The banking industry has grown leaps and bounds in terms of making their services digitally available. This not only makes the banking process efficient but also very convenient for their customers. Along with all these benefits, there are also times when the banks face threats such as online banking fraud. But due to the increased demand in mobile apps for banking facilities, there are ways in which mobile apps are being more flexible and proactive in their customer's life.
Digitalized banking services are no longer an option but an essential function of the bank. It is a revenue generator, cost saver and a productive play. Let’s take a look at how the rise of mobile banking is shaping the banking industry.
Once you have thought of an idea for your app, the next thing that pops up in your head is, “What is it going to cost me to develop this app?” The cost of your app is going to be dependent on the project size and its technical complexity.
There are generally three categories of apps: small, medium and large apps.
Small Apps are typically:
The new features on the iPhone are supported with the new iOS 12 software. iOS 12 is designed to make the iPhone and iPad experience even faster, more responsive and more delightful.
iOS has been enhanced for a faster and more responsive experience all around. Common features, like launching Camera and typing with the keyboard happen faster than ever. And there are even more significant improvements when multiple apps are being used together.
If you are going to invest in a mobile application project, there are going to be a few hiccups that you will face during the development phase. It depends on the project, the kind of risks that you may encounter while developing the app. There are five types of development risks that you could face:
Recently, there has been an economic downturn in the mining industry, companies are looking to be as efficient as possible. This means there is a need for innovation to increase efficiency and lower operating costs. Companies are looking into various technologies that could help them improve their processes.
Augmented Reality (AR) was identified as a technology, along with Virtual Reality to help solve this issue. Companies are looking to merge the real and virtual word, in a space called Mixed Reality (MR). All aspects of the real and virtual environments are encompassed in this MR, as pictured on the right.
While companies researched into Augmented Reality, they thought of conceptual applications of this technology in the mining environment. There was a great focus on applications that would optimize the mining process by reducing costs, improving efficiencies, increasing productivity, and enhancing safety. Another factor was how easily these technologies could be incorporated into current working environments such that there were minimal amount of human resistance and implementation costs.
Augmented Reality in Drilling
Blockchain technology has taken over the world with its unique features of safety and a shared public ledger that doesn’t involve the third party. There have been more than a million transactions on the Blockchain platform from all over the world. Corporations are now looking at adopting the Blockchain in one of the biggest industries, i.e. the supply chain. But you might think why would a well established supply chain look to adopt a new technology like Blockchain? Well the answer to that is for better coordination among various organisations.
Over the past few years, there has been a significant amount of development in the Internet of Things (IoT), which is essentially a group of interconnected devices functioning together. While there has been a lot of growth in the consumer facing side, which is IoT, there has also been a significant amount of growth in the Industrial Internet of Things (IIoT), which is more manufacturing focused.
IIoT had a worldwide value of $295 million in 2015, an this expected to grow to a value of $1.6 billion by 2021 with a CAGR of 33%. Furthermore, IIoT is expected to have an economic impact of approximately $6 trillion by 2025, out of which $1.3 trillion will be for the electricity industry1.
While there is a large potential for this technology, it will take time for IIoT to be a standard as there are high costs to implement the system and make older manufacturing models compatible with IIoT.
What is IIoT
If an old song is remixed into a dance number by adding a few extra beats, would you call it new? Think about it. This is the exact difference between a white label application and a custom-built app. Let’s take a look at some of the risks that come with white label application and the reasons that you should go for a custom-built app.
What Are White Label Applications?
The term ‘white label’ came about when vinyl records were given out to DJs before the songs were released to the public. White label applications are basically applications that are originally developed by and for a company and that are licensed to other companies for use. To put it more simply, the backend system of an old application is used to customize a new application, i.e. the branding, colours, logo and the content is tweaked.
There are two ways to build a white label application: one is to change the frontend app and the other is to create a multi tenant application where the app is the same but each tenant has a slightly different set of features.
Technology is evolving at a much faster rate than we could have imagined in the past. With the advent of new software applications, we want all services delivered to us at the click of a button. Another change that has been noticed is that people are no longer working on desktops and browser based applications but switching to web applications on the mobile.
So what is a significant change that is taking place on websites? The one significant change seen on websites is that they look more and more like applications with various interaction possibilities rather than static pages. In today’s times, the user wants more and more information available at a single browse rather than clicking various tabs to view it. On the other hand, the website owners want to provide a better interface to the user.
If you are planning to create an application of your choice then you will be presented with two options: multi-page application (traditional way) and single-page application (modern way)
Business operations are now not only carried out in a cabin or in the office. You could reply to your email sitting in a coffee house, while watching a movie or even when you are vacationing in Bali. This is possible with the advent of mobile apps. But with the convenience of a mobile app also comes the threat of your information getting targeted by hackers. Cybercrime includes costs that include damages due to loss of sensitive data, theft of intellectual property, fraud and interruption in business operations.
Apps Targeted by Hackers
So what kinds of apps are targeted by hackers? Apps that are mostly targeted are the ones that have sensitive information and which can be used against other businesses. The most likely apps to be hacked are the ones that deal with economic transactions – ecommerce applications that are connected to banking software. Hackers assimilate data or disrupt services by disabling security, modifying and unlocking key features and stealing data.