Is working with a remote tech team for long sustainable? Here’s why most companies are adopting the remote model.

A survey by Owl labs reveals 59% of employees would be more likely to choose an employer who offered remote work compared to those who didn’t. So, perhaps the question of ‘whether remote-work is sustainable’ is rather misplaced and should fact me ‘how can you establish a sustainable remote-work model in your organisation?

While several businesses have transitioned into a remote or hybrid setup, business managers need to be aware of a few caveats this move bears. But once these challenges are addressed, the business impact of embracing remote work can be astounding. We have already discussed why having a remote workforce makes good business sense. 

But, long-term success requires a planned approach and a sustained effort to transform the organisational culture.

But if it’s so much effort,  why are businesses adopting remote working in the first place? Think of less office workspace, fewer rentals, less commuting, fewer trips, higher productivity and greater employee focus- when you look at the perks and incentives for both employees and employers, remote work starts seeming more effortless than an office setup with full strength. 

So, how can businesses make remote work sustainable

By enabling employees to work from different cities around the world and change their compensation accordingly, remote setup can save larger organisations millions of dollars. The only need is that businesses make their initial investment in establishing the right processes in place. 

Let’s go through some solutions that can help us face the special challenges of remote working and make it healthy and sustainable for the long run:

Plan it: Of course, the success of remote work depends on having a solid plan. The move to a remote setup requires close collaboration with other organisational executives, feedback from the team on the goals, and provision of the necessary equipment.  Establish processes, methodologies, and protocols to be followed for all day-to-day operations so that everyone who joins your projects is aware of the entire modus-operandi and can do their bit as desired. 

Build the right digital infrastructure: Remember that providing the appropriate tools is perhaps the most crucial step in guaranteeing the successful operation of a remote model for any firm. In order for smoother collaboration, you might need to invest in the right software that can allow teams spread across geographies to communicate and collaborate effectively. Integrated tools that can easily be accessed  Businesses can use various solutions managed by professionals like iView Labs that can guide their operations in the proper direction. 

Master the hiring and training process: Working remotely is no exception to enhancing employee performance through learning and skill development. There are several ways to set up and manage remote training depending on the needs of a business, and the procedure works differently for different organisations. Making all training programmes accessible while maintaining their engagement is a great place to start.

A remote recruitment service can look for specialised abilities and experience matching an organisation in time-friendly countries. You can consider having a reliable recruitment partner to manage your remote workforce needs. This will help businesses master their onboarding and training process. Remote recruiters increase the talent pool by looking for prospects everywhere. 

Take care of employees: Remote work raises stress levels by disrupting work-life balance or escalating friction between work and personal life, according to a study. Many studies have shown that people who work remotely often struggle with overworking, increasing their labour hours. So you need to ensure that you touch base with your employees regularly, understand their challenges and find ways to address them on a continuous basis. 

Remote work is not just sustainable for your business but also for the environment

Lockdown memories of rush-hour silence, and fading haze at dawn during the pandemic support the notion that remote working intrinsically benefits the environment. Consider commuting: transportation is the biggest source of greenhouse gas emissions. 

Eliminating millions of people’s daily commutes and replacing them with WFH policies appears to be a simple climate win. Reduced foot traffic in large corporate buildings can cut paper, furniture, and food waste. As a result, WFH may have a net positive impact on waste management techniques. 

Furthermore, organisations can simultaneously increase employee productivity while reaching sustainability objectives by implementing sustainability policies that provide co-benefits (such as financial and environmental rewards).

Remote working is more likely to stay than not and will become an even more important part of how we operate in the future. Businesses should begin preparing for this “return to the new normal” as soon as possible.

[Footnote] 

At iView Labs, we offer technical team talent on demand to supplement or add to businesses’ current capacity and meet their needs for technical development. In accordance with the talents required by the business, we match, build, manage, and operate their technical teams for a more sustainable functioning. This broadly fits with the core principle of the digitisation movement, in which technology should ease your life and allow free creative minds to reach new heights. Rest assured that our team will continue to put our best foot forward to deliver astounding results. Want us to become a part of your growth journey? Get in touch today.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs, just write us an email at info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

Let’s talk about the challenges you might face working remotely (and how to address them)

Without a doubt, working remotely has become a norm in the post-pandemic era. There is no dreadful commute; no supervisors or co-workers are looking over your shoulder, and there is no need to get up early to be ready for work. [Add Business leader perspective here– how remote work helps in cost-savings, happier employees etc. Also, working from home is amazing!

But everything nice comes at a cost. While remote work is becoming more common, there are still challenges, especially if you have a team of employees working remotely. 

As per a United Nations Labour Organization report, employees who work outside the typical office are more productive, but they are also more likely to work longer hours at a faster pace, experience work-home interference, and, in some cases, experience higher levels of stress. 

Working remotely, whether from home or another location, can be isolating, lead to ineffective time management, and present technical difficulties. So today, we have highlighted some of the challenging aspects of managing a WFH team along with solutions. 

Your tech trips you up

Office technology is usually speedy and of high quality. Without active IT support, high-end equipment, and a reliable internet connection, one may frequently encounter problems at work. Similarly, if your team collaborates on projects and uses specific tools, you should ensure all your team members have access to those same tools.

How to address this?

Although it might seem like a minor problem, many remote employees have tried and failed to work from places where phone coverage and internet speeds are inadequate for the task. The most important step is to invest in high-quality technology, especially crucial office equipment like a strong router, extenders, and power backup. Employers can allocate a separate budget to ensure a seamless office-grade tech infrastructure at home for employees.  

Team communication is patchy

Video calls are an effective strategy for one-to-one communication, although technical challenges and outages may leave employees in the dark. When the intended message is not successfully communicated across the team, miscommunication can occur. Remote teams that rely mostly on emails and chats are particularly prone to this issue. 

How can this be addressed?

Using an efficient process can help in creating an efficient, error-free communication pathway. For instance, using channels on Slack for tech support and social media where employees can share ideas/report complaints that they might be facing at home. Moreover, using available communication channels, including voice calls, video meetings, emails and chats, can make the whole process more efficient. Use grammatical checks, for instance, before sending an email to prevent mistakes that can obstruct communication. A smart idea would be to choose the appropriate channel for a given situation.

As we discussed earlier, getting the right tools is crucial. Your business should choose which tools to employ based on your employee strength, frequency of communication and work culture.   in addition to Skype, Slack, and Zoom, to make these alternate work arrangements successful. For instance, employees could use an internal messenger for direct communication. Ensure not to use too many tools as that can lead to scattered communication. Having an integrated communication tool helps – so whether you are broadcasting a message to everyone or want to discretely assign tasks to specific teams or people – you should be able to do so with one tool. Also, ensure this tool has an easy UI and can be operated from mobile- as that’s the most preferred device for quick communication these days.  

Lack of a balanced work-life schedule 

According to a study, telework elevates stress levels by disturbing work-life balance or increasing work-life conflict. Additionally, research demonstrates that those who work remotely frequently engage in overworking, which leads to an increase in working hours.

How can we address this?

With over a gazillion tools at disposal, employers can ensure that their WFH staff isn’t overworked through proper micromanagement and planning. Setting targets for employees at the beginning of the day through team meetings can help them plan their day better. Moreover, tools such as ASANA can help track the team’s daily activities, which can keep the staff motivated.

For employees they need to ensure that try to stick to a schedule. They have several alternatives for planning their daytime schedule. Furthermore, taking pauses as needed may be an excellent way to unwind. Setting reminders to step away from the desk is one method for achieving this.

Lack of leadership approachability

When working remotely, employees frequently feel a little lost because they cannot stroll over to a senior’s desk and ask for assistance. Team members can interact with paperwork, items, projects, and each other without any practical restrictions when they are in the same office. 

However, since there is no physical presence, it can be difficult to follow individual efforts, and communication can be more difficult, especially for large teams and complex projects.

How do we handle this?

Effective communication is the first thing you need for distant collaboration. Email is simply inadequate for communicating with a remote workforce. You require an immediate, responsive, and flexible solution. Employers can have virtual meetings and group discussions where they can bring up the issues they face. Moreover, mentoring and reverse-mentoring (senior employees learn from the younger staff) to ensure the team remain coherent. 

Moreover, employees can calendarize feedback loops that will help ensure you understand the issues and real-life challenges in existing processes so that they can be addressed in the long run

Thankfully, there are tools available for practically every challenge a remote team manager might face. You will mostly require project management software to assign tasks and track progress. To this, there are a number of alternatives.

How Can iView Labs Help?

At iView Labs, we’re firmly convinced that technology, if leveraged well and when clubbed with well-thought processes,  can provide a smooth remote working environment for both employees and businesses. This broadly fits with the core principle of the digitisation movement, in which technology should ease your life and allow free creative minds to reach new heights.

Rest assured that our team will continue to put our best foot forward to deliver an active, engaged and sustainable remote workforce. Want us to become a part of your growth journey? Get in touch today.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs, just write us an email at info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

How to build a remote team from scratch quickly and effectively

As more and more businesses start warming up to new ways of working, remote teams are becoming widespread. Needless to say, hiring remote teams is one of the best business decisions a leader can take today to keep pace with the changing corporate world. However, establishing remote teams also presents some peculiar difficulties. To ensure that you hire talented workers, engage extensively in their training, and actively seek to boost their morale, you must plan smartly. 

So, what does it take to build a productive remote team? Broadly, employers may ensure the following to build a productive remote working setup: 

  • A proven and effective hiring process
  • Open communication channels 
  • Productivity-boosting incentives 
  • A mechanism to measure and monitor progress

Hiring the right employees 

When you plan to hire remote employees, often the recruitment process will likely be remote as well. So you’ll need to adopt a different strategy than you would for employing regular employees. First of all, since your employees will be working alone for the majority of the day, recruiting self-motivated individuals is a wonderful skill set to look for. You can also look for employees who have already worked in a remote setup and are comfortable working and collaborating with remote teams. 

It often also becomes important for the business to hire individuals that don’t require to be trained extensively and can demonstrate proven expertise in the field for which they are being employed. Employers can test candidates by asking open-ended as well as specific questions to test both their attitude as well as aptitude.

Time-zone of your employees is another point to factor in. If you need to have in-person team meetings, target your geographical locations accordingly. On the other hand, if you’re looking to expand your team in a way that your business stays active 24×7, you can look at locations in time zones complementary to yours- this can also be based on where your client is located. 

For instance, we hire the right people to fulfil your business needs at the right time. Send us the tech team brief, and based on your requirements, our team will recommend the most suitable profiles. Once we receive a favourable response, our staff will present the profiles most compatible with the role.

Deciding your hiring model structure

One of the numerous benefits of remote hiring is to be able to choose staff members according to a project. You can choose to hire part-time employees, freelancers, full-time employees or mix and match in a contract-based setup. 

Decide the perks and benefits you wish to offer while also freezing the pay structure, schedule and modes. You can always take external assistance to help you manage the entire human resource planning for remote work. 

Based on the skills you need, the number of employees needed, and the length of the project, iView labs may assist you in finding the ideal tech team, and we’ll take care of the rest. 

Getting the tools right

Your business can employ a variety of remote work tools, in addition to MS Teams, Slack, and Zoom, to make these alternate work arrangements successful. For an added layer of security, you can also get dedicated white-labelled solutions customized for your business. 

To make remote-work easier, employers must also make sure that necessary tools, such as project management, time monitoring, and communication, are available to employees. Also, set sprint meetings to check on daily, weekly, monthly progress as and when required- having a SCRUM master could be quite effective in this case. 

And while you pick the right tools from those available in the market, also ensure you don’t overwhelm your employees with too many of these products. Security and privacy issues must also be taken care of with due diligence. The tools should work in assisting employees make their tasks easier and should not serve as an obstacle to speed and productivity. 

Maintaining high engagement levels

Remote employees are more prone to feeling isolated from the rest of the organisation. The impact of this issue on the business may be significantly greater if the entire team works remotely. Disconnected feelings can impact productivity and can lead to higher attrition rates, consequently impacting both top and bottom line. 

As a result, a business needs to invest in the right processes for engagement. Additionally managers, and human resources can take proactive measures to guarantee that workers are actively engaged, such as: 

  • Holding team meetings weekly or bi-weekly; 
  • Check-in with each employee one-on-one, especially those who live alone; 
  • Participating in enjoyable activities such as virtual games, quizzes or anything else that may foster a sense of teamwork. 
  • Rewarding milestones or sending a written note of appreciation to employees.

A system to monitor and track progress

As previously stated, implementing tracking tools is one method of holding employees accountable for respecting workplace standards. Building an integrated app that allows you to assign as well as track work can go a long way in building the right remote working culture. It should be easy for the higher as well as middle management to visualize progress towards a goal, set milestones and assess team and individual performance. This will lead to a streamlined and transparent way of working with business leaders feeling in control even when the organisation is scattered across geographies. 

If you are looking for a Technology Talent partner, we at iViewLabs will be happy to help. Just fill in this easy form to get in touch with us with your queries and needs. You can also write to us at info@iviewlabs.com and sales@iviewlabs.com. 

Why having a remote team makes good business sense

Without question, over the past year and a half, the workplace has changed significantly. Working from home all the time limits employees from seeing the subtleties of office interaction, such as birthday celebrations, water cooler chatter, or overhearing talks that could help you better understand the company. 

However, by hiring fewer people, a business may be able to reap numerous benefits. How? Think about a typical office situation: do you picture a bustling, active office, or do you picture some vacant desks while you wait for the new hiring of the following year?

According to a Standford University study of 16,000 employees conducted over a nine-month period, businesses can reduce their office space rent by roughly $2,000 per employee by simply making better use of the available space. 

Other advantages include 

  • Higher productivity levels
  • Lower real estate costs
  • Decreased absenteeism
  • Lower turnover

Employers should assess whether components of a role are best performed at home or in the office rather than how many days employees should be in the office. Creating a hybrid schedule can take many different forms depending on the role and industry. However, because the bulk of jobs in the future will be remote and hybrid, organisations must constantly enhance their operations. 

Wider talent base

Many people have dubbed the COVID-19 pandemic as the Great Resignation, which has devastated the global employment market. Over the previous two years, businesses and startups have had trouble attracting and keeping employees. Being an employer of choice is more crucial than ever since it is harder than ever to recruit and keep great individuals. 

The upshot has been a rise in wages and a sharp increase in labour market competition. According to numerous studies, firms can use a range of other tactics besides salary to persuade their top employees to turn down a job offer from a competitor. 

Greater flexibility, for instance, is thought by employees to be the second most important feature that would cause employees to reject a job offer from a rival company.  Successful businesses usually encourage remote work for all employees who are capable of it. Research from the previous 20 years has demonstrated that companies with strict regulations regarding remote work had greater output levels, employee engagement, and key performance indicators.

Smart savings 

One of the many advantages of contract and remote work for both organisations and people is cost savings. Businesses hire contract staff temporarily; they are not paid on a yearly basis. 

Similarly, companies are not obligated to invest significantly in staff training and development. Choosing remote and contract labour thus saves firms a lot of money.

Another way remote work may help businesses decrease costs is through executive mobility. Executives are free to work from their preferred locations. Because not everyone wants to stay in big cities due to higher living expenses, employees can move to tier II cities with reduced living costs. By building a diverse remote team and allowing staff to work in different cities across the nation and alter their salary accordingly, this move might save larger corporations thousands. 

Many large corporations, like Facebook, Twitter, and Stripe, have recently made headlines by announcing pay reductions for remote employees who choose to move to less expensive and centrally located places. Although one may disagree with this approach, most employees appear to be open to accepting salary reductions in exchange for additional effort.

Improved productivity outcomes 

Contrary to what is commonly believed, employees who have access to all of the modern amenities of home don’t actually result in lower production levels. Employees that work remotely benefit from flexible scheduling, a better work-life balance, and a more enjoyable working environment. In actuality, remote workers seem to be putting in long hours while still maintaining a better work-life balance and experiencing less stress. 

Furthermore, remote workers are putting in longer hours because extended in-person meetings and commute times are avoided. Remote workers have a better work-life balance, and finally, they are less stressed. Businesses may also profit from remote employment by permitting applications from around the world, attracting even more talent, despite the country’s extremely low labour costs. China, Brazil, and Romania are just a few nations that provide labour at a lower cost than India. 

The secret to happy employees

Employee feedback favours remote work. Several studies have revealed that the capacity to work remotely is substantially related to job satisfaction. Employee satisfaction, for instance, decreases as commute times lengthen, while an additional hour of sleep can improve workers’ all-around performance. On the other hand, unhappiness can lead to a reduction in sustainability and performance that is even more severe than in an empty office building.

Employees in remote positions “experience more positive effects on their daily work, are more engaged, and have a feeling of well-being more than those in non-remote positions with minimal flexibility,” according to a McKinsey study.

We are here to help

Coming back to our earlier question, can businesses genuinely save money by allowing employees to work remotely? The answer is unquestionably yes. Remote work is a fantastic alternative for businesses looking to reduce their costs, even after taking into account the additional investments required to set up an adequate remote office and technological infrastructure. It’s time for both employees and businesses to embrace the new workplace trends and think about the advantages of working remotely now that digitalisation is at its finest.

At iView labs, we often assert that while opportunities are unequally distributed, talent isn’t. For business owners trying to employ top talent, remote work is bridging that gap in a way that makes financial sense.

Whether you are a startup, an SME or a growing company, we help you to find the perfect tech team. All you have to do is send us a tech team brief outlining the skills you require, the number of people required, and the project duration, and we’ll take care of the rest.

If you are looking for a Technology Talent partner, we at iView Labs will be happy to help. Just fill in this easy form to get in touch with us with your queries and needs. You can also write to us at info@iviewlabs.com and sales@iviewlabs.com. Download the latest portfolio to see our work.

Top 3 Reasons Why Enterprises Need Zero Trust Security Model

Data breaches are becoming more pervasive every day and so must our understanding of modern day cyber-attacks. According to Gartner insights, businesses have spent more than $123 billion on security in 2020 and now projected to $170.4 billion by 2022.

Due to the accelerating number of cyberattacks, every organization needs a robust mechanism for a risk-free digital ecosystem. Zero trust security model can help businesses to create the most secure environment while mitigating the risk of any security breach.

Let’s discuss zero trust security model in detail and learn why enterprises should implement zero trust security model without any further delay.

How do you define Zero Trust security and why do you need it?

Zero trust security refers to a security approach where enterprises shouldn’t by default trust any device or individual without proper verification. You can get the highest level of security and mitigate the risk of a data breach or unauthorized access by deploying zero trust architecture.

Traditionally, many businesses used to protect their valuable resources with the help of perimeter security strategies and using firewalls and other network-based tools to inspect and validate users going into and out of the network. However, transforming to hybrid cloud infrastructure and digital transformation are changing the way industries do business now.

Many organizations are now working with several security solutions and tools with poor integration. And due to this, security facilities are dedicating a longer time to manual activities. Zero trust addresses the security needs of this data-driven hybrid cloud environment providing organizations with adaptive and continuous protection for users, data, and assets, and the ability to manage threats proactively. Applying a zero trust framework, you can produce several corollary benefits, such as:

  • Improved network performance due to reduced traffic on subnets
  • Enhanced ability to address network errors
  • Streamlined logging and monitoring process due to the granularity
  • Rapid breach detection times

What are the Components and Business Benefits of Zero Trust Security Model?

The Zero Trust security model includes

  • Zero Trust architecture (ZTA),
  • Zero Trust Network Access (ZTNA), and
  • Zero Trust Edge (ZTE).

Here are some proven benefits of zero trust security model that you should know about: 

Secures Business Information and Brand Name: Are you aware of the reputational damage that businesses across the world suffer when sensitive business data gets leaked?

Hackers are always trying to expose, infiltrate, and profit from sensitive information through malware, sophisticated social engineering techniques, or third party supply chain cyber attacks. According to research, 93% of successful data breaches occur in less than one minute and 80% of businesses take weeks to realize a breach happened. 

An efficient Zero Trust Security Model allows only authorized and authenticated individuals and devices to access applications and resources. This model also helps to mitigate data breaches, avoiding many negative consequences.

Ensures Greater Transparency: You can get greater visibility with the help of Zero Trust by securing all information and computing sources. You also can gain access to specific resources through a robust authentication process. This will help always keep track of who can access your business’s network.

Safeguards Remote Workforce

According to a survey, around 73% of IT professionals are concerned that the distributed workforce has eventually introduced new vulnerabilities due to the sudden shift to the remote working ecosystem. Identity can be linked to applications, users, and devices for seeking access, and augmenting security with the help of Zero Trust Security Model.

Wrapping it up

It’s time to make cybersecurity a priority, and businesses and governments must be proactive in adopting zero trust to confidently provide a cyber-secure future to customers, partners, employees, and citizens. It is imperative for any organization to protect, detect, and mitigate modern-day threats. The zero trust security framework offers network visibility and constant monitoring that verifies user identity and privileges as well as device identity and security. Zero Trust is designed to monitor how many different devices are trying to access their network, ensuring that every device is authorized, and assess all devices to make sure they have not been compromised.

For those undergoing digital transformation, finding the right partner who can deploy Zero-trust security is often a challenge. We at iView Labs are trying to help as many organizations as we can in an endeavour to build a safer, more secure corporate ecosystem. Learn more about how we can help.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

How To Build An Exceptional Fintech Application

Introduction

The finance industry has successfully amalgamated with evolving technologies to meet the growing demands of its clients across several verticals. The emerging fintech industry aims to reach 2 billion people worldwide who do not have traditional banking accounts. The objective is to make banking services accessible to all with greater convenience and flexibility. That said, fintech apps across domains have been able to garner interest from not just the unbanked but also many who wanted to overcome bottlenecks of the existing banking systems. Today, even these traditional financial institutions are deploying fintech apps to keep pace with the dynamic, fast-moving fintech startup ecosystem. 

Today, you’ll see the daily lives of billions deeply enmeshed with fintech solutions, giving rise to one of the most advanced phases of human society. For instance, cross-border payments can be made with just the touch of a button- minus the extensive paperwork and approvals. Or, take a look at how convenient managing your investment portfolios have become. Fintech apps and platforms have made the Customer 2.0 self-sufficient to accomplish an array of financial tasks in a jiffy, without having to invest unwarranted amounts of time and effort. 

As per research by The Business Research Company, the Fintech industry is expected to grow up to $158014.3 Million by the year 2023! Payment options, intelligent banking solutions, investment planning and several other services are being built on the foundations of AI, machine learning, blockchain and advanced data analytics to create a seamless customer experience. 

Fintech App Development: The Journey

We can see a growing number of fintech apps in a market that aims to serve their customer base with a wide variety of functionalities. If there is an appropriate time to hop on the bandwagon, this is it! But how does one go about fintech app development from scratch?

In this article, fintech app development company iView Labs will discuss everything about it by helping you lay down the process of creating a stellar fintech application in six actionable steps.

Six Steps to Build a Robust Fintech App

  1. Find your niche: Before you set out to create your fintech app, make sure that you have covered all your bases in research. This will give you a fair idea as to what kind of services and niche would provide the most lucrative results, in terms of operations as well as revenues. If you’re interested in building a cryptocurrency-based site, the process will be entirely different from wanting to create a unified payments app. Fintech Mobile app development requires you to get several licenses and permissions. So, make sure you’re on the right side of legal compliance.
  1. Decide the features and estimate your costs: Once you’ve moved the niche and regulatory body’s permissions out of the way, it is essential to start thinking about the app’s functions. Charting the interface will need you to have a clear idea of how the app will work and what functions your users can perform while using your fintech app. This also brings you to deciding on a feasible budget that works for your organization, since many wonders about the fintech app development cost. Look upmarket standards before deciding on an estimate.
  1. Hire an app development team: While creating your own app development team is a great way to get things done, it can be a highly expensive affair. Finding and recruiting the necessary professionals for the job takes time and funds, which could otherwise be saved. Instead, consider hiring a fintech app development company like iView Labs, that has an extensive portfolio in your specific niche. It will save you time and get the job done more effectively, including quick deployment, round-the-clock support, and maintenance.
  1. Formulate the UI/UX Design: Once you’ve finalized your development team, it’s time to focus on the UI/UX design, which is the front-facing interface of your app. With the help of your app development experts, mention the exact specifications to curate your brand aesthetics, app elements, features, navigation, and functionalities. Once you’ve decided on these aspects with the app designer, the development team will quickly take over and curate your fintech app.
  1. Develop Minimal Viable Product: It’s a good idea to test your app before embarking on your app development process. A Minimum Viable Product or MVP contains all the basic elements of your idea that can be a good test run if you’re looking for feedback. It will show you how much value your customers can get, and make room for improvements if there are any errors, saving you development time.
  1. Modify and Support the Fintech App: The key to start a fintech company and keeping it going is having your apps tested constantly pre and post-deployment. There will always be new technologies, inclusions, and mandates that you’ll need to keep up with. Dedicating time to ensure that your site delivers a seamless experience to your customers will be the hallmark of your services.

Wrapping Up: 

It may seem intimidating to set out on the fintech app development venture all on your own, especially as a new entrepreneur or traditionalist business that’s transitioning into digitization. 

At iView Labs, we possess all the modalities, knowledge, and skills to deliver a fully functional, sophisticated, and impressive fintech application. Our professionals ensure not just the highest standard at the interface level but also the back-end of app development. To get started on your journey, contact us today. Stay tuned for more informative blogs on end-to-end development solutions on our portal!

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

The Easiest Way To Launch An On-Demand Solution

In several studies conducted this year, the rise of the on-demand industry is clearly evident. The market size rakes an income of about USD 57.6 billion from US customers on an average each year. By 2023, the on-demand food delivery market is projected to reach $161.74 Billion. These numbers are not lost on emerging and existing businesses, as everyone wants to become a part of the incoming wave where customers rely heavily on on-demand services like Uber, Dunzo, Rideshare, and others. But what is the main essence of establishing your own on-demand app?

Many organizations prefer to curate apps from scratch, there is a huge market for on-demand solutions today. Owed to the ease it brings to business operations, companies are keen to provide an application that skips out lengthy processes like beta testing, development, and recalibration. 

Businesses can save up on such operational costs by delegating the development aspects to a third party who can get the work done effectively. For instance, a company that seeks to create a digital presence requires an internal development team to build its website, web app, or application.  However, it becomes a whole lot more convenient to let a third-party on-demand app development provider have the job done using their tailored approach. Just implement a white-label solution to solve all your problems with a simple few clicks.

The question that arises in such situations is how does a company go about launching an on-demand solution? iView Labs has the answer for you! Let’s look into six ways that can help you launch an on-demand solution that can immediately cater to your client’s needs- minus the hassle.

Six Steps To The Easiest On-Demand Solutions Launch 

Conduct the Necessary Market Research

Today, the on-demand app and solutions market is one of the most lucrative avenues for businesses to delve into. Be it on-demand healthcare solutions, or delivery services, all of them are thriving due to the evolving consumer persona. Customer 2.0 puts convenience and ease of living above everything else. Hence, it is a good place to start your research to find ways that add to the comfort factor of your prospective and existing customers. For insight into what works and what isn’t working, save time by looking into your competitors. They can become a shining example for learning from others’ mistakes while refining your solution structure and concept in the early stages. From your preliminary research of the market and relevant industry, you’ll be able to form an informed decision regarding:

  1. Any gaps and voids in the demand-supply bridge
  2. The niche of your on-demand solution
  3. The projected growth of such solutions
  4. Consumer expectations and receptivity
  5. Features and Functionalities
  6. Your budget for solution development
  7. Deployment strategy and timeline

Your Definition of Success

For every brand, success is measured in a unique way. Sure, your numbers can showcase monetary gains, but today, success is quite multifaceted. It can be defined as the number of customers served over a particular timeline, or the number of leads you acquire. If you’re a service-based company, the key decision-makers may use metrics like the Key Performance Indicators mentioned below:

  1. Number of active users
  2. Gross Margin
  3. Burn Rate
  4. Conversion Rate
  5. Customer Acquisition Costs
  6. Consumer Lifetime Value
  7. Operational Costs to Revenue Ratio

It is imperative that these KPIs be defined early on in the process because they act as a yardstick to compare your monthly, quarterly, and annual growth. It will also help your teams collaborate in perfect sync to work towards these common goals. If you’re choosing a white-label partner for your on-demand app development solutions, conveying these success markers will help them tailor your app to perfection.

Go Cross-platform and Multi-version for Your App

Have you heard of the multi-channel approach for enhanced customer experience? In the present scenario, businesses need to approach customers at their level, which includes the channels they prefer to use the most. As per Statistica’s study on internet usage in  April 2022, we’ve crossed the five billion internet users mark worldwide. This makes up 63 percent of the global population, which is a huge market to cater to. Additionally, the number of global smartphone users today is  6.648 billion. 

If a business launches an on-demand solution only in a singular model, it is most likely to touch only a part of its ideal customer base. However, this can be changed if they choose to consider cross-platform integrations such as mobile-optimized web apps, desktop browser versions, and the app store. It improves your availability, thereby helping customers find you wherever they wish, from any device possible.

Get the Right Solution Partner On Board

One of the biggest tasks after research and choosing initial markers is to select the best possible technology partner. For white label solutions, organizations like iView Labs can help with end-to-end development, from inception to the launch and post-deployment. One of the best ways to hire an on-demand app development company is to book a demo with them to check your conceptual alignment with theirs. 

Not only can this approach save you the costs of hiring specific professionals, but provide greater assistance in terms of a tailored approach. Setting up the terms of use, social handles, web domain, and app store approvals all become relatively hassle-free when the professionals have your back. Since they take care of the testing, modification, updates, and debugging, launch day would be a breeze while your team can simply assume control of the back-end.

Establish User Documentation and Guides: 

What makes your on-demand app development process better than 80% of the competition out there? Make sure that your customers have the smoothest user experience. As we’re living in the age of digital transformation, user documentation can no longer be moved to the sidelines. Prioritize, creating an extensive knowledge base for your users, be it demo recordings, CMS guides, agnostic chatbots FAQ, or meaningful content. The key is to have all the resources they need ready so that the struggle is kept to a bare minimum.

Revise and Reroute

Post-launch, you’ll receive a lot of feedback from customers and users based on their clickthrough rate, retention rate, or even abandoned carts. For instance, your delivery app UI has been a bit too unfamiliar for users to find real-time updates. Your job is to find out what aspects of your on-demand delivery app development can be refined, and make the necessary adjustments. The first six months are usually dedicated to such fine-tuning after which the app will settle into a simple feature addition, user-experience enhancements, or debugging process per update.

Wrapping it All Up:

The journey may seem meticulous, but the diligence pays off. Curating a lucrative solution for your customer base can be made easier if you followed these six steps while formulating a strategy. Be it an on-demand cab development solution or an online dispensary you’re seeking to build, the bottom line lies in having the right technological support. At iView, we strive to make the process of launching an on-demand app seamless with our bespoke solutions.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

How to Ease the Burden of Operations in an On-Demand Solutions Industry

The COVID-19 pandemic has ushered in a new age of on-demand customer experiences characterized by unprecedented speed and efficiency. As customers around the world grow to expect immediate provisioning from their product and service providers, the on-demand economy continues to flourish. In fact, according to a recent PwC report, the market value of the on-demand app economy is expected to reach a staggering $335 billion by the year 2025. 

With the overwhelming growth of the on-demand economy promising to create better business opportunities, the burden now lies on the Operations Team to achieve the necessary speed and accuracy for each delivery. The heroes working in Operations are solely expected to handle numerous issues that may arise in the on-demand business. This leaves them with a sense of ineffectiveness as challenges pile on. To lessen the burden of the Operations Team and enable them to make proactive decisions, sophisticated on-demand applications that integrate adequate technologies are a necessity.  

On-Demand App Development Overview

For organizations aiming to enter and flourish in the on-demand economy, a well-crafted on-demand application is fundamentally integral. According to the U.S. Census Bureau’s American Community Survey, American consumers spend approximately $57.6 billion in the on-demand economy annually. These numbers highlight the immense recent growth of the on-demand industry. It is clear that massive value can be generated by developing a successful on-demand application.

An application developed for the on-demand industry requires a host of unique features depending on the exact service. Besides a visually appealing and friendly user interface, an on-demand app essentially requires order tracking features, a detailed map, order history, vendor profiles, recommendation engines, push notifications and multiple payment gateways for ease of use. Since monetary transactions are at the core of such applications, strong cybersecurity features are also a requisite. Other features such as reviews and ratings and in-app chatting further add to the appeal of on-demand applications. 

To additionally ease the duties of the Operations Team, a real-time analytics feature to manage fleets is integral. Customer experiences are at the forefront of the on-demand industry. Thus, the Operations Team is expected to provide immediate solutions and unparalleled efficiency. A constant feed of relevant information can be leveraged to make real-time decisions, adding to the overall customer experience. Being able to analyze routes, traffic patterns and possible shortages in real-time can be a much needed feature to thrive in this industry.

Catching Up With Costs

The cost of developing an app for the on-demand industry is largely determined by the hours of work needed and the functionalities required. A custom on-demand app is widely expected to take anywhere between 2,670 – 3,720 hours to fully develop and deploy. The hourly rates in the U.S. for developing such applications range from $100 to $250 an hour. Hence, developing an on-demand application tends to be more expensive than the average software solution.

Globally, developing an on-demand solution application can cost anywhere between $53,400 for a single platform project to $930,000 for a refined cross-platform application with a plethora of features. Advanced technologies such as real-time insights, recommendation engines and in-app payment gateways take substantially greater time to be integrated into an application but are essential for large scale on-demand apps that cater to wider audiences. Sophisticated technologies, in terms of real-time insights and hyperlocal analytics in particular,  have grown in prominence during recent times as speed, accuracy and efficiency become paramount characteristics for an enterprise in the on-demand market. 

Guide to Creating Your On-Demand Business

Launching an on-demand business application requires you to follow a number of steps. The process includes designing the application, analyzing the market for opportunities, development and implementation of the app and then finally QA testing and stabilization. A few key imperatives are as follows.

  • Choose Your Market: The on-demand industry consists of a broad range of subdomains covering fields such as food delivery, retail, healthcare, groceries, cosmetics and taxi services. Before you enter the on-demand economy, identify your niche market and integrate the particular necessary features. 
  • Identify the Target Audience: As per an HBR report, nearly 49% of on-demand service users are Millennials. The age group between 35 and 54 make up another 30%. Your on-demand app has to appeal to the audiences most likely to use your products and services, especially the Millennial population that dominate the on-demand customer base.  
  • Start Locally: To create a successful on-demand application that is not only aesthetically pleasing but also successful, you have to begin at a local level. By catering to a smaller area and a denser population , you can test concepts, strategies and advertisements. This also allows you to test features individually and start with an MVP.
  • Find Your Features: As discussed earlier, the features you decide to include in your app are determined by your overall product and service portfolio. For a taxi service such as Uber, advanced solutions like real-time insights, traffic data, dynamic price calculations, fleet tracking and route optimization are all essential. The same features may not be necessary for a small scale cosmetics delivery application. 

In Conclusion

In today’s on-demand world, the pressure to provide quality services is unrelenting. With ever-growing customer expectations, it becomes increasingly difficult for the Operations Team to provide accuracy and efficiency. Developing an on-demand application can be the optimal strategy to ensure your Operations Team has a strong backbone. Such applications enable your organization to thrive in this blooming new industry. By leveraging modern advancements with real-time, data-driven insights and integrating these features into a comprehensive application, your enterprise can scale up to reach unfathomable possibilities.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

Clutch Celebrates iView Labs as India’s Top-Notch App Development Partner for 2022

This 2022, iView Labs will reach its tenth anniversary in the industry. Based in Ahmedabad, India, our team is passionate about helping our clients develop state-of-the-art products and experiences. In the span of a decade, not a single day passed that we lost our passion or commitment. We’ve remained unfazed because we love seeing our clients’ success and appreciation.

It’s because of our clients’ trust that we commemorate a wonderful milestone today. Just recently, iView Labs was officially ranked among India’s B2B leaders on Clutch! According to their esteemed Leaders Awards, our team is one of the highest-ranking app development partners in the country this 2022!

“This brings a lot of faith to us, we have been in the system and businesses of Tech with the right mindset to serve the customers with the right tech. This justifies the same.”

— Chief Executive Officer of iView Labs

For those who aren’t familiar with them, Clutch is an independent B2B review website designed to help browsers navigate different markets and industries. Every year, the platform takes a moment to spotlight the dedicated and outstanding leaders from all across the globe. One of the factors for these awards is client testimonials. The gracious reviews and honest feedback given by our clients helped us earn this incredible award.

It wouldn’t be right if we didn’t give credit and thanks to the people who played important roles in making this a reality — our clients, stakeholders, and teammates. iView Labs is proud to be where it is today because of your support. Thank you so much to everyone! 

Rest assured that our team will continue to put our best foot forward to deliver astounding results. Want us to become a part of your growth journey? Get in touch with iView Labs today and tell us more about what you have in mind. We can’t wait to work with you this 2022 and beyond.

To get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

Why Every Finance Institution Has to Be a Fintech Institution

“Ignoring technological change in a financial system based upon technology is like a mouse starving to death because someone moved their cheese.” 

~ Chris Skinner

A study conducted by the American Bank Chase highlighted that 4 out of 5 customers prefer managing their money using a smartphone instead of going to an actual physical bank. As modern technologies, ideas and inventions shape the field of finance, the financial institutions that continue to resist this inevitable force are sure to get swept away. Advancements such as artificial intelligence (AI), blockchain and the Internet of Things (IoT), mixed with an extremely volatile market and ever-changing customer demands, all play a critical role in redefining the services provided by financial enterprises. 

Fintech symbolizes the harmony between finance and technology that is changing the way we transact everyday. Fintech app development and fintech mobile platforms have become globally trending topics. As customer expectations increasingly hover around technology-led services, any bank, insurer or asset management organization looking to stay relevant and thrive in the market needs to become a fintech institution. 

Fintech Application Development

Finance companies aiming to compete in a highly digitized environment need to promptly develop and integrate fintech applications into their line of services. The ability to leverage devices such as laptops, tablets or smartphones to perform financial tasks and transactions has immensely shaped the modern user experience of the finance industry. 

A research conducted by Finder.com predicts that approximately 78% of the United States millennial population will become digital banking users by the end of 2022. Furthermore, a study published by The Fintech Times suggests that the mobile contactless payment market will rise by 40% to reach a staggering $3.516 trillion by 2023, further increasing to $4.6 trillion by 2025. These numbers strongly suggest that fintech mobile app development should be at the forefront of every finance institution.

Fintech applications can refer to a wide range of products; banking applications that allow money transfers and bill payments, stock trading platforms, loan apps and even applications with an integrated payment gateway system are all fintech subdomains. The cost of developing a basic fintech application with a simple user interface generally ranges between $30,000 to $50,000, a potential bargain given the limitless heights this industry is expected to reach.  

Starting a Fintech Application Development Company

In our post-pandemic era, the fintech market continues to grow year-on-year as digital money management, transfer and payment options gain greater relevance. According to a recently published Promontory Interfinancial Network survey, 76% of 543 senior management professionals in traditional banks fear the emergence and widespread acceptance of financial platforms such as Apple Pay, PayPal and Venmo. With the global economy embracing the wonders of fintech, now would be the ideal time to enter this blooming industry.

When you start your fintech company or begin developing an application fit for the fintech economy, there are a few integral steps that you have to adhere to.

  • Study Rules and Regulations: The fintech industry is heavily regulated by a number of complex laws, limitations and requirements. Being a part of this economy requires you to be well versed in privacy laws such as GDPR, the ePrivacy regulation and CCPA according to the state or country that you wish to provide your services in. In the modern fintech industry, there are a number of compliance practices such as PCI DSS (Payment Card Industry Data Security Standard), AML compliance (anti-money laundering), KYC compliance (know your customer) and digital signature certificate that need to be considered as well.
  • Discover Your Niche: The fintech economy consists of a plethora of subdomains ranging from cryptocurrencies and blockchain solutions all the way to simpler personal finance apps. Choosing the correct niche according to the audience you wish to target can be the optimal strategy in finding success in this industry.
  • Choose the Appropriate Tech Stack: After you decide on the type of service you wish to provide, the next integral step is choosing the appropriate tech stack to get you started. Deciding upon the programming languages, frameworks and databases heavily dictates the overall cost and time required for development.
  • Embrace Modern Advancements: AI is tipped to power 95% of all customer experiences in the next decade. Similarly, blockchain business value is expected to surge to over $3.1 trillion by 2030. Embracing these wonderful technological marvels is integral to fintech companies looking to leave a permanent mark in the industry. The future of fintech lies within these advancements.
  • Provide Personalized Services: The fintech market is largely dominated by software powerhouses such as Microsoft, Stripe, Paypal and Venmo. In order to succeed amidst this competition, personalized services to your audience can become a competitive edge. Newer companies such as Mint and Robinhood have focused on carefully crafted experiences and convenient applications for their target audiences in order to gain relevance in the industry.
  • Ensure Optimal Security: Security is the single most necessary feature for a fintech application. Since these platforms deal with large sums of money, customers expect their transactions to be fully secure. Aspects such as data protection and safety can be ensured by utilizing encryption techniques and cloud services.
  • Look to Constantly Improve: To initially test the waters, it can be a smart idea to develop and deploy your minimum viable product (MVP). This basic version of your app can be used to gather public feedback and recommendations. Constantly improving upon this basic product can yield immense benefits.

Key Takeaways

The future of finance is predominantly governed by technology. As modern advancements sweep across the finance industry, embracing this inevitable change is the only way to stay competitive. Transitioning from legacy systems to sophisticated technology-enabled fintech companies is critical for every finance institution. 

With smartphones, laptops and tablets taking over all age segments, developing fintech applications and fintech mobile platforms has become a necessity. Customers demand increasingly fluent digital experiences and catering to these demands is the only way to remain relevant. Ultimately, this technological boom in the finance economy can provide immense opportunities for enterprises aiming to leave a mark, but those who continue to ignore this change are the ones to surely be left behind.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.