Tag: mobile application

How Can No-Code Tools Help You Start a High-Growth Company?

Software development involves something interesting. Programmers are traditionally responsible for shipping codes. Developers had to be involved when creating new features or releasing prototypes.

Actually, not much has changed there. The majority of the time, engineers are required. However, the emergence of many codeless platforms has opened up the world of app creation for almost anyone with some technical familiarity with resumes.

Non-engineers can submit prototypes, build business applications, and integrate all kinds of tools. No programming skills are required for this. Of course, there are limitations and, in some cases, it is easier to rely on traditional development approaches.

But if you have limited resources or are in a hurry to deliver something quickly, the no-code aspect is worth considering.

Why are “no coding necessary” tools in demand?

Every company has a rich process, so it’s imperative to automate as much as possible. Many data streams, connected applications, and different business objectives do not make things easy.

Traditionally, development teams have streamlined these processes. However, business-related epics are rarely given priority due to the wealth of quests currently available.

Hiring new developers is also costly due to the global talent shortage. This is often the capacity that many boot companies need and cannot afford. If we can outsource at least some of the waitlists to less technical users, we’ll be happy to do so.

This is becoming more and more realistic with the growth of no code development platforms.

Company Growth

Tools with No-Code Features

   Platforms with no-code features have three main components:

1. Intuitive UI builder

Import/export using drag and drop or dialogs or other UI commands should allow you to quickly build all parts of your application and promptly see (create) what the results will look like. You can advance to the next page, feature, or feature. A good UI also has excellent visual modelling capabilities if your application requires it.

2. Integrating

 If you use Google services, Slack, web monitoring, and analytics tools, your platform should be able to integrate with them. Codeless development has immeasurable benefits but only makes sense if it can be adapted for use within a flow or process that your business is already following.

3. Reusability and application of components

 Parts of your app should be reusable, or at the very least, you should be able to locate the blocks you require for your project.

No code facilitates company growth

The advantage of being code-free is that anyone can use it. It is beneficial not only for non-technical people but also for startups, small businesses, businesses, and anyone with an idea.

Quick and easy to use

 Building without code is 10 times faster than building with code. You can create a standard application in just 3 weeks. Using the software is very easy, and the templates and documentation make learning easier and faster. Plus, drag and drop is so intuitive that you can get started right away.

Easy to swap out

When built on a codeless platform, transferring ownership is easy. Changing your email is all you need to do. There is no code platform to store data in the cloud, so you don’t have to worry about hosting.

Economies of scale

The ease and speed of being code-free means you can save time and energy, and resources as you spend less development time. This is very useful if you’re an early starter or looking for an idea that may have limited funding and still can’t afford the entire developer team. Even for prominent startups and businesses, this allows you to get sophisticated products with less effort.

Prioritizing talent over technology

These software products democratize the reach of up-and-coming entrepreneurs and allow anyone to develop their ideas without any technical knowledge. In short, it bridges the gap between no-code talent and coding skills. Early-stage entrepreneurs can focus on what they’re best at instead of spending valuable time and resources on YouTube tutorials and private courses to learn how to code.

Tracking your progress will help you grow:

Every business starts with the concept of selling a product to a customer and making a profit from that sale. A company that grows, scales, and succeeds collects data about its sales, learns from them, and makes them better.

That’s why you need data that explains how you can sell more products to more customers and make more money with each sale. If a customer visits your website, submits a product, or receives a support call, you need to create a way to capture these events and report them in real-time.

This process is more complicated; it is constantly changing and improving, so it will be cancelled. You may find yourself collecting data that doesn’t tell you anything. Otherwise, you can experiment and find that you have much more valuable new data.

Data collection is not only about website analysis and conversion rates. It’s about how potential customers find you, why they become customers, how much and for how long they spend, and how they can be successful for success and exponential growth.

Now that we’re working on users, transactions, communications, and monitoring, we’ve laid the foundation for a fast-growing, code-free business.

IoT in Banking: How Smart Technology Can Revolutionize Financial Sector

IoT technology has become the primary force behind changes in banking and other financial services. If we abstract from such popular technologies like blockchain and look at the picture globally, we can notice increased digitization in the finance industry.

In this post, I will go through the primary reasons why the Fintech area requires IoT technology. 

How Financial Business Can Benefit From an IoT

Before creating your own IoT solution for FinTech service, consider how you can benefit from it. Below you’ll find five powerful reasons why your financial business needs an IoT.

Gather All Data in Real-Time Mode 

For instance, when a person wants to insure a house or health utilizing the IoT, he/she can gain access to renewed information regarding patterns of utilizing the insured product. If individuals insured the car, they could view all regulations regarding insurance cases collecting sensor information from any place (home or car). And it’s just one of the thousand solutions IoT contributors can offer.

Personalized Customer Service

Taking into account that customers’ preferences change from case to case, financial organizations try to keep up with digital innovations creating new business solutions. Today users can always reach their banking accounts using various devices (tablet, smartphone, etc.)

That‘s why financial institutions build IoT apps to collect more data about clients, their preferences, and behavior. Based on gathered information, banks will be able to provide customers a personalized experience and better financial services. It enhances “bank-customer” interaction and reinforces the growth of banking technology.

Improving the Decision-Making Process

The more information the banks will obtain from IoT devices, the better the decision-making process will be. For instance, based on social media data or customers’ buying patterns, banks can draw up the picture of possible credit risks for each client and then create personalized commercial offers. In this case, you need to build an analytical software that will help adopt it. Hence, IoT technology in the financial sector allows experts to figure out the general condition of each field. 

Communication Between Various Devices

Sensors along with software make it possible to automatically process cashless payments without integration with customers’ phones or banking cards.  For instance, a sensor installed in the cash register in the supermarket can identify the number and the types of products in users’ pushcarts. Then it calculates the total price for products and pays for the check automatically. Surely, all FinTech solutions need to comply with financial regulations.

Clients Smart Interaction with the IoT

Today, the capacity of the Internet of Things in financial areas is huge. It seems that the IoT is an internal part of finance strategies. It allows users to connect their banking account to various smart devices. For instance, you can build a banking app that will notify its users when they overstep the limit of planned expenses or send notifications relating to financial transactions. 

Solutions IoT in banking brings

IoT Uses Cases in Fintech

Banks from all sides of the world are striving to utilize IoT capabilities in their industry to attract more customers. 

Starting from mobile applications that are utilized by a significant number of banks, since they can help identify customers preferences to a variety of sensors that enable financial organizations to collect data from their departments and wearable sensors that can monitor how clients utilize their banking products. Undoubtedly, the IoT and financial services are a winning combination.

How IoT can be used in FinTech

IoT vs. fraud. The Internet of Things, along with AI, can help banks to fight against cyberattacks. IoT devices in Fintech and AI-based software can gather more information about money transactions made by their clients. Based on this information, financial entities can strengthen the security level and facilitate the economic processes.

Hidden payments. As I mentioned earlier, sensors in tandem with software simplify the development of hidden payments and other financial operations utilizing different devices (smartwatches, voice-recognition devices, RFID sensors in Uber taxis and restaurants to make auto payments without using a smartphone)

Payments from all sides. IoT technology in the finance industry allows you to build an ecosystem of smart devices to streamline and accelerate the payment process. And thus, pay from all around. Not only IoT apps but different home appliances like smart refrigerators enable users to pay for food delivery.

Autonomous wearables. Many banks and financial institutions already implement wearable payment options into business services to widen their client base while providing more convenience in outdoor shopping. As for statistics, the market size of Wearable Payments Devices is forecasted to reach $42.9 billion by 2026. Moreover, a new generation of wearables will function without a smartphone. Within a couple of years, rings, VR devices, smart clothes will put back smartwatches.

In fact, there are a lot of ways on how to use IoT in the financial industry. However, bear in mind that hardware won’t work without good working software.

Challenges of IoT in the Financial Sector

Unfortunately, there are always two sides of the same coin. And IoT isn’t an exception. Especially when we talk about finances where security is vital. All the benefits of IoT I’ve outlined above may bring some problems connected with the confidentiality and security of users’ data. The financial sector that utilizes the IoT connections needs to predict the customer’s data security risks. Below you’ll find the main weak points of IoT in FinTech.

Privacy and Security

The Internet of Things is a network of smart devices and different software where the risk of cyberattacks is vast. When financial and private data is being transferred through the IoT network, all this information can be hacked and stolen. So privacy and security are vital issues to be considered when it comes to data protection.

No Common Standards

All IoT devices need to be maintained differently. But there are no general standards for supporting IoT equipment. The reason is that there are a lot of suppliers who produce hardware utilized in IoT. So it seems to be impossible to create a common maintenance standard. And even though all manufacturers will reach a verdict on standards they need to follow, the technical background will differ anyway. So, the lack of common standards may cause the failure of IoT devices’ functionality.

Complex System

The longer and more prominent the system is, the more difficult it is to maintain and control. But remember, the breakdowns in the IoT network can lead to total system failure and huge losses. The IoT can be considered as the chain where each part plays an essential role in good connection. If something goes wrong, the whole process will be paused. This is why you need to cooperate with reliable hardware manufacturers and software development companies who will be able to deliver high-quality products. Indeed, IoT in the financial sector is a technology that is pretty hard to deal with. But the game is worth the candle.

Increased Unemployment 

IoT technology automates business operations which in turn affect jobs around the world. Banks and other financial entities will have to reduce employment with the coming of IoT devices in Fintech. Unfortunately, unemployment growth will reduce the economy’s output and worsen the social situation globally.

Wrapping Up

The Internet of Things has significant potential in banking and other financial sectors, and its future is encouraging. However, you need to flesh out this process to adopt it wisely with the maximum return. Even though some disadvantages are described above, many financial institutions start adopting IoT technologies into their business processes.

 

Author’s bio:

Vitaly KuprenkoVitaly Kuprenko is a technical writer at Cleveroad, a web and mobile application development company in Ukraine. He enjoys writing about tech innovations and digital ways to boost businesses.