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Warm greetings, dear readers! You are in a blog dedicated to modern software solutions. This web resource is held by the best specialists of Cyclopaedia. Since 2011, our company has been developing advanced mobile applications and websites, which help to scale business and increase income. Feel free to contact us to find out what exact solution you should launch.

In this blog, we are going to show you how a high-quality system can contribute to the rapid growth of your company. Every case is unique but there are some trends and mandatory things, which your application must have. Cyclopaedia has great experience in creating Fintech, Transportation & Logistics, Healthcare, IT services, Media, Real estate, and other solutions. Thus, in the blog, you’ll find valuable information about each listed type of applications.

We’ll tell you how to develop a convenient and competitive system, what technologies should be in priority, and what approximate amount of the budget is required. Cyclopaedia has been working since 2011, so you can trust us.

Nowadays, it doesn’t matter what industry you are operating in: you have to implement digital products in order to be a leading company in the market and reduce costs by automating your production. This blog will help you make up your mind about what solution should be launched.

Thanks to the opinion of our experts on various systems, you’ll be aware of what needs of your business will be covered and what budget you should have. Some solutions are designed for your audience while others are for internal use.

We’ll tell you about the latest trends in different markets and try to predict their duration (some trends are temporary and don’t deserve your attention). However, there are certain technologies, which must be implemented right now. Below we have mentioned several markets and obligate solutions.

Finance:

• Convenient online banking;

• Online lending.

Transportation & Logistics:

• Online GPS tracking;

• Sensors for tracking conditions of products.

Healthcare:

• Website to make appointments online;

• Telehealth (it is especially required during the pandemic).

The statistics show that more and more people worldwide are embracing internet banking. In the USA, 64,5% of citizens use modern financial technology to control their financial accounts and make different payments. Thus, online banking is a digital system, which allows getting bank services remotely. Access to the account is provided through a mobile application or website.

A few words about the first online banking

This solution called Home Banking was invented in the USA in the 1980s. The impetus was the rapid development of banking services in a market economy, so financial organizations decided to allow contributors to check their money on accounts. After a while, the number of available services was expanded. Such an approach to customer service turned out to be incredibly lucrative and convenient for clients, so it spread all over the world.

How to use internet banking?

Today every company worries about the user experience and that’s true for banks. They try to create such a user interface so that it is easy to register and start working with the system. There is no guide, which would be relevant for existing banks. First, open the mobile app or visit the website. Then, find the button “Register” or “Log in”. Next, follow the instructions of your financial organization entering the required data.

Another option is to visit a branch. An advisor will definitely help you. Some banks allow registering through ATM machines.

A piece of advice: create a password that is hard to guess and includes a combination of numbers, special characters, uppercase, and lowercase letters. Avoid using names, dates, or common words.

Why is the availability of online banking so important?

We can hardly ever imagine our life without online services. Many people have preferred to make transactions using a mobile phone PC instead of going to a branch. Thank to it, banks got the following opportunities:

• Reduce costs. Fewer expenses for utilities, salaries, rent payments, and so on;

• Enhance security and safety. People operate their money independently sitting at home, so there is no risk of getting the virus in these challenging times. The system guarantees the security of payments by encrypting all data (establishing the SSL connection). Moreover, it has 3D-Secure: this feature requires entering a code from SMS every time you make a payment;

• Eliminate cash. Modern technologies are an effective tool to make transactions transparent and easy to execute. We are moving to full automation of processes;

• Simplify interaction. Agree it is much easier to work when the services and support are online.

Why has internet banking become so popular?

First of all, clients like to control the movement of funds on their accounts. Today bank applications offer detailed statistics about income and expenses, so you can plan your budget better.

Furthermore, customers are able to choose the best service in the market: usually, all you need to do to become a client of a certain bank is to download its app and send photos of your documents.

So, the main features of online banking are as follows:

• Personal account with the information about your credit cards and deposits;

• Account statement so you know where your money has gone;

• Creation of an application for a loan, insurance, deposit, and so on;

• Making transactions in no time;

• Budget planning. Usually, online banking has the functionality, which allows analyzing your expenses. It is very useful if you wish to change your habits of spending earned money rationally;

• Making savings. Set goals and ways to accumulate money (percentage or a certain amount of expenses, rounding of costs).

How to choose a great service

Online banking is directly linked to your money, so a high level of security is a priority. The confirmation of online payments by 3D-Secure (when you get a disposable code) is obligatory. Also, advanced banks offer an opportunity to see in their mobile apps all subscriptions you have. You can forbid any service from debiting money in a few taps.

Another important thing is the number of services available online. Make sure you won’t have to go to the nearest branch to solve common problems.

Also, we would like to mention the availability of internet banking. Sometimes you aren’t able to use the services because the system is not responding. Give preference to banks, which guarantee access 24/7.

Thus, online banking is a mandatory thing today that simplifies our life. It is developing extremely fast during the pandemic. Subscribe to our blog updates to be the first to learn about new fintech solutions.

Wondering how to switch from Finance to FinTech? Get in touch with us today to take advantage of high-powered FinTech technologies for your financial business!