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How digital banking can save your day in these tough times?

How digital banking can save your day in these tough times?

Introduction

With the Covid-19 continuing its infectious spread, banks and the financial sector are in dire need of new and refreshing customer experience. They have to get adjusted to the changed realities to serve and maintain their customers and involve them remotely. In order to deal with the challenges posed and stay afloat, several banks have transmitted positive vibes like perks of online banking to their customers’. Services such as comfort of performing round-the-clock transactions and access of instant information regarding their account happened to be measures which banks have taken these days to retain their customers. Also, some banks are even having tutorials to create awareness among their tech-unfriendly customers and upgrading the scope and type of transactions to maximize the use.

With the Covid-induced social distancing measures in place, the use of Digital banking has gone up immensely. This will have a direct bearing on how people will carry out banking transactions in future as well. Even users have taken to digital banking like fish to water as visits to brick-and-mortar branches have reduced.

Components that are highly likely to be affected shortly.

Changes in digital customer experience

Digital transformation has made its way into the banking and finance sectors some years back, and Covid 19 has only expedited the process. Instead of a luxury, this has become a necessity in the current scenario for banks and financial institutions. As per McKinsey report, customers who happened to be happy over digital banking experience will in all probability open new accounts and create more positive word of mouth. With social distancing being the new normal, banking procedures such as customer onboarding and product origination will be digitalized to offer an incredible digital experience to customers at the cool confines of their abodes.

More emphasis on engagement

With high perks on offer customers are highly likely to shift towards involvement through a digital banking experience. With digital transactions being more convenient and involving zilch physical efforts the trend will gain more traction even after the Covid-19 problems subside.

As per Harvard Business Review, the major repercussion of the pandemic is poised to be the spike in data-enabled services in every aspect of life. This means not just the operations arena, but banks will have to work harder in the domains of virtual sales and marketing to promote those services. Through data analytics tools and instant campaign management, banks will be able to transform customer data into logical insights and utilize the same via making the correct decisions at the appropriate time. This will assist banks to accelerate both involvement and bottom line in the post-Covid scenario.

Embracing next-gen tech

In the approaching years, banks will see a lot of changes in the digital market. Hence, banks and financial institutions will become increasingly receptive to embracing new technologies to add more convenience to their lives. Banks will even welcome more expandable and flexible technologies such as AI, Machine Learning, and Cloud platforms to serve the customers in the best possible manner. But, this evolving scenario will heighten competition, which would prompt banks to keep on delivering new improvements and features through their banking apps.

Finally

Hence, it is easy to surmise that the digital trends that have caught the imaginations of many are highly likely to flourish as a result of the pandemic. Retail banks and other financial institutions that can change their work patterns in line with the existing reality, adopting digital technologies, will make more more impact in the mercurial market in the future.

We can assist you with digital transformation techniques through our development and industry expertise. In case you wish to learn more about how we can aid you in these tough times then approach us without any hesitation.

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React Native or Iconic Framework: Take your pick

React Native or Iconic Framework: Take your pick

This is a reality and we all need to accept the same. Mobile apps have become an integral aspect of an organization in these times- whether it is marketing or customer service. Literally, half of the network function is performed on mobile devices. Everyone’s life would come to a stand still without mobile apps.

When it comes to the React domain, there are two major ways of building versatile mobile applications, the ones working on every platform: Ionic and React Native.

Ionic and React Native are two ideal solutions for apps. In certain manners, they vary, which we are going to tackle and juxtapose both solutions so that there is a clarity as to choosing the right alternative. Hence, let us get into the action.

How do you explain the Ionic Framework?

A business called Drifty (presently Ionic) built Ionic. The company to begin with made drag&drop solutions that permitted jQuery Mobile and Bootstrap to make applications.

When the success of this kind of method was clear, this was utilized to create a system that would facilitate the method responsible for creating applications. Generally, the application uses web-based code, which minimizes the heavy weightlifting pertaining to launching software to the next platform. More often than not, the application code taken from the web application also works in the mobile application, courtesy the Ionic. The Ionic Platform happens to be an open source, user-friendly tool meant for businesses such as Burger King, Home Depot, Amtrak Sworkit, etc.

How do you describe React Native?

Facebook wholly assists this cross-platform system. The system can create a mobile app for iOS and Android platforms with JavaScript. As a result of its capacity to “translate” JavaScript into native components, the code can easily be shared between the two platforms. We employ bridges, which implies that it is easy to create a “bridge” between JavaScript and the native language. A bridge is, in a way, a method of setting up contact between Respond Native and native platforms. The hot reloading happens to be another important feature, which assists the programmer to check enhancements and correct quickly and effectively than in single-platform applications. React Native is utilized by businesses such as Shopify, Facebook or Wix.

Now the differences involved in these

From a non-technical individual’s perspective, Ionic and the React Native do not come across as separate entities. But the same thing can’t be said about a developer. Considering the thought process of a developer, it is critical to understand the differences while creating a mobile application. As for mobile app development, the differences happen to be significant, and warrants a focus on the same. We can view differences if we see it from a client’s perspective:

React Native = native and Ionic = hybrid

A native app happens to be a software application developed for a certain platform-iOS or Android-with a programming language. It is designed with JavaScript and React, but all elements are native iOS and Android components. When it comes to Ionic, web views are used, applications created with React Native give incredible user experience. (Web Views loads and displays web content straight from your application. For example, mail uses Web Views for showing HTML content in messages). Whereas Ionic is a hybrid form, implying that applications are devised with HTML, CSS and JavaScript. These applications can easily be used on the internet, desktop or mobile. Ionic utilizes Web View to develop apps that were mentioned above. Ionic apps happen to be full-screen and totally powered browsers which use Web Views and Web technologies. For incorporating features such as GPS, camera, etc. into your application, Ionic utilizes Cordova or Capacitor plugins. This can dent performance in bigger applications severely. Ionic has to first provide the graphic components to offer the elements on the screen via a browser.

Churn out applications faster

React Native aids engineers to extract the full potential of the code written in React for the web application. This helps in writing an application in much less time. Whereas, in Ionic, developers can easily turn a website to a mobile application. Hence, you can develop a mobile application swiftly out of an existing web application.

On the count of popularity

This could be a critical aspect while deciding between Ionic and React. As mentioned previously, React Native has the backing of the social media giant Facebook. Several other broad apps such as Skype, Uber Eats and Instagram use the same as well. Ionic happens to be an app that is also very popular. It is utilized by smartphones such as MyTelkomsel and Vodafone India.

Crux of the matter

It is quite apparent from the above mentioned points that both Iconic and React have their own merits. We simply wanted to show that both Ionic and React Native, differ in tiny details and do their jobs efficiently. We have not hassled you with any technical data and details to confuse you because we wanted to build your interest in the topic. So, now make your own choice based on the write up.

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Is Two-factor Authentication Process Really Foolproof ?

Is Two-factor Authentication Process Really Foolproof ?

There are people with high-tech security infrastructure to safeguard their online transactions. They are doing an incredible service for themselves. However, the majority of the people still operate under the severe risk of getting their online transactions hacked by Russian malware. Security is one of the critical factors for both users and app developers. Still we take chances. There are several sites and apps where you need to type in a code sent to you via SMS or email to verify that you are purchasing or changing your account details. Passwords are becoming longer and very complicated with certain sites demanding you to build one with special characters and numerical and users are being asked to add their mobile phone number to accounts as backup.

The latter one happens to be a part of an aspect called two-factor authentication, or 2FA for short, and it is what several tech companies use to secure their users from safety breaches. “The most frequently used 2FA uses an SMS code. While it is a good idea to have a common authentication device, phones have become the default device due to the fact that the majority own them. Password-secured accounts can easily be hacked, and, 2FA, in the best possible scenario, eliminates hackable passwords (“secret” “1234”) from the equation.

A THUMBS UP FOR TWO-FACTOR AUTHENTICATION

After getting attention post a famous hacking of journalist Mat Honan in 2012, 2FA was celebrated as the next weapon to protect users online. Two-factor authentication needs the user to come good on two out of three factors: Something you are aware of (PIN, password), something you possess (smartphone, ATM card, fob), or something that is yours (fingerprint or voice print).

Let’s see how this functions. We all are well-versed with using a password or PIN (something they know), one factor, and now people will get a one-time code via SMS on their mobile phone (another factor), to purchase some stuffs online, replace old password with a new one on a locked account, or transfer money, among several other things. Some people opt for a code-generating fob (second factor) to safely access a bank account or a work server through VPN from home. Based on what you perform online and which device you possess, you might use fingerprints or voiceprints (something you are) to obtain access to an account details or make payment for something with, Apple Pay or Google Wallet through your smartphone (something you have).

In the U.S., Twitter, Facebook, Google, Apple, Amazon, Bitcoin, Yahoo!, almost every email service provider, banks, insurance companies, and online services have executed some kind of 2FA. You might be working a bit harder to log in to your accounts, particularly verifying some purchases or when you cannot remember your complex password. This implies that itt has become tougher for a hacker to access your account, because if you are made to toil hard then imagine the burden on their shoulders.

CERTAIN 2FAS ARE BETTER THAN OTHERS

Not every 2FA’s are common. The one-time codes dispatched through SMS are quite common as this is the convenient way for a company to implement. Who wishes to hoard a code-generating fob to purchase something, say, on iTunes? Also, receiving a one-time code that makes its way straight to your mobile phone can be cumbersome at times, and how is a hacker going to intercept an SMS? Actually, it’s not very tough and it is quite common with high-profile cases more often than not.

In fact, it has occurred so frequently that the U.S. National Institute of Standards and Technology (NIST) made up its mind in August 2016 to disallow any services that plug into government IT systems from using SMS-based 2FA codes. NIST requires people to utilize services such as Google Authenticator or USB dongles. Devolutions concludes that out of the most popular 2FA services, those dependent on a dongle offer a risk of loss. An online authenticator is an ideal alternative, and Authy seems to be the most attractive of those, which can be accessed on a desktop app as well as on mobile, and easy to merge with your phone’s authentication set ups. Looking at the non-dongle services, Authy spares you the migraine ie. if you lose your phone or buy a new one, it permits you to reinstate it without re-configuring all your accounts. Authy’s rival, Google Authenticator, doesn’t indulge in this habit. Developers have to achieve a parity among safety features, usability and pricing.

WHAT ABOUT BIOMETRICS?

We have been through a lot of discourses regarding the safety of biometrics such as fingerprints, voice prints, ear shape, iris scans, or face recognition software to safeguard your accounts. The admirers of biometrics feel this is apt, especially for high-profile users or those seeking robust security cover for the stuff they carry out online. However, the huge cause of concern is that the process involving fingerprints, or some other biometric, if compromised, it is impossible to alter the fingerprints and start again. This can be a good idea for a science fiction drama, but in reality a bit unfounded.

If these biometrics can be breached to access someone else’s iPhone or Motorola or not is a good topic but for another day. Apple and Google contain a Secure Enclave feature in their newer iPhone and Android OSs that enhances security while using fingerprint-oriented access, but if it is an “ultimate lock down.” or not can be debated at some other time. So, rest our case regarding biometrics as a safe option for now.

SECURITY HAS ITS LIMITS

There is nothing as total safety. The internet is based absolutely on the concept of openness, and any kind of hiccups with regard to connectivity can drive users crazy. The endeavor is to make it easy for users and extremely tough for hackers. Passwords are without doubt a potent tool if you opt for a tough password. Similarly, 2FA is also a powerful tool, however biometrics are more effective than SMS codes. Further, you might have noticed that the frequently used SMS codes for 2FA aren’t very adequate, despite the perception that it is secure. If this has triggered an alarm bell inside you, then use a safe method available and, critically, let the companies who operate the services and apps you are hooked onto understand that you expect nothing but the best from them.

USERS SHOULD PUT WITH INCONVENIENCE FOR THE SAKE OF SECURITY

The disadvantage of performing better is that it adds on to your list of works, and might result in frustration for users, who should ideally have had a good password to begin with. However it is not at all amusing to find a notification from a bank, email service, big-box chain, insurance, or other company telling that your personal or financial details have been compromised by cyberattack. Nobody likes the idea of changing the password or getting a new credit card. Also, the personal or financial details that were breached are still lying unsafe before a wicked hand. The 2FA is nothing but an extension of security cover offered by a company to safeguard their services. It might cause a bit of discomfort or pain or frustration to the users but the users should realize it is for their betterment.