The presenters discussed how fintech industry executives should act now to grow their businesses using the latest approaches and innovative technologies such as:

• Online banking
• Mobile wallets
• Cryptocurrency and blockchain
• Artificial intelligence and machine learning
• Trading and securities

The webinar tackled the ways technologies provide the fintech industry to achieve better outcomes, opportunities for lower long-term fintech costs, and a rapidly growing digital finance market.

Watch The Webinar

Five Promising FinTech Trends with Use Cases

The webinar reveals never-before-seen use cases of emerging technologies and innovative solutions for digital finance and generates a common language for accelerated collaboration across the executive’s organizations.

Participants explored a strategic overview of real-life solutions application with a strategic roadmap that ensures sustainability across all the stakeholders.

Digital Strategy for Next Your FinTech Solution

Throughout our experience in Intellectsoft, we have faced a bunch of challenges for the fintech domain. We’ve successfully solved and implemented them as solutions for our clients.

Our experts kindly presented you with the product vision and technical design workshop. Among the essential goals of the workshop are:

• Define the existing and desired business processes
• Define what stakeholders want and expect from a custom solution
• Identify technical and architectural limitations
• From steps 2 and 3, develop a “shared understanding of project objectives” for all stakeholders/participants of the workshop team
• Transform business requirements to functional requirements
• Create the initial vision of the architecture of the project
• Create a Project plan/Backlog with a definition of project risks, budgeting, and release strategy

Engineer Your Vision With Intellectsoft

While there is still a lot of uncertainty and challenges around the digital transformation in the FinTech Industry, our expertise allows us to consider a variety of technologies, use cases, and solutions for a software consultancy.

Intellectsoft has strong domain expertise for advising the right solutions to solve particular business challenges and avoid pitfalls while delivering and deploying them.

Find these and other answers to your questions by watching the webinar. If you have any additional questions left or want to discuss your next project with us, get in touch with our experts today!

The post Webinar: The Future of FinTech. Insights, Trends, and Use Cases Defining the Industry in 2021 [Video] appeared first on Intellectsoft Blog.

The statistics show that the average software developer rate per hour in countries like the USA, the UK, the Netherlands, Germany, etc. is $100, when in Ukraine it ranges between $25-50. If your business needs to hire professional engineers, but you want to spend less then you might consider contracting teams from Ukraine.

Eastern Europe has become a major destination point when it comes to outsourcing and Ukraine is among the most appealing locations. Why Ukraine? The country has a number of good reasons to be included in the lists of top countries for outsourcing and we will discuss them in detail.

Software Developers: Ukraine as Outsourcing Talent Pool

Software development in Ukraine is growing and enhancing year by year. The number of software engineers in 2020 has reached 200k.

The country is becoming a popular destination for software development outsourcing due to its beneficial and promising technical environment, effective education, and devoted employees.

100 out of Fortune 500 corporations already have offshore development teams in Ukraine.

20% of the world IT leaders choose Ukraine over other popular outsourcing destinations in Europe (Poland, Hungary, Romania, Belarus, etc.).

The following aspects influence the decision to work with the Ukrainian IT market:

• Qualified and experienced professionals
• Lower salary rates
• High-quality of delivered products and solutions
• Convenient time zone
• Easy communication

It is no surprise that companies like Google, Samsung, ABBYY, NetCracker, eBay, Skype, etc. employ engineers to work on their projects.

The Number of Software Development Companies in Ukraine

Over the past 10 years, the number of IT companies has almost doubled. In 2009 there were 940 software companies and in 2020 the number is over 1600. The majority of these companies offer custom software development and provide their services to companies around the globe.

Ukrainian companies mainly export their services to:

• the US market (80%)
• the UK (64%)
• and Germany (60%)

Also, they cooperate with such countries as the Netherlands, Canada, Norway, Sweden, Denmark, etc. The main focus is on eCommerce, education, telecom, finance, healthcare, and insurance domains.

Top 10 Reasons to Hire Developers in Ukraine

• Strong Educational Background

Source: DOU

Ukraine has a developed tech education system that guarantees its graduates get applicable knowledge, hands-on experience, and useful skills. The general literacy rate is almost 100% due to accessible education.

Every year around 36k students graduate from universities with Bachelor’s or Master’s degrees. Statistics on DOU indicate that 80.1% of IT employees have higher education, 7% have two university degrees, 1.5% hold Ph.D., while only 2.1% have secondary education certificates, and 1.8% of specialists have been only to college.

Universities have strong STEM programs as there have been and still are enterprises where a large number of engineers is needed.

Thus, with the development of the IT industry and new technologies, colleges and universities have managed to adjust education to global trends and are able to provide high-quality education. STEM programs become more and more popular, as there is a great number of students who want to work in the IT field.

Also, there is a great number of private institutions and courses where people can acquire new skills, change their occupation, or enhance their knowledge in a particular field.

• Skill Diversity

Apart from general college or university education, Ukrainian software developers pay much attention to self-education and always keep up with the latest industry trends. You can find here specialists who use the following languages in coding:

• JavaScript
• Java
• C#
• Python
• PHP
• C++
• TypeScript
• Swift
• Kotlin
• Ruby

These languages are among the most popular ones according to the DOU report.

Software companies that offer their services to outsource usually have experience in working for companies that come from various industries, including eCommerce, Healthcare, FinTech, Retail, Hospitality, Game development, etc. They have all the necessary resources to complete projects of any complexity level and provide suitable solutions.

• Convenient Time Zone

Ukraine is located in the center of Europe and its time zone is another advantage for international business. The country is suitable for nearshore and offshore outsourcing, as it is close to different European cities and it is only 7 hours ahead of the USA.

This is the reason why so many companies partner with the US IT businesses and some of them have their headquarters here. For instance, you live in the USA and you receive recent updates and reports in the morning. This helps to have no delays in project development and implementation.

As for the companies in the EU, it will be convenient for you to schedule meetings online and even have regular on-site meetings with the offshore team, as it takes from 1.5 to 3.5 hours to fly to Kyiv.

In case you need to travel to other cities in Ukraine, they have a well-developed infrastructure, so it is easy and convenient to travel to other IT hubs within the country by plane or by train.

• Communication

How can you communicate with the Ukrainian teams if you don’t know the language? The answer is simple – the IT specialists have profound knowledge of the English language, so there will be no misunderstanding.

Source: DOU

It is estimated that around 85% of Ukrainian IT specialists have intermediate, upper-intermediate, and advanced levels of English knowledge.

English is the most popular foreign language that is studied in schools and universities. Additionally, every company that works on the international market and offers its services to export takes care of its employees and gives them a chance to have free English classes.

Thus, only 15.4% of the employees in IT have a pre-intermediate or elementary level of the English language.

• Cost

IT services in Ukraine are more affordable in comparison with the US or European markets. The average rate is between $25 and $50 and it is two times lower than in the developed countries. Below you will find average salary figures depending on the language or field of knowledge application.

Foreign companies also choose Ukraine because of its low taxes and it is quite easy to open a legal office here.

• Quality

Quality is another advantage you get when you work with local IT services.

Offshore teams consist of experienced, skilled, and educated employees who do their best to suit customer’s requirements and deliver products or solutions of the greatest quality. No wonder Ukraine ranks among the top countries for international outsourcing.

• Involvement 

This is one more reason why global leaders choose to cooperate with Ukrainian IT services.

Developers have proven to be highly motivated, devoted to their job, 100% involved in the process, even when they work for other companies.

The only explanation here is that they love what they do and ready to tackle different issues.

• Fertile Environment for Startups

Taking into account the above-mentioned info, Ukraine has a comfortable environment for a startup ecosystem. 500 new entrepreneurs appear each month that offer challenging ideas and projects, complex tasks, a chance to contribute to product development.

Startups attract talented engineers who can use their knowledge and ideas, receive investments, and close profitable deals.

The list of the top Ukrainian startups includes the following companies: Grammarly, Petcube, Clickky, Kwambio, Augmented Pixels, SolarGaps, GitLab, TripMyDream, Cardiomo, etc.

• Culture Fit

It seems that every nation can find a common language with the Ukrainian developers as they are tolerant, all-rounded, and have excellent communication skills.

As Ukraine is situated in the central part of Europe, it combines western and eastern values that give the way for easy communication.

•  R&D Centers 

Nowadays there are over 100 R&D (Research and Development)  Centers in Ukraine and their number keeps growing.

Ukraine is one of the largest R&D partners in the USA. The main areas of expertise are connected with Big Data, AI, eCommerce, Cloud computing, telecommunications, etc.

Ukrainian Developers Hubs: Best Cities for Hiring

IT businesses are emerging and developing in different cities of Ukraine. The major hubs include Kyiv, Kharkiv, Lviv, Odesa, and Dnipro. Zaporizhya, Vinnytsia, and Cherkasy are cities with a lower number of companies, but they have great potential due to available resources.

• Kyiv

Kyiv is the capital city that houses around 40% of all software development companies in Ukraine. It is an educational and scientific center of the country where the leading universities are located. Therefore, leading global enterprises choose to partner with Kyiv-based IT vendors.

• Kharkiv

Kharkiv is the second-largest city in Ukraine and has well-developed machinery and electronics industries. There are over 450 tech companies and 25k IT specialists in the city.

• Lviv

Lviv is the biggest city in western Ukraine and is one of the main cultural and educational centers of the country. IT is a developed sphere in the city, as there are over 300 active IT companies and 20k IT specialists. It is a comfortable location for nearshore outsourcing for the European countries (Poland, Hungary, Slovakia, Romania, etc.).

• Odesa

Odesa is the 3rd largest city in the country and the major seaport. IT sector is also developed here and plays an important role in the city’s economy. There are over 150 IT companies here and over 10k IT specialists.

• Dnipro

Dnipro is one of the industrial cities in Ukraine, thus it has a big number of skilled engineers, that is over 12k specialists. Over 170 IT companies have their offices in Dnipro.

Ukraine App Developers Standard Salary Rates

As was mentioned above, Ukrainian software engineers work for reasonable prices that are lower than in the USA, the UK, etc., but deliver high-quality products.

Based on the data available on Clutch, the  IT industry’s regular hourly rates are from $25 to $50. Salary is based on years of experience, education level, skills, location, and need. Check the average monthly salary rates in 2020 and compare them with the ones in your country. We offer you the average salary rates based on the data available on DOU and PayScale.

Standard Salary of Java Developers in Ukraine:

• Junior SD: min. $800 per month
• SD: min. $2200 per month
• Senior SD: min. $4000 per month

Standard Salary of PHP Developers in Ukraine:

• Junior SD: min. $750 per month
• SD: min. $2000 per month
• Senior SD: min. $3650 per month

Standard Salary of Python Django Developers in Ukraine:

• Junior SD: min. $700 per month
• SD: min. $1800 per month
• Senior SD: min. $2500 per month

Standard Salary in Ukraine for Web Developers:

• Junior SD: min. $550 per month
• SD: min. $900 per month
• Senior SD: min. $2000 per month

Standard Salary of WordPress Developers in Ukraine:

• Junior SD: min. $500 per month
• SD: min. $750 per month
• Senior SD: min. $1300 per month

Standard Salary of Mobile App Developers from Ukraine

App developers in Ukraine are usually offered:

• Junior SD: min. $600 per month
• SD: min. $900 per month
• Senior SD: min. $3000 per month

Standard Salary of iOS Developers in Ukraine:

• Junior SD: min. $800 per month
• SD: min. $2600 per month
• Senior SD: min. $3800 per month

Standard Salary in Ukraine for Game Developers: 

• Junior SD: min. $800 per month
• SD: min. $1500 per month
• Senior SD: min. $2500 per month

Intellectsoft as a Software Development Company in Ukraine for Outsourcing

Intellectsoft is a software development company in Ukraine that offers its services for outsourcing. The company has been on the market since 2007 and helped numerous brands (Audi, Guinness, Walt Disney, KJK, Jaguar, Nestle, etc.) with custom software development.

We employ only highly-qualified and experienced specialists who have vast experience in software development, are motivated, devoted, and can think outside the box.

Apart from tech skills, we possess strong communication skills, have a profound knowledge of the English language, and are passionate about our job. Having a friendly and united team is a part of our success.

Intellectsoft offers a number of services that include:

• enterprise software development
• mobile app development
• IT consulting
• UX/UI design
• QA & testing, etc.

As for the technologies, Intellectsoft has expertise in Cloud computing solutions, Blockchain development, AU, AI, and IoT solutions. We always deliver high-quality solutions to our customers and partners. Intellectsoft has vast experience in outsourcing and can guide you through the whole process.

10 Steps to Hire Developers from Ukraine

Analytical data and statistics show that cooperation with the Ukrainian IT sector has numerous advantages, including lower salary rates, a professional approach to the projects, skilled and experienced professionals, etc. These pros encourage international businesses to come here in search of the right team for cooperation.

What steps should you take to deploy an offshore partner from Ukraine? Here are the tips to follow:

Step 1: Define Requirements for the Outsourcing Partner

Make a list of the requirements for the outsourcing partner. It is important to have a clear image of the partner you want to work with.

Ask your board to work on the requirements together, so every important detail is included. Think of the resources and tools a vendor should possess to complete the project successfully.

Step 2: Narrow Down Location

Choose the city where you want to find the vendor. It will be more convenient to check the offices in one city, rather than travel around the country for on-site meetings.

Step 3: Choose Candidates 

First, select 3-5 most suitable companies based on their services, years of experience, portfolio, team members, prices, etc.

Step 4: Read Reviews

Before you make a final decision, pay attention to the customers’ reviews. Contact your partners who have experience in outsourcing services and ask for their advice.

Step 5: Schedule Interviews 

Meet with the top 3 vendors you think are the best options for your company. It is better to have on-site meetings, so you have a full picture of the company. Interviews are also a great chance to get to know the CEO of the company and higher-management you could work with.

Step 6: Meet with Recruiter and Outline Team Structure

Once the vendor is chosen, meet with the recruiter, and identify the team structure for the project. So, the vendor will choose the right candidates for the project and schedule the interviews with software developers.

Step 7: Check Technical Skills

Make sure you meet with every candidate for the project and know who is going to be on your team. It is important to check the background of the employees, their education, years of experience, previous cases, etc.

Step 8: Pay Attention to Soft Skills

Tech skills are important but don’t forget to pay attention to communication skills. It is important for the candidate to know the norms of business communication and have a good command of the English language, as they have to work in an international team and communicate their ideas to their team members clearly.

Step 9: Introduce Offshore Team to In-House One 

Introduce your in-house and offshore teams to one another and make sure everyone knows their role on the project.

Step 10: Start the Project 

Now, when you have selected a suitable team and discussed all the administrative processes, you can start to build a project plan together and move on to the next stages.

Ukrainian Software Development Market in 2021. What to Expect in the Future?

Taking into account available data, we can predict that the IT market in Ukraine will continue to grow and enhance. It will increase by 20-25% each year, as the digital transformation of the majority of industries keeps evolving.

Ukraine has everything to enhance its IT ecosystem and create an even better environment for business development. Its people, education system, IT hubs and centers, everything contributes to the country’s success in international outsourcing.

The post TOP Reasons to Hire Software Developers in Ukraine: The Ultimate Guide appeared first on Intellectsoft Blog.

One of the most significant innovations is a mobile wallet. The emergence of Apple Pay, Google Pay, and mobile payments solutions from banks are likely to fuel mobile growth. Although the number of mobile payments varies in different countries, for instance:

• in China, it is 28% of all transactions
• in Denmark — 14%
• while in Germany it is only 1%

The total transaction value in the mobile POS payments segment is projected to reach US $2 m by the end of 2020, and it is expected to increase by 19.2% annually, resulting in US $4.05 m by 2024.

What Is a Mobile Wallet and What Are Its Features?

The number of digital methods will continue to increase in the near term, enabled by increased mobile technology adoption. Mobile wallet is one of the available methods, and it becomes more and more popular among users. So, what is a mobile wallet?

The mobile wallet can be defined as a virtual wallet that stores credit/debit card information in one mobile application that can be installed on your smartphone or comes as a default app.

Simply put, a mobile wallet is a virtual type of a physical wallet. Users can add discount cards, gift cards, etc., to their mobile wallets and use them when making purchases in stores or online.

If you want to regularly use a mobile wallet, you have to add your card information to the wallet. The wallet will contact your bank or card network and save the data securely on the phone. Some wallets allow their users also to save driving licenses or boarding passes.

Nowadays, there are different types of mobile wallets, and some of them can be used for in-store payments (Apple Pay, Google Pay) using an NFC chip in the mobile device. In contrast, others can only allow electronic cash transfers (PayPal).

A mobile wallet or m-Wallet is a payment solution that is reliable and secure. This type of application allows you to store all the card information necessary to provide payment online or in physical stores and make P2P (Peer-To-Peer) payments, hold funds, store transit tickets, etc.

Digital Wallets vs. Mobile Wallets: What is the Difference?

The terms “digital wallet” and “mobile wallet” are often used as synonyms, but it is not quite right.

Digital wallet is a term that was coined first and made possible to create mobile wallets.

A digital wallet usually stores all the necessary information that customers need to make an online purchase or make a transaction. This type of wallet can be accessed via a desktop browser or can come in an application for mobile devices, tablets, etc. Not all digital wallets can be used for in-store payments.

If a wallet comes only in a mobile application, it is called a “mobile wallet.” It can be installed on different devices (smartphones, tablets) and connected to wearable devices.

Pros and Cons of Mobile Wallets Usage

The increasing popularity of mobile wallets can be explained by the number of advantages they bring to customers.

Pros

1. Convenient: m-Wallets are convenient to use as they store all the necessary information in one place, and you can make a payment in one single tap.
2. Easy to use: as m-Wallets come in mobile applications, they are easy to navigate and are user-friendly.
3. Time-Effective: thanks to mobile wallets, there is no need to go to the bank and wait in lines to check your account information, provide transfers, or pay your bills. All these operations are available 24/7 through m-Wallet.
4. Secure: there is no need to use a credit card and enter a PIN every time you want to make a payment. Moreover, companies that offer m-Wallets make sure the apps are protected from cyber-attacks.
5. Control: you can easily control your budget as the apps track your spending habits.

Cons

1. Internet connection: m-Wallets are not available worldwide, as still there are areas with no or quite limited internet connection.
2. Device-dependent: you are never protected from losing your smartphone, or it can just get out of charge or break down, so it is better to have a credit card or cash with you.
3. Security: choose only trustworthy m-Wallet providers and make sure no one knows your passwords to the accounts.

Are Digital Wallets the Future of Payments?

Due to the number of benefits m-Wallets bring to its users, there is no doubt that mobile wallets will become more and more popular in the future. It is a new convenience level that saves time and offers some benefits (such as cashback or discounts if you use a mobile wallet).

However, it is not possible that m-Wallets will fully sustain a physical wallet in the near run. Devices can break down, so you always need to have some cash in your pockets, or some IDs (such as driving licenses, ID cards, etc.) must be carried in the physical form.

Mobile Wallets Software Development

The usage of mobile wallets will increase in the future as this method has already proven to be convenient. Although it is at its early stages of development, different financial software development services will continue to enhance their features, add new ones, and do everything to suit users’ needs.

Here at Intellectsoft, we are doing our best to develop robust solutions and approaches to help fintech businesses. If you have great ideas but lack tech tools and software development skills, contact our team to discuss the ideas and find out how you can turn them into reality.

It is not likely that physical wallets will eventually disappear, and mobile ones will completely substitute them. Still, m-Wallets will become widely spread and used in our everyday life.

The post What Is a Mobile Wallet? Everything You Need To Know About Digital, Mobile & Electronic Wallets appeared first on Intellectsoft Blog.

The latest reports suggest that the tourism industry might return to its pre-pandemic state in three or even more years. The recovery process is a long run, and it is important to think beforehand and predict possible scenarios.

Global crisis effect not only industries but also their customers. They change their behavior and have new demands to the facilities that should be taken into account to make visitors feel safe and comfortable by paying attention to more contactless interaction and general hygiene.

We will discuss the top 5 customers’ demands and ways how to respond to these inquiries. Modern tech tools and solutions and tools can be most helpful to the hospitality businesses, provide new ways of interaction with the visitors, enhance in-house processes, etc.

5 Modern Hospitality Consumer Demands Every Leader Should Know About

Customer’s expectations grow each year, and the demand for a personalized experience and special care will only be increasing.

As leisure and tourism businesses constantly strive to improve their services, they should always take into account customers’ demands and follow the latest trends in the industry.

Some of the trends are influenced by the visitors themselves, some are based on the latest technologies, and some are the result of global changes. Here are the top 5 trends leaders should follow in 2021.

Contactless Interactions

Contactless check-ins and check-outs are possible with mobile apps and NFC (Near Field Communication). Some hotels have already implemented this technology and made it possible for the customers not to interact with the reception staff and go straight to their room once they arrive.

Contactless check-ins and outs save a lot of time for the guests. There is no need to wait in line or sit for hours in the hall of the hotel. This technology will increase the level of guest satisfaction.

Also, the app can provide useful information for the hotel staff and notify them when their visitors will arrive, so everything is ready on time.

There are also other types of contactless check-ins that use:

• facial recognition
• membership programs (Hilton Honors mobile application)
• passport information

The Whole New Level of Safety and Hygiene

Customers will pay more attention to the safety measures and hygiene of the place, as the worldwide pandemic is not over yet. So, these concepts should be a priority for hotels, restaurants, etc.

As the survey shows, visitors are expecting to have more intense room cleaning. Employees should wear protective equipment, and a hotel has to issue free protective equipment for the customers.

In addition to this, hotels should constantly inform their visitors about the rules of social distancing.

Chatbots Who?

A chatbot is another useful tool that can help visitors solve issues or provide necessary information when staff is not available. Today software development companies use AI technologies, so chatbots can act like real company staff.

Smart Rooms

The smart hotel room is one more popular trend in the leisure and travel industry.

This type of hotel uses IoT (Internet of Things) devices and systems that allow their visitors to manage every device in their room from a single place (for instance, a mobile app).

Virtual Tours

VR (Virtual Reality) tours become more and more popular within the industry as they let the potential guests see how their stay will look like from home.

The visitors can check the place and its territory, pay attention to all the important details, and switch from planning-mode to active one. Executives have to make sure that the tours are available even without a VR headset.

How to Respond to Modern Demands? Three Ways Leaders Should Use

Recovering from lockdown can be challenging, but businesses can accelerate this process by paying attention to customers’ demands and technology incorporation.

The new norm will require three critical capabilities: flexibility, creativity, and resilience. So, how the leisure and tourism industry can respond to new demands?

• Sow your desire to listen to your customers, understand, respond, take into account their preferences and expectations. This can help you rebuild visitor trust.
• Make sure the physical environment is as clean and stress-free as possible. Prioritize employee well-being.
• Use available tech tools and solutions to minimize interaction between visitors and employees.

Reassess operations of your business and reconnect with customers.

Modern Technologies and Software Development for the Hospitality Industry

The recovery road is not that simple. The leisure and travel industry should be ready to respond to the latest trends, quickly incorporate new tech trends, and pay attention to customers’ demands. Tech devices and solutions will help executives to overcome this hurdle and retain customer loyalty.

If you want to keep up with the leaders in the field or take your business to the next level, think about custom software development for travel and hospitality. Intellectsoft is your reliable digital transformation partner to help you survive the competition.

Having an experienced and professional team working on your projects is essential. It allows you to make no or fewer mistakes when enhancing business operations and to overcome crises of any kind. Let’s talk!

The post Hospitality Trends and Challenges for 2021 [and How Leaders Should Respond] appeared first on Intellectsoft Blog.

The United States is the world’s biggest insurance market showing growth during 2018, 2019, and 2020. The robust growth is also expected to happen in developing countries.

What Is Operational Excellence in Insurance?

The Smartsheet.com experts defined operational excellence as “a framework for businesses to focus on growth and execute their strategy better than their competitors.”

Companies pursuing operational excellence led by the desire for continuous improvement adopt a mindset of problem-solving, teamwork, and top-line growth, allowing them to create more value for customers.

How Does It Work?

Operational excellence can be best described as a mindset that embraces certain principles and methods to create significant improvement within a working environment and corporation in general.

It is a ground for business focused on growth and can be reached only when every organization member works to maximize customers’ value. Consequently, OE is a path for achieving stable growth.

What Is Cost Efficiency in Insurance?

Cost efficiency is the act of saving money by making a product or performing an activity better. Since the insurance industry is mature and highly competitive, cost efficiency may be the main profitability driver.

Insurance Cost Efficiency Strategies

Kepner-Tregoe.com defines 6 main strategies to improve cost efficiency for increasing operational excellence:

1. Improving Business Processes
2. Shutdown, Turns, and Shutdown (STO)
3. Supply Chain Management
4. Security Efficiency
5. Corrective and Preventive Action Management (CAPA)
6. Quality Improvement

These are effective methods for improving operational efficiency. The strategies can reduce operating costs while increasing productivity by allowing to reallocate the resources strategically. Moreover, Kepner-Tregoe cost reduction strategies provide additional benefits that impact the entire business by eliminating waste, speeding up processes, and using resources efficiently.

5 Ways to Achieve Operational Excellence and Cost Efficiency for Insurance Organizations in 2021

1. Celebrate Success, Incentivize Good Performance

The key point of this tip is to build support, top-down and bottom-up. The strategic priorities of many successful companies are to have a culture of operational excellence and cost-efficiency. It gives a huge impact and effective impulse for keeping the organization prosper. No matter the dimension and the purpose of your organization, ensure operational excellence is a number one priority guided by the management team.

Moreover, be sure to award employees for good performance. At the end of the year, at Foundrymag, they offer awards for the best workers alongside the President’s Award for Excellence for the best example of optimum performance.

Eric Larson, a company’s head of a department responsible for developing a culture of operational excellence and improving efficiencies, says that maintaining and improving a dashboard of key metrics for each team and senior management has given him insight into best practices to promote efficiencies and ensure that capital expenditures improve technical effectiveness.

2. Develop Appropriate Metrics

One of the most important aspects of operational excellence is how you measure success. Deciding on what metrics to use is crucial for every business, and insurance is not the exception. There are plenty of metrics to track the OE success, and for insurance, we suggest the following.

1. Percentage Pending
2. Bind Rate
3. Number of Referrals
4. Contract Rate
5. Quota & Quote Rate
6. Policies In-Force per Agent
7. Retention Rate
8. Sales Growth Rate

3. Network for Improvements

Make sure you have an efficient system to support agents and departments that might need back-up. Find ways to provide the newbies with the assistance of experienced workers. This can be done in both formal and informal ways.

Again, Foundry Mag specialists have elaborated the beta-version of a program named OPERA (Operational Expert Resource Application), whose goal is to help the business solve operational issues. This app helps them connect their North American workers with foreign employees to find organizational and other kinds of issues.

4. Respect Every Individual

Every insurance company member is a value chain that plays a significant role in an organization’s welfare. Everyone has dignity and potential, so each employee deserves to be respected. It would help if you manifested this respect by involving the employees in any improvements in their department. Such an approach would help all team members feel more empowered, appreciated, and valuable. Remember that successful leaders always practice humility.

5. Reach for Perfection

This step is met with resistance by people who claim that perfection is impossible. Even though it may be truly impossible, nobody says you still can’t try to reach for it. Setting the high bar, you make up a different mindset in your organization. Facing a problem, try to look for long-term solutions, and always simplify the process without harming the outcome’s quality.

In a Nutshell

The insurance business is a well-established business in the USA that performs as its biggest insurance market. In this article, we’ve discussed the modern state of the insurance industry, operational excellence and cost-efficiency in insurance, and where to find custom insurance software development services.

At Intellectsoft, we develop custom solutions to help insurance companies reach their goals. Are you and your organization looking for improvements? Talk to our experts and find out more about the topic and how your business can start benefiting from it today!

The post Next Generation of Operational Excellence And Cost Efficiency for Insurers [2021 Insights] appeared first on Intellectsoft Blog.

It all started with pipeline tracking, asset management, and fund control — but these days, the application area of financial software reached all the key business activity dimensions. In this overview, we’ll cover the current appearance of Fintech solutions, along with the primary services and benefits they can bring you in 2021.

What Are Fintech Software Solutions?

Fintech, or financial technology, is the innovation that serves businesses, enabling greater digitalization and optimization. The software includes solutions like Microsoft Dynamics 365, BOARD, Business Intelligence Solutions, Microsoft SharePoint, Microsoft Dynamics CRM, and Microsoft 365.

Together, they create the basis for better results in various business operations — for example, financial management, smarter decision making, accurate reporting, faster information exchange, and preventing cyber threats.

What Does a Typical Financial Software Solutions Company Do?

In essence, each financial software solutions company is oriented on introducing innovative technologies that can improve corporate productivity, meaning cost reduction, and business growth. The scope of its activity is mainly oriented to getting better results in financial terms.

It serves the purposes of the banking sector, online trading, personal finance, financial analytics, financial management and accounting, and wealth management. All these improvements help the idea of providing better financial results for your business.

What Are the Key Financial Services Software Solutions?

In practice, Fintech companies offer different technological solutions to their clients. Their exact appearance depends on the development capabilities of each firm. On average, the list of financial service software solutions includes:

• Audit and compliance automation,
• Introducing customized client-oriented service,
• Budget optimization,
• Acceleration of the key administrative processes,
• Improving cash flow,
• Enabling collaborative workplace models,
• Strengthening of corporate safety.

5 Key Benefits of Using Financial Industry Software Solutions

Even though many providers claim to offer financial industry software solutions, not all of them can clearly define which good they will bring you. Here are 5 must-have advantages you should expect.

Ability to adapt to dynamic market conditions quickly. Since the law system is still strict, but the new regulations appear unexpectedly, it’s critical a firm is flexible but doesn’t push the boundaries. And here, Fintech solutions reveal their best, being incorporated in the existing system but bringing good in terms of better adaptiveness.

Establishing the basis for enhanced analytics and data collection. In this context, the list of opportunities that Fintech solutions offer includes credit clarification, fraud spotting, risk analysis, and increased customer satisfaction. In the new system, you’ll create the background for tracing creditworthiness and evaluating the customer behavior.

Accelerating through optimizing. The primary mission of Fintech solutions is to cut business expenses and accelerate business growth. These two processes are interconnected: by reducing the internal chaos within routine operations and decision-making, you automatically get more clarity and result-orientedness.

Enabling smooth digitalization. In contemporary unclarity, companies mainly recognize the need to transfer their operations online. Nevertheless, many businesses face difficulties in making this significant shift. And here, Fintech solutions create the most sustainable and comfortable ground for bringing businesses online, taking into account the existing structure’s peculiarities to achieve the needed outcome.

Bringing customer satisfaction to a new level. The key priority for introducing financial software solutions is making your clients happy. In the end, all the efforts directed on greater optimization and accuracy are dedicated to creating a highly attractive and effective service for them. And clients always fancy user-friendly and clear software that solves their problems in the most elegant manner possible.

Where to Get Professional Assistance on Financial Compliance Software Solutions?

Since the Fintech perspectives are promising, it’s hard to get a specialist on this service. We at Intellectsoft are happy to offer our financial compliance software solutions to you.

Feel free to contact us and get details about financial software development capabilities, including online banking, trading and securities, blockchain, and many other technological insights.

The post Financial Software Solutions 101: Top Benefits for 2021 appeared first on Intellectsoft Blog.

In “PART 2”, we’ll keep revealing two more strategies and sharing scientific data, so you can be sure to include all the necessary details when you create your next fintech strategy.

5 Fintech Strategies for 2021: Summary

1. Real-life adoption of Big Data and enhanced analytics
2. Changing and shifting legacy systems
3. Move to online banking
4. Developing blockchain and platforms
5. Automatic robotic processes

Blockchain Solutions

Blockchain is among the technologies that shape the world’s future. It’s already the core of numerous innovations and is about to define the digital landscape of 2021 in 4 ways:

• ICO Launch Support
• Cryptocurrency operations
• Smart Contracts
• Identity Management

2020 Global Blockchain Report by Deloitte shows that blockchain has turned into an integral part of organizational innovation as “a top-five strategic priority” for companies. Among key advantages already offered, these digital solutions contribute to cybersecurity empowerment and the DeFi (decentralized finance) development. In a broader social context, the know-how helps establish sustainable food safety, provide digital identities to impoverished people and refugees, and prevent uncontrolled weapons tracking.

For businesses, blockchain solutions promise significant facilitation and productivity boost. For example, it helps to trace the lost and previously unnecessary data for accurate decision-making. Also, blockchain is irreplaceable in ownership protection, providing easy-to-track distribution that protects the rights of creators. Finally, the technology shapes the future of transactions, with further development and greater popularity of smart contracts and cryptocurrency operations.

Robotic Process Automation (RPA)

According to McKinsey insights, the adoption of robotics automation technologies has accelerated during the pandemic, especially in processing workflows. In 2021, we expect to witness the growing popularities of these RPA technologies:

• Account reconciliation,
• Automated mailers,
• Monthly account reviews, and
• Regulatory reporting.

In essence, the installation of robots is already a new industrial trend. Even though Hollywood movies tended to dramatize the situation with apocalyptic movies, reality shows that humans and robots work well together. With the robots’ involvement, it’s possible to simultaneously do the job or delegate certain processes and tasks that are better completed if done automated.

The reality of social distancing makes robotic process automation a good solution not to stop manufacturing. Moreover, it can serve as the basis for remote collaborative coding and any other way of automating the routing processes remotely. As another core use case, the RPA industry helps to deal with staff shortages. In particular, it can cover the elementary tasks of entry-level personnel effectively.

The Future of Fintech: How to Make It as Bright as It Seems

Of course, nobody knows the future. We can only make predictions from the current dynamics and prepare for the possible changes based on these forecasts. By taking into account the statistical data from key analytical centers and our experience in the field, we see the future in financial software — with or without Coronavirus, this black swan factor of today.

To make the most of Fintech opportunities, we recommend picking the IT partner who knows how to help you grow. You can refer to us. At Intellectsoft, we offer a wide list of financial software development services — including online banking, blockchain & cryptocurrencies, digital wallet apps, AI and ML solutions, securities trading automation, and RPA enhancements.

Talk to our experts and get a personalized recommendation on the benefits Fintech can bring to your business!

The post 5 Most Promising Strategies For Financial Software Development in 2021 [Part 2] appeared first on Intellectsoft Blog.

According to a KPMG report, the global FinTech industry received an investment of $150.4 billion in 2019, and the current industrial trends include the growth of platform business models, greater consolidation, and considerable strategic deal activity.

In its turn, Deloitte analysts state the remarkable rise of investments in the USA: the country received $6.6 billion, which accounts for 62% of total funding in Q3 2020.

The year 2021 is just around the corner, and financial software development has nothing but to keep growing. If FinTech demonstrates such outstanding performance before and during the problematic 2020, the post-pandemic era promises even better results to the industry.

Here are 5 key dimensions of how FinTech will evolve in the near future — thanks to the application of revolutionary technologies like blockchain, artificial intelligence, machine learning, and cloud computing.

5 Fintech Strategies for 2021: Summary

1. Real-life adoption of Big Data and enhanced analytics
2. Changing and shifting legacy systems
3. Move to online banking
4. Developing blockchain and platforms
5. Automatic robotic processes

Real-life Implications of Big Data and Analytics

Since the loud case of using Big Data for Donald Trump’s election campaign, enhanced analytics has become among the most desired elaborations for business owners.

And there’s no surprise: the more information a company has about its clients, the better it knows these people. This means faster and more accurate decision-making, cost-effective research, and great customer satisfaction in everyday business situations.

In this context, the application of AI deserves special attention. It assists in working with data significantly. In practice, AI bots can facilitate businesses’ lives in different ways: from automating loans to creating a machine-aided procedure for account opening. Other instances include task management, transaction visualization, and providing risk scores to client profiles.

Legacy System Transformation and Migration

With the FinTech application, it’s possible to change and transfer key units and entire business systems to the cloud. This opportunity became vital these days with the disruption to working processes.

Because of COVID-19, at least one-tenth of employees worldwide are engaged in remote work, according to the McKinsey Global Institute insights. Each business owner faces the need to find the software to shift the essential data and processes in this situation.

Cloud solution enables smooth integration of the existing business model, guaranteed by sustainable support from leading IT specialists and engineers.

However, this shift should happen with a reliable IT provider who can lead your business through the process. Otherwise, you can fail like Salesforce in 2016, when the platform went offline for more than 24 hours and received tremendous business damage.

Online Banking

Steadily, Fintech is turning into a full-fledged alternative to traditional banking. It also offers functionality that reaches beyond simplistic account management (like checking balance and transferring money to cards) and shifts all the banking operations to the Internet.

In detail, the list of online banking technologies worth investing in 2021 includes:

• Custom online banking platforms,
• Online banking mobile apps,
• Online banking security,
• Online banking UI/UX, and
• Online banking system integration.

In essence, FinTech is the revolutionary invention for online banking because it makes a smartphone the only tool needed. You can use your phone for all the banking operations, including issuing cards and using different currencies. And the mobile users worldwide seem to welcome this greater smartphone usage trend warmly.

According to the Global FinTech Adoption Index published by Ernst and Young, the adoption rate of Fintech increased from 16% in 2015 to 64% in 2019.

There are numerous examples of online banking in real life. Basically, we already use this transaction type every day, from paying for Uber with Apple Pay to using a Bitcoin wallet to purchase a new car. We are already living in a world of online banking, and social distancing and closed banks only increase the need to develop this trend. In 2021, FinTech can establish platforms for check deposits, money transfers, applying for financial assistance, and cryptocurrency exchanges.

The post 5 Most Promising Strategies For Financial Software Development in 2021 [Part 1] appeared first on Intellectsoft Blog.

FinTech companies and startups’ changing dynamic forces them to be more adaptive to stay afloat or pivot during these difficult times. Financial institutions from all over the world change the way people practice their finance. These are all credited to the growth of new digital trends such as Cryptocurrency, Contactless, Trading.

The upcoming webinar “The Future of FinTech: Insights, Trends, and Use Cases Defining the Industry in 2021” offers fintech visionaries access to the unique resources for accelerating the infusion of digital finance in their business.

Throughout the live 45-minute talk, our top minds will develop a robust digital fintech blueprint for the financial companies, tapping into Intellectsoft’s IT expertise and know-how of the fintech sector.

Register Now

In this webinar, you’ll hear from industry experts who will discuss five promising trends shaping the fintech industry in 2021, including:

• Online banking
• Mobile wallets
• Cryptocurrency and blockchain
• Artificial intelligence and machine learning
• Trading and securities

The webinar also reveals never-before-seen use cases of emerging technologies for digital finance and generates a common language for accelerated collaboration across the executive’s organizations. Participants explore a strategic overview of real-life solutions application, leaving with a strategic roadmap that ensures sustainability across all the stakeholders.

Emerging FinTech trends that are most likely to impact fintech businesses in 2021

Learning Outcomes Include: 

• Exploring global fintech trends every leader should look out for in 2021
• Revealing how to make your fintech business stand out in the post-digital world
• Discovering today’s featured examples of Intellectsoft clients’ technology solutions that can help you provide better and more efficient services
• Discussing how to evolve in 2021 using emerging technologies and more efficient solutions

Meet Your Hosts for the Webinar: 

After the webinar, all participants will have a chance to discuss the topic with our experts in a Q&A session.

Click here to sign up and learn more about the webinar.

The post Webinar: The Future of FinTech. Insights, Trends, and Use Cases Defining the Industry in 2021 appeared first on Intellectsoft Blog.

The systems usually aim to understand your insurance company’s unique needs and match your requirements with customized solutions and technologies.

Having an efficient HR system means that your company has more time to spend creating strategic results.

We look at the best solutions and how they can make managing payroll, in-house certifications, incentives, and other personnel-focused tasks much more manageable.

What Is HR Management Software in Insurance?

Human resources software is used by insurance businesses to combine a number of necessary HR functions and assists with the following:

• Benefit Administration
• Online Enrollment
• Onboarding
• Compliance
• Communication
• Payroll Integrations
• COBRA Offerings
• ACA Reporting

To compete in a highly changing market, insurance leaders need a system that pushes their organization forward. Proper HR systems can build custom benefits administration systems for your clients.

Using emerging technologies, these systems centralize HR records online and sync employee data across multiple systems, including payroll, benefits, and time off. Usually, there aren’t one-size-fits-all systems, but finding the right vendor and technology can ultimately help your operations run smoothly.

Solutions

While evaluating current HR operations and needs, insurance companies seek out opportunities to eliminate redundant work through employee management systems, including:

• Payroll
• Benefits and HR administration
• Timekeeping
• Applicant tracking
• Performance management

Robust technology systems can have a significant impact on business operations. While other insurance firms focus primarily on benefits administration, there’s a possibility of creating a system including any tool your company uses to attract talent, manage the group’s population, and optimize HR responsibilities.

Key Features of HR Software

Attracting & Retaining Talents

Make managing your people easy, from streamlined onboarding and easy PTO tracking (paid/personal time off) to organizational charts, performance reviews, payment options, etc.

Streamlining Processes

Save your time by streamlining workflows and automatically incorporates everything from payroll and expense management to analytics and planning. This means less time spent on low-priority tasks so your team can focus on more important things.

With streamlined processes, your company can grow productivity, reduce costs, and create new levels of flexibility.

Meeting Client’s Requirements

Get deeper insights into market demands by using advanced analytics to bring insurance data together.

Adapting to Regulatory Changes

Prepare your company for regulatory changes by transforming key HR processes into one intelligent system.

One Centralized System For All Your HR Needs

Whether you’re looking to manage leaves, track expiring documents, send out notifications, or centralize employee databases — HR systems for insurance companies are designed specifically to cover all pain points that could arise during the digital journey.

When it comes to picking the best one for your business, consider your budget, location, and HR software you’re already using so you don’t pay for duplicate services.

Need to empower your insurance company with a smart HR system? Intellectsoft has created impactful solutions for EY, the London Stock Exchange, and EuroAccident. Explore what we offer for the insurance industry.

The post Smart HR Management Systems for Insurance Companies appeared first on Intellectsoft Blog.