Fintech is a result of the digital transformation that continues to disrupt industries in numerous ways and brings in new chances for organizations.
According to Deloitte, the term Fintech refers to computer programs and other modern technologies used by businesses that provide automated and improved financial services.
Investments in the Fintech field have been growing since the latest global financial crisis. Nowadays, Fintech solutions are considered as the potential recovery from the pandemic, as a means to solve some real problems that emerge at present.
The pandemic has also shown that physical proximity is not so important. The digital activities and the fluidity of the information combined together represent success in the future.
Fintechs have already changed the financial industry structure, ways to provide services, and their consumption. They have also influenced customers’ expectations while setting new standards for user experience.
Deloitte reports that investments in Fintech have increased from $12.7 billion in 2020 to $23.4 billion in 2021.
Financial services are poised for transformative change, big corporations and startups alike are pouring money into fintech investments.
They embrace the agility and flexibility promised by fintech solutions to develop innovative financial products that help people manage their money in new ways.
In addition, the rapid adoption of mobile applications makes it critical for organizations to develop ones to bring their services to customers via this channel. Consider fintech trends and use them to reinforce your company’s performance and customer experience.
For example, according to Statista, 43.1% of smartphone users in the USA in the Q3 of 2020 used banking and financial apps. The figure will continue to rise as fintech app development starts a new phase, using the latest solutions and trends.
Here is a list of fintech trends you should pay attention to in 2021 and further.
1. Artificial Intelligence
Contrary to traditional data analytics and robotic process automation, AI has four unique features:
It will detect changes in data patterns and tune the model by itself. You do not need a data scientist to keep adjusting the model;
When the data quality is not perfect, it can still create helpful insights for businesses to make decisions;
When the data is coming in, we do not need to store, process, and transform it before creating analytics. Instead, it can just stream through the neural network, and the AI engine can pick up the pattern and help businesses serve customers;
It can handle unstructured data. Therefore, we can apply AI in places like image recognition and voice recognition.
In financial services, the technology can be applied in three major areas. The first one is ML (Machine Learning), to create a propensity model.
Banks and insurance companies put ML on the websites or mobile channels and create real-time target marketing. They actually predict the product propensity of their customers based on their behavioral data in real-time.
The second application of AI is usually around NLP (Natural Language Processing). Some applications like chatbots contract intelligence where the AI can read the free text in a contract and detect non-compliance in the documentation.
The third application is face recognition. For example, many fintech companies ask their customers to take a selfie and a picture of their identity documents.
The machine can automatically match these two and help them do KYC (Know Your Customer) and onboarding.
To have AI work effectively, financial institutions need to have a lot of big data. So, when they have accumulated a lot of big data, many banks and insurance companies can tap into this pool of resources and create helpful business insights.
It is expected that AI and ML will become a more regular practice, specifically in AI-based chatbots development and usage. It will enable organizations to provide instant customer support and enhance their experience.
2. Blockchain Technology
Blockchain is becoming one of the fintech industry trends and is no longer associated only with cryptocurrency. The technology has a lot to offer for financial services and other industries, as its hash algorithm allows secure data sharing across the industry.
With Distributed ledger technology (DLT), banks, corporations, insurance, and logistics companies, etc., can share documents along with the trade flow on a trade finance blockchain network.
With all the authentic documents hashed on the chain, there will be no more forged documents and forged invoices for financing.
Besides, you can also use the hashed information to detect duplicated purchase orders which another bank has collateralized. With that, you do not need to expose sensitive information or customer privacy.
Blockchain also comes with smart contracts. A smart contract allows events to trigger payment transactions automatically.
For example, when the invoice comes in, it will be automatically reconciled with the purchase order, which will trigger the payment for the banks. These are going to improve the efficiency of the ecosystem a lot.
3. Gamification
One of the financial technology trends is gamification. Gamification solutions incorporate gaming activities into other fields and industries.
The practice is used to enhance customer experience and increase engagement levels. For example, companies develop different types of personalized programs, quizzes, cashback rewards, educational videos, etc.
Create high-end software solutions for your company with Intellectsoft
Chatbots allow companies to have human-like conversations with their customers. Organizations try to incorporate chatbots into their fintech apps, as they are cost-effective, easily scalable, instantly available to the customers, data-driven, etc. The chatbots in the financial field can be of three types:
informational (provides general information, news, or push notifications);
transactional (helps customers to complete transactions);
advisory (provides information on the next steps based on customer interactions).
The technology has several benefits that include:
user engagement: a chatbot can serve as a mediator between a company and its customers, providing instant communication;
24/7 and scalable: a chatbot can be one of your most loyal employees who is available all through the day and even at night. In addition to this, the technology is scalable and can be easily improved when necessary;
intelligence advantage: chatbots deliver valuable insights about your customers that you can use for further business development.
Bank chatbots can help your customers check their balance, set financial goals, get spending insights, transfer money, pay bills, etc.
The technology is improving with the help of AI and voice recognition, thus enhancing the performance of the organizations and user experience.
5. Voice Technologies
Another popular trend in the finance industry is voice recognition. Some companies start to use voice-enabled technologies like Siri, Google Assistant, or Alexa, so the customers can use them to make transactions and other operations.
In addition, voice commands will reduce phone calls, so these solutions are to save time, make things easier, and help organizations perform more efficiently.
Fintech App Development: Useful Tips & Main Features
Financial services have to develop innovative solutions and incorporate them into their fintech app to provide high-quality services to their customers, secure personal data, inform about the latest news and programs, etc.
What are the main features that your application should possess?
Main Features Your Fintech App Should Include
Security: the application will contain sensitive data, so it is essential to provide a secure environment for your customers. Use different solutions for the customers to sign in. For instance, integrate two-factor authentication with face, voice, or fingerprint recognition.
Notifications: Keep your customers updated about special offers, loyalty programs, news, etc. It is also essential to send out notifications once any transactions are performed.
AI-enabled chatbots: Make sure customers can instantly receive requested data 24/7.
API integration: Establish connections with other applications so that customers can get additional helpful information via your app.
Fintech App Development Process
The finance mobile app development process includes the following stages:
1. Define Your Product
You should know the purpose of your application and how it can help your customers. Your team should conduct profound market research to see what is in demand, understand customers’ expectations, calculate the risks, and predict the profitability the solution could bring. Then, use all the available data to design a version of your product.
2. Build a Team/Find a Vendor
Find necessary resources to bring your project to life. You can build your team by hiring professionals individually or use outsourcing. Numerous companies have vast experience in the fintech app field, and they can help you choose the right solutions for your project.
If you decide on outsourcing, pay attention to the company’s portfolio, its employees, read reviews of the previous customers, so you can make the right decision, and be sure that you will get a high-quality product that will work efficiently and bring you advantages in this highly competitive field.
3. Decide on Technology Stack
When you have a team of professionals working for you, you can discuss and choose a technology stack for your application. There are numerous languages to develop apps.
The vendor or your team of developers will help you to choose the right one. It is important here to know your customers and which operating systems they use.
Decide whether you need a native application (that will work only on iOS or Android devices) or a cross-platform one (suitable for all platforms).
4. Create User-Friendly Design
The application should be easy to use and appeal to your customers. Ensure that a dashboard offers all the necessary features and it is not difficult to find essential information.
5. Develop MVP
A minimum viable product is necessary for application development as it will help you run tests before you launch the product. Then, ask your customers to use it and share their feedback with you.
No one but your customers will point out the weaknesses of the application. What is more, you will see what else is needed to be added to the application after tests.
Fintech App Success Stories
Financial software development only starts to accelerate as new solutions come into the fintech industry and prove numerous advantages for organizations.
Some of the companies have already begun to implement solutions to enhance the performance of their organization. For instance, Bank of America has developed a virtual financial assistant Erica who helps make money management more effortless.
Another example of fintech solutions implementation is Lemonade, an insurance company that uses AI, apps, and chatbots to digitize the insurance industry.
We, at Intellectsoft, empower hospitality companies and their workforces with innovative solutions and approaches. Are you and your organization looking for some?
Contact our experts to discover more about the development of applications for your organization and learn how you can get the most of them.
The hospitality industry depends a lot on keeping customers happy, but it’s getting harder to attract and keep them. The pandemic hit this industry hard, and now market competition is tougher than ever, with competitive offerings swaying customers. Hospitality businesses are willing to spend big to win customers back. The main questions for many are: how can we stay ahead of the competition, keep our customers, and increase revenue? Keep reading—we’ve got some answers.
Customers today have so many options that getting their attention is a real challenge. It’s not easy to make them choose your business over others. What worked 10 years ago doesn’t work the same way now. Back then, people often chose businesses based on reputation. But with new types of businesses (boutique hotels, craft cafes) popping up or big enterprises getting a new strategy, expectations have changed. The good news is these businesses have shown what works: great customer service. They focus on personalizing the experience, making things easy for customers, offering loyalty programs, and using smart technology.
In this article, we’ll explore these tech strategies and show you how they can help your business grow, and double the revenue. Keep reading to learn more!
The Importance of Customer Satisfaction in the Hospitality Industry
Customer satisfaction, which equals exceptional customer experience, is the backbone of the hospitality industry. It plays a central role in driving revenue and loyalty, as satisfied customers are more likely to return and recommend a hotel, restaurant, or other hospitality business to others. In fact, a study by the Harvard Business Review found that a 1% increase in customer satisfaction can lead to a 0.5% increase in revenue. Moreover, loyal customers are more likely to forgive mistakes and continue doing business with a company, even if they experience a negative encounter.
Let's quickly review the challenges the hospitality industry is facing right now so we can move on to the solutions and our case studies.
Challenges in Hospitality
As businesses navigate the changes in the hospitality industry, there are some key areas where a little improvement can go a long way. From improving customer service to embracing digital transformation and tackling labor shortages, we’ll take a closer look at today’s biggest challenges—and, more importantly, how technology can step in to help. Let’s get started!
Poor Customer Service
Even with strong and high-quality business offerings, poor customer service can drive potential customers and existing customers away. Common issues include:
Long wait times in customer service queues (it is worth remembering that our attention spans 8 seconds, and we live in a very busy world, so quick and efficient responses are more important than ever.)
Poorly trained customer service representatives
Lack of follow-up
Services not being done properly or quickly
Recall issues that require multiple service calls
These problems can frustrate customers. But, at Intellectsoft, we believe that the right approach, combined with technology, can address them effectively.
Digital Transformation Gaps
Approximately 50% of hotels are adopting new technologies, with 43% automating repetitive tasks and 39% upgrading existing systems. Source: workstaff.app
While many businesses are adopting digital solutions, some still struggle with outdated systems and fragmented data. Legacy companies often face chaos when trying to manage their data and create new systems or add features.
Some of the recent examples include clients coming to us to create AI solutions for their services while their data simply was not ready for the advanced tasks. We advise stepping back, communicating with a company objective, and working on keeping the data clean (centralized, structured, and segmented).
When we’re asked to create advanced systems using AI, we always emphasize the importance of organized data. To train AI and build such complicated systems that truly work, you need to start from the very beginning—collecting, storing, centralizing, and organizing it. We encourage our clients to align all departments to work internally on the data so we can create a unified digital system that delivers personalized experiences.
If you’re unsure where to start with your data, we can help. Collecting feedback at various touchpoints along the customer journey is crucial for gaining insights into customer satisfaction and loyalty. Book an IT consultation with us, and our experts will guide you in mapping out a path to get more from your data and build a system that works for your business and team.
Reskilling Staff
The pandemic hit hard in early 2020, especially for the hospitality and travel industries. Even five years later, many businesses are still feeling the impact. Recruiting and retaining skilled staff has become a major challenge post-pandemic.
Reskilling to address technology’s impact is of utmost importance, as about 40% of hotel General Managers place it among their top three workforce challenges.
We strongly believe that adopting the right technology can help. For example, creating an app to train your staff not only saves time but also ensures consistency in learning. AI assistants can also work alongside your team, helping with tasks like recruitment (providing industry insights, crafting emails) and staff training. Imagine having an app dedicated to making your team’s work easier and more efficient!
How Technology Tackles These Challenges and Supports a Customer-Centric Hospitality Culture
Automation, AI, and similar technologies may threaten many. However, the debate about replacing humans isn’t about that—it’s about cooperation and working hand in hand with technology to achieve the highest standards and establish brand-new “golden standards.” Technology is here to assist staff in listening to and collecting customer insights from data.
Let’s review some of our cases to see examples of how technology helps improve customer experience and supports customer service.
Examples of Intellectsoft projects
Property management systems (PMS)
We created a web platform and mobile app that makes managing daily tasks easier and offers extra services to improve residents’ experience. It gives a clear overview of daily activities and helps with managing units and users. Residents can easily book amenities, submit service requests, and report incidents. The platform also includes features for equipment management, key instructions, workflows, and custom permissions. This makes it easier for staff to stay on top of equipment and ensure residents have all the information they need. Plus, tools like announcements, quick votes, a forum, and a community calendar help build a connected and engaged community.
Guest Experience Management App
Our next app helped our client improve their guest experience by replacing printed marketing materials and the need for phone calls with a smart solution. Now, guests can easily order in-room dining, make reservations, and interact with staff— through a simple tablet in their room. The solution includes three parts: a custom in-room tablet with a variety of services, an admin panel for hotel staff and service providers, and a backend system that connects everything together. This approach makes things easier for guests and staff, improving both convenience and efficiency.
Existing Customers First: Building Loyalty with Personalized Touchpoints
Keeping existing customers is not just a strategy; it’s well-known that retaining existing customers is more cost-effective than acquiring new ones. In fact, research shows that it costs five times more to acquire a new customer than to retain an existing one. KPMG named customer retention as the number one revenue driver for the company.
Moreover, a 5% increase in customer retention can lead to a 25% to 95% increase in profits, showing the significant impact loyal customers can have on a business’s bottom line. Retention strategies, like personalized experiences and loyalty programs, can foster long-term relationships and generate recurring revenue, ultimately making them an invaluable part of any business model.
Personalization: How Technology Can Help?
Everyone loves to feel special—it’s part of being human. In hospitality, personalization has evolved from being a luxury to an essential standard. With the right technology to manage your data effectively, you can deliver those “wow” moments that guests won’t forget.
More than half of hotel chains are already using personalization features on their websites, booking platforms, and apps, and another 39% are planning to follow suit soon. They’re tailoring experiences to fit guest preferences perfectly.
Source: Deloitte
How does technology make it happen?
CRM Systems: They help you keep track of guest preferences, booking history, and special requests so you can offer services tailored just for them.
Loyalty Programs: Personalized rewards and offers show your guests that you value them, keeping them coming back for more.
AI Personalization: AI analyzes guest data to predict what they’ll love (from room upgrades to local recommendations) before they even ask.
IoT Gadgets: Smart room features like voice-activated assistants, or temperature controls adjust to your guests’ preferences, making their stay more comfortable.
With tech-powered personalization, you’re building loyalty and maximizing the lifetime value of every customer.
Our Case Study: Smart Hotel Management & Loyalty Program
For one of our clients, we created a smart room solution, complete with a custom IoT system. Guests can use a mobile app to control services, explore amenities, and find resort information-- with a special touch to their suite type. For the client’s entertainment business, we improved their legacy software by running a full IT and code check, fixing issues, and making the system better for customers.
Along with that, we developed a mobile app for the loyalty program, allowing businesses to effortlessly reward their customers and keep them engaged with exclusive benefits.
Our solutions not only helped the client with special experiences for guests; it also improved operations, cutting costs by eliminating inefficiencies. Here's what our experts shared:
"We transitioned away from ESB (Enterprise Service Bus) systems, which previously cost millions, and replaced them with more efficient, self-managed solutions. Similarly, we’ve implemented Device Farms that improved operations and saved resources."
Leveraging Software to Increase Upsell Opportunities
Here are some examples of tech tactics that will help your team sell more and introduce new offerings to existing customers, improve overall efficiency leaving your team grateful:
Dynamic Pricing Algorithms
For finance and marketing teams, manually calculating pricing by segment to introduce your clients can be incredibly challenging. AI-powered tools can strongly optimize these strategies by analyzing your database in detail.
Upselling via Apps
Boosting revenue in the hospitality business often comes down to personalized experiences. Imagine this: a guest books a room, and then your app suggests a spa package or a room upgrade at just the right moment. Later, it nudges them to book a dinner reservation or a guided tour designed to their preferences. With apps offering these personalized recommendations during and after bookings, you’re not just increasing your revenue per guest but also skyrocketing their experience. And you do it in a sustainable way, not by speculating, but by offering what your customers desire based on their previous experiences. It’s a win-win: seamless, helpful, and far from pushy.
Inventory and Resource Management Software
Making every resource count in your hospitality business is key. Inventory and resource management software allows you to effortlessly track everything from linens to room availability, ensuring nothing goes to waste. Having real-time insights to reduce overstock, avoid shortages, and optimize operations assists sustainably keep everything under control and know what you need to focus more. It helps maximize room occupancy by aligning bookings with available resources, ensuring every room and item is used effectively. This approach leads to smarter management, better guest experiences, and a noticeable boost to your bottom line.
Adopting these strategies not only optimizes your operations but also drives business growth. Ready to discover how technology can elevate your goals? We’re here to create a tailored solution for you.
Steps For Implementing a Customer Service Technology Solution
Improving customer service in hospitality doesn’t have to be a daunting task. With the right technology, you can smooth the path of your operations, speed up response times, and elevate the overall guest experience. Here’s where you can make it happen:
1. Understand Your Needs
Start by identifying the challenges your business is facing. Are you struggling to manage high volumes of inquiries, track customer feedback, or personalize the guest experience? Pinpointing your needs will guide you to the best solutions.
2. Pick the Right Tools
Choose technology that aligns with your goals. Look for solutions that are scalable, easy to use, and integrate effortlessly with your current systems. Options like CRM software, live chat tools, or a guest experience app can make a difference.
3. Equip Your Team
Technology is only as effective as the people using it. Train your staff to make the most of the new tools, so they can deliver exceptional service and resolve issues quickly. Confident, well-equipped staff creates happy, loyal customers.
4. Keep Improving
Once implemented, monitor how well the solution works. Are response times improving? Are customers more satisfied? Regular evaluations will help you fine-tune your approach and keep things running harmoniously.
Some Tech Ideas for Hospitality Businesses
CRM Software: Manage customer interactions and preferences.
Guest Experience Apps: Delight guests with personalized experiences right at their fingertips.
Amenity Management Systems: Simplify operations for everything from room service to facility bookings.
Live Chat Tools: Offer instant support and answers.
Social Media Management Tools: Keep customer interactions engaging and organized.
Integrating these strategies will not only improve your customer service but also deliver unforgettable customer satisfaction, loyalty, and, ultimately, your bottom line. Ready to take the next step? Book a consultation with our experts.
Conclusion
To wrap up everything we've discussed, customer satisfaction and experience are at the heart of hospitality. Retaining customers is more than just keeping them around—building strong, long-lasting relationships and consistently meeting their evolving needs. By understanding their pain points and offering personalized solutions, you can inspire loyalty and drive progress. With the right technology and continuous improvement, your business can stay ahead, let go of what no longer serves you, and keep growing.
At Intellectsoft, with over 17 years of experience in software development, our expert team is ready to help. We create everything from mobile apps to full-fledged portals and systems, leveraging the latest technologies like AI, Cloud, and Machine Learning. With deep experience in the hospitality industry, we’re here to craft personalized solutions that bring your business unforgettable customer experience and retain your valuable clients.
Ready to double your revenue and level up your customer retention strategy with personalized technology? Contact our experts, and we look forward to working hand in hand with you to build or revitalize the perfect app or system for you.
We have sent an email to acknowledge receipt of your request. In the event that you have not received our email, we kindly suggest checking your spam folder or alternatively, contacting us directly at info@intellectsoft.net
We will send a short email notifying you that we successfully received your request and started working on it.
Our solution advisor analyzes your requirements and will reach back to you within 3 business days.
We may sign an optional mutual NDA within 1-2 business days to make sure you get the highest confidentiality level.
Our business development manager presents you an initial project estimation, ballpark figures, or our project recommendations within approximately 3-5 days.
Request a Free Quote
4.9
Our rating on Clutch
5
Our rating on Business of Apps
We have offices in:
San FranciscoOsloNew YorkLondon
Contact usRequest a Free Quote
Thank you for your message!
We will get in touch with you regarding your request within one business day.
