#ai for fintech app

[botreetech]

Why Android is a Powerful Platform for Fintech App Development

With the increased need to automate financial processes and boost operating efficiency, FinTech app development is in demand. Read on why to choose Android for your app.

Read more: https://techplanet.today/post/why-android-is-a-powerful-platform-for-fintech-app-development

[mobiosolutions]

Unlock the future of your finances! Dive into our latest article exploring evolving fintech trends and discover how financial apps are morphing to make your money work smarter. 📲 From AI advisors to mobile banks, the future is at your fingertips. Are you ready to leap into the new era of financial empowerment?

[ibiixotechnologies]

Discover how artificial intelligence is transforming the finance industry, reducing costs, and driving innovation in this deep dive video. We explore the real financial implications of integrating AI into fintech, providing insights into investment, returns, and strategic advantages. Whether you're a startup or an established financial entity, understanding these aspects can revolutionize your approach to digital finance.

[aidevelopmenttips]

Solana as the Principal Base of DeFi

2024 will see Solana, widely regarded as the best DeFi chain, at the forefront of blockchain innovation. Numerous well-known projects, including Raydium, Marinade Finance, Saber, and others, are housed within its ecosystem

[jcmarchi]

Amazon now offers a phone-based palm scanning service for sign-up purposes - Technology Org

New Post has been published on https://thedigitalinsider.com/amazon-now-offers-a-phone-based-palm-scanning-service-for-sign-up-purposes-technology-org/

Amazon now offers a phone-based palm scanning service for sign-up purposes - Technology Org

Amazon’s palm scanning service now offers the convenience of sign-up directly from your mobile device.

Palm features used in personal identification. Image credit: Amazon

Instead of requiring a visit to a physical location, users can now enroll in Amazon One by capturing images of their palm using the newly launched Amazon One app, available on both iOS and Android platforms. This streamlined process enables users to set up their accounts swiftly, facilitating the use of palm scanning for authentication purposes at supported locations.

Previously, Amazon One enrollment requited visiting designated physical sites, where users could link their palm print to their Amazon account for various purposes such as making purchases or age verification.

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Presently, this service is accessible at all Whole Foods stores across the US, select Panera Bread locations, and over 150 other venues, including stadiums, airports, fitness centers, and convenience stores.

Amazon One utilizes advanced generative AI technology to analyze the unique vein structure of the palm, generating a distinct numerical vector representation for identification during in-store palm scans. It’s noteworthy that Amazon does not utilize raw palm images for identification purposes.

On the mobile app, Amazon employs AI algorithms to compare the photo captured by the phone’s camera with the near-infrared imagery obtained from an Amazon One device. Users are required to integrate a payment method within the app and upload a photo of their identification for age verification purposes if desired. Additionally, the app allows for the linking of loyalty programs, season passes, and gym memberships.

While privacy concerns surrounding the technology persist, Amazon asserts that palm and vein images are promptly encrypted and transmitted to a highly secure section within the AWS Cloud, specifically designated for Amazon One. It is in this secure environment that Amazon creates the unique palm signature.

Furthermore, Amazon emphasizes that the new app incorporates additional layers of anti-spoofing measures, and it explicitly prohibits the saving or downloading of palm images to the user’s device. Nonetheless, some individuals may remain apprehensive about relinquishing their biometric data, considering the irreplaceable nature of palm prints compared to traditional passwords.

Written by Alius Noreika

[zrixinc]

Software developers are implementing. advanced cybersecurity measures such as data encryption and secure transactions.

[auxpay]

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[hiehq]

AI In Finance

The implementation of AI in finance is the need of the hour for banks & financial institutions. hiehq.com/blog/ai-in-fintech

[arzelace]

5 Trends in ICT

Exploring the 5 ICT Trends Shaping the Future The Information and Communication Technology (ICT) landscape is evolving at a rapid pace, driven by advancements that are transforming how we live, work, and interact. Here are five key trends in ICT that are making a significant impact:

1. Convergence of Technologies

Technologies are merging into integrated systems, like smart devices that combine communication, media, and internet functions into one seamless tool. This trend enhances user experience and drives innovation across various sectors

Convergence technologies merge different systems, like smartphones combining communication and computing, smart homes using IoT, telemedicine linking healthcare with telecom, AR headsets overlaying digital on reality, and electric vehicles integrating AI and renewable energy.

2. Social Media

Social media platforms are central to modern communication and marketing, offering real-time interaction and advanced engagement tools. New features and analytics are making these platforms more powerful for personal and business use.

Social media examples linked to ICT trends include Facebook with cloud computing, TikTok using AI for personalized content, Instagram focusing on mobile technology, LinkedIn applying big data analytics, and YouTube leading in video streaming.

3. Mobile Technologies

Mobile technology is advancing with faster 5G networks and more sophisticated devices, transforming how we use smartphones and tablets. These improvements enable new applications and services, enhancing connectivity and user experiences.

Mobile technologies tied to ICT trends include 5G for high-speed connectivity, mobile payment apps in fintech, wearables linked to IoT, AR apps like Pokémon GO, and mobile cloud storage services like Google Drive.

4. Assistive Media

Assistive media technologies improve accessibility for people with disabilities, including tools like screen readers and voice recognition software. These innovations ensure that digital environments are navigable for everyone, promoting inclusivity.

Assistive media examples linked to ICT trends include screen readers for accessibility, AI-driven voice assistants, speech-to-text software using NLP, eye-tracking devices for HCI, and closed captioning on video platforms for digital media accessibility.

5. Cloud Computing

Cloud computing allows for scalable and flexible data storage and application hosting on remote servers. This trend supports software-as-a-service (SaaS) models and drives advancements in data analytics, cybersecurity, and collaborative tools.

Cloud computing examples related to ICT trends include AWS for IaaS, Google Drive for cloud storage, Microsoft Azure for PaaS, Salesforce for SaaS, and Dropbox for file synchronization.

Submitted by: Van Dexter G. Tirado

[appicsoftwaresteam]

How To Develop A Fintech App In 2024?

FinTech, short for financial technology, represents innovative solutions and products that enhance and streamline financial services. These innovations span online payments, money management, financial planning applications, and insurance services. By leveraging modern technologies, FinTech aims to compete with and often complement traditional financial institutions, improving economic data processing and bolstering customer security through advanced fraud protection mechanisms.

Booming FinTech Market: Key Highlights And Projections

Investment Growth In FinTech

In 2021, FinTech investments surged to $91.5 billion.

This represents nearly double the investment amount compared to 2020.

The significant increase highlights the rapid expansion and investor interest in the global FinTech market.

Projected Growth In Financial Assets Managed By FinTech Companies

By 2028, financial assets managed by FinTech firms are expected to reach $400 billion.

This projection indicates a 15% increase from current levels, showcasing the potential for substantial growth in the sector.

Usage Of Online Banking

About 62.5% of Americans used online banking services in 2022.

This figure is expected to rise as more consumers adopt digital financial services.

Key FinTech Trends In 2024

1. Banking Mobility

The transition from traditional in-person banking to mobile and digital platforms has been significantly accelerated, especially during the COVID-19 pandemic. The necessity for remote banking options has driven a surge in the adoption of smartphone banking apps. Digital banking services have become indispensable, enabling customers to manage their finances without needing to visit physical bank branches. 

According to a report by Statista, the number of digital banking users in the United States alone is expected to reach 217 million by 2025. Many conventional banks are increasingly integrating FinTech solutions to bolster their online service offerings, enhancing user experience and accessibility.

2. Use Of Artificial Intelligence (AI)

AI in Fintech Market size is predicted at USD 44.08 billion in 2024 and will rise at 2.91% to USD 50.87 billion by 2029. AI is at the forefront of the FinTech revolution, providing substantial advancements in financial data analytics, customer service, and personalized financial products. AI-driven applications enable automated data analysis, the creation of personalized dashboards, and the deployment of AI-powered chatbots for customer support. These innovations allow FinTech companies to offer more tailored and efficient services to their users. 

3. Development Of Crypto And Blockchain

The exploration and integration of cryptocurrency and blockchain technologies remain pivotal in the FinTech sector. Blockchain, in particular, is heralded for its potential to revolutionize the industry by enhancing security, transparency, and efficiency in financial transactions. 

The global blockchain market size was valued at $7.4 billion in 2022 and is expected to reach $94 billion by 2027, according to MarketsandMarkets. These technologies are being utilized for improved regulatory compliance, transaction management, and the development of decentralized financial systems.

4. Democratization Of Financial Services

FinTech is playing a crucial role in making financial services more transparent and accessible to a broader audience. This trend is opening up new opportunities for businesses, retail investors, and everyday users. The rise of various digital marketplaces, money management tools, and innovative financing models such as digital assets is a testament to this democratization. 

5. Products For The Self-Employed

The increasing prevalence of remote work has led to a heightened demand for FinTech solutions tailored specifically for self-employed individuals and freelancers. These applications offer a range of features, including tax monitoring, invoicing, financial accounting, risk management, and tools to ensure financial stability. 

According to Intuit, self-employed individuals are expected to make up 43% of the U.S. workforce by 2028, underscoring the growing need for specialized financial products for this demographic. FinTech companies are responding by developing apps and platforms that address the unique financial needs of the self-employed, facilitating smoother and more efficient financial management.

Monetization of FinTech Apps

1. Subscription Model

FinTech apps can utilize a subscription model, which offers users a free trial period followed by a recurring fee for continued access. This model generates revenue based on the number of active subscribers, with options for monthly or annual payments. It ensures a steady income stream as long as users find the service valuable enough to continue their subscription.

2. Financial Transaction Fees

Charging fees for financial transactions, such as virtual card usage, bank transfers, currency conversions, and payments for third-party services, can be highly lucrative. This model capitalizes on the volume of transactions processed through the app, making it a significant revenue generator.

3. Advertising

In-app advertising can provide a consistent revenue stream. Although it may receive criticism, strategically placed banners or video ads can generate substantial income without significantly disrupting the user experience.

Types Of FinTech Apps

1. Digital Banking Apps

Digital banking apps enable users to manage their bank accounts and financial services without visiting a physical branch. These apps offer comprehensive services such as account management, fund transfers, mobile payments, and loan applications, ensuring transparency and 24/7 access.

2. Payment Processing Apps

Payment processing apps act as intermediaries, facilitating transactions between payment service providers and customers. These apps enhance e-commerce by enabling debit and credit card transactions and other online payment methods, supporting small businesses in particular.

To Read More Visit - https://appicsoftwares.com/blog/develop-a-fintech-app/