The rise of insurtechs and parallel trends in other consumer-facing industries has users expecting a higher standard of digital experience with effective, user-friendly insurance mobile apps across the customer value chain. According to the Customer Behavior and Loyalty in Insurance report by Bain & Company, customer loyalty is being influenced by ecosystem services. Simply put, the ecosystem is an interconnected system of offerings from multiple providers, entitling consumers to meet numerous needs via an integrated user experience.

For instance, an insurance provider can be part of an ecosystem that provides maintenance reminders, roadside assistance and repair coupons, rather than merely offering accident and theft coverage for automobiles. With such services on offer, users have more motivations to interact with the insurance company. From there, insurance providers can nurture customer relationships and alleviate the low-touch nature of the industry.

The growing demand for digital applications combined with the severe IT skills shortage has given rise to IT outsourcing. This article explores the current state of the tech talent gap and covers various aspects of outsourced IT services with the hope of helping businesses make the most of outsourcing. 

At KMS Solutions, Inc., we provide our clients with the world’s advanced and innovative technology solutions. We help leading enterprises tap into their modern business potential through our fit-for-purpose systems. Our ultimate goal is to deliver a groundbreaking impact to our partner organizations.

It was the year 1999. There was a young man who desired a specific pair of shoes. He went to a nearby mall, but was unable to locate the couple. Frustrated, he devised a plan to sell shoes online, and that's how it all began.

The concept of a Minimum Viable Product (MVP) was born.

Instead of undertaking long and costly market research, he created a simple website. Then he went to a shoe store and took images of shoes to post on his website. He bought the shoes from the retailer and mailed them out after receiving the order.

Despite the fact that he lost money on every sale, it was a fantastic method to put a business idea to the test. After determining that clients are eager to buy shoes online, he began to build his concept into a fully operational firm.

This is how Nick Swinmurn founded Zappos, which was later purchased for $1.2 billion by Amazon.

In today's world, Nick's technique is known as MVP Development.

While it comes to the features and functions of software products, ideas can be fantastic when they're just that: ideas, but they're difficult to put into practice in real life. One approach to get those big ideas off the ground is to create a Minimum Viable Product.

Because most of what project managers do are qualitative and difficult to measure, evaluating their performance is notoriously tough. When there is a lack of project management, people tend to notice—communication lines are poor, individuals are unsure what others are working on, unforeseen difficulties cause delays, and so on. When a project manager is there and things are running smoothly, however, many of their coworkers will be unable to pinpoint exactly what they perform.

Digital team manager hates to break the news to a client that their project is over budget. Despite this, many businesses are in this situation: according to recent data, just 43% of organizations complete projects on time or under budget.

Budgeting is always a challenge—the final figure needs to account for a buffer without going overboard—but doing so in a digital team context may be much more difficult. Traditional waterfall project management, in which the scope is determined in advance and fixed, requires a different strategy than digital team’s budgeting and forecasting. Because a project is likely to vary fast and frequently, and the aim may shift, one of digital team's greatest benefits is its emphasis on adaptation. So, how can you produce outcomes within a budget that was agreed upon at the start if the final aim changes?

To avoid overspending, create a reasonable but flexible budget, stick to a consistent and clear timetable, and constantly reprioritize features. It's also critical to be able to influence the client's perception of the budgeting process. Meeting these obstacles will improve the quality of your final output in addition to increasing your chances of completing the project on time. You may attain these goals by following the advice of experienced digital team managers.

While Vietnam's digitalisation has made human digital footprints available from anywhere, the COVID-19 pandemic has hastened its adoption throughout businesses that were still in their infancy in the nation. With countrywide lockdown and social distancing rules, businesses are increasingly relying on technology innovation to disrupt conventional industries, and the financial services industry is no different.

The rapid adoption of fintech services has wreaked havoc on many parts of the traditional financial services business, with digital lending set to be a major disruptor. The rise of online lending platforms and fintech businesses is revolutionizing loan distribution procedures by providing rapid loan options. Furthermore, this has resulted in a greater availability of data in various formats, making consumer insights easier to analyze. Moving to digital channels, on the other hand, introduces a slew of security threats, including fraud, identity theft, data breaches, erroneous risk assessment, and, most importantly, loan defaults.

Digital teams are challenging to work with. They necessitate significant modifications in how individuals think, respond, and conduct, which are inherently difficult. Unfortunately, many businesses misjudge the magnitude of these obstacles, and a lack of planning or inadequate funding can lead to a failure of the shift.

According to Capgemini's annual World Quality Report, 42 percent of survey respondents cite a "lack of professional test experience" as a barrier to implementing testing to a digital team environment. While Agile has enhanced the pace of iterations for software development, it has done so at the expense of quality in some circumstances.

Most banks today use SMS as their second authentication. SMS is not solely widespread in the BFSI. Other sectors also rely on this authentication for many operations, such as restoring access, approving some actions, confirming device linking and so on.

Top project managers are continuously in demand in digital teams all over the world. This is a list of some of the most useful habits that top PMs have. Hopefully, they will assist you in becoming one or determining whether you already have these tendencies.

Being a top digital team's PM helps you stand out, and once you've established yourself as one, you'll be in great demand. Stakeholders will have more faith in you, desire to cooperate with you, and pay attention to your suggestions. Top PMs are always in demand in organizations all across the world, no matter what they're working to construct. This is a list of some of the most important characteristics of successful project managers. Hopefully, they will assist you in becoming one or determining whether you already have these tendencies.

See more: What is Digital Team?

Loan origination is all the actions your company takes before disbursing the loan, and it's an essential part of your digital lending platform. For many banks, it is at this point where they invest the most time and effort is expended. 

Digital team is distributed by nature, where members are partially or even fully remote. To keep the collaboration levels high, a remote digital team leverages agile and scrum. But despite having these modern frameworks in place, your digital team should also have the right tools and strategies to be successful as a distributed group.

Now that the business world transforms and adapts to remote working, the digital team models, which are characterized by agile, become more relevant now than ever. Its principles of open collaboration, continuous improvement, adaptability, and autonomy empower your digital team to work more effectively.

Gartner has predicted that by 2022 9 out of 10 agile teams will embrace remote work as an essential part of their operations, which is a 30% increase from 2020.

There is an urgent need for banks to digitize their services. Lending, which has always been banks’ essential source of profit, is now the frontier in this shift to digital banking. Against this backdrop, more and more banks are thinking about adopting a digital lending platform to embrace this trend. However, choosing a suitable one among numerous platforms out there can be hard.

In this guide, you will find out about the seven top priorities - the key capabilities you need to consider for a successful implementation of the digital lending platform, and how to achieve fast time to market while ensuring regulatory compliance controls and risk management at your standards.