InfrasoftTech

  InfrasoftTech is the best banking software development company that offers wide range of banking software solution to bank and financial institute across the world  

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ENHANCED CUSTOMER EXPERIENCE WITH CONVERSATIONAL UX CHATBOTS

A recent analyst report from Juniper Research found that by 2022, chatbots and NLP will save companies about $8 billion per year in customer supporting costs, which is a far cry from the $20 million in estimated savings for 2017. And by 2022, 20% of customer service will be handled by conversational agents as reported in a recent Gartner analyst report.

The use of AI technologies such as machine learning, natural-language understanding (NLU) and natural-language processing (NLP) can help analyze customer sentiment and customer feedback at scale, precision and speed not achievable through humans. And, as a few examples, areas where AI can help include:

Sales: AI tools offer white-space analysis for sales and can recommend immediate action on opportunities. They can also prioritize leads most likely to be converted and closed, offer account insights, generate forecasts and provide explanations.

Marketing: There are AI-powered solutions that allow marketing to generate highly personalized messages at scale that could not have been achieved using humans alone.

Customer service: The use of virtual customer assistants (VCAs) can help improve the customer experience as it reduces time to response and allows users to interact with your company through a text and/or voice conversational agent 24/365.

ANALYZE & AUTOMATE CUSTOMER BEHAVIOR DATA: MANUAL ANALYSIS VS. NLP

Organizations have two kinds of customer feedback data that they measure, store and analyze: quantitative and qualitative data. Quantitative data is information that is clearly defined and easy to report on. It is the kind of data that is generally found in a survey and can be organized in a spreadsheet. Some examples are Transactional Information (Online and Offline), Communication Information (Inbound and Outbound), Online Actvity, Social Network Activity, Customer Services Information.

Qualitative data as it exists today is basically description of your customer and potential behavior, although it can include other media, such as audio, photos or video. This type of data can be captured in an email, the "additional comments" section of a survey; voice recordings of customer interactions; a post on a customer review site; in social media, call center notes and chat transcripts; and from other interactions.

Reading through large quantities of unstructured qualitative text data is time-consuming and next to impossible for large organizations or organisations dealing with large sets of customer data sets. Assuming that the average person can process 50 items of unstructured data an hour, it would take nearly seven years for one person to read through one million text items at a cost of around $145,000. No wonder that providers dealing with complex unstructred post call survey data each month utilize cognitive abilities of AI powered tools to do the work for them.

ANALYZING (REAL)-TIME CONVERSATIONS

Sales reps and customer service reps hold hundreds, or even thousands depending on the size of the company, of conversations every day. AI can help sift through these conversation postcalls, but perhaps even more interestingly, it can transcribe and analyze conversations in real time. Imagine this in a sales environment — saving sales reps the time to write up the conversation postmeeting, analyzing what was discussed during the meeting and offering recommendations on actions.

Solutions such as this can also be used for sales training purposes; currently, senior sales management spends a considerable amount of time training new sales reps. Using a solution such as this could speed up training and save senior management time. More importantly, the AI intelligence gleaned from hundreds of sales conversations will speed understanding of what works in sales situations and what doesn't, thus potentially improving the sales experience and sales potential.

AI-enabled customer experience journey can ultimately help streamline and effectuate following day-to-day operations:

Customer service:

The virtual agent acts as the first line of defense and only more complex inquiries can be escalated to human agents. Even if a call is escalated to a human agent, the bot “stands by” on the call for:

– Continuity and conversation wrap up and documentation

– In case there are human/machine learning opportunities

– If simple tasks like payment card or contact information changes need to be completed

Sales:

Mines customer data and surface hidden insights.

Captures data, improves data quality.

Analyzes conversations and spots win-win situations.

Looking for more insights on how InfrasoftTech Chatbots Solution can help you reduce costs while providing better customer experiences?  Write to us at [email protected]

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CONTACTLESS PAYMENTS, MOBILE WALLETS & WEARABLES – A CLASSIC MEDLEY FOR BANKING INSTITUTES TO MARKET

Do you notice Contactless payments, mobile wallets and wearable forming a perfect combination for a market shift in banking service channels? Absolutely! Technology is here and waiting for companies brave enough to earn it. As with any technological advancements – only the most innovative organizations, with a strong ability to adapt to changes, will be able to thrive in this new environment. So it is up to you to decide where you want to reside – within those who are actively planning changes and never want to miss any important opportunity?

Currently, we see 3 particular directions forming a unique blend which can be a source of competitive advantage for banks in the near future.

1.      Mobile Payment Applications (like Mobile Wallets) - It is no secret to anyone that smartphone adoption is growing and will continue to grow steadily in future years. From 2007 until 2016 smartphone sales have grown at least ten times, from millions to billions of units sold worldwide. In fact, offering financial services through smartphones is not new and banks or other financial institutions have been doing it for years, but we are at the beginning of a complete paradigm shift. Many Financial institutions who considered smartphones only as an additional digital service to existing digital banking and financial services are changing their focus due to the emergence of mobile wallets. Customers now look to register once, make quick & secure payments for various used services and make instant peer-to-peer money transfers with the use of technologies such as HCE (Host Card Emulation), NFC and contactless payments.

InfrasoftTech’s QRys suite of solutions is based on an Omnichannel framework and has integrated mobile banking, mobile wallet, UPI, contactless and wearable payments solutions.

An Indian state-owned Financial Services Company uses InfrasoftTech’s QRys suite of solutions on a Hosted model. InfrasoftTech’s Mobile banking application enables the bank’s customers to execute digital transactions. The solution soon gained popularity to become the preferred medium of banking transactions for bank’s customers, which greatly contributed towards their focused digital journey.

2.      Wearables (such as Smartwatches) - Another trend which is even more exciting in the current scenario is wearables. According to the recent Juniper Research, mobile & wearable contactless payments will hit $100 billion by 2018. A few years ago, banks and financial institutions were viewing their branches as the core banking service and mobile applications as a channel to access it. Now, in this new reality, mobile applications, have become the new core banking service and wearables will provide convenient access to it. Google may officially release its Android Wear 2.0 system this year. This system will not require pairing of your watch with a smartphone. With the Android Wear 2.0 release, wearable will become a completely separate device with its own web connectivity and play store with tailored applications specifically offered for Android Watches.

Imagine a situation when carrying your smartphone would be inconvenient (running/sports activities and others) and you have a Smartwatch, containing a light version of the mobile banking application. It could easily help you check your account balance, make quick payments, and even pay for the protein shake you stopped to buy by using nothing more than a watch.

3.      Contactless Payment Technologies – Think of a world where you are able to use a single wearable device, for any financial service you need, without ever having to visit a bank branch. How convenient would it be? In fact, there are banks which already provide banking services that are 100% online, without having physical branches. DBS Bank, a leading bank in Asia, unveiled Digibank, India’s first mobile-only bank. A revolutionary offering, Digibank brings together an entire suite of ground-breaking technology – from biometrics to artificial intelligence (AI) – to enable customers to enjoy a whole new way of banking.

Host Card Emulation technology holds a much bigger potential. It is effectively added to mobile applications in order to facilitate in-store payments with mobile phones, by turning them into the contactless card. For the first time ever, customers can experience true digital banking through their smartphones – making money transfers, payments in store, opening and closing accounts and making investments – everything in a single application. According to the recent Global NFC Transaction Market 2016-2020 report, prepared by Research and Markets, the NFC transaction market is expected to grow by 50% over the next four years.

We live in an exciting and challenging world today. Every year more and more different technologies are emerging right in front of us. While for some of us it may seem very frustrating and overwhelming to cut through all the information, for others it might open an excellent and exciting opportunity for business growth and personal well-being.

InfrasoftTech’s Mobile Wallet Solution; core offering of our QRys suite of solutions has been honored as “The Best Mobile Wallet of the Year” at the Payments & Cards Summit 2017.

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InfrasoftTech are glad to be a part of the largest and most influential annual ICT Banking Conference and Expo “Banking Vietnam 2017” co-organized by The State Bank of Vietnam and IDG Vietnam. Banking Vietnam has been an ongoing success for the past 14 years and has earned the reputation of an annual must-attend event.

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5 Hottest Trends Software Testers Should Keep an Eye On in 2017

With each day passing by, the advancements in the IT industry going over the roof and complexities involved in the working of software products. With new breakthroughs making headlines every day, the inherent intricacies of these applications are presenting never seen before challenges to the software testing community. We present to you 5 hottest trends and development in the world of software testing.

1. Python Continue To Be Popular

For the newbies in coding, Python remains to be their first language choice as it is easy to learn, looks like simple English, and is readable. For more manual testers moving to automated software testing and starting to learn the programming language, the use of powerful, easy to learn languages like Python will continue to be in demand.

2. Mobile App Testing In the Mainstream

While the app store approval processes are being more stringent, mobile application testing services will mature in prominence. As a result, releasing them into the market and waiting for customer feedback to fix issues will be time-consuming. Hence, on premise and cloud-based device farms will be required to reduce the infrastructure needed to test these apps.

Recently there has been a lot of investment in on premise and cloud-based devices. And, with the significant entry of Amazon’s AWS Device Farm and Google’s Cloud Test Lab, pricing pressure on other commercial vendors to provide device labs will prevail.

InfrasoftTech's Testing CoE partners with you to strengthen development initiatives, providing reliable support that ensures test coverage and drive product quality.

3. The Role of Open Source Outlives

It started with Apple’s next version of programming language, Swift, followed by Microsoft taking the same path with Net platform. From the testing point of view, open source tools like Selenium and SoapUI will advance in systems. For ultimate long-term success, commercial vendors need to increasingly play and be a part of open source movement. A Higher number of commercial vendors are expected to embrace open source technology.

4. Agile & Continuous Delivery Sustain In Prominence

As delivery cycles progress to get shorter, testing will need to be integrated into the development cycle. Which means that developers will be more involved in testing.

In order to stay upright with this requirement, testing tools need to become more developer-friendly. To make it possible, testing tools will need to enhance their focus on integrations with integrated development environments (IDEs), and other tools that help in continuous delivery.

5. More Conversations on Containers

Microservices, Containers, and Docker got a lot of attention in the recent past, given the scalability and portability benefits associated with containerization.

From an agile testing perspective, Docker will continue to gain a lot of attention, especially when it comes to solving testing challenges which arise from different environment configurations in development, testing and production.

InfrasoftTech’s Product Engineering experience gives a differential advantage of providing high-quality testing services based on domain driven quality assurance. Having repository of several thousand business cases ensures that testing coverage is comprehensive, test cycles are time-bound, and releases are defect free. A well-managed test plan enhances the ROI of the project with reduced iterations and increased productivity.

Interested in knowing more about our offerings, Contact Us at [phone] or Email Us at [email protected].

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PREDICTING BLOCKCHAIN & BITCOIN TO BE THE FUTURE OF BANKING & FINTECH INDUSTRY?

Imagine I have 1 pencil with me, I give it to you. You now have one pencil and I have zero. That was easy, right? 

Close Observation on what happened:

My pencil was physically put into your hand. You know it happened. I was there, you were there – you touched it.

Miss Sarah or any other third party’s presence was not needed to confirm that the pencil went from me to you.

The pencil is yours! I can’t give you another pencil because I don’t have any. The pencil left my possession completely and is beyond my control. You are fully authorized for that pencil. You can give it to your friend, friends of friend and so on.

That’s how an in-person exchange functions. It is almost the same, whether I give you a pen, a book, or any other currency…

Coming Back to Pencils!

Now imagine I have 1 digital pencil. And I give you my digital pencil. Interesting isn’t it?

Now how do you state that digital pencil which used to be mine, is now yours only? Think about it! Not that simple, how do you know that I didn’t send that pencil to Miss Sarah as an email attachment first? Or your friend John? Or my friend Juliet too?

Maybe there were a couple of copies made of the digital pencil on my computer and shared. Maybe I put it up on the internet and innumerable people downloaded it.

As you see, this digital exchange is a bit of a problem and isn’t similar to sending physical pencils.

Few geeky computer scientists have named this dilemma as double-spending problem. But without worrying about it and understanding the probable solution to track these transactions.

Public Ledgers

Think about tracking the digital pencils in a ledger. It’s nothing but an accounting book where you track all transactions.

This ledger, since it’s digital, needs to live in its own world and have someone in charge of it.

Just like Blizzard, the guys who created the online game World of Warcraft, have a “digital ledger” of all the rare flaming fire swords that exist in the game. So, cool, someone like them could keep track of our digital pencils. Hurray – mystery half solved!

Another Side to the Mystery

Another side could be:

1) What if some guy over Blizzard could add a couple of digital pencils to his balance whenever he wants!

2) It’s not the same as it was the other day. It was just you and me then. How can I just hand over my digital pencil to you in the usual way?

Is there any way to closely replicate transaction digitally? Seems a bit tough…

Thinking of a Solution

What if this ledger is given to everybody? Instead of the ledger living on a Blizzard computer, it’ll stay in everybody’s computers. All the transactions that ever happened will be recorded, from all time, in digital pencils.

You can’t cheat it. You can’t send digital pencils you don’t have, because then it wouldn’t sync up with everybody else in the system. It’d be a tough to beat. Especially if it got really big.

Plus, it’s not controlled by one person, so I know there’s no one that can just decide to give himself more digital pencils. The rules of the system were already defined at the beginning.

The code and rules are open source and for the smart people like us to maintain, secure, improve, and check.

Anyone can participate in this network – updating the ledger and making sure it all checks out. For the trouble, you could get like 25 digital pencils as a reward. In fact, that’s the only way to create more digital pencils in the system.

Simplified quite a bit … But that system I explained exists. It’s called the Bitcoin protocol. And those digital pencils are the bitcoins within the system. And the system or public ledger as we call it, is nothing but, Blockchain Technology. So, you see how easy it was?

Blockchain & Bitcoin Facts

1) Its open source, with total number of pencils defined in the public ledger at the beginning. Everyone knows the exact amount that exists within the system, and is limited (scarce).

2) When I make an exchange I know that digital pencil certifiably left my possession and is now completely yours. It was not possible before, but now it will be updated and verified by the public ledger.

3) Because it’s a public ledger, I didn’t need Miss Sarah (third-party) to make sure I didn’t cheat, make extra copies for myself, or send pencils to someone else…

Within the system, the exchange of a digital pencil is now just like the exchange of a physical one. It’s now as good as seeing a physical pencil leave my hand and drop into your pocket, the exchange involved two people only.

In other words, it behaves like a physical object. But you know what’s cool? It’s still digital.

We can now deal with 1,000 pencils, or 1 million pencils, or even .0000001 pencils. It could be sent with a click of a button, and dropped in your digital pocket if I was in California and you were all the way in New York.

Implications of Blockchain Technology on Banking & FinTech

Blockchain being a single, authoritative record of confirmed transactions stored on the peer to peer bitcoin network. Even with top-notch digital encryption, if there is no central registry to show that certain bitcoins had already been "paid" to someone else, you could sign over the same coins to multiple people in a double-spend attack, like writing cheque for more money than you have in your account. Normally this is prevented by a central authority, the bank, keeping track of all the cheque you write and making sure it doesn’t exceed the amount you have in your account. The bank has to spend a lot of money protecting those central records, whether they are in a physical or digital form.

The blockchain fixes all such problems by creating single master registry of the already-cryptographically-secured bitcoin transfers, verifying them and locking them down in a highly competitive market called mining.

The financial sector always impeded for delays in clearance and settlement, blockchain technology will improve transaction speed while negating these concerns. Currently, plans to adopt such technology may be in the initial stage, but implementation of distributed ledger is unavoidable.

Apart from this, blockchain technology will empower users and clients allowing complete transparency of each and every transaction. Ultimately creating a trustless environment amongst all the entities involved.

Interested in knowing more about our offerings, you may Contact Us at [phone] or Email Us at [email protected].

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TOP PREDICTIONS FOR FINTECH IN 2017 – ‘REGTECH’ BEING MAJOR

With the turmoil of currency crunch, demonetization and changing government policies in 2016 - 17. Our overview on what’s in store for Fintech industry in this New Year. With the new buzzword Regtech making its way through 2016, it looks like it will really own a strong position in 2017. Let us have a look at predictions we have for Fintech:-

Competition from China – China is approaching towards a global leadership in B2C Fintech with companies like Tencant and Lufax. They have solutions which deserve global recognition among the Fintech industry for giving us high performing innovations.

“Regtech” Trends – While Fintech went mainstream in 2016, we predict Regtech to rule in 2017. Banks realizing the need to regulate the processes for which they will hire people at a very high cost. Instead they would implement such Regtech banking solutions which would make their lives easy and cost effective. Unlike Fintech solutions there might be no competition among banks for Regtech solutions. But it could become a win-win situation if cooperated well with each other.

Handshake with AI & Robots – With Regtech being the buzzword, we also have cutting edge technologies like Artificial Intelligence and Robotization in banking with tremendous potential to change the industry dynamics and show completely new direction to Fintech. With AI in place we can have seamless big data analysis and gauge informative insights to deliver personalized solutions to the banking customers. InfrasoftTech has deep experience supporting some of the most sophisticated businesses in the world. Robotization of card management process for issuing replacements for lost or stolen cards, reversal of charges, predominantly from customer-facing websites; credit check, instant approvals, moving data for claims processing, mortgage processing etc.

Chatbots For Real – We will see banks having their own Siri like app for day to day banking transactions for its customers. This technology will replace the need to have call centers for various banking services. Almost all the necessary information will be provided by a Chatbot which a customer care executive is expected to provide. This is where the future of conversational banking lies where you will love banking with the Chatbot. InfrasoftTech assists its customers in developing bots which can help users answer business queries quickly and more easily. Bots, for example can act as an investment advisor, help trading Bitcoins, or even manage expenses.

Facebook Bank Account – With Facebook and Apple showing its interest in the financial markets. Western companies are looking forward to pave their way in this industry. It will be no longer when your bank accounts could be linked with your Facebook accounts for direct payment transactions and processing.

Master Fintech – With the tremendous amount of industry growth there are people who really want to educate themselves about Fintech. There are universities which offer various courses on Fintech and you can become a specialist in it. This trend will really catch attention in 2017.

India Moving Forward – One of the most resourceful FinTech projects globally is the 'India Stack', which has many impressive layers, including a universal biometric digital identity, already issued to more than 1 billion people, as well as a single interface for all of the country's bank accounts and wallets. By this means it may drastically transform the financial services industry in the country.

From the above we have a clear understanding that a variety of banks & financial institutions should turn words into actions by adopting technology in various areas of operations. One of the latest and probably most vivid indicators of transformative processes in banking is Goldman Sachs, which brings significant automation into areas of trading like currencies and futures using complex trading algorithms, some with machine learning capabilities.

Another example is iHDFC Bank tied up with AI firm Niki.ai to bring in “conversational banking” – chatbots that facilitate commerce and banking transactions without getting out of the chat window. The chatbot is presently available on Facebook messenger where it can be used for e-commerce transactions like booking a cab, ordering food or paying bills.

InfrasoftTech is a Fintech digital solutions provider serving 450+ financial institutions across 36 countries. The InfrasoftTech landscape covers Retail & Commercial Banking, Investment Banking, SME & Asset Financing, Asset Management & Wealth Management, Brokerage, Capital Markets and Payment Solutions.

Interested to know more about offerings, you may Contact Us at [phone] or Email Us at [email protected].