#fintechDevelopments Archives

Mobile App Development Guide for the Insurtech Sector

Posted on 15/05/202102/06/2021 by Anteelo Master

The insurance sector is known to maintain multiple touchpoints with its clientele. Thanks to business models that safeguard people from unexpected circumstances, they are detail-oriented and require heavy paperwork at most stages of customer enrollment. But the rapid, and recent, technological advancement has seen the finance sector introduce fleets of new digital solutions that place them right at the fingertips of people. As a result of this wave of digital transformation, pre-existing companies and startups in the insurance sector, are exploring the prospect of mobile applications. Lest we forget to stress, aggressively. The new insurance applications, if we can call them that, would need a touch of finesse considering the diversified nature of operations. So what should software developers concentrate on when it comes to Insurtech app.

It is to answer this throbbing question that we have this mini mobile application guide ready for you to take your first steps towards creating innovation in your insurance business.

Why Does An Insurance Company Need a Mobile App?

Insurance, by tradition, has been powered by middlemen. Although taking them entirely out of the picture may not be plausible, mitigating their involvement will grow profit margins, naturally.

Mobile apps allow real-time B2C interaction, without intermediaries. The positivity also flows down to the customer experience, which can never be exaggerated. And insurtech would be too smart for its own good, not to explore this option.

There are three main components that play a vital role in formulating the proverbial pyramid of an insurance company. The pyramid. which had played a major role in helping Wefox raise $110M in 2019.

This includes first the insurer that incorporates and markets financial products. Second, are the third-party entities that provide the services covered by the insurer. And the third is the end-user, the customer who has opted in to be insured.

Mobile insurance solutions offer the following advantages to insurance companies at the top of the pyramid:

Establish Customer Contact

Buyers are more conscious of spending than before. As per stats, 85% of the customers conduct online research before placing their purchase order. Insurance mobile apps make a fine impression in convincing people of instant support in dire need. A study discovered that up to 63% of its sample population was inclined to communicate with a chatbot. Therefore we have reason to believe registered policy-holders will favor to download and track policies over mobile. Building on this, they can draw a comparison between multiple products and shortlist the ones with better benefits.

Increase User Reach

Provide good customer service and turn clients into business affiliates. Referral programs can get you more buyers to loop in provided your mobile insurance solutions are state of the art. There are dual benefits to this. First, optimizing customer recruitment cycles would free up time for insurance agents to target bigger, better clients. And second, you can advertise your mobile insurance platform in related apps to target more customers with semantics marketing.

Study Customer Data

The insurance industry can tap into mobile analytics which they can analyse to an extent like never before. Insurance applications can easily gather the following types of structured data:

Identity Data – This includes name, D.O.B, physical address, telephone information, email Id, and or links to social media profiles such as Facebook, Twitter, LinkedIn, etc.

Quantitative Data – This is transactional data such as bank account details, credit score, frequency of payments, etc.

Descriptive Data – Insurers may need their customers to disclose property details, car ownerships. professional standing, educational background, along with the family tree.

Qualitative data – This includes subjective/behavioral details such as favorite color, hobbies, etc.

Collecting such vivid information, companies operating in the insurance market can subsequently filter the best-fit prospects for upselling.

Facilitate Convenient Services

One of the most common KRAs of those in the finance-frontline is client visits. This could be either for background checks or personal form submission or a routine update of information. Be that as it may, the current COVID-19 crisis does not permit face-to-face screenings. Moreover, the coronavirus onset has led to a rise in demand for insurance applications. As per a study by Lincoln Financial Group, digital alternatives increase the likelihood of people opting in for life insurance. Make hay while the sun shines.

Universal Features for Insurance Apps

Anteelo, as one of the renowned financial app development company, has appreciable experience in creating cutting edge on-demand digital products. Coupling experience with client feedback, we recommend against loading an app with features just to make it look fab. There has to be synergy between the color palettes, smart use of white spaces, typographic fonts, and strategic positioning of icons and images. Only then does an app have a life of its own. After taking care of such design elements we can refocus our aim towards integrating the right feature sets.

To give you an overview of the Fintech sector that is attracting investors’ attention, there are four categories of apps that can be developed in the insurtech domain:

Life Insurance
Car Insurance
Travel Insurance
Health Insurance

Apps must have a strong backend. They should be able to withstand peak rises in traffic, or if the company decides to implement a new software system without many amendments to the architecture.

Based on our experience, we will first list the mutual features that can be found in all of the above categories. These features formulate the kernel of a general application guide for Fintech app ideas. Barring few niche specifications, the following features remain steady and ever-present especially during a fintech app development of any kind:

1. Admin Panel

This is the introductory page where the basic information about the insured person is displayed. Make sure it is lean, clean along with clear call to action buttons. Take the Geico insurance app for instance. It’s a car insurance app and hence the profile page displays information related to vehicle IDs, roadside assistance, payment buttons and an option to switch policies. Pretty simplistic.

2. Policy Details

This page displays the details of the policy, the manner, and the extent of your benefits. Continuing the same example, since Geico is an auto insurance app, it displays information about several policies that a single user could be enrolled into such as one for the car, the other for a bike, and so on.

3. Quote & Filters

A very useful feature particularly in finance app development. In the previous section, we listed the kind of data that an insurer could collect through a mobile app. The Quote-tab offers a feature where the app can fetch your data from its records and either connect you to an insurance agent or directly state the price of a policy. Assuming the company has the resources to work with Big Data, it can pitch discounted prices or more benefits to customers based on their frequency of asking/exploring new policies.

4. File a Claim

Integrating a claims-filing section remains the most prioritized stage of financial application development. The run-around days to lodge claims are a thing of the past. Submitting proofs should be as simple as clicking a picture, be it from the scanner of the app or the camera of the phone. If the entire process can be concluded on a single page, all the better.

5. Payment Gateway

No points for guessing, integration of payment gateway is super necessary for any form of finance mobile app development. The gateway should accept payments from all major network providers such as Visa, Master Card, etc. In addition to that automated billing for EMIs or a single click payment process should be integrated.

6. Customer Support

Chatbots are not extraordinary anymore. Automated responses act as a quick-fix for run of the mill questions. But what about accidental circumstances. You can’t expect a user who’s stranded with a broken vehicle to rely on pre-feeded answers. As a result, integrate a Request a Call Back or Connect with a Representative option. Such in-app call functionality will serve to make the app what it actually is, a disaster averting, quick response machinery.

7. Push Notifications

Businesses, in general, don’t miss opportunities to enter a new market segment, let alone insurance companies. The latter might even tweak its business models, should the need present itself. Whereas seasonal offers are heard of, the idea of a flash sale was experimented with by Liberty Insurance in the not quite distant past. You need an excuse for giveaways and so do the customers for buying your products. Therefore, send regular push notifications informing people of their outstanding sum and any upcoming policies they can swap their current ones with.

8. Document Upload/Storage

How would the customer upload their documents, let alone a photo, if the Fintech application development did not incorporate it? Not only must the mobile app allow document upload from local file directories but also import, if need be, from third party servers as in the case of emails.

In our lifetime, and we’ve only just begun, Anteelo – the Clutch backed top Fintech app development company – has worked with over 12 Fintech companies whose solutions facilitate a user base of over 5 million people.

Where Does Your Business Go From Here?

To the stratosphere if you shake hands with one of the most promising Fintech app development companies. We don’t like self-glorification. It would suit you more to go through our comprehensive product suit and decide for yourself. But just so we know we did our bit, if there is anything under the sun in Fintech/insurtech, that you’re interested in, we’d be happy to burn our night lamp for you.

Top 23 FinTech Trends to Watch Out in 2020 -2021

Posted on 14/04/202107/06/2021 by Anteelo Master

For the past few years, many variations of fintech trends have emerged with the implementation of cutting-edge technologies and tools. Various fintech subdomains have come into the limelight, while many banks and startups have realized the effects of fintech on businesses and changed their traditional processes.

However, this is just the beginning of a revolution.

In the 8 months lying ahead of us, many fintech trends are expected to come into the limelight. Numerous standardization and regulations are anticipated to immerse the fintech industry with new enjoyment and excitement, and make the market worth $309.98 Bn by the end of 2022.

Wondering what are these top fintech trends for 2020?

How will these trends revolutionize the future of fintech?

Let’s catch up here quickly.

20+ Fintech trends you must act on in 2020

1. Focus on unserved and underserved

According to a report by the World Bank, around 1.7 Bn people are not a part of any formal financial system. They do not have any bank account of their own, a few reasons behind which are:-

60% of people do not have enough money,
30% of people never felt the need of a bank, and
26% of people find accounts as an expensive affair.

This is the foremost area where the fintech leaders are focusing this year. Rather than entering the established market, the fintech startups are trying to enter new phases and win financial backing from investors this year. They are seeking innovative ways to communicate with people from different walks of life, understand their financial challenges, and come up with better funding opportunities to ultimately drive customer loyalty and profits.

A clear evidence of which is Uber.

On discovering that around 60% of their drivers lay constraints on their banking accounts 6 times a month, and send 25% of their earnings to their native countries while suffering from high fees, the company launched its fintech division – Uber Money. This enables the targeted audience, i.e, drivers and other freelancers to get real-time income, save a big share of each trip, and get better functionalities of bank account, debit card, and mobile banking application.

2. Automation and RPA

Robotic Process Automation (RPA) is also one of the trends that will revamp the fintech ecosystem in 2020.

These bots will not solely continue to automate human repetitive processes, but also lower down common errors and inefficiencies, which will ultimately enhance productivity and ROI.

3. Reduced use of physical money

Another trend that will indicate higher use of finance technological services is decline in the use of physical money.

In 2016, only 1% of the transactions made in Sweden were using cash – a prime reason of which is that many businesses denied accepting cash payments. Likewise, the United Kingdom recorded the highest volume of cashless payments, i.e, of €10.67 Bn in 2017. And now, in the year 2020, this value will accelerate with the usage of more convenient solutions like contactless payments via NFC.

4. Continual development of Open Banking

One of the top banking and fintech trends for 2020 and beyond has to be Open banking. It leverages APIs that allow third-party developers to develop apps and services around the financial institution, in order to help users enjoy the online banking service via multiple platforms.

According to a Deloitte study, around 22% of banks have already deployed their own API platforms, while 39% are working on it. And many more are anticipated to enter this sector.

5. Implementation of Voice-Search

The fact that by 2020, almost 50% of all searches will be voice-based on the Internet, is enough to give you a hint of the future of fintech and the role it is playing in transforming the banking and finance sector. Voice-based search in banking software will assist customers in easily accessing banking services, provide ways of encryption while supporting communication with NLP-powered voice assistants.

More and more industries and banking institutions are adopting voice search- one of the latest technologies used in fintech, and why wouldn’t they when it can save up to $3 billion.

6. Decentralized Finance

Decentralized Finance (DeFi) is also one of the emerging trends in the finance industry.

In 2020, companies will rely upon different set of technologies such as distributed ledger technology (record-keeping decentralization), Internet of Things (IoT), Big data, online P2P systems (risk-taking and decision-making decentralization), and Edge computing to offer monetary interactions in a more decentralized manner.

This fintech trend has already been transforming the payment and settlements. And, in the coming years, it will also change the way capital markets, lending, and trade finance operates while ensuring advantages like enhanced speed, lower cost, and higher transparency.

7. Upsurge in mobile apps usage

Not as surprising as others, mobile apps are also gaining popularity in the fintech industry and have proved potent for becoming a trend. With the incessantly growing popularity of mobile apps, many fintech companies have started to tie up with the best banking & finance app development company in order to create impeccable digital solutions. There are all kinds of innovations waiting around the corner which we will see throughout this year.

8. Next-gen digital-only banks

A rapid increase has been witnessed in partnerships among Fintech companies and banking institutions, promoting the emergence of new financial intermediaries. Now, Digital-only banks are gaining unprecedented popularity, something that was not anticipated in this decade at least.

With an additional time economy option, these Digital-only banks offer an even more diverse array of services to their customers. No wonder, Digital-only banking is going to be one of the top fintech trends for the year, because of its connection with disrupting technology like Blockchain and cryptocurrency.

9. Improvement in Conversational banking

According to a study by Accenture around CUI (conversational user interfaces), it has been found that –

64% of people prefer interacting via messages or emails over calling,
64% users are more likely to buy or hire a service if they have chatted with the brand earlier too.

Because of this, banks and fintech organizations will emphasize more on conversational banking. They will come up with AI-based chatbots and other software that interacts with users on different messaging platforms like Facebook messenger and WhatsApp.

10. Higher downloads of Digital wallets

Digital Wallets are effectively on a way to eradicate fiat money from the wallets. In fact, in a report by Grand View Research, it was revealed that the digital wallet market size was valued to be USD 16.65 Bn in 2013 and is predicted to reach USD 7,581.91 Bn by 2024.

Alone in 2018, the number of digital-wallet users was 440 Mn and has surely increased in 2019 and will continue to do so in 2020. To support this statement, look at the graph below depicting the rise in wallet users.

11. Application of AI and ML-powered chatbots and automated customer services

A generally accepted statement – AI is our past, present, and future clearly shows how humongous this technology is going to be, changing the face of every industry, including Finance and banking.

As per AI technology trends, the market size of AI in the Fintech market is predicted to increase from $959.3 Mn in 2016 to $7305.6 Mn by 2022, at a CAGR of 40.4%.

The technology, this year, is going to provide better services to everyone in the form of –

Chatbots

These are increasingly becoming a choice of financial institutions for customer support services. You ask why? Well, these chatbots in fintech domain are available to the customer 24X7 without incurring additional monthly expenses. They leverage the advancements of ML algorithms and NLP (natural language processing) to serve customers in all possible ways.

Another thing is that chatbots are incredible for enhancing customer engagement. Some of the chatbots used by popular banks worldwide are Ceba (Commonwealth Bank Australia), Erica (Bank of America), and Eva (HDFC Bank).

Customer Intelligence

AI-based customer intelligence is something financial bodies are gaining more and more interest in. It is because customer intelligence helps these institutions to have a deeper understanding of users through their banking relationships and transactions by analyzing data gathered via technology. Some organizations have already started implementing it in their analysis process while many will follow suit in 2020, making it a notable Fintech trend for 2020.

Regulators using AI to predict potential issues

In the year 2020, we may encounter changes in the way regulators perform certain actions. Since AI is prominent as of now, they are bound to turn to AI’s algorithm, data gathering, and analytics tools to compare scenarios and predict probable issues and risks.

12. Introduction of Blockchain in banking and fintech solutions

This year, the role of Blockchain in the fintech sector will reach to the next level. The technology will bring disruptive changes to the fintech industry, making the market valued $6,700.63 Mn by the year 2023.

Many terminologies like the ones described below will go mainstream this year:-

Smart contracts

Without a doubt, a boon for the finance industry, Smart contracts (a decentralized financial technology) are quickly gaining popularity. They are an evolution of pen and paper contracts – more effective, more secure, and of course, immutable.

Wonder how they work?

Let’s take an example-

In smart contracts, parties sign smart contact by using cryptographic keys (digital signature as you will). Now, instead of using pen and paper, the contracts are encoded in computer language. And these codes are virtually tamper-proof, hence immutable contracts.

Crypto-To-Cash Conversions

Cryptocurrencies are becoming more prominent every day and institutional investors are expected to show their interest in cryptocurrency adoption. And this all is a result of new initiatives that have emerged to increase their real-world implications. New advancements may surface in 2020 targeting crypto-to-cash difficulty and may give us what we are looking for.

In fact, many digital-only banks or the banks collaborating with Fintech are already actively considering the possibility of cryptocurrency implementation in order to perform money operations.

13. Incorporation of Big Data in fintech processes

The impact of big data technology on financial services is yet another thing that will be taken into consideration this year.

Big Data is one of the effective tools that fintech market players employ to circumvent the incumbents and revolutionize the industry. On a broader scale, the technology is helping fintech companies grow in numerous ways, including:-

Customer segmentation

With core focus on users’ convenience, fintech startups divide their target user base on the basis of different factors such as age, gender, location, online behavioral patterns, and economic health to determine their spending habit and build highly-customized and personalized offers and financial products.

Risk management

Predictive analytics is a robust tool that offers risk management and enables companies to avoid poor debt expense or make better decisions related to crediting. Fintech startups mine data to create risk profiles of consumers applying for financing to detect bad payers or poor investments.

Fraud detection

With the help of big data engines, fintech companies will be able to gain a better understanding of the consumers’ buying habits and online patterns which can further help with detecting and forbidding suspicious behavior more accurately and quickly.

14. Advent of Co-browsing

The screen-sharing is generally the function where one party gives access to another party for sharing the device’s screen. With the help of co-browsing, users will be able to prevent others from gaining complete access to the device. Instead, it lets users share a particular web page with another party for mutual access. Something that is a boon for the finance and banking sector, as it is very useful in banking software.

With co-browsing intuition, representatives can easily assist customers with issues pertaining to the completion of bank formalities and documentation, to name a few. This is what makes it one of the banking tech trends for 2020.

15. Disruption of Payroll process

Around 59% of consumers struggle from paycheck to paycheck in the USA alone. This situation has created serious money concerns for many individuals who rely on payday loans or predatory lenders asking upto 400% rates for a two-week credit; making one of the financial technology trends of 2020 and beyond.

With the help of fintech companies, other organizations are improving the traditional ways of payroll. Companies such as Gusto, which has been valued at $3.8 Bn, have introduced a flexible Pay feature that allows employees to pick a date to receive their payroll. Another example at hand is the Earnin app allowing users to get access to their earnings before their scheduled payday.

16. Growth of Asian market

The Asian market is rapidly becoming the biggest adopter of Fintech. As new Fintech companies start to emerge, we can expect great advances in the Asian market.

On analyzing the events of 2019, it was noted that China has emerged to be the global leader in the Fintech industry. With the world’s biggest population, the country has 800 Mn internet users – a combined percentage of countries like Mexico, Japan, Russia, and the US.

17. Enhanced ‘A’ rated life insurance carriers

Another financial service technology for 2020 related to insurance is the ‘A’ rated life insurance carriers. Now, the institutions will employ technology in a way as to eliminate the medical exam while simplifying the writing and underwriting of a new life insurance policy.

Some of the fintech startups are implementing up to $1 million of term coverage without any medical exam and only refer to the data collected on customers regarding the prescription history based on their medical questionnaire for passing approval.

18. Public cloud to be the new infrastructure model

Even now, many financial institutions seek help from cloud-computing for an array of work and processes. They use cloud-based SaaS apps for things that may be deemed non-core like HR, CRM, and accounting. The core service infrastructures in areas including consumer payments, credit scoring, and statements are going to become utilities by 2020.

19. Cybersecurity as a pillar of fintech domain

Since everything is online now, there is a rapidly increasing threat of cybercrimes, something which all financial institutions, among others, want to avoid at any cost. In this case, there have been many advancements in this segment developing robust security systems to creating next-gen tools for data protection.

Cyber risk analytics has also merged to be an interesting implementation of AI in Fintech to detect probable threats. With what we have witnessed so far in 2019, it is without a doubt that improving cybersecurity is going to be one of the top Fintech trends in 2020.

20. Rise of Financial regulations and Regtech companies

With consumers having concerns over data sharing with unknown third-party firms, the rise of RegTech firms and financial regulations will also be one of the fintech trends for 2020.

Currently, around 15% of the workforce of the entire financial sector is engaged in tasks around ‘compliances’. But, in the coming years, more regTech solutions will come into the limelight; offering finest services like compliance verifications, transaction monitoring, risk management, ‘Know-Your-Customer’ (KYC) or ‘Anti-Money Laundering’ (AML) practices, and more. And eventually, make the market size grow from $10.6 Bn in 2017 to $53 Bn by the end of 2020.

21. Partnership and collaborations will be on the rise

Partnerships and mergers among fintech companies are going to be one of the top fintech trends for 2020, according to Kathleen Craig, founder, and CEO of HT Mobile Apps (a fintech company). Startups and small organizations are coming to the realization that partnerships are more profitable.

More so, till now direct-to-customer fintech companies have been stuck on a particular piece of the market, but with these mergers, we can see a whole new spectrum of services they together may offer.

22. Sharing economy will become integral

What started with cars, taxis, hotel rooms, etc.will now expand its horizons to include financial services. The sharing economy is expected to become a huge Fintech trend for 2020.

Here, the sharing economy pertains to decentralized asset ownership and the use of IT to obtain suitable matches between providers and users of capital, instead of turning to a bank as an intermediary element.

23. Establishment of On-demand insurance economy

The on-demand model has become one of the most in-trend concepts of this decade and will continue to do so in the coming one. In fact, on-demand mobile app economy statistics are legit proof of its popularity.

Just like you can get a taxi on-demand via apps like Careem and Uber, you can also avail insurance in a matter of minutes. Financial institutions have started to offer insurance facilities via mobile apps. Customers can easily apply insurance for real estate, car, and other belongings, simplifying and making the whole process more efficient.

While these are the trends that are forecasted to change the landscape of the fintech industry between 2020-2025, many more are expected to join the league. In such a scenario, it is advisable to visit this blog again in the future and get familiar with more disrupting fintech trends for 2020 and beyond.

Continue reading “Top 23 FinTech Trends to Watch Out in 2020 -2021”

Build an Effective Personal Finance Application

Posted on 18/06/202007/06/2021 by Anteelo Master

Let’s be honest! We all want to live in a world where our finances are managed judiciously and our money is being saved automatically. Earlier people used complex accounting systems, today’s world is way more simple because a finance app can save the day. Why worry when there is an app for everything?

According to Statista, total transaction value in personal finance is expected to show an annual growth rate (CAGR 2020-2024) of 25.0% resulting in a projected total amount of US$1,715,072m by 2024. This, in turn, is bringing the global personal finance management market on a growth spurt.

I am well aware of the fact that there are a number of such finance apps in the market today but I am here to guide you about your personal finance app idea. With the right approach, you can easily join the market leaders. So let’s get on to business, shall we?

What is personal finance?

In simple words, personal finance entails all the financial decisions and activities that an individual makes. It is all about planning your financial short term and long term goals for example, buying a new car, investing in a new home, saving for your child’s education or planning your retirement. Certainly, it depends on various factors like your income, lifestyle, expenses, individual goals etc.

The sector is an amalgamation of multiple Fintech categories that bring the best of the domain on users’ fingertips.

With consumers getting more conscious about their earnings and savings, personal finance apps are gaining traction in the market; making both investors and startups look ahead to developing a personal finance app.

Personal finance management mainly constitutes of:

Budgeting
Planning
Taxes and insurance
Saving
Investing
Keeping emergency fund for future

Financial literacy is very important in order to make the most out of your income and savings.

What is the role of a personal finance app?

Finance apps make your life easier by helping you to manage your finances efficiently. A personal finance app will not only help you with budgeting and accounting but also give you helpful insights about money management. It gives users various investment options, tax advice, insurance inputs and above all, a proper security system. The extensive role of a personal finance app makes them a key part of the Fintech trends list.

Types of finance apps

There are many market leaders when it comes to finance apps but we can roughly divide it into two main categories – simple apps with manual data entry process and complex apps with automated entry process. Let’s dig a little deeper!

1. Simple finance apps

As the name suggests, these are the simplest apps to track income and expenditures. These apps generally work on manual information inputs.

Pros:

The risk factor is zero since no bank accounts are linked to these apps.
These apps are very cheap when it comes to the personal finance app development process.

Cons:

The human error rate is high because of the manual data entry process.
The entire process is time taking.

2. Complex finance apps

The complex finance apps are more advanced. They allow users to link their bank accounts and cards, through which data is synchronized automatically.

Pros:

These apps are generally a lot more all-encompassing. They allow users to perform a series of tasks in place of a limited few.
The efficiency of complex finance apps is high since they save valuable time for the user.
Real-time transaction updates so the user is always conscious about the money management process.

Cons:

The cost of the development process for these apps is generally high.
It is important to invest more on security since the app deals with confidential and crucial data.

Key financial app features to make your finance app a big hit

1. Account integration

Make sure your financial management software accumulates all financial accounts of the consumer, for example credit cards, debit cards, loans, mutual funds, etc. Your finance app should be a one-stop solution for everything related to or required for money management.

2. Security

With such confidential details and credentials comes great responsibility. This is one of the key lessons that businesses can learn from Fintech companies. Creating a finance management app is one thing but making a secure one is completely a different story. There are many technologies that can help keep your money less vulnerable and more secure. Some of these technologies are listed below:

Biometric security measurements: It involves unique characteristics of a person, such as voice or fingerprint patterns. With biometrics, it can be extremely difficult for someone to break into your money management app.
Multi-factor authentication: This adds on an extra coating of security. Two-factor authentication process makes it even harder for attackers to gain access to a consumer’s sensitive information.
Real-time alerts: It is important that your finance management app notifies users in real time. Customers develop great confidence when they know for a fact that they will receive a notification if anyone is trying to access their account or personal information.

3. AI algorithms

There are many ways AI is reforming the mobile app industry in terms of user engagement and developer app revenue. Artificial intelligence algorithms will help you personalize the user experience. Let’s discuss how AI can make personal finance management more effective.

AI will help you incorporate expenditure categorization. This will aim to classify the cost spent on a specific category for example, medical, entertainment, groceries, investment, etc.
AI also looks into expenditure analytics, which automatically updates and provides you with data visualization of your money spent on each category.

4. AI chatbots for useful advice

AI chatbots provide access to all of a customer’s data. Further the app can analyze and provide suggestions. The solution can keep track of the spending habits, give insights into the credit scores, manage budgets etc. This enables AI-based recommendations which ultimately helps with efficient money management. The AI-based customer service chatbots are imitating human interactions and providing them desirable information/result in no time.

5. Real time spending and tracking

A money management app should help consumers track their expenditure. This feature will come in handy since the users will save both time and money. It is important that the consumers do not have to switch apps to track where they are spending or investing their money, it should be effortlessly done on a single platform.

6. Simplicity

No one is fond of complex procedures in a money management app because it involves crucial details. You should keep the 3 clicks rule in your head, that is, 3 simple taps should be enough to lead the consumers to wherever they want.

7. User experience

Most of the developers build an app without focusing on the design. This ultimately leads to the app’s downfall. The balance between app functionality and design is hard to maintain but is a necessity.

The design of a financial planning application must be extremely user-friendly to better customer satisfaction. To develop an efficient application with amazing user experience, you must know the target audience and where their preferences are. Not only this, you should definitely think as a user.

The user experience of your app will be a deciding factor for the consumers if they want to use it or not. Make sure your financial management software is easy to use and navigate. This will ultimately lead to business growth for your startup.

8. Constant customer support

24*7 customer support is of great importance. Customer support in different languages will get you a global clientele and keep your customers loyal.

9. Alerts and notifications

It is one of the most significant features for a finance app. Notifications can help consumers in case of:

More expenditure
Low balance in the account
Upcoming bills to be paid
Great deals for investment or savings

Additional features that can help you in making a superb finance app

Here are some advanced features for your personal finance management app.

Currency converter
In-app general calculator
Credit score calculator
Tax calculator
Shopping list

I think you might also want to know about the teams involved in developing a personal finance application. You think, I deliver! Here you go!

Make sure your financial app development company should have a team of:

Business analysts
Product owners and managers
UI/UX designers
Developers
QA testers

How to monetize a personal finance app?

It is hard to associate the term “free” with “revenue”, right? Now that you are providing fintech services to your customers, how will you make money? Let’s probe how to earn money from your Fintech app further:

In-app purchases: You can allow users to utilize basic features of your app for free and you can keep the premium features in the paid version. Premium features can include the advanced version of the basic ones and of course, some new functionalities will always be appreciated by the consumers.
Integration with third party services: Grant consumers to use third party services that are relatable to your business. This will expand the usability, functionality and audience of your app simultaneously.
In-app ads: Earning money through in-app ads is the easiest way to make money! However, my suggestion to you is, make sure that too many banners don’t pop-up too frequently in your app. That is just a huge turn-off for the user.

End note

As you have understood that there is a demand for financial application development in the market. Now, you have a basic idea about how to build an app with key features and monetize it. So, if you have an idea and want to conquer the market with it, reach out to a fintech app development company to build it. It is the right time to hire a development team of agile ninjas and skilled developers and designers to bring your idea to life.

Finance App Ideas For Startups to Consider in 2021

Posted on 06/06/202007/06/2021 by Anteelo Master

Okay, let’s admit. The adoption of technology in the banking and finance industry has changed the landscape by 180 degrees. Fintech, aka the amalgamation of finance and technology, has not solely added convenience to the ecosystem, but has also made it more secure, quick, and profitable. It has offered a new set of opportunities, cater to the needs of the unprivileged audience, and even bring a significant effect on other businesses.

With all such benefits and opportunities, the global fintech market is predicted to grow exponentially and be of worth $ 309.98 Bn by 2022.

This has not just given an indication that the financial global economy is heading towards fintech, but has also attracted various Entrepreneurs and traditional investors to become a part of this space.

[Since we have made a statement here that the global finance economy is heading towards fintech and not TechFin, you can check our blog on Fintech vs TechFin to find the justification of the same.]

Assuming that you are also an Entrepreneur who also wants to be a part of this mushrooming market, but are clueless about what fintech business ideas will rule the space, here we will be discussing 12 different opportunities.

So, sit on a comfortable couch and start scrolling down.

12 Profitable Fintech Development Fields For Starting A Business

1. Digital Banking

The foremost and most important fintech app idea you can invest in is digital banking.

In the past few years, a dramatic shift has been found in the way people interact with their banks and relish banking services. Users no longer appreciate the need to visit their local banks or ATMs for money transfer and other purposes. They rather are enjoying different advantages of digital banking like the ease of making transactions, investing, opening accounts and deposits, blocking cards, adding beneficiaries, and much more with a few taps on their devices.

With these facilities, the concept of investing in digital banking app ideas have grown a huge momentum in the market. The sector was catering only 9% of the online audience in 2011. But, in just 6 years, it became a part of 69% of the online audience. And what’s more interesting is that it is just the beginning! Various factors like Coronavirus are acting as a catalyst for the market growth.

2. P2P Payment solutions

Seeing the rise in the peer-to-peer payment market, looking ahead to how to develop a P2P payment application is also a nice idea.

The P2P payment apps like Venmo, Google Pay, Zelle, and PayPal are providing consumers with an unmatchable facility to transfer money between bank holders instantly – even when registered with different banks and payment systems. They are cutting down the need for any third-party intermediaries or pay any commission fee for performing any transaction.

Also, these fintech mobility solutions are using the latest technologies like NFC and face and voice biometric technology to streamline the POS processing, enhance risk management, and deliver an optimal customer experience.

3. Personal finance management app

Personal finance management application is again one of the best financial app ideas to consider for diving into this market effortlessly.

With consumers getting more conscious about their earnings and savings, these applications are gaining traction in the market;making both investors and startups look ahead to developing a personal finance app.

These applications are acting as a weapon by which app users can categorize their expenses and incomes, and track them in real-time to get a better understanding of how to manage their finance smartly and effectively. These apps, built on the rulebook of how to develop effective personal finance apps, are also offering them an ease to connect all bank and credit card accounts to automatically get the data updated, along with payment reminders. And the best part, the data is displayed in a visually appealing format, which adds to their convenience.

4. Robo advising software

Robo-advising, which is one of the proven ways fintech is attracting millennials, is also a great area for making an investment in the financial application development economy.

These machine-learning driven software are serving users with the finest of personalized and future-centric financial advice at lower costs. They are also analyzing their expenditures and investments to aid them in increasing their after-tax returns. In addition to this, they are adding convenience to the process with minimal-to-no human intervention.

What’s more interesting is that as per a Business Insider Intelligence report, they will be managing about $1 trillion of funds this year and nearly $4.6 trillion by 2022. Something that’s a clear indication that one must pick this among the ample of fintech startup ideas to rule the market in 2020 and beyond.

5. Loan Lending app

Creating a finance app for P2P lending is also one of the trending app ideas that are getting popular in the fintech market.

A loan lending app (also called P2P lending app) acts as a marketplace where lenders and borrowers can connect and cater to each others’ needs without using the product discovery services of any financial institution. On one side, these applications enable borrowers to set the maximum loan rates they can manage. While, on the other side, they let lenders bargain with each other to offer funds at the lowest rate. And this way, get more customers or borrowers.

6. RegTech App

RegTech applications also come into the category of best mobile app ideas for fintech startups.

These mobility solutions help financial companies comply with all the local and global standards. They enable organizations in automating a major fraction of their processes, including customer identity verification, reports compilation and submissions, transaction monitoring and reporting, etc., and increasing the customer retention rates.

A ripple effect of which is that Regtech apps have landed among the top fintech trends for 2020 and are expected to make a market of $53Bn by the end of this year.

7. Investment and trading app

Putting efforts into the process of app development for investment and trading is yet another decision that can make you enjoy limelight in the marketplace.

Users, these days, are showering love on platforms that let them get a comprehensive knowledge of shares, stocks, forex, and funds, and invest in them efficiently. They are paying more attention to applications that gather investment data from different sources and empower them to calculate the asset valuation and make the right decision.

Considering this, if you are eager to invest in stock trading app development, it is advisable that you firstly get a clear idea of the budget requirements. This is so because shortage of money can halt your project, compel you to remove the must-have fintech app development features, delay your app launch plan, and much more.

8. Digital wallets

Since digital wallets are giving users an escape from carrying physical wallets or credit/debit cards, their market is also rising significantly. These applications are offering users the ability to make payment in a few taps or using biometrics, while getting lucrative coupons and offers in return.

It has been forecasted that the digital wallet market will be worth $7,581.91 Bn by the year 2024. Something that is enough to let you know why to pick this among various innovative app ideas for entrepreneurs to step into the financial market.

9. Blockchain applications

Seeing the growing impact of blockchain in fintech , embracing this technology for starting a business is also an undeniably profitable idea.

Currently, various fintech startups and establishments like We.trade, Circle, LAToken, Veem, and PayStand are relying upon this technology to offer a myriad of options to their targeted user base. This includes:

Performing transactions using cryptocurrencies,
Paying for transportation only once they receive an information that the cargo has reached to the port,
Acting as a decentralized autonomous organization (DAO), where members work as per the programmatically defined rules that tells who their members can be, what business or activity is allowed, and how tokens or funds can be exchanged.

10. Crowdfunding solutions

Crowdfunding is also emerging as one of the most successful fintech startups ideas to go with.

These digital solutions are proving to be one of the best alternate funding models for Entrepreneurs. They are helping them with raising funds for their new or existing enterprises via collective efforts from different individual contributors and venture capitalists.

Currently, there are a limited number of crowdfunding platforms such as Indiegogo and Kickstarter and the concept itself is popular across the US and UK regions only. However, it has been found that these digital solutions are getting traction in the market, and are predicted to have a market of USD 28.8 Bn by the year 2025.

11. Insurtech solution

As you might be familiar with, insurance has always been a co-running business with banking in the finance sector. They have operated in synchronization with each other in various cases. And now, when finance has turned into ‘fintech’, insurance has also come up with its upgraded solution version – Insurtech.

This subdomain, with the incorporation of latest technologies like AI, IoT, Blockchain, Open API, and Machine learning, is enabling insurance companies in delivering impeccable customer experience by analyzing a heap of user data, checking the market trends, understanding user emotions and needs, offering customized yet quick policy comparison options, managing risks, and much more. And that too, without relying upon any third party insurance broker.

Because of this the global insurtech market, which was valued USD 1.5 Bn in 2018, is anticipated to flourish with a CAGR of 43.0% between 2019-2025. Also, many insurtech firms are gaining significant fundings – a real example of which is that WeFox raised $110M in Series B extension funding round.

It is safe to assume that to bring all the technologies and innovations together, the insurance sector will start deep-diving into insurtech mobile app development guides hand-holding them towards digitalization.

12. Crypto exchange platform

Last but not least, developing a crypto exchange platform like Coinbase is also one of the best finance startup ideas to work on.

These platforms are giving users an opportunity to step into the decentralized market by trading crypto currencies for other assets like fiat money or other digital currencies. In other words, they are letting users exchange one crypto currency for another, get crypto tokens in return of fiat money, and even buy/sell their crypto coins. All while enjoying perks like transparency, lower fees, higher security, and faster processing.

Now as you know the types of finance app ideas you can work on, it is quite obvious that you would be eager to learn where to start with. Considering the same, here we have picked up some crucial steps that you must follow to be a part of the future of the fintech industry.

Things To Consider While Launching Your Fintech Startup

1. Define your niche market

As hinted earlier, fintech is a big sphere to explore. Striving to rule the complete finance world at once can be tricky and nearly impossible. So, it is advisable to pick a particular niche among the different subcategories of the market, which are as follows:

Payment and international money transfer,
Mobile banking,
Personal finance management,
Insuretech,
Trading and lending,
Crowdfunding, and
Data analysis and financial decision making.

Once the niche market is decided, do market research to determine the specific audience your product/service will target, i.e, based on age, gender, occupation, and country. This will help you to launch your fintech startup locally first and then, enter the global market with better success ratios.

2. Learn about compliances

When it comes to the banking and fintech industry, they are highly regulated. So, it is must for one to be familiar with all the specifications and characteristics of this highly complex sphere, which includes legal regulations, limitations, laws, and requirements.

3. Find your startup USP

Due to the increasing set of opportunities and profits, the fintech market is becoming competitive day by day. In such a scenario, it has become even more important for anyone coming up with a new finance app development idea to be sure that his idea beats the existing ones. Aka, the idea they formulate is not something generic; it offers a functionality that is better than ever existed before. Something that could become their brand’s USP.

Now, while doing customer surveys and going through different reports would help, it is a profitable decision to invest your effort in competitive analysis. This approach will help you with finding the common success factor among all the top players, their business and revenue model, the pain points they fail to see, and thus, refine your idea.

4. Raise fundings

While you might have some savings with you, there are various fundraising ways like bootstrapping, crowdfunding, venture capital, and angel investment that are prevalent in the market. So, look forward to these methods for raising enough money to make your fintech app idea financially-backed.

5. Hire the right fintech developers

Believe it or not, even the finest idea can’t survive the market without the right team of financial app developers. So, do not keep your app idea confined to you and look around giving it a shape on your own. Rather, look ahead to hiring a reputed fintech software development company.

A team of professionals who have an expertise in app development and have prior experience in your niche subdomain can help you with choosing the right technology stack, revamping your business strategies, coping up with the hidden barriers, and scaling up your fintech app idea. And that without making a hole in your pocket

6. Get familiar with business and technical challenges

Like that in the case of any other startup, there are various challenges associated with establishing a fintech business, especially those associated with the transformative nature of digital technologies. For instance:

Cybersecurity
Integration of AI and Blockchain
Big data usage

So, it is advisable to gather comprehensive information about these challenges as well as connect with the financial app development companies that aid in mitigating them efficiently and effectively.

7. Launch an MVP

Last but not least, do not feel tempted to develop a full-fledged fintech mobile application. Rather, look ahead to testing water with a Minimal Viable Product (MVP) first.

An MVP not only gives you the privilege to enter the market at a cheaper and faster rate, but also helps to raise fundings.

The Fintech market is mushrooming at a staggering rate. Various fintech app business ideas are entering the market. However, not all startups are enjoying the same set of opportunities and benefits of developing financial apps. The pressure to deliver the finest combination of expertise, creativity, trust, and technology is making their journey tougher than expected.

However, by following the aforementioned steps, you can cut down hassles in your path and get into the list of top fintech startups in no time. So, keep implementing them.

AI Carrying an Impact On Your Business, Across Domains-How?

Posted on 24/01/201917/06/2021 by Tushar

Artificial Intelligence can Revolutionize Your Business. The AI impact on business can help you streamline your processes across all domains in a way that every outcome is real-time and efficient.

While the world is filled with instances of how Artificial Intelligence can transform even the most traditional of the areas like Education or Real Estate, the general impression that has gotten created is that AI is for the industries and businesses that work in multi-million revenue cycle and a team size of hundreds of employees divided into the fifties of the team.

But, what we aim to achieve here today is that AI is not just a rich man’s dream of expansion, it is something that businesses of all sizes can employ in their process and make themselves more efficient and over time add them into the league of the leaders – a reason why you should start your search for AI development companies.

In this article, we will look at what AI’ impact on business is, how AI can fit into every single domain of your business and make it better.

Let’s begin and help you understand what makes AI the need of the hour for making businesses become efficient and intelligent by looking into the role of AI in business domains.

But before we look into how AI helps businesses, let us look into a holistic level view of the benefits of artificial intelligence in business.

What Is Leading To The Growing Impact Of AI On Business?

Customer and market insights – Whether it’s coming from your system matrix, social media, or web matrix, there is no limitation of the data about your customer and market. The data act as raw materials needed to make AI systems efficient, which in turn helps make crucial decisions about your business and product marketing.
Process automation – Automation of tasks that takes up crucial manpower resources is one of the biggest AI benefits in business. Across industries, businesses have been using automation capabilities to not just lower the workload on their employees but also prevent the chances of data entry issues.
Better customer experience – The role of AI in business goes beyond automation and process efficiency. Technology plays a huge contributory role in bettering the customer experience. Some of the benefits of AI in business in the customer experience front can be seen in:
Personalization
Streamlining of the purchase process
Fraud detection
Effective self-service
Real-time text, visual, and voice engagement

Now that we have looked into the many ways how AI can benefit businesses and why should businesses hire AI developers on an asap mode, the next part is to dive into the answer of how AI is changing businesses across domains. We will be looking into the use of AI in business across HR, Finance, Operations, and Marketing processes.

Impact of Artificial Intelligence on Human Resources and Recruitment

Talent Acquisition

The artificial intelligence impact on business most visible in the field of talent acquisition as compared to any other field. Artificial Intelligence is being used in a number of areas falling in the Talent Acquisition superset like – sourcing the candidates, screening their resumes, employing chatbots to engage with the candidates, and then using face recognition AI-powered software to recognize the emotion that the candidate is showing.

Employee Engagement

With the advent of NLP, chatbot technology, and sentiment analysis, it is now a lot easier for companies to analyze and get real-time feedback from their employees in terms of taking the right action. All the while answering how can AI be adopted in business.

Talking of employee engagement, one of the biggest concerns that employees tend to show on this front is in terms of them meeting their reporting managers once a year to discuss how the work is going and discuss their performance. A solution to this concern is given by Peakon, an AI-based software that enables all employees to reach their fullest potential.

HR Management

There are a number of AI products in the market today to help HRs in the management of administrative tasks. Personnel teams around the globe are now using Chatbots to answer employee queries and using Big Data to develop employee schedules, which in turn are helping businesses with prediction and meeting of demand via fair and effective staff rotas.

Career Management

When talking of the usage of AI for learning and development, there are a number of applications that come up – career pathing, personalized training recommendation, coaching delivered by the chatbots, and manager development led by real-time feedback from the team.

An example of AI for bettering learning and development can be seen through Gweek. The platform helps improve the presentation and communication skills of the users. There is another site called Sidekick that enables confidential coaching for the employees through the medium of messaging platforms.

Performance Management

Because the AI-driven assessments happen instantaneously, in real-time (with algorithms monitoring the quotas, targets, and how they are varying on a day to day basis for every employee), it becomes a lot easier to note all the good and the poor performances instances, ultimately helping in the correct measure of performance and giving an answer to how will AI benefit business internally.

The real-time access and monitoring also help in flagging the shortcomings on a per-day basis, enabling businesses to take action before a problem worsens.

Impact of AI on Marketing and Sales

Research and Development

Artificial Intelligence comes loaded with the ability to develop a deep understanding of a range of different industries and customer bases. By gathering and analyzing the humungous amount of data that floats about a business and market helps businesses research issues and build solutions that weren’t thought of before.

In addition to automating tasks, AI can open avenues for new discoveries, methods of product improvement, and finding ways to accomplish a task better.

Customer Support

The most common answer to how is artificial intelligence used in a business environment lies in Chatbots. Deep Learning powered AI-powered Chatbots allows businesses to access the layers of data from the neural networks such as customer data and information, which have been built up over time.

When filled with real-time access to the preferences that customers come with and their purchase history, gives chatbots an edge over the human counterpart.

Content Creation

There is a chatbot for every content marketer who is bored of developing the monthly content across spreadsheets. There is a software, Wordsmith, which is known to transform a series of structured data in the written doc, with great success.

While at present the use case of AI in content creation is limited to articles having a rigorous format, there are a few agencies that have used platforms like Wordsmith for the development of content for fantasy football drafts.

Heightened User Experience

The answer to why is artificial intelligence good for business lies in this one statement – Your customers and consumers are a lot more demanding than they were ever before. They need a huge amount of products, information, and services – all at a real-time and lightning speed mode – all in one place. And when using AI, you offer all the services in one place in an instantaneous mode, which ultimately helps in elevating your users’ experiences.

Another thing that AI makes possible is Personalization. By incorporating artificial intelligence in mobile app development, businesses get a chance to study the customers’ preferences. AI technology makes it possible for marketers is to send personalized content in time and space that suits the customers. And there is nothing more user experience elevating in the world of marketing than personalization.

Emotion Recognition

The capability to identify human emotions is known to be the biggest challenge for an AI – a question that is solved by the answer of how is AI helping businesses. When an AI-powered Chatbot when backed by the NLP facility can gauge when someone is getting frustrated and can adjust its offering and tone automatically – by either giving them a discount or forwarding the call to a human consultant.

Sales Forecasting

Prediction is a forte of Artificial Intelligence. By analyzing the past sales performance and trends, it can help predict what would the sales figure be this time around or what deals would work and which won’t. Ultimately, an inclusion of predictive AI in app development made around the sales domain will help the sales professionals plan their tactics between upselling and downwelling based on qualified data coming in from their past trends.

Optimization of Lead Generation

Rather than someone from your sales team going through the potential clients’ on Google, or social media, you can incorporate Artificial Intelligence to review them for you.

In addition to reviewing the prospects, you can use AI for two more crucial sales tasks: A. To identify the right job title and brands to target and B. To analyze sentiments made on competitor’s sentiments made on email or social media. It means that AI-powered intelligent mobile apps can help identify the unhappy set of clients while giving you insights into whether the client is unhappy with the service they are getting from the competitor or are seeking something new from the market.

When you get a database of prospects who are unhappy with the service they are being offered by someone else, the probability of your closing the deal by offering them what they need, increases by manifold.

Impact of Artificial Intelligence on Finance

Accounts Payable

There are a number of AI-based invoice management system that makes invoice processing a lot more streamlined because of the digital workflows which are implemented. To achieve this, the machine learning algorithms are designed in a way to learn accounting codes that are appropriate for invoice creation and management.

Supplier Onboarding

Through the combined power of Artificial Intelligence and Machine Learning, AI development companies can help businesses shortlist suppliers on the basis of their tax information and credit scores and set them in systems without any human intervention.

Procurement

The purchase and procurement process of organizations is generally filled with a lot of paperwork and make use of different files and systems which more often than not are not compatible with each other. By taking the help of the combination of APIs and AI to integrate and process the unstructured data through AI powered mobile apps, the procurement process will become a lot more paperless and would call for less human intervention.

Audits

The digitalization of the audit process helps in increasing security by allowing a digital trail of when the file was accessed and by whom.

Using Artificial Intelligence, auditors will get real-time access to the digital files, thus removing the need to search the file cabinet for documentation – something which not just lowers the time gap in getting access to the information but also makes the whole process a lot more efficient. To make your audit process intelligent, you should get in touch with an AI app development company that specializes in the whole powered Audit processes.

Expense Management

Review and approval of expenses in a way that it is ensured that they are compliant with the organization’s policies is a time-consuming task for any accounting team. While though AI, people can employ machines to read the receipts, audit the expense, and then alert the finance team in case there’s any discrepancy.

Impact of AI in Operations Management

Log Analysis

Analysis of log is the biggest use case of AI-powered Operations. Every layer of the stack – operating system, server, hardware, and applications – leaves traces of data stream which can be gathered, stored, processed, and then analyzed by the Machine Learning algorithms. The data then is used for performing root cause analysis of events.

By incorporating the power of AI in Log Analysis systems, businesses can find lacks in the system even before a failure happens, marking a use case of AI benefits for business.

Capacity Planning

IT Architects spend a lot of time planning the resource needs of the applications. It can be very challenging for them to define server complications for the development of a multi-tier, complex application. Every physical layer of application should be matched with CPU cores, the amount of storage capacity, ROM, and the network bandwidth.

Artificial Intelligence comes in handy here by helping architects define the right specification of the hardware or for selecting the right instance type in the public cloud. These algorithms tend to study the present deployment and performances for recommending an optimal configuration for every workload.

Infrastructure Scaling

Auto Scaling can be configured to be reactive and proactive. Under the reactive mode, the monitoring infrastructure will be able to track the key metrics like memory usage and CPU utilization for initiating scale-out operations. And when load returns to normalcy, the scale-in operation takes place bringing the infrastructure back to its original form.

In the proactive mode, admins schedule scale-out the operation before an event.

One of the AI benefits for business lies in the fact that through Artificial Intelligence, IT administrators can configure the predictive scaling which learns from previous usage pattern and load conditions. This way, the system becomes intelligent to decide when it should scale with no mentioned rules. This new mechanism complements capacity planning through adjustment of runtime infrastructure needs.

Cost Management

Assessment of infrastructure cost plays an important role in the IT architecture. And when you work with a public cloud mechanism, the forecast and cost analysis becomes a lot more difficult and cloud providers tend to charge for a number of components like – VMs usage, storage capacity, external and internal bandwidth, API calls made through apps, and IOPS.

Through the analysis of workload and the usage patterns, Artificial Intelligence can estimate the cost of infrastructure by offering cost breakup around a number of applications, components, subscription amounts, and departments – something which would help the operation unit in securing the IT budgets accurately.

Performance Tuning

Once the application gets deployed in the production, a good amount of time is then spent in tuning the performance, specifically in the case of the database engines which deal with a good amount of transactions as they experience the most reduction in performance over time.

By analyzing logs and time utilized in attending to tasks like processing of a query or responding to request, Artificial Intelligence algorithms developed by a sound AI software development company can offer an exact fix to the issues. It comes very handy in augmenting log management through taking respective action in place of escalating issues to the operations team, which have a direct impact on the cost of support and on running the enterprise IT help desks.

Building Maintenance

The last point in our list of the benefits of AI in business operations is the help it offers with building maintenance. The technology can help facilities managers better the energy use while keeping their occupants’ comfort into consideration.

One example of this can be seen in the building automation services that an AI development company offers. In this, AI is merged with IoT to help manage the buildings’ equipment, light, cooling/heating system, etc. in addition to using computer vision for monitoring the building.

So here were the four domains which are considered to be the pillars of any business. The domains that the AI development services providers believe can have a massive impact on and can make more efficient. If you too wish to reap the benefits of AI by making your processes efficient, streamlined, and high revenue-generating, contact our team of AI Developers today.