2021 in Review on Fortech’s Blog: From Voice Assistants in Banking to Cybersecurity & More
30 December 202130 December 2021 | Insights
Through 2021 as remote and hybrid work turned from a sprint into a marathon, we’ve taken a deep dive into what digital transformation brings to critical business sectors across all industries. Here, on the Fortech blog, we’ve also analyzed how software development services impact the future of business amid the COVID-19 pandemic and how companies can fight cyberattacks.
We’ve curated a selection of our 2021 articles, a year when digital transformation continued at a rapid pace and AI, automation and hybrid environments had the spotlight.
1. Build Customer Loyalty in Banking with Speech Recognition Software Development
Speech recognition holds immense potential for the banking industry as voice-led technology has reached a maturity level that allows companies to introduce voice interaction across the customer journey. Pioneer in this field, Emirates NBD, one of the biggest banks by assets in Dubai, is integrating Amazon’s digital voice assistant, Alexa, into its voice banking service in the UAE.
Read more about the integration of speech recognition in banking services and the new era of personalized finance. Fortech offers financial software development services to help banks navigate recent trends and overcome the challenges brought by voice technology.
2. Why Fintech Software Development is Imperative in a Successful Post COVID-19 Financial Industry
Fintech has always been seen as the next stage in financial services and the COVID-19 pandemic has only accelerated this. Six months into the pandemic, McKinsey reported that 42%of US financial decision-makers say they have a fintech account, and more than 6% reported becoming a fintech user since the start of the pandemic.
In other words, fintech companies are catching up with traditional banks in terms of customer trust, which puts even more pressure on traditional financial institutions to launch their digital services. In this context, the news about Klarna (one of Europe’s two decacorns in 2020) being the most valuable private European fintech company comes as no surprise. Klarna has grown at an unprecedented rate in the last year, reaching valuations of $46B from just a quarter of that in 2020.
3. Software Development Services – Digital Brick and Mortar for the New Economy
After almost two years of uncertainty, unprecedented challenges, and new rules imposed by the pandemic, business owners are increasingly convinced that the COVID-19 recovery process relies on digitization. As a KPMG study points out, digital technology has become “the critical lifeline for most businesses. There’s simply no longer business strategy and technology strategy. There’s just strategy, and technology is driving it.”
In the article “Software Development Services – Digital Brick and Mortar for the New Economy” we look at how the right engagement model might make the difference in any business transformation project and how software development is the infrastructure of the future.
4. Improving Security in Software Outsourcing
The sudden shift to a remote working model has exacerbated cybersecurity concerns for companies across the globe.
“This year, the average cybersecurity breach cost companies $4.2 million, with $1.07 million attributed to COVID-related remote work and companies accelerating their digital transformations, according to an IBM Security study conducted between May 2020 and March 2021.”
According to Microsoft the number of phishing emails steadily increased between June 2020 and June 2021, with an all-time high in November 2020 when it reached almost 1,2 trillion.
Read more about the main security-related challenges in switching to remote and what companies can do to address the threats.Fortech
Other Articles You Must Read
The shift in approach to providing infrastructure for critical and value-generating applications, from on-premise and leased data center hardware to cost-efficient and secure cloud providers, has made the value of cloud deployment clear.
In a sea of changing trends, the future of automotive retail requires brands to do more than just move online. At Fortech, among other frameworks, we leverage AEM in order to create digital experiences tailored to the automotive industry.