Have you ever wondered about the dawn of the modern smartphone legacy? It all began back in the millennia when Nokia’s Symbian OS and Microsoft’s Windows Mobile gained traction in the mainstream market. Since then, the smartphone industry grew at exponential rates. Almost 96% of people use cellphones of some kind in the US, while 81% use smartphones.
These smartphones are home to countless apps downloaded from the relevant app store. These applications absorb a lot of data from their users. According to research, roughly around two quintillion bytes (2 x 106 bytes) of data are generated each day.
To access and make sense of such massive data, an unique data management tool is required. This is where Big Data analytics comes into the picture. In this blog, we will learn in-depth about Big Data and how it impacts mobile app development.
What is Big Data?
Big data refers to the chunk of data collected by mobile apps or IoT tools that is so huge, fast, and complicated that it is practically impossible to analyze using traditional methods. In conventional data analysis, the focus was usually on the study of historical data.
However, Big Data analytics is a technology that processes massive, complex real-time data to derive meaningful business insights. As Big Data is concerned with the analysis of real-time data, speed is the crucial factor here. Few popular companies that leverage Big Data are:
- Walmart – Used data mining for providing product recommendations to its customers
- Netflix – Used Big Data for predicting customer recommendations.
- British Airways – Used Big Data for personalized offers.
- US Xpress – Leveraged Big Data for enhancing productivity and optimal fleet management.
But, how can you use Big Data for your next mobile app development project? Let’s find out.
How is Big Data impacting mobile app development?
Let’s say you are from Houston trying to figure out how to make a successful app; you must know that not every app that makes its way to the app market rise and shines. One needs to formulate a strategy to ensure that mobile app development is done efficiently.
This is where Big Data comes into the picture. They can assist mobile app developers like yourself by providing reasonable insights into all major aspects of mobile app development. Let’s check out – six ways how Big Data is impacting mobile app development.
1. Understanding the Audience
Before one can even begin to work on mobile app development, understanding your target audience is crucial. Big data analysis can provide you valuable insights into how users from different backgrounds and age groups interact with the mobile app. By leveraging such analytical data, mobile app developers in Houston can better present you with innovative mobile apps.
An excellent example of understanding the audience would be Uber. Uber uses Big Data analytics to analyze real-time traffic conditions, cab availability, and journey time estimation before providing you with an estimated cost.
2. UX Analysis
After analyzing customer needs, mobile app development requires a thorough understanding of how users use apps. Big data reveals which element of the mobile app makes users spend most of their time. By leveraging such information, you can make appropriate modifications to the design and improve the user experience.
Moreover, after a thorough analysis of user’s behavior on various features within the mobile application, developers can incorporate more innovative features curated to your market audience’s liking.
3. End-to-end marketing
Big data analytics offers smart marketing tools and services such as Predictive Analysis. It allows organizations to predict the success of your app and recommend necessary steps to increase product popularity.
In addition to predictive analysis, Big Data provides data mitigation services that allow mobile app developers to transfer data between multiple applications quickly. This makes it easier to hold customized marketing campaigns across various channels at the same time.
The Big Data analysis also gives you insights into customer purchase behavior and demographic data to help you make your mark in the marketplace. Leveraging Big Data could impact your marketing in the following ways:
- Offers better pricing decisions, content sharing, and designs that attract customers.
- Addressing the pain points of customers
- Provides a guided path to reach your target audience
4. Real-time data
The mobile app market is continually changing according to the latest trends and customer preferences. To stay ahead of the competition, one must be aware of these changes. Big Data analytics could provide you with real-time information to make informed decisions about improving your sales conversion.
A good example of real-time data would be those of fitness tracking apps. These apps monitor their user’s daily activity patterns such as eating, sleeping, etc. For the mobile app to perform optimally, the app must continue to receive uninterrupted real-time data. The data is then analyzed, and the app informs its users in case of any abnormalities.
It is no secret that – the more you offer a personalized user experience; the more will be your app engagement. Big Data helps you in analyzing your customer’s queries. This provides you with valuable information – like your user’s liking, disliking, needs, and expectations from your app. Having such constructive insights can help you in providing a top-notch user experience.
In terms of offering personalized experiences, Amazon has leveraged Big Data to provide product recommendations based on the user’s purchase history, viewing history, and latest trending products. Personalized recommendations like these help in making the shopping experience interactive for each shopper.
6. Social media analytics
A famous saying goes as follows – “be where your customers are.”
Nowadays, almost all of us use some form of social media. Big data can help companies identify their product mentions on social sites. These mentions could either be in the form of customer reviews, complaints, or feedback.
By understanding how your customers interact with different social media platforms, you can find innovative ways to market your products on different platforms.
With every passing day, the mobile app industry is affected by continuous technological and market trending changes. As such, developers need to work hard to offer an eye-catching user experience.
Big Data assists developers in this goal by providing information so that pivoting could be avoided. Which one of the above ways you think is impacting the most in mobile app development?
Fintech Kennek raises $12.5M seed round to digitize lending
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
Featured Image Credit: Photo from Kennek.io; Thank you!
Fortune 500’s race for generative AI breakthroughs
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!
UK seizes web3 opportunity simplifying crypto regulations
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!