According to Deloitte, the term Fintech refers to computer programs and other modern technologies used by businesses that provide automated and improved financial services.

Investments in the Fintech field have been growing since the latest global financial crisis. Nowadays, Fintech solutions are considered as the potential recovery from the pandemic, as a means to solve some real problems that emerge at present.

The pandemic has also shown that physical proximity is not so important. The digital activities and the fluidity of the information combined together represent success in the future.

Fintechs have already changed the financial industry structure, ways to provide services, and their consumption. They have also influenced customers’ expectations while setting new standards for user experience.

Deloitte reports that investments in Fintech have increased from $12.7 billion in 2020 to $23.4 billion in 2021.

Financial services are poised for transformative change, big corporations and startups alike are pouring money into fintech investments.

They embrace the agility and flexibility promised by fintech solutions to develop innovative financial products that help people manage their money in new ways.

In addition, the rapid adoption of mobile applications makes it critical for organizations to develop ones to bring their services to customers via this channel. Consider fintech trends and use them to reinforce your company’s performance and customer experience.

Fintech Industry Trends in 2021

Statista shows that the number of smartphone users is over 6 billion people worldwide, and this number will grow even further. As a result, the number of mobile application users is also increasing.

For example, according to Statista, 43.1% of smartphone users in the USA in the Q3 of 2020 used banking and financial apps. The figure will continue to rise as fintech app development starts a new phase, using the latest solutions and trends.

Here is a list of fintech trends you should pay attention to in 2021 and further.

1. Artificial Intelligence

Contrary to traditional data analytics and robotic process automation, AI has four unique features:

• It will detect changes in data patterns and tune the model by itself. You do not need a data scientist to keep adjusting the model;
• When the data quality is not perfect, it can still create helpful insights for businesses to make decisions;
• When the data is coming in, we do not need to store, process, and transform it before creating analytics. Instead, it can just stream through the neural network, and the AI engine can pick up the pattern and help businesses serve customers;
• It can handle unstructured data. Therefore, we can apply AI in places like image recognition and voice recognition.

In financial services, the technology can be applied in three major areas. The first one is ML (Machine Learning), to create a propensity model.

Banks and insurance companies put ML on the websites or mobile channels and create real-time target marketing. They actually predict the product propensity of their customers based on their behavioral data in real-time.

The second application of AI is usually around NLP (Natural Language Processing). Some applications like chatbots contract intelligence where the AI can read the free text in a contract and detect non-compliance in the documentation.

The third application is face recognition. For example, many fintech companies ask their customers to take a selfie and a picture of their identity documents.

The machine can automatically match these two and help them do KYC (Know Your Customer) and onboarding.

To have AI work effectively, financial institutions need to have a lot of big data. So, when they have accumulated a lot of big data, many banks and insurance companies can tap into this pool of resources and create helpful business insights.

It is expected that AI and ML will become a more regular practice, specifically in AI-based chatbots development and usage. It will enable organizations to provide instant customer support and enhance their experience.

2. Blockchain Technology

Blockchain is becoming one of the fintech industry trends and is no longer associated only with cryptocurrency. The technology has a lot to offer for financial services and other industries, as its hash algorithm allows secure data sharing across the industry.

With Distributed ledger technology (DLT), banks, corporations, insurance, and logistics companies, etc., can share documents along with the trade flow on a trade finance blockchain network.

With all the authentic documents hashed on the chain, there will be no more forged documents and forged invoices for financing.

Besides, you can also use the hashed information to detect duplicated purchase orders which another bank has collateralized. With that, you do not need to expose sensitive information or customer privacy.

Blockchain also comes with smart contracts. A smart contract allows events to trigger payment transactions automatically.

For example, when the invoice comes in, it will be automatically reconciled with the purchase order, which will trigger the payment for the banks. These are going to improve the efficiency of the ecosystem a lot.

3. Gamification

One of the financial technology trends is gamification. Gamification solutions incorporate gaming activities into other fields and industries.

The practice is used to enhance customer experience and increase engagement levels. For example, companies develop different types of personalized programs, quizzes, cashback rewards, educational videos, etc.

4. Bots

Chatbots allow companies to have human-like conversations with their customers. Organizations try to incorporate chatbots into their fintech apps, as they are cost-effective, easily scalable, instantly available to the customers, data-driven, etc.  The chatbots in the financial field can be of three types:

• informational (provides general information, news, or push notifications);
• transactional (helps customers to complete transactions);
• advisory (provides information on the next steps based on customer interactions).

The technology has several benefits that include:

• user engagement: a chatbot can serve as a mediator between a company and its customers, providing instant communication;
• 24/7 and scalable: a chatbot can be one of your most loyal employees who is available all through the day and even at night. In addition to this, the technology is scalable and can be easily improved when necessary;
• intelligence advantage: chatbots deliver valuable insights about your customers that you can use for further business development.

Bank chatbots can help your customers check their balance, set financial goals, get spending insights, transfer money, pay bills, etc.

The technology is improving with the help of AI and voice recognition, thus enhancing the performance of the organizations and user experience.

5. Voice Technologies

Another popular trend in the finance industry is voice recognition. Some companies start to use voice-enabled technologies like Siri, Google Assistant, or Alexa, so the customers can use them to make transactions and other operations.

In addition, voice commands will reduce phone calls, so these solutions are to save time, make things easier, and help organizations perform more efficiently.

Fintech App Development: Useful Tips & Main Features

Financial services have to develop innovative solutions and incorporate them into their fintech app to provide high-quality services to their customers, secure personal data, inform about the latest news and programs, etc.

What are the main features that your application should possess?

Main Features Your Fintech App Should Include

1. Security: the application will contain sensitive data, so it is essential to provide a secure environment for your customers. Use different solutions for the customers to sign in. For instance, integrate two-factor authentication with face, voice, or fingerprint recognition.
2. Notifications: Keep your customers updated about special offers, loyalty programs, news, etc. It is also essential to send out notifications once any transactions are performed.
3. AI-enabled chatbots: Make sure customers can instantly receive requested data 24/7.
4. API integration: Establish connections with other applications so that customers can get additional helpful information via your app.

Fintech App Development Process

The finance mobile app development process includes the following stages:

1. Define Your Product

You should know the purpose of your application and how it can help your customers. Your team should conduct profound market research to see what is in demand, understand customers’ expectations, calculate the risks, and predict the profitability the solution could bring. Then, use all the available data to design a version of your product.

2. Build a Team/Find a Vendor

Find necessary resources to bring your project to life. You can build your team by hiring professionals individually or use outsourcing. Numerous companies have vast experience in the fintech app field, and they can help you choose the right solutions for your project.

If you decide on outsourcing, pay attention to the company’s portfolio, its employees, read reviews of the previous customers, so you can make the right decision, and be sure that you will get a high-quality product that will work efficiently and bring you advantages in this highly competitive field.

3. Decide on Technology Stack

When you have a team of professionals working for you, you can discuss and choose a technology stack for your application. There are numerous languages to develop apps.

The vendor or your team of developers will help you to choose the right one. It is important here to know your customers and which operating systems they use.

Decide whether you need a native application (that will work only on iOS or Android devices) or a cross-platform one (suitable for all platforms).

4. Create User-Friendly Design

The application should be easy to use and appeal to your customers. Ensure that a dashboard offers all the necessary features and it is not difficult to find essential information.

5. Develop MVP

A minimum viable product is necessary for application development as it will help you run tests before you launch the product. Then, ask your customers to use it and share their feedback with you.

No one but your customers will point out the weaknesses of the application. What is more, you will see what else is needed to be added to the application after tests.

Fintech App Success Stories

Financial software development only starts to accelerate as new solutions come into the fintech industry and prove numerous advantages for organizations.

Some of the companies have already begun to implement solutions to enhance the performance of their organization. For instance, Bank of America has developed a virtual financial assistant Erica who helps make money management more effortless.

Another example of fintech solutions implementation is Lemonade, an insurance company that uses AI, apps, and chatbots to digitize the insurance industry.

We, at Intellectsoft, empower hospitality companies and their workforces with innovative solutions and approaches. Are you and your organization looking for some?

Contact our experts to discover more about the development of applications for your organization and learn how you can get the most of them.

The post Fintech Trends in Mobile App Development: Tips, Trends, and Success Stories  appeared first on Intellectsoft Blog.

Among all the developed countries Deloitte surveyed, more than 90% of the population had smartphones, and one-third of them were really addicted to these devices.

This obsession creates a huge market for businesses to reach their clients and establish a profitable sales channel.

When it comes to the concrete mobile solution, you realize the types of app development can be different. If you’ve heard of hybrid and native app development but don’t really know what they are and how they are different, we’re here to help.

In this post, IT experts from Intellectsoft, one of the top mobile app development companies globally, explain how to choose between these two options in the mobile app development menu.

Hybrid App Development

As you can catch from the title, hybrid apps combine several elements from other types of mobile app development.

Namely, they are native apps and web apps: what you’ll see is the web page (in a very simplified browser) that is adapted to a mobile WebView display.

You can link the native elements to let the app be connected to a smartphone’s specific features (like camera, maps, or contact list).

Technically, this development type applies the simplest frameworks (like HTML5, JavaScript, and CSS) and creates a unified codebase that works on several markets.

The technology is advanced by adding native code for the selected features. This significantly cuts cost and project timeline, which is highly attractive for business owners.

Pros of Hybrid Mobile App Development

The most popular benefit of hybrid apps is cutting time and spendings during the development stage. That’s why this type is the best solution when your task is to create a prototype.

Here are some other advantages:

• Ability to avoid strict app store limitations. This situation is especially relevant for the Apple Store that is known for its rigid regulations and the high possibility of being rejected.
• Quick validation. There is no need to wait long after submitting the proposal to the app store. Your customers can try your product right away.
• Available resources. Hybrid mobile app development doesn’t require sophisticated knowledge from coders. Thus, it’s easy to find a developer who can make it.
• Optimization. You need to create one code only to make the app work on several devices. This means creating one place to manage.

Cons of Hybrid Mobile App Development

Since hybrid app development technically requires building an additional layer between the platform and the source code, the applications may demonstrate poor performance.

Such a limited user experience is the main disadvantage for investing in hybrid apps, especially if your budget allows paying more for native app development.

Here are some other limitations:

• Partial native functionality. Hybrid apps have access to a couple of native elements only. All the rest are locked and require a separate native app instead.
• Speed problems. Hybrid apps are slow when it comes to transition between their pages.
• Not a cross-platform solution. It’s not that easy to scale hybrid apps on multiple devices. The more platforms you want to cover, the more costly it will be to cope with all the problems that will need your reaction. Native app development, in this case, will turn out to be a cheaper solution.

Native App Development

All the mobile app development that is compatible with a sole operating system is native. For example, iOS native app development means that the software solution will work on Apple devices only.

But if you want the same app to appear on an Android device, you’ll need to invest in the separate Android native app development for that. This way, cross-platform native app development will take place.

The difference between the various types of native app development lies in the difference between various platform-specific programming languages.

Mostly, iOS apps are written in Swift-C and Objective, Android apps use Java, and Windows apps apply C#. To get a native app, a user should enter an app store and find it there.

Native mobile app development is linked to an operating system exclusively to let the users enjoy the full functionality of their smartphones: device features, gestures, and push notifications.

Moreover, the software is normally designed to fit the screen and characteristics of each device accurately. All these elements make a native app highly enjoyable and fully functional.

Pros of Native Mobile App Development

Native apps, if built accurately, guarantee the highest level of user experience among all the mobile app types.

Here are some other advantages of native apps:

• Access to all native features of the device. A native app can use a camera, accelerator, GPS navigation, list of contacts, and other things and information stored on the device. It increases interactivity.
• Fast and enjoyable user experience. The mobile solution is native to the platform, runs fast, and fits the device parameters accurately.
• App store support. If used correctly, the external marketplace can serve as an additional channel for attracting customers to your mobile app.

Cons of Native Mobile App Development

Because of its overloading with numerous elements, the native app development process is complicated and requires careful attention. That’s why it’s not the easiest and cheapest solution to pick.

Here are some other disadvantages of native apps:

• Need to follow app store regulations. Native apps should pass the verification stage to appear on the app store platform and become available for users. This may become a severe obstacle for your business app.
• Multiple code bases. Each new platform requires extra costs on development, maintenance, and updates.
• Consistency of versions. App updates don’t come synchronized, so some users will experience delays and support problems.

Which One to Choose: Native vs Hybrid App Development

In practice, picking the right development type depends on the business goals and your budget limitations mostly.

Since both hybrid and native app development are advantageous in their own way, you should critically evaluate your project and pick the mobile app architecture that will maximize your benefits the most.

Ask questions about your audience:

• Who they are
• What are their access points
• Which app stores we target to appear at
• What’s the frequency of updates needed
• What kind of experience is desired.

Clarity on all these points to maintain the needed balance between business aims and customer expectations. Thus, ensure that the mobile app will satisfy them both.

Each development type has its beneficiaries, depending on your project aims and customer needs.

1. Long-term vs. short-term perspective. Native apps are costly but can become a wise investment move in the long run. If you’re going to scale and save the complexity of your mobile solutions, you’d better invest in the native application development right away. Alternatively, you can build workable and multi-device solutions fast by adopting a hybrid app development approach.
2. Quality-to-price ratio. The expensive price tag for native app development has its cost — the only problem is whether you really need to pay it. With a native app solution, you get the chance to get top-quality software, totally compatible with the selected operating system till the slightest detail. However, if your task is to test the mobile app solution on the widest audience possible, hybrid app development is a much wiser solution to make.

Whichever mobile app development type you’ve picked, remember that it’s important to implement it accurately! Use our checklist with 25 steps to building a mobile app that brings you real profit.

Where to Get Top-Class Hybrid and Native App Development Services

We hope now the difference between native apps and hybrid apps is much clearer to you! If so, it’s time to find a reliable provider for your business solution. Please check the list of our mobile app development services.

If you’ve found something relevant for you there, don’t hesitate to drop our experts a line, and we’ll contact you shortly!

About us: We’re Intellectsoft, a leading software development company specialized in providing innovative solutions and approaches to companies worldwide.

We have vast experience in addressing the business needs of corporations and startups alike. And we’ll be glad to help you too!

The post Native vs Hybrid App Development: What to Choose? All the Advantages and Disadvantages in One Place appeared first on Intellectsoft Blog.

According to the PwC, over 70% of hospitality executives report they have already started developing the technology solutions like IoT and various mobile applications for booking, room, and service management because of their high potential and numerous benefits for the hotel’s better functioning.

Today, we will cover the basic information about the mobile concierge app, why they are so popular nowadays, and what features of the concierge app can be really beneficial for the hospitality industry.

Let’s get it started!

What Is a Mobile Concierge App?

A mobile concierge app is an innovative software solution for hotel room management that can radically improve the guest’s experience and ensure they’re comfortable staying in a hotel.

That is a hotel application that allows clients to request various types of concierge services from their smartphone: from taxis, flights, and restaurant booking to the room service, transactions, and check-in and check-out formalities.

The core idea of the hotel digital concierge is to improve the comfort of the guests and optimize the hotel’s functioning: discover and manage the guests’ requests in one application.

The Potential and Benefits of a Mobile Concierge App

In fact, there are plenty of reasons for implementing the concierge service app for hotel business whether it’s one hotel or the entire chain. Let’s review the basic benefits you will get along with the mobile concierge software launching.

Communicate With Other Hotel Staff or Resolve Guests’ Requests

The mobile concierge app will help to find the hotel worker in one click instead of hours of seeking the hotel workers to ask them for the room cleaning. Any service option can be requested with one click.

Inform the Customers About the Important Updates

No more newsletters, papers, or boring dialogues at the reception desk! Find all the information you need in the hotel application. If you still have any questions left, contact the hotel manager via mobile and get professional answers on them.

Offer the Full List of the Hotel Services

Are your guests wondering about the additional services for their comfortable staying? All of them can be reviewed in the hotel concierge app, and you can purchase them in advance as well.

Enjoy the hotel gym, swimming pool, restaurant, or various options of room service with simple access on your smartphone.

Assist Your Customers With Different Problems or Requests

Offer your mobile concierge app as an online helper which knows the weather, can contact a hotel staff, unlock the door or simply order extra food and drinks right to your suite.

Providing Better Confidence for the Employees

The mobile concierge applications can provide the hotel staff with additional help for better and more efficient request processing, thus optimizing the entire hotel workflow.

As a result, they will be always updated on the guests’ requests status and what things are scheduled for the certain room at any time.

Gain Customer Insights

If you want to get feedback for your hotel, there never can be a better time to ask for completing a simple form via the hotel concierge application.

It goes without saying that people are more likely to answer the questions in a few taps instead of filling the paper form on the reception. Besides, digital surveys are much easier to process and analyze, which can be also used for hotel service improvement.

With these features available, plenty of hotel corporations and the most luxurious resorts have already included this software in their basic set of hotel services.

And, as time goes by, in the next few years we expect even more hotels to adopt this technology, as the remote services have already become an indispensable part of our present being.

Main Features of a Mobile Concierge App

Due to the recent report by PwC, 81% of travelers want greater digital customer service from hotel brands.

So, what features you should include in the mobile concierge service to cover all the needs of your guests and get the most for your hotel business? Here, we will cover the most critical of them, and some suggested by Deloitte Digital.

Transaction Payments

In the times when all the world is now implementing a contactless system of payments (or else called PayPass) to their systems, the hospitality industry can easily incorporate this feature into the mobile concierge system.

Thus, when a guest wants to pay for the additional services, complete the check-out procedure, or pay for the following few days to prolong the stay, the person no longer needs to go to the reception desk.

Besides, in such a way the hotel can also ensure the clients’ and working staff’s safety, which is a critical feature during the pandemic.

Contextually Dynamic Updates

While considering implementing a digital hotel concierge, it’s a great idea to include the algorithm of updating the information page with personalized and relevant consumer content.

For example, if your guest is interested in the local events for the current week, or any other indoor event held by the hotel, then the mobile concierge can suggest various events and occasions that might fit the widest range of guest’s needs.

According to Evergage, 98% of marketers say personalization advances customer relationships. Thus, by making your application more customized and full of different suggestions for specific customer preferences and needs, it becomes much easier to turn a one-time visitor into a loyal client of your hotel.

Additional Hotel Services

The PwC report has also shown that over 70% of potential hotel residents are more likely to book a hotel with different tech improvements. But if they aren’t aware of the list of useful services while staying in a hotel, both sides are losing.

A customer will lack personal experience and is more likely to choose another hotel for the next vacation or business trip, whereas the hotel can lose the potential loyal customer and the revenue a person could bring to the hospitality unit.

However, with all the hotel services on the smartphone, the consumers can simply review the list of services offered via hotel digital concierge, and pick up the one which they need most.

Additionally, they are more likely to use these services with one-click ordering, since they no longer need to look for the hotel staff or call anywhere as the conversation with the managers is done via the mobile concierge.

Optimized for Different Devices

Needless to say, at present, most hotel bookings and service orders are done using a smartphone.

For instance, over 64% of hotel residents book their room on a smartphone, and up to 25% of them have checked in using a mobile device. And these digital trends are only expected to increase in the future.

That is why, make sure your hotel concierge app works across different devices, like smartphones, laptops, smartwatches, and others. This will help you to popularize your application and improve its user experience rate.

Automated Notifications and Room Management

In most modern hotel corporations, which have already implemented the digital hotel concierge, the mobile concierge is used as the digital assistant, whose task is to improve the personal experience of the guests and make their stay even more comfortable.

With some advanced features of the room service that include door opening with a mobile application, wake-up call, and getting the latest updates on the recent requests, the guests are more likely to stay there again.

Besides, these features have been already applied in FlyZoo Hotel in Hangzhou and can be easily completed via the FlyZoo mobile application.

Just like the concierge application, it allows having 24/7 communication with the hotel service staff and get all the requests done in one tap via the hotel app.

Challenges of Implementing the Hotel Concierge Technology

Along with the features that can greatly benefit your hotel business, it’s important to cover the challenges you will surely face while starting to develop the concierge application for the hotel.

Here we will review the most critical issues for the hotel concierge technology development:

• Reluctance to make investments in mobile concierge development. Just like any other new technology, developing a personal concierge app for hospitality requires smart investing, and because not everyone can realize the importance of this technology for the hotel service quality, the lack of investments is now one of the most common problems of app development.
• Being not ready to change other aspects of the hotel functioning for the application implementation. It often happens that the antiquated accounting data is stored in papers, without any digital copies, so if you want to automate your all services, then it’s time to consider the radical transformation of your hotel service system.

These are the main challenges of the mobile concierge implementation, which are common for nearly every hotel unit. But, we can assure you, as long as the optimization process is done, you will get a much higher ROI for your business.

Conclusion

As you can see, the concierge application is now one of the most popular technologies that every hotel tries to implement in their workflow.

By launching custom software development for travel and hospitality, hotels can get higher revenue, increase the number of loyal customers and enhance the quality of the services offered to their guests.

We, at Intellectsoft, cooperate with hospitality companies and their workforces by providing innovative solutions and approaches for improving their business performance. Do you and your organization need an efficient and effective concierge solution?

Talk to our experts today and start reaping the benefits of modern technology tomorrow!

The post Mobile Concierge App Development for Hotels: Basics to Know appeared first on Intellectsoft Blog.

This is a leading review platform that serves as a business guide and enables companies all over the world to choose the most reliable business partner for effective collaboration and achieve the desired goals.

The main goal of TheManifest is to gather and verify the core data, customer reviews, and other insights that will help managers and owners to make the most well-informed decisions to advance their businesses.

It’s possible to browse the most qualified service providers, get personalized recommendations, and build a list of potential partners that meet particular business needs.

It’s a huge honor for our team to receive such a reputable award and get on the list of the top mobile app development companies. Taking into account that mobile solutions are an increasingly popular tool for business development, choosing the right developer is of paramount importance for ultimate success.

Intellectsoft offers mobile app development services and our team of experienced professionals can tackle even the most complex projects to grow clients’ businesses.

Our expertise is not limited to mobile application development and also includes cutting-edge software solutions that are aimed at driving more sales, offering meaningful client service, and improving operational efficiency.

14 years in operation, Intellectsoft is considered a reliable and reputable partner with a wide range of technical expertise and software solutions that collaborates with companies and large enterprises on long-term projects.

Intellectsoft has created customized software for renowned Fortune 500 companies as EY, Jaguar, Harley Davidson, Nestle, Eurostar, Lang Rover, Guinness, and others.

The company already possesses a number of prestigious awards and is recognized by Clutch, Inc. 5000, ITfirms, Digital.com, and many others.

The post Intellectsoft Is Recognized As One of the Top Mobile App Development Companies by The Manifest appeared first on Intellectsoft Blog.

According to the latest review by Digital.com, Intellectsoft is one of the Top 15 Mobile App Development Companies in San Francisco in 2021.

The platform has evaluated a wide range of companies based on a few factors that include service line offered, industry focus, the size of the company, main features, costs, and customers’ testimonials.

The focal point was on the ability of a company to fit a range of business needs as well as on the experience across industries with a solid focus on healthcare, financial services, hospitality, marketing, and entertainment.

Intellectsoft has a broad expertise in helping healthcare, financial, and hospitality businesses of all sizes build superior-quality mobile products to ensure an impeccable user experience. Our team takes upon the full-cycle app design and development from the ideation phase to final delivery.

ITfirms has classified Intellectsoft as one of the Top Cross-Platform App Development Companies in 2021.

This review highlights the companies that create seamless and effective mobile apps that work across different operating systems and platforms to satisfy the changing customer demands.

They have selected the most professional companies that create cross-platform mobile apps according to different business requirements and budgets.

Intellectsoft is already 14 years in operation and is considered a trusted and reliable software engineering partner for short- and long-term collaboration.

Our team has successfully created customized solutions for many Fortune 500 companies that include EY, Jaguar, Harley Davidson, Nestle, Eurostar, Lang Rover, Guinness, and others.

Our expertise is not limited to mobile application development and also includes cutting-edge software solutions that are aimed at driving more sales, offering meaningful client service, and improving operational efficiency.

The post Intellectsoft Received Two Influential Awards as One of Top Mobile App Development Companies appeared first on Intellectsoft Blog.

FinTech industry encapsulates:

• Blockchain solutions
• Digital wallets
• Trading and securities
• Payment processing
• Cross-border payments
• Lending

How Mobile Apps Are Improved with FinTech Solutions

FinTech solutions provide the tools to create mobile apps that are more secure and more efficient.

Because financial information can create a security and privacy risk to users, it poses particular challenges to mobile app and software developers.

FinTech solutions take this into account by incorporating features such as blockchain, cryptocurrencies, and secure channels for exchanging sensitive financial information.

FinTech solutions also increase efficiency by automating some processes and offering digital options for traditionally time-consuming processes such as obtaining signatures on contracts.  

Finally, FinTech solutions simplify financial exchanges by providing a better user experience for companies whose financial tasks might include dealing with clients, paying vendors, and exchanging assets in different currencies.

Even if you are not creating a mobile app for banking, FinTech still has implications that affect a broad range of mobile apps.

1) Non-Financial Apps Now Include Financial Features

Although experts recommend that apps launch with a focused, signature feature, it’s common for companies to add later features that incorporate payment options.

FinTech solutions become even more vital as more apps roll out new features involving financial transactions.

With social media giants like Facebook offering merchants the opportunity to sell directly on their websites, it quickly became clear that financial exchanges would no longer be the sole purview of banks and other traditional financial institutions.

Over time, the trend has continued, with transportation apps transforming into meal delivery services and retailers offering in-app purchase options.

FinTech influences this broad range of mobile apps by providing solutions that reduce the complexity of financial exchanges, both for the user and for the companies managing transactions behind the scenes.

Although these apps do not deal directly with banking or traditional financial exchanges, the best practices driven by FinTech can improve user experience, security, and efficiency.

2) Freemium Apps Monetize Through In-App Transactions

One motivation for mobile apps to add financial features has been the “freemium” model’s successful rise. In the freemium model, a mobile app can be downloaded and used for free, and users are given the option of paid upgrades or in-app purchases.

In a survey of 100+ app developers from companies worldwide, more than half (61%) recommended the freemium model as the most effective strategy for monetizing an app.

Although many users are now accustomed to trusting their banking apps, some might still be wary of sharing financial information with an app like Spotify, which is known for offering access to music, or a game that involves small payments for additional features.

FinTech solutions ensure that the companies behind freemium apps can provide the same security and reassurance that users require from their banking apps.

3) Consumer Expectations Continuously Evolve

As consumers become accustomed to banking apps’ efficiency and security, we may see expectations begin to shift.

For example, banking apps are increasingly able to offer biometric options that can be used in place of passwords or security questions. Instead, users can allow their phone to scan their fingerprints or use a voice feature.

Mobile apps that involve payment should also be prepared to serve users’ preferred payment methods. For example, in an ideal world, a user who logs onto Uber or Lyft should pay with popular digital wallets such as Google Wallet or Apple’s Passbook, bitcoin, or the traditional credit card option the company typically uses.

If this seems like a farfetched or overly complicated vision of the future, PayPal serves as an early example of this evolution. When PayPal first launched, websites only offered credit card options for payment.

As PayPal attracted more users, online stores had to adapt or risk losing sales from customers who preferred PayPal to enter their credit card information. Now, PayPal can be used for virtually any online purchase.

As FinTech solutions become more common in mobile apps, consumers’ preferences will inevitably continue to evolve.

Companies Should Embrace Collaboration

As a leading mobile app development company, Intellectsoft brings expertise in FinTech that can ensure companies invest in the most up-to-date mobile app technology. Even if an app launches with no payment or financial features, virtually all mobile apps require refreshed features over time.

Instead of coming to an app development company with a request for an app with a particular type of feature, companies should share their overarching vision and goals for what they would ultimately like the app to become.

By sharing a long-term vision for the goals behind an app from the start, companies and their development partners can work toward the common goal of building an app that delivers on a company’s needs while also drawing on developers’ knowledge of emerging technologies.

Learn more about Intellectsoft’s FinTech solutions and start benefiting today.

The post 3 Ways FinTech Solutions Apply to Mobile Apps appeared first on Intellectsoft Blog.

But how well do insurers personally know their customers? Are they aware of the lifestyle that most of their clients lead? Do they know how often their clients activate the alarm when they go somewhere?

If insurance providers want to keep their customers, they have to understand their actions and needs better and use them to provide more regular and valuable interactions.

Journey to Personalization and Agility

Nowadays, insurance customers need to get personalized and convenient service. Clients from different countries need personal interactions even if creating personalized experiences is difficult for insurers as it is connected with precise customer data. Here is the infographic illustrating the main steps of the personalization journey:

Source: Accenture

For example, one of the McKinsey articles has discovered insurance in China, where only 28 percent of customers rated insurance companies highly for customer satisfaction. It means that the insurance industry needs to accept some modifications. So what is the solution to this situation?

Benefits of Providing Personalized Customer Experience

Companies use personalization to deliver better customer experiences, increase loyalty, and drive more leads. Modern service provides a variety of channels that reflect customers’ various preferences and personalized recommendations based on individual interests.

Ways for Insurers to Personalize Their Services

Insurers can utilize segment-specific opportunities to personalize offers, messages, and prices across physical locations, mobile devices, mobile apps, websites, or phone calls. This way contributes to the formation of precise and actionable customer microsegments. It is also necessary to create a continuous ring of customer interactions because they provide protection and services for their daily life.

Companies, who are already offering advanced personalization, have noticed positive increases in the following areas:

Source: Earnix

Ensuring Highly Relevant and Omni-Channel Customer Experience

Today’s consumers are mostly omnichannel. That`s why insurers have to engage their clients using an omnichannel approach, connecting with them via multiple touchpoints and using data to deliver personalized experiences.

Omni-channel personalization can upgrade customer experience and increase brand loyalty. It allows the insurer to preserve its competitive power, retain its customers and simplify growth. Implementing omnichannel personalization can be a complicated process, and it is not only about organizational alignment and strategy but also about technology.

Digitization Increases the Level of Personalization in the Insurance Industry

What can we say about digitization? Technology is making our experiences online more personalized. New data sources are transforming our economy and society essentially and promise to change the insurance software development services as well as the whole sector. Digitalization affects the role of insurance, from pure risk protection to predicting and preventing risks.

Insurance is becoming more customer-centric. Customers use digital channels, especially mobile, and this tendency is rising rapidly.

Insurers have the opportunity to leverage the information from various devices to satisfy customer needs across three broad themes: loss prevention and protection, pricing and coverage optimization, and some other services.

Every step of the insurance value chain will be impacted by digitization, from interactions with customers to claims management. For instance, by monitoring different situations, insurance companies can warn customers about a problem and allow them to react immediately to prevent damages.

Perspective, digital insurers will be able to provide services that will help reduce the risk of loss. These services can be connected with auto services such as driving-condition information, recommending safer routes, alerting emergency services, and monitoring automobile speeds. Services personalize recommendations tailored to the weather, a customer’s location, mood, health, and even bank balance.

Final Word

As a conclusion to this, we would like to say that customer preferences and market indicators show that clients have a desire to get personalized offers and experiences from their providers. Faced with high customer expectations, insurers are following the example of other industries in delivering an excellent customer experience through different channels. Besides, the digitization of the insurance industry also has the potential to grow exponentially.

At Intellectsoft, we empower companies and their workforces with innovative services and approaches to help them survive during these times. Are you and your organization looking for some?

Talk to our experts and find out more about the topic and how your business or project can start benefiting from it today.

The post Personalization & Data in Insurance: Delivering Highly Relevant and Omniсhannel Customer Experience appeared first on Intellectsoft Blog.

This article will look deeper into the insurance agency accounting software, which plays a crucial role in the agency’s brilliant management. Furthermore, you will find out all the benefits & examples of the accounting software for insurance agencies.

What Is Insurance Accounting Software?

The insurance accounting software is the automated transaction recording system and managing, which is focused on the insurance industry’s needs, targets, and requirements. It is used by the insurance agents, who introduce and sell the insurance company’s products to the clients for a commission.

The insurance agents represent the company in the transaction. So, the insurance accounting tools are a must for the processes of calculating and recording.

Also, this specific accounting software for insurance agencies have the following tasks:

• simplify the audit processes
• automate the risk analysis on return for a premium
• optimize the transaction accounting & operating
• analyze the liabilities, revenues, expenses of the agency

Thus, insurance accounting implies combining the accounting bases with a better understanding of the insurance processes.

Furthermore, the software type can vary depending on the insurance unit’s types: the agency representatives and the insurance brokers’ needs are quite different. So, the software peculiarities will be various as well.

Examples of Accounting Software for Insurance Agencies

According to the Capterra.com rating, there are over 130 products of the insurance agency software. Let’s learn more about the most popular of them.

ABS by Agency Business Systems

Thanks to its simplicity, this software allows to automate the data process operations, create various tasks & reminders, calculate the custom reports, and more. Besides, ABS was also recognized as the “Best Ease of Use Insurance Agency Software” in 2020.

Source: ABS® main screen showing account information and several policy screens all at the same time.

SIBRO

The basic features you can get with that insurance agency accounting software includes commission management, document & contact management, and the payments operating and recording.

Additionally, this SaaS system is compatible with tablets, mobile, iPad, desktops, etc.

C2MS

Designed for insurance organizations, that tool can greatly simplify business management and improve its efficiency. The major feature of the C2MS system is that it can be deployed both On-Premise or within the Cloud.

Accounting Insurance Software for Insurance Brokers: What’s Different?

According to Forbes, 15% of millennials, 16% percent of Gen Xers, and 8.5% of baby boomers are planning to buy the insurance in 2020.

The insurance industry’s huge perspectives lead to more and more brokers offering their service in this area. However, their responsibilities are radically different from insurance agents.

Unlike insurance agents, insurance brokers represent consumers in finding the best insurance option for their preferences and needs. Mostly, brokers research various insurance company’s terms & conditions, rating, and cost to offer the best choice for the insurer. They can also warn of insurance traps, pitfalls, and legal requirements, which is another advantage for the clients as well.

Examples of Insurance Broker Accounting Software

So, because their responsibilities and needs are different, the insurance broker accounting software will also be different. Now let’s have a look at the accounting software for insurance brokers, which can greatly boost workflow efficiency.

Insly

Designed for the brokers & agents’ basic needs, Insly is a perfect option of accounting insurance software. It implies various process automation for the brokers’ business services, such as commission and fee revenue accounting.

A1 Tracker

A web-based insurance software helps manage the data, record the transactions, and generate batch invoices and reports for the clients. Also, it is quite flexible and customizable accounting software for insurance brokers.

Source: Software Connect

The Key Benefits of Accounting Software for Insurance

As you can see, accounting software can greatly improve the process of automation in the insurance industry. And, there are many more advantages of the accounting insurance software we haven’t mentioned yet. So, let’s learn it in short.

Profit of Accounting Software for Insurance Brokers & Agents

Of course, the service type of the insurance agents and insurance brokers is different. Nevertheless, they can still get the common benefits of applying accounting software for insurance:

• accounting processes automation
• losses preventing and risks analysis
• service efficiency improving
• taxes managing
• income & costs monitoring

All these advantages improve the workflow and enhance service quality, thus widening the target audience and meeting the major clients’ needs.

Insurance Agency Accounting Software – Quick Summary

The insurance agency accounting software is now a must for successful process automation and managing.

In this article, we’ve discussed the insurance agency accounting software benefits, challenges, examples, and where to find custom insurance software development services.

At Intellectsoft, we develop custom solutions to help insurance companies reach their goals. Are you and your organization looking for improvements? Talk to our experts and find out more about the topic and how your business can start benefiting from it today!

The post Insurance Agency Accounting Software: Real-Life Examples, Benefits, and More appeared first on Intellectsoft Blog.

Many companies and businesses from different areas have now realized the importance of creating their system to manage the working process despite any sudden changes. The insurance industry is not an exception.

However, that industry is a complex array of different types, so the peculiarities of each must be considered before the start and during the process of building the insurance management software.

Insurance Agency Management Software Role and Types

According to the latest numbers by Statista, the value of capital invested in insurance technology companies worldwide has already reached $2.3 billion, and that’s not a surprise. So, what’s the reason for the insurance software development services’ rapid popularity?

That type of software is targeted to the insurance agencies, and mostly helps consolidate the data, improve the clients’ service, improve the interaction with them, etc.

Simultaneously, it boosts the company’s efficiency by generating the reports, tracking the metrics, and implying the latest trends to meet the consumers’ requirements continually.

Additionally, insurance agency software includes the following peculiarities:

• Customer relationship management
• Device-optimisation and portability improving
• Basic accounting operating
• Payment control
• Task structuring and managing
• Clients’ data structuring
• Claims managing etc.

To make it clear, let’s analyze the aspects of insurance management software, which play a crucial role in this industry’s successful management and development.

#1 Insurance Claims Management Software

One of the crucial points of insurance management software is claims management. These systems reflect the company’s functioning, the strong and weak points to consider for improving the clients’ service and brand awareness.

Insurance Claims Software

If the agency operates with big data, it is crucial to have various software for different purposes, especially the claims processing software. The claims’ content can greatly improve the agency’s performance, help teach new clients, meet the customers’ needs, and build a strong development strategy.

The insurance claim management software allows to fast and successfully receive and process the clients’ feedback, consolidate and structure them to improve the service quality and provide a certain agency’s high-professional assistance.

Insurance Claims Processing Software

The insurance claims software is a must for efficient agency running. When processing the clients’ feedback, this software can significantly save time & investments and boost the customer experience. Additionally, it cuts off the fraudulent claims to detect false information and exclude the third parties’ intervention. That is why insurance claims software is crucial for agency growth.

Health Insurance Claims Management Software

The health insurance software is responsible for providing the patients with information about the medical treatment they are to get and transfer the patients’ treatment costs.

This software allows automating and structuring the organization’s processes, billing, filing, updating, and processing the medical bills related to patient health status and treatment recording and the medicines needed.

#2 Insurance Compensation Management Software

However, the insurance agency processes the claims and manages the significant sums needed to pay for various financial losses. This process is extremely important for any agency, as it can influence the company’s development.

That’s why the insurance compensation management software will efficiently help control the payments, structure the documents and data needed to complete the compensation, and manage the entire process within one corporate system. Also, it minimizes the chance of misleading data and efficiently speeds up the compensation process.

#3 Insurance Brokerage Management Software

Another great software that boosts the interaction between the agency and its clients is the brokerage management software. The target of insurance brokerage management software is to act as an intermediary between the agency and consumers, analyze all the services which can suit customers’ needs at a reasonable price.

Additionally, this software can greatly reduce the time and money needed to find the exact insurance type, though clients have to pay a broker fee for the service provided.

#4 Insurance Contact Management Software

Insurance contact management software is a must for any company to establish the connection between the agency and its consumers.

This software allows you to track the clients’ claims, calls, and emails, get more information about the issues they have faced, consult about the latest offers, and answer all your customers’ additional questions.

#5 Insurance Agency Client Management Software

Needless to say, that software significantly facilitates the insurance managing process by applying a system that unifies various aspects of the insurance company’s performance. Thus, the insurance agency client management software is a SaaS system that covers all the requirements and provides a list of efficient features needed for launching and operates the insurance agency.

According to Forbes, the insurance industry’s latest trends have radically changed the traditional insurance industry by applying AI technologies to customize the insurance packages, improve the clients’ service, and implement the computer technologies into the insurance software.

So, the key features which are obligatory for the insurance agency software must include:

• Insurance-adopted CRM features
• Organized contact list
• Automated workflow
• Automated analytics software
• Policy maintenance option
• Cloud-based workspace system
• Whole-office software

#6 Insurance Customer Management Software

Due to the rising competitiveness in the insurance industry, CRM is now an important tool for improving customer service and building long-term customer loyalty by proving your agency professional and trustworthy.

This software applies different methods for increasing the list of clients, meeting all their expectations, and improving the number of options offered by the insurance agency.

Insurance customer management software’s target is to create the most suitable packages for the clients by recording, analyzing, and summing up the various information about the customer behavior and personal preferences, thus encouraging them to purchase the service and experience all the benefits themselves.

This is essential for the insurance agencies to boost the income and offer the best service to their clients, thus increasing customer conversion.

In a Nutshell

As you can see, the process of finding the best insurance agency management software is not so easy as it seemed at first. That’s complex software, which has to include various options to increase its efficiency and stay on the top among the competitors of the same industry.

The insurance agency management software’s main aspects must include claims processing, customer service, contact managing, brokerage assistance, compensation procedure control, etc.

All these options can significantly increase the insurance agency overall performance, increase the sales revenue and build up the unified system to structure the big data, manage various processes in your insurance company and provide customers with the best service and the most suitable offers, thus increasing their conversion and turning your clients into loyal ones.

The post Insurance Management Software: Types and Characteristics appeared first on Intellectsoft Blog.

In this article, we will get the main idea of online digital banking and its primary benefits and present the latest popular trends in digital banking that anyone might face. Let’s start!

Digital Banking Definition

According to Today, digital banking provides the same all services as the traditional bank does, using the digital infrastructure instead of a physical one. The customers can easily open a bank account, control the finances, and make the financial operations via computer or smartphone, which greatly saves time and simplifies money management.

Traditionally, the digital payments system is applied by huge and well-established banks and is considered the next step of the financial industry development as well as financial software development for related verticals. Needless to say, now, it is widely applied to the banking sphere for both bank and clients’ comfort.

Main Features of Digital Banking Solutions

There are a lot of features that make digital banking more preferable for clients than the traditional one. A well-planned and constantly updated banking system can easily attract new clients and businesses to use it for any money operations, and here is why:

Fast & Secure Authentication

By building a smart and secure banking system, digital banking is one of the most efficient options to perform any operations with funds. Along with the rapid popularity of digital authentication like Face ID, Touch ID, it became much easier to make digital payments without cash.

Moreover, it facilitates your routine paying practices, greatly saves time, and which is more – it allows securing the transaction process so that your credit card won’t be used if stolen.

Smart Data Management

This feature is beneficial for both banks and their clients. Having created a complex banking system makes it easier to manage the data, track the critical information, and avoid useless paperwork. All the documents can be easily signed on a computer with the digital sign, thus greatly saving time and simplifying any banking procedure.

For clients, it means they don’t need to stand in a queue to complete a certain operation for clients.

Money Transaction Control

Additionally, it becomes much easier to control the money flow and operate your finances. Right now, clients can easily pay the bills from their house, check the deposits, apply for loans, or transfer their funds to other people. This means they can start making savings, plan their budget, and even get some benefits for using digital banking from their bank.

Alert Management

Besides, it is much easier with digital banking to manage the custom settings and set up the alerts, which is essential for funds security. For example, you can get a notification if any suspicious actions are noticed to stop them immediately. Or else receive a message when depositing funds are available or the status of every operation made with the card transactions. Thus, this feature allows establishing an efficient connection between the bank and its clients.

Benefits of Online Digital Banking

Having covered the features, everyone can get with digital banking, let’s now discover the main benefits. There are a lot of strong points we would like to attract your attention to:

• Better operation securing
• Much lower fees for the banking operations
• Improved process mobility
• Full-time available customer service
• Ability to open and change the account online
• Permanent access to your transactions

According to Deloitte’s 2019 Banking and Capital Markets Outlook, internet banking is now one of the major priorities of any bank development strategy. Now, over 50% of banks are applying significant changes to meet the modern customer’s expectations. 23% of banks make the major focus on the modern legacy systems and even more of them – on the digital improvements created.

Digital Payments

This point is a must for any banking system nowadays, as shopping has already become a part of our everyday routine. With digital banking, it is easier to save time for the purchasing process by performing a fast and secure transaction.

So, you don’t need to peer for the credit card in your bag or wonder where to find some money for the holiday presents – everything is already on your smartphone!

Conclusion

To sum up, digital banking is now a must for people’s daily routine, as it greatly boosts not only digital payments but also the way clients interact with their funds. That is why more and more financial institutions are now going digital to meet the customers’ requirements and provide them with high-quality and secure services.

In the future, this sphere is expected to transform the traditional banking system totally and significantly simplify the financial processes managing. Talk to our experts and find out more about the topic and how your business or project can start benefiting from it today!

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