1621940308
AI Makes Banks Cost-Effective & Efficient: Mohua Sengupta
On the first day of Analytics India Magazine’s The Rising 2021, Mohua Sengupta, Managing Director Bangalore at Mashreq Bank, delivered a keynote on how artificial intelligence is revolutionising banking.
#ai
What is GEEK
Buddha Community
1624430282
Banking App Development Cost - 8 Hidden Factors
Since 1994, Digital banking has been here. It is a very long time, but digital banking through mobile devices is entirely new to the banking industry. It all started when Atom became the first digital-only bank in the UK.
Nowadays, Tech-savvy customers expect corporations to support their digital movement, and because of this, almost every industry has adopted technologies to stay relevant with these modern customers. Most of the newbies who plan to develop a banking app have two questions in mind: “What is the cost of developing a banking application” and “Which hidden factors affect the cost of developing a banking app?”
You can get all the answers to these questions here, because this article will take you through the cost of developing a banking app, the features of banking apps, and much other pertinent information. After reading this, you will be able to plan better for your mobile banking app development. But before directly jumping into the cost of mobile banking app development, let’s take a look at the global digital payment market size of mobile banking.
Global Digital Payment Market Size
According to GlobalNewsWire, by 2026, the Global Digital Payment Market size is estimated to reach $175.8 billion, rising at a market growth of 20% CAGR during the forecast period.
Around 23% of millennials use mobile banking apps daily.
Around 49.2% of total smartphone users use mobile banking apps.
41% of Americans said that mobile banking apps had minimized their concerns about managing finances.
Data Source: Statista
As you can see, the data clearly indicates that the percentage of smartphone users are increasing day-by-day. Therefore, by engaging in your own mobile banking app development currently, you will be able to take advantage of the growth in mobile users. But, the cost of developing a banking application depends on so many factors like the platform, features, technologies, and so on.
Mobile banking app development cost
Cost of developing a banking app depends on various factors. To give you a rough idea of the mobile banking application development cost, the total development time for a fully-featured app sums to 3760 hours. Considering hourly rate for fintech projects of $25, the cost of developing a feature-loaded banking app stands around $94k.
Banking Application Development Cost depends on different phases such as:
- Research and Planning
- UI/UX Design
- Development
- Testing
- Maintenance and Support
8 Hidden Factors of Costs of Mobile Banking App Development
1. Push Notifications
It’s not easy to imagine an app that does not utilize this necessary mobile capability. Push notifications always increase your users’ engagement with your mobile banking app and encourage the desired action. Push notifications are of three types:
-
Transactional notifications notify users about their account updates.
-
The Application-based notifications indicate when the mobile banking app requires the user’s attention, whether related to the password change requests or document submissions.
-
Promotional notifications are to grab the attention of customers to offer discounts and attractive deals.
2. Chatbot Integration
For most users, mobile banking has a steep learning curve, and due to that, the customer will require immediate assistance on various occasions. Hence, creating a chatbot for customer service is the best way for many institutions to improve their customer service availability. The chatbots will save you a lot of time and money, whilst providing customer support 24/7. But this feature has a separate development process, and therefore you have to pay separately for this.
3. Servers
Servers are where your mobile banking app will be hosted. If you are not with the largest enterprises, you will want to outsource hosting from Amazon, Azure, or Google, which will result in more costs.
4. Content Delivery Network
A CDN is a system that is used to deliver content to the app based on the origin of the content, the content delivery server, and the geographic location of the particular user. In simple words, if you have users across the globe, and they have to keep coming back to one far off location to access the content, then the app will not perform in a good way. So, if you want your mobile banking app to perform effectively, you should use a content delivery network, because it reduces the app loading time and also increases the responsiveness of the app.
5. Development Tools
If you want to use paid deployment tools like iBuildApp, Appy Pie, and IBM MobileFirst, to develop your mobile banking apps, you will need to subscribe to them over the lifespan of your app. This will also affect your banking app development cost.
6. Android and iOS Updates
As we all know, both platforms constantly release updates, and those updates require maintenance. Depending on the extent of maintenance required, the cost in the long-term can sometimes be significant.
7. APIs
Every mobile app usually has multiple third-party APIs that they interact with, especially at the enterprise level. If you make changes to any of these applications, they will require periodic maintenance of your APIs. For instance, Facebook updated their API version four times in 2016; now, what if you want to integrate with Facebook? You will need to update your app to accommodate those changes.
8. Bugs
As you know, every app has bugs, and not even a single developer can assure you that there will be no bugs in the future in your app. It’s just that sometimes they go undiscovered for months or even years. User communities are not kind to apps that are slow to address the issues that they have reported.
Conclusion
The cost of banking application development not only depend on the features of the banking application, but they are also heavily affected by the hidden factors I have mentioned. The primary issue with mobile banking app development cost is the amount of individual components that you need to gather. Each of them can cost thousands of dollars, and these costs will continue throughout the lifespan of your app. However, the rewards that come from a successful mobile banking app development project are huge.
Pro Tip: The cost of developing a banking application greatly depends on the hourly rates of programmers and the expertise of the team. FinTech experts are able to complete these projects much more efficiently.
#banking app development cost #banking application development cost #cost of developing a banking app #cost of developing a banking application #mobile banking app development cost #mobile banking application development cost
1619511840
Making Sales More Efficient: Lead Qualification Using AI
If you were to ask any organization today, you would learn that they are all becoming reliant on Artificial Intelligence Solutions and using AI to digitally transform in order to bring their organizations into the new age. AI is no longer a new concept, instead, with the technological advancements that are being made in the realm of AI, it has become a much-needed business facet.
AI has become easier to use and implement than ever before, and every business is applying AI solutions to their processes. Organizations have begun to base their digital transformation strategies around AI and the way in which they conduct their business. One of these business processes that AI has helped transform is lead qualifications.
#ai-solutions-development #artificial-intelligence #future-of-artificial-intellige #ai #ai-applications #ai-trends #future-of-ai #ai-revolution
1599890280
Researchers Find A New Way To Make AI 1000X More Energy-Efficient
While it comes with extreme benefits, artificial intelligence has time and again proved to be notoriously energy-consuming when implemented with traditional methods. According to data, training a single AI model can produce the same amount of CO2 as done by five cars in their whole span. In an attempt to create energy-efficient AI, researchers at UCL have created a system that can enhance the performance of a brain-inspired computing system by reducing the AI’s carbon footprint.
In a recent study, published in a paper, the researchers and engineers of UCL have suggested the application of ‘committee machines’ on the memristor-based neural networks. Physically implemented neural networks undergo issues like device faults, random telegraph noise, variability in device-to-device interaction, and line resistance. Thus, it was noted that the accuracy of the AI system could be vastly improved by replacing the transistors with memristors for all devices. Deploying simulations and experimental data from memristive devices would further allow them to enhance their performance without increasing the number of memristors.
With the ever-increasing demand for data, it can cause difficulties in increasing data transmission capacity after a certain point; thus, this study can be extremely beneficial for the current era.
#opinions #1000x energy efficient ai #ai carbon foot print #energy efficient ai #ai
1621940308
AI Makes Banks Cost-Effective & Efficient: Mohua Sengupta
On the first day of Analytics India Magazine’s The Rising 2021, Mohua Sengupta, Managing Director Bangalore at Mashreq Bank, delivered a keynote on how artificial intelligence is revolutionising banking.
#ai
1604482992
How much does an iOS or Android chat app cost to make?
Messaging is one of the most essential functions that smartphone users want to have at hand. Smartphone won’t be a must in our life if it has no chatting function. There is no one that doesn’t have WhatsApp, Viber, WeChat or Snapchat installed on his device. AppClues Infotech has a relevant experience crafting different messaging apps with top-notch technology stacks behind them, and we want to share our insights with you.
We have a team of professional Chat App Developers, experienced Whatsapp clone app developers who works hard on simple as well as complex problem and give their best out of it. Our Chat highly experienced app developers design an application which are elegant, feasible, easy accessible and capability to generate high traffic towards your website.
Ideal features in a Chat app:
- Instant Messaging
- Real time connectivity
- Multimedia file transmission
- Security
- Push Notification
- Quick search
- Group Chat
- Video and voice calling
- Social Integration
The Cost to build an Chat app is between $12 to $15 per hour. The Cost is depends on complexity of a product and feature we need in chat app. The following three factors affect the final cost:
- Technical complexity
- The number of devices and OS
- Custom designs and animations.
Benefits with AppClues Infotech:
- Steady Mobile Chat App Development Service : Our chatting app development services aim at kickstarting and concluding the app development tasks reliably.
- Affordable Chatting App Development : It is our vision AppClues Infotech to concentrate on the chat mobile app designing and development in the most affordable way.
- Guaranteed WhatsApp Chat Clone Security : The specialization of our experts lies in securing the apps with some of the most robust features.
- Quick Client Support: We at AppClues Infotech take it as our responsibility to provide quick client support in any of the ways required to them.
With its years of expertise in developing messaging/ chatting apps, the AppClues Infotech team of developers has now endeavored into chatting app development. Our sole aim with the messaging apps development is to bring people closer with instant messaging facilities. The app developers at our company have helped us achieve the goal with utmost delicacy.
#cost to make an ios chat app #cost to make an android chat app #cost to build a messaging app #make a messaging app #custom mobile chat app development #how to make a chat app