Banks and financial institutions offer tremendous value and convenience to their end-users. However, they are notorious for being prone to fraudulent attacks such as credit card identity theft. A lot has been done in adding layers of security to a person’s banking experience. Whether it’s two-factor authentication or OTP protected transactions, banks and financial institutions have come a long way in securing their customer’s transactions and account information. Banks, financial institutions, fintech enterprises have been benefitting  open APIs and fintech megatrends and applications while financial services industry  has been transformed.

RFID or Radio-frequency Identification is a security system that enables you to identify and track objects using electromagnetic fields. RFID technology is a powerful option when looking at identity verification, identity theft protection, biometric authentication, and more. These solutions ensure top-notch security and help customers protect their money and investments and enable banks and financial institutions to secure their assets and inventory. Plus, RFID technology helps boost the productivity of banks and financial institutions by automating numerous processes.

Maintaining anonymity on the internet and thorough identity verification is crucial to superior banking and customer experiences as well as identity theft protection. RFID technology provides biometrics identification, a revolutionary way of identity verification, and prevents credit card identity theft. This smart method of identification and authorization of transactions also enables end-users to experience a seamless banking process. You no longer have to get redirected to multiple online payment gateways for the transaction to be processed. A simple biometrics identification via RFID technology is enough to identify the user and authenticate the transaction.

Moreover, credit cards and debit cards embedded with RFID chips are immensely useful in speeding up the retail payment experience. One no longer has to wait for the cashier to swipe their cards, enter the PIN, wait for the authentication to take place, and the payment to then pull through. With cards embedded with RFID chips, end-users can tap their card on the payment machine, and the complete identity verification process takes place in under a second. You can then pick up your purchases and walk out of the store. These RFID chips maintain the anonymity of your details and prevent credit card identity theft and enhance the user’s payment experience.

Since RFID offers a quick and effective biometrics authentication method, it also smooths out multifunctional applications such as loyalty and membership. Loyalty points received on a particular transaction are effectively transferred to the user’s account without any separate process to be followed. Since identity verification has already been conducted using the RFID technology, we know that the loyalty points are deposited in the correct account. This identity verification also helps with membership processes. Any points to be redeemed or membership perks to being enjoyed can be quickly taken care of using this biometrics authentication process.

RFID technology has also given way to smart fitting rooms. As soon as the customer tries on a new shirt, the intelligent fitting room can let them know if the same shirt is available in a different color or size. It can also let the customer know if the brand is offering a discount or an offer. Moreover, the customer can also get outfit suggestions as to which pair of jeans would go well with the shirt, which brand offers such a pair of jeans in the store, and if it’s in stock right now or not. Smart fitting rooms also enable the staff to secure their assets well. People taking clothes into the fitting rooms won’t be able to steal them. Therefore, RFID technology helps reduce the chances of shoplifting.

Management of cash and other assets is crucial for a bank’s steady functioning and for the bank to provide a seamless banking experience to its customers. RFID tags on courier bags, cash, cheques, and more are a great way to keep track of them and ensure that the inventory is up-to-date. These RFID tags help monitor the movement and identification of each of these assets and ensure that no foul play takes place.

ATMs, vaults, cash sorter machines, and more are critical assets of a bank that need thorough protection. The RFID technology can be utilized here as well. The maintenance and regulatory compliance of all of these assets can be effectively managed with RFID tags. This way, the process doesn’t need to be carried out manually. These RFID tags not only help boosted usage of the resources but also give a boost to productivity. The RFID technology is slowly replacing the previously used barcode scanning method of maintaining inventory.

Badges, identity cards, computers, laptops, safety deposit boxes, and digital databases can be secured using RFID chips. Thus, via biometrics authentication, one can ensure that only authorized personnel have access to these assets. This way, banks, and financial institutions are not able to protect their physical and digital assets and establish robust access control. Still, they are also able to carry out efficient personnel tracking.

Open APIs or Application Programming Interface have become a revolutionary technology in a very little time. Used in numerous industries, open APIs have now also found their way into the banking and fintech industry. In terms of its application in the banking and fintech domain, it is a way for a banking application to use a common communication channel and interact with other applications. If there’s a request for data, an open API works by establishing a communication channel and then responding to that data request.

It is crucial to note here that there’s a stark difference between API and webhook. In a webhook, as soon as new data is available, the data will be sent. There doesn’t have to be a request for the data to initiate a response. This fact, however, is not valid for an API. When we say that an API is open to third parties, any of these third parties can utilize it to develop new apps and services. Fintechs rely heavily upon innovative and revolutionary API gateways and API testing tools to bring more value and enhance the customer experiences. The benefits offered have made them incredibly famous, especially API in Hong Kong. Let us have a more in-depth look into how banks and fintech enterprises are benefitting from open APIs and how it relates to fintech megatrends and applications.

When banking and fintech enterprises utilize open APIs, they are enabling data sharing in real-time. Customers now have complete access to all their banking details without going through multiple steps to get their hands on a tiny piece of information. Plus, all of this can happen in real-time, allowing customers to access the data quickly.

With access to real-time data sharing via open APIs, third parties can quickly develop new businesses. This facilitation of innovation would not be possible without uninterrupted access to valuable and actionable data from the banks or fintech. In 2018, HSBC Bank launched the Connected Money app, which enables users to view information related to multiple bank accounts, account information, account balance, details about loans, and even about fixed deposits and other investments in one single app.

Products built by utilizing open APIs add a lot of value to the customer’s experience. Taking the HSBC example, customers previously had to go through multiple steps to view information related to different bank accounts. However, with the app, they can switch between different bank accounts by using a simple tap. Such apps add a lot of convenience and ease to the customer’s banking experience and enable them to receive added benefits without going the extra mile.

Numerous open APIs have also enabled users to indulge in consumer lifestyle services. Now, banking and fintech apps don’t just allow customers to check their account balance, transfer money, switch from one account to the other, and view investment-related details. They also let them purchase movie tickets, make recharges, pay bills, secure online transactions, make hotel or restaurant reservations, book flights, and more. Any business that provides this level of enhanced experience to its customers can quickly expect continued business with such loyal users.

With new and improved API testing tools and API gateways, banks and fintech enterprises can break down the silos and bring about change faster. These APIs allow fintechs to develop financial products and services much quicker than they could before. Plus, faster development of financial products and financial services using open APIs also means that they are tested quicker with API testing tools and thus released faster into the market. Now, suppose a fintech utilizes big data and can gauge the immediate need of their target audience. In that case, they can quickly use open APIs and bring the financial product into the market with added ease. These changes, inadvertently, are also a massive boost to customer satisfaction.

With new financial products and services in the production line, open APIs offer banks and financial institutions new streams of revenue. Moreover, it is also a great way to reduce costs of development and utilize that expense. For example, decoupling traditional platforms and rejoining them through APIs allows banks and fintech enterprises to reduce costs of development. Companies can then develop better financial products or add more value to the customer experience by utilizing capital. Without these open APIs, it will take a lot of money and time for the company to develop new products.

Plus, the collaboration between legacy banks, fintech enterprises and startups, and third party payment providers cultivate innovation. Thus, open APIs serve as a bridging gap between fintech (which are technologically advanced but require knowledge on financial business and regulatory compliance) and legacy banks (which need advanced innovations to step out of stagnation and offer their customers enhanced security and value).

Drop us a line at info@ndngroup.com to learn more about how our innovating technologies thrive your business in the era of fintech.

New innovations in fintech have enabled businesses and fintech startups to serve customers in novel ways. Banks, financial institutions, fintech startups and businesses have utilized fintech namely Artificial Intelligence (AI) predictive analytics, blockchain, cryptocurrency, mobile payment and social data analytics to provide superior customer experiences (CX).

As customers are businesses’ primary source of profits, market value, and growth, they need to be handled with. Before delivering the wants of the customers, businesses need to identify their deep-rooted desires and needs. In accordance with a Gartner study, 89% of global companies are expected to compete primarily on customer experiences and business leaders are becoming more proactive in finding new ways to enhance the customer journey. The widespread applications of Fintech are redefining the way businesses connect with their customers.

AI predictive analytics enhance customer experiences

Fintech is the driving force behind innovation and impacts every aspect of a company’s operations, including its ability to influence and enhance customer experiences. By 2025, as many as 95% of all customer interactions will be through channels supported by artificial intelligence (AI) technology.

Using customer data for analysis based on Artificial Intelligence and machine learning helps predict customers’ needs and real-time product feedback. Take the algorithms of services like Netflix and Spotify as examples, customers’ actions, such as watching a certain show or skipping certain songs, impact the next recommendations they will receive. Things change quickly based on customer feedback and preferences so businesses can capture what customers want at the exact moment. Also, Artificial Intelligence and machine learning can be deployed to provide intelligent, personal and informed customer experiences at any touchpoint along the customer journey.

Meanwhile, Artificial Intelligence technology helps transform customer service by making it automated and fast. AI-powered conversation agents and chatbots are used in diverse customer engagement scenarios as they are curated to simulate human interactions and offer real-time responses around the clock.

Blockchain technology creates novel business models and reshapes customer experiences

Blockchain technology has fascinating applications to proceed to the formation of contracts and lower transaction costs to reshape customer experiences. Smart contracts are a way for machines to enforce and execute contract terms and make payments without human involvement. A study by Santander has revealed that the Blockchain will slash infrastructure costs for customers to make payments and proceed securities trading as well as regulatory compliance by $15–20 billion a year by 2022.

The application of decentralized public ledger in blockchain technology allows for the emergence of entirely new product offerings and novel business models such as crowd-lending, as well as peer-to-peer (P2P) banking and insurance. Also, fintech start-ups have utilized blockchain technology for faster, safer and more transparent transactions and lower costs for customers in transactions.

Cryptocurrency lowers transaction costs for customers

Cryptocurrency like Bitcoin is a digital or virtual currency designed to work as a medium of exchange in blockchain technology. It uses cryptography to secure and verify transactions and it is limited entries in a database that no one can change.

The transaction costs of cryptocurrencies are low and making payments with cryptos can proceed worldwide. Cryptocurrencies can be stored in a digital wallet that customers can manage from a smartphone or they can store cryptos in digital wallets.

Meanwhile, digital and mobile payment are growing their market shares. It is a sign that consumers are ready to adopt these fintech technologies for daily use. Even though peer-to-peer payment companies initially only targeted younger consumers, it seems that more people have also started to use the technology for daily transactions, thereby removing the middlemen and bringing down transaction costs.

Businesses connect with customers with superior data analytics

The best way for businesses and fintech startups to boost customer experiences is to connect with them emotionally. With data analytics on customers’ preferences and behaviour, businesses are empowered to use these insights to create exceptional customer’s journeys. Marketers can utilize data to understand relevant customer needs that they can touch.

Businesses can also leverage social media data for enhancing deeper customer engagement/ segmentation and driving personalized sales outreach and lead nurturing. Businesses can leverage tactics from monitoring different social channels for posts to sophisticated sentiment analysis tools to analyze what a customer is thinking.

In conclusion, fintech is a game-changer for customer experience in almost all sector. New innovations in fintech have empowered businesses and fintech startups to offer superior customer experiences in novel ways. Businesses are willing to embrace creativity offered by fintech and go beyond the norm to stand out from competitors with richer customer experiences.

In a competitive market place, customer experience and satisfaction are always important to drive business growth. Those businesses which keep abreast of fintech megatrends and embrace innovative solutions can enjoy sustained customer loyalty.

 

Drop us a line at info@ndngroup.com to learn more about how our innovating technologies thrive your business in the era of fintech.

Fintech has evolved considerably and changed rapidly in recent few years, impacting diverse industries of trading, banking, insurance, financial investment, wealth and asset management. Banks, financial institutions and businesses have proactively engaged with fintech applications. In the next few years, the rise of Contactless Payments, On-demand Insurance, Algorithm Trading, Robo Advising and Open Banking are major megatrends being unleashed in the era of Fintech.

Banks and fintech startups have utilized technologies like Blockchain, Data Analytics, Machine Learning and Artificial Intelligence (AI) to help speed up and automate transactions as well as reduce operational costs.

For instance, the deployment of Blockchain, a form of decentralized distributed ledger technology, provides a secure and efficient platform for storing and maintaining transactional data records. Once stored on the blockchain platform and verified through Smart Contracts, the transactions become immutable. As such. banks and fintech enterprises can safeguard customers’ data security and create efficiency from business operations.

Nowadays, businesses have become more customer-centric to stand their ground. It never has been more important to understand what target customers really want and know customers’ value.

Contactless payments are synonymous with cashless payments that do not require contact between the devices used in consumer payment and POS terminals by the merchant. Contactless payment systems are based on RFID (Radio Frequency Identification) and NFC (Near Field Communication) technologies.

According to a recent Global Market Insights report, the increasing number of cashless transactions in emerging economies positively impact growth in the smart card market. The smart cards include a small microchip that processes and stores electronic data while securing data, assets, and identity. The global smart card market is expected to reach US$65 billion by 2025 with banking representing about 25%.

The NFC technology within contactless readers can interact with phones and connected mobile devices such as watches or rings. The contactless payment allows customers to simply wave their smartphone across the reader to complete transactions swiftly. Contactless payments are faster and more secure than the PIN technology as it transfers the encrypted data to the point-of-sale device instantaneously.
Currently, payments are enabled via secure contactless and mobile payment systems such as Samsung Pay, Apple Pay, Google Pay, Fitbit Pay, or any bank mobile application that supports contactless.

Contactless payments are faster than cash and card transactions. Businesses have been focusing on offering superior customer experience and contactless payments will help achieve that. Customers show greater loyalty toward businesses which have embraced contactless payment technology.

Insurtech startups have embraced fintech innovations to impact the insurance industry. With Data Analytics and Artificial Intelligence (AI) applications, Insurtechs has leveraged data-driven insights to curate on-demand protection coverage that is customized and flexible for customers.

According to the recent World Insurance Report, 41% of customers said they are willing to purchase usage-based insurance and 37% explore on-demand insurance coverage. The report also showed 37% of customers are willing to share personal data in exchange for personalized coverage and better protection.

For instance, wearable devices and smartphone apps are increasingly popular with consumers and insurers, especially in healthcare and wellness space. Some devices can count the calories burnt during a workout and monitor customers’ heart rate and blood pressure. Insurtechs and startups have invested in developing the devices and wellness/health apps that allow customers to monitor their health. As such, customers can use the data to improve their health and fitness levels while insurtech can utilize the data to find out customers’ habits, preferences and offer customized insurance coverage.

With blockchain technology, insurtech startups have introduced simpler purchase processes and end-to-end automated claim management, thereby streamlining operations securing customers’ data privacy and making a purchase/ digital payment process user friendly.

With an agile operating model and digital innovations, insurtechs target potential profit pools and capture share among target customer segments. It is widely expected insurtech startups will increase the overall growth levels of the insurance industry and gain big market share.

Algorithmic trading is amongst the most talked about financial technologies in recent years. It has given trading firms more power in the rapidly evolving markets by eliminating human errors and changing the way financial markets operate.

Algorithmic trading can be applied in many forms of investment and trading activities such as commodity and foreign exchange trading by brokerage firms and investment banks.

Algorithmic trading uses computer programs to trade at high speeds and volume based on criteria, such as prices and specific market conditions. Devoid of human emotions, latency, technology-oriented, algorithmic trading executes trading commands accurately and instantly.

Algorithmic trading automates the trading process, ensuring that orders are executed at what are deemed to be optimal buying or selling conditions. The algorithms have the capability to analyze a variety of parameters and technical indicators in a second and execute the trade immediately. The increased speed on trading becomes important as the price movements can be captured by traders as soon as they occur.

Unlike traditional human-to-human financial advice, robo-advisors provide personalized and automated financial advice to customers based on algorithms.

Robo-advisors collects information from clients about their financial situation and future goals and then uses the data to offer advice and automatically invest client assets. Robo-advisors offer easy account setup, financial planning, portfolio management, and data security features, exceptional customer experiences and low fees. The main advantage of robo-advisors is that they are low-cost alternatives to traditional financial advisors.

Also, robo-advisors are available 24/7 and it takes significantly less capital to get started. In contrast, human financial advisors prefer high-net-worth individuals who need a variety of wealth management services and can afford to pay for them.

The future of robo-advising is bright. Robo-advising will be a tool used by nearly everyone, from financial advisors in wealth management firms to the average at-home retail investor.

Open Banking is a system that provides a user with a network of financial institutions’ data through the usage of application programming interfaces (APIs). With Open Banking APIs, banking data are available in real-time, providing consumers with better ways to conduct transactions and make investments.

Open Banking gives the benefit of choice to customers as they can select from multiple financial service providers available. It also empowers customers to take charge of their finances and manage their bank accounts.

Open banking APIs also enable service personalization to benefit customers immensely. Customers can now have access to multiple accounts in one place and enjoy the best deals available. It puts the power back into the hands of customers, enabling them to securely use third-party financial products and services that rely on banking data.

Meanwhile, Open Banking offers an excellent opportunity to fintech startups to meet the customers’ needs for new and better services such as personal finance management and access to credit services through a single application.

In conclusion, fintech has been used to automate insurance, banking services, financial investment, trading and wealth management. Fintech usage has risen significantly with an increasing number of players adopting innovative technologies to offer best-ever products and services to customers. The development of Contactless Payments, On-demand Insurance, Algorithm Trading, Robo Advising and Open Banking are the hottest trends in the era of Fintech.

Drop us a line at info@ndngroup.com to learn more about how our innovating technologies help expand your business in the era of fintech.

UI/UX plays a significant role in any brand’s success. It can help you reach new heights but only if you deliver a good service. This article takes you through the latest UI/UX trends and its benefits to help you understand it better.

What is the difference between UX and UI design

Both mobiles and desktops have a majority of digital users onboard and both the platforms have their own significance. For instance, desktops serve the purpose of quick access to web pages and mobile phones are ideal for creating engagement. Aesthetic graphics and engaging content must be on point while designing a digital presence but another important thing that most of the designers overlook is good user experience and interface. But what exactly is UI and UX?

What is UX?

UX is the abbreviated form of User Experience and it is based on the idea of creating a system that provides the users with the best experience. It aims at turning your customers into loyal customers by offering a positive experience to them. UX is accountable for a user’s journey through the mobile app or website which eventually becomes the deciding factor for the success of the business.

What is UI?

UI is an abbreviation used for User Interface and it’s the way using which users can interact with any mobile application. User interface design for mobile applications focuses on delivering easy, enjoyable and effective interactions between users and the application. In IT, User Interface refers to any device that allows the users to interact with monitors, screens or mobile devices. The primary goal which UI aims for is to provide the best interaction possible.

What are benefits of UX/UI

1. Encourages the use of interaction: Creating content is not a hard task. But creating content that people would like to interact with, is the real challenge. Be it in the form of text, images, advertisements, or call to action, everything must lure the user. There are several techniques to encourage user interaction such as producing the content that appeals to the targeted audience. It can also be about personalised features based on consumer behaviour or things they like. People prefer a software that has consistency in design, is predictable, and comfortable to use.

 

2. Generates loyalty: A good user experience can create customer loyalty for your brand. An application or website that offers easy functionality and backed by great service will make your users use it again and again. The designer can create a Customer Journey i.e. CJM Map to achieve it. It will help the designer to map the entire journey of the user through the website or the mobile application. This journey must be thoroughly tested to make sure that a user’s interaction with the product is as smooth and easy as possible. It’s more like putting the design team in the shoes of the user and thinking from their perspective.

 

3. Generates recommendations: An interactive user experience design is the key to encouraging word of mouth recommendations i.e. it should be good to an extent that the users can’t stop talking about it. A well-designed site or application with the ease of use, offering great features and usefulness will encourage people to tell others about the service. A part of user experience is meant to make sharing easy and a free recommendation from a user itself is way more impactful than a paid advertisement.

 

4. Reduces development costs: A stellar user experience helps you keep a project within budget by lowering development costs along with extensive user research, prototyping, and usability testing. By doing this, you can ensure that development time is targeted on the areas of functionality that matter. This focused approach helps you create better initial design specs, reduces the risk of feature creep, and provides more relevant content. It greatly erases the need for last-minute redesigns and enhancements.

 

5. Reduces internal costs: User experience is an end-user focused approach that concentrates on the design and development, keeping in mind what users want and not what developers think they want. It not only saves money on development costs but it also helps businesses to wisely use their internal resources. For instance, the design will help you identify the products liked or wanted by people. This would help the sales and marketing department to put their efforts on profitable products instead of putting it on the less profitable ones. Moreover, it reduces the need for manual intervention and hence reduces the support costs eventually.

 

What are latest UX/UI trends

 

1. Animation: It makes web pages or mobile applications more appealing to users as it connects with the customers more than any other design. This tool is getting popular amongst the designers as it allows them to create a positive impact on the users. Earlier, we used to have flat logos, icons, buttons, etc. but now they are getting replaced with animated buttons, icons, and even logos.

 

2. Digital illustrations for the web: Custom digital illustrations are trending in the field of UI and UX. These digital illustrations are generally used on web interfaces and add colours, designs while making the information more evident and interesting. They are widely used by blogs and service websites to beautify their website and present sober information in a modern and fancy way.

 

3. 3D designs: It helps you create more impactful design and it’s already being used in many games and movies with high functionality. A combination of animation and 3D is going to be the next trend in UI and UX.

 

4. Split Screen: The idea of using two screens simultaneously appeals to a lot of users. It not only looks cool but also allows you to gather more information at the same time.
5. Voice UI: Voice assistants like Google Home and Alexa have taken over the entire digital world of virtual assistants. People use these services widely to get most of their work done irrespective of its origin i.e. small or big. Performing tasks using your voice is a lot more convenient than operating a device with buttons and making it do the same.

 

NDN Group build a chatbot with personality for hotel group

At NDN Group, we help our clients map out UX/UI to understand their customers, define customer experience journeys and innovate with a strong focus on customers’ needs and awe-inspiring insights about them. From user personas and customer journeys to content strategy, wireframe to website and app design, we help our business clients tell their stories and engage with customers for scaling businesses.

NDN Group’s digital consultancy, New Digital Noise, has been helping a global hotel group to develop an AI-powered chatbot with persona and personality traits, thereby creating immersive and fascinating experiences to its customers. The bot can help guests make suite booking and restaurant reservations as well answer questions on thrilling entertainment and hotel facilities.

To create persona and personality for the bot, our team has gathered insights to understand more about the hotel group from its brand persona, daily operations, gaming and entertainment facilities, world-class dining experience and luxurious and bespoke services offered to customers.

Creating a chatbot conversation flow and putting to the test

Our UX/UI team has arranged empathy sessions for the hotel to learn their customers genuine needs. With our five-stage process – Empathize, Define, Ideate, Prototype and Test, we empathise with the targeted customers through researches, interviews and sharing. We understand customers’ emotional needs, discover human touchpoints and garner insights on the needs of customers in different segments. Our team has created solid solutions to address users’ needs and built a prototype chatbot for testing/validation to excel to entire UX process.

Also, we have embraced six core human needs – Certainly, Variety, Significance, Love, Growth and Contribution – in the process. Then we have clearly defined the background, personalities, tone of voice and manner of the bot.

In the development of the chatbot script, we imagine how the AI-powered chatbot talks to customers based on its persona.  Based on conversational diagram, we have imagined the bot talking to customers in real time when writing scripts. We listened to characters or people who are similar to the bot persona. We try to avoid dead ends and leaving the user hanging. It mimics what we would hear from a concierge in the luxurious hotel. Finally, we have developed a prototype for the chatbot and fine-tuned scripts. We have interacted with the bot to excel its dialogue flow and make it immersive to customers, ensuring that the bot is helpful and meet customers’ needs and expectations.

Conclusion

Our User Experience/User Interface design services are thoughtful, engaging, user–centric. We work with our clients to define their business goals, and every industry is different. The trends of UX and UI have changed a lot and it will continue to do so. But one thing which doesn’t change with time is the quality of UX and UI. To derive better results and satisfy your customers, it is important to offer them an outstanding UX/UI services. Drop us a line at info@ndngroup.com to learn more about how our UX/UI services fit your business needs.

Artificial Intelligence is one of the most popular emerging technologies. AI chatbots are transforming the customer experience in unexpected ways. In this article, you will learn how chatbots enhance customer experience and key benefits of using chatbots for your business.

How AI chatbots interact with customers

Artificial Intelligence is one of the most popular emerging technologies. It’s changing the business dynamics in a lot of ways and one such way is by enhancing the customer interactions. We have AI-driven chatbots that are transforming the customer experience and helping us unfold the newer business opportunities. An ideally perfect chatbot delivers a seamless customer experience in which users can’t tell if they are talking to a machine or a real human being. But before we move ahead and discuss the ways in which chatbots are transforming the user experience, let’s first try to understand what a chatbot is.

A chatbot is an AI-based software that communicates with humans through a live chat interface. This interaction can take place through platforms such as Slack, Skype, WhatsApp, a brand’s website or app, Facebook Messenger, and even Alexa.

Simple chatbots are capable of scanning the keywords from a customer’s inquiry and deliver pre-packaged answers. While on the other hand, advanced chatbots that are powered by artificial intelligence (AI) and machine learning (ML) use natural language processing and can create responses and conversations that are more complex. AI chatbots are more flexible than simple chatbots while speaking to the customers and when the human doesn’t give the exact message they have been programmed for. Instead, they keep learning from the conversations they have with the users to help customers with their queries.

AI-powered chatbots can tap into customer information and provide personalized experiences as they are better integrated with the CMS and CRM platforms underpinning a brand’s online presence. But how do they actually enhance the customer experience? Here are some of the most popular ways in which AI-powered chatbots are transforming the customer experience and providing customer satisfaction.

AI chatbots enhance customer experience

1. Seamless live chat:
   Customers can easily engage with chatbots in a similar way as they do with live customer support employees in an online conversation. Most of the chatbots follow natural language processing methods that allow them to analyse the questions asked by the customers and answer to them accordingly, meeting the needs of the client. Chatbots can easily be integrated with a company’s website or mobile application for better results.
2. Analysing customer data and insights: A chatbot can pop up on any product page that offers additional information about your services to boost the sales and purchasing process. They can also provide customers with product recommendations by analysing user behaviour. They keep a track of customers’ shopping history, modes of payment, etc and uses them to offer a better and enhanced customer experience.
3. Chatbots make friends and build relationships: Most of the companies believe that it would have helped in transforming the customer experience if their agents had more time to make outbound and proactive contact with their customers. Well! Chatbots can help in revolutionising the way brands stay in touch with their customers. Be it a simple email or a birthday text, or just taking friendly feedback about your services from the customer, chatbots can jazz it all. And as chatbots don’t have human empathy, they don’t have bad days or get frustrated from regular client queries which helps them provide a smooth customer experience.
4. Personalizing the customer experience: Chatbots are exceptionally well at collecting customer data from support interactions. After all, it’s the computer software powered by AI and machine learning that is doing the work. It helps the live support agents to personalize their interactions with customers by making use of this information. Chatbots work as virtual assistants that can easily feed customer data to the customer support agent in real-time, facilitating the agent to give the customers good information and solutions based on their current needs as well as past interactions with the company.
5. 24/7 customer service:
   Unlike your human workforce designated for live chat support that needs some rest, chatbots can work 24*7. Customers’ needs can arise outside of business hours during which your staff members won’t be available at their service but the customers need a way to seek out answers to their vital questions. A chatbot could be your saviour in those cases as it can answer to customer queries irrespective of the time so that your customers don’t have to wait for a response from a voicemail or email message.
6. Automated operations: Most of the operations such as customer support and in-store experience can be automated with the help of chatbots powered by AI. They can send timely notifications to customers about your product updates or new features. Using chatbots, we can implement smart shelves and they can help in inventory control as well. Automating your customer experience not only reduces the chances of errors caused by human intervention but also reduces the cost. Hence, chatbots are an ideal way to transform customer experience in a cost-effective manner.

Benefits of AI chatbots for businesses

There is a lot of benefits offered by the chatbots driven by artificial intelligence and machine learning. They help businesses transform their identity by enhancing the customer experience.  A chatbot is an ideal choice for you as:

1. It provides you with a global goal and reach along with an actively growing base of customers.
2. It offers support across multiple channels such as website, in-app, on social media, and several other platforms.
3. It facilitates you with a 24*7 customer support team with high efficiency.
4. The usage of AI chatbots helps you reduce your customer service costs and find more efficient ways of scaling your customers.

 

It is evident from many studies and reports that modern customers want quick, frictionless solutions to their problems and instant answers to their questions. They don’t like to wait at all. Also, in a world where people have only been using phones for customer support, it is hard to adapt to AI chatbots. But there is a growing need and demand for smart and efficient solutions, just like AI chatbots. They come with a lot of advantages and bring new opportunities to transform your business. Hence, to stay in the competition, it is necessary to change and adapt as per the customer behaviour. Drop us email at info@ndngroup.com to learn how our AI-powered chatbot solutions fit your business needs.

Blockchain technology has completed its transition from geek tech to adoption. Blockchain applications in business are transforming the way data is transmitted, accessed and used. In this article, we delve into blockchain applications that help transform enterprises in a wide variety of industries. Enterprises are investing in blockchain technology to make all transactions more authentic, transparent, and trustworthy. 

The reason why business executives are excited about the blockchain is for its following three distinctive features:

·       Decentralization: None of the data in the blockchain is owned by one centralized entity. All the nodes in the blockchain’s network hold the data.

·       Immutability: After data has been entered in the blockchain, it cannot be tampered with. This happens because of cryptographic hash functions.

·       Transparency: All the nodes of the network can see all the data that has been entered into the blockchain.

Specific Types of Blockchain Applications in Businesses

The blockchain gives users the ability to create value and authenticates digital information. Here are some specific types of blockchain applications that are developed for and how that might change your business.

1)Asset Management

The security and resiliency of the transactional data are imperative in asset management. Blockchain technology allows businesses to create a system consisting of the technology and processes of third-party providers and internal systems, thereby revolving around a single source of truth for the asset management activities. As transactions performed on a blockchain are immutable, it creates an accurate, unchangeable record for asset managers to use and verify the transactions. Asset management organizations and financial institutions use these records to analyze their performance and risks as part of their planning cycles. Asset managers can share sensitive data such as asset history, with relevant providers and partners in a secure way.

The blockchain ledger also reduces error by encrypting the records and simplifies the process as well as cancel the need for intermediaries. Blockchain technology simplifies all processes and actions in managing assets, namely portfolio management, trading and transaction of cryptocurrencies.

2) Insurance claims processing

Claims processing can be a frustrating procedure and insurance processors wade through fragmented data sources. The blockchain provides a system for risk-free management and transparency. Through its use of public ledger, blockchain can potentially eliminate suspicious transactions by logging each transaction. Through its decentralized digital repository, it can verify the authenticity of customers, policies and transactions by providing historical records.

Blockchain can also handle the increase in third-party transactions and claims made through personal devices. Blockchain helps slash costs through automated verification of claims data from third parties. Insurance companies can swiftly check past claims transactions registered on blockchain. This has helped fostered higher degrees of trust and loyalty between insurers and customers.

3) Cross-border payments

The global payments sector is error-prone and time-consuming. It takes several days if not longer for money to cross the world. Cross-border payments supported by blockchain provide significant advantages to businesses and consumers. Blockchain-based payments are cost-effective, almost immediate, secure and transparent. Blockchain payments are completed in close to real time – in seconds rather than days. Instead of paying transfer fees to multiple parties, companies using blockchain only need to pay a single nominal fee or nothing at all. Cost savings will be substantial for organizations that make frequent international transactions.

Blockchain also eliminates the risk of discrepancies in record keeping. As a decentralized ledger, it holds an irreversible record of every transaction and distributes it for all authorized users to see. The ledger is maintained and updated communally by a group of connected computers, and all parties have an identical copy of the ledger. All transaction records are secured by cryptography, tied to previous transactions and distributed among participants in a ledger.

4) Smart contracts

Blockchain technology can power smart contracts to fulfill transactions. It is wise to perform due diligence on any company your company is considering doing business with.  A smart contract is an automated, self-fulfilling contract between two parties. Payment is not released from one party to the other until both parties have fulfilled their terms of the contract. Once this is done, payment is released automatically.

Smart contracts get rid of third parties overseeing the creation and completion of contracts. Parties can use pre-drafted contracts that can be modified and shared in one ledger.

5) Supply chain management

Blockchain technology also benefits supply chain management by providing a way to trace goods while being cost-effective. Enterprises can verify with certainty where items and goods are, thereby eliminating guesswork and inefficiencies.

Blockchain technology have an impact on the supply chain process. It has recorded the quantity and transfer of products as they change hands between supply chain nodes. It has helped track change orders, buy orders, shipment notifications, trade documents and receipts from the blockchain ledger. The blockchain also allows sharing information about processing or manufacturing process, delivery, assembly and maintenance of products with vendors and suppliers transparently.

6) Digital Identity

The traditional identity systems of today are fragmented, insecure, and exclusive. Blockchain enables more secure management and storage of digital identities by providing unified and tamper-proof infrastructure with key benefits to enterprises, users, and Internet of Things (IoT) management systems

The importance of digital identity is prominent than ever for some reasons. Without a proper ID, getting access to education, banking, or health is difficult for users. There is still no global cooperation with IDs, so digital identity can enable a digital-based identification. Blockchain technology can help in tracking and managing digital identities. It eliminates the need for physical identification and replaces it with digital IDs. It offers solutions for many digital identity issues where identity can be uniquely authenticated in an immutable, irrefutable, and secure manner.

7) Blockchain’s Internet of Things applications (IoT)

Gartner predicts that 20.4 billion IoT-connected devices will be active by the end of 2020, with some estimates showing the IoT market will reach US$3 trillion annually by 2026. Blockchain-enabled IoT devices would operate faster and more securely for businesses. As the blockchain is decentralized, it can do what IoT exactly requires. Using blockchain in IoT can help businesses track billions of connected devices in the network.

Integrating the blockchain in IoT devices can also reduce the costs of installing and managing servers for an IoT network. Blockchain uses cryptographic algorithms which ensures the confidentiality and security of the data on the IoT network.

Meanwhile, smart IoT-enabled devices play a crucial role in our day-to-day lives. IoT blockchain enables the home security system to be managed remotely from the smartphone. The traditional centralized approach to exchange information generated by IoT devices lacks the security standards and ownership of information. Blockchain could elevate the smart home to the next level by solving security issues and removing centralized infrastructure. Sensitive user data such as biometrics, voice recognition, and facial recognition are stored on the blockchain for improved security. Once the data is saved on the blockchain, it cannot be modified, and access is only provided to the right person.

Blockchain technology becomes tidal wave of innovation

With deep expertise across various industries, NDN Group has leveraged the Proof-of-Capacity algorithm to build a decentralized open source platform – a scalable, environmentally friendly and adaptable blockchain solution. Practical blockchain applications are becoming more mainstream. As blockchain adoption spreads, it can become a driving force for solving business problems and transforming how we live and work every day.

Explore the blockchain world with us. Drop us a line at info@ndngroup.com to learn more about how our blockchain solutions fit your business needs.