Fintech is a term that originated in the financial sector, which refers to an institution's technological capabilities. Today, the word fintech is being used to describe new financial services and companies.
The Internet and mobile devices have truly transformed most facets of daily living. New technology is now also shaking up the banking sector, bringing new ways to conduct transactions and handle payments.
Fintech has grown rapidly in recent years, fuelled by blockchain, peer-to-peer models, and crowdfunding. Investors are always looking for new ways to disrupt the bank monopoly.
Apart from banks, very few financial institutions had access to financing businesses and consumer loans until now. But now, there are many more options to fundraise as well as invest in lending to others. Peer-to-peer loans on sites like Upstart or LendingClub not only help borrowers save, but also open up new opportunities for investors.
Platforms like Kickstarter and Indiegogo allow for the establishment of numerous initiatives, backed by numerous small payments from the public. This generates an increase in many companies and goods that couldn't get enough funding from traditional sources.
Aside from obtaining funds, the most significant shift is in transferring them. Today, non-cash transactions can be made in a variety of methods. Fintech is used in traditional trade to handle card payments quickly and cheaply online and offline. Apple Pay and Google Pay eliminate the need for cards for contactless payments. Virtual wallets like TransferWise provide speedy and affordable money transfers, attracting clients like Western Union.
Banks are not known for their transparency or customer service. However, most fintech apps are far more user-friendly and transparent than traditional bank apps. Fintech firms specialise in providing solutions that defy outdated banking standards. Client-focused, fintech solutions make it easy to use services.
Fintech is not just a technological innovation. Entrepreneurs are generating market products like never before, employing financing structures no one has thought of. That is why there are circumstances where enterprises update outdated and unsuitable legal regulations.
California's Robin Hood doesn't rob anyone, but does offer an opportunity to gain. The firm wants to make it easy and transparent to invest in listed companies without commission. Since 2018, the service has been used by over 3 million people, with an average age of 26. The company has succeeded to attract youthful, non-interested investors.
A San Francisco firm, Lending Club was the first to offer peer-to-peer loans. Currently the market's largest fintech startup, it handles 38 billion dollars in loans for over 2.5 million customers. Lending Club was one of the original apps on Facebook before becoming a platform. This changed in 2007 with a $10 million funding round.
Stripe's mission is to make online payments as simple and secure as possible. It provides an API that can be used by existing apps and websites to process online payments. This year, the company released solutions to help prevent fraud that work alongside their interfaces.
Another Silicon Valley startup. Its founders, Tim Chen and Jacob Gibson, aim to enhance everyone's financial situation. Their website educates consumers and helps them find the best credit cards, loans, and credits. NerdWallet's key benefit is comprehensive summaries and comparisons of market offers.
In 2008, Rich Aberman and Bill Cleriso started WePay. It supports crowdsourcing, stock markets, and small businesses. During Aberman’s brother’s bachelor party, he noticed how difficult it was to collect various amounts of money from the guests. He primarily used PayPal at the time, and found the process difficult. This led to starting WePay.
Their ideas immediately attracted investors, including PayPal co-founder Max Lavchin. The founders struggled to keep up with the rise of peer-to-peer transactions as time went on, focusing on payment processing.
Square is a payments startup founded in 2009 by Jack Dorsey and Jim McKelvey in San Francisco. Their Apple and Android apps accept card payments through tablet or smartphone. With Square Reader, a card reader attached to the device's jack, or Bluetooth LE, data from the card can be manually entered. It also offers a Cash App for exchanging money orders between users and tangible virtual gift cards.
Automation may see a breakthrough in the industry. Automated learning pushes us closer to machine decision-making. This includes not only repetitive transactions and procedures, but also data-driven investments.
Also, large financial institutions are becoming more aware of the threat posed by fintech companies. Instead of letting go, the large fish in the sea prefer to take on smaller competitors. This was exactly why JP Morgan Chase, one of the world's largest financial holdings, bought WePay.
The fintech branch must also unify systems and share information freely. Solvency and transaction history are valuable data that allow bigger loans to be given faster and partner reputation to be evaluated quickly.
Developing a mobile app
28 June 2023
In an era of crisis, businesses are increasingly wary of investing money in the development of IT products, but if we are talking about the foodtech sector, things are getting a little easier. Food is a product in constant demand, which means that even in a crisis, people will consume it. Another thing is that the competition in this segment is also constantly growing - the consumer demands affordable food in the shortest possible time. Thus, all establishments or catering services are forced to pay attention to the development of technology and its continuous implementation in the chain "consumer - restaurant". In this article, we will talk about the development of applications for restaurants, about the foodtech market in general, and of course about what modern restaurateurs should implement in order to win in the competition. In this article, I will not delve into the food industry or waste management, but will talk more about areas such as food delivery, restaurant automation software, and services and applications for guests. "The era of online is upon us, which means that restaurants and stores that don't already deliver are clearly lagging behind their competitors. Moreover, today's consumer has become less loyal, and if the product is not of the stated quality, they immediately change the restaurant/store. That is why the industry faces two challenges: to increase the speed and availability of service and to ensure high quality. To meet these challenges, Russian foodtech offers: Marketplaces where restaurants can quickly interact with their customers. Restaurants in this way save on marketing, and marketplaces receive their commission. However, this format of cooperation is not always beneficial for restaurants, since the latter, firstly, lose part of their profits, secondly, do not form their own customer base, and thirdly, depend heavily on the work of each marketplace (technically and economically). Here we mean off-the-shelf mobile apps for restaurants or other software. Such products are a real boon for small catering companies. For an affordable subscription fee, the latter can use all the necessary functionality to organize their own delivery or automate processes. The disadvantages here are also obvious. First of all, complete dependence on the developer, limited functionality and, of course, the difficulty of adapting to their own processes. A less popular way to organize delivery in Russia. The most famous player here is the giant Yandex Lavka, but the demand for such software still greatly exceeds supply. The point is that a catering enterprise does not need to organize delivery, it acquires special technology (a fine-tuned process) and promptly implements it in its business processes. The disadvantages are also obvious - the lack of proposals, dependence on the developer, the commission. In my opinion, this is the business of the future. As I wrote above, in Russia there are still not enough courier companies, so there is not much choice, but in the USA, for example, catering companies can choose from 8 or 9 courier services. And at such times, the marketplace logisticians become the ideal solution, thanks to which restaurants or representatives of the retail sector can quickly select contractors and place responsibility for the quality of their work on the marketplace. The only drawback here is the need to pay an increased commission to both the courier service and the marketplace itself. However, the latter chooses the best offers for organizing delivery, which means that in the end the terms may be more attractive. This trend is gaining in popularity, as the quality of the products provided is of increasing concern to consumers. It is a typical situation for a restaurant when a chef does not add ingredients for his own benefit, and the restaurant gets a dissatisfied customer and a bad review. To solve these problems, as well as to control the work of chefs, special software is being developed. We wrote about one of them in our case study. The downside is that at the moment such solutions are more custom development, which is expensive and time-consuming. However, those restaurants that have taken up this issue now will go far ahead of the competition in the next couple of years. The world is striving for ultra-fast delivery, which means that any delays by couriers are a blow to the establishment's reputation. In the past, arguments about who was to blame for delayed deliveries caused bewilderment, but now, using autofixing of courier arrivals, you can immediately understand who is to blame: the courier or the restaurant. This solution is a must for brands that use third-party delivery. The downside is that this software will also have to be developed independently and implemented in its IT infrastructure, which again is expensive, but in the long run brings profit and saves costs. In fact, the model is not new, but today it has received a "second wind. A virtual brand assumes that a restaurant outsources its food preparation. A simple example: the restaurant is only busy a few hours a day, the rest of the time the capacity is idle, so it is willing to take over the preparation of food for delivery for another restaurant and send the food through courier services to consumers. It's kind of like a mini-franchise, where the franchisee restaurant just gets a percentage of sales and a commission for providing the brand. I think it's a very interesting business model, but until the aggregators "grab" it, so you can't delay with the development of mobile applications. Above, we looked at the main foodtech products in Russia in 2023, and now I would like to pay particular attention to the restaurant business. As I have already written, today you cannot just be an offline restaurant without using automation. To win the competition, you have to be fast, provide quality food and excellent service. That's why food service businesses are increasingly investing in custom mobile app development for android and iphone brand phones or other software. Let's highlight the benefits that restaurants gain by investing in software development: It is important to note the fact that in-house developments help restaurants save noticeably on commissions and use technology more effectively. That is why many market players are already actively implementing IT products. This has led to the fact that delivery aggregators have lost up to 55% of profits for the year, while in-house delivery has grown to 46% (Sberbank CIB research). In other words, those who took the trouble to develop an app for cafes and restaurants increase profits and the customer base. Moreover, if we turn to a financial model, the commission of aggregators is about 20%, profitability drops to 15-25%, and marketing results are about 0. Consequently, in the end, aggregators bring only losses and a dependent position (from an interview with Fedor Ovchinnikov, the founder of Dodo Pizza). It follows from all of the above that in the future restaurants will pay more attention to custom development and create their own IT infrastructure. By the way, about custom development of restaurant automation systems and the results of their implementation, you can read in this article. Below I want to focus on the development of mobile applications for restaurants. Because this is the most popular request in our practice. If what I described above didn't convince you, but made you think seriously about developing a mobile app for the restaurant, below I will tell you what to start with, and whether it is worth it at all. First of all, let me remind you that any end must justify the means. If your business is a cozy coffee house near the house of low-price segment, and your customers - the employees of the nearby office, then the development of a mobile application is hardly a primary task. But if you have several restaurants, work a lot with delivery, and fight for every customer, an in-house IT product can significantly improve your financial performance. How do you start developing a mobile app for a restaurant? Here everything is simple enough. You need to: How much does it cost to develop a mobile app for a restaurant? And let's talk about the cost, because, as I said, the end must justify the means. You should understand that by using your own delivery app, you can save around 20% on each order. Consequently, if your average check is 1,000 rubles, then from each order you save 200 rubles. So, to save 20,350 dollars, you will need to make 5,000 orders. While the development of a mobile app for a restaurant or store with delivery costs from 27,140 dollars. Term of development of a simple app for a restaurant will be about 3 months: What features are worth developing in your restaurant mobile app? Below I would like to focus on the main functionality that should be considered when developing a mobile app for a restaurant: Extras: And, of course, it is very important that all this be in a beautiful "wrapper", that is, the design should provoke appetite, and not the other way around. Among other things, a mobile app for a restaurant can include: All in all, the toolset is very large, and the restaurant app can be scaled and get additional benefits from its use. At the end of the article we show you 2 apps we developed for the restaurant and online department store, which have already been published on Google play and App store. Mobile application for the restaurant "Bar London" This app was created to launch a loyalty program and the ability to buy tickets for concentrations held in the establishment. By the way, this app won the "Best App Design for Android and iOS according to the #designrush platform" contest. A mobile app for the online department store "Zhar. Poultry." This app was created to increase the number of online sales, as well as to organize their own delivery. This app won Wadline's November Rain contest. Of the interesting features: Developing a mobile app for a restaurant or any other foodtech product is a serious process, so we sincerely advise against trusting it to freelancers (although there are some nuggets among them, too). Everything is important here, from the development of a business model and quality design to the technology used. If you want to make a good and scalable IT product, turn to those who have already worked in your niche. For example us! Call us at +7 928 854-24-62 or email us at firstname.lastname@example.org. You can also get more information on our website: https://mobile.itfox-web.com/restaurant/en
29 November 2021
Every cloud has a silver lining. With the multiple lockdowns in the past two years, the healthcare sector has seen a boom in consumers. Even consumers who previously ignored online pharmacy marketplaces for whatever reason have now adopted remote healthcare. Many medical players were caught off guard by the digital revolution. Numerous door-to-door delivery businesses also add fuel to the fire. In any case, both customers and healthcare providers are pushed to adapt to the e-commerce paradigm. The digital health market is developing at a rate of 27.7%. And competition in the internet pharmaceutical market will help the fittest survive. Only software developers with their e-commerce technology seem to have all guns blazing. Let’s see how to run a successful online healthcare marketplace. Every e-commerce project bets on deep personalization. That's why a web-based pharmacy application should be able to accomplish more than a traditional pharmacy. Some crucial elements set an online pharmacy apart from its physical counterparts: 24/7 availability A digital healthcare marketplace should be automated enough to allow simple purchases even when the store operator is unavailable. This isn't a significant concern for e-commerce developers who know their way around technologies like Magento, for example. Unlimited inventory Of course, maintaining availability is difficult when an online compounding pharmacy is only a virtual storeroom. But when a virtual healthcare marketplace connects consumers with multiple supply chains, a new economic model emerges. E-commerce can easily integrate inventory. Delivery service You can choose worldwide delivery giants like DHL or local couriers. Demand always creates supply, thus the courier business will rise. In the age of lockdowns, the demand is evident. As the market expands, delivery rates will decrease due to increased competition. Door-to-door delivery is no more a display of good manners, but a need for every online pharmacy. Social Trade In this digital age, social media integration helps all sectors. Online pharmacies are no exception. Word of mouth is a significant tool for promoting online pharmacies. What better place for some local online auctions than a socially networked community? Hybrid product range Unlike traditional pharmacies, online healthcare marketplaces may easily profit from featured products. Supplements, medical cosmetics, sports nutrition, and other products will help amaze your audience. A virtual database of medicinal supplies has no storage capacity issues. It can include tens of thousands of things, and their geographical location is irrelevant. An e-commerce project can have a considerably larger product selection than any real-world store. Remote consulting Medical providers can be contacted via messengers, voice features, and video streaming platforms. Your audience can simply communicate with the professionals via your mobile or online application even from home. Professional advice will always add value to your online pharmacy business. Multiple payment options With online platforms, payments other than credit cards and wire transfers can be also made. Online payment systems like Revolut, TransferWise, and Monzo are fast expanding to new nations. Your healthcare marketplace clients will appreciate your merchant flexibility. Cryptocurrencies are another pure digital payment method. Stable coins like USDT and USDC combine the stability of flat currencies with the global reach of crypto. Multi-Channel Support The downside of your functional richness is the chance of a customer interaction gone awry. Signing up for your healthcare marketplace application can be confusing for clients who are unfamiliar with online healthcare businesses. If you don't want your audience to be frustrated, advanced customer support is required. You can create several support channels for your clients. Among them are Magento voice search extensions. Simple and regular inquiries can be routed to messenger chatbots. Remote BPO contractors can handle payment and delivery concerns. In other words, the more comprehensive your customer care services are, the more loyal your customers will be. If you are reading this, you are probably considering how to start a pharmaceutical company. Remember that any online pharmacy is a for-profit business. Yet, your project must be humane. To develop your virtual healthcare marketplace successfully, you can follow these steps, listed in the order of importance. Give precise product info Since you aren't restricted by disk space for product data (cloud storage is always available), gather as much information as you can about each item. The data must be organized in a way that your customers would like. Sort the goods into categories and make the transitions between them easy. Create a simple search option for your online pharmacy customers to find what they need quickly. Ensure easy customer onboarding A specific area for new customers can greatly increase the reliability of your healthcare marketplace app. Consider how to enable existing users to share their experiences with the newcomers. Your loyal customers may express themselves through product reviews, and new buyers can base their decisions on favorable customer feedback. Commit to social responsibility Create a blog or news section on your website to advertise pharmaceutical events and notable medical news. Inform your customers about vaccinations and lockdowns, and post relevant information. Your e-store's social image will benefit your pharmaceutical firm. Maintain online privacy Personal data is a major e-commerce issue. To keep your customers' data safe, use dependable encryption solutions that can safeguard any digital data. Spare no expense for your consumers' privacy. Uncompromised security can make your healthcare marketplace stable even in the worst conditions. Improve customer engagement Build your pharmaceutical company so that your customers are always connected. Since we live in a communication era, modern e-commerce platforms feature various customer involvement tools. If correctly set up, newsletters and dynamic emails are rather inexpensive. They might be unobtrusive for your clients while rewarding your project. The same goes for messenger push alerts. The pharmaceutical industry will continue to be a tremendously lucrative market. Online pharmacies will benefit from digitization and remote interactions. For a successful healthcare marketplace, you must be informed of the characteristics and functions an online pharmacy must-have. Also, you need a software development company capable of implementing the functions and features.