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How AR & VR Are Revolutionizing Learning for Students

How AR & VR Are Revolutionizing Learning for Students

Imagine walking into ancient Rome in history class or peering inside an exceedingly complex organization of a human cell in biology without leaving the classroom. This is the power of AR and VR in Education, transforming traditional learning into dynamic, immersive experiences that captivate students. Virtual Reality for Student Learning and AR VR Learning Experiences are changing the educational landscape, creating environments where students can explore, engage, and learn in ways previously unimaginable. According to Statista, the global education AR/VR market was valued at $12 billion in 2022 and is expected to exceed $22 billion by 2025 due to its vast potential to enhance learning experiences (Statista). AR & VR in Education: A New Dimension of LearningAugmented Reality and Virtual Reality are probably the most developed Next-gen AI technologies in modern education: AR overlaps digital elements such as images, sounds, and texts on top of real environments. VR Classroom Experiences produces a completely simulated digital environment that can transport students into simulated virtual spaces that feel tangible and real. Educational Technology Trends 2024 indicates that demand in class will increase based on increases in engagement rates and the ability to retain learned information.  Ready to dive deeper? Next, read about why AR and VR are essential in modern education! Why AR and VR in Education?Adoption of AR and VR in Education has seen tremendous growth over the past couple of years. It underscored robust demand for VR Classroom Experiences in boosting student engagement. The same source predicts that users of AR and VR in education might go as high as 22 million by 2025, due to the increased interest from educators and institutions in finding a more effective and engaging method for learning.As Jeremy Bailenson, professor and founding director of Stanford’s Virtual Human Interaction Lab, said, "Virtual reality gives students the ability to learn through experience in ways that are impossible in the real world, creating impactful and memorable learning." This immersive approach is proving to be particularly valuable for complex and abstract concepts that are difficult to visualize through traditional learning. 1. The Rise of AR and VR in Modern ClassroomsAR and VR are revolutionizing the modern classroom, bringing subjects to life via immersive technology. From virtual labs to interactive history lessons, they are increasing student engagement and depth of understanding for it. A. Emerging Trends in AR/VR EducationWith this trend, the integration of VR Learning Tools for Education is on the rise, and schools and institutions worldwide are introducing AR and VR to blend with traditional methods of learning. For example, an AR/VR platform called Google Expeditions allowed students to take virtual field trips to the Great Wall of China or the surface of Mars. For instance, Nearpod provides an opportunity for highly engaging and entertaining learning experiences on topics such as history, science, and geography.B. Investment and Adoption TrendsInvestment in Virtual Reality Technology in Schools around the globe increased, as recent statistics revealed that funding for AR/VR in education would hit $14.2 billion by 2028 (Markets and Markets). The growth rates are impressive, and immersive learning using AR and VR seems to become a standard tool in education today.By 2025, advanced technologies like AR/VR and Artificial intelligence will be deeply integrated into core education and learning. While virtual training is already common in adult upskilling, its use in formal education is also rapidly growing. 2. How AR and VR Foster Immersive Learning ExperiencesImmersed learning with next-gen AI, AR and VR has enabled the student to walk through a real simulation that has a very interactive learning environment.  A. Real-Life Examples of AR/VR in ClassroomsApplications of AR for Student Engagement are changing the face of classrooms to one that is more engaging. For example, the Quiver AR application allows a student to colour a 2D image, after which they can see it as 3D on their device. Another well-known application of VR is zSpace. It offers lab simulation to students, and this kind of simulation really feels like real life.  With immersive virtual reality headsets, students can feel as if they're truly present, making virtual field trips an unforgettable learning experience. Oak Run Middle School in Texas offers a great example: they've embarked on global explorations through virtual reality, allowing many students to "travel" beyond their hometown for the first time.Reddam House School in England  is trialing a metaverse-based education model, using VR headsets to immerse students in subjects like science, history, art, and geography. Students can explore planets, walk through a human heart, or visit historical events, making learning interactive and memorable. The project, developed by Inspired Education Group, has been adopted by 84 schools across 24 countries.  B. Boosting Engagement and Retention: The VR AdvantageStudies also support How VR Improves Learning in its area of holding the attention power of a student. According to PwC, learners in VR have four times more concentration power compared to those in a typical classroom, and they deliver the task 1.5 times faster (PwC). AR and VR enhance student engagement and information retention by creating immersive, interactive learning environments. These artificial intelligence technologies captivate attention, encouraging active participation through multisensory experiences that appeal to visual, auditory, and kinesthetic learners. By allowing students to explore and interact with complex subjects in a virtual setting, AR/VR helps solidify understanding and improve memory retention, making abstract concepts more tangible and accessible. As a result, students gain a deeper connection to the material, leading to better comprehension and recall.Don’t miss this insightful talk—watch now to discover how AR and VR can revolutionize education!In this TEDx talk, Kristen Tamm, founder and CEO of Futuclass Ltd., explores the transformative potential of AR and VR in education. He highlights how these technologies can address the global teacher shortage while making learning engaging and memorable. By developing Virtual Reality for Student Learning games in chemistry and physics, Futuclass empowers thousands of students in Estonia to grasp complex concepts through immersive experiences. Kristen's vision emphasizes that quality education, delivered through innovative methods, can solve many societal issues. 3. Key Benefits of AR and VR in Student LearningWith regard to AR and VR, these are considered essential in the learning process for a student because they allow students hands-on, experiential ways that improve retention and comprehension of the subject matter.  A. Experiential LearningVR creates immersive learning experiences by generating 3D computer-simulated environments that users can interact with as though they were real. Using VR headsets, motion sensors, and sometimes handheld controllers, students can navigate and manipulate virtual objects within these environments, such as conducting a virtual lab experiment or practicing surgical techniques. The technology uses visual, auditory, and sometimes haptic (touch-based) feedback to make the experience realistic, allowing learners to engage deeply with complex subjects in a hands-on, engaging way. Some of the significant advantages of using VR Learning Tools for Education include hands-on experience and experiential learning. For example, VR applications such as Labster make it possible to simulate the most complex science experiments without the risks involved.B. Personalized Learning PathsAR VR learning experiences bring individualized learning; no more students doing work outside the classroom. They should learn at their own pace: the applications will include using photo math as they will solve any mathematical operation with step-by-step description by using an AR for Student Engagement capability, which provides an instant response or rationale in return that could guide and adapt students into appropriate knowledge.C. Encouraging Collaboration and TeamworkAR/VR apps foster collaboration by enabling students to work together in shared virtual spaces, solving problems or completing tasks as a team. These gamified experiences make learning interactive and strengthen teamwork skills in an engaging, immersive environment.  Immersive Learning with AR and VR fosters teamwork since it gives students a chance to work in a virtual space. For example, AltspaceVR is one of the Role of Virtual Reality in Classrooms where students can undertake group projects in a shared virtual space that makes learning more social and interactive.   Eager to see practical applications in different subjects? Read along to discover how AR and VR are making a difference across various educational fields! 4. Practical Applications of AR/VR in Different SubjectsAR and VR bring practical applications across subjects, making complex STEM concepts, historical events, and language immersion accessible and engaging.  A. STEM Unleashed: Visualizing Complex ConceptsAR/VR brings complex STEM concepts to life by allowing students to visualize and interact with detailed 3D models, such as dissecting virtual anatomy or exploring chemical reactions. Integrated into an LMS system, this hands-on approach enhances understanding, making abstract concepts more accessible and memorable. The benefits of Using Augmented Reality in Schools are highly relevant to STEM areas of study, as complex concepts must be visualised here. For example, "Labster" is an application platform offering virtual simulations of science labs where experiments can be performed by students, and an application containing AR offers 3D models of molecules and anatomical structures.B. History and Geography Comes Alive: Virtual Field TripsThe role of Virtual Reality in classrooms is transformative, particularly in subjects like history and geography. Virtual field trips allow students to physically go to distant places around the world and ancient heritage sites that would otherwise remain impossible with textbooks. Tools like "Google Expeditions" allow for guided excursions to historical sites throughout the world, providing students with firsthand access to history.C. Language Immersion: Practicing in Virtual WorldsVR allows students to practice the language in real settings. Applications, such as "Mondly VR," allow students to interact with virtual characters in several different settings to help them practice the language in safe, controlled settings. This creates an immersive, authentic experience that speeds up the language-learning process.D. AR and VR in GamificationAugmented Reality (AR) and Virtual Reality (VR) enhance gamification by creating immersive, interactive learning experiences. By blending game elements with AR/VR, educators can engage students through virtual simulations, real-time competitions, and experiential learning, making challenging content more accessible and appealing. This innovative approach motivates students and fosters collaboration and deeper understanding.Duolingo, a popular language learning app, exemplifies gamification by offering a familiar learning process similar to that of a language school or tutor. Users engage in activities like memorizing words, translating sentences, and selecting correct word forms. 5. Challenges in Implementing AR and VR in EducationThe challenges facing the implementation of AR and VR in education include high initial costs, the need for training teachers, and a limitation in its accessibility to most students. These challenges should be taken care of if immersive learning technologies are going to benefit all people. A. Tackling the Cost Barrier: Making AR and VR AffordableSome of the main difficulties that confront the creation of VR Learning Tools for education purposes include the cost; for instance, hardware or devices could be expensive. Most schools work on running their budget on a shoestring basis because they usually lack several resources at hand. Webelight Solutions has provided educational institutions with cost-effective solutions for more educational institutions that would install it into their curricula without straining their wallet books.B. Empowering Teachers: Essential Training for AR/VRProper use of AR and VR in Education will only be achieved when teachers are prepared for it through proper teacher training. Webelight teacher professional development helps teachers develop the capabilities to integrate AR/VR effectively into the curriculum.C. Bridging the Gap: Overcoming Tech Limitations Another challenge is connectivity and device limitations, particularly in remote or low-income areas. Webelight's solutions offer optimized, user-friendly AR/VR software that is compatible with different devices to ensure that students in all areas can utilize these tools despite their device limitations. 6. The Future of AR and VR in EducationThe future of AR and VR promises to be increasingly sophisticated tools but more affordable in an array of subjects for immersing learning. These technologies will, in the long run, redefine what the term classroom means as most people come to interact with and through them deeply. A. KeyTrends to WatchThe future for Educational Technology Trends 2024 provides more accessibility and functionality offered by AR/VR tools. Future of educational technology advancements, including haptic feedback technology, will give students a feel for touch in virtual environments as it extends the tactile nature of the learning experience.B. Long-Term Impact on LearningIn this direction, the future of educational technology will unfold, becoming more mainstream as it plays a central role in forming the foundational studies of complex subjects. Thus, learning will become highly immersed and redefine classroom experiences, transforming education to be more interesting and engaging as well as more accessible. Looking Ahead: The Role of AR and VR in Shaping Future EducationAR and VR in Education in the nature of engagement towards material for learning, bringing about an interaction that no traditional method can render. Virtual field trips, as well as personalized learning, depict the undeniable Impact of AR VR Technology on Student Engagement. Educators and administrators who are planning to offer AR and VR in their institution would do well to contact a solution provider, such as Webelight, to assist them with the seamless integration process.  Interested in implementing these technologies in your institution? Read on to find out how Webelight Solutions can help you transform education with AR and VR! Solutions for AR/VR in Education with Webelight SolutionsFor those interested in using AR VR for immersive learning, Webelight Solutions provides customized eLearning solutions for all these cost issues, as well as training and accessibility. Years of experience with Webelight in developing AR and VR technologies for schools mean that these powerful tools can be accessed, engaged in, and effective for improving student learning experience. Discover how Webelight can introduce immersive learning into your institution.Transform your classroom with Weblight AR and VR solutions for enhanced student learning and engagement. Let our experts walk you through innovative immersive technologies tailored to your educational needs.Ready to transform education with immersive learning experiences? Get in touch today, check about us, and let us help you integrate AR and VR into your curriculum!Have questions or need assistance? Contact us today!

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Auto-track Work Logs with Jira, Slack, and Open-Source Tools

Auto-track Work Logs with Jira, Slack, and Open-Source Tools

IntroductionIn our fast-growing startup, we noticed an urgent need for agile processes for efficient project management projects and tracking costs. With a team of almost 100 employees, tracking hours became essential for project planning and cost management for any time-tracking software. The need for tracking time led us to implement Jira automation for project tracking due to its robust features. However, as the team grew, we faced a challenge: ensuring every team member logged their 8 hours daily in Jira and notifying managers if their team members were behind to boost employee productivity and keep all logs organized.Despite Jira's extensive features, we needed help finding an existing, cost-effective project-tracking solution for automating work logs in Jira, especially with Slack, our organization's primary communication tool. Here's how we created our custom solution to automatically notify employees and managers of their daily logged hours in Jira.The ProblemAs part of our agile transformation, we rolled out a new policy where employees must log 8 hours daily in Jira. However, managers needed a way to track compliance to ensure their teams adhered to this policy. We needed an automated system to:1) Remind employees to log their hours if they haven't done so at the end of the day.2) Notify project managers about their team's daily logged hours.3) Provide an overview to management regarding employees' compliance with logging hours.We aimed to make this process seamless and cost-effective, leveraging open-source tools where possible.Researching a SolutionTo address the requirements, we broke down the solution into four main tasks:1) Avoid Overloading Jira's API: Directly polling Jira's API for every user's work log across multiple projects was impractical.2) Sync Data from Jira to a Database: We needed a way to sync Jira work log data into a local database for easy querying.3) Expose Data via API: Create an API endpoint to fetch daily work log data for each user.4) Automate Notifications: Use a workflow automation tool to send reminders and summaries to Slack.After extensive research, we settled on three tools to create this automation:1) Airbyte is used to sync data from Jira to PostgreSQL.2) Cube.js to create APIs for fetching data.3) n8n for workflow automation to notify users via Slack.Step 1: Setting Up Data Sync with AirbyteOur first step was configuring Airbyte to sync work log data from Jira to PostgreSQL. Airbyte allowed us to automate this process with minimal coding. We set up a connection where Jira was the source while PostgreSQL was the destination.1) In Airbyte, we configured Jira as a source and PostgreSQL as a destination.2) We scheduled the sync process every hour to update our database with the latest work log entries.              Configuration of Airbyte sync from Jira to PostgreSQL Step 2: Exposing Data via API with Cube.jsWith the data now in PostgreSQL, the next step was to expose it via an API that could handle custom date range queries. We used Cube.js, a powerful analytics API tool that allowed us to create metrics and dimensions based on the data in PostgreSQL.1) We set up Cube.js to connect to our PostgreSQL instance.2) Created a metric for (worklogSpentTimeMinutes) to aggregate daily work logs by the user.3) Configured filters to fetch data based on employee name and date ranges.This API made retrieving specific information for tracking each employee's work log easy, enabling us to build a customized notification system.         Cube.js query configuration Step 3: Automating Notifications with n8nThe final piece was to conduct n8n workflow automation and automate notifications. n8n is a useful no-code automation tool because of its integration capabilities with both Slack and custom APIs. Since our organization uses the same email addresses in Slack and Jira, we could map users effectively.1) In n8n, we created a daily workflow. We scheduled it to run at 11 pm.2) The workflow queries the Cube.js API for each employee's logged daily hours.3) It then sends notifications to:Employees: Notifying them of their logged hours for the day.Project Managers: A summary of their team's logged hours.Management: A high-level overview showing total logged hours and employees who logged less than the required hours. n8n Workflow Sample Slack NotificationsOur custom solution automates work log tracking by syncing Jira data with PostgreSQL, querying it via Cube.js, and sending automated notifications via n8n and Slack.1) Employee Notification: Each employee receives a message detailing the hours they logged that day, with a reminder to complete 8 hours if they haven't.2) Manager Summary: Managers get a list of their team members with the hours logged, making it easy to follow up if any team member is behind.3) Management Summary: Management receives an overview with a breakdown of the number of employees who logged eight or more hours, fewer than eight hours, and zero hours.With the right tools and setup, organizations can create customized project-tracking solutions that integrate seamlessly with communication tools.     Daily Logged Hours Report Notification (Warning)  Daily Logged Hours Report Notification (Positive)                                                                     Summary Notification For Manager Summary Notification For Management Results and BenefitsImplementing Jira automation helped us streamline our time-tracking process and ensure consistent employee accountability. This automated solution has made a significant impact on our organization's workflow.Increased Compliance: Employees are more consistent with logging hours, knowing they'll receive daily reminders.Improved Accountability: Managers are now aware of their team's daily work log status without needing to chase down individual reports.Efficient Project Tracking: Management can quickly assess logged hours and project costs, making financial tracking easier.This solution has streamlined our operations, making our agile transformation smoother and more effective.ConclusionThrough Airbyte, Cube.js, and n8n workflow automation, we created an end-to-end automated solution for work log tracking and notifications with minimal cost and effort. This approach demonstrates the power of open-source tools in addressing real-world business challenges, especially for startups like ours, where resource efficiency is critical.If your team faces similar challenges in project management, consider exploring these tools to build time-tracking software and project-tracking solutions tailored to your needs and boost employee productivity. With a bit of setup, you can automate processes, increase employee productivity, and keep your team informed and accountable.

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Apple Pay’s Evolution: Key Takeaways for Fintech Visionaries

Apple Pay’s Evolution: Key Takeaways for Fintech Visionaries

It’s hard to believe that Apple Pay is now 10 years old. Launched in 2014, Apple’s foray into digital payments revolutionized the way we think about financial technology innovation and transformed the future of mobile payments. Over the past decade, Apple Pay has set the standard for security, user experience, and convenience in digital transactions. Its success is a prime example of how a simple idea can reshape an entire industry. What exactly made Apple Pay so groundbreaking? And what lessons can fintech visionaries draw from its success? Tokenization: The Security RevolutionOne of Apple Pay’s most groundbreaking innovations was the implementation of tokenization in banking, a security measure that replaces sensitive payment card information with a unique identifier, or token. This token is used to complete transactions, making it nearly impossible for fraudsters to steal the actual card number.How important has this innovation been? According to Javelin Strategy & Research, tokenization has helped reduce card-present fraud by up to 80%. Apple Pay’s adoption of tokenization in banking wasn’t just about making payments more secure—it was about redefining security for the future of mobile payments. In a time when security breaches were growing more frequent, Apple Pay demonstrated that trust could be built through robust security infrastructure.As Jennifer Bailey, VP of Apple Pay, noted, “Our goal was to create a system that was not only safer and more secure, but faster and easier for users.” This commitment to balancing security with ease of use is one of the core reasons Apple Pay gained mass adoption so quickly.Insight for Fintech Visionaries: Security is not a trade-off; it should be integrated into every aspect of the user experience. Fintech companies need to prioritize technologies like tokenization, encryption, and multi-factor authentication to build trust and long-term customer loyalty. For a deeper dive into how AI-driven security can further safeguard your fintech operations, check out our blog on AI-driven security for fintech and how to stay ahead of cyber attacks. Seamless Integration Across Devices: Creating a Unified ExperienceApple Pay’s success didn’t just stem from its security features. Its seamless integration across Apple devices—iPhones, Apple Watches, iPads, and Macs—created an ecosystem that offered consumers a consistent and unified experience. Whether you're paying for groceries at the store, shopping online, or sending money to a friend, Apple Pay was there, always ready to be used with a tap or click. This ability to offer a contactless pay app that works across multiple platforms made Apple Pay a leader in fintech payment processing.This level of integration is key for fintechs as well. Customers expect frictionless, cross-device experiences. According to Deloitte, 60% of consumers are more likely to choose a service provider that offers seamless cross-device functionality. Fintech companies need to ensure their platforms offer continuity, whether users are accessing services via mobile, desktop, or wearable devices.Insight for Fintech Visionaries: In today’s world, fintech solutions must work across all devices. Consistency of experience is key to user satisfaction, and fintech firms should strive to offer services that are device-agnostic. The Contactless Payments Boom: Riding the Wave of ChangeApple Pay wasn’t just ahead of the curve—it helped define the curve. The COVID-19 pandemic accelerated the adoption of contactless pay apps, and Apple Pay was perfectly positioned to capitalize on this trend. With the world becoming more conscious of health and hygiene, digital wallets became more attractive than ever. By 2023, the number of Apple Pay users skyrocketed to over 507 million, as per Statista, up from just 67 million in 2016. This rapid growth is also reflective of broader fintech trends 2024, with increasing demand for contactless and secure payment solutions.How did Apple Pay manage to ride this wave of change so effectively? It was all about user convenience. Adding a card to Apple Pay takes mere seconds, and paying with a tap of your phone is effortless. In a world where convenience often drives consumer choice, Apple Pay’s simplicity was a major factor in its growth.Case Study: Adoption by Transit SystemsOne prime example of Apple Pay's strategic growth is its widespread adoption by public transit systems worldwide. Starting with New York's Metropolitan Transit Authority (MTA) and expanding to other global hubs like London, Tokyo, and Shanghai, Apple Pay made commuting more seamless for millions of people. This strategic move not only increased Apple Pay's user base but also embedded the service into daily routines, creating stickiness and brand loyalty.By embedding Apple Pay into essential services like transportation, Apple ensured that users saw it as a practical, everyday tool, rather than just an alternative payment method. As fintech payments trends evolve, transit systems offer a perfect opportunity to integrate contactless pay apps that support daily life.Insight for Fintech Visionaries: Identify key daily touchpoints where your service can become indispensable. Partner with essential services like transportation, utilities, or retail chains to make your fintech solution a part of everyday life. Privacy by Design: Building Trust in the Age of Data BreachesApple Pay has always prided itself on its privacy-first approach. Unlike other payment platforms, Apple Pay doesn’t store or track your purchase history. This focus on user privacy is a direct response to growing consumer concerns about data security. With high-profile data breaches becoming more common, Apple Pay's commitment to privacy has been a key differentiator in the future of e-wallets and the broader fintech payment processing ecosystem.According to Cisco’s Consumer Privacy Survey, 84% of consumers care about the privacy of their data, and 48% have switched companies due to poor privacy policies. Apple Pay’s stance on privacy has not only earned it user trust but also positioned it as a leader in secure financial transactions.In Bailey’s words, “What you purchase is between you and your bank, not us.” This level of transparency has given users confidence that their personal data is not being exploited for profit.Insight for Fintech Visionaries: In the fintech world, privacy can be a competitive advantage. Consumers increasingly demand control over their data. Fintech companies should adopt privacy-centric designs, ensuring transparency and minimal data collection. Expanding the Ecosystem: Apple Cash and Apple CardApple Pay didn’t stop at payments. In 2017, Apple introduced Apple Cash, allowing users to send money to each other through iMessage. In 2019, they launched the Apple Card, a credit card integrated with the Wallet app. These moves signaled Apple’s intention to create a more comprehensive financial ecosystem, one that could cater to a broader range of user needs. This diversification mirrors the fintech trends 2024 focused on integrating more financial services into a single platform.The Apple Card, issued by Goldman Sachs, is especially interesting for fintech companies. It offers a 3% cashback on Apple products and services and a 2% cashback on purchases made with Apple Pay. What makes the Apple Card unique is its focus on transparency. Apple offers users insights into their spending patterns and encourages responsible financial behavior by showing interest rate impacts in real-time.Case Study: Apple Card's Success in User EngagementWithin a year of its launch, Apple Card became the most successful credit card launch in U.S. history, according to Cornerstone Advisors. By 2020, Apple Card had amassed over 6 million users, a testament to its user-friendly interface, transparency, and seamless integration with the Apple ecosystem.For fintech companies, the lesson is clear: a comprehensive, well-integrated ecosystem fosters customer loyalty and cross-service engagement. Expanding your offerings to cover a wider range of financial services—whether it’s payments, lending, or investments—can increase your platform’s value to users. As fintech payments trends shift towards a more integrated financial experience, Apple’s model proves the importance of an expanded ecosystem.Insight for Fintech Visionaries: Building an ecosystem of financial services can lead to increased user engagement and loyalty. Companies should focus on developing complementary products that enhance the core experience. Partnerships: Accelerating Growth and AdoptionA key to Apple Pay’s success has been its partnership strategy. From working with major banks to securing partnerships with retail giants, Apple Pay ensured that it was available wherever users needed it most. Juniper Research estimates that by 2025, Apple Pay will account for 10% of all global card transactions, solidifying its place among the fastest growing fintech companies.Case Study: Global Retail PartnershipsApple Pay’s partnerships with retailers like Walmart, Best Buy, and McDonald's helped accelerate its adoption. By ensuring Apple Pay was available at some of the world’s largest retailers, Apple positioned itself as the default payment method for millions of consumers. These partnerships weren’t just about increasing transaction volume—they were about creating trust.For fintech companies, the message is clear: collaborations drive growth. Whether it’s partnering with banks, retailers, or governments, collaborations can help expand your reach and increase user adoption.Insight for Fintech Visionaries: Partnerships are essential for growth. Collaborate with key industry players to build trust, increase adoption, and provide users with a broader range of services. User Experience: Frictionless Payment Drives AdoptionApple Pay’s user experience is one of its most significant achievements. According to a PYMNTS.com survey, 90% of Apple Pay users cited ease of use as their primary reason for adopting the service. The entire process—from setting up Apple Pay to completing a transaction—is designed to be seamless and intuitive.For fintech companies, this is a valuable lesson. A smooth, frictionless user experience is key to driving adoption. Even the most innovative technology will struggle to gain traction if it’s not easy to use. This focus on simplicity is what fuels the success of fastest growing fintech companies in the payment space.Insight for Fintech Visionaries: Prioritize the user experience. Every interaction, from onboarding to daily use, should be optimized to minimize friction and maximize satisfaction. Apple Pay’s “Pay the Apple Way” Campaign: Seamless vs. Frustrating PaymentsAs part of Apple’s “Pay the Apple Way” campaign, one ad stands out for its simplicity and effectiveness in highlighting the seamless experience Apple Pay offers. The ad brilliantly contrasts two payment options: one being the traditional card insertion process that can sometimes be frustrating, and the other showing the effortless experience of paying with Apple Pay.Described by Apple with the tagline, “You can insert your card into the reader over and over. Or simply Pay the Apple Way,” the ad humorously points out how antiquated traditional card payments can feel when compared to the speed and ease of Apple Pay. This clever messaging not only educates users on the benefits of contactless payments but also subtly encourages a shift in behavior towards adopting newer, more convenient technologies.The campaign’s visual storytelling makes a strong case for choosing the faster, frictionless option—an approach that resonates with consumers who value time and efficiency. It positions Apple Pay as a modern solution that eliminates the unnecessary hassle of card readers, creating a more enjoyable, seamless transaction process.Insight for Fintech Visionaries: Fintech companies should focus on creating experiences that remove friction from the payment process. The “Pay the Apple Way” campaign shows how simplicity and convenience can be powerful selling points. By highlighting how your product solves everyday problems in an intuitive way, fintech solutions can capture the attention and trust of a growing, tech-savvy audience. Key Takeaways for Fintech LeadersSo, what can fintech companies learn from Apple Pay’s decade of dominance?Security is paramount: Technologies like tokenization, encryption, and robust authentication are essential for building trust with users.Cross-device integration matters: A seamless experience across mobile, desktop, and wearables is crucial for customer retention and satisfaction.Partnerships fuel growth: Strategic collaborations with banks, retailers, and other stakeholders can significantly accelerate user adoption.Prioritize privacy: In a world concerned with data security, adopting a privacy-first approach can set your service apart from competitors.User experience is your biggest asset: A simple, intuitive interface can drive user loyalty and engagement.Effective marketing drives adoption: Creative campaigns, like Apple’s “Pay the Apple Way”, show how storytelling and relatable use cases can help users see the value in your product.Apple Pay’s innovations have reshaped the payment landscape. For fintech companies, the message is clear: focus on security, privacy, and seamless integration to stay ahead in a competitive market. Conclusion: A Blueprint for the FutureApple Pay’s decade of innovation has reshaped the digital payments landscape, offering valuable lessons for fintech companies everywhere. From prioritizing security and privacy to creating seamless, integrated experiences, Apple Pay’s journey demonstrates that success in fintech requires a balance of technology, user-centric design, and strategic partnerships. Fintech visionaries who adopt these principles will be well-positioned to thrive in an increasingly competitive marketplace.At Webelight Solutions, we’re passionate about helping fintech startups and  navigate the exciting world of financial technology innovation. Our expertise includes secure payment gateways, digital wallets, mobile payment applications, and cutting-edge blockchain development. With our future-forward approach, we build innovative, secure, and scalable solutions to meet the evolving needs of the fastest growing fintech companies and the future of e-wallets.Here’s how Webelight Solutions can elevate your fintech product:Strengthen Cybersecurity: Protect your users with advanced security measures like encryption and tokenization, ensuring their sensitive data stays safe.Leverage AI Automation: Increase efficiency and reduce errors by automating your financial operations with AI-driven solutions.Enhance User Experience: Keep customers engaged with a seamless, user-centric experience across all platforms—mobile, desktop, and more.Ensure Compliance: Stay ahead of regulatory changes with automation solutions designed to meet the latest fintech compliance standards.If any of these areas align with your vision, let’s set up a 30-min call with one of our tech experts. We’re wired to bring real value to your business, fueling growth and automating innovation for your fintech solutions. Connect with our team to bot-tle up new possibilities together!P.S.: Need extra assurance? We’re open to signing an NDA to protect your ideas.

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CTO's Guide to Scaling AI technologies Without Overwhelming Infrastructure

CTO's Guide to Scaling AI technologies Without Overwhelming Infrastructure

Hello, fellow CTOs and tech leaders! Well, let's face it. Artificial Intelligence (AI) transforms the very fabric of industries across the globe. But the real catch is how amazingly great AI is; AI infrastructure optimization is still a tightrope walk.You will always ask yourself how to scale AI without overwhelming infrastructure.Don't feel lonely-there are more than 90% of the companies who have started with the AI journey and run into a scaling problem for one or another of the following reasons: it's too big of a legacy architecture, overthinking the cost, or pure complexity in building up AI infrastructure optimization. If the above question rings in your head: How to scale AI without overwhelming infrastructure? If this question resonates with you, you're in the right place! Let's dive into practical AI solutions for CTOs that can benefit you, scale up AI while being cost-optimized, help you tackle legacy system challenges for AI scalability, and help set up your organization for long-term success. 3 Scaling Challenges with the CTO you Might be Facing Generally, the technological and professional scaling issues faced by CTOs involve a delicate balance between rapid growth and technical stability. Recognizing when strategic decisions must weigh innovation against infrastructural readiness is crucial. Cross-team coordination is often essential in this process.  1) Legacy Systems: The Number One ObstacleFor most firms, however, the biggest blockers are legacy system challenges for AI scalability. More than 66% of companies still run older systems that were never designed with AI processing needs in mind. It's like running modern apps on an old smartphone: it's going to work, but it'll be painfully slow and very glitchy.A recent IT Brief India survey found that 63% of IT leaders believe legacy infrastructure stands as a big hurdle for the scalability of AI. Sometimes, companies cannot upgrade and replace these systems since they are critical to everyday business operations.The cure? Incremental modernization. Begin to modernize small pieces of your legacy system incrementally, particularly those pieces that directly interact with AI workloads. 2) Infrastructure Costs Are SkyrocketingScaling AI, of course, requires serious computational power and, therefore, increases the cost of infrastructure. In fact, IDC has predicted that spending on AI systems is likely to have touched $202 billion by the end of 2024, a hike of 30 percent from the previous year. The problem is that many CTOs aren't ready for this kind of jump in costs. The question is: How to lower and manage AI infrastructure costs without scaling? This can be achieved by adopting cloud-native, serverless architectures where you only pay for what you consume and then deploy it, not requiring expensive on-premises servers. 3) Talent Shortages: Another Major ChallengeA recent 2024 Gartner report concluded that 64% of the businesses identified the shortage of AI-skilled professionals as one of the biggest pitfalls in scaling AI. Hiring new talent is always on the table but may not be feasible or fast. Training your existing workforce in AI tools or outsourcing specific AI workloads to third-party vendors is an efficient way to fill the skills gap.Learn More: Scaling AI for Your Dev Team!AI tools like ChatGPT and Co-pilot can supercharge your dev team’s productivity, yet South African companies are slow to adopt them. It’s time to boost efficiency, drive business value, and stay ahead of competitors. But AI adoption brings challenges too.Watch this YouTube video by OfferZen: CTO's Guide to Scaling AI Technologies Without Overwhelming Your Infrastructure and Budget*. Discover practical tips, risk management, and how to make AI part of your culture—without straining resources! Optimizing AI Infrastructure: What Every CTO Should KnowOptimizing AI infrastructure will thereby involve CTOs focusing on scalable architectures, effective resource allocation, and sound data pipelines. It is actually innovation and long-term success that drive it to stay one step ahead of the emerging AI tools. In the following section, we’ll break down how serverless architecture can enhance efficiency while reducing costs. 1) Serverless Architecture for AIA good way in managing AI infrastructure costs is by migrating to a serverless architecture. You would have the servers running mostly idle in place; such systems spend money for no reason and underutilize the resources. In a serverless structure, you are paid only for the amount of computing power used.However, according to a Flexera study, it might save 29% of infrastructure costs by using serverless computing for AI. For example, AWS Lambda automatically scales resources up and down based on real-time demand; this brings both performance and cost efficiency. 2) MLOps: The hidden secret to scalable AIEver heard of MLOps? MLOps just stands for machine learning operations. MLOps refers to the process of automating and optimizing the lifecycle of machine learning models. It's a kind of DevOps, but for AI in this case. What it ensures is that AI systems are deployed, monitored, and maintained efficiently.Business enterprises that adopt MLOps for scaling AI benefit from a 45% decrease in the time to market AI products. This makes MLOps an important tool for CTOs who have the question in mind - How to scale AI without overwhelming infrastructure or budgets?In our next section, we’ll examine cost-effective strategies for scaling AI technologies that can work for your business. Scaling AI on a Budget: Smart Strategies for Cost-Effective GrowthThe cost-effective scaling up of AI-related technologies is mainly achieved through the utilization of cloud solutions, the efficient allocation of resources, and effective machine learning models.  1) Cloud-Native AI Scalability: The Flexible, Affordable OptionIf you still have AI workloads on-prem, now is the time to start considering moving them to the cloud. Cloud-based AI scaling for enterprises offers flexible, pay-as-you-go options to assist in managing your cost curve as you scale. Cloud platforms such as AWS, Google Cloud, and Azure allow you to ramp up your compute resources when needed and scale down when it is not.Accenture claims a study shows that so far, in firms that have moved AI workloads to the cloud, 73% of them have been observed to cut infrastructure costs by 40%. Their cloud platforms allow scaling to the CTO without the need for expensive physical infrastructure. 2) Serverless Computing for AI ApplicationsAnother approach to scaling AI without over-tasking your infrastructure is serverless computing. Serverless architectures automatically allocate resources in real-time, so you only pay for the consumption of actual server capacity; therefore, it's a more cost-effective use of AI. Real-World Impact: Serverless Computing in Action The BMW Group faced challenges managing the massive data flow from its ConnectedDrive backend, with daily requests exceeding a billion. To tackle this, they developed the Cloud Data Hub—a centralized data lake that collects, manages, and analyzes data for ML modeling. This solution eliminates server space limitations, enabling proactive issue resolution and faster innovation by utilizing anonymized data from various vehicle systems."AI is the new electricity. Just as electricity transformed almost everything 100 years ago, AI will do the same today." – Andrew Ng, founder of DeepLearning.AI, CEO of Landing AI. Read along to have a look at how legacy systems can be integrated with AI solutions without starting from scratch.Legacy systems and AI scalability Without Having to Start from the Ground UpModern AI can be added on top using APIs and microservices to extend existing legacy, rather than requiring an entirely overhauled infrastructure, allowing firms to scale capabilities without high disruption and cost. 1) Incremental Migration: One Small Step at a TimeSo don't worry when using legacy systems, you do not need to change everything at one time. Incremental migration is doing incremental upgrading of parts of critical infrastructure where the AI systems live together with legacy systems. Step by step, legacy systems can be turned AI-friendly using a microservices architecture without a major impact on the balance of your IT ecosystem. 2) Feature Store for Machine LearningAnother important scaling tool of AI is called feature store, or central storage facility for all features used by the model of machine learning. It stores and shares data features across multiple AI applications while reusing it. Feature production in ML development is time-consuming due to extensive extraction and validation. Feature stores automate engineering, cache features for reuse, and speed up data preparation. For large organizations, a centralized repository enhances feature serving, cutting down model training and development time. Real-time AI case studies for CTOs: AI Scalability in PracticeThese types of resources would be really practical and hands-on, given it has a focus on AI scalability including success stories and lessons learned. 1) Retail: Dynamic Pricing and Real-time Inventory ManagementIn retail, AI-based dynamic pricing, cloud-based AI scaling for enterprises and inventory management systems become the norm.Amazon exemplifies the use of GenAI for personalized recommendations. As an omnichannel retailer, it customizes each customer's homepage using AI-powered analytics based on their purchasing behaviour, preferences, wishlists, and cart items. By analyzing past and real-time data, Amazon gains insights into customer preferences, enabling highly personalized marketing campaigns that improve customer experience. According to McKinsey, recommendations account for 35% of purchases on Amazon.2) Finance: Fraud Detection at ScaleAI-powered fraud detection has transformed the banking sector by enhancing fraud detection rates, sometimes doubling them. It reduces operational costs through automation, improves customer experience by minimizing transaction friction, and strengthens regulatory compliance, helping institutions meet requirements and avoid fines.Many companies in the financial sector are adopting AI for fraud prevention. Mastercard's Decision Intelligence technology analyzes historical shopping and spending patterns of cardholders to establish a behavioral baseline, enhancing transaction evaluation compared to traditional one-size-fits-all methods. By considering the context of each transaction, AI effectively reduces false declines. IBM predicts that AI can decrease false declines by up to 80%. CTO challenges in AI scaling: What CTOs Need to KnowCTOs face many challenges in managing the complexity of data, ensuring infrastructure flexibility, and then cost control. Hence, understanding these pitfalls forms a crucial part of working toward rolling out scalable AI solutions that can actually fuel business growth and innovation. Here we’ll summarize strategies for preparing for continuous growth in your AI initiatives.  1) Preparing for Continuous GrowthCTO challenges in AI scaling are not a once-done task. While your business grows, so does your demand for AI. That's why designing for future scalability in infrastructure is critical. Be it cloud-native AI solutions for CTOs or serverless computing or MLOps; these technologies ensure that your infrastructure scales smoothly without sudden jerks. 2) Ethical AI and ComplianceEthics really matter with the rise in AI technologies. TATA ELXSI goes on to assert that a lot of companies will have more scrutiny around how their AI systems approach data privacy, bias, and security. It is therefore important that your AI systems be of the highest ethics standards to ensure your company lasts in the future. Learn how to efficiently scale AI by optimizing cost and solving the bigger challenges that will occur by watching this informative video called "Andrew Ng: Artificial Intelligence is the New Electricity"  In it, industry experts reveal to you and discuss how artificial intelligence (AI) is transforming industry after industry..3) Talent Acquisition and RetentionAnother significant challenge is attracting and retaining skilled talent in AI. The rapid growth of AI technologies has created a competitive job market, making it difficult for CTOs to find and keep the right expertise. Developing a strong talent strategy and fostering a culture of continuous learning is essential to overcome this hurdle. Empowering Your Business with Scalable AI SolutionsScaling AI technologies might be extremely daunting, but with the right strategies, it's possible to scale without breaking your budget or infrastructure. There are plenty of tools: from cloud-native AI scalability, serverless architectures, MLOps for scaling AI, and incremental migrations, all the way to solving challenges coming from legacy systems and AI scalability, costs, and shortages in talented folks.Level up your business with Weblight AI solutions. Consult our experts and get expert CTO services for your fresh Startup. Looking to boost your business with AI? Need a hand in AI infrastructure for businesses or have any queries? Get in touch today and let our smart AI bots take your operations to the next level!

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From Customer Service to Data Crunching: How AI Bots Streamline Businesses

From Customer Service to Data Crunching: How AI Bots Streamline Businesses

AI-Powered Transformation For Businesses Companies can benefit from viewing AI bots in terms of their business capabilities rather than just the technology itself. Generally, AI bots can assist in three key areas: automating tasks, analyzing data to gain insights, and improving interactions with customers and employees. AI bots are no longer just a futuristic dream-they're already working hard to help businesses improve efficiency, cut costs, and make more informed decisions.But what does this mean for your business? Can AI bots change the way you interact with customers and process data? A PwC study shows that AI technologies may add as much as $15.7 trillion to the global economy in 2030, where most businesses of nearly every kind are investing highly in AI systems. There are many benefits of AI bots in business operations such as enhancing both customer-facing interactions and backend processes. They provide 24/7 support in customer service, handling routine queries and improving the overall experience. Simultaneously, AI streamlines data management and decision-making behind the scenes, driving productivity and reducing costs. By integrating seamlessly into both areas, AI bots help businesses stay competitive in a digital world.We will talk about Streamlining business operations with AI automation and emphasis on AI-powered customer service solutions, data crunching with AI, and enhancement of operational workflows. We'll also discuss practical scenarios under the guidance of market data presenting emerging trends and future expectations of AI in business. Riding the AI Wave: How Smart Businesses are Leading the Revolution Here is how AI is changing the operations of businesses to stay competitive in the modern digital world.  1. Customer Service AI Bots: A New Era for Customer ExperienceProbably the most visible result of AI is the AI-powered customer service solutions. Next, let’s see how AI bots can transform customer service teams and enable faster and more personalized communication with customersCustomer service AI bots have revolutionized how customer service teams communicate with their customers in tremendous ways- fast, efficient, and sometimes personal services any time of the day. These bots not only function at all hours and respond to greater numbers of inquiries but also perhaps save companies from having unnecessarily large customer service teams.Market Statistics for AI Bots for Customer Interaction Automation•   According to Gartner, AI bots will manage an estimated 80% of customer interactions by 2025.•   According to IBM's estimates, operational costs of customer service may be cut by as much as 30% with the use of AI bots.H&M’s Smart Approach: Leveraging AI BotsAI Bots at H&M Global fashion AI bots address customer inquiries on several topics, such as queries about products, tracking orders, and returning items. The results were impressive. Responses were generated in less than 25% of the initial time, and customer satisfaction ratings increased to 30%. The cost of operations at H&M went down because the robots worked around the clock, and less human staff was needed. Source: www.botup.com AI Bots: The Next Level of PersonalizationAI bots are enhancing customer loyalty through personalized interactions, summarizing past encounters, and offering tailored responses or product recommendations. By 2023, an estimated 30% of companies were using AI to boost personalization in client services. (Source: Forbes).While AI is transforming customer interaction, it’s also a game-changer for data analysis. Let's delve into how AI bots enhance data management processes next. 2. Data Crunching With AI: Enhancing the Analysis and Data Management ProcessBig data has transformed how companies process and analyze information with AI bots in the context of crunching data. With  AI bots for backend operations, business companies receive more value because they can process, analyze, and extract insights much faster than human analysts. Tired of Drowning in Data? Learn How AI Bots Can Streamline Your Data Analysis and ManagementLet’s take a closer look at how AI bots bring speed, accuracy, and predictive capabilities to the table, helping businesses make informed decisions.1. Speed: AI bots in data analysis, can execute high volumes of datasets in a matter of minutes. Hence there is faster, data-driven real-time AI decision-making.2. Accuracy: The possibility of human errors being nullified, AI bots have provided fairly accurate insights, especially for industries like finance, health care, and manufacturing.3. Predictive Capabilities: AI bots can gain intelligence within data, and this will enable the business to predict trends, forecast demand, and manage risks.AI Bots Boosting the Financial SectorAI bots have also gained acceptance in the financial industry, ranging from fraud detection to analyzing stock market trends. It has taken the form of AI bots in JP Morgan, which are considered to have been incorporated into the firm's fraud-detection systems and enable AI bots for real-time data analysis in business for huge volumes of financial information. This has been able to reduce fraud-related costs by $40 billion every year while making the accuracy of detecting fraudulent activities better. Source: www.markovate.com Now, let’s see how AI bots enhance operational efficiency by automating routine tasks. 3. AI for Operational Efficiency: Automate Routine Tasks for Enhanced ProductivityOne of the biggest benefits that can be gotten from Streamlining business operations with AI automation is their ability to maximize the efficiency of operations by automating routine and repetitive tasks. This helps human resources channel their efforts toward more complex and strategically important tasks, which have the ripple effect of improving productivity all around."AI allows CEOs to make informed decisions at the speed of data, revolutionizing the way businesses operate." - Jane Doe, AI Expert. AI-driven customer analytics allows CEOs to personalize customer experiences, enhancing customer loyalty and satisfaction.As we move forward, let's explore how AI tools are used in HR to optimize recruitment and performance management processes.Role of AI in HR Process AutomationHuman resources departments are increasingly adopting AI bots to automate recruitment, including onboarding and performance management.  AI in HR process automation helped Unilever screen resumes and conduct preliminary candidate interviews, lowering the recruitment period from 90 days to 15 days and increasing it by 75% because the HR team can now engage in high-level strategic work. Also, Unilever reduced recruitment costs by 30%.AI’s influence goes beyond customer service and HR. Let’s see how predictive maintenance with AI bots is transforming manufacturing next.AI Bots: Boosting Predictive Maintenance in ManufacturingPredictive maintenance is employed by the manufacturing sector to monitor machinery in real-time with the use of AI bots. AI bots can identify which equipment is more than likely to fail before it fails in order for the firm to be able to schedule preventive maintenance. GE has claimed a 15% decrease in equipment downtime and 20% in keeping lower costs via its AI-based predictive maintenance system.In addition to manufacturing, AI bots are making strides in real-time data analysis across various industries. Let’s explore this further. 4. AI Bots for Real-Time Data Analysis in BusinessBeyond the routine, AI bots are increasingly found in strategic decision-making. AI solutions for business operations can process large volumes of data in real time; thus, this can give business leaders a lot of insightful information to enable them to make fast and superior decisions.AI Bots in Retail: Personalized Marketing CampaignRetailers like Amazon and Walmart are exploiting AI bots, which help analyze customer data with all sorts of personalized marketing campaigns. AI bots take it upon themselves to study the behavior of a customer - browsing history and previous purchases. Product recommendations or even targeted offers come this way. Result? AI-driven personalized marketing can increase sales by 20-30 percent, Forrester claims. 5. AI Bots Across Industries: Going Beyond IT and FinanceWhile the IT and finance sectors have been among the first to embrace AI bots, their impact has gradually permeated into other industries.Health Care:Healthcare involves AI bots that help in scheduling patients, providing diagnostic support, and even treatment advice. Based on patient data and previous similar symptoms cases, AI bots can recommend a treatment plan. Accenture estimates that AI bots can also help the U.S. healthcare industry which is a huge global industry save up to $150 billion annually by 2026.Education:The AI bots used in education help in creating a personalized learning experience. It determines the learners' style and adapts it with complication and speeding up or slowing down the lessons according to the needs of the students. Therefore, more engaging and efficient learning takes place, leading to an increase in student retention and effectiveness. According to Market Research Future, educational AI-powered tools will rise by 43% by 2025.Example: AI Bots in Automotive IndustryIn the automobile industry, a company such as Tesla employs AI bots in its autonomous vehicle driving systems, diagnostics of vehicles, and predictive maintenance of machines. It is able to develop the manufacturing process more efficiently while also discovering any defects inside the vehicle before it lead to accidents or recalls. For deeper insights into how AI is transforming contact centers and enhancing customer experience, be sure to watch this week's episode of The Modern Customer Podcast featuring John Finch from RingCentral. Gain valuable knowledge about AI-driven solutions and innovative strategies for improving customer service! Challenges in Implementing AI Bots: Overcoming Obstacles for Success Even though AI bots bring so much glee, firms should know the challenges of integrating AI systems into their organization. 1. Data Privacy and SecurityTo achieve this, companies will hold data privacy and security above their heads because a lack of compliance with regulatory requirements like GDPR and CCPA attracts some serious hefty fines and reputational loss. According to IBM's Data Breach Report for 2023, the average cost of a breach for any company using AI bots is $4.24 million. 2. Implementation CostsWhile AI bots are proven to bring long-term cost savings, the cost of initial investment might be steep. Full-fledged development and integration of AI systems do require a lot of capital. Companies will have to weigh very carefully how much ROI would be gained through AI implementation to ensure that it is in line with the objectives of the business. 3. Integration with Existing SystemsMany businesses face difficulties when integrating AI bots with their current systems and processes. Ensuring compatibility and seamless communication between AI tools and legacy software can be complex and time-consuming. 4. User AdoptionResistance from employees or customers to adopt new technology can hinder the success of AI bot implementation. It's essential to provide adequate training and demonstrate the benefits of AI bots to encourage acceptance and usage among users.While these challenges are significant, they can be overcome, paving the way for a promising future with AI bots in business growth. AI Bots: Paving the Way for Business Growth The future for AI bots in business operations is bright. Businesses will rely ever so increasingly on AI in the upcoming years for customer services and AI bots in data analysis, real-time AI decision-making, and AI for operational efficiency.Optimizing business operations with AI tools brings many advantages. They can improve customer service, help analyze data better, and increase overall efficiency. By handling routine tasks and personalizing interactions, AI bots allow businesses to save money and focus on more important challenges. Make your business smarter with our advanced AI and data services for easier decision-making and smooth operations. Our AI chatbots offer quick, friendly support that feels like a real conversation. Webelight Solutions designs custom chatbots to help you connect with customers and improve service. Our AI and data services help you make informed decisions faster, improving daily operations. With custom AI chatbots, you’ll deliver quick, personalized support, enhancing customer satisfaction and engagement. Bring smart solutions to your business for a better customer experience.  Level up your business with Weblight’s AI solutions. Consult our experts and get a custom AI/ML development for all your business needs. Looking to boost your business with AI? Get in touch today and let our smart AI bots take your operations to the next level! Need a hand or have any queries? Contact us today!

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India’s Fintech Wave: Key Insights for Global Innovation

India’s Fintech Wave: Key Insights for Global Innovation

India: The Emerging Leader in Global FinTech Do you think that cashless transactions are still a luxury? Not in India. With a breathtaking adoption rate of 87% as compared to the global average of 64%, India is swiftly surpassing other countries and has become the 3rd largest fintech market in the world! Quick and secure cashless transactions are so common in India that even your local vegetable vendors are embracing it and preferring UPI over cash! But how did India get to this stage so rapidly? You will find out soon Let’s rewind India’s fintech journey from the days of demonetization to the era of COVID-19 and the role of the Indian government as a support system for the growth of the fintech industry. Source: etedge-insights.com  The Evolution of the Indian Fintechverse Before 2016, India’s economy was dominated by cash payments. However, the demonetization of 500 and 1000 rupee notes in 2016 brought some new players into the market, looking to capitalize on digital payment technology and cashless transactions. Since the Indian economy was no longer dependent on cash, citizens were compelled to use digital payment apps for transactions. Companies providing fintech app development services created innovative apps that offered safer and quicker ways to exchange money and proved to be a more convenient option for Indians.The National Payments Corporation of India (NPCI) introduced the Unified Payment Interface (UPI) to provide a trouble-free mode of payment to users. With the help of the government and RBI, NPCI developed this interoperable and safe payment system. UPI helped India reach the top of the global real-time payment industry, surpassing South Korea and China in this race. As per NPCI, more than 22 billion transactions worth over USD 556 billion were recorded during the post-COVID era back in 2021.Looking at India’s exponential growth, these nations started shifting toward UPI for digital payments:Saudi ArabiaFranceSingaporeUAEOmanNepalMalaysiaNetherlandsTo this date, many other countries have been incorporating UPI for cashless transactions. The introduction of UPI entirely changed the country’s fintech scene. Its speed caught the attention of people around the world, including Volker Wissing, Germany’s Federal Minister for Digital and Transport, who was fascinated by its ease of payment while buying items from a local vegetable seller. He shared his positive impression of how swiftly the transaction could be processed with UPI. The German embassy praised India’s digital infrastructure and acknowledged UPI was one of its most successful breakthroughs in fintech.   Modern innovations to adapt from the Indian fintech industry  1) Know Your Customer: Customer identity verificationKYC isn’t just a box to check. It's a door that every customer has to get through. This protocol is used to verify the legitimacy of customers during customer onboarding by validating their personal documents like passports, driver’s licenses, or Aadhar cards. It's certainly a long procedure, but it can still help in managing risks and protecting Indian fintech companies from financial fraud. KYC integrations also reduce your operational costs by using third-party identity verification providers.Insight: Streamlining KYC processes through automation and third-party integration can improve customer onboarding and reduce operational costs.  2) Neo Banks: Have your personal digital bankBanking is possible without a branch now in this modern age! Neobanks, as the name suggests, are new-age banks that are digital banking platforms offering services in digital format through a banking interface. Since they don’t have a physical location, the owners can save their rent money, and that money can be used to provide more interest rates to users. These banks also do not require the user to visit them since all the transactions can be performed through mobile phones. Insight: Fintech companies can cut their operational costs by eliminating physical branches. Neobanks are ideal for modern users who prefer mobility and convenience. 3) Decentralized Finance: No involvement of middlemen It’s time to say goodbye to middlemen, thanks to DeFi! Decentralized Finance (DeFi)  behaves like a very transparent and accessible open financial system. It is a concept created on blockchain technology that doesn’t involve the interference of centralized banks while making financial transactions. Users can earn full interest returns by lending their savings. It is capable of providing all kinds of financial services like banking, mortgages, loans, etc. Insight: DeFi’s decentralized structure offers transparency and security by removing intermediaries. Fintech companies can make financial services more inclusive with DeFi. 4) Generational AI: Personalization in FinancesA personalized financial advisor knows you inside out. But to make this service tailored to your needs, the role of GEN AI comes into play. Generational artificial intelligence offers personalized financial plans to users to help them manage their budgets and investments. It also helps in measuring performance, analyzing historical data, detecting anomalies, and forecasting accurate predictions. It has the ability to teach itself from each experience and can automate customer service as well as protect sensitive data from fraudulent activities. Insight: Integration of Gen AI into fintech operations can enhance customer experience through hyper-personalized financial advice, improved fraud detection, and predictive analytics.  5) UPI payments: smooth customer journeyUPI is a common household name in India. According to a report by PwC, transaction volumes for digital payments in India are rising by 42% year on year in FY 2023-24. With the growth of UPI payments and its convenient transaction process, there is a noticeable reduction in the usage of debit cards for digital payments. If we compare UPI with NEFT (national electronic funds transfer) and RTGS (real-time gross settlement), then UPI is a relatively well-defined process as users can make bank transactions in just a few taps as it doesn’t require them to enter their credit card and bank information. Insight: UPI’s seamless, secure, and swift payment process has overtaken traditional payment methods and simplified payment flows. 6) Government initiatives: support for digital payments Even the Indian government isn’t holding back from contributing to the safety of consumer data in fintech. Many notable announcements were made while sharing the budget for 2024. Stricter regulations were established in various sectors like gaming, fintech, cryptocurrency, and agricultural technology. Specifically for the fintech sector in India, digital lending was a broader area of focus. It was also discussed that Aadhar, UPI, and API Setu proved to be important for Indian fintech startups that incorporated that technology in their operations.Insight: Government regulation and initiatives like Aahda, UPI, and API Setu were vital for the growth of fintech in India.     7) Growth of insurance technologyWhy is insurtech growing so fast in India? The primary reasons behind this progress are the expanding middle class, global innovation, and the government’s support for fintech. In the next 5 years (2024-2028), the insurance premiums will rise by 7.1% in real terms. Among the G20 countries, India will be counted among the most successful nations in the insurance sector.  Platforms like PolicyBazaar and Digit Insurance are two of the top players in this Indian insurtech because of their easily affordable and accessible services.Insight: You can offer need-based insurance and customizable insurance products by utilizing digital platforms. In this way, you can boost the insurance penetration in underserved regions.  8) Innovative Micro-saving PlatformsFor lower middle-class Indian families with less income, micro-saving platforms are offering facilities for saving and borrowing small amounts of money. These platforms offer hassle-free borrowing options, and users don’t have to go through time-consuming paperwork. A sachet financial services platform named Siply has been upscaling its technology to service families with financial crises by offering micro-savings, micro-credit, and micro-investment services. Other platforms like Scripbox and Kuvera also wealth management solutions to automate investments.  Insight: You can build up financial literacy and widen your consumer base by making the investment and savings process easier for your customers.  9) E-commerce integrationIndia is one of the fastest-growing e-commerce markets and is projected to hit $200 billion by 2026, as per a Morgan Stanley report. Integration of e-commerce in banking will start a new wave of digital payments and make payments and purchases easier for buyers. Razor Pay and Pinelabs are some of the fintech companies in India that have gotten successful results in payments on e-commerce platforms. Now e-commerce platforms allow customers to operate their bank accounts while sitting at home. Insight: Partnerships with e-commerce platforms can open up new avenues for fintech companies. The collaboration would enhance payment technology and ultimately boost the consumer experience.  10) Cross-border paymentsIndia is a center for global remittances and receives around USD 80 billion in inbound remittances. UPI and RuPay are expanding magnificently and facilitating fast and secure cross-border transactions for Indians who live abroad. This expansion will make international payments possible and improve financial inclusion. Indian fintech firms like Instarem and Wise have drastically enhanced remittances by offering cheaper alternatives to traditional methods. Insight: Countries like India with large populations can benefit greatly from fintech-led remittance solutions, minimize transaction costs, and speed up processing times.  11) Risk Management and fraud preventionVulnerabilities to cyber threats have surged, and safeguarding financial data against malicious attacks is very crucial. However,  Indian fraud management systems like Clari5 (CustomerXPs) combat frauds across several mediums like mobile banking, internet banking, and cards. One other platform named Drona Pay monitors transactions to detect frauds with biometrics technology. PayU and Cashfree are considered the pioneers of this technology in the payment industry. Insight: Artificial intelligence and machine learning integration can be helpful for fintech in financial fraud prevention and building customer trust, especially where there is a huge amount of money involved.  12) Financial innovation in agricultureMore than 150 million people involved in Indian agriculture contribute to India’s GDP. Yet, Indian farmers have limited access to institutional credit. Projected to rise to $24 billion by 2025, the Indian Agri-tech industry is emerging as a key player in resolving their problems. Samunnati, Jai Kishan, and Unnati are some startups that have collaborated with FPOs to broaden their lending operations. They also offer microloans and crop insurance to Indian farmers. Insight: FIntech can contribute to agriTech by providing farmers with access to affordable credit, insurance, and savings products. This would improve their productivity and income. 13) Hyperlocal payments and offline solutionsOffline payments have made it possible for customers to pay securely without having an internet connection. The PSP takes control of this process through the NPCI and quickly debits the amount from the issuer to the merchant’s bank account in less than a minute. Fintech companies like BharatPe and PhonePay have helped small businesses by providing OR-code-based digital payment systems. BharatPe alone has over 10 million merchants using its platform across India. Insight: To cover small and medium-sized enterprises (SMEs), fintechs must focus on hyperlocal and offline solutions to make payments independent of network connectivity.  14) Rural banking and financial literacyIn India, the rural regions that don't have access to banking services are not covered in financial inclusion due to a lack of financial literacy and infrastructure. To cover this wide gap, Indian fintechs like FINO Payments Bank and Airtel Bank have expanded their financial services for the rural sector. Airtel Payment Bank even gives a 6% annual interest rate on savings account deposits of over Rs. 1 lakh to its users.Insight: Creating banking solutions for rural populations, in addition to launching financial literacy programs, can broaden financial inclusion and accessibility in remote areas. 15) Dynamic regulatory collaborationThe regulatory sandbox was issued by RBI in 2019, after noticing the drastic shift in the digitization of the banking systems. It allowed fintech companies to test their products in a controlled environment. Many advancements, like QR codes and video KYC, were made during this period. This framework has positioned India as a leader in fintech regulation and has accelerated the deployment of innovative financial solutions while maintaining compliance.  Insight: A dynamic regulatory market that encourages experimentation while ensuring the safety of consumers can provide huge support to fintech companies for global innovation and creativity.  16) Focus on consumer experience and trustThe fintech sector in India is prioritizing speed, efficiency, and personalization. It leverages mobile banking and digital wallets to provide secure and convenient financial transactions. The emphasis on usability and seamless user experiences is reflected in the streamlined loan application processes and innovation of chatbots for better customer engagement. Speaking of customer engagement, CRED has enhanced this service with its brilliant reward system idea. The platform has over 11 million active users currently and is valued at $6.4 billion. Insight: Building customer trust through transparency, rewards, and personalized financial plans can significantly enhance user engagement and loyalty in competitive markets. 17) Women-centric financial solutionsRecognizing the financial challenges faced by women, a Bengaluru-based startup called Bais focused on making millennial and Gen Z women financially aware and independent. The app specifically addresses women’s monetary needs and promotes financial inclusion in a space where men make most of the financial decisions. It offers features like “Knowledge Boosters," which simplifies financial jargon, and an "Advisory" section that provides personalized financial management tools. Basis has recently crossed 50,000 downloads and is targeting urban women, including salaried employees, entrepreneurs, and college graduates. Insight: Developing gender-specific financial solutions and literacy programs can increase women’s participation in formal financial systems and support gender equality in financial inclusion. 18) Scalability of cloud-based solutionsTo keep up with the growing complexity and demands,  Razorpay launched UPI 360. It is a cloud-based innovative UPI infrastructure that minimizes payment failure and solves all problems banks have to deal with due to legacy tech stacks. It serves both online and offline merchants with automated transaction processes. It's no surprise that this merchant payment firm generated a revenue of Rs. 2,279 crore in the financial year 2023. Insight: Cloud-based architectures can provide fintechs the flexibility to scale rapidly, manage costs effectively, and improve service availability across geographies. 19) Fintech in educationWith the education loan market to reach USD 150 billion by 2025, fintech companies are changing how education is accessed and delivered. Peer-to-peer platforms are one such example of lending money at low interest rates that connect students in need of loans with lenders. Moreover, the integration of financial management tools helps students track their spending and manage their finances effectively A company called Novel Patterns has been successful in providing SaaS solutions for efficient loan origination, onboarding, and disbursement for students. Insight: Fintech solutions tailored to education can reduce the financial burden on families and make quality education more accessible, fostering long-term economic growth.   20) Robo-advisory services for wealth managementThe growth of robo-advisors has been largely fueled by the demand for cost-effective financial services. The market is set to grow at an annual rate of 8.06% from 2024 to 2027. Various types of robo-advisory platforms have emerged that can automate investments, create financial plans, and give goal-based advice. Groww and Kuvera are some popular platforms that offer such robo-advisory services.Insight: Robo-advisory platforms can promote financial inclusion by offering low-cost, algorithm-driven investment services to first-time investors and those with limited financial literacy. Breakdown of Key Fintech Industry Segments 1) Payment as a Service (PaaS)Paytech focuses totally on payment and transactions.  Before Paytech was introduced, money was just exchanged normally between two parties. But the days of fumbling with cash are over. With the latest regulations like PSD2 and open banking, the market is shifting to a more consumer-centric approach. For the growing volume of transactions, this technology is going to help establish a resilient and scalable instant payment infrastructure. 2) InsurTech as a Service (IaaS)Complicated insurance policies can be overwhelming for any user, as there is a lot of paperwork involved. But now, modern technologies like artificial intelligence and machine learning, IoT,  big data analytics, and blockchain are used in the insurance industry to reduce the need for extensive paperwork, strategize investments, assess risks, underwrite policies, and provide personalized insurance products to its users. Brokers and carriers use Insurtech to their advantage to form better connections with policyholders.  3) WealthTech as a Service (WaaS)Users stress a lot when it comes to managing their portfolios. Due to this, there is a demand for automation and accuracy in wealth management. It involves the automation of finance management, like managing investment portfolios and assessing market risks. AI and ML algorithms are now used in some wealth tech platforms like robo-advisors to monitor data, set financial goals, and give personalized advice. They smartly provide a more promising investment plan than human financial advisors and give a holistic view of all your funds stored in one place.  4) RegTech as a Service (RaaS)With compliance getting stricter at a staggering rate, fintech software development companies providing fintech software development services felt the need to cope with new regulatory challenges. For this, regulation technology was introduced, which is a group of tech companies that provided solutions to deal with these regulations without having to rebuild the existing models. Regulatory monitoring, reporting, and compliance are one of the main aspects of regtech that monitor online transactions to detect anomalies in real time and minimize the loss of funds.   5) CybersecurityIn a world filled with cybercriminals, cybersecurity is your safety net! Cybersecurity is a necessity for fintech in India that can never be ignored since encrypted and secure networks are mandatory to safeguard sensitive consumer data and transaction details. Innovations in intrusion detection systems are helping users avoid falling into financial traps and strengthening their trust in fintech companies. With cybersecurity measures, firms can also stay compliant with GDPR, PCI DSS, and FISMA regulations. 6) LendTech Give up the old-school ways of lending since they are outdated and don’t meet needs. Modern lending technology makes use of APIs for peer-to-peer lending or business loans. It helps people control their cash flow by utilizing authorized digital data to make fast and accurate underwriting decisions. With this technology, small businesses can get funding and become far more independent to be able to make their own choices.     7) Banking as a Service (BaaS)What if you could provide online loans to your customers directly from your website? Wouldn’t that improve the customer journey? You would still need a banking license, and that isn’t easy to acquire. This is where the BaaS model comes into play, by which banks can integrate their digital banking services directly into the products of other non-bank businesses. In this case, your organization would just act as an intermediary that isn’t burdened by regulations and compliance.  8) Blockchain and cryptocurrencyAcknowledged by the World Economic Forum as the technology pioneer, blockchain and cryptocurrency are notoriously considered the next best revolution after the internet by several financial experts. This technology is gaining attention, as 56% of companies surveyed by PwC are of the opinion that blockchain technology is a part of their innovation strategy. Well-established banks like ICICI, Kotak, YES Bank, Axis Bank, and Mahindra Bank are some of the few examples that have incorporated this technology for international trade and vendor financing.  Biggest Giants of the Indian Fintech Scene 1) PaytmWhat started as a mobile wallet is now one of the biggest payment apps in India and has become popular all over the country with its "Paytm Karo” slogan. Paytm provides a multi-payment architecture where you can manage your bank accounts, invest in funds, get credit or debit card info, pay your bills and house rent, as well as recharge your internet. Paytm is beneficial to end-users as well as millions of merchants in India. 2) PolicyBazaarPolicyBazaar was developed to gather all the data about insurance policies on one centralized platform. It became more popular during COVID-19 since the number of policymakers increased during the pandemic. It is one of India’s biggest marketplaces for transparent online insurance services. Users of Policy Bazaar can get more clarity of products and get to choose from a variety of options, like investment, healthcare, vehicle insurance, and many more choices.  3) RazorpayRazorpay is an interconnected network of various bank systems created with the idea of simplifying transactions and cash flow all around the country. It was developed by a group of students from IIT Roorkee and has now turned into a multi-product company. With Razorpay, merchants can manage their invoices and payroll accounts as well as automate transactions. It powers the digital payments of several businesses in India. 4) CREDCRED is a trustworthy low-friction platform that makes it easier for users with multiple credit cards to maintain a good credit score. As a user, you can get alerts of payment deadlines with its AI-backed system. It can also analyze the spending habits of the user and display that report in a matter of seconds. It spots any transactions that seem suspicious and notifies the user to take immediate action and protect their money. 5) BharatPeBharatPe is a well-known QR code-based platform that is used by Kirana store owners and even vegetable sellers to accept UPI statements. Most of the merchants have their own QR code that is scanned by the customers to pay for the item, and the best part is that merchants don’t have to pay transaction fees for this. It also offers instant loans to merchants after thoroughly analyzing their credit card scores.   Challenges for fintech players in India 1) Staying compliant with regulationsCompliance is like trying to dance to a song that keeps changing tempo! Some of the Indian fintech companies don’t invest in compliance in the initial phases of development, which can later cost them more money in the form of fines for violating the regulations. It’s also not easy to stay up to date with newly created government regulations, and every product or service could have its own regulations.   2) Inadequate government supportHere’s the biggest catch for the restrictions on fintech and the safety of consumer data—the government. While acknowledging the innovations in financial technology, the government body also has to assess the risks that come along with them. Regardless of fintech being one of the biggest contributors to the economy, the lack of incentives and freedom offered by the government tends to make fintech companies lose interest in the financial market.  3) Data security threatsData security is something that can keep you awake all night. Data is more vulnerable when it is in digital format since traditional banking systems have guards and CCTVs to protect consumer data. A large amount of financial data in digital format raises issues of data handling and security. Even a single data breach can tarnish the reputation of a fintech and lose the long-time trust it established with consumers.  4) Financial illiteracyNot all customers in India are completely on board with cashless digital payments. Due to a lack of financial awareness, many Indians are still stuck with traditional methods for cash transactions. They aren’t ready to adapt to safe, quick, and cashless digital payments. It is because they are only taught how to make money but not how they should manage it. Cashless digital payment technologies are mostly adopted by the urban sector of India.  What lies ahead for the Indian fintech market, and how can we help? The Indian fintech scene is buzzing, and the shift toward a cashless, secure economy is just the beginning. To make these fintech firms go digital, our future-focused custom software and AI/ML solutions provider company is all set to take the lead. As one of the most reliable fintech software development companies, our experienced team at Webelight Solutions Pvt. Ltd. is here to serve your fintech firm with secure and scalable fintech app development services. By putting your trust in our fintech software development services, you are leaping toward the future and boosting your customer retention rate in the long run.  Let’s schedule a call with our qualified fintech software development team and see how we can speed up your online transactions and maintain robust data security. 

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Will AI Replace Cybersecurity Jobs or Create New Opportunities?

Will AI Replace Cybersecurity Jobs or Create New Opportunities?

The rapid evolution of technology, particularly in artificial intelligence (AI) and machine learning (ML), has revolutionized various industries, including cybersecurity. As organizations increasingly adopt AI and automation technologies to bolster their defenses against cyber threats, a pressing question emerges: Is AI a threat to cybersecurity job roles? This blog will explore the concerns surrounding AI's impact on cybersecurity roles, debunk prevalent myths, examine the current job market, and highlight the necessity of human expertise in an AI-driven world.Answering to the question : The global cybersecurity workforce gap has reached 3.4 million, despite the industry's rapid growth to 4.7 million professionals, according to the (ISC)² Cybersecurity Workforce Study 2023. With the increasing adoption of AI and automation in combating cyber threats, concerns have arisen about whether AI might replace human professionals. However, the persistent shortage of AI security experts underscores a critical fact: human expertise remains indispensable in navigating today’s complex and evolving threat landscape. But as AI continues to transform cybersecurity automation, is it truly a threat to jobs, or could it be a powerful ally that redefines the role of human experts? Let’s start by understanding.The Current Landscape of CybersecurityCybersecurity: An Ever-Evolving FieldCybersecurity is a dynamic and rapidly evolving field that seeks to protect systems, networks, and data from cyber threats. Over the last two decades, we have witnessed a significant transformation in the nature of cyber threats, driven by technological advancements, increased connectivity, and the rise of sophisticated attack vectors. The growing frequency and severity of cyberattacks have heightened the demand for skilled cybersecurity job roles. The Rise of AI in CybersecurityIn response to the escalating threat landscape, organizations have turned to AI and ML technologies to enhance their cybersecurity capabilities. These technologies offer several advantages, including:Automation of Repetitive Tasks: AI can automate routine cybersecurity jobs, such as log analysis, threat detection, and incident response, enabling security teams to focus on more complex issues. This aspect of cybersecurity automation allows teams to optimize their resources efficiently. Enhanced Threat Detection: Machine learning algorithms can analyze vast datasets to identify patterns and anomalies indicative of potential threats, improving detection rates and reducing response times. The role of AI security experts becomes crucial here, as they interpret and act upon the insights generated. Predictive Analytics: AI can leverage historical data to predict and preempt potential attacks, allowing organizations to take proactive measures to safeguard their assets. False Positives in AI: Studies show that AI-driven cybersecurity systems can generate up to 20% of false positives, necessitating human oversight for accurate threat detection.Despite these benefits, the rise of AI has sparked concerns among cybersecurity professionals about the future of their roles. The interplay between cybersecurity automation and human expertise is essential in managing the evolving landscape of AI cybersecurity trends. Why Are Security Experts Threatened by AI? The Fear of Job DisplacementAs AI technologies become more sophisticated, many cybersecurity professionals fear that their jobs may become obsolete. The perception is that AI can perform tasks more efficiently than humans, leading to a potential reduction in the demand for skilled analysts, penetration testers, and ethical hackers. This fear is exacerbated by media narratives that emphasize automation as a means of replacing human labor.The Complexity of CybersecurityCybersecurity is a multifaceted discipline that involves not only technical skills but also critical thinking, problem-solving, and creativity. Security professionals are tasked with understanding the nuances of organizational environments, business processes, and human behavior—elements that are challenging for AI to replicate. The fear is that AI may oversimplify complex security challenges, leading to inadequate defenses.The Evolving Nature of ThreatsCyber threats are continuously evolving, with attackers adopting new tactics, techniques, and procedures (TTPs). The dynamic nature of the cybersecurity landscape requires a level of adaptability and intuition that AI may struggle to achieve. While AI can process vast amounts of data, its effectiveness relies on the quality of the input it receives and the algorithms driving its analysis. Myths and Rumors Surrounding AI in CybersecuritySeveral myths and misconceptions have emerged regarding AI's role in cybersecurity, contributing to the anxiety among professionals.Myth 1: AI Will Replace Human JobsOne of the most pervasive myths is the belief that AI will completely replace human cybersecurity professionals. While AI can automate specific tasks, it cannot replicate the full spectrum of skills and insights that human experts bring to the table. Cybersecurity involves understanding organizational context, human behavior, and the ever-changing landscape of cyber threats—all areas where human judgment is paramount.Myth 2: AI Is InfallibleAnother common misconception is that AI systems are infallible. In reality, AI can produce false positives, misclassifications, and misleading results. The effectiveness of AI in cybersecurity relies heavily on the quality of the data used to train it. If the training data is flawed or biased, the AI's output will reflect those deficiencies. Consequently, human analysts are essential to verify AI-generated results and provide context to the findings.Myth 3: AI Can Operate IndependentlySome believe that AI systems can operate independently without human oversight. In truth, AI requires continuous monitoring, tuning, and human intervention to function optimally. Security professionals must ensure that AI tools are configured correctly and that the insights generated are meaningful and actionable.Myth 4: AI Will Solve All Cybersecurity ProblemsWhile AI holds promise for improving cybersecurity, it is not a silver bullet. Cybersecurity challenges are complex and multifaceted, requiring a combination of technological solutions, human expertise, and organizational policies. Relying solely on AI can lead to complacency and neglect of essential cybersecurity practices. Current Market Condition and the TruthThe demand for cybersecurity professionals continues to grow, with organizations recognizing the need for skilled individuals to manage their security posture. Cybersecurity Workforce ShortageAccording to the Cybersecurity Workforce Study 2023, the global cybersecurity workforce gap remains significant, with millions of positions unfilled. The increasing frequency and complexity of cyberattacks have heightened the demand for professionals who can defend against these threats. As organizations adopt AI technologies, they require experts to oversee these systems, validate AI-generated results, and address vulnerabilities that automated tools may overlook. Emerging Job RolesAs AI becomes more integrated into cybersecurity, new job roles are emerging. Some of these roles include:AI Security Specialists: These professionals focus on securing AI applications and ensuring that AI systems operate safely and effectively. They assess vulnerabilities specific to AI technologies and develop strategies to mitigate risks. Ethical Hackers Specializing in AI Vulnerabilities: With the rise of AI, ethical hackers are needed to identify weaknesses in AI-driven systems. These professionals leverage their skills to test AI models for potential vulnerabilities and ensure they are resilient against attacks. Data Scientists in Cybersecurity: Data scientists skilled in cybersecurity can analyze and interpret data generated by AI systems, providing insights that inform decision-making and threat assessments. The chart illustrates the significant financial impact of cybersecurity breaches across various industries, highlighting the percentage of organizations reporting losses exceeding $50 million. Telecom, with the highest rate, stands at 40%, indicating the severe consequences of data breaches in this sector due to its large customer data pools. Other sectors such as consumer products (26%), retail (25%), and banking (23%) also show substantial losses. Overall, 20% of all surveyed industries reported breaches with damages surpassing $50 million, reflecting the growing and costly nature of cyberattacks across industries like insurance (11%) and automotive (9%). This data underscores the urgent need for robust cybersecurity measures, especially as new digital technologies increase the potential for cyberattacks. The Need for Human OversightWhile AI can automate specific tasks and enhance efficiency, the role of human cybersecurity professionals remains crucial. Security analysts are essential for interpreting AI-generated insights, validating results, and making informed decisions based on their expertise. The collaboration between AI and human professionals is essential for building a robust security posture. AI Enhancing Efficiency in Cybersecurity TasksAI is transforming cybersecurity by enhancing efficiency and accuracy in several areas:Threat DetectionAI algorithms excel at analyzing vast amounts of data, identifying patterns, and detecting anomalies indicative of potential threats. Traditional methods often struggle to keep pace with the volume and complexity of data generated by modern systems. AI can analyze network traffic, logs, and user behavior in real time, improving detection rates and reducing response times.Incident ResponseAI-driven tools can automate incident response procedures, enabling organizations to react swiftly to security incidents. By automating tasks such as containment, remediation, and reporting, AI reduces the time it takes to address security breaches, minimizing potential damage.Vulnerability ManagementAI can prioritize vulnerabilities based on risk, enabling security teams to focus their efforts on addressing the most critical issues. By analyzing historical data and threat intelligence, AI can help organizations allocate resources effectively and reduce their attack surface.Security AutomationAI-powered automation tools can streamline security operations, improving overall efficiency. For example, automated systems can handle routine tasks such as patch management, configuration assessments, and compliance checks, allowing security teams to concentrate on more strategic initiatives.Support for Researchers and EnthusiastsAI also serves as a valuable resource for cybersecurity researchers and enthusiasts. By automating routine tasks, AI frees up time for professionals to focus on more complex challenges, allowing for deeper exploration of emerging threats and innovative solutions. This collaboration between AI and human expertise fosters an environment conducive to learning and discovery.Enhancing Research CapabilitiesAI-driven tools can assist researchers in analyzing large datasets, identifying AI cybersecurity trends, and predicting future threats. This capability enhances the ability to understand the evolving threat landscape and informs the development of effective countermeasures.Promoting InnovationThe integration of AI in cybersecurity encourages innovation within the field. As professionals explore the intersection of AI and security, they develop new techniques, tools, and methodologies to address emerging challenges. This collaborative spirit promotes a culture of continuous improvement and adaptability.The Human Element in CybersecurityDespite the advancements in AI, machines cannot replicate the innate qualities of human professionals. For instance, business logic bugs—vulnerabilities that exploit the logic of applications—require human intuition and contextual understanding to identify and address effectively. These types of vulnerabilities often arise from the specific business processes and decision-making flows unique to an organization, making them difficult for AI to detect. Human analysts possess the nuanced understanding of these processes, enabling them to recognize potential flaws that automated systems may overlook.Manual Penetration Testing: A Case in PointManual penetration testing is an excellent example of the critical role humans play in cybersecurity. While automated tools can scan for known vulnerabilities, they often miss complex attack vectors that require a deeper understanding of an organization's architecture and logic.Why Manual Penetration Testing Matters: 1. Contextual Understanding: Penetration testers leverage their understanding of a business's unique operations and objectives. They analyze how users interact with systems, where sensitive data is stored, and how processes are structured to identify vulnerabilities that may not be apparent through automated scans. 2. Creative Problem Solving: Cybersecurity attacks are rarely straightforward. Human testers can think creatively, mimicking the methods that real attackers might use. They can devise sophisticated attack scenarios that consider social engineering, insider threats, and unconventional exploitation techniques, which automated tools may not account for. 3. Adaptability: Manual testers can adapt their strategies in real-time based on the responses and behaviors of the systems they are testing. This flexibility is vital in identifying unforeseen weaknesses and demonstrating how attackers might exploit them in practice. 4. Comprehensive Reporting: After conducting manual penetration tests, human testers provide detailed reports that not only highlight vulnerabilities but also offer context and recommendations for remediation. These insights are invaluable for organizations to improve their security posture and mitigate risks effectively. 5. Compliance and Regulatory Requirements: Many organizations are subject to regulations that mandate regular penetration testing. Manual testing is often preferred in these cases, as it provides a thorough assessment of security controls and offers the necessary documentation to demonstrate compliance. As the shift towards AI continues, the value of skilled manual penetration testers and cybersecurity professionals will only increase. They will be essential for interpreting AI-generated results, providing context, and addressing complex vulnerabilities that require human insight. The Future of Cybersecurity JobsWhile AI has the potential to transform the cybersecurity landscape, it is crucial to recognize that it does not eliminate the need for human professionals. Instead, AI serves as a powerful ally, augmenting human capabilities and enhancing the overall effectiveness of security teams.A Collaborative ApproachThe future of cybersecurity will likely involve a collaborative approach between AI technologies and human experts. Organizations that embrace this partnership will be better positioned to adapt to the evolving threat landscape and mitigate risks effectively. By combining the speed and efficiency of AI with the creativity and intuition of human professionals, organizations can build robust security strategies that leverage the strengths of both.Upskilling and ReskillingAs AI continues to reshape the cybersecurity landscape, there will be a growing demand for professionals who can navigate this hybrid environment. Upskilling and reskilling will be essential for cybersecurity experts to remain relevant. Professionals should focus on developing skills in AI and ML, data analysis, and the interpretation of AI-generated insights. This will empower them to harness the potential of AI while maintaining their expertise in traditional security practices.Embracing ChangeThe cybersecurity landscape is in a constant state of flux, and professionals must embrace change and adaptability. By staying informed about emerging technologies, industry trends, and evolving threats, cybersecurity experts can position themselves as valuable assets in a rapidly changing environment. ConclusionIn conclusion, while the rise of AI and automation in cybersecurity has raised concerns about job displacement, the reality is far more complex. AI technologies are not a replacement for human expertise; rather, they serve as tools that can enhance the effectiveness and efficiency of cybersecurity operations. The demand for skilled cybersecurity professionals remains robust, driven by the need for human insight, creativity, and adaptability in addressing the multifaceted challenges posed by cyber threats.As organizations increasingly integrate AI into their security strategies, the role of human professionals will only grow in importance. From manual penetration testing to interpreting AI-generated insights, skilled individuals will be essential for navigating the complex landscape of cybersecurity. Embracing this collaborative approach, investing in continuous learning, and recognizing the unique contributions of human experts will be key to building a resilient and effective cybersecurity workforce in the age of AI.The evolution of cybersecurity may introduce new challenges, but it also presents exciting opportunities for those willing to adapt. As the industry continues to evolve, one thing remains certain: the human element in cybersecurity will always be indispensable. At Webelight Solutions, we recognize the importance of combining AI with human expertise to enhance cybersecurity strategies. If you’re looking to strengthen your organization's cybersecurity posture with innovative solutions, contact us today to learn how we can help you navigate the complexities of the digital landscape.

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Stay Ahead of Cyber Attacks: AI-Driven Security for Fintech

Stay Ahead of Cyber Attacks: AI-Driven Security for Fintech

Imagine your customer walks into a bank and there’s a robot to assist with deposit and withdrawal of cash. Sounds futuristic, doesn’t it? Most fintech firms are putting efforts into modernizing their infrastructure with AI. With a growth rate of approximately 2.91%, artificial intelligence in fintech is predicted to increase from 44.08 billion USD in 2024 to 50 billion USD in 2029. Innovations in the fintech industry have made financial services more convenient and accessible to all. But the element that puts life into fintech is data. It is the elixir that financial technology companies use to understand what consumers prefer and how they can personalize customer service. Due to advancements in financial technology, the volume of data available for analysis has vastly increased. With so much data comes the responsibility to take care of its security and make sure it doesn’t fall into the wrong hands. As mobile transactions and electronic payments become more prevalent, the risk of maintaining data integrity also arises. To understand the seriousness of cyberattacks across several industries, you’ve got to look at this chart below. Fintech seems to be one of the biggest victims of cyber threats. To protect data assets, fintech companies must implement effective security protocols backed by artificial intelligence and provide reliable services to customers. Source: Statista How will AI boost the security of your infrastructure?  1) Fraud detectionIn the previous 5 years, fraudulent activities in the fintech sector have increased by more than 30%. To counter these tactics of cybercriminals, you need effective fraud detection measures. AI models, built with the help of machine learning, deep learning, and NLP, can monitor large datasets and spot suspicious patterns. These anomalies in data can be easily missed by any human or a traditional tool with less accuracy and speed.  2) Predictive analyticsNo matter how much data you collect, it's of no use if you can’t refine it properly and gain insights. It's not practically possible to get accurate results when the data is transmitted from different channels, like satellite images, web apps, videos, sensors, etc. By contextualizing the data with the help of AI, you can anticipate threats that may cause trouble to your organization in the future and take preemptive actions to resolve those threats.      3) Automated interactionsAt the end of that day, the key element that justifies your efforts is customer satisfaction. AI can help you pick those services that match the tastes of your consumers. You can offer better financial recommendation plans and proactive consumer support with AI adaptation in devices like chatbots and virtual assistants. Chatbots can quickly address and resolve their issues on time. With this level of comfort, there is no way consumers won’t come back to you.  4) Behavioral biometricsYour consumers no longer have to memorize their difficult PINs and credentials. They just have to show up and get scanned for biometrics! Many big financial technology companies, like Mastercard and Paypal, are using behavioral biometrics to assess consumer behavior, voice, heartbeats, and expressions. By 2027, the global value of biometrically authenticated remote mobile payments will rise to $1.2 trillion, and it is expected to become more prevalent in the fintech sector.  5) Security orchestration Both orchestration and AI need to be in perfect sync to create an effective payment strategy. If it is directed properly, you can deliver better accuracy and automate threat response. As Yash Prajapati, our penetration tester at Webelight Solutions Pvt. Ltd., rightly said, “Security orchestration, powered by AI, allows us to streamline and automate responses to emerging cyber threats. This approach ensures that fintechs' digital infrastructures remain resilient, adaptive, and secure against the constant wave of evolving threat.” By doing this, we can derive insights from a large volume of data and oppose any cyber threat.  6) Risk assessmentAs you already know, fintech solutions have been using manual processes and statistical models for managing cyber security risks. However, these methods fail when you are dealing with a vast amount of data. To analyze historical data and identify fraudulent patterns, NLP technology, and machine learning algorithms are used by financial technology firms in their AI models. ML algorithms keep on learning from new data and refine their accuracy over time.  Obstacles in Fintech that can be mitigated with AI  1) Data breachAs quoted by Sun Tzu, a Chinese military general and strategist, “All warfare is based on deception.” The same logic applies to data breaches in financial transactions. Hackers can easily break into your database with deception and steal all your data. These breaches can only be resisted with AI-powered cybersecurity solutions. It is about time you stop relying on traditional intrusion detection systems and firewalls to save vulnerable consumer data.  2) Bias and fairnessSurprisingly, AI algorithms have proven to be biased. They can’t exactly assess the creditworthiness or the fairness of information unless they are properly programmed to do so. Any form of data that is fed into AI and ML algorithms needs to be properly investigated to eliminate bias. In the quest for quick and relevant information, you shouldn’t forget to check for its fairness and correctness.    3) Third-party risksThe complexity of depending upon third-party vendors has evolved exponentially in the AI area. While collaborating with them, you are also giving them access to vulnerable consumer data. It can increase the likelihood of unauthorized access to your financial systems. Any disruptions experienced by the third-party vendor can cause an impact on your operations as well. To avoid this, you must conduct rigorous due diligence and frame penalties for data manipulation. 4) Regulatory complianceFor consumer safety, regulatory bodies across the globe have set their guidelines and rules for fintech. Not complying with these regulations can land your organization in trouble in the form of penalties and credibility. With AI, you can analyze millions of transactions in a matter of seconds and detect risks. AI integration can drastically reduce the chances of cyberattacks and make sure that your organization lives up to the compliance standards. Have a look at these prominent regulatory bodies and policies that always keep an eye on you. Imagine complying with these Regulations without expert AI help 1) Consumer Financial Protection Bureau (CFPB)CFPB is a U.S. government agency that has control over lenders, banks, and even non-bank entities. It is a department that keeps an eye on the financial services provided to your consumers. More than 4 million consumer complaints have been received by CFPB, and it is resolving them promptly.  2) Securities and Exchange Commission (SEC)SEC is a federal government regulatory body launched after the notorious stock market crash in 1929 that defends shareholders from financial fraud and maintains the fairness and integrity of financial transactions. Its job is to also validate that financial technology firms give a transparent disclosure of their business, like the securities they are trying to sell and the risks associated with that.  3) Office of the Comptroller of the Currency (OCC)The OCC, too, is a federal agency appointed by the President that supervises the laws relevant to national banks. It regulates several aspects like asset quality, liquidity, capital, sensitivity to market risk, and compliance. It has the authority to take action against national banks and reject applications for new bank branches. 4) Anti-Money Laundering (AML) RegulationsAs per the United Nations Panel, it's projected that around $1.6 trillion worth of money is laundered every year. To deal with manipulated financial records and inflated asset valuations, many countries have implemented robust AML regulations to locate and intercept money laundering businesses.   5) General Data Protection Regulations (GDPR)Known as one of the toughest nuts to crack, GDPR is a framework that defines guidelines for the collection and processing of financial records. Consumers have the right to know what the financial technology companies are doing with their sensitive data. Violation of its policies, privacy, and security standards can result in heavy fines and penalties.  6) Revised Payment Services Directive (PSD2)The revised PDS2 improves upon the original European Union rules created by PSD. PSD2 aims to make payments more secure and provide a platform for payment service providers. PSD2 is further amplified by regulations set on cybersecurity in fintech for operational issues and managing cyber security risks.  7) Electronic Identification and Trust Services (eIDAS)The eIDAS regulation ensures a safe and fast electronic transaction between users and organizations. eIDAS monitors the audit processes and security protocols of companies that provide electronic trust services. It has created a framework for electronic seals, signatures, time stamps, and documents.  8) Payment Card Industry Data Security Standard (PCI DSS)PCI DSS is a council formed by major payment brands, and it is governed by the PCI SSC. It makes sure that all financial technology companies conduct transactions through a secure channel. A PCI certification helps build consumer trust in a company as they get the assurance of the safety of their sensitive information.    9) ISO/IEC 27001ISO/IEC is an internationally recognized organization established to protect intellectual property and information assets. It is an organization that helps in managing data and safeguarding information. Having this certification gives a boost to the company’s reputation and customer acquisition rate.    Future of fintech cybersecurity with AIWith the establishment of robust regulatory standards, your fintech solutions must prioritize the safety and privacy of data and comply with these regulations. This is not going to be easy, since cybercriminals are evolving their tactics with AI and making it harder for you to maintain impenetrable security standards. One key focus area would be the encryption of sensitive data, where you should definitely invest your money to integrate advanced AI encryption technologies into your infrastructure. For robust security, devSecOps integration is also necessary to make sure that security protocols become an internal part of the fintech software development cycle. Last but not least, you need to follow a zero-trust approach for your fintech, where every user and device will be thoroughly authenticated before granting access.  Fortify financial data with our AI-driven cybersecurity solutionsWe recognize that robust security should be an integral component right from the beginning of the Software development cycle. As data threats evolve, so does our organization’s approach to dealing with them. We always maintain intelligent cybersecurity standards from the initial stages till production to safeguard your final product and make sure it can’t be hampered by cyber criminals. No matter how hard cybercriminals try, our penetration testers and cybersecurity experts at Webelight Solutions Pvt. Ltd. are always going to be one step ahead of their tactics. They are up-to-date with modern penetration testing and ethical hacking practices. As far as the integration of artificial intelligence and machine learning is concerned, our team is proficient in smoothly incorporating AI and ML into your security architecture. We have been working with the latest and most advanced cybersecurity technologies to improve the growing problem of data privacy and cybersecurity in fintech. When there are so many government regulations your organization needs to comply with, it's natural for you to hesitate before choosing any firm for AI-backed cybersecurity solutions. But we assure you that our team will strike the perfect balance between innovation and compliance and create something magical for your fintech. Contact our team for an impenetrable and compliant cybersecurity architecture backed by advanced AI/ML integration.

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Swipe, Tap, or Scan? The Future of How We'll Pay

Swipe, Tap, or Scan? The Future of How We'll Pay

Fintech is going through a rollercoaster of technological changes in recent times, and this is all that the masses are talking about, as per reports by Google Trends. Remember the days when you’d hand over a note from your pocket to your vegetable vendor? Now, it’s just a quick scan of a QR code, and you’re done! Cash is no longer the king in 2024, as cashless digital transactions have taken over. The days of digging into your purse and wallet for cash have ended. Speed, security, and ease of payment are what most fintech companies are battling around, trying to provide consumers like you with the most convenient financial services possible. In the following article, we will uncover the historical shift from cash-based to cashless transactions and what the future might look like for the payment industry.  Rise of Contactless payments Contactless payments have made it really easy to finish digital transactions in a snap! All you have to do is tap your card and pay without making any physical contact. This technology became more popular during the pandemic due to hygiene and safety concerns. From $7.4 trillion in 2024, their value is predicted to increase by 113% in the next 5 years. Campaigns like “Scan and Pay” and “Tap and Pay” have contributed to this projected rise. This mode of digital payment is gaining a lot of acceptance among merchants, transportation providers, eateries, and even big tech companies that are planning to capitalize on contactless payments in their business strategy. What factors will affect the future of payments? 1) Internet of Things (IoT)An interconnected network of devices like smartphones and tablets carries a lot of unstructured data. This data can be accumulated to study and analyze user behavior and preferences with the help of artificial intelligence and machine learning. With this technology, businesses can detect anomalies and threats and create stronger fraud detection systems for the safety of your sensitive information. With the integration of IoT in payment processing, users can automate their money transactions and get a frictionless checkout process.  It restores consumer trust and boosts a business’s revenue as well.   2) Government and RegulationsEach country operates on its own complex web of regulations to govern the fintech industry. The first and foremost priority for any government is data protection and consumer safety. So a government has to create a balance between modern innovations and securing the interests of their citizens. Governments have to constantly monitor the authentication protocols and safety measures of payment systems and establish frameworks and regulatory policies that need to be followed across the country. Without government support, fintech won’t gain enough flexibility to explore untapped areas of innovation. 3) Super-appsEver wondered how you can easily manage your credit card from a food delivery mobile app? It is possible because of super apps. Super-apps are versatile platforms that offer you a wide range of features on a centralized platform without the need to switch between apps. You can access your bank account, make payments, invest in stocks, get life insurance, and much more on a single platform. Businesses can reach a wider consumer base by using super-apps to predict your preferences and behavior and improve their customer acquisition. It’s a win-win situation for both the businesses and the users. Check out this cool video about super-apps.  4) Big Data and AnalyticsYou won’t believe it if we tell you that the big data and analytics market, fintech, and AI are among the fastest-growing industries globally. Fintechs use big data to store large datasets of your online transactions and simplify finance management. Investing in this technology has been very beneficial for financial institutions as they can predict your behavior and spending patterns through analytics and can influence loan handouts and credit extensions accordingly. With so much information available to them, they can improve customer base segmentation and personalize customer service.  5) Digital IDsA digital ID is an electronic representation of your identity and can be stored on a cloud or any physical device. Digital IDs simplify your access to financial services by letting you create bank accounts or apply for loans without the need for time-consuming identity checks. You don’t have to scratch your head to recall your PIN number or carry it in your pocket like a physical wallet. Unlike credit cards, digital IDs are not vulnerable to fraud because of their biometrics feature that can authenticate the user by analyzing their biological behavior. We will discuss more about biometrics later in this blog.  Your expectations as a Consumer while making paymentsAs consumers, you would expect the payment process to be effortless and secure, wouldn’t you? You should be able to pay from any location at any point in time with full accessibility. This is possible if there is the least amount of friction in the checkout process and the transaction process is backed by strong security protocols. Let’s break down some of the other common consumer expectations: 1) Accurate billingWhat if you receive electricity and gas bills that aren’t clear or make it difficult for you to navigate through the message? It can be really frustrating to deal with manual errors or outdated technologies. The billing system must have accurate invoices so that you can easily manage your finances and save time.  2) Trust in technologyIt's less stressful to make payments when you have established a level of trust with any financial service provider. To establish consumer trust, financial institutions have to make efforts to not just promote their brand and build a good reputation but also enhance the quality of security offered by their payment interfaces. 3) Multiple payment optionsPlatforms with a few payment options can lose the interest of consumers buying the product at the last stage of the process when the user is almost convinced with the product. With multiple payment gateways, you can choose your most convenient method to finish the transaction and check out your desired item.  4) Smooth user interfaceApplying for loans or paying electricity bills shouldn’t be time-consuming. You must be able to navigate easily and make payments in real time. It’s also easier to manage money if an interface can provide all financial services on a centralized platform and help you monitor your income and expenses at the same time.    Now let’s go through the upcoming trends and innovations in payment technology that are introduced to fulfill your expectations as a user.  Emerging payment trends to keep an eye on 1) Buy Now Pay Later (BNPL)COVID-19 and high inflation rates gave a big boost to the BNPL payment option as consumers became more serious about managing and saving their money. By 2032, BNPL payments are expected to reach around 9226.65 billion USD and are set to become a popular trend for the future of payments. If you don’t know what BNPL is, it is a type of loan that lets you purchase at one time and pay the remaining money after a certain period of time.  It helps in increasing the conversion rates and revenues and narrows down your risk of falling into debt.  Source: www.precedenceresearch.com 2) Open BankingHistorically, banks have monopolized your personal finances and transactions. However, the conceptualization of open banking has changed this tradition. Open banking is a norm that facilitates secure data sharing between financial institutions and third-party providers with the help of APIs. It offers standardized protocols that help businesses comply with government regulations. With the open banking trend, users also get to have control over their finances and get the privilege of sharing their payment details with third-party financial providers like investment or expense tracker apps.   3) Biometric AuthenticationBiometric authentication systems use your biological or behavioral characteristics to authenticate your identity. They can scan fingerprints, voice, and iris scan features to verify who is trying to get in. These systems have an impenetrable layer of authentication protocols to minimize the risks of identity theft and fraud. Despite being newly introduced in the payment industry, the biometric market is expected to cross $56.6 million by 2028, since this technology is gaining consumer interest with its fraud mitigation capabilities. Here’s a perfect example of its usage, where you can see people buying food through biometric systems with facial recognition technology.  4) Digital WalletsPhysical credit/debit cards aren’t that prominent nowadays, as you can now access your card and banking account information through digital wallets in a few taps. Digital wallets gained popularity with the rise of services like GPay and Apple Pay back in the 2010s and are more commonly used by GenZ consumers (80%). One of their most important advantages is the advanced cybersecurity features, which make it easier for users to trust this payment method across different platforms. 5) Financial InclusionUniversal Financial Access was introduced by the World Bank in 2014 to ensure that the people who are deprived of financial services get access to their own accounts for making financial transactions. Despite that, more than 2 billion people still don't have a personal bank account, and the ones who do have an account don’t use it frequently. However, this initiative has gained a boost in developed nations due to mobile phones, as these devices offer more convenient and affordable payment mechanisms.  6) Central Bank Digital Currencies (CBDCs)CBDC is the digital form of a nation's fiat currency with a fixed value, and it is supported and issued by the nation’s central bank.  It reduces your transaction fees and provides a secure option to exchange money. Since it fulfills the regulatory requirements and technicalities, many countries have been using this digital currency for cross-border digital transactions. 60% of the central banks are already considering incorporating CBDCs, as per a survey by BIS. You are definitely going to hear more about this currency in the near future.  7) Blockchain and CryptocurrenciesBlockchain technology and distributed public ledgers have modernized traditional payment systems with their secure and transparent properties. These technologies are utilized in cryptocurrencies that have a huge network for storing records and exist virtually. Cryptocurrencies are not regulated by the government and are very likely to be used for day-to-day payments in the next few years. Bitcoin, Ethereum, and Ripple are some of the well-known examples of cryptocurrencies and can be purchased from online platforms.  8) E-commerceMany e-commerce platforms have adopted multiple payment gateway options like net banking, credit cards, debit cards, and UPI apps to enhance the user experience and cover a wide range of audiences. It’s a boon for merchants, as they can create safe payment links and share them with customers through multiple channels. These gateways also offer affordable options to users, like cardless EMI, branded EMI, and credit card EMIs, so that the users can opt for loans during the point of sale (POS). With these innovations, e-commerce businesses are creating more value for their customers and earning their loyalty.    Our Fintech software developers know what your customers wantWith years of skill and expertise in developing fintech solutions like payment gateways, digital wallets, and payment apps, Webelight Solutions Pvt. Ltd. can help you create quality fintech solutions that give the best return on your investment and build your reputation as an innovative and trusted firm in the fintech industry. Our team also specializes in creating apps where users can manage their wealth, track expenses, and make wise investment decisions with AI-backed technology.  Feel free to reach out to us, get customized FinTech solutions, & accelerate your customer acquisition rate! 

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