Cloud-Based Banking: The Future of Finance and Banking Industry

Cloud computing is digitally transforming many sectors. In the banking sector, cloud computing creates an opportunity to connect with their users directly. Customer relationships have been enhanced with the introduction of the cloud computing banking and finance industry. Cloud computing provides improved transparency and this is the biggest reason why the banking sector is opting for cloud computing services, as it provides the possibility to audit processes and information. Also, if we talk about security and data encryption, it can easily be controlled and thus you'll have the ability to grant or restrict access to any of your employees or clients. 

For both data analysis and storage, the banks are using cloud computing solutions. As per the report shared by IDC, the banking sector is estimated to spend $16.7 billion on public cloud services, growing at 23 percent CAGR. IT services from the cloud are the key element for the future performance of financial services. With so much pressure due to legal regulations and data protection and data security aspects, the financial services industry has modified its technical approach and are widely embracing cloud services. 

BENEFITS OF CLOUD-BASED BANKING

Cost Curtailment

With cloud-based banking, you need not invest heavily in dedicated hardware, software, and related human resources. Thus, it allows financial institutions to upfront a large amount of expenditure into small ongoing operations. Financial institutions can avail the process of pick and choose services required on a pay-as-you-go basis, and for this they are seeking cloud-based smart banking and financial solutions.

Agile innovation

Cloud computing allows financial institutions to reallocate their resources away from the administration of IT infrastructure and invest the same in the ability to innovate. Cloud services help in enhancing the efficiency, productivity, and agility of the banks. Instead of wasting your energy on the break-fi model like system maintenance or day-to-day security, the time can be focused on the unique needs of the organization. Cloud computing offers its banks to transform customer experience with new-age technologies like artificial intelligence, machine learning, and robotic process automation. 

Security

The banking sector is occupied with very critical information on customers. Cloud computing keeps the data in centralized storage so that no one can access it without a strict authentication method. Security is the top priority for cloud computing which is why it is widely being used in the banking and financial industry. Also, cloud computing offers a complete backup to information, thus it can be recovered whenever required.

 

Increased Reliability and Performance

The financial sector is moving forward at a greater pace. Cloud computing has provided the benefit of achieving financial goals. Cloud computing solutions help you to provide the data wherever you want to provide support promptly. By eliminating the time of racking and stacking of data, it helps automatically in the aspect of productivity.

Enhanced Client to Client Interactivity

Cloud computing has provided the feasibility where the transaction has become seamless and connecting clients with their clients has become easier by grouping them on shared cloud applications.

Speedy Customer Response

Any business runs with customer satisfaction. If the customer using your services is not happy, no matter the technology you bring, it will always remain average. Instant access to the banking system using a web browser helps in enhancing the customer experience by responding anywhere at any time.

Conclusion

Cloud is a transformational model that is helping the banking sector to propel to the next level. With this growing trend and its benefits, financial institutions need to choose the best software development company and the right cloud computing delivery models that will match the best to the requirements. 2020 is the year in which it is presumed that about $ 162 billion worth of business is going to get linked up through cloud storage. Therefore, this is the time to pay attention to these benefits of cloud computing to avoid any kind of unnecessarily difficult and costly situation in the future.

Financial EDI Integration: A Quick Guide for Success

Multiple financial transactions happen each day both on the national and the international level. With this expansion, complexities also arise including differences in currencies, regulations, and accounting practices. The payments today need to be faster and more secure. Cyber attacks, data breaches, slow payments, and adopting digital tools are a few of the hurdles that banks and financial form face which inevitably leads to a drop in revenues. Electronic data interchange (EDI) has come here as a silver bullet which helps in mitigating these complexities by aligning the financial supply chain with the movement of goods in the physical supply chain. And most banks and financial sectors are always in search of a proficient EDI service provider who can integrate these smart solutions into their operations.

So, before knowing how they can help your business, let us first know a little bit about what financial EDI is all about.

WHAT IS FINANCIAL ELECTRONIC DATA INTERCHANGE AND HOW IT WORKS

Financial electronic data interchange is the swift and seamless electronic transfer of payments or payment-related information. It helps organizations in receiving an invoice electronically and hence saves time, paper, and money. This automation in the financial sector has enabled companies to get paid faster. For an effective financial EDI function, the buyer and seller need to work closely with their respective banks. This has been adopted by various sectors and without it, the transactions can be bit slower and labor-intensive. Financial EDI solutions require minimal human intervention; hence those errors get eliminated and ultimately there is save in money. It has increasingly become the preferred payment mode in between the traders. Today, 60,000 US organizations are already using EDI, and many are on the point to embrace FEDI.

 

About How It Works: - For a swift transaction, the buyer extracts the payment information from the organization’s accounts payable system and this is then transmitted to FEDI format. This FEDI-transaction is then transferred to the company’s bank where it is transformed into ACH payment and later sets off to the electronic banking system called ACH Network. Thus, the seller’s bank receives the money and then transfers it to the seller’s system. ANd this is the main reason why most banks seek EDI integration and hire EDI experts. 

 

The Benefits of Financial EDI Integration

Automation and Fewer Costs

The foremost benefit of the FEDI system is the automation of the process. This ultimately results in saving operational costs, time, and labor resources. Also, minimal human intervention avoids the risk of errors, thus saves money for the organization.

 

Faster Payments and Conversion Cycle

FEDI has enhanced the speed as the electronic transactions are much speedier than their traditional counterparts. There are no paper-trails, fax systems, hence the cash-flow has become seamless and faster. 

 

Enhanced Productivity and Better Accuracy

As discussed earlier, there is a minimal intervention of humans in the FEDI solution. Hence the chances of manual errors get minimized. Thus, the managers can focus their attention on other parts of the business. There is less chance of payment failure with a financial electronic data interchange system. Hence, banks and financial institutions rely on the companies offering product engineering services to get customized software created for their business.

 

Secure Payments and Fewer Cyber Crimes

Financial EDI provides enhanced security by distributing the data across several communication protocols and safety standards. 

 

FEDI has been active in between the organizations from the last couple of years and an estimate says it will stay in the market for long. FEDI has provided more and more benefits to the trading partners by showing the option of the payment method of choice. It has made the overall process of trading easier by eliminating the paper processes and thus provides the ability to save time, paper, and money, both for the buyer and the seller. In the end, Financial EDI is crucial for this modern global economy and has already taken us into the future.

The Future of EDI in Supply Chain Industry

If there's anything sure about the eventual fate of EDI, it's that its future isn't sure in any way. EDI has been around for quite a long time, and in that time, various software professionals have proclaimed it's the impending end. But EDI has proven them all wrong. In the last few years, EDI has been an integral part of the B2B businesses. But the times have changed now. With the change in the trends and invasion of new technologies, entrepreneurs are shifting to new enterprise software solutions that can help them take their business forward. All through 2020 and as new advances create, it's critical to reconsider how EDI can help businesses working in the supply chain industry. 

So, without wasting much time let us see what the future holds for EDI in the supply chain industry, and if you are into the same business how integrating EDI can benefit your business. 

The Future of EDI in the Supply Chain Industry

Extend Consumer Net by Collaborating on a Global Scale 

As per the ITA, approx 1 percent of the businesses based in the USA send out products – a rate that is essentially lower than all other created nations. What's more, of U.S. companies that do trade merchandise, 58 percent fare to just a single nation. For purchasers to appropriately repay providers and for providers to appropriately meet the advancing needs of those purchasers, all associations should mechanize measures electronically. 

By automating the whole business process, buyers can repay a lot quicker. Rather than taking weeks-at some point months-to physically survey solicitations, purchasers can directly see, in their system, all the details related to the recent transaction and all the others made in the past.

Cloud computing solutions

Both integrating EDI and cloud computing solutions in the business can really benefit the suppliers. The supply chain is a complicated business. Suppliers need to keep a record of every transaction made and also a lot of documentation work is done. By realizing the true potential of cloud solutions business owners can easily scale their resources so that they can easily meet all the requirements and even the growing demand of buyers. And keeping a record of everything electronically does not require too much physical maintenance. 

Growing demand in small-scale businesses 

As per a leading EDI service provider company, the demand for EDI services has immensely grown in the businesses that work on small-scale. EDI software reduces human intervention and also to meet the growing demands of their users, businesses these days are more and more inclined towards automation, and in businesses like supply chain, EDI integration is the first step. 

Shift Towards Omni-Channel Abilities

Seeing the latest trends, businesses these days are not just limited to one location. In fact, they are now working across various channels and in multiple locations. And it is sometimes difficult for buyers to access information related to their purchase, and also it is sometimes difficult for even suppliers to maintain all product-related information across multiple stores. Integrating ERP and EDI solutions can help them in doing so. They can now grab the opportunities that come with omni-channel business and can spread their business via virtual shipping. 

Bottom Line

Decades after the commencement of EDI, we're actually hearing the two sides of the contention. Nonetheless, the possibility that EDI will before long be on the decrease is by all accounts more pervasive these days than previously. What EDI truly comes down to is the thing that organizations decide to put resources into. Up until this point, EDI has been the supreme decision since it takes care of business and businesses these days are keen on hiring EDI experts. Moreover, the presence of the web is more grounded now than it's ever been, and organizations are turning out to be more well informed each day.

Game App Testing vs. Mobile app Testing: Know the Differences

Testing is quite essential these days as it results in delivering a quality rich product to increase the yield and productivity. Whether it is a mobile app or gaming app, testing both of them is a must to ensure their stability and functionality. With the increase in the number of games played all over the world, everyone is seeking to thrive in this competition, to stay ahead in the market, and hiring top IT consulting experts who can turn their vision to reality.

For any app to be a success, user experience has to be really good. It is something that is always taken on priority, no matter what type of app it is. A game tester requires a bit more focus as gaming testing requires a lot more concentration than other quality assurance and testing experts and also, testing of game application is much complex and requires special skills. There are lots of differences between software application testing and game application testing, to look at it from a broader perspective, let’s examine these differences.

 

Game App Testing vs. Mobile Application Testing: The Ultimate Fight

 

Mobile App testing

Mobile app testing generally operates on automatic scripts. Automation of scripts is generally time-consuming, hence the scripts are written prior or post-production only. There are many tools that quality assurance testers use to make these automation scripts, hence software testing always needs skilled professionals to perform the testing. One needs to be an expert with a higher perception level as these are much challenging. Also, the application testing includes teamwork as they generally work in close association with both software programmers as well as project managers. Most of the software is designed in such a way that the users have much access to function the programs like spreadsheets, data managers, Internet browsers, and graphics programs.

 

Game Testing

Game testing demands more concentration as it has a lot of complexities. The dynamics involved in game testing are very high as compared to application testing. Unlike software testing, the entire game testing process requires a manual testing process. The primary objective of testing is to find out the bugs in the game codes. A game-tester needs to be patient enough with great keen eye-detail. Mobile games are increasing day by day and with it, the standards of developing them are also increasing, and with this, there is a high increase in the demand for quality assurance and testing services among business owners. One should have expertise in this particular stream to develop problem-solving ability at the time of need. 

The general categorization of testing involves black and white box testing. In black-box testing, the functional aspects of game testing are done to ensure the quality while oppositely, in white box testing, the efficiency of the internal structural elements of the game is being tested. The game tester needs to test the app at all forms from beginning to end to uncover any glitches.

Also, here the information is kept hidden from the user and the least amount of actions are accessible to them. Thus, a player needs to explore what the game does. Along with the responsibility to deliver games free of bugs, it is equally important that the game is catchy as if it doesn’t keep the gamer spirit high, this may lead to negative ratings and reviews.

 

Summary

Proper testing can either make or break your fortune, no matter it is software testing or game app testing. It is vital to have knowledge of the particular field you are working on. The demand for software development companies offering quality assurance and testing services is increasing day by day as it requires great skills to become an app tester. While talking about game testing, it is a less challenging job but always expected for more innovations and outlook. Ultimately, to guarantee quality, testing is required for both game apps and mobile apps respectively.

5 Must-have Features of a Real Estate Mobile App

Around 80% of the people around the world use mobile apps to find the perfect living space for themselves. Mobile apps really help in boosting sales and gain the advantage of the trend to search and purchase everything through mobile phones. in this industry. So, if you are into the real estate industry and looking for a perfect real estate website design or a mobile application for your business, you are not making any wrong move. 

Real estate is a growing industry and integrating some advanced technologies and mobile apps can solve a lot of problems here. One of the major challenges which users face is the inability to see the property before buying but if you have a VR-based mobile app for your business, this problem can easily be solved. Integrating smart virtual reality solutions can allow users to view everything before buying.

Also, if you want to compete in this competitive market full of mobile users, as well as real-estate mobile app developers, your application has to be unique and a bit more feature-rich than others. Even if not, at least it should have all the next-gen technologies enabled in it to not stay behind the other competitors. Let us try to dig into the need of real estate users and business owners for why would they require a mobile app and what changes it could bring to them?

Need for Real estate Mobile App

Most of the time customers do not have enough time to go and visit a place before buying it or they do not want to wander looking for a place for themselves and in situations like these mobile apps are of great help. 

Also, there are times while looking for a place customers cannot find enough or relevant information. And asking friends or family can either be time-consuming or misleading. 

The budget is the major challenge here. Finding the right place in the specified budget can be taxing and if there is a platform where they can find everything and can filter according to their need, is a great relief. 

These are a few reasons why there is a huge demand for enterprise mobility services in the market that can create an app and fulfill all these requirements, as well as solve these problems.

Let us explore the ideal features that should exist in a Real Estate application to fulfill the basic, as well as advanced requirements-

Must-Have Features of a Real Estate Mobile App

So, if you are into this business and looking to have a real estate mobile app, here is a list of must-have features, which you can ask your app development company to integrate. 

User registration

Any app needs to allow its users to create their account where they can store their information, their choices, and preferences. Giving a login option either via email or social media platform is a great option. Also, you must provide them with a phone or email verification, for added security.

There must be an option for users to either register as a seller or a customer. And if a seller is registering to sell their property there must be a separate verification for them like some documents for their property, etc. 

Different User-Profile

When you own a Real Estate business, you would connect with not just the property buyers, but also with those who be seeking property on rent or to sell their owned property through you.

Thus, your application can have different profiles as per their requirements. A buyer would register as a property buyer, and only those properties would be primarily shown to him, which are available for sale only, and not for rent.

Similarly for those who have different requirements respectively.

Premium Listing feature

Listing is a feature that usually every business website would include in its platform. The reason being, listing allows businesses to showcase their competitiveness and leave an impression, which increases their sales in an influencing manner.

You may get your website developed from any website development company that could be similar to many B2B websites, which dedicatedly possess category-based listings to feature other businesses or companies or their websites and also earn through this, by reserving the top 3 positions for sponsored ones.

There are many top PHP development companies in USA that would create a robust real estate website design for your business and make it feature-rich for the best performance.

Images and Videos

Offering virtual reality solutions is a great way to represent the property in your app. Most of the users prefer seeing the images of the property first before buying and many real estate sellers upload videos of the property too, for users to have a better picture of the place. Your app must have all these features if you want your users to love it. 

Cost Calculator

Being a Real Estate owner, land values are one of your daily subjects to deal with. If you could manage to demonstrate this idea, to develop such an application that can showcase the land value geographically, either by using the address or taking maps in use, your application can blast all around the globe.

Know how much it could cost to develop a Real Estate transaction management software, in case you are a broker.

Merely a few applications only have managed to do this, as it takes a lot more than expected. It would require a dedicated developer and robust database to possess thorough information regarding land value as per their geographical position and current modifications are to be updated almost regularly.

Prices usually keep changing with time and this would not be an easy feature to handle and embed.

Maps

This is an unquestionable requirement and a must have feature, which app developers must not skip. Maps are associated with the assistance of outsider incorporation. This component assists clients with arriving at a given location without any problem. Customers who are new in the city may find this feature really helpful as using this feature they can easily reach their destination. The application can likewise recommend properties close to the client's present area utilizing their current location.

Mark as favorite

Each property selling application must have an element of selecting their preferred places and marking them as favorites. The client can keep the top picks in a single spot. It turns out to be simple for clients to discover properties they like rapidly. 

Filters

This feature requires certain catchphrase types, for example, area, the name of the property, and so on. By just putting the correct keyword, the client can get the ideal locations or the details of the property they are looking for. Also, using the filter feature they can choose the area, size, value, sort of property (home, office, loft, and so forth.), lease or purchase, patio, number of rooms, the age of the property, stopping offices, and so on. Using these filters, the client can look and locate the best reasonable property quickly.

Push Notifications & In-App Chat

Push notifications and instant messaging are those new normal that are about to get obsolete now but would remain essential forever within an application.

Without push notifications, a Real Estate application would not solve the purpose completely. Imagine by yourself, that how would an interested buyer get to know that the property he was interested in has been sold or has become available again?

In addition, this In-App chat feature would allow knowing the idea and scope of negotiations. And how important negotiations are in this industry, I hope, there is no explanation required to it.

An interested buyer could tell how soon he could book the property if negotiations can be made within the application, and thus, the entire process of operation can be paced up effectively.

The Bottom Line

Having an enterprise mobility solution for a real estate business is of great help. It not only eases the work of a seller but also helps the buyer to get their desired property in no time. So, if you are someone looking to establish them self in this business, or looking to expand your real estate business, having a mobile app can prove to be really profitable for you. All you need is a great vision and a team of proficient mobile app developers to turn your vision into reality.