It’s been there for over 25 years but only in recent times has it gained such popularity. Both Gartner & Forrester have placed Digital Transformation as one of their top 10 strategic trends for 2022–23, respectively.

It is simply because digital transformation is revolutionizing how organizations think about business. Instead of just looking at technology or IT departments, organizations are now thinking about how technology can change entire businesses from top to bottom.

This includes processes, revenue models, customer engagement, and more. Organizations that don’t adapt will be left behind by competitors who embrace digital transformation.

So what exactly is Digital Transformation? What does it mean? How can I get started with my strategy? What’s in store for us in 2022 and beyond? Let’s find out!

Let’s find out!

Digital Transformation: Must-have For Your Business Growth

Today’s business landscape is changing drastically, faster than ever before. Businesses must evolve simultaneously to keep up with the digital revolution taking place or risk getting left behind and even going out of business.

But, What exactly does this mean?

Essentially, digital transformation means building and creating new strategies around digital channels — online, mobile apps, etc. — to generate leads or revenue for your company.

Think of digital transformation as a corporate or business-wide strategy that deals with allocating more time/money to growing your digital channel presence so you can be more accessible to customers while they’re online.

Digital transformation doesn’t necessarily mean changing your product offerings; instead, think of it as an entirely new way of marketing to customers online.

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For example, if you sell sunglasses, digital transformation could look like developing an app that allows users to take photos of themselves in different outfits. After this, you will determine which pair of sunglasses goes best with their outfit (or even buy them directly from your app).

Digital transformation requires companies to develop new skill sets in areas like data analytics and artificial intelligence to tailor their products better based on customer behavior. It also requires companies to change their entire digital strategy by rethinking everything from website design to social media engagement.

Also Read: How Artificial Intelligence Is Redefining Success Of Digital Transformation Strategies?

What If You Are A Startup…

As a startup, the first step in digital transformation is to take a serious look at your current business model. Ask yourself these questions:

What are your products and services? What do they cost? Who buys them? How do people purchase those goods and services today? Are there ways that could be simplified or automated?

The goal of digital transformation is to take what you have now and repurpose it for an audience looking for something better, faster, more secure, or cheaper.

To achieve these goals, companies must identify three elements within their operations:

• Weaknesses that software/technology/systems can fix.
• Strengths that will allow them to capitalize on new opportunities.
• Competitors who stand in their way.

Once you’ve identified these factors, it’s time to start planning. Start with low-hanging fruit (improvements that require little investment) before moving on to bigger initiatives (which may require outside help).

It’s also important to remember that not all digital transformations are equal — some focus on functionality while others focus on revenue generation.

Whatever your end game, make sure everyone involved understands how their work fits into the bigger picture so everyone is working toward a common goal.

Who Needs Digital Transformation?

A business’s goals for digital transformation will be unique to that business. Every organization that wants to remain competitive and agile in today’s constantly evolving business environment is going digital.

In a nutshell, it’s about responding more quickly than your competitors to changing customer needs by offering new products and services digitally — whether that’s through mobile apps or websites.

It also requires businesses to be open to taking advantage of emerging technologies (like cloud computing) that allow for quick change and automation.

The new goal is operating at speed while maintaining quality. Digital transformation also implies a willingness on behalf of software product development companies to incorporate new ideas or people who can help them adapt in a way they may not have been able to continue doing otherwise — and a decreased reliance on older ways of doing things.

There are many key players involved in digital organizational transformation. Here are some of the most important:

•  Senior leadership: This group provides the overall direction for the transformation and sets the tone for the entire organization. They also have the ultimate responsibility for ensuring that the transformation is successful.
• Transformation team: This team is responsible for leading the transformation effort and ensuring it stays on track. They work closely with senior leadership to ensure that the transformation meets its objectives.
• IT: This group plays a critical role in digital transformations, as they are responsible for implementing and managing the technology that will power the new digital organization.
• Business units: The business units are the groups within the organization that will be most affected by the transformation. They need to be closely involved in the process to ensure that their needs are met and that they can take advantage of the new digital capabilities.
• Employees: Employees will also be impacted by the digital transformation, both in terms of how they do their jobs and how the organization functions. It is important to involve them to ensure a smooth transition and get buy-in for the new digital organization.

Also Read: How Digital Transformation Is A Decisive Factor For Business Turnaround | Know Essentials

What Are The Top Digital Transformation Challenges?

With digital transformation becoming increasingly necessary for businesses, it’s important to be aware of the challenges you may face. By understanding and preparing for these challenges, you can increase your chances of success in making the digital shift.

People-centric issues: One of the biggest challenges in digital transformation is getting people on board. Change can be difficult for everyone, and employees may resist new technologies or working methods. Organizations need to ensure that their employees are trained and comfortable using new digital tools and processes.

Structural problems: Another challenge businesses face organizational structure. Many organizations are designed around traditional silos, making it difficult to implement digital transformations effectively. Businesses need to create more flexible structures that allow for collaboration and innovation to overcome this.

Technical barriers: Many digital transformations fail due to technical problems. Organizations need to ensure that their systems and processes are compatible with new digital technologies. They also need to have the right infrastructure to support digital tools and processes.

Selection of wrong tools: There are plenty of online tools for digital transformation. Some, like Slack, Salesforce, or Dropbox, are specifically designed. Others can be used even if you’re not explicitly trying to integrate them into your enterprise system.

In either case, it’s important to understand how these tools work in tandem with other business processes before implementing them.

Indefinite business goals: Before implementing any digital technology, you must know your business goals. Are you trying to increase sales? Reduce costs? Reach new customers? Determine these objectives before setting up a digital transformation project. Without these objectives in place, you won’t know whether or not a transformation is even worthwhile.

Establishing a Digital Hub: If you want your digital transformation efforts to succeed, it’s essential to create a space for collaboration — and it needs to be open enough that everyone can share insights from across your business.

While there are many software platforms on which you can do so, consider creating a digital hub with technologies such as social media, email marketing software, project management tools, video conferencing, and employee scheduling.

Finding New Opportunities: No business can stay competitive in today’s world without continuously improving its offerings and responding to changes in consumers’ needs.

Businesses are constantly seeking ways of giving customers what they want when they want it — and businesses face a wide range of potential challenges along that journey.

Get Ahead of the Curve: Tips for Developing a Successful Digital Transformation Strategy

Here are some tried-and-true tips for developing a successful digital transformation strategy — even if you’re new to the game. Let’s look at six key steps you can follow to ensure your strategy gets off on the right foot from Day 1.

1. Define your goals

Before developing a successful digital transformation strategy, you need to know what you want to achieve. What are your goals and objectives? What does success look like for your business? Be as specific as possible when defining your goals, as this will help you create a more targeted and effective strategy.

2. Conduct a digital audit

Part of developing a successful digital transformation strategy understands where your business currently stands regarding its use of technology. This means conducting a digital audit to assess your current infrastructure, processes, and systems. Identify any gaps or areas for improvement to focus your efforts on the right areas.

3. Engage stakeholders

Engaging stakeholders is another important step in developing a successful digital transformation strategy. It would be best if you got buy-in from key decision-makers within your organization so that they support and invest in your initiative. Furthermore, engaging stakeholders early on will help ensure that your strategy considers their needs and concerns.

4. Create a roadmap

Once you’ve defined your goals, conducted a digital audit, and engaged stakeholders, it’s time to start a roadmap for your digital transformation journey. This roadmap should outline the steps you need to take to achieve your goals and timelines and budget considerations. Having a clear roadmap will help keep you on track and ensure that everyone involved is aware of the plan.

5. Implement and iterate

After you’ve created your roadmap, it’s time to start implementing your digital transformation strategy. This will likely be a gradual and ongoing process, so don’t expect everything to change overnight. Instead, focus on taking small steps and continually iterating based on feedback and results. Remember that a successful digital transformation is a journey, not a destination.

Also Read Top 20 IT Consulting Companies To Seek For Business Transformation

Cutting-Edge Digital Transformation Strategies for Growth-Minded Businesses

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While digital transformation strategies have been growing in popularity, many businesses aren’t sure what they are or how to use them to help their business grow. By adopting the latest digital transformation strategies, businesses can stay ahead of the competition and better meet the needs of their customers.

There are many digital transformation strategies that businesses can adopt to improve their growth and competitiveness. Some of the latest digital transformation strategies include:

Adopting Cloud-based Technologies

Cloud-based technologies are one of the most important drivers of digital transformation. They enable businesses to be more agile, scalable, and efficient. By adopting cloud-based technologies, businesses can reduce their IT costs, improve flexibility, and accelerate their innovation.

Invest in User Experience

As user expectations change, businesses must rethink their strategies. The days of offering one product or service and hoping customers use it are long gone — it’s a buyers’ market, so you have to keep giving them more or risk losing them to your competitors.

To stay ahead of rivals, prioritize users with new digital transformation consulting services and offerings that reflect evolving customer preferences. Without a better digital experience, your business won’t stand a chance against bigger players.

Use Data Analytics to Determine Which Programs Are Working

Make data-driven decisions by working with your marketing team to evaluate whether a particular program produces desired results. This will help ensure that you and your marketing team stay focused on efforts that are producing results and saving time and money. Ultimately, you’ll be able to use data to determine which digital transformation strategies are working best, then double down on those efforts.

Follow Through with Online Reviews

Online reviews have become an important factor in customer satisfaction and brand reputation. Follow up on these online reviews with a handwritten note that thanks customers for their feedback and underscores your commitment to providing excellent service. Addressing customers by name (and including it in your note) is a great way to make them feel special. Thanking them helps ensure they’ll continue to support your business by word of mouth — and even by submitting more online reviews.

Partner With Other Brands to Offer New Products/Services

To stay competitive, it’s important to keep up with industry trends. One way to do that is by striking out on your own and offering products or services you don’t already offer, but another option is partnering with another company. By teaming up with another brand, you can provide customers with something new and exciting.

Post Pictures and Videos on Instagram

Posting videos or pictures of your product/service on Instagram is a great way to increase visibility and capture more leads. If you’re posting online content that includes photos or videos, then using Instagram as part of your strategy will be a simple transition since it uses similar tools. But even if you’re not creating visual content, Instagram could be right for you.

Nurture Communities On Facebook, Twitter, and YouTube

If you have a Facebook, Twitter, or YouTube account, ask your social media followers what they like about your business and what they wish was different. You can then use their insights to inform your strategy moving forward. Since your customers are really what drive customer satisfaction and even customer referrals, it’s important to stay in touch with them.

Start Podcasting

Podcasts provide an immersive listening experience and offer great opportunities to connect with your customers. While it’s possible to churn out a show on your own, you might want to consider hiring someone to host and create new episodes of your podcast. You can also spread out hosting duties by regularly recording episodes yourself or inviting other hosts to your show.

What Are The Benefits Of Digital Transformation?

Digital transformation is an attractive option for businesses looking to stay competitive in today’s digital world. By improving efficiencies and communication, reducing costs, and increasing revenues, digital transformation can help businesses in several ways.

Additionally, digital transformation can improve the overall customer experience. These factors make digital transformation an essential tool for businesses looking to stay ahead of the curve.

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1. Increased efficiency and communication: Digital transformation can help businesses streamline their processes and communications, making them more efficient overall. Additionally, digital tools can help employees collaborate more effectively, further improving efficiency.

2. Reduced costs: One of the main goals of digital transformation is to reduce costs. By automating processes and using digital tools, businesses can save money on labor, overhead, and other expenses.

3. Increased revenues: In addition to reducing costs, digital transformation can also help businesses increase their revenues. By tapping into new markets and understanding their customers better, businesses can boost their sales and grow their profits.

4. Improved customer experience: Digital transformation can improve the overall customer experience. By providing customers with personalized experiences and more convenient communication channels, businesses can make a lasting impression and build customer loyalty.

5. Increased employee satisfaction: Employees are happier, more fulfilled, and motivated in their roles when they feel empowered by technology. For example, remote access to company systems and programs lets employees work from home if they prefer a quieter or more flexible working environment.

6. Expanding global reach: As customers increasingly turn to digital platforms, consumers have more choices than ever before. Providing superior customer service across a wide variety of channels is essential for businesses that want to expand their reach, build brand loyalty and win new customers.

7. Enhancing customer loyalty: Going digital allows businesses to deliver a consistently seamless experience across all touchpoints. An omnichannel approach has produced a 15 percent increase in customer loyalty, while an integrated strategy offers up an extra 18 percent.

Companies that master multi-channel experiences have found that they can generate 50 percent more profit per year than those that don’t.

8. Embracing Technology: Companies that don’t embrace technological advances risk being left behind in a fast-paced, increasingly competitive marketplace. While digital transformation may seem like an ambiguous term, it simply means using new technologies to build up your business and gain a competitive edge — and you can do it without disrupting your daily operations.

Watch a quick video to know more about Digital Transformation Strategies:

The Future of Digital Transformation: Embracing Change in the Digital Age

The future of digital transformation is far from set in stone, and experts have different opinions on what that future holds. Some people believe that the internet of things will make life easier, while others believe we will see an increase in cyberattacks as systems become more interconnected.

The future of digital transformation will certainly be interesting to watch. Still, it’s up to you to determine what that future looks like by ensuring your business stays at the forefront of technology and digital trends.

Three scenarios in which we might see change

– Artificial Intelligence (AI)

– Internet of Things (IoT)

– Augmented Reality (AR) / Virtual Reality (VR)

With how fast information can travel nowadays and how easily it can be shared, technological advances are happening quicker. Just think about how different your daily routine would be without access to smartphones, social media, or online banking.

Conclusion

If you’re still on the fence about digital transformation, or if you feel like your business is too far behind to catch up, think again. The benefits of digital transformation are vast and can help businesses of all sizes get ahead of the curve.

It’s never too late to start; many companies are just starting their digital transformations now. So what are you waiting for? Get started today!

ValueCoders (one of the leading digital transformation services companies) provides a team of top custom software developers who can help you develop a successful digital transformation strategy that will have your business growing like never before. Ready to get started?

Contact us anytime!

The post Know All-New Digital Transformation Strategies & Benefits For Your Business appeared first on ValueCoders | Unlocking the Power of Technology: Discover the Latest Insights and Trends.

In the current world, the importance of digital transformation can’t be understated. It’s time to take it from a concept and make it real in your company by investing in new technologies or processes that will better serve customers’ needs, which are what will help attract them even more so than before because you’re providing an experience they need instead just giving away something for free as many companies do nowadays!

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Are you wondering why I should embrace digital transformation?

Actually, there are so many reasons compelling businesses to embrace digital transformation.

For any company looking to make the leap into a digital economy, one of its key components must be customer service. And when it comes down to making customers feel understood and appreciated for who they are as individuals with needs that go beyond what can be solved by software or hardware alone? It’s not only important but absolutely necessary in order to achieve total success.

A successful business thrives on happy clients — which means understanding them better than anyone else does right off the bat because you’re going up against competitors just like yourself vying over those sweet spots where people spend most freely (and often).

From all of this, it is clear that digital transformation is very critical for businesses in this age to thrive and continue making business. That’s the reason digital transformation consulting is highly sought-after. Among all of this, AI is expanding its reach and providing various incredible solutions for different applications.

Also, Watch Our Video on How AI Impacting Digital Transformation:

Ways AI Can Impact Digital Transformation Strategies’ Success For Organizations

1. Better Understanding Into Customer’s Preference

AI is helping to more precisely define customers’ preferences and needs, leading them into a deep understanding of who they are. This allows organizations that succeed with digital transformation projects from the beginning have better customer loyalty rates as well as improved satisfied clients based on having an accurate persona-based marketing strategy in place at launch time.

AI helps companies get closer than ever before by looking beyond surface-level similarities between people while also analyzing potential problems or barriers before it’s too late!

Digital transformation consultant tells that by using artificial intelligence tools like IBM Cognitive Business Analytics, which uses big data analysis techniques including machine learning algorithms, among others, organizations can make sure there won’t be any bumps along with your strive to embrace it.

2. Predict Customer Behaviour & Trends

The use of AI-based algorithms is making it possible to create propensity models by persona, and they are invaluable for predicting which customers will act on a bundling or pricing offer.

By definition, a propensity model relies on predictive analytics, including machine learning, that predicts the probability an individual has in purchasing certain products based on their previous actions with other companies’ marketing campaigns leading them towards conversion rates such as conversions upsell/cross-sell, etc.

Propensity models have proven themselves very effective at increasing customer retention while reducing churn percentages because not only does all this help you retain your current clientele but also potentially attract new ones through better targeting techniques via characterizing each person’s personality type so there can be more relevant communication.

3. Data-Driven Marketing Insights

AI has made it possible for businesses and marketers alike to take advantage of data-driven marketing tactics. Data-driven strategies are becoming the forefront in identifying your customers’ needs as well as predicting their future behaviour with greater accuracy than ever before, all without human intervention!

When a digital transformation company uses AI to bring in more data-driven insight, it ensures that it brings the most optimal & accurate insight. The power behind artificial intelligence also enables companies like Facebook & YouTube who rely on ads to provide better targeting options which lead us into an era where cost efficiency can be observed across key tasks such as media buying or even customer service responses. It all happened just because of AI.

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A new technology called AI can be used by producers to increase their sales. The use of machine learning allows for the analysis and presentation on why consumers are not buying certain products, as well as what they might need in order make up these purchases more easily accessible through an innovative design that caters specifically towards them with lower costs associated due to efficiency gains from decreased waste production.

Read Also: Artificial Intelligence Vs. Machine Learning Vs. Deep Learning: New Ethics of Future Advancement

4. More Consolidated Security

AI is revolutionizing how organizations digitally transform their security strategies. This is because the threats to customers’ identities and personal data continue to proliferate. It’s rare you hear any digital transformation strategy prioritize securing people over Programs or Processes (PIPs).

However, the exception maybe with the BMC ADE framework, which recognizes just how integral it can potentially become in order to attain that positive customer experience — one thing they want more than anything else!

The reason for this change comes down not only from an increased need among businesses these days. Instead, it is because of the individuals who are already so wary after many high-profile hacking scandals. It is where consumers had sensitive information leaked online without even knowing about them beforehand except through other means such as articles.

5. Seamless Customer Service

The future of customer service is AI-powered. Gartner reports that companies who embed artificial intelligence into their engagement centres will experience a 25% increase in operational efficiency while also revolutionizing how care is provided for customers.

A perfect use case gave the lack or limited data available on current contexts via digital transformations strategies within eCommerce sites or brick-and-mortar stores where people can be served remotely if the need arises; this information would make all aspects more insightful and better tailored towards individual needs.

Digital transformation companies in India are testing the capabilities of AI for customer services in different industries by implementing customer interest tracking and chatbot.

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6. Better Decision Making

For many businesses, the process of making decisions is difficult. With so much data available and no time left in their day for sifting through all this valuable information. So, it becomes hard to know what should be done next with your company. In fact, there are other things you wish could get back onto the track like marketing efforts or sales goals that haven’t yet been.

It is reached by way of prioritization discussions among employees at headquarters (or wherever). When using artificial intelligence as an innovative toolkit within these types of decision-making processes. It will not only let managers find themselves more confident about future prospects due. Besides, a deft digital transformation consultant can help you curate better ways to employ it for organizational decision-making.

7. Tracking & Traceability

The power of artificial intelligence is amazing. It can be used to identify patterns in large scopes data, helping organizations improve where needed with minimal time investment and providing insights about an organization that might otherwise go unnoticed or unheeded by those involved.

The benefits being derived from AI-powered systems are numerous: identifying inefficient processes while also saving money on unnecessary costs; gaining visibility into entities who have been previously difficult for managers to oversee due to their geographical dispersion across the globe (no matter how small); Improving decision-making abilities through automation which reduces human error rates significantly.

Owing to that, most supply chain companies embrace digital transformation consulting to leverage AI to improve their workflow.

8. Empowering People

There is a strong fear that the rise of AI might be humanity’s end. But it couldn’t be much further from reality. Though still an emerging technology with limitations and vulnerabilities in its programming. And, it needs to improve for humans as well as other machines alike.

Artificial intelligence could potentially make our lives easier by making things more efficient or personalized at times depending on what tasks need doing — including those involving Digital Transformations such as ones where we’ll see faster processes achieved through automation, saving time & money while empowering people along the way too.

So ultimately, both sides benefit. Humans get their jobs done better than ever before.  Thanks largely due-in part because there will no longer have been any human effort required. And AIso who now have greater autonomy over how they do.

9. Improved IT Infrastructure

Evergreen IT infrastructure and integration is the new standard. This is because organizations capitalize on insights gained from AI to better scale customer experiences. Flexible, quickly adapting systems are needed for every aspect of a company’s supply chain: supplier onboarding; quality management (in case something goes wrong); strategic sourcing — getting an edge over competitors because you know what they need before it does!

This means updating your ERP or purchasing platform with features like voice recognition software. Hence, employees don’t have to take orders orally anymore-and maybe even use facial recognition at some point too.

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Read More: IoT vs AI: The Difference Between the Internet of Things (IoT) and Artificial Intelligence (AI)

10. Cost Reduction & Higher Productivity

AI is making a significant impact on the manufacturing industry.  It is reducing up to 20% of the conversion costs. New research from BCG suggests that producers will get more productivity. This will also help to generate additional sales.

This is because they can develop innovative AI products tailored for specific customer needs in shorter lead times. These products are based on the process automation concept that uses computer vision algorithms or related technologies like machine learning.

Wrapping Up

Keeping customers, employees and partners informed about digital transformation initiatives is a good way to earn trust. In these uncertain times, transparency matters more than ever before. Hence, organizations should be transparent with their communication plan when creating any new framework or strategy. It will help them to fit well alongside COVID-19 pandemic response frameworks.

The Modeling Framework is an excellent example of maintaining vendor relationships during public health emergencies. If you want to leverage AI to carve a mind-blowing digital marketing strategy, you should adapt for digital transformation services. However, you need to ensure to connect with a digital transformation company deft in employing artificial intelligence in different scenarios.

The post How Artificial Intelligence Is Redefining Success Of Digital Transformation Strategies? appeared first on ValueCoders | Unlocking the Power of Technology: Discover the Latest Insights and Trends.

According to Statista, the use of online and mobile banking is estimated to increase steadily between 2020 and 2024, with the Asian market being the largest. As of 2020, more than 1.9 billion individuals globally actively used online banking services, with that the number estimate to reach 2.5 billion by 2024.

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With the emergence of various online selling and purchasing platform, there has been a rise of different unique online payment modules like PayPal or Stripe. We can see a number of businesses and organizations are deploying these online payment modules, and one of the prestigious clients asked ValueCoders to develop a world-class online payment banking app. The motive of this app is to build an online payment module that can allow users to do the transaction from anywhere to everywhere. 

Let’s discuss further how ValueCoders developed a world-class online payment banking app:

As the top banking software development company, our main priority was to give the desired app to the client and include as many customizations as the client need in order to build a financial wealth app. 

Nowadays, many banking software companies have started making applications that can help you with an easy transaction, we @ValueCoders provide the same benefit with more secure options, and users can buy the SENs (Complementary currency), and they will be able to use them for day to day transactions within their cities.

Technologies we used while developing an App:

• Node.JS
• React Native

Node.JS: Node.JS is a well-known open-source, cross-platform, backend JavaScript runtime environment that runs on the V8 engine.  

Node.JS can be used for building Banking Software Application that requires real-time data calculations and stats. 

So it was our primary choice for this Banking software application because if more than 1 million people are using the app simultaneously, Node. JS can easily handle that, as it is a good choice for large-scale apps relying on real-time data.

React Native:  React Native is also an open-source mobile application framework created by Facebook, Inc. Many big industries use this tool for building applications, and because it is very efficient and perfect for mobile apps, We use it for giving a better experience to the users. 

Challenges Faced While Creating Online Payment Banking App

The client wanted to make an app with solid malware, as it is a matter of transaction of money; it has to be taken care of. And the online banking apps consisted of many variables. There was some functionality of currency changes within the master admin panel, where the admin could change the currency value per SEN.  

All this led to the change in calculations within the application after getting it done. And the analysis was very complex, and our project management team understood the queries/calculations and tackled them by closely coordinating the results with the client. 

The application involves currency and payment transactions, so it was necessary to keep it as fully secure as possible. We used AWS EC2 Server with SSL Layer and Amazon S3 Server for Images to meet security demand. 

It has always been quite fun to deal with such kinds of situations. We are a group of talented professionals and developers who know how to tackle different aspects and problems while developing an app. 

To overcome some challenges, The team of ValueCoders used some Banking Software Solutions and focused on developing the application with all the latest updates. 

SOLUTION IMPLEMENTED BY US

Requirement Analysis

In this particular segment, we try to gather every possible information from stakeholders and document the same. It helps us remember all the key factors and helps develop the app with all functionalities. 

We follow the “SMART” rule for creating the documentation, which stands for Specific, Measurable, Attainable, Relevant, and Time-bound steps. 

And after finalizing the document, the wireframes are created, which acts as a blueprint defining the feel of the platform with respect to all functionalities. Having proper documentation of what you need and achieving the target is always necessary for better results. We always have documentation to present directly to the client to understand the project better. 

Designing Phase

Developing an app is like climbing a stair; you will face another challenge with one step up until you reach your destination. Similarly, after creating a wireframe, we move to the designing phase, in which our UX/UI developers design every single module and theme color. Every module is interlinked with functionality having some dummy data in use.

Execution Phase

With the designing part, our Backend developers develop all the initials API, and frontend developers integrate all available APIs with best practices making dynamic to all the screens. 

Client Request Based Project Delivery

Giving the best product to our client is our main motive, and just because of that, we constantly get in touch with the client after passing even a single module so that the client can check that and suggest anything more required. In this case also, while developing a banking software application, we connected with the client after passing every phase.  

Developers are connected in conversations with clients daily and follow their ideas or suggestions. In case of any feasibility challenge, developers give the alternative solution and try clients to be on the same phase. 

Clients also mention the Jira and assign the task to developers as per their priority. This process helps us meet the client’s expectations in the best possible manner and ensure the timely delivery of the tasks.

Deployment Phase

After all of that, in the deployment phase, we do the testing and see if the App is ready to use or not, and doing proper unit testing on a local machine merge with develop branch and deploying to the dev server helps us to know more about App. 

If any issues are found, the developer’s team tries to find them out and resolve them before delivering the app. 

Then we send PR (pull request) for the main branch that will be deployed on the live server after review. We are using AWS servers for all kinds of deployment.

Have a look at the video below :

RESULT

The client received the final delivery of the app on time and launched it with great enthusiasm. ValueCoders delivered all deliverables within a predefined schedule. There are around 1000 registered users on the platform, and the client is able to share its vision of autonomy, liberty, and responsibility.  

The final application for the client is full of excellent features like: 

• Accept Payments Online
• Barcode Scanning
• Bill Me Later
• Credit Card Reader
• Express Checkout
• Inventory Tracking
• Mobile Card Reader
• Online Invoicing
• PCI Compliance
• Shopping Cart
• Virtual Terminal

These are some main features of the app which was appreciated by the client after getting feedback from the users. 

After using it, users also admired the banking software application and gave some valuable feedback, which made us and the client very excited. Creating these types of cutting-edge solutions requires deep research on the market demand and the user’s mind of what they are searching for? 

If you are looking to build such applications that can increase the credibility of your business by giving modern-day solutions, you can connect with us. 

We help startups, small and medium-sized businesses adopt modern technologies and target tech-savvy contemporary audiences innovative. For more business ideas and recent tech trends, stay tuned with us.

The post How ValueCoders developed a world-class Online payment banking app? appeared first on ValueCoders | Unlocking the Power of Technology: Discover the Latest Insights and Trends.

“What the internet did for communications, blockchain will do for trusted transactions.”– Ginni Rometty, CEO of IBM

That being said, Blockchain is not a mystery anymore to modern businesses. It is going to be a 20 Billion Market by 2024 and on an average, enterprises are investing $1 million in Blockchain projects. Furthermore, 69% of banks are experimenting with this technology and the number is growing rapidly. Hence, this is clear that Blockchain is the next big thing for the financial sector.  Now as a business owner, it is important for you to know how to manage your transactions better and why you should invest on Blockchain development.

In this blog post, we are going to discuss how Blockchain development is taking financial management to a whole new level. Let’s start with some stats and facts:

Bitcoin, a money exchange system, pioneered blockchain technology was first introduced in 2009. Today, it has more than 8 million accounts. From March 2015 to Feb 2017 the fees has gone up to 1289%. Moreover, Cryptocurrency has the potential to reduce bank infrastructure investment by 30%. As of now, Bitcoin has 29910 stars on Github and it is expected to do more in future.

Now that you know a few key things, let’s see how Blockchain development can be helpful for financial management.

1) Simplified Cross-Border Payments: Blockchain development

The transfer of money and virtual assets has always been an expensive and slow process. This is particularly true for cross-border payments. Blockchain technology is able to speed up and simplify this process as well as reduces the costs significantly.  With the help of advanced eWallets, now it is much easier to transact overseas.

2) Fraud & Cyber Crime Reduction: Blockchain in BankingBlockchain development

Blockchain has potential to reduce fraud in the financial world. It is getting a lot of attention as  45% of financial intermediaries suffer from fraud and cybercrime every year. Most of the banking systems around the globe are built on a centralized database. It makes them more vulnerable to cyber attack because once hackers breach the database they have full access. On the other hand, blockchain is a distributed ledger where each block contains a timestamp and holds batches of individual transactions with a link to a previous block. This technology would eliminate some of the current crimes being perpetuated online today against our financial institutions.

Also Read: Top FinTech Software Development Companies 2022 (Updated List)

3) Less Reliance On Cash: B lockchain Programming

Digitization of financial sector helps in cost reduction at large. Widespread use of blockchain technology, together with updates to compliance regulations, will enable central banks to substitute their own regulated, blockchain-based digital currencies for notes and coins. Some central banks, such as the Bank of England and the central bank of Norway, are already discussing discontinuing use of notes and coins entirely.

4) Easy KYC (Know Your Customer):kchain in Banking

According to Thomson Reuters Survey Financial institutions spend $60 million to $500 million per year to keep up with Know your Customer (KYC) and customer due diligence regulations every year. With the advancements of blockchain development, there will be no need of KYC investments. Blockchain would allow the independent verification of one client by one company to be accessed by other company so the KYC process wouldn’t have to start over again.

5) Easier & Cost Effective Payments:ckchain in Banking

Blockchain is remarkable in improving the payments process. It would enable higher security and lower costs for banks to process payment between organizations and their clients and even between banks themselves. In the current reality, there are a lot of intermediaries in the payment processing system, but blockchain would eliminate the need for a lot of them.

Read this: All about Blockchain Technology: Meaning, Types, Benefits & Much More

6) Seamless Identity Management:

With Blockchain development, a major change has been done in Identity management. Users can choose how to identify themselves and who will be informed. They still need to register their identity on the blockchain somehow, but after that, they can re-use that identification for other services. This changes done with blockchain development are quite great as user identity is safe inside a digital network and creates a seamless access.

7) Remove Intermediates With Smart Contracts:

Smart contract is a special algorithm that automates of contracts like deal making processes. Such a contract allows users to sell realities, exchange shares, money, documents or any proprietary. One of the important features of smart contract implementation is that you won’t need to use intermediary services such as brokers, notaries, agents etc to make a transaction.

Ending Note:

Hence, this is quite clear that Blockchain development has brought revolutionary effects on the Financial sector. Even if you do not belong from Banking industry Blockchain can be beneficial for you in managing your payments, loans and financial identities.

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