Artificial Intelligence in Banking Opportunities can’t be ignored

Artificial Intelligence has influenced our lives greatly over last few years down the timeline. Although we are yet to witness full-fledged applications of Artificial Intelligence, the range of AI has already covered a vast area in the technological space, which has directly or indirectly affected us. Following the Machine learning applications protocols, AI-powered machines are intelligent enough to learn on their own, and this in fact, has proved to be quite a boon for the mankind. If we look at its progress in last few years, we find that AI has influenced almost every domain, and today, it is no wonder that banks as well are looking for new ways to optimize internal processes easier to improve customer experience, and hence, customer satisfaction.

Banks are financial institutions which are required to stay up 24/7 because financial transactions could also happen anytime in a day; though from user’s perspective, the actual problem is lack of 24/7 customer support. But now-a-days, few banks are providing customer support with the help of adoption of Chatbots.

AI is being implemented on a large scale by all enterprise, either big or small, and likewise, some of the biggest banking institutions have also identified the potential of artificial intelligence in banking:

1. Understanding Customers’ Behaviour: Understanding your customer is much more than acknowledging their basic statistics. AI can give a profound analysis of customers’ behavioural patterns and financial report rather than taking a gander at fundamental data, for example, age, gender or salary.

Banks are becoming customer-centric, by getting to know their customers from closer than ever, with the help of AI. This is the reason why Robo-mentors are in great demand these days. AI has improved banks’ understanding of customers’ insights.

Upgrading client’s behaviour, specifically, is one of those territories where AI can truly be utilized to follow up the patterns through the information available, and design organized data structures that have been out of our reach up yet. This data can in turn be used to provide better customer support, process optimization, personalized suggestions, and much more to the customers.

2. Customer Onboarding: By knowing the customer appropriately, AI can help make a seamless, assisted onboarding process that will eliminate various steps that customers as well as banks have to follow.

For example, AI powered Chatbots can be used to quickly understand fundamental inquiries that in turn automate frequently repeated queries. This broadens a bank’s quest for conveying more on-demand administration, and supports crosswise over channels. By implementing AI, banks can engage with their prospective customers, at an early stage using voice digital assistant process, the vice versa goes for the customer.

3. Easy Risk Management: For any bank, the most important thing is to manage loopholes and risks involved. And with AI integration, risk management is as good as solved, as due to its predictive nature, risks can be assessed, calculated, and mitigated before they could pop up and bring harm to the chain.

In other uses cases, AI is being applied to fraud detection & prevention in banking, and various fraud tools are present that can mine data to uncover meaningful pattern which is basically utilised by banks. But using AI, these risks can be minimised and automated analysis can be performed. Probing such large amounts of data manually without error was just not possible.

So, by leveraging the AI factor, no matter how big or small your organization is, virtually any financial services organization can cross routine hurdles in new, innovative ways.

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Technology Trends that will dominate 2018 to 2020

Everyone is in awe of the way technology has evolved right before their eyes. With the help of a gadget that fits your pocket, it is possible to retrieve any kind of data and utilize it in various different ways. Isn’t that astonishing? There is continually something new in the technological front, and we can’t resist the urge to hold up and ponder what innovative wonders we have coming.

With the kind of anticipation masses show for budding technologies, we get to see changes in digital trends, every now and then. Advancement in mobile, cloud and big data have been playing a vital role in the realm of technology. Upon retrospection, we can say 2017 has been a great year for the development of digital space, but we are all set to move on, and already quite intrigued about what 2018 has in store for us.

Here is a little preview of what we can expect from the digital sector in 2018 and years that follow:

Here is a little preview of what we can expect from the digital sector in 2018 and years that follow.

Internet-of-Things (IoT): Devices like smartphones, tablets and almost anything with a sensor on it, if connected to the internet, will collect & exchange information and send over to a common network that is synchronized at a global level, at all times. This network is known as “Internet of things”, which brings convenience to our tables never before. For industries, it means complete transparency in sharing of user data and utilizing it for purposes much bigger than we could imagine.

IoT uses Machine readable identification tags. Sensors are used along with these tags to collect information about objects that are used in daily life. It is applicable in many companies as well where computers would keep track of stock available and resources and maintain them to optimum levels which in turn, saves a lot of time and money.

Internet-of-Things (IoT) and resulting interconnections of smart home technology for years. So what’s the holdup? Why aren’t we all living in smart, connected homes by now? Part of the problem is too much competition, with not enough collaboration — there are tons of individual appliances and apps (android / iPhone) on the market, but few solutions to tie everything together into a single, seamless user experience. Now that bigger companies already well-versed in uniform user experiences (like Google, Amazon, and Apple) are getting involved, I expect we’ll see some major advancements on this front in the coming year.

Since few bigger companies like Amazon, Apple, Google & Microsoft that are already trained in providing uniform User experience are getting involved and surely we can see major growth of IoT domain.

Machine Learning: Machine Learning is a form of data analysis that automates analytical model building. Using algorithms that continuously assess and learn from data, machine learning enables computers to gain hidden insights. However, discoveries occur without programming systems to explicitly look for these digital treasures.

Machine learning is a form of data analysis that is used for automating Analytical model building. It is evolved from the study of pattern recognition and computational learning theory that is used in Artificial Intelligence. It uses algorithms that continuously assess, learn and make predictions on the data it collects from sources.

In the coming year 2018, we are expecting to see machine learning updates over a broad range, entering almost any type of consumer application you can think of. It is expected that using Analytics app, machine learning will improve user experience in almost every industry.

Integrating Physical-Digital Realities:

Undoubtedly, technology is getting added into our daily lives with the help of mobile devices. Using smartphones, everyone is able to access immense amount of information in this real-world. Already, we can buy and pick up products in physical retail location sitting right at home.

But surely, we are going to move ahead by integrating physical and digital realities. For example, few brands like Amazon are planning to have more physical products like Dash Buttons. Few digital features also like product trials will also be implemented. One such example is Lenskart where you can try your spectacles virtually.

Augmented Reality and Virtual Reality:

Virtual reality is recreation of a real environment with the help of artificial or computer generated simulation. Virtual reality is possible through a coding language known as VRML (Virtual Reality Modeling Language).

Augmented reality is a technology that makes it possible to interact with existing reality by integrating computer generated enhancements which makes it more meaningful.

AR and VR have already landed up in the market. We have also seen Pokémon Go, an AR game which has over 100 million downloads. The market is ready for AR and VR. But it is going to be next year before we see things really going forward. Be ready for AR and VR versions of practically everything in 2018.

So, the coming year is again going to be a technologically advanced year. Get ready for new tech manoeuvre!!!

Ready to take your business to the next level with AI?

If yes, Smacware can help you integrate your business with the latest AI Technologies. which is the best mobile app development company that has helped many global companies increase their business revenue. Apart from app development smacware also expertise in video production, Photography, corporate branding, events & exhibition, digital marketing, and web development services.

How AI is working together with website composition today?

The web has undergone numerous changes over the past few years. In past times worth remembering, website composition was more about the available technologies and had nothing to do with content styles, typographic assortments, generous visual substance depiction, rich media and other segments of a website’s design layout. Today, regardless of the magnitude of its importance, each and every segment is quite important and needs to be chiselled to perfection in order to survive the gruesome digital competition.

Now-a-days, designing of a website requires rising interest in elegant web design with a simple and comprehendible line of features, without compromising on high visuals and graphics. Websites have to be lined with the purpose of getting brand messages across and leaving an effect by serving the visitors with what they need. And if you ignore these, you won’t get successful in designing your website.

The tech world is getting revolutionized by Artificial Intelligence, and web designing is also getting influenced by it. AI is speedy transforming into one of the most important tool in the hands of accomplished website design and development organizations for various reasons.

With the help of Artificial Intelligence, the design and development costs of websites have come down to a legitimate level. The utilization of complex calculations of codes implies that the planned procedure is whittled down to the no frills, sparing time and vitality that would have been generally utilized amid the expository phase of the website composition meeting process.

So, Artificial Intelligence in improving web can truly have an astonishing result on user experience that boosts business transformation. Here are some of the ways in which Artificial Intelligence can help in improving the user experience:

1. Anticipating better response:

The way machines (PC’s) communicate with users hadn’t reached the level we have been expecting. But, with the aid of AI, chatbots have been created which are able to communicate effectively and thus responding appropriately. The web users, in future, will have more proactive responses from the apps (android / iPhone) & websites, by the courtesy of AI bots.

2. Enhance user experience

AI is adapting to the user needs which has made life quite easier. By implementing Artificial Intelligence in web development, understanding user’s preferences and moods has become simpler which indirectly helps in figuring out the context of the user. Obviously, by understanding the user context and situations, customer service and user experience can be given a boost.

3. Voice-based search

The intent and preferences of the user based on the voice and tonal differences can be decoded by Artificial Intelligence. Earlier, understanding the user’s spoken language was difficult because different pronunciation is used in different areas. Now, Natural language processing technology has come into picture which makes it easier to decipher the content. AI bots powered by voice command that are capable of answering queries and even handle the basic operations, have taken functionality to the next level.

4. Customers can have Augmented Experience

While doing shopping or buying something from a retail store, you need someone from the staff to assist you. Similarly, while doing online shopping, you need help with that. This is where AI-powered chatbots can really play a positive role. While shopping on a web store you can seek help from a bot that is intelligent enough to read your preferences, analyse your purchase history and make purchase suggestions based on that.

AI is one of the most advanced and crucial technologies, which add value to the user experience and business. AI influences that through context-aware web designs, SEO, Digital marketing, and web development; hence playing an important role in web development.

Ready to take your business to the next level with AI?

If yes, Smacware can help you integrate your business with the latest AI Technologies. which is the best mobile app development company that has helped many global companies increase their business revenue. Apart from app development smacware also expertise in video production, Photography, corporate branding, events & exhibition, digital marketing, and web development services.

How Job seekers get their dream job with the help of Artificial Intelligence

Before the advent of digital technologies, the best employments have mostly been informal, notwithstanding when distributed and making opportunity-to-offer conversion, a troublesome affair. Times changed and we witnessed a gradual shift in the way people looked for opportunities, and today we have these huge consultancies and job portals with digital gears that provide an even stage for everyone in pursuit of a vocation. At present, with job opportunities being rolled out through the web, finding a job in a desired domain without the assistance of Artificial Intelligence would be like looking for a needle in a haystack.

Artificial Intelligence Fuelled by Behavioural Search Data and Patterns:

Artificial intelligence puts user-specific data and cumulative search patterns to use, in order to help one find appropriate jobs via search engines and job portals. The algorithms, which form the base of AI applications (android / iPhone) in recruitment procedures, analyse and process the search pattern and behavioural data that is being generated through round-the-clock searches. This in turn, improves the relevance of the jobs displayed on the search engine.

One of the biggest applications (android / iOS) of AI, in fact, has been determining the remuneration. Every person who is looking for a job is concerned about the salary as well. But most of the organizations prefer not to mention remuneration details. By utilizing outsider assets and data nodes from huge piles of job search data, the AI algorithms can come up with approximate salary estimates, even when an organization chooses not to disclose that.

AI powered by search behavior data is additionally utilized in various different ways. Algorithms are used to evolve the patterns. By keeping a tab on where job seekers take a gander at jobs over vivid range of similar searches, these patterns evolve, and go on to modify algorithms to offer jobs that have reasonable commutes.

Job Seeker’s Experience Increases with new AI technology:

Utilizing job seekers conduct and outside databases has been an incredible characteristic that helped AI build significance. Different job portals have an abundance of unstructured data that includes more than 90 million resumes, billions of sets of responsibilities, and a large number of surveys of employers by employees to mine, which expands the precision of coordinating calculations. A subset of AI, Natural Language Processing (NLP) is also being used to roughly evaluate candidate’s expectations from resumes and company reviews. This information can fundamentally increase the success rate in hiring and paves the way for more and better opportunities.

Moving past Resumes and Sets of Expectations:

Even today, job descriptions and resumes continue to be a brief overview for both the parties, and serve as bases of information for coordinating algorithms. Nonetheless, these archives are one-dimensional perspectives of a working environment loaded with the potential for accidental human biases.

With the present sets of responsibilities, it is pretty hard for aspirants to fetch recruiter’s attention. Moreover, a document cannot be trusted to project accurately, the worth of a candidate. There are different sorts of roles & responsibilities in the job market and the resume written for ‘Job A’ may not necessarily work the room for ‘Job B’. But, now-a-days, AI-driven assessment technology is being used.

While looking for employees with certain skills, Artificial intelligence can look into job descriptions and suggest tasks that would be appropriate for the job. By using automation, a recruiter can also cut-back on time needed to understand qualifications. With appropriate use of AI in the recruitment industry, the human prejudices against digital ways of doing things may also be conquered in a while.

Also, from a seeker’s point of view, these assessments are quite benevolent as for them it would be easier to comprehend recruiter’s requirements and job role. These assessments can also help job seekers to level up their chances within the job market with advices on areas that need improvement, eligible jobs, and their rank in a particular skill domain.

Planning to implement Artificial Intelligence for your business?

If yes, Smacware can help you integrate your business with the latest AI Technologies. which is the best mobile app development company that has helped many global companies increase their business revenue. Apart from app development smacware also expertise in video production, Photography, corporate branding, events & exhibition, digital marketing, and web development services.

Top 6 Cross Platform Mobile Development Tools to Use in 2017 and 2018

With the advancement in technology and increasing smartphone usage, apps have become an integral part in the modern business world. Various enterprises, including, small sized and mid-sized have started realizing the need of apps for their enterprise. Since different platforms are available and due to ample demand for apps, cross platform development tools would be trending in the coming years as per the marketing research.

As per a survey by International Data Corporation, the market for cross-platform development tools will reach $4.8 billion by 2018, having an annual growth rate of more than 40%. Also, Gartner, an American leading research and advisory firm, is expecting more than 20 million enterprise apps to be developed by 2018.

The demand for mobile apps development (android and iPhone) for enterprises is rapidly increasing. So, it is necessary for organizations to develop applications that increase their sales and enhance customer experience. Thus, it has become need of the time to have apps that are capable to work on different platforms.

Before knowing top cross platform tools, you must be aware of advantages of using these tools:

1. If application is available on more platforms, certainly more people will be able to reach your business. Android and iPhone cover a majority of the world mobile market. So, developing an application that runs on both gives you the added advantage of tapping into greater market potential.
2. Marketing would be easy since you have a larger fan base available on various platforms.
3. Deploying changes is easier when you have application that runs across all platforms.
4. Single code needs to be written for different platforms, which utilizes the time of resources.
5. By using some tools, you can easily code in HTML5 and convert for different mobile platforms.

Now you have idea about the benefits of Cross-platform development technology. Here are some of the cross-platform tools to be used in 2017 & 2018.

1. PhoneGap: PhoneGap is a software development framework by Adobe System that is used to develop mobile applications. Adobe system later released an open source version of the software known as Apache Cordova. This software lets developers develop apps using standard web APIs for all major mobile operating systems. To develop apps using PhoneGap, one needs to know web-development languages like HTML, CSS, and JScript. The rest of the work, such as look and feel of the app and portability among various mobile operating systems is taken care by the framework itself. Developers can work with device hardware features like camera, accelerometer, sound, GPS and much more with the help of PhoneGap.

One of the most important benefits of using PhoneGap is that it maintains software development kits for each of the platform created by app developers. PhoneGap also allows variety of plugins to be used.

2. Xamrain: Xamarin is one of the best Cross-platform development tools. It is built on .NET Framework. Using a single shared C# codebase, developers can build native iOS, Android, and Windows apps. Xamrain lets you use the same IDE, language, and APIs everywhere. The apps developed using this tool can be tested on any number of devices through the company’s cloud service. One of the major benefits of Xamrain is Rapid Mobile App Development. It has libraries for UI development that eventually makes the development process faster and easier.

3. Appcelerator: Appcelerator Titanium is an open source software development kit for cross platform mobile app development. It allows to create native mobile apps on various platforms including iOS, Android and Windows from JavaScript codebase. It also offers value add-ons like mobile backend as a service, crash detection, mobile test automation, mobile analytics and performance management. Its SDK reuses 60% to 90% of the same code for all the apps you make, which helps in saving an ample amount of time.

4. Sencha Touch: Sencha Touch is a mobile application framework specifically built for the mobile web and allows to develop user interface for mobile apps using HTML5, CSS3, and JavaScript. It is based on MVC structure. The primary goal of Sencha Touch is to clear the way for quick and easy development of HTML5 based mobile apps. This in turn gives a native look and feel to the apps. It saves the development time of the coders by offering speedy delivery with the help of pre-built components.

5. Appmobi: Appmobi is a hybrid platform that can be used to develop apps for both mobile and web.

6. Rhomobile: Rhomobile is an open source Ruby based mobile development platform for the development of mobile apps. It uses HTML for developing native apps for Android, iPhone, Windows as well as Blackberry. Rhomobile allows to develop apps more quickly compared to any other platform. Applications developed using this Framework can work offline as well.

So, by now, you must be clear with common tools and trends to be used for developing Cross Platform applications. Also, by using cross platform tools, you can save time and cost on developing apps on various platforms.

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