Neural Networks: What is it? How is it useful?

Innovation is crucial for collaborative environments. Quick history lesson: It’s estimated that people have only been around for 0.007% of the time the world has existed. Considering this and looking around at the changes we’ve seen (most of which are thanks to technology) what resources do you expect to have at your disposal in the next decade? 

In this world of technology, innovations that support data processing and analysis are highly sought after. Companies are finding ways to include these innovations in their software infrastructure to become more lucrative and scale for long-term success. To aid this demand for businesses, one of the hottest trends we’re seeing is that of neural networks.

What is a Neural Network?

This is a big term that many may be unfamiliar with, so let’s cover the basics of the concept. A neural network was inspired by the structure and function of an actual human brain and is a machine-learning model designed to perform like one. It’s made up of layers of interconnected "neurons," which are used to process and transmit information.

Every neuron in the system receives input from the other neurons, which will then process that input using an activation function, then the output will be sent to other neurons or an “output layer”. If I haven’t lost you yet, hang in there. The connection between these neurons is represented by “weights”, which are adjusted during the training process to optimize the performance of the model. 

The kinds of tasks neural networks may be used for include:

• Image classification: In this task, a neural network is used to recognize and classify objects in images. For example, different animals in a picture.

• Language translation: A neural network can be trained to translate text from one language to another. 

• Forecasting: Neural networks can be used to make predictions about future events based on data from the past. For example, a neural network might be trained to predict patterns in the stock market or the weather.

• Speech recognition

• Natural language processing: Neural networks can be used to analyze and understand various languages.

These networks can learn and improve their performance over time by adjusting the weights of the connections between the neurons based on the inputted data. Are you seeing the connection to how a person's mind works?

How do Businesses Benefit From Them?

So far we’ve covered this technology using complicated broad terms and concepts which would make the average business owner wonder how this can be used to their benefit. The top 5 industries that benefit most from neural networks include:

• Healthcare

• eCommerce

• Security

• Finance

• Logistics 

Companies of all sizes and in various industries (not limited to those listed above) continuously find productive uses for neural networks. These uses will vary from industry to industry but here are 3 common thread benefits:

1. Decision-making: Neural networks can analyze a lot of data and identify patterns/trends that may not be immediately obvious to people. This helps businesses lean towards more informed and accurate decisions.

2. Efficiency: Neural networks can automate tasks and processes that would otherwise require the attention of experts. The system thus increases the efficiency and productivity of the business’ processes

3. Security: Neural networks can be used to identify and prevent fraud or other security threats by analyzing patterns and anomalies in data.

The main thing to glean from these points is that the way a neural network benefits a business is going to be subjective. Every company/industry has its unique approaches and processes that require various types of software to handle the job. What matters is that these aspects are identified and outlined before any implementation process begins.

The Takeaway

Neural networks can learn and improve their performance over time and offer many benefits to businesses that incorporate them. Software, as always, is going to involve analysis when developing a plan for how it can support a business. This is why consulting with software experts is highly recommended before starting your quest. Remember, experience either redirects or enhances instinct, never does it fail it.

Written By Ben Brown

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ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.

What is Digital-Only Banking and What Does it Mean For Businesses?

The types of changes we’re seeing in financial technology daily are crucial for businesses to pay attention to. New trends in FinTech will influence the changes that occur in businesses of all sizes, especially when it comes to the customer experience. One of the bigger transformations we’ve seen recently is the shift to digital-only banking. Now, let’s be clear that digital-only banking is not limited to sending that E-Transfer to your friends and family.  

The concept of digital banking refers to the use of digital technologies, such as the internet and mobile apps, to access and manage financial services and products. On the other hand, digital-only banking (also known as online banking or internet banking) refers to a type of banking that is solely conducted through digital channels and does not have a location for you to visit.

What’s in it for consumers? 

Customers of a digital-only bank can perform all of their banking activities online or through a mobile app, including checking account balances, paying bills, transferring money, and managing their finances. Banks that are digital-only often offer competitive interest rates and lower fees compared to traditional banks, since they do not have the overhead costs associated with maintaining physical branches.

Some examples of digital-only banks include Ally Bank, Chime, and Capital One 360. These banks offer a range of products and services, including checking and savings accounts, credit cards, and investment options, all of which can be accessed and managed online or through a mobile app.

Risks

We have to keep in mind that while digital-only banking has become increasingly popular in recent years, it is not without its drawbacks. Many customers may prefer the convenience of visiting a branch for in-person service or to deposit physical checks, for example. Additionally, digital-only banks may not offer the same level of customer service or support as traditional banks, and there may be risks associated with conducting these transactions online.

How can they be resolved?

Despite these drawbacks, the shift towards digital-only banking is likely to continue, as more and more consumers become comfortable with using digital technologies to manage their finances. Businesses that can adapt to this trend and offer digital services will be setting themselves up for success long term. But why is that?

Trends

Companies embracing the hottest trends are certain to gain attention from consumers in today's market. In addition to digital-only banking, some of the biggest trends in FinTech include artificial intelligence and machine learning which improve financial services and products, along with the growth of mobile payments and the previous rise of cryptocurrency.

Artificial intelligence and machine learning are consistently being used to analyze financial data and make predictions about market trends, as well as automate tasks such as fraud detection and risk assessment. 

What’s interesting is that mobile payments, which allow consumers to make payments using their smartphones, are becoming more popular as a convenient and secure alternative to traditional methods of payment. Additionally, cryptocurrency, which is an asset that uses cryptography (solving codes) for secure transactions, is another area that gained a significant following in recent years. While cryptocurrency may have lost its glowing reputation, mobile payments are still important to watch for, even with the crypto dip.

The Takeaway

The FinTech industry is constantly evolving and businesses need to be aware of these changes to stay competitive. Digital-only banking, which allows consumers to access and manage their financial services and products through digital channels, is one of the major trends in FinTech. While it offers competitive interest rates and lower fees compared to traditional banks, it may not provide the same level of customer service or support and there may be risks associated with conducting financial transactions online. 

However, the shift towards digital-only banking is likely to continue as more consumers become comfortable with using digital technologies to manage their finances. Businesses need to stay up-to-date on these trends and adapt to them to succeed in the future.

Written By Ben Brown

—

ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.

How Insurance Companies Will Benefit From Outsourcing Software Development

In recent years, the insurance industry has undergone a significant transformation with the rise of digital technologies and the growing importance of data analytics. As a result, insurance companies are increasingly turning to software development to help them stay competitive and meet the changing needs of their customers.

The industry is changing and it is not unfamiliar to challenges with technology. At the moment, 5 of the most pressing technological issues insurance companies face are: 

• Cybersecurity threats: Insurance companies handle sensitive customer information, such as personal data and financial details, and they are at risk of cyber attacks from hackers and other malicious actors.

• Data privacy concerns: Insurance companies are subject to strict regulations regarding the collection, use, and storage of customer data, and they must ensure that they are complying with these regulations to avoid fines and other penalties.

• Legacy systems: Many insurance companies have outdated technology systems and processes in place, which can make it difficult to integrate new technologies and keep pace with industry changes.

• Integration challenges: Insurance companies often have to work with a wide range of external partners, such as brokers, agents, and service providers, and integrating their systems and processes can be complex and time-consuming.

• Talent shortages: The insurance industry is facing a shortage of skilled technology professionals, which can make it difficult for companies to find and retain the talent they need to support their technology initiatives.

As an insurance firm, these issues may inhibit your daily operations and the confidence surrounding your product. Luckily, all these issues can be solved with the right software solution which is why we’ve seen an uprise in investments with things like InsurTech. But you’re not here to learn about the stock market; you’re here because you want to learn how custom software can be the remedy for an insurance company. With that said, pay attention to these three common reasons insurance companies choose to outsource custom software development: 

Talent Acquisition

The first reason why insurance companies would need to outsource software development is to access the expertise and skills required to develop sophisticated and innovative software solutions. Insurance companies often lack the in-house capabilities and resources to develop complex software systems, and outsourcing can help them tap into the expertise of experienced software development teams.

Cost Reduction and Increased Efficiency

Another reason why insurance companies outsource software development is to reduce costs and increase efficiency. Developing software in-house can be expensive and time-consuming, especially for companies that do not have a dedicated software development team. Outsourcing can help insurance companies access the latest technologies and expertise at a lower cost, allowing them to focus on their core business and achieve greater efficiency.

Remain At The Top of The Industry

The third reason why insurance companies need to outsource software development is to remain competitive in a rapidly changing market. The insurance industry is undergoing a digital transformation, and companies that do not keep up with the latest technologies and trends are at risk of losing market share. By outsourcing software development, insurance companies can stay ahead of the curve and develop innovative solutions that help them meet the evolving needs of their customers.

The Takeaway

In conclusion, outsourcing software development is essential for insurance companies that want to remain competitive and thrive in the digital age. By accessing the expertise and skills of experienced software development teams, insurance companies can develop sophisticated and innovative solutions that help them reduce costs, increase efficiency, and remain competitive.

Written By Ben Brown

—

ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.