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Fintech development gracefully unites finances and technology

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fintech development

Nowadays, we reach for our smartphones or computers to complete almost every task. Back in the days, we needed a TV to watch movies, a radio or a CD player to listen to music, a game console to play games. Now, we have everything in one place, in our favorite gadgets. We even receive and pay our bills online. It was only a matter of time to reach the point where we handle all our finances over our smartphones or computers. For this purpose, bright minds came up with what we know as fintech development or fintech software development.

Lots of companies nowadays offer a new service: financial software development. As its name suggests, the software targets our finances. Basically, fintech development offers beneficiaries the possibility to get their own personalized financial software, customized fully to their needs. A lot of startups now offer this service. Fintech development covers a huge area from software that regards consumer loans to programs that analyze your company’s financial data and shows you ways you can improve your business. Fintech development could not exist without AI and analytics. By combining these, software developers can create the perfect software for you and your business.

Developing a financial software might not be easy, still, developers are now able to create them both on mobile and web platforms, depending on what the beneficiary really needs or wants. There are lots of companies who are able to build a software from scratch, based on the requirements of the beneficiary. This is quite important, as every business is different, and so is every company’s financial background and need. Railsware is just one of the companies that offer these services. It offers a great variety of financial software, from BI tools for financial planning and management, through personal finance software, wealth management solution, consumer banking apps, mobile payments and mobile aquiring, all over to online trading and exchange platforms and P2P lending software.

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One might wonder why on Earth they would need fintech development? The benefits of financial software are great. Especially if the software is developed by the right company, that knows what your business really needs. First of all, having professionals develop these kinds of software guarantees that the beneficiary will have a final product that is safe, compliant, and reliable. In order to get this, it is extremely important to work with a team that is able to provide high performance solutions for your problems.

Having a fintech software on your hands can really make a difference for your business. We live ina  world where time is of the essence so web and mobile platforms need to be able to carry the news and information we used to get from financial institutions by actually walking there and asking. Spreading the word on different promotions and opportunities is a lot easier and more efficient online. Of course, because it regards such a sensitive topic as finances, it is also critical that clients know your platform is secure and reliable. This why it needs to be developed by professionals who know how to keep data safe and protected.

Even though fintech development requires an investment at the start, it can actually prove to save company’s money. Due to AI and analytics, businesses can cut down on personnel, as the right software will do the job instead of people. On the long run, this means less paychecks and more profit for the company. Fintech development is not only good for the businesses that use financial software but also for the customers. Transparency is higher on the web, as it is easier to find more comapnies that offer the same service. In order to keep their clients and brin on more, businesses need to be serious and reliable. The competition is great, so the standards must go up too.

Overall, fintech development is great for everyone. It is great for businesses and customersa alike. It saves everyone money, time, and energy we would normally spend waiting in queues or having endless meetings. A good financial software is not easy to develop, but when it is done, it’s easy to use and will always be worth the initial investment. Technology is the future, finances are always going to follow us, so why not combine the two. Fintech is definitely becoming a thing. The sooner we embrace it, the better.

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Apps

Mark Zuckerberg reports that Threads has a total of 150 million users who engage with the app on a monthly basis

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Threads, Meta’s alternative to Twitter and X, is experiencing consistent and steady growth. During the Q1 2024 earnings call, Mark Zuckerberg stated that the social network currently has over 150 million monthly active members, which is an increase from 130 million in February.

Threads made significant progress in integrating with ActivityPub, the decentralized protocol that powers networks such as Mastodon, during the last quarterly earnings conference. In March, the firm granted U.S.-based users who are 18 years of age or older the ability to link their accounts to the Fediverse, enabling their posts to be seen on other servers.

By June, the business intends to make its API available to a broad range of developers, enabling them to create experiences centered on the social network. Nevertheless, it remains uncertain whether Threads will enable developers to create comprehensive third-party clients.

Meta just introduced their AI chatbot on various platforms like Facebook, Messenger, WhatsApp, and Instagram. Threads was conspicuously omitted from this list, perhaps because of its lack of built-in direct messaging capabilities.

Threads introduced a new test feature on Wednesday that allows users to automatically archive their posts after a certain length of time. Additionally, users have the ability to store or remove specific postings from an archive and make them accessible to the public.

Threads is around nine months old, and Meta has consistently expanded its readership. Nevertheless, Threads cannot be considered a viable substitute for X, as Instagram’s head, Adam Mosseri, explicitly stated in October that Threads will not “amplify news on the platform.” However, Meta’s social network continues to grow in popularity. According to app analytics company Apptopia, Threads now has more daily active users in the U.S. than X, as Business Insider reported earlier this week.

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Android

TikTok Shop is now introducing its collection of pre-owned high-end fashion items to customers in the United Kingdom

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TikTok Shop, the social commerce marketplace of TikTok, is introducing a new section dedicated to secondhand luxury items in the United Kingdom. This move positions TikTok Shop in direct rivalry with existing platforms such as The RealReal, Vestiaire Collective, Depop, Poshmark, and Mercari. The offering has been present at TikTok Shop U.S. for a duration exceeding six months.

The addition of this new category enables clients in the United Kingdom to conveniently buy second-hand luxury garments, designer purses, and various accessories from within the TikTok application. Upon its inception, the platform offers a selection of only five British brands, namely Sellier, Luxe Collective, Sign of the Times, HardlyEverWornIt, and Break Archive.

Since its introduction in 2022, TikTok Shop has generated sales of approximately $1 billion or more in merchandise value. Nevertheless, despite its triumph, some contend that TikTok Shop is undermining the short-form video-sharing platform, alleging that counterfeit and substandard merchandise are inundating the market. The purchase of pre-owned luxury goods online carries the greatest danger of encountering counterfeit products, even for major e-commerce platforms such as Amazon, eBay, and others, which also struggle with ensuring authenticity.

TikTok Shop, like other resale marketplaces, implements an anti-counterfeit policy that ensures a complete reimbursement in the event that a seller is verified to have sold a counterfeit item. Bloomberg has disclosed that the corporation is engaged in discussions with luxury goods company LVMH to enhance efforts to combat counterfeiting.

Every secondhand brand on TikTok Shop in the U.S. must possess certificates from third-party authenticators. TikTok collaborated with authentication providers Entrupy and Real Authentication to verify the authenticity of designer handbags available on the platform.

Concurrently, a representative from TikTok informed me that the five British brands each possess their own internal verification procedure. They declined to provide the commencement date for accepting secondhand brands other than their own.

TikTok Shop’s introduction of a used luxury category is a calculated maneuver to access the expanding market for previously owned high-end goods. The secondhand luxury market is a prosperous industry valued at around $49.3 billion (€45 billion) in 2023, with global sales of pre-owned designer items.

Moreover, this expansion is in line with the growing inclination of individuals towards adopting preloved fashion, and it creates new opportunities for secondhand brands in the U.K. to access a broader client demographic. The prevalence of secondhand fashion on TikTok is apparent, as seen by more than 144,000 TikTok postings utilizing the hashtag #secondhandfashion, resulting in nearly 1.2 billion views.

Today’s statement follows closely after the U.S. House of Representatives passed a bill mandating that ByteDance sell TikTok or else risk a ban in the U.S. This bill seems to be gaining favor in the Senate. An embargo would have a significant impact on American merchants who sell their products on the application. As per the company’s statement, the brief video-sharing application produced a total of $14.7 billion in revenue for small- to mid-size enterprises in the year 2023.

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Android

Airchat, developed by Naval Ravikant, is a social application that focuses on conversation rather than written messages

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Airchat is a recently developed social media application that promotes and encourages users to engage in open and spontaneous conversations.

Last year, a previous iteration of Airchat was released. However, yesterday the team, which included Naval Ravikant, the founder of AngelList, and Brian Norgard, a former product executive for Tinder, rebuilt the application and reintroduced it on both iOS and Android platforms. At present, Airchat is exclusively accessible via invitation. However, it has already achieved a ranking of #27 in the social networking category on Apple’s App Store.

Airchat has a user interface that is visually familiar and easy to understand. Users can follow other users, navigate through a feed of posts, and interact with those posts by replying, liking, and sharing them. The distinction comes from the fact that the content consists of audio recordings for both posts and replies, which are subsequently converted into written form by the application.

Airchat automatically starts sending messages, which you can quickly navigate through by vertically swiping up and down. If you have the desire, you have the option to pause the audio and only read the text. Additionally, users have the capability to exchange photographs and videos. However, it appears that audio is the main point of interest for everyone, and Ravikant explains that it has the potential to significantly change the way social apps function, especially when contrasted to text-based platforms.

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Upon my recent enrollment in Airchat, the majority of the messages I encountered pertained to the application itself. Notably, Ravikant and Norgard actively engaged in responding to inquiries and seeking input from users.

“All humans are inherently capable of harmonious interactions with one another; it simply necessitates the use of our innate communication abilities,” Ravikant stated. “The prevalence of online text-only media has created the false belief that people are unable to get along, when in reality, everyone is capable of getting along.”

Past instances have seen digital entrepreneurs placing their bets on speech as the upcoming significant trend in social media. However, Airchat’s utilization of asynchronous, threaded messages provides a distinct experience compared to the transient live chat rooms that briefly gained popularity on Clubhouse and Twitter Spaces. Norgard claimed that this method eliminates the obstacle of stage fright when it comes to participation, as individuals have the freedom to make multiple attempts at producing a message without anybody being aware.

Indeed, he stated that during discussions with the first users, the team discovered that the majority of individuals currently utilizing AirChat exhibit introverted and timid characteristics.

Personally, I have not yet persuaded myself to publish anything. I was primarily intrigued by observing how other individuals were utilizing the application. Additionally, I had a complex emotional connection with the auditory perception of my own speech.

However, there is value in listening to Ravikant and Norgard articulate their perspective instead of solely relying on written transcriptions, as the latter may overlook subtle aspects such as excitement and tone. I am particularly interested in observing how deadpan humor and shitposting are conveyed, or not, in audio format.

I also encountered some difficulty with the velocity. The application automatically sets the audio playing to double the normal speed, which I found to be artificial, especially considering that the main purpose is to promote human interaction. To reset the speed, simply press and hold the pause button. However, when the speed is set to 1x, I observed that I would begin to skim through longer postings while listening, and I would often jump forward before listening to the entire audio. However, perhaps that is acceptable.

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However, Ravikant’s conviction in the efficacy of speech to reduce hostility does not always obviate the requirement for content-filtering functionalities. According to him, the feed operates based on intricate regulations that aim to conceal spam, trolls, and those that either you or they may prefer not to receive messages from. However, at the time of publication, he had not yet replied to a subsequent user inquiry regarding content moderation.

When questioned about monetization, namely the introduction of advertisements, whether in audio format or otherwise, Ravikant stated that the company is currently not under any obligation to generate revenue. (He characterized himself as “not the exclusive investor” but rather as a significant stakeholder in the company.)

“Monetization is of little importance to me,” he stated. “We will operate this project with minimal financial resources if necessary.”

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