Mobile Application Development: A Comprehensive Guide

Posted by KMS Solutions on Jan 20, 2022 7:30:25 PM

Every mobile use statistics all seem to make a convincing case for mobile app development:

  • Mobile apps account for 1/2 of the time people spend on digital media.
  • Smartphone users spend about 90 percent of their time on apps.
  • 85 percent of consumers prefer native mobile apps to mobile websites.
  • An average user has up to 30 apps on their mobile devices and spends over 35 hours per month on them.

Even though all these facts favor building mobile applications, these decisions cannot be taken lightly. Considering that there are 1.5 million apps each in Google Play and Apple's App Store, it's critical to know the process of mobile app development and all the components that go into making it.

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Topics: Digital Banking, Digital Applications

Get More Inspirations for your Banking UI/UX with these 9 Case Studies

Posted by KMS Solutions on Jan 17, 2022 11:41:04 AM

Digital Banking UI/UX is flourishing now that fintech startups continuously deliver new products that focus on one type of service, such as e-wallets, P2P payment, investment, personal finance management. At the same time, traditional banks are trying to keep up with them by developing comprehensive mobile banking apps - one that integrates all banking services into one user-centric platform.

If you are looking to design a banking app, below are the top 10 of the digital banking app UI/UX design case studies that can inspire you with eye-opening ideas.

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Topics: Digital Banking

These 8 features are revolutionizing eKYC

Posted by KMS Solutions on Jan 14, 2022 1:32:39 AM

Given the risk of fraud in this digital world, eKYC solution has become an essential component of any mobile banking app. Thanks to eKYC solutions, banks can verify customers online no matter where they are. And the process is done automatically without human intervention while staying complying with regulations.

But eKYC is not a stand-alone solution. It is a mix of features that together help banks onboard customers fast and conveniently. Below are the 8 eKYC technologies that are transforming the way banks verify their customers.

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Topics: Digital Banking, eKYC Solution

Top eKYC solutions providers, ranged by unique selling points

Posted by KMS Solutions on Nov 19, 2021 12:41:41 AM

Choosing the right eKYC solution provider can be hard, given that there are so many of them; each offers different features and focuses on different niches. 

You may ask “how about developing an eKYC solution myself?”. But, as we have pointed out in this article, buying a ready-built eKYC solution from an independent provider can be more beneficial and economical than developing one from scratch with your in-house team.

In this article, we discuss the 6 most popular eKYC solution providers. We will not range them by quality since each vendor has its strengths and weaknesses. Instead, we will focus on their unique selling point, so that you can decide which is the one you're looking for.

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Topics: Digital Banking, eKYC Solution

Three strategies for incumbent banks to jump aboard Digital Lending

Posted by KMS Solutions on Oct 20, 2021 1:13:43 AM

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Building a new lending product from scratch, buying a pre-built digital lending platform, or partnering with fintech startups are the three most viable models for traditional banks to jump into the Digital Lending market, according to Digital Banking leaders from KMS Solutions, Mambu, and Kuliza.

This article is also featured on VIR (English) and thoibaonganhang (Vietnamese) 

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Topics: Digital Banking, Digital Lending

Top 5 Digital Lending Platforms for Vietnam's Banks

Posted by KMS Solutions on Oct 19, 2021 9:44:40 PM

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Within the next five years, digital lending is expected to be valued at $1 billion in consumer lending alone. This growing trend can be attributed to the shift towards digital banking, the pressure of losing wallet share to fintech counterparts, and the lingering effects of the epidemic. As a result, the banking industry has been gradually adopting digital lending to adapt.

One strategy for banks to “digitize” their lending process is by using pre-built platforms from a third party. This tactic offers the best of both worlds. On the one hand, banks can save time developing new products because most commercial solutions are "plug-and-play", meaning they are ready for use immediately after deployment. Second, having platform-based nature, they often come with a configurable architecture and integration capabilities, on top of which banks can build new lending products.

However, with so many applications in the market, choosing one can be hard. The following article will recommend the 5 most popular digital lending solutions and the technology behind them for banks to consider.

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Topics: Digital Banking, Digital Lending

An Ultimate Guide to Digital Lending

Posted by KMS Solutions on Oct 19, 2021 7:00:29 PM

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Digital lending is transforming the financial service sector. Innovations in this niche have allowed financial service providers (FSPs)—be it a digital-native fintech company or an incumbent bank—to provide effortless loan products that today's market requires. Customers' preferences today are dictated by the experience they have with mobile apps, fintech, and social media. Digital lending is a way for FSPs to satisfy those expectations.

This article explores common definitions and concerns related to digital lending, and offers insights into the digital lending framework that FSPs can use to enter into this market.

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Topics: Digital Banking, Digital Lending

How Incumbent Banks can compete with fintech companies?

Posted by KMS Solutions on Oct 6, 2021 10:48:18 AM


In the latest 2 years, banks are forced to constrict the number of branches and day-to-day operations. The pandemic has wrecked havoc on the industry's status quo. As customers find it impossible to access in-person their banks, they flock to fintech products. These challenger banks always offer a modern and more delightful experience, where customers are served wherever and whenever they are. According to a report by EY, 43% of customers said that COVID-19 has changed the way they use banking services. banks are now under substantial pressure to fight back.

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Topics: Digital Banking

9 Differences between Buy Now Pay Later and Credit Card

Posted by KMS Solutions on Oct 1, 2021 2:21:26 AM

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Buy Now Pay Later (BNPL) is currently a universal payment trend. Thanks to BNPL, merchants can sell more while consumers can buy what they want faster and more conveniently. However, we also have credit cards with their long history. Choosing which method to use depends on how flexible you can be with your finance, how you plan to pay off the debts, and how attractive you see the perks and incentives they offer. This article will help you better understand these two payment methods.

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Topics: Digital Banking, Buy Now Pay Later

Buy Now Pay Later: A New Payment Trend in Digital Banking

Posted by KMS Solutions on Sep 27, 2021 2:10:10 PM


Have you ever thought that one day you can pay for your morning coffee and breakfast with just a simple tap and no cash? Yes, we are living in that period. Modern financial services with the power of digital technology are changing the world.  Buy Now Pay Later is a case in point.

As a revolutionary Digital Banking trend, Buy Now Pay Later is transforming how banks and consumers traditionally approach payment and credit. In this article, let's dig deeper into how BNPL has become so popular.

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Topics: Digital Banking

Revolving Credit Explained in 7 minutes

Posted by KMS Solutions on Sep 22, 2021 1:48:40 PM


As an essential line of banking service, revolving credit let customers flexible access cash when they need it. Revolving credit has also become an integral feature of modern banking applications, intending to facilitate cardless payment and promote Digital Banking.

In this 7-minute read (yes! we calculate it for you), let's explore the definition of Revolving Credit, its types, and how it works.

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Topics: Digital Banking

What is Account Aggregation and How It Can Help Banks Take Advantage of Open Banking

Posted by KMS Solutions on Sep 22, 2021 1:48:37 PM


Account Aggregation is not a new phenomenon. It was around 2 years ago in 2019 when we saw the PSD2 take hold. Across the world, giant banks such as BBVA and NatWest have adopted account aggregation. It's then only a matter of time until it is implemented without exception.

Due to its popularity, account aggregation deserves a close review. This article will explain what account aggregation is, how it works, and what challenges banks might face when applying account aggregation.

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Topics: Digital Banking

Why Banks Need to build a Business Banking App?

Posted by KMS Solutions on Sep 13, 2021 1:00:38 PM


While mobile banking app for consumers has become a norm, business banking app is not really so. If you check on App Store or Google Store, you can see that only a handful of banks have mobile apps designed for business clients. Although most business banking activities still take place on desktops, banks cannot ignore the benefits of the mobile-first business banking app, which we will explore later on. 

In this article, we will discuss why banks need to build a business banking app. In addition, it will clarify the differences between mobile banking apps for businesses and consumers.  

With a digital banking experience that utilizes the advantages of mobile devices, banks have a higher chance of deepening relationships with their business clients.

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Topics: Digital Banking, Digital Applications

What is Fraud Detection and how it is applied in Digital Banking?

Posted by KMS Solutions on Aug 30, 2021 4:04:11 PM

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Fraud Detection is an integral component of eKYC (electronic Know-your-Customer). Fraud Detection is vital during the online onboarding process, as it helps banks prevent costly frauds and cybercrimes. 

As digital banking channels grow in number, so do the ways that fraudsters can do wrong. And their fraud tactics will continue to multiply given that banks have to adopt Open Banking, eKYC, and PS2D (Europe’s second Payment Services Directives). To prevent these unauthorized transactions, banks must have a robust fraud detection system. 

In the first part, this article gives you a brief overview of fraud detection. The rest will discuss how banks can apply fraud detection and augment this function with Machine Learning.

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Topics: Digital Banking, eKYC Solution

Everything You Need to Know about Customer Data Platform (CDP)

Posted by KMS Solutions on Aug 24, 2021 3:24:46 PM


Across sectors, Customer Data Platform (CDP) has emerged as the ultimate solution for personalized customer experience. According to a report by Forrester, 35% of surveyed companies are planning to invest in CDP in the next 12 months⁠—for many good reasons. The most obvious one is to build a unified profile of customers across all channels (to which 83% of respondents in the report agreed). Two-third of them also appreciated CDP’s ability to personalize experience for both known and unknown customers.

Whether you want to centralize customer data from all channels into one source, to make every bit of data accessible company-wide, or track customer interactions across channels in real-time, CDP can help.

Still, due to the variety of data solutions out there, the term is sometimes mistaken for Customer Relationship Management (CRM) or Data Management Platform (DMP). Before purchasing one, you should understand what CDP is (and what it’s not), as well as how CDP can support your business.

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Topics: Data & Analytics, Digital Banking

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