#Gen AI in FinTech

[johnsongray22]

Generative AI uses in FinTech sector in 2024

Explore the blog to know the impact and use cases of Gen AI for the FinTech sector such as fraud detection, risk assessment, anti-money laundering, and much more.

[shivamthakrejr]

Gen AI: Your Virtual Coding Assistant - Sachin Dev Duggal

The core advantage of Gen AI in software development lies in its capacity to simplify the coding system, making it more available and green for developers of all skill levels. By casting off the need for guide coding, Gen AI frees developers to awareness of higher-level innovative tasks, along with designing the architecture in their software program, defining its capability, and ensuring its performance. “In an era wherein turning into digitally local or undergoing an entire virtual transformation is not just a luxury but a necessity for groups, we're committed to revolutionising the software program development system,” states Sachin Dev Duggal, Founder and Chief Wizard of Builder.ai. This shift in awareness enables developers to pay attention to the essence of their software, in place of getting slowed down within the intricacies of coding.

Transforming Software Development

The effect of Gen AI on software program creation is multifaceted. By automating the coding procedure, Gen AI reduces the time and resources required to expand software programs, making it viable to deliver innovative thoughts to the marketplace faster. Platforms like Sachin Dev Duggal Builder.ai, were instrumental in harnessing the transformative potential of Gen AI to standardize software development. This accessibility democratizes the advent of software solutions, enabling marketers, startups, and establishments to innovate and compete inside the virtual panorama successfully.

[nils-elmark]

100.000 skridt for London Tech Week

Your Business Shouldn't Stop at Borders" står der på den store lysreklame, da jeg forlader Cannon Street Station på vej mod Queen Elisabeth II Centre i Westminster. Mens danskerne taler med hinanden på Folkemødet på Bornholm, har jeg valgt at tale med resten af verden på London Tech Week. London besluttede for 12 år siden under borgmester Boris Johnson, at byen ville udfordre Sillicon Valley som global tech metropol, og det er lykkedes. Jeg bliver nærmest presset bagud af varmenbølgen og menneskemængden i det 5-etagers konferencecenter over for Westminster Abbey. Jeg kan tage fejl, men det virker, som om Brexit er slået igennem. Glemt er Europa. Nu gælder det hele verden. #LTW2023 er en global event, man ikke finder tilsvarende nogen steder, heller ikke i Sillicon Valley. Dette er stedet at være for en futurist.

Der er endeløse panelsamtaler på fem scener, som jeg opgiver fra starten. Jeg er her for at møde tech startups, de unge entreprenører i det globale vækstlag, som vil forandre verden. De er her i hundredvis. Her er muslimske piger med tørklæder og t-shirts med tekster ”From Zero to Hero” på ryggen og ukrainere med ”Be Brave” på brystet, Palæstina har sin egen software-stand, det samme har hollænderne, Berlin har sendt tyve unge iværksættere afsted, som blændende pitcher deres startups fra scenen, Taiwan har iværksættere overalt og Mellemøsten glimrer med pengene. Jeg får en yoyo af tjekkiske Jetbrains og blærer mig foran børnene. Jeg har aldrig før oplevet en så markant diversitet på køn og etnicitet. Mænd og kvinder er ligeligt fordelt - og der er mange unge kvinder. Ingen har slips på, men alle har trendy hvide sneakers. Kun en enkelt af de 20.000 deltagere har butterfly på. Jeg er let at kende.

Alle taler om at erobre hele verden, ingen holder sig inden for nationale grænser; de må have set reklamen på Cannon Street. Der tales allermest om AI og i særdeleshed Gen AI, som i ChatGPT. Verden har inden for de seneste måneder fået et nyt perspektiv: Først Corona, så Ukraine og nu Gen AI.

London Tech Week handler om networking og inspiration. Alle henvender sig til alle og nye bekendskaber opstår konstant. Visitkort er så meget 'last season'; nu er det det hele lagt i hænderne på Microsoft via QR-coder på Linkedin - men wifi'en er elendig. Velkommen til London.

Jeg klikker i hak med en økonom fra Mellemøsten med 8 uger på New York Times bestseller-liste, vi udveksler bøger og han lover at skaffe mig et TV-interview n��ste gang jeg er i Sillicon Valley. Jeg tigger mig til en flat white i 'Investor Loungen' - forplejningen er elendig på London Tech Week, for som en venture kapitalist forklarer: "I ti år har vi kun tænkt på vækst - nu vil vi også tjene penge".

Onsdag aften bliver jeg inviteret til Funtech i et co-workingspace i Shoreditch ejet af en af verdens største banker. Igen fuld diversitet. En standup komiker fra Punjab, en pige med rødder i Somalia, som forklarer hvordan man undgår at blive gift med sin fætter, en midaldrende lesbisk kvinde uddyber, hvordan man bortforklarer sine læsebriller - og en helt almindelig overvægtig englænder undrer sig over at det hedder "contactless", når man alligevel tværer kreditkortet ud over pladen, når man tjekker ind og ud af undergrunden.

Nye QR-koder aflæses, jeg inviteres til fintech-afterparty i Farringdon den næste aften og kvitterer med en kopi af min seneste bog. I fem dage er jeg i konstant bevægelse, får stjålet et kreditkort, køber tre nye hvide skjorter i Marks & Spencer og et par sko til min hustru hos Clarks på Oxford Street, min Linkedin-profil vokser med 56 nye kontakter og mit ur fortæller mig, at jeg er gået næsten 100.000 skridt gennem London. Længere er der faktisk ikke til fremtiden.

[ukdissertationhelper]

50 Unique Dissertation Topics for 2025

Choosing the perfect dissertation topic can feel like a daunting task, but it’s an opportunity to explore your interests and contribute meaningful research to your field. To help UK students navigate this decision, here are 50 unique dissertation topics for 2025, spanning various disciplines.

Business and Management

The impact of hybrid work models on employee productivity in the UK.

Examining the role of green marketing in consumer purchasing decisions.

Ethical challenges in artificial intelligence adoption by SMEs.

A comparative study of leadership styles in family-owned vs. corporate businesses.

The influence of social media on brand loyalty among Gen Z consumers.

Education

The effectiveness of gamification in online learning platforms in UK primary schools.

Addressing the digital divide in higher education post-pandemic.

Exploring the role of inclusive education in improving student performance.

Teacher burnout in the UK: Causes and solutions.

The impact of virtual reality on STEM education in secondary schools.

Law

Legal implications of cryptocurrency regulations in the UK.

Analysing the effectiveness of domestic violence laws in protecting victims.

The impact of GDPR on small businesses in the UK.

A study on the challenges of prosecuting cybercrime.

Exploring the role of restorative justice in reducing juvenile crime rates.

Health and Social Care

The effectiveness of mental health support for NHS workers post-COVID-19.

Addressing obesity through community-driven health initiatives.

The role of AI in diagnosing rare diseases in UK healthcare.

Analysing the impact of telemedicine on elderly patient care.

Strategies to combat vaccine hesitancy in urban and rural areas.

Psychology

The effects of social media detox on mental well-being.

A study on the correlation between childhood trauma and adult resilience.

Understanding the psychology behind hoarding behaviour.

The impact of mindfulness training on stress reduction in university students.

Exploring gender differences in coping mechanisms for workplace stress.

Technology

The role of blockchain in improving supply chain transparency.

Ethical concerns surrounding autonomous vehicles in the UK.

Cybersecurity challenges in the era of IoT (Internet of Things).

The impact of 5G technology on rural connectivity in the UK.

Analysing the effectiveness of machine learning algorithms in predicting market trends.

Environmental Science

The impact of urban green spaces on air quality in UK cities.

Renewable energy adoption in rural UK communities: Barriers and solutions.

Analysing the effectiveness of plastic bans in reducing ocean pollution.

Strategies for improving biodiversity in urban environments.

Exploring the role of community-led initiatives in combating climate change.

Economics

The impact of Brexit on UK’s export economy.

Analysing the rise of the gig economy and its implications for worker rights.

The effectiveness of carbon taxes in reducing emissions in the UK.

Exploring the economic consequences of universal basic income.

The role of fintech in promoting financial inclusion in underserved communities.

Media and Communication

Analysing the influence of fake news on public opinion during elections.

The role of podcasts in shaping public discourse in the UK.

Exploring the ethical implications of AI-generated content in journalism.

The impact of influencer marketing on consumer behaviour in the fashion industry.

A study on the evolution of representation in UK television.

Sociology

The impact of remote working on family dynamics.

Exploring the rise of social activism among millennials and Gen Z.

Analysing the effects of gentrification on local communities in London.

A study on the changing perceptions of gender roles in UK households.

The role of social media in fostering cultural identity among immigrants.

Conclusion

Each of these topics offers a unique angle for academic exploration, catering to diverse interests and disciplines. Selecting the right dissertation topic is critical, as it should align with your passions and career aspirations while addressing current trends and challenges. By choosing a unique and impactful subject, you’ll set yourself apart and contribute valuable insights to your field. Don't hesitate to reach out online dissertation topic help to choose a best one for you.

[rubylogan15]

Drive FinTech innovation with Gen AI-powered customer analytics, maximizing efficiency and delivering tailored financial solutions.

[enterprise-cloud-services]

Discover how Gen AI amplifies customer analytics in FinTech, driving innovation, precision, and smarter business outcomes.

[public-cloud-computing]

Discover how Gen AI amplifies customer analytics in FinTech, driving innovation, precision, and smarter business outcomes.

[dieterziegler159]

Maximizing Customer Analytics with Gen AI in FinTech - Infographic

Drive FinTech innovation with Gen AI-powered customer analytics, maximizing efficiency and delivering tailored financial solutions. Leveraging the potential of Generative AI to transform customer analytics for the FinTech industry. With many financial companies crossing over into the world of data analytics in an attempt to leverage their applications of AI, Generative AI is proving to hold…

[johnsongray22]

Unlocking FinTech Potential: Solving Gen AI Challenges

Read the blog to learn how Generative AI improves the FinTech sector by addressing key challenges such as skills gaps, algorithmic bias, ethical implications, and much more.

[crispycloudcycle]

BFSI IT Summit

Transform the way you think about Fintech at the BFSI IT Summit in Sydney on March 13th! This is your chance to explore automation, Gen AI, and the latest in digital banking while networking with experts. Let’s shape the future of finance together.

[sophiasmithg]

What are the Top 5 Ruby on Rails development companies in 2024?

In the evolving era of web app development, meeting every demand of customers and businesses is a challenging task.

Businesses seek frameworks that streamline the development process while developing top web app solutions.

Ruby on Rails has been the top choice of most developers. Due to its robust, scalable, and efficiency, it has become popular among startups and enterprises.

Having been in the market for so long, Ruby on Rails has received support and recognition from many developers and organizations to deliver next-gen web applications.

As per the Stackoverflow 2024 developers survey, 4.7% of developers prefer Ruby on Rails. The number might be small, but not its popularity.

To make a significant impact through web applications, businesses seek the help of Ruby on Rails experts and agencies. Several companies offer prominent Ruby on Rails development services.

But the question is how do you choose the right one that ensures efficient solutions and low-cost investment?

To help businesses like yours who want to develop Ruby on Rails solutions, we have listed a few top go-to Ruby on Rails web app development companies.

By the end of this blog, you will be able to find the right Ruby on Rails company in 2024.

OnGraph

It is a leading web app and mobile app development company. With 15+ years of experience, it has marked its global presence, especially in web app development.

It offers a dedicated RoR team of skilled professionals, who aim to deliver advanced solutions and services to meet existing customers' and businesses' needs. 

It has been recognized by Clutch and Goodfirms for its esteemed work in various niches.

It serves vast industry segments, including food, entertainment, e-commerce, crypto, AI/ML, IoT, and others.

Connect with their experts for custom and readymade solutions for faster brand value and visibility.

Connect with us to hire the Best Ruby on Rails developers in India.

Readymade and custom solutions

Cost-effective solutions

AI integrations

Skilled and dedicated Flutter developers

Testing and debugging

On-demand mobile app development

5k+ projects delivered

300+ dedicated developers

Ruby on Rails development services

Services Offered-

Android Application Development

Ruby on Rails app development

Website Design

iOS Application Development

SEO

Native & Hybrid Mobile Apps

Also Read- Ruby on Rails vs Javascript: A Detailed Comparision 2024

Sloboda Studio

Sloboda Studio has over 13 years in software development and is known globally as a top tech company. They have a team of more than 100 experts.

Originally a Ruby on Rails development agency, Sloboda Studio has worked on over 50 Ruby on Rails projects, offering support after release.

Their developers work in various fields like marketplaces, retail, fintech, edtech, and marketing. They handle everything from building new software to improving existing platforms.

They use a detailed 5-step hiring process to build skilled teams of senior developers.

On average, their developers have 5 years of experience. Here’s more about the company:

Railsware

Railsware is a well-known Ruby on Rails development organization. They focus on achieving key business goals and creating value for users.

Their international team of developers works with clients from growing businesses to large enterprises around the world. 

They use their experience and reliable tools to deliver high-quality web and mobile app solutions. Their approach combines solid technology with careful software development led by Ruby on Rails experts.

$100 – $149 avg. hourly rates

Clutch 4.9

249+ employees

Services React Native, Go, Node.js, Elixir, React, Python, Google Cloud

Web app Development, Customized Software, IT Services, IT Consulting

17+ years experience

Netguru

Netguru started in 2008, is an established Ruby on Rails development organization. They create digital products that improve how people work.

They offer tools, frameworks, and expertise to help companies build custom, well-designed products quickly. They aim to help entrepreneurs create software that makes a positive difference.

$99 avg. hourly rates

Clutch 4.8 score

999+ employees

Other Technologies include NodeJS, Python, ReactJS, VueJS, Java, Django, Angular, Flutter, React Native, Webflow, Mendix, Kotlin

Expertise in Custom Software, Mobile Apps, Web Development, Web Design

16+ years experience

Thoughtbot

Thoughtbot is a leading design, app development, and software management consultancy. They are experts in Ruby on Rails web development and are known for turning product ideas into reality.

Using agile and user-focused methods, they help with web and mobile solutions from the start through to ongoing support. They are skilled at improving both the software/service and the client's team. 

$150 – $199 avg. hourly rates

Served 1k+ clients

Clutch 4.9 score

249+ employees

Expertise in technologies Python, React, Node, Angular, Elixir, Phoenix, Rust, JavaScript, PHP, iOS, Android, React Native, Swift, Kotlin, DevOps

Offer services like Custom Software, IT Staff Augmentation, Cloud Consulting, Mobile Apps, UX/UI Design, Web Development

21+ years experience

There is a long list of Ruby on Rails development companies in India. But, how do you choose the right one? Let’s find out. 

Top Tips to Choose Ruby on Rails Development Company?

Most businesses find it difficult to choose the right Ruby on Rails development company for their unique Ruby on Rails solutions. They need to find the one whose services align with your business goals.

So, to help businesses we have listed some tips to follow while choosing the right Ruby on Rails web app development company. 

Check their experience with Ruby on Rails development.

Look at their previous projects to see what they can do.

Check reviews and feedback provided by their past clients.

Consider the size and skills of their development team.

Make sure they have clear and effective communication.

Compare their pricing and ensure there are no hidden costs.

Ask about their support and maintenance after the project is completed.

Verify their ability to meet project deadlines.

Check their skills in technologies besides Ruby on Rails.

Look at their experience in your specific industry or niche.

Also read- Ruby Vs Python: Which One is the Best for 2024

The Bright Future of Ruby on Rails

Many still doubt the capabilities of Ruby on Rails and think that it will die soon. But believe us, there is an immense opportunity that is holding Ruby on Rails together and it is not going anywhere. 

Here are some of the future trends that you must look at while developing Ruby on Rails web app solutions.

These trends will open a new world of web app development and make it more quick, efficient, and scalable.

Rails 8: The Next Upgrade

Rails 8 is coming with new features and improvements. Upgrading to this version will enhance your projects with the latest updates.

Focus on API-First Development

More RoR projects will focus on building APIs first. RoR’s strength in APIs makes it ideal for powering modern web and mobile apps.

Modern Frontend Integration

Combining RoR with frontend frameworks like React and Vue.js is becoming popular. This approach creates dynamic user interfaces while using RoR for backend support.

Containerization and Management

Expect more RoR apps to use Docker and Kubernetes for deployment. Containers offer scalability, portability, and easier management.

Microservices Architecture

Breaking apps into smaller microservices is a key trend. RoR helps develop and manage these microservices for better scalability and flexibility.

Performance Enhancements

RoR will continue to improve performance with better database optimizations and caching strategies, aiming for faster page loads.

Increased Security Focus

With rising cyber threats, RoR developers will enhance security through regular audits and strong authentication practices.

Community Engagement

The RoR community will keep growing with active contributions and knowledge sharing through events and online forums.

Environmental Awareness

Developers will work on making RoR applications more energy-efficient and sustainable.

Serverless Computing Integration

You can seamlessly integrate your RoR apps with serverless platforms like AWS Lambda, allowing developers to focus more on coding and less on infrastructure.

Ruby on Rails holds a promising future for not only developers but also businesses who want to build a strong online presence and make a significant impact. 

Hire dedicated Ruby on Rails app developers with OnGraph

Ruby on Rails web App Development is set for a bright future unlocking many opportunities.

Its simple interface, scalability, and efficiency result in the development of top-notch RoR web applications. 

Why Choose OnGraph to Hire Ruby on Rails App Developers?

15+ years of exp

Recognized as a top web app development company by Clutch

Dedicated Ruby on Rails app developers 

Readymade web app solutions

On-demand custom web application solutions

User-centric and agile approach

AI-integrations

Content Source URL: https://ongraph4.wordpress.com/2024/10/30/what-are-the-top-5-ruby-on-rails-development-companies-in-2024/

[techahead-software-blog]

The Future of Finance: Key Tech Trends Reshaping Banking

Over the past decade, technological advancements have catapulted fintech from the periphery to the forefront of financial services. This rapid growth has been driven by the dynamic expansion of the banking sector, rapid digital transformation, shifting customer expectations, and the strong backing of investors and regulators. Fintech companies have fundamentally reshaped financial services with their innovative, differentiated, and customer-centric solutions, agile strategies, and cross-functional expertise.

As of July 2023, fintech firms listed on the public market reached a combined market capitalization of $550 billion, double their value from 2019. At the same time, the sector boasted more than 272 fintech unicorns, collectively valued at $936 billion, a significant increase from just 39 firms five years ago.

The growth of these strategies and the swift adoption of fintech are largely driven by their ability to address critical gaps within traditional banking. Fintech companies offer more accessible, intuitive ways for consumers to control and manage their finances, providing solutions that banks have historically overlooked. Their seamless integration into everyday life, through mobile app development and web development, has significantly elevated convenience and customer engagement.

In this blog, we will explore the groundbreaking technologies shaping the future of the financial sector. We will also provide you with the overall technology trends in the finance industry that are reinventing the industry.

Key Takeaways:

Fintech is facing an amazing innovation in the industry. People are more leaning towards easy access to applications that can be downloaded on phones or accessible on browsers.

Innovations like AI-powered apps, IoT integration, blockchain, and mobile payment systems are reshaping the finance industry.

Many digital finance companies are leveraging AI to boost customer satisfaction and improve efficiency.

Despite the growing trends towards fintech, a considerable number of customers still appreciate the availability of physical branches.

Overview of the Evolving Banking Technology Landscape

Banks face increasing pressure due to changing customer preferences, complex regulations, fintech competition, and rising liquidity costs. The digital transformation is rapidly reshaping the industry, pushing banks to adopt the latest technological innovations to stay competitive.

Simultaneously, regulators are placing greater emphasis on technological capabilities, with a focus on data enhancement and fintech integration. Deloitte highlights that banks must align these innovations with strategic planning and robust governance to meet regulatory expectations.

Below is an in-depth look at the trends, technologies, and challenges shaping the future of banking and fintech.

Digital-Only Banking: A Game Changer

Digital-only banks, or neobanks, operate exclusively through online platforms, eliminating the need for physical branches. They offer seamless digital experiences with mobile deposits, lower fees, and competitive rates.

The demand for digital banking is surging as more consumers prefer efficient, on-the-go financial solutions. According to the American Bankers Association, digital banking is now preferred by 71% of consumers, with millennials and Gen Z leading the trend.

Traditional banks are facing a decline, with over 2,555 branches closing in the U.S. in 2023 alone. This shift signifies a growing need for banks to adapt to digital demands.

Surge in Digital Payments

Digital payments have become integral to modern consumer behavior, experiencing a spike in adoption post-pandemic. McKinsey’s 2023 survey reveals over 90% of consumers now use digital payment methods.

Expanding Fintech Regulation

Fintechs are facing stricter regulations as they expand their role in delivering essential financial services. Jurisdictions worldwide are tightening rules to ensure fintech innovations align with financial stability requirements.

Navigating these complex regulations can be challenging for fintechs operating across multiple regions. A strategic partnership with an experienced fintech developer like Leobit can simplify compliance with key standards like GDPR, CCPA, and OWASP.

Generative AI: Transforming the Banking Landscape

Generative AI (GenAI) has the potential to add between $200 billion to $340 billion in value to the banking sector. GenAI automates tasks like data entry, fraud detection, credit assessments, and personalized financial advice, revolutionizing operations.

Blockchain Innovations in Banking

Blockchain technology’s decentralized ledger is revolutionizing banking by enhancing transaction security and transparency. Beyond payments, blockchain’s applications include trade finance, cross-border payments, and smart contracts, streamlining financial operations.

Real-Time Payments (RTP) on the Rise

Real-time payments (RTP) are becoming the norm due to the demand for instant settlements and cloud-based transaction solutions. The global RTP market is projected to grow at a rate of 35.5% annually, driven by technological innovations and competitive pressure.

Challenges like legacy infrastructure and fragmentation persist, prompting 77% of financial companies to consider outsourcing RTP capabilities to accelerate implementation.

Personal Finance Apps and Consumer Empowerment

Personal finance apps have seen massive growth, with users seeking tools beyond basic budgeting to include investment insights. The market is set to rise to $1.57 billion by 2025 as users prioritize apps offering personalized financial advice.

Fintechs can leverage user data from these apps to offer tailored insights, meeting the demand for more personalized financial solutions.

Buy Now, Pay Later (BNPL) Adoption Expands

BNPL services offer flexible payment options, rapidly gaining popularity across all age groups. 

Key Technologies That Will Reinvent the Financial Industry

In the next decade, there are some technologies that will be the digital transformation within the financial industry. Technological innovation will act as the backbone of fintech, fueling the emergence of disruptive business models.

Artificial Intelligence (AI) Fuels Unprecedented Value Creation

AI is poised to unlock up to $1 trillion in annual value for global banks. Financial institutions will adopt an AI-centric strategy to counter the growing influence of tech giants on their market share. AI’s evolving capabilities will enable financial firms to harness data-driven insights and sharpen their competitive edge.

AI will facilitate automatic factor discovery, identifying key drivers of financial outperformance. This will revolutionize financial modeling, making it more precise and reliable. AI-powered knowledge graphs and graph computing will also play a critical role in analyzing intricate financial networks, revealing hidden patterns by connecting diverse data sources.

Enhanced privacy-centric data analytics will limit data usage to only essential, sanitized information for model training. Techniques like federated learning will boost security by processing data locally instead of centralizing it. Advanced encryption methods, zero-knowledge proofs and secure multi-party computations will set new benchmarks in consumer data protection.

AI’s impact will span across all functions within the financial sector. Customer-facing innovations will include personalized offerings, predictive analytics, AI-driven chatbots, automated trading, and intelligent robo-advisors. On the backend, AI will streamline processes with smarter automation, natural language processing for fraud detection, and improved data handling.

Currently, many banks use AI selectively, focusing on specific tasks. However, industry leaders are now adopting a holistic AI approach across digital operations. This strategy leverages behavioral data to gain insights, driving new opportunities in ecosystem-based financing, where banks partner with non-financial entities to deliver broader customer experiences.

The emergence of “AI-first” institutions will push operational efficiency to new levels, emphasizing extreme automation. By reducing manual tasks and enhancing decision-making through AI diagnostics, banks will optimize performance. AI-first banks will operate with the agility of digital-native companies, launching innovations within days or weeks and integrating seamlessly with external partners for holistic customer solutions.

Blockchain will Disrupt Established Financial Protocols

Blockchain and Distributed Ledger Technology (DLT) are set to revolutionize traditional financial frameworks. DLT enables secure, synchronized data sharing across multiple databases, enhancing transparency and efficiency within the financial ecosystem.

DLT systems often leverage blockchain’s cryptographic algorithms to ensure data integrity and immutability across their networks. This technology records, synchronizes, and validates transactions without a central authority, building trust among network participants.

Blockchain’s versatility in supporting ecosystem financing lies in its distributed nature, storing data in multiple locations simultaneously. With cross-chain technology advancing, blockchain interoperability will connect different protocols, streamlining operations across various sectors like payments and supply chain logistics.

Blockchain’s Role in Policy and Regulation

Governments are actively exploring blockchain for digital currency and regulatory frameworks. About 60% of central banks are studying Central Bank Digital Currencies (CBDCs), indicating a shift toward digital monetary systems.

Notable Blockchain Applications

Real-time transaction settlement: Banks now use smart contracts to streamline transaction settlements, boosting speed and accuracy. Blockchain facilitates efficient securities trading, lending, and cross-border transactions, enhancing global capital flows and reducing costs.

Digital asset support services: Investors seek DLT solutions for tokenization, cryptocurrency exchanges, and secure custody services. This includes encryption protocols like key escrow, ensuring secure digital asset management.

Authentication via zero-knowledge proofs: Blockchain enables seamless identity verification while protecting sensitive data. Customers share only necessary information, enhancing privacy in digital interactions across health and government services.

Decentralized Finance (DeFi): DeFi platforms eliminate intermediaries using deterministic smart contracts for loans, investments, and trading. These contracts reduce counterparty risks, increase market efficiency, and offer transparency in real time. DeFi’s potential to disrupt traditional value chains is reshaping the financial landscape. As regulations evolve, DeFi is set to unlock new opportunities, transforming finance through blockchain’s decentralized architecture.

Cloud Computing will Liberate Financial Services Players

Cloud computing will empower financial institutions, unlocking new efficiencies and cost-saving opportunities. By 2030, it’s expected to add over $1 trillion in EBITDA for the top 500 global companies.

Effective cloud migration enhances application development and maintenance efficiency by 38%, cuts infrastructure costs by 29%, and reduces downtime by nearly 57%. This efficiency lowers technical violation costs by 26%, boosting overall productivity and reliability.

Cloud platforms also elevate security through integrated DevOps principles. This approach embeds security throughout development, ensuring a consistent, cross-environmental tech stack, and reducing potential technical risks.

Key Cloud Service Models for Financial Institutions

Financial firms should focus on three primary cloud service models: public, hybrid, and private clouds. 

Public Cloud: Owned by service providers, it offers scalable resources to various organizations, reducing infrastructure expenses.

Hybrid Cloud: Combines public and private cloud elements, ensuring flexibility and optimized performance through seamless integration.

Private Cloud: Exclusively dedicated infrastructure for individual clients, ensuring higher control, data privacy, and security.

Understanding these cloud models enables financial institutions to choose solutions that align with their specific needs and risk appetites.

IoT to Revolutionize Trust in the Financial Sector

The Internet of Things (IoT) is finally gaining momentum, significantly impacting financial systems. IoT consists of three layers: smart sensor systems, communication networks, and application support.

Components of IoT in Finance

Smart Sensor Systems: RFID labeling remains underutilized in automating asset identification and logistics. This potential automation boosts operational efficiency by streamlining inventory and supply chain processes.

Communication Networks: IoT connectivity is expanding, integrating devices across wired, wireless, and low-power wide-area networks. Technologies like Near-Field Communication (NFC) and Narrow-Band IoT enhance real-time data transmission for financial services.

Embedded Systems: Advanced embedded technologies enable intelligent object communication, paving the way for more responsive and data-driven financial operations.

ESG and IoT Being the Perfect Match

Environmental, Social, and Governance (ESG) factors now influence investment strategies and regulatory compliance. IoT plays a pivotal role in monitoring energy efficiency, essential to achieving carbon neutrality targets. Carbon trading will increasingly rely on IoT metrics, opening new financial avenues for proactive businesses.

IoT Transforming the Insurance Industry

IoT is reshaping insuretech by enabling precise risk assessment and streamlined processes. Auto insurers traditionally used general data like age and location to set premiums. Now, real-time data on driving behavior directly informs risk profiles, allowing for more tailored policy pricing.

Frequent customer interactions facilitated by IoT enhance engagement, enabling insurers to provide value-added services. This shift transforms the insurer’s role from a passive service provider to an active participant in customer journeys, improving loyalty and satisfaction.

IoT-Driven Innovation in Banking

IoT is refining risk management in banking through enhanced transparency in inventory and property financing. Integrating IoT with blockchain ensures that financial records align with real-world transactions, creating a robust trust ecosystem.

In logistics, IoT revolutionizes trade finance by enabling precise tracking of goods flow. This transparency allows banks to innovate with products like on-demand liquidity and services powered by smart contracts, reducing transaction times.

SaaS, and Serverless Architecture Lower Entry Barriers in Fintech

Current digital economy is speeding and scaling vital for new businesses striving to gain a competitive edge. Open-source software, serverless architectures, and SaaS solutions have become essential for both technology startups and traditional financial institutions in the Fintech space.

Key Benefits of SaaS and Serverless Architecture

Software-as-a-Service (SaaS): SaaS offers businesses on-demand access to software without requiring ownership or maintenance of infrastructure. This approach significantly reduces operational overhead, allowing firms to focus on core activities instead.

Serverless Architecture: By eliminating the need for physical servers, serverless setups optimize resource allocation, linking costs directly to executed code. This model promotes scalable growth, ensuring efficient performance without unnecessary expenses.

Cost Efficiency: Serverless technology minimizes expenses since billing is based on actual software usage, not continuous server operation. This flexible cost model enhances profitability by preventing idle resource waste.

No-Code/Low-Code Platforms Revolutionize Application Development

No-code development platforms (NCDPs) and low-code platforms enable both developers and non-technical users to build applications effortlessly. These platforms utilize intuitive graphical user interfaces, like drag-and-drop features, reducing reliance on traditional coding.

Technical Foundations of No-Code Platforms

Component Reuse and Assembly: NCDPs leverage component reuse principles, streamlining software engineering through pre-built modules and visual development tools.

Domain-Specific Language (DSL): These platforms use DSL to simplify coding, enhancing accessibility for non-developers while maintaining functional depth.

Design Thinking Integration: The platforms incorporate design thinking, enabling user-centric application development that aligns closely with business needs.

Cloud Integration and DevOps: No-code solutions are tied to cloud technologies and DevOps, tackling issues like scaling and high-availability environments efficiently.

Accelerating Cloud-Based Application Development

Organizations utilize NCDPs to speed up cloud application development while synchronizing technology with evolving business strategies. Automated workflows, like audit trails and document generation, ensure seamless compliance in regulated sectors.

Real-World Impact on Financial Services

For financial institutions, these platforms enable agile responses to dynamic market conditions, improving time-to-market for solutions. This capability is invaluable in sectors where speed and compliance are critical for maintaining a competitive edge.

Industry Investments in No-Code Platforms

Tech giants are heavily investing in these innovations. Google Cloud’s acquisition of AppSheet and investment in Unqork highlight the growing reliance on low-code and no-code technologies.

Unleashing R&D Capabilities

No-code/low-code platforms liberate research and development resources, allowing institutions to manage multiple projects simultaneously. This flexibility equips traditional financial firms to match the innovation pace of fintech startups.

Competitive Advantage in Digital Transformation

These platforms provide the scalability needed for enterprise-level digital transformation, bridging the gap between traditional finance and agile fintech disruptors.

Conclusion

The financial sector is undergoing a transformative shift, driven by advancements in fintech. Fintech innovations are not only redefining convenience and accessibility in financial services but also setting new standards. Like for personalized experiences and efficient operations.

By embracing emerging technologies like Generative AI, cloud computing, and blockchain, financial institutions can unlock new opportunities. The future of the finance industry lies in a seamless blend of technology-driven innovation and customer-centric strategies. With fintech leading the way in shaping a more connected, efficient, and secure financial landscape.

Source URL: https://www.techaheadcorp.com/blog/the-future-of-finance-key-tech-trends-reshaping-banking/

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Insurers Vs Insurtech: Can Carriers and Producers Retain the Bigger Slice of Pie?

The rise of Insurtechs dramatically changed the market landscape. Fintech companies leveraged the ability to innovate and disrupt the banking industry by offering convenience and speed to customers at a fraction of the cost. Incumbents that were open to adopting digital technologies saw it as an opportunity to partner with them and offered customers a new way of banking—one that combines the expertise of traditional banking institutions with the speed of innovation and convenience of new-age startups. The insurance industry is seeing a similar shift. Carriers and Producers must adopt a forward-looking approach to appeal to a changing customer profile, battle new competition and attract and retain the best talent in the market to retain their dominant positions in the market.

Here are three areas where technology will play a key role in strengthening business operations and building a scalable strategy to retain and grow their share of the revenue.

Simplify Day-To-Day Activities For Your Agents

Multiple studies and surveys show that an agent spends less than 30% of their time with customers, understanding their needs and selling the right products. A majority of their time is spent toggling through multiple apps throughout their day: email, call, CRM, scheduler and so on. This means that a significant chunk of their time is spent on administrative tasks, leading to decreased productivity and missed sales opportunities. It is a significant challenge for businesses looking to maximize their sales teams' effectiveness and achieve their revenue goals.

Insurers should collaborate with insurtechs and SaaS for specialized solutions that can unify the seller journey. From identifying a new lead to engaging them, updating managers on their progress, to being able to close a sale—it is a major productivity boost for frontline teams if they have a single interface to manage the customer buying journey. Your salespeople are on-ground away from their desks, meeting prospects and customers. So make sure your platform providers have mobile-first capabilities.

Become The Employer-Of-Choice By Adopting The Right Tech

One of the biggest challenges insurers are facing is attrition and the challenge of attracting new talent. And with millennials and Gen Zs dominating the working population, what is it that attracts them to a career? Foosball tables, yoga bars and meditation sessions simply don’t cut it anymore.

For one, they are digital natives—apps like Netflix, Uber and Amazon are part of their lifestyle. It is a no-brainer that they expect the same kind of experience at the workplace too.

An insurer that provides strong technology leverage for their talent is better placed than the others. Easy-to-use applications with modern interfaces that can elevate their experience on the job can differentiate insurers as employers of choice. Insurance as an industry must seek cutting-edge tools with AI and ML capabilities and analytics to enable their workforce to be productive and cross-functionally collaborative and build their careers in the long run.

Bridge The Gap Between Distribution Channels To Offer Omnichannel Experiences

What are the priorities for different distribution channels in insurance?

The direct sales insurance team could be seeking solutions for campaign management. Your agency network maybe is trying to automate activity capture for their field agents. The bancassurance channel may be working towards plugging lead leakages. But are they sharing best practices with each other?

The dynamics of insurance distribution across various channels may be different. Typically, each distribution channel runs in silos. But as carriers set out to digitize these various channel processes or address problems specific to them, it becomes a best practice to leverage technology to bridge this gap.

While omnichannel experience has been a buzzword in the industry for some time, no carrier or producer has truly mastered the art of delivering it. A unified digital platform can enable insurance companies to offer customers a seamless experience across all channels, from online to in person. To offer an omnichannel experience to customers, you need to capture and track customer interactions with your agents, website and other sources of interactions.

Carriers need to view enterprise-wide sales as a whole and identify gaps and areas for improvement. And then seek an enterprise-wide solution to address this. There will be an overall improvement in productivity and performance. It is an exciting phase for traditional insurance players.

While the threat of new competition looms large, it is an opportunity in disguise to deeply understand customer profiles, innovate the product portfolio and rewire with the right tools by collaborating with the right solution providers. Companies that embrace these partnerships are likely to enjoy greater competitiveness, innovation and long-term growth in the coming generations

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