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Turning Obstacles into Opportunities with Open Banking

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Institutions face numerous challenges in today’s rapidly evolving financial landscape, from stringent regulations to shifting customer expectations. These obstacles can often feel insurmountable, but they also present unique opportunities for innovation and growth. Open banking has emerged as a transformative approach that enables financial institutions to turn these hurdles into stepping stones for success.

Understanding Open Banking

Open banking refers to the practice of allowing third-party developers to build applications and services around financial institutions. By utilizing APIs (Application Programming Interfaces), banks can share customer data securely and with consent, fostering a more interconnected financial ecosystem. This model enhances competition and empowers customers with more control over their financial data. As open banking continues to gain traction globally, it reshapes traditional banking models, encouraging collaboration between banks and fintech companies.

Common Obstacles in the Financial Sector

Financial institutions encounter several significant challenges:

  • Regulatory Challenges: Compliance with PSD2 (Payment Services Directive 2) and GDPR (General Data Protection Regulation) can be complex and resource-intensive.
  • Customer Expectations: Today’s consumers demand seamless, personalized banking experiences, which can be challenging to deliver using legacy systems.
  • Technological Barriers: Many banks struggle with outdated infrastructure that hinders their ability to innovate and integrate new technologies.

Despite these challenges, open banking presents a pathway to overcome them. According to DXC Luxoft, open banking solutions https://www.luxoft.com/industries/banking/open-banking facilitate a frictionless customer experience by enabling the delivery of innovative financial products and services while turning regulatory requirements from hurdles into opportunities. Their end-to-end open banking solutions help organizations manage partnerships effectively, ensure compliance, and streamline operations, allowing banks to focus on delivering value to customers.

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Transforming Obstacles into Opportunities

Transforming Obstacles into Opportunities

Open banking allows financial institutions to turn challenges into valuable opportunities. By leveraging third-party data, banks can create innovative financial products tailored to meet their customers’ specific needs. This approach enhances customer experience by facilitating personalized services through better data insights, ultimately increasing satisfaction and loyalty. The open banking framework also encourages collaboration between traditional banks and fintech companies, fostering innovation and expanding service offerings.

For instance, DXC Luxoft’s solutions empower banks to enhance their capabilities in managing partnerships and ensuring compliance, streamlining operations and reducing friction in financial experiences. By harnessing an extensive partner network and technical expertise, organizations can prepare for data sharing while maximizing the potential of their collaborations. This transformation addresses existing obstacles and positions financial institutions to thrive in a rapidly evolving market.

Case Studies

Several financial institutions have successfully navigated the open banking landscape:

  • Case Study 1: A leading bank implemented open banking solutions to offer personalized loan products based on real-time customer data analysis. This not only increased customer engagement but also significantly boosted loan approval rates.
  • Case Study 2: A fintech startup utilized open banking APIs to create an innovative budgeting app that aggregates users’ financial data across multiple accounts, providing them with actionable insights and helping them manage their finances better.

In Europe, the UK’s Open Banking initiative mandated banks to share customer data with third-party providers, leading to a surge in fintech innovation. This initiative has facilitated the creation of user-friendly financial apps that enhance customer experience and empowerment. For example, N26, a German app-based bank, has leveraged open banking to offer seamless financial management features, such as automatic saving and personalized financial advice, attracting millions of customers and disrupting traditional banking practices.

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Strategies for Embracing Open Banking

Strategies for Embracing Open Banking

Financial institutions should focus on several key strategies to successfully adopt open banking. First, developing a clear roadmap for implementing open banking initiatives is essential. This strategy should align with the institution’s business goals and customer needs. Investing in technology is also critical; upgrading legacy systems and adopting modern APIs will facilitate seamless integration with third-party services, enabling banks to leverage the full potential of open banking.

Encouraging collaboration across departments and promoting a mindset that embraces change will help institutions adapt to the evolving landscape of financial services. By prioritizing these strategies, financial institutions can effectively navigate the challenges of open banking and unlock new opportunities for growth and customer engagement.

Conclusion

Open banking represents a significant opportunity for financial institutions to turn obstacles into avenues for growth. By leveraging innovative solutions like those offered by DXC Luxoft, banks can enhance customer experiences, create new products, and navigate regulatory landscapes more effectively. As the industry evolves, embracing open banking will be crucial for staying competitive in the digital age.

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Interactive Content and AI – Gamifying Instagram Growth

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For businesses and influencers, having an engaging Instagram presence is crucial for reaching new audiences. However, with increasing competition, simply posting high-quality photos is no longer enough to stand out. Interactive content and artificial intelligence (AI) offer innovative ways to connect with followers and organically grow your Instagram creatively.

The Rise of Interactive Content

Interactive content refers to digital media that encourages participation and two-way engagement from users. From quizzes to polls to AR filters, interactive formats grab attention and spark conversation. Research shows that interactive content can boost engagement rates by up to 5 times compared to static posts.

On Instagram specifically, some popular types of interactive content include:

Instagram Polls

In Stories, polls allow followers to vote between two options. It’s easy to get quick feedback from users because it only takes seconds for them to participate. Polls can be used by brands to survey audiences, create buzz around new product launches or get people to talk about a brand in a friendly way.

AR Filters and Effects

Augmented reality (AR) effects bring posts to life. From face filters to product demos, AR gives followers fun ways to interact with a brand. Plus, when users save or try on AR effects, they share the effect with their own followers – gaining more exposure.

Emoji Sliders and Stickers

Instagram Slider Stickers let users tap and drag an emoji along a slider bar to share reactions. Stickers also allow followers to ask questions or submit responses, powering more two-way conversations. Both are handy tools for starting engaging Stories Q&As.

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Quizzes and Challenges

From “Which [brand] are you?” personality quizzes to caption contests or user-generated content challenges, quizzes encourage participation and community building. When fans tag friends to take branded quizzes or share their challenge entries, this grows your audience.

Shoppable Posts

Shoppable posts allow users to purchase products featured in Instagram posts and Stories instantly. This interactive ad format helps convert Instagram’s inspirational browsing into direct sales.

As these examples show, interactive content gives followers fun ways to engage rather than just passively viewing posts. However, creating unique interactive experiences requires significant effort and creativity.

That’s where AI Instagram growth strategies come in. Using AI, brands can use this to create more tailored, interactive experiences that speak to their audience, analyze performance data to continue to optimize engagement, and even automate aspects of user interaction. AI not only simplifies the process but also ensures that your content strategy stays ahead of the curve, driving consistent growth on Instagram.

Leveraging AI for Easier Interactive Content

Artificial intelligence tools are making it easier than ever for brands to design, personalize, and optimize interactive content – without needing big budgets or coding skills.

Here are some key ways AI is transforming interactive content on Instagram:

AI-Powered Design

There are do-it-yourself design apps like Adobe Spark Post and Canva that have templates, and easy drag-and-drop tools to create on-brand graphics and videos in minutes. Their image and text recognition AI is built-in and is a labor saver when editing visual media.

For example, Adobe Spark automatically applies visual effects, such as removing image backgrounds or applying color filters, based on its AI recognition of photo content. This simplifies the creative process for anyone.

Personalized Experiences

Part of what makes interactive content perform so well is its personalized nature. But customizing unique experiences for each follower isn’t scalable…unless you use AI.

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Machine learning algorithms can dynamically tailor polls, quizzes, AR effects and more to each user’s interests and attributes to boost relevance. Chatbot messaging platforms also let brands build personalized chat conversations to connect one-on-one at scale.

Real-Time Recommendations

Additionally, AI powers smart recommendations for optimizing interactive content. Tools like Facebook Analytics and Google Analytics use data like user demographics and past engagement to advise creators on the best types and topics of interactive content to produce next.

For example, if your data tells you that AR try-on effects perform better with your brand’s female teenage follower base than polls, you may be told that your next hit format should be more of that. These data-backed recommendations remove the guesswork of determining which interactive content to invest in.

Gamifying Your Instagram Growth

Now that creating interactive, AI-optimized content is easier than ever, the next opportunity is gamifying Instagram growth.

Gamification applies gaming elements like points, levels, challenges and rewards to drive user engagement in non-game contexts (like social media). The brain releases feel-good chemicals such as endorphins and dopamine when we participate in gamified experiences. As a result, gamification is a great Instagram growth strategy.

Some examples of using gamification principles on Instagram include:

Photo Contests

Launching contests, which prompt fans to post theme-based photos, is a great way to motivate UGC creation. Your products or gift cards are given to the top winners of the contest, where participants compete to get the most likes on their photo entries. It gamifies content creation and makes your saved hashtag content.

Loyalty Programs

Offer loyal customers early access to limited-edition products or VIP shopping nights. Level-up programs that unlock more exclusive perks over time work perfectly on Instagram thanks to the swipe-up link feature for directing users. Gamifying the shopping experience incentivizes purchasing.

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User-Generated AR Filters

Collaborate with popular influencers in your niche to design AR-branded filters and effects challenges that your collective fans can participate in. For example, a sports nutrition brand could sponsor an athlete to create a custom lens that brings users into an immersive protein shake-making AR game. This would gamify both AR adoption and branded content creation.

Hashtag Challenges

Viral hashtag challenges inspire users to post their own versions of trending memes or videos. While risky, authentically tapping into organic platform challenges relevant to your brand can gamify viral growth. For example, a beverage company could encourage users to post videos sharing their favorite drink recipes using a branded campaign hashtag.

Influencer Collaborations

Teaming up with nano- or micro-influencers to co-create interactive polls, quizzes, or challenges creates engaged audiences. Compensating collaborators with free products or affiliate commissions also gamifies the system.

The beauty of gamified marketing is that, when done right, everyone wins. Your brand earns more awareness and user-generated content, creators gain compensation and exposure, and fans enjoy fun branded experiences.

Key Takeaways

Here are the core themes to remember when gamifying Instagram growth with interactive content and AI:

  1. Interactive content like polls, quizzes and AR provide more value to audiences with two-way experiences that boost engagement 5X over static posts.
  2. AI design, personalization and optimization tools simplify creating unique interactive content at scale to grow your Instagram following.
  3. Gamification uses human desires for competition, achievement, and rewards to drive desired social media behaviors such as posting and sharing branded content.
  4. Tactics like contests, loyalty programs, AR challenges, hashtag memes and influencer collaborations can authentically gamify Instagram growth.

The future of social media is conversational, interactive, visual and gamified. Brands that leverage these engaging content formats and human psychological triggers will now gain a competitive edge with audiences.

While still an emerging trend, early testing shows that the winning formula combines interactive content powered by AI personalization with gamification elements tailored to each platform.

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ERP — A New Era – Beyond Dynamics NAV’s Support

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Need to stay up to date with major ERP system updates?

After Microsoft Dynamics NAV comes to an end, companies need to think hard about their ERP future. 

And here’s the thing…

This ERP landscape is changing rapidly. Projections show the world ERP market is estimated to be 8% increasing from 2022 to reach $147.7 billion by 2025.

What you’ll discover:

  • Understanding the ERP Evolution
  • Critical Timeline Updates
  • Migration Options Explored
  • Future-Proofing Your Business

The ERP Landscape is Evolving

Extending Dynamics NAV support doesn’t mean you’ll just miss updates — it’s the turning point of business technology.

Here’s why this matters…

Industry report says by 2025 more than 85% of businesses will adopt a cloud-first mindset. This massive shift means:

  • Existing on-premise solutions are becoming redundant.
  • Cloud ERP has become the norm.
  • Integration capabilities are more important than ever.

Businesses that use a Navision system should start thinking about their migration now.

The Effect on Your Business

This migration away from Dynamics NAV is affecting every facet of the company’s operation. The ERP market share of large businesses stands at 39% and that of small and midsized companies rises at 7% yearly through 2025.

Here’s what this means for you:

The finance sector now represents 26 percent of the ERP revenue. This isn’t surprising because:

  • Financial operations need strong, secure processes.
  • Standards are increasingly becoming tougher to comply with.
  • Live reporting is mandatory.
  • Integration with other systems is vital.
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Wanna know the best part?

ERP solutions are getting more powerful and easily accessible. Analytics forecast AI integration into ERP systems is expected to increase at a very high rate of 36.6% per year between 2023 and 2030.

The Ultimate Timeline You Must Know

For Dynamics NAV users, the time is evaporating. With support shutting down, companies are exposed to rising risks such as:

  • Security vulnerabilities
  • Compliance issues
  • Limited functionality
  • Integration challenges
  • Performance bottlenecks

Working without support is like driving without insurance. It may run just fine now, but when it crashes, you’re left with nothing.

The North American ERP market alone, at more than $20 billion in 2024, is estimated to surpass $50 billion by 2025. That exploding scale is fuelling exponential innovation in:

  • Cloud infrastructure
  • Mobile accessibility
  • AI-powered analytics
  • Integration capabilities
  • Automated workflows

Going Where You Need To Go: Your Migration Options

What the average company doesn’t know… 

Not only does the end of NAV support present a challenge – it offers a chance to modernize your entire business. – Industry-specific ERP solutions are needed more than ever in areas such as:

  • Healthcare
  • Food production
  • Manufacturing
  • Distribution
  • Professional services

Why is this important?

Each industry has different issues and requirements. All modern ERPs have this capability in their very core.

But here’s the kicker…

This ERP system is not something you will select on a whim. Choose based on what is right for you and where you are going. Organisations that select industry-specific offerings report:

  • Faster implementation times
  • Higher user adoption rates
  • Better compliance management
  • Improved process efficiency
  • Stronger ROI

The Advantages of AWS-Based Solutions

Wondering how modern ERP differs from Dynamics NAV?

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It’s all about the cloud.

The advantages of a cloud ERP platform over traditional on-premise ERP solutions such as NAV:

Accessibility:

  • Work from anywhere with an internet connection.
  • Receive real-time data on any mobile platform.
  • Communicate information easily across teams.
  • Connect remote workers instantly

Security:

  • Automatic security updates
  • Enterprise-grade data protection
  • Regular backup systems
  • Disaster recovery built-in

Scalability:

  • Add users as needed
  • Expand functionality easily
  • Charged for use!
  • Growth without hardware limits

And what few people realize…

The savings can be substantial. With cloud-based ERP, you eliminate:

  • Hardware maintenance costs
  • Server room expenses
  • IT infrastructure overhead
  • Regular upgrade fees
  • Backup system costs

AI Incorporation: The Revolution?

Don’t you remember those AI growth numbers we talked about earlier?

AI integration is on the rise, at 36.6% per year for a reason. Modern ERPs use artificial intelligence to:

  • Automate routine tasks
  • Predict maintenance needs
  • Detect fraudulent activities
  • Optimize inventory levels
  • Forecast sales trends

But here’s something interesting…

AI’s real ERP-systems virility lies in its flexibility. Even old-school systems, such as NAV, could only do what they were told to do.

Introducing AI-driven ERP systems of the present day is another story. They:

  • Take lessons from your business habits.
  • Adapt to changing conditions
  • Identify improvement opportunities
  • Suggest process optimizations
  • Prevent potential problems

Consider the implications for your business…

Your ERP system is a strategic decision partner as opposed to simply keeping track of data. Industry analysts expect it to change the way businesses work in the future.

Guaranteed Success With Your Migration Service

And that’s the thing about ERP migrations…

They can be complicated but not painful. The secret is that you need a plan in advance. Consider these critical success factors:

Data Migration:

  • Identify essential data
  • Clean existing records
  • Map data structures
  • Validate transferred information
  • Archive unnecessary data
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User Training:

  • Create training materials
  • Schedule hands-on sessions
  • Identify power users
  • Document new processes
  • Provide ongoing support

But that’s not all…

You also need to consider:

  • System integration requirements
  • Custom functionality needs
  • Reporting requirements
  • Security protocols
  • Compliance standards

The Cost of Waiting

Wanna know what’s the biggest mistake a company makes?

Too long in getting started on their migration plan.

Here’s why that’s dangerous:

  • Reduced efficiency
  • Integration difficulties
  • Innovation barriers

Planning Your Path Forward

The good news?

You still have time to execute a tactical switch. But you’ve got to plan ahead. So here’s a tested formula:

  1. Assessment Phase
  • Document current processes
  • Identify pain points
  • List must-have features
  • Calculate ROI potential
  • Set clear objectives
  1. Selection Process
  • Research available solutions
  • Compare vendor offerings
  • Check integration capabilities
  • Evaluate implementation support
  • Review pricing models
  1. Implementation Strategy
  • Create detailed timeline
  • Assign team responsibilities
  • Plan data migration
  • Schedule training sessions
  • Set up testing procedures

The Conclusion: What Now?

Disappointment from Dynamics NAV support is more than just a challenge — it’s an opportunity to transform your business. By transitioning to an ERP platform of the modern era, you can:

  • Embrace cloud flexibility
  • Enhance security measures
  • Improve user experience
  • Drive business growth

Here’s something to think about…

The more time you leave it, the faster your rivals could be out-maneuvering you with ERP technology. The ERP market in North America is forecasted to grow to $50 billion by 2025 for a good reason – companies realize the importance of the current technology.

Don’t get caught by surprise when the NAV support ends. Get started on your migration today:

  1. Assessing your current system
  1. Documenting your requirements
  1. Researching modern solutions
  1. Planning your timeline
  1. Building your team

Keep this in mind: Transitions start with a plan. Do it now and keep your business afloat in the ever-changing online environment.

Frequently Asked Questions

When is the last date for NAV support?

Microsoft discontinued mass-market support for Dynamics NAV. No more security updates, bug fixes, or support.

What are the risks of trading on NAV?

The primary threats are security risks, compliance, lack of features and rising maintenance expenses.

How long is migration on average?

Migration times are dependant on the complexity, and typically take between 3 – 6 months for small businesses and 6-12 months for larger businesses.

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From Startups to Enterprises – Choosing Scalable Solutions for Customer Support Growth

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Customer support is the backbone of a business’s relationship with its clients. Whether you’re a fledgling startup or a well-established enterprise, the quality of your customer support can make or break customer loyalty. However, as businesses grow, maintaining high-quality support becomes increasingly challenging. The solution lies in choosing scalable tools and systems that grow with the organization while meeting the evolving expectations of customers.

Why Scalability Matters in Customer Support

Scalability refers to the ability of systems, tools, or processes to handle increased demand without compromising efficiency or quality. For customer support, this means seamlessly accommodating higher call volumes, more complex inquiries, and a growing team of support agents. Without scalable solutions, businesses risk slower response times, overwhelmed agents, and dissatisfied customers.

Startups often face this challenge as they expand. Initially, a small team may rely on simple tools like shared email inboxes or spreadsheets to manage customer inquiries. While effective for a handful of customers, these tools quickly become inadequate as the customer base grows. Enterprises, on the other hand, may outgrow legacy systems that lack the flexibility to integrate with modern technologies.

Key Features to Look for in Scalable Customer Support Solutions

When evaluating solutions for customer support, businesses should prioritize scalability and flexibility. Here are some essential features to consider:

Cloud-Based Infrastructure
Cloud-based systems are inherently scalable, allowing businesses to add users, features, or storage as needed without significant upfront costs. These systems also enable remote access, making them ideal for distributed teams.

  1. Automation Capabilities
    Automation is crucial for managing high volumes of inquiries. Tools like AI call center software automate repetitive tasks such as call routing, ticket generation, and FAQ responses. This reduces the workload on agents and ensures faster service for customers.
  2. Omnichannel Support
    Today’s customers expect to reach businesses through multiple channels, including phone, email, chat, and social media. Scalable solutions consolidate all communication channels into a single interface, enabling agents to provide consistent support across platforms.
  3. Integration with Existing Tools
    A scalable solution should integrate seamlessly with your existing systems, such as CRM software or analytics tools. This ensures a unified flow of information and reduces the need for manual data entry.
  4. Customizable Features
    Every business has unique customer support needs. Scalable solutions offer customization options, allowing businesses to tailor features, workflows, and reporting metrics to their specific requirements.
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The Role of AI in Scalable Customer Support

Artificial intelligence (AI) is revolutionizing customer support by enabling businesses to scale without sacrificing quality. AI-powered tools, such as AI call center software, provide advanced capabilities that enhance both efficiency and customer experience.

  1. Smart Call Routing
    AI systems analyze customer data to route calls to the most suitable agent, ensuring faster resolution times and higher customer satisfaction.
  2. 24/7 Support Through Chatbots
    AI-powered chatbots handle basic inquiries round-the-clock, freeing up human agents to focus on more complex issues. This ensures customers receive timely assistance, regardless of the time of day.
  3. Sentiment Analysis
    AI tools can analyze customer interactions to detect sentiment and prioritize cases requiring immediate attention. For example, an irate customer may be routed to a senior agent for resolution.
  4. Agent Assistance
    AI systems provide real-time suggestions to agents during calls, such as relevant knowledge base articles or next-best actions. This improves accuracy and reduces resolution times.

Benefits of Scalable Customer Support Solutions

  1. Improved Efficiency
    Scalable tools streamline workflows, reducing the time agents spend on repetitive tasks and allowing them to focus on delivering personalized support.
  2. Cost Savings
    By automating processes and optimizing resources, businesses can save on operational costs while maintaining high levels of service.
  3. Enhanced Customer Experience
    Faster response times, consistent messaging, and personalized interactions contribute to a superior customer experience. This fosters loyalty and increases customer retention.
  4. Future-Ready Operations
    Scalability ensures that businesses are prepared for growth, whether it’s a sudden surge in demand or gradual expansion into new markets.

Choosing the Right Solution for Your Business

The right customer support solution depends on the size, industry, and goals of your business. Startups may prioritize affordability and ease of use, while enterprises might focus on advanced features and customization. Regardless of size, tools like AI call center software offer flexibility and efficiency, making them valuable for businesses at any stage of growth.

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When selecting a solution, consider the following steps:

  1. Evaluate Current and Future Needs
    Assess your current customer support challenges and anticipate future requirements. Look for tools that address immediate pain points while offering scalability for growth.
  2. Test Compatibility
    Ensure the solution integrates seamlessly with your existing tech stack. This minimizes disruption and ensures a smoother transition.
  3. Invest in Training and Support
    A successful implementation requires buy-in from your team. Provide training to ensure agents are comfortable using the new system and leverage vendor support for a smooth rollout.

Conclusion

As businesses evolve, so do their customer support needs. Startups transitioning to larger operations and enterprises managing complex workflows require scalable solutions that can adapt to growth and changing demands.

Investing in tools like AI call center software not only enhances efficiency but also ensures a consistent, high-quality experience for customers. By focusing on scalability and innovation, businesses can position themselves for long-term success in an increasingly competitive landscape.

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