people, another for process, and a third for technology.

People in an organization form its culture. For digital transformation to succeed, many organizations will need to transform the culture around risk. That might include inculcating respect for personal information, and organizations consciously building digital services with privacy in mind. The workforce needs to be adept in using digital tools such as cloud, APIs, big data and machine learning to automate and orchestrate the management of a digital security threat response.

Process relates to how an organization overhauls its business processes to be agile and yet secure at the same time. This might involve moving from ITIL behaviour to DevOps or other proactive operational approaches. Prevention is important, but the ability to respond to manage digital threats is much more relevant, as this proactive behavior coincides with DevOps principles.

Technology can present new risks, but can also help address risk. Many top technology companies, for example, are using technologies to automate processes in a way that’s secure. Some common best practices include building loosely-coupled components wherever possible on a stateless/shared-nothing architecture, using machine learning to spot anomalies quickly, and using APIs pervasively to orchestrate the security management of digital entities in a scalable manner.

From a CIO’s perspective, each new digital entity and interaction adds risk: Who is this user? Is this device authorized? What levels of access should be allowed? Which data is being accessed?

Leading organizations will securely identify these users, devices and other entities — including software functions and internet of things (IoT) endpoints — and they’ll do so end-to-end in an environment where services are widely distributed.

Top 5 eCommerce Predictions For 2018 that you must know

Posted on 28/09/202113/11/2021 by Tushar

2018 is with us already and itâ€™s important in the current competitive market that eCommerce businesses donâ€™t standstill. In this post, we are going to take a close look at five eCommerce predictions for 2018 and explain why online businesses need to take heed of these shifting trends in order to stay ahead of their competitors.

1. Mobile sales will begin to dominate

Weâ€™ve been talking a lot about the shift towards mobile shopping over the last few years. In the UK, we already spend twice as much time surfing on a mobile as we do on computers and now we are set to see mobile sales forging ahead too. It is predicted that mobile purchases will massively increase during 2018, accounting for almost 50% of all e-commerce revenue by the end of the year.

There are several reasons which have contributed towards this shift. Mobile technology continues to improve: we have better phones and better networks, both of which make it easier to shop whilst weâ€™re out and about. For many, itâ€™s also more convenient to use a phone at home than it is to use a laptop.

In addition to phone technology, we have also seen an increasing effort by online businesses to give customers a better mobile shopping experience. Businesses are creating websites and apps which make it far easier to search for, find, look at and order products on the small screen. Improved website design and navigation have removed many of the barriers that used to make us switch to a computer when making a purchase.

Improved payment options also make mobile more attractive. Mobile phones are seen as very secure; with apps such as Apple Pay, we can even use them to pay for goods instead of a bankcard. This means customers now trust mobile payments much more than they once did.

To take advantage of the shift towards mobile, try to do the following:

Use a website theme that makes it simple and easy for customers to find your products when using a mobile phone.
Make sure your site loads quickly. You can do this by optimising your site and ensuring your web host provides the performance you need.
Start using accelerated mobile pages so even those with older phones or poor connections can access your shop quickly.
Offer a wider range of payment options that make online purchasing simpler for customers.

2. Sites that offer personalised shopping will grow more

Online retailers have realised that they make a lot more money when they are able to offer customers a personalised shopping experience. Indeed, sites which use personalisation techniques typically see a 5-10% resulting growth in sales.

These stores use a range of ways to give a customer-centric shopping experience. By employing data analysis and automation, they can provide suggested items based on a shopperâ€™s wish lists, recent searches or purchase histories. These suggestions can be provided on screen during browsing, as upsells during checkout or be remarketed using emails.

The technology needed to provide these services to customers can often be acquired through simple plugins and extensions.

3. Augmented reality shopping is the future

One of the major problems with online shopping is that customers only get to view a picture of a product before buying. This means a significant proportion of products sold online get sent back because, once opened, the customer doesnâ€™t like them. This is frustrating for the customer and costly for the retailer.

Over the years, online stores have done their utmost to provide the best shopping experience they can: image galleries, large images, videos, customer reviews, etc, have all been helpful. Now, however, retailers are beginning to use augmented reality to give users a much better understanding of how their products will look.

Augmented reality apps can be used to show customers what clothes will look like when worn or how furniture or decorations will appear in their homes. This year will see augmented reality becoming an integral element of many online stores.

4. Packaging to have increased impact on purchasing

Packaging has a number of effects on eCommerce customers. Firstly, it needs to protect your product as it is shipped to the customer. This is important as over half of all customers who receive a product damaged because of poor packaging would be reluctant to use that store again.

The way you package your goods also has an effect on your brand. Those selling â€˜high-endâ€™ goods need to make sure that the presentation of their packages meets the high standards that customers expect. Even with less valuable products, a well-presented package shows you have a respect for your customers.

The other consideration you need to think about is the eco-friendliness of your packaging. Do you use recycled and recyclable materials? Do you use overlarge containers when smaller ones will do? Do you overfill your packages with protective materials (bubble-wrap, polystyrene, tissue paper, etc)?Â Many customers are increasingly concerned with the environmental waste produced in eCommerce shipping and are also annoyed at the amount of recycling it forces them to do.

Getting your packaging right can lead to increased customer satisfaction and this can help with developing long-term relationships with customers.

5. 2018 will see a need to improve shipping

Shipping is a big deal in eCommerce and can often be the reason why a customer chooses one retailer over another. Thanks to the lead taken by Amazon and eBay, online buyers have much higher expectations about how they want their products delivered and now expect other eCommerce sites to provide similar levels of service.

In general, customers want their products delivered for free, to arrive quickly and at a time and place which is convenient for them. This means companies need to provide a range of different shipping options, for example, you could offer a free delivery within two days or a charged for, next day delivery. For customers who work, you may need to offer convenient delivery times or enable them to collect the package from another location, such as a post office.

Whilst customers like to be able to track delivery of their products, they also hate signing for them. If they are not in when the delivery arrives, they often have to go through the hassle of rearranging the delivery themselves or having to collect it from a depot â€“ all of which can put them off using your services again.

In 2018, delivery options will continue to impact upon your business. The more options you can offer, the better placed you will be to serve the differing needs of your customers.

Conclusion

As you can see, there are some surprising predictions for eCommerce in 2018 and not in the areas that most online retailers would expect. Whilst increased mobile shopping and personalisation have been promising to have an impact for some time, the effects of packaging, the way we ship our products and the rise of augmented reality are, perhaps, less expected.

List of creative agencies in Delhi

Posted on 27/09/202113/11/2021 by Anteelo Master

“Creative without strategy is called art, creative with strategy is called advertising.”

Prof. Jef I. Richards.

Building a creative user base has become like a powerhouse for the survival of a business. And to increase the face value of your website and become a magnet for your users and clients you need to hire a creative agency today and we have exactly what you’ll need, a list of top creative agencies of Gurgaon:

Iris Delhi

Starting with, we have Iris Delhi, a promising creative agency in Gurgaon. They provide their expertise across Brand Strategy, Advertising and Content as well. They have worked with renowned brands and agencies like Pizza Hut Delivery, Samsung, Adidas with a long list that follows. They help their clients outstand the others in the industry by hitching them to some of the most creatively set up interfaces.

Link: https://www.iris-worldwide.com/

Anteelo

Working with creative young minds Anteelo has never failed to stun their clients with ideas that stand out. They provide their clients with some of the most unique ideas to build up their business. Brownie points for their cost effectivity and their expertise must be added. They help their clients reach the correct audience within the best time frames.

Link: https://anteelo.com/

Lopamudra Creative Agency

Next, we have Lopamudra Creative agency, with amazing reviews from their customers and a promise of novel designs, originality and a maintenance of ethical standards, they have the best of bests to serve their users. Some of their most pleasing works include Virat FanBox and Sona commercials along with others.

Link: https://lopamudracreative.com/

Publicis India

Having worked with brands like Nescafe, Balaji wafers, ZeeTv along with others, Publicis, has formed a firm client base in the creative development industry. Their vast experience in the field adds up to the quality of the work they provide to their customers. They believe in giving digital transformation to their client’ work.

Link: http://www.publicis.in/

Blackgoat

Blackgoat, known for its creativity, novelty, and strategic visual solutions, have been working in the industry with great zeal and passion. Their goal is to create a compelling advertising campaign to make their content go viral. They are a firm believer of ‘WHAT LOOKS GOOD SELLS GOOD’.

Link: https://blackgoatcreative.com/

Design Answers.

Design Answers is a creative agency, helping businesses in achieving a stable market for themselves. They provide creative solutions that are extremely unique in their approach. Having worked with multiple renowned names: Wingreens, Sanfe, Huggies along with others, they are well versed in the field and promise their clients the best service.

Link: https://www.designanswers.in/en/

iBrandOx

iBrandOx is a full-time advertising company and a marketing agency. They promise their clients fine quality work or the clients may also avail the “money back” option. Their team carries out in-depth research which greatly helps them to deliver unique and reliable services at all times. They consider the clients pre-determined budget and excel on the lines directed.

Link: https://www.ibrandox.com/

Month: September 2021

5 Ways Fintech Industry is Using Artificial Intelligence