LTS QA

Vietnam is amongst the top destinations for AI data processing services, providing top-notch data labeling, data collecting and data annotation work. With many favorable traits that can help businesses reduce costs as much as possible, we now have a whole ecosystem of the top Data Labeling companies in Vietnam.

If you are looking for a reliable AI data processing service provider in Vietnam, you can consider our list of top 10 data annotation companies.

You might want to know: Why is Auto Data Labeling the future?

 

Overview of data labeling companies in Vietnam

The demands for AI data processing services hit a record-high number as the world’s technology is revolving around AI-related technologies. To operate an AI model, one business might need thousands of training datasets. The increasing need for AI development and training data leads to the increasing needs for data collection, data annotation and data validation.

Since the dawn of AI and ML, there have been hundreds of companies founded just to handle data processing services (because the number needed is very high). The most mature market in this particular field is the US and China. However, as these countries move further towards AI development, the cost for operating an AI data processing hub gets higher and higher. In these countries, the workforce once dedicated to AI processing services now switch to other AI-related technologies.

To maintain a reliable and stable source of training datasets, AI development companies have to come to other countries for a better cost, and Vietnam is one of the most reasonably-priced destinations.

In Vietnam, the price for hiring and retaining talents is lower than that of China or the US. We also have a young and abundant workforce that can cover your needs for training data.

Our AI data processing services started to boom 6 years ago. And in only 6 years, a whole new ecosystem of the most prestigious and renowned AI data annotation companies are founded and still operating with great prospects:

• Lotus Quality Assurance
• DIGI-TEXX VIETNAM
• Sibai
• SANEI HYTECHS VIETNAM Co., Ltd.
• BEETSOFT Co., Ltd
• MP.BPO
• Vietnam Smart BPO (VSBPO)
• Kotwel
• OkLabel
• Vie-Partner

 

 

Details about top data labeling companies in Vietnam

Top data labeling companies in Vietnam can provide you with an array of different services to fulfill your needs in AI development and AI data processing.

 

Lotus Quality Assurance

Lotus Quality Assurance, as part of Lotus Group, was founded in 2016 with the start of a Testing and Quality Assurance company. As the company moves towards the newest technologies there are in the market, our BOD has come to the realization that AI data processing service holds great potential and prospects for further development. Indeed, since its foundation, Lotus QA has continuously worked with international clients in different data annotation, data annotation and data validation projects. Besides project-based work, Lotus QA has been a long-term partner of multiple clients, mostly in the automotive sector.

 

 

Especially, our annotators and QA engineers assure high-quality training data and annotated data with an average error rate of only 0.02%, which is very ideal for any annotation project.

Since the foundation of Lotus QA, data annotation has always been the key service offering for our clients. As we thrive in this area, we have been working with many kinds of data, ranging from image, text, voice from different sectors. These sectors are automotive, agriculture, construction, fashion, finance, etc.

 

DIGI-TEXX VIETNAM

DIGI-TEXX is a German IT- BPO company headquartered in Ho Chi Minh City, Vietnam since 2002, with 3 branches in Ho Chi Minh City and one office in Fukuoka, Japan. With 100% FDI from Germany, DIGI- TEXX is one of the pioneers in the Business Processing Outsourcing (BPO) industry in Vietnam. As a digital solution provider with a solid BPO background, we empower clients around the world from various industries to achieve business transformation and gain competitive advantages.

With more than 1000 employees, providing round-the-clock services, they guarantee service delivery excellence while ensuring compliance with industry-followed quality and security standards.

They have been consistently providing Outsourced Services and Digital Solutions for more than 19 years to international clients in various industries, that require:

• Document processing to save time and optimize cost.
• Digital solutions to replace paperwork with automation processes, such as Banking, Insurance, and Healthcare.

Besides, they also provide Customer Helpdesk services in fluent Vietnamese, Chinese, Japanese, and English for many E-commerce and trading platforms.

 

SIBAI VIETNAM

SIBAI VIETNAM was founded in 2020 with a dedicated team of more than 200 experienced annotators who can handle your most unstructured datasets. With competent staff who have worked on multiple projects, SIBAI VIETNAM can now carry out your data annotation project on multiple platforms with different data annotation tool, across all content types.

With the combination of human talents and AI, SIBAI VIETNAM thrives as one of the most successful data labeling companies in Vietnam. Our customers’ most complex labeling needs can be well handled and addressed.

 

 

 

With high-quality data labeling and data annotation services, SIBAI is to elevate your business growth. SIBAI VIETNAM has developed a talent pool of more than 200 well-trained annotators in diverse areas. With all combined, we can provide the most suitable solutions that you are looking for, anytime you need them.

Besides the usual data annotation service, SIBAI VIETNAM also focuses on content moderation solutions. SIBAI provides human-level accuracy that significantly moderates community-generated threats in image, video, text, and audio. SIBAI can help brands limit risk exposure and safeguard their online platforms from content that has been flagged as inappropriate or violating community guidelines.

 

SANEI HYTECHS VIETNAM Co., Ltd.

Established on 19th June 2015, SANEI HYTECHS VIETNAM Co., Ltd. is currently one of the best data labeling companies in Vietnam. With the association with Japanese branches and companies, Sanei has strong resources and a foundation for top-notch services. Their service offering includes:

• Software Development (Embedded software, third-party unit verification, software application on Windows, Android, iOS and Bluetooth, etc.)
• LSI Design (FPGA Design/Verification, Logic Dedsign/Verification), Ip Design/Verification)
• Annotation Center (Create, analyze and provide design/evaluation data toward Big Data processing, deep learning data creation of the Artificial intelligence development, BPO service)

SANEI HYTECHS VIETNAM Co., Ltd. is currently operating with small number of employees but it can stretch in scale if requested.

 

 

 

BEETSOFT Co., Ltd

Beetsoft is another stand-out name among the data labeling companies in Vietnam. With more than 5 years of experience working in IT Consultancy and outsourcing services, Beetsoft knows how to play a stellar role in honing the skills of professionals, assisting companies to achieve success in their operating fields. Based in Vietnam and Japan, Beetsoft focuses on providing services to these two markets. Especially in the data labeling and data annotation fields, Beetsoft stands out as it can provide high-quality projects thanks to international standards and a multi-layered QA system.

Beetsoft offers high-end services at competitive rates as our development and annotator team is based in Vietnam. The competitive price of Beetsoft is always accompanied by the best work there is, so their customers can rest assured of the quality.

 

MP.BPO

BPO.MP Co., Ltd. is the first BPO enterprise with the Vietnam-Japan joint venture model to provide Business Process Outsourcing services, including document digitization, data entry & processing data management, financial and accounting processing, content writing, translation-interpretation, image processing, document labeling, etc.

With the motto “Successful cooperation to overcome limits”, the company’s development goal is to combine the advantages of the two cultures of Vietnam – Japan, take advantage of the strengths of businesses of the two countries to provide the best services. MP.BPO promises to bring services of international quality for customers in Vietnam and around the world.

 

Vietnam Smart BPO (VSBPO)

Vietnam Smart BPO (VSBPO) is a brand under Free’t Planning Vietnam, a joint venture between Vietnam, Free’t Planning Japan and I-Corporation Japan. VSBPO takes pride in being a pioneer in the industry, and a leader in providing business process outsourcing (BPO) services in Vietnam. Their partner, Free’t Planning Japan, has 20+ years of experience in IT & BPO industries. Today, the total number of employees is 200+ across 3 countries (Japan, Vietnam, China).

With the vision of becoming the leading BPO company in Vietnam, VSBPO is to provide the best quality services at optimal cost to clients.

 

Kotwel

Kotwel is the emerging data service provider for artificial intelligence. Relying on its own data resources, technical advantages and rich data processing experience, since its establishment, Kotwel has provided high-quality data services to many technology companies and scientific research institutions worldwide.

 

 

Kotwel is committed to total customer satisfaction by providing consistently high-quality data & services that meet or exceed the expectations of our worldwide customers.

Their purpose remains to embrace the power of human ingenuity and technology to create value for your AI & Business Initiatives. Kotwel wants to enable enterprises globally with stellar quality data services by using the combination of advanced tools and human intelligence. Benefitting and creating an optimistic social change through employment.

By supporting the development of game-changing AI & Technology applications with cutting edge workforce solutions, Kotwel wants to become a global leader when it comes to solving your data needs.

 

Ikorn Solutions

As a leader in contemporary online trends, Ikorn Solutions has grown as a highly respected IT company and become a trusted partner of many large Korean firms since entering the IT outsourcing market in 2007. They specialize in software development and I.T. outsourcing services such as data labeling services that are comprehensive, integrated, and customized to suit individual business needs across industries.

Driven by a passion for technology, Ikorn strongly believes that quality integration and technological development are at the center of their business. Ikorn´s competitive advantages are a force to be proud of as an excellent pool of skilled resources recruited from the finest professional education institutions in the industry. In 2017, following 10 years of operation and great persistence in development, Ikorn Solutions took a consistent and rigorous approach to expand our outsourcing services into the automotive industry and began to seek new partners for the next phase of business. This move served to affirm, step by step, the company’s strong position in the software technology market.

 

Vie-Partner

In 2016, VP Studio was founded by a team of computer graphics artists, providing graphic and 2D/3D designs for movies and games productions.

After observing the similarities of working methods and logic between Computer Graphics and Data Annotation, they found that experienced graphic designers achieve a 30% higher annotation speed and accuracy than average.

With years of experience in graphics training, they founded Vie-Partner specializing in Data Annotation. The goal of Vie-Partner is to provide organizations with trustworthy labeling solutions while creating work chances for underprivileged youngsters in Vietnam, minimalize costs without compromising quality.

 

If you are looking for the high-quality data labeling services in Vietnam, contact Lotus QA for more information from experts:

• Website: https://www.lotus-qa.com/
• Tel: (+84) 24-6660-7474
• Fanpage: https://www.facebook.com/LotusQualityAssurance

At Lotus Quality Assurance, we provide high-quality end-to-end IT services such as software testing, development and quality assurance, and AI data processing. We are passionate about bringing young, talented, and skillful Vietnamese to the Global market by helping clients to improve product quality.

 

Positioned as an independent QA firm, we commit to providing transparent, trusted, and valuable quality reports. We focus on our client’s business goals, and we commit to bringing value by helping our client meet their quality needs at the lowest cost.

 

In our journey of providing the top quality testing service to our clients, we have built a comprehensive working process in compliance with the global standard. For any client that requests customization in how we work, we also support them to find the most effective process.

 

 

With that in mind, we are thrilled to announce that we are highlighted on Clutch as one of Vietnam’s top software testing companies for 2021. For further context, Clutch is a B2B ratings and reviews firm in the heart of Washington, DC, that connects businesses with the best-fit agencies or consultants they need to tackle their next big business challenge. Each month, over half a million buyers and sellers of services use the Clutch platform, and the user base is growing over 50% a year.

 

Every year, Clutch honors the highest-performing B2B companies across industries. The top companies exhibit deep knowledge in their field and a solid commitment to high-quality customer service. We work hard to deliver the absolute best products and working experience to our clients, and we’re thrilled that this hard work has paid off.

 

We are very appreciative of our clients for the continued trust and belief they’ve accorded to us. Their reviews on our Clutch profile prove that we have what it takes to provide top-tier software testing services. Below is a quote from one of the reviews we received.

 

“I can’t think of anything at the moment Lotus Quality Assurance could improve. They’re great people that provide superior service. “ – CTO, Advantages Digital Learning Solutions.

 

Do you have a project in mind? We are your choice for software testing and quality assurance vendor. Contact us today!

 

5 years of remarkable development are 5 years of hard work, and hard work pays off. Through the journey since 2016, Lotus Group and the employees have been working tirelessly to make our name stand out among the IT service providers in the world.

Our top-notch services have been recognized in both domestic and global markets, making our brand closer to international clients. With strategic development plans in the years coming, Lotus Group hopes to bring more significant achievements.

The foundation of LQA was set in 2016 when the market of Quality Assurance, in general, was still in the early stages. With the opportunity of a new and very promising field of the IT market, LQA strived as the first Vietnamese Quality Assurance Company.

With this advantage, LQA continues the journey of becoming a well-trusted Technology Solution Provider. Throughout our 5-year development and 162 projects, LQA has proven its competency and our dedication to the clients’ experience.

We are dedicated to constantly improving our competencies through achievements and certificates in multiple fields. With solid figures proving our experience, you are well-assured of high-quality services and products.

With 5 years of experience and dedication to a dynamic and developing community of Technology Solution providers, LQA has partnered with multiple companies and joined many organizations.

In terms of Process, LQA not only follows stringent procedures of ISO 27000:01 for optimal security and international standardized process but also flexibly adapts to clients’ requirements.

In terms of People: In LQA, we ensure staff competency through strict rounds of interviews, on-job orientations, continuous learning & development. Theoretical knowledge and practical implementations are combined throughout our process.

In terms of Technology: With leading-edge technologies and hands-on experience, LQA adapts to the ever-evolving pace of the market, enhancing the productivity and quality of our services for our clients.

We have different career paths for each position of Business Analysis, Developer, Tester or Project Manager, etc. to develop not only technical skills but also tactical skills.

Contact us:

• Website: https://www.lotus-qa.com/
• Tel: (+84) 24-6660-7474
• Fanpage: https://www.facebook.com/LotusQualityAssurance

The first five-year plan of Lotus Group has reached to an end with many achievements and stories to be told. With the foundation and certain success we had in the past five years, Lotus Group sets higher aims and bigger goals to our next five years to thrive.

 

Our motivation strengthens us

Since day one, Lotus has always envisioned to bring the IT talents of Vietnam to the global market. Seeing the unprecedented potentials of well-trained and professional IT workers that enter the job market every year, our BOD senses that these talents can also make a difference in the international market.

The talent shortage in tech positions is very alarming, and to fill these positions are very costly and time-consuming. Seeing the huge number of tech graduates every year, our BOD sets the vision on how to bring as many talents to the world as possible. From small testing projects, now Lotus QA has got some major succeeds with big clients, working in many fields including AI data processing, testing and development.

The motivation of Lotus has always been bringing Vietnam to international customers. Lotus wants to prove to the world that despite the war-torn history, Vietnam now has the potential and the opportunities to thrive as a technology-fused nation. By taking the potentials of these young and dynamic talents, Lotus strengthens the image of Vietnam and joins hand in making Vietnam the top country for IT services.

 

Broaden our services

 priorities for Lotus in the next five years is the expansion of our services to clients. In 2021, Lotus Group, from a company that focuses on AI data processing and testing services, have started the development service and this has helped Lotus Group gain more reputation in the international market.

With the three major services as mentioned above, Lotus appears as the well-rounded IT service company with capability of providing multiple IT services.

Our BOD aims at broadening our services to reach out to more and more customers, hence expanding Lotus Group. As there will definitely new services in our system, there will be a raise in the number of our employees. In 2021, our team reached 248 personnel, and this number is promised to rise more.

 

Learning and Development

Any company that invests in employee development is investing in their own success. By providing ongoing training for your employees, you are creating a workplace that is adaptive, flexible, and ready for change.

In 2022, Lotus Group plans to bring the essential classes to our employees. We not only help them acquire more knowledge but also give them the chance to improve other important skills such as foreign languages and presentation skills.

Employees increasingly expect informative and applicable training, which satisfies their needs both as workers at your organization and as up-to-date, informed professionals. Delivering on this training is an important step in building a genuine employee experience management strategy.

The next five years of Lotus Group will have a lot of changes, but we stay true to our motivation, and that is to bring the talented and professional IT workers to the world. By expanding our services and providing the essential knowledge for our employees, we are getting closer to successfully achieve this goal.

Amazing Lotus – The journey towards perfection of Lotus Group marks a new milestone as we celebrate our 5th year anniversary this October. Through the ups and downs in our journey, Lotus stands strong as we keep fulfilling the goal of bringing top-notch IT services to international clients.

Join us in these upcoming events of our 5th birthday to see our people and culture:

 

5 Years Rewind – October 11th

5 years of hard work, 5 years of ups and downs, and each member of Lotus Group has their own thoughts to share. This 5 Years Rewind is to remind us of the precious memories and lessons that we have in the past give years, and also to speak up our wants and needs in the future.

 

Lotus Gift Box – October 12th

To make this 5-year anniversary the most memorable events of 2021, Lotus QA wants to give you little gif boxes. No matter you’re working onsite or from home, we will send it to you as a thank-you gift for walking with us in the journey of becoming the top IT firm.

 

Lotus Summit – October 13th

Every idea and every thought of our employees will be heard, no matter how long have you been in Lotus Group. In this Lotus Summit event, BOD of the company will collect people’s thoughts and have solutions and measures accordingly. The revenue and business of the company will also be publicly shared so that the employees know what is going on with the company’s performance.

 

The Lotusian Contest – October 13th

An exciting contest to fire up the mood of our Lotusian. This will sure spark joy for our staff whether they are working from home or onsite.

 

5-Year Anniversary – October 16th

The most anticipated event of the year – 5th year anniversary party is a joyous and exciting occasion for the old and new member get to know each other.

Let’s have the most memorable birthday ever with Lotus Group!

On October 18th, 2021, Lotus QA once again celebrates its 5th anniversary, marking a milestone in the journey of providing top-notch IT services to the world.

With the firm foundation we had built in the past 5 years, from a company focusing on Quality Assurance and AI Data processing, Lotus QA has now broadened our horizons with new services in the Software Development field. This expansion brought excitement, alongside many challenges, creating motivation for us to strive for perfection.

 

The remarkable expansion

As Lotus QA takes pride in the top-notch services we provide to the international market, especially with the quality assurance and AI data processing services. In 2021, our Board of Directors decided to promote activities in the most demanding market – Japan. We’ve been in business with Japanese companies before, and now we want to focus our resources to fully tap the potential of this market.

Therefore, on April the 3rd, 2020, we founded the LJP office which is located in Yamashitacho, Naka Ward, Yokohama, Kanagawa 231-0023, Japan. This foundation has laid the foundation for many of our services to reach more customers in Japan, especially the Software Development services.

Besides this overseas expansion, Lotus QA has remarkably achieved another milestone back in Vietnam. Thanks to the improvements and developments in many aspects of managing and forming a business, Lotus QA is becoming the number one destination for young and enthusiastic IT workers. In Lotus QA, the BOD and team leaders want to create a dynamic, proactive and professional working environment for their employees. From a minor IT company in Hanoi, Lotus QA now has over 248 employees, raised by 20% compared to last year’s number.

 

International recognition

In an attempt to stand out in hundreds of IT service providers in the world, Lotus QA is trying to bring our best service offerings to as many clients as possible, beckoning those in need of high-quality work to come to us. With hard work and continuous improvements, Lotus QA has been recognized in the international market.

In September 2021, Lotus QA was honored to receive the title of Top IT firm in Vietnam. This title is the “Trophy” for what we’ve achieved throughout the last five years, and it also sets many more challenges for us to overcome to live up to the expectations.

 

The challenges to overcome

Despite the Covid 19 pandemic, we have successfully established our first subsidiary in Japan – Lotus Japan (LJP). Choosing the land of the rising sun as our next destination, we aim to deepen our understanding of international clients; while also learning from the strict quality regulations.

Other than amplifying our international presence, LQA also decided to spend more effort on the domestic market. So far, we have worked with leading clients in Vietnam from several fields: telecommunications, F&B, and insurance, etc.

We are trying hard to win in our home country, to be the number one QA firm in Vietnam.

To emphasize our goal, our CEO, Ms. Phung Thanh Xuan indicated: “As we are heading towards the new normal, the time could be the hardest for everyone. However, we are all in this together. We strive to become a world-class Quality Assurance Firm”.

Let’s celebrate this fascinating moment with Lotus Group in the upcoming events to be revealed.

 

Fintech is a must-have feature for a business to adapt to the 4.0 world. With a good fintech app, for example, a business can pursue and engage more customers. But due to a lack of experience and expertise in technology, businesses don’t know how much does fintech app development cost. Let’s find out.

To get a thorough understanding of fintech app development costs, you should consider all of the following things:

• What features to include in fintech app development process?
• The requirements to build a good fintech app
• What is the cost for fintech app development?

 

1. What features to include in fintech app development process?

To successfully build a well-rounded fintech application that would attract customers, the creators have to contemplate many features and alleviate them. Mediocre features and obsolete solutions are out of the question. With a fintech app, it takes more than fancy design to attract customers. Take a look at what features you should consider for your upcoming fintech app here.

 

UI/UX designs for fintech app development

UI/UX design for a fintech app requires specific elements that developers and designers have to pay great attention to. These days, app users highly appreciate the application that can them freedom in how they can customize the app interface. This can make the fintech app their virtual space. The sense of belonging and ownership is considered the deciding factor for users to come back and continue to use the application.

The user-friendly interface is another must-have factor that needs to be included in your planning. Especially for youngsters, an user-friendly, clean interface is what they prefer. Chic and modernized designs are always more fascinating than those that are outdated.

More importantly, with financial operations in the app, the developers have to put simplify and visualized data in. For fintech app users, numbers, charts and graphs with in-depth analytics are what they are really looking for. Imagine a banking app with no visual reports on how the money flows, it will lack a crucial feature when compared to other applications.

 

Basic functionality of banking sector

An enhanced fintech app can’t be a fintech app if it lacks the basic functionality of the finance and banking sector. These functions are the must-have for your fintech app to survive among thousands of other applications. Without these basic functions, your app won’t have the chance to compete with other well-rounded apps.

The basic functions of the finance and banking sector should include:

• Account management
• Balance checking
• Money transferring
• Real-time checking mechanism
• Insurance management
• Asset management
• Stock exchange and cryptocurrency exchange

The functions mentioned above a just a few of many functions there are that you should have in a fintech app. Based on what niche market you are targeting, you can sort out what functions are the most important ones and put them on your fintech applications.

 

Data analytics

Data analytics is another important feature that you can’t miss when building a fintech app. Users now want to see every little detail and hourly report on their spending and financial activities. Of course, they would look for an application that can provide them with the data they need.

For the customers, when the app puts the tracking of users’ financial activities, the customers can now view their transaction history, set goals for saving money, track what they have done with the funds and generate reports. This is a plus point that anyone would highly appreciate.

For the business’ side, Fintech companies will have the chance to analyze data and get some insights to offer better financial advice to their clients. From their spending and the data on their savings, they can now devise loan schemes or personalized services for their clients.

 

Notifications and Updates

The notifications are among the first features to implement for fintech applications as this is the direct line of communication between users and the application. For fintech apps, you need to develop real-time notifications to keep your users stay-up-to date to any announcement. For example, any news on the bills, fraudulent alerts, spending, payments, etc. are the ones that need to be notified immediately if there are any.

It is the natural preference for people to want to stay updated. They want to get access to the most frequent technologies. When an application doesn’t have the trending features, many users are likely to switch to another one with better and newer features.

According to a survey conducted by PwC, 68% of the correspondents want to stay up-to-date with the latest technologies, although many of them find it hard to use them.

 

Payment gateway

Although payment is part of the basic functions of finance, it is an important one as it is present everywhere in our daily lives. The pace of life is getting faster and faster, and people want to do things as fast as possible, leading to the urgent demands for easy payments. This means that you should always include scanning and QR codes in your fintech app.

Plus, you should also concentrate on integrations within multiple fintech apps to extend the functionality and meet numerous users’ demands. This also adds enhanced functional capacity to your fintech app.

E.g. Banking app that connects to virtual wallets, making payments easier.

 

RPA in chatbots and other virtual assistant services

Robotic Process Automation utilizes digital robots to automate daily routine tasks. It has been adopted and implemented by many businesses in the world.
In a small survey of Deloitte Global RPA Survey, 53% of respondents have already started their RPA journey and further 19% of respondents plan to adopt RPA in the next two years.

This new technology is promised to cut down some operational costs massively as it can help us in:

• Automation in data validation & data migration between banking applications
• Customer account management
• Report creation
• Form filling
• Loan claim processing service
• Loan data updates
• Back-up of interest teller receipt

RPA can also handle a high volume of data at the same time without a glitch, which will be of great advantage to the customer experience. For advanced RPA, they can have the learning capability to take the customer experience to the next level.

 

2. The technical requirements to build a fintech app

In software projects, technical requirements typically refer to how the software is built, for example: which language it’s programmed in, which operating system it’s created for, and which standards it must meet.

To develop a fintech app successfully, choosing the right technologies is crucial. The tech stack selected affects the scalability, maintainability of the app, development time, and costs.

Below we consider three common app development approaches and relevant technologies to create a fintech app:

• Mobile app development
• Web app development
• Hybrid development

 

Mobile app development

As mobile penetration is ubiquitous among us, the concept “mobile-first” is the most common thing you might encounter when starting the process of fintech app development. The term “mobile-first” shows how important it is for mobile app development to be carried out.

While native app development is suitable for building a fintech application that will run on a specific platform (iOS or Android). This approach involves using specific technologies and tools for a particular platform. You can take a look at the tools and technologies for mobile app development here.

 

Web app development

Web app development involves creating apps that use remote servers and run on mobile and desktops. This is a great way to be outside of the app stores and be available for both mobile and desktop users.

Hybrid development

Hybrid development can be the optimal solution in some cases that developers want to create an app that is both native and web. The application’s core is created using web technologies wrapped in a native container. Hybrid apps operate like websites but can use features of the mobile device.

There are a great variety of technologies and tools for fintech app development. To make the right choice, it’s necessary to consider such factors as app type, scalability, time to market, and security that are vital for every fintech app.

 

3. How much does it cost to create a fintech app?

Before going further into how to calculate the fintech app development cost, we should take a look at how much did it cost the giants in the field.

There’s been no confirmation of how much did it cost, but they estimated the cost of cloning these apps, and they go as follows:

• Facebook at $420,000 – $465,000 (at $150/hour)
• Shopee products somewhere between $100,000 and $300,000
• Applications like Uber, or Grab, with the supply and demand sides, around $142,350 – $178,000
• WhatsApp at $173,550 – $222,600

A 2017 survey of 12 leading app developers by Clutch revealed a wide range of $30,000 to $700,000 to develop a mobile app. Based on the average number of hours required to create an iOS-only app, they established the average cost to be $38,000 for a simple and $171,000 for a complex app.

Please be noted that the above applications are the top player both in fintech and the digital market in general, hence the high cost. For application with simpler operations and smaller scopes, the price varies according to the following factors:

• Type of fintech app (investing, banking, insurance, etc.). All of these apps require a high level of cybersecurity. However, with applications related to the stock market or cryptocurrency exchange, real-time fluctuations and need to be updated every second. Especially for the cryptocurrency market with hundreds of coins entering and getting out of the exchange every day, the developer team has to work on the algorithms to provide the most accurate insights of the data. For applications that deal with such new and complicated matters, the fintech app development cost will be higher.
• The number of required features. This can also be understood as the complexity of the app. The more features you want to involve in one single application, the more you have to spend on developing it.
• The platform you’re opting for (iOS, Android): There is a slight difference in the cost of an iOS and an Android application. Normally, to build an iOS app, you would have to spend more than you would with an Android app. The complexity of the app is another factor that defines the cost. A price tag for a simple app with a basic User Interface and a set of must-have features ranges from $40,000 to $60,000, Medium complexity app development project costs between $61,000 and $120,000 and, finally, a Complex app project would require at least $120,000 investment, if not more.
• Mobile app development approach: According to app development companies, the average cost to build a mobile app can be $1, 00,000 – $5, 00,000. On average the hybrid app development cost should be $5000 – $1,000,000, and it would take approximately 200 – 5000 hours to build.
• Needed technologies (languages, libraries, frameworks, Blockchain, AI, VR, etc.). Such technologies as Blockchain or AI/VR are trending, but the number of IT talents that have experience in these fields is not high.
• Team size: The bigger the team size is, the more it can cost you. Remember that the team has to include designers, testers, developers, BA, DevOps, Scrum master, etc. and each one of them can cost a fortune to recruit.
• Cost of deployment and support: App Store and Google Play fees, admin, servers and backend support, customer support, legal, and further development costs. Initial setup and basic controls, data storage, third-party integration, access to enterprise data, data encryption, and scalability. Maintenance expense, Copyright & legal fees, Sales and marketing.

If you cannot afford the management cost of an in-house team, there are other cooperation models that you can try, namely outsourcing company, hiring freelancers, etc.

Looking for a team to take care of your fintech app? Don’t hesitate to contact Lotus QA for quotations. We will help you vest out a reasonable pricing plan.

Contact us:

• Website: https://www.lotus-qa.com/
• Tel: (+84) 24-6660-7474
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In recent years, Fintech has played a game-changer role in how financial institutions operate and disrupt many business verticals. Although fintech improves many aspects of finance and brings a seamless and unique user experience, there are still major fintech challenges facing the industry. These challenges that need to be addressed are:

• Increasing cybersecurity risks
• Regulatory Issues for Fintech Companies
• Lack of trust
• High rate of technological disruption
• Needs for large investments in IT and Marketing
• High demands for technological capabilities
• High demands for personalized experience
• Lack of human touch

 

1. Increasing cybersecurity risks

Financial operations handle a great deal of information every day, of both customers and businesses. Back in the day, the information are can be stored on papers and records, but in recent years, more data is available in digital formats.

On one hand, this is an advantage for both users and the financial institutions, as it is easier to analyze and generate insights, and faster in transactions. But on the other hand, digital data is stored in a digital environment, making the data more vulnerable to security breaches than ever.

 

 

Cybersecurity risks such as data breaches or malware attacks can result in severe consequences. Names and credit card numbers can be sold on the dark web for the purposes of identity theft or fraud. Important information will be gone and there’s nothing they can do about it.

Take a look at the example of Equifax. In 2017, there had been a website application vulnerability that caused the company to lose the personal details of 145 million America to hackers. This data breach results in revenue loss and dragging lawsuits, which cost millions of dollars in total.

The alarming issue of security breaches and their risks have been brought up since the dawn of Fintech, and remains the top 1 in Fintech challenges. The threats of cybersecurity put both customers and financial institutions at stake as personal information and other private matters are exposed and exploited for the profit of hackers and fraudsters.

The concerns for data security and cybersecurity exacerbate as fintech app users demand better integration between their applications. Better integration means more third-party services and cross-border data exchanges, which in turn has a higher risk of becoming entry vectors for hackers.

 

2. Regulatory Issues for Fintech Companies – Fintech challenges

Another challenge of the fintech industry is regulatory compliance. As fintech looms large in today’s events, it has become a focal point of development for the finance sector to achieve higher revenue and better performance.

As technology enters the finance sector, regulators start to see the blurred line in the policies and regulations, and they came to the realization of the regulatory issues. New technologies are invented and implemented every day and in every scenario, and the fintech market might face threats and risks that they are not even aware of. And this calls for immediate actions to design an adequate policy framework for Fintech, no matter how challenging it is.

As of before, the regulations seem to favor traditional banks. For example, in the US and Europe, the core function of holding customer deposits may be performed only by banks. In addition, access to traditional payments systems and card networks is generally limited to banks only.

In contrast, the current market has witnessed the growing number of regulations of banks and credit unions to protect entities and users from investment fraud, cryptocurrency security, systemic risk regulation, central bank functions, money laundering and so on.

Although there are just a few countries that have taken serious measures towards the fintech market, these measures have successfully proven how they can regulate a newly formed market and protect the stakeholders.

Let’s take China as an example. In 2021 only, China has tightened business rules with IT giants and demanded changes in business practices that it considers risky and violates antitrust laws. In June, China passed the data security law, which outlines how companies collect, store, process and transmit data.

With China heading the game in how the government takes control of the fintech market, many other countries and regions are expected to take such strong measures to simultaneously bring potential benefits of technological developments and address risks.

 

3. Lack of customer trust

Despite the seemingly large adoption of Fintech, 48% of British consumers would not consider purchasing any financial product from a fintech (according to a survey of PwC).

64% of people on average say they trust banks, insurers, and wealth managers whilst only 47% say the same for peer-to-peer and digital payments companies, 48% for blockchain and crypto companies and 49% for digital wealth and robot-advisory firms.

 

 

61% of the correspondents say that “the pace of technology is too fast”. The same number said they thought the UK government does not understand emerging technology enough to regulate it effectively. As the people don’t believe that the government can regulate, they tend to go for the conventional way of financial operations. This is why lack of trust in Fintech is a major obstacle that needs to be tackled.

To do this, maybe you should consider the current user preferences, which are:

• Brand and reputation of the services and their financial wellbeings. As fintech has just been developed in recent years, the number of potential customers is limited, and you should know how to build your brand to suit the customer insights.
• The customers rarely scan the market for new offerings, so new entrants must have a significantly higher level of proposition differentiation to attract customers.

 

4. High rate of technological disruption

Technological disruption refers to the new technology that completely changes the way things are done. You might think new technologies are a good thing, right? But actually, there have been several disadvantages of this matter

Disruptive technology overturns a traditional business model, which makes it much harder for an established firm to embrace. And it can also make anything that has been developed before became obsolete.

With new technologies being advented, only small proportions of tech elites know how to apply and implement these new technologies. It is hard for the rest of the developers to catch up. For users, many get uncomfortable with the new technologies as they cannot fully embrace and understand them.

To put it broader, people also believe that technology is advancing faster than they are able to make full use of it.

If technology is increasingly seen as a sinister influence, that could override any improvement in familiarity with the leading fintech brands, and hence worsen the trust gap overall.

 

5. Needs for large investments in IT and Marketing

Global fintech investment hits remarkable rebound in H1’21, rising from $87 billion in H2’20 to $98 billion in H1’21. The sign of large investments seems to be beneficial for the market overall, but huge investments come with huge spending.

For the technology part, it would take a long time for an application/a product/a service to form and it can cost you a fortune to put them into operation.

 

 

For example, a finance app with basic functionality and a simple UI for a single platform will cost about $20,000-$35,000 to create. Building a best-in-class banking app with extensive features will cost between $40,000 and $70,000. The cost of developing feature-rich finance and banking apps for Android/iOS. It provides a sophisticated user interface that can range from $70,000 and more depending on the needs. There are many factors that combine to determine the cost of developing a banking application. Not to mention maintenance costs.

Besides the development costs, financial institutions also have to put more emphasis on investment in marketing.

Like any other sector, getting customers to try on something new and digitalized is very hard, especially with many industry giants in the game. Many startups and enterprises have to pour millions of dollars to get customers hooked on their apps and become frequent users. And many (29% of cases) are due to running out of funding and personal money.

According to AppsFlyer’s data, Finance apps spent $3 billion on user acquisition in 2020, and no less than $1.2 billion in Q1 2021 alone. The first quarter of 2021 also witnessed a record surge in total spending reaching no less than $1.2 billion for marketing activities.

 

6. High demands for personalized experience

Customers have come to expect a level of personal service from companies that is the digital version of a 24/7 concierge. Some digital wallets now allow their customers to adjust the UI themes and what features they want to highlight in the applications.

According to the findings of an IBM report from the Institute for Business Value:

• 76% of consumers expect organizations to understand their individual needs
• 81% of consumers demand improved response time
• 68% of them anticipate that organizations will harmonize consumer experiences

When talking about personalization experience, many often link it to big data and data analysis. However, the actual utility of big data is not that vast. For this particular field, the technology is only scratching on the surface, and the implementation of big data in user analysis is still very limited. Businesses now have to work on big data and data analysis more to apply it for the improvement of user experience.

 

7. Lack of human touch

People who previously handled most of their financial business in-person may feel put-off and alienated, or even confused and defeated, by something like a banking app.

For tech-savvy youngsters, fintech applications are very easy to use, but the other half of the population doesn’t think so. They, the senior citizens, can’t keep up with the technologies. They are familiar with and more fond of human interaction.

 

 

Many fintech apps now lack the “human touch”, and this can lead to customer loss of very potential customers. For senior users, technology may not be their advantage, but they are a very potential customer segment for financial services.

In human-to-human interaction, trust and relationships are built. For important transactions and decisions, people always value the information that comes from actual humans rather than some random machine. Without a human side to fintech, consumers are less equipped to make informed decisions about their money or data, or feel empowered and confident in adopting new technologies.

For businesses, direct interaction with the customers can provide them with valuable experience. Through talking and making eye contact, the customers will have a good impression on the brand and the technology.

Current fintech applications still lack the human touch and could cause some discomfort for users.

 

8. High demands for technological capabilities

The current trends of the Fintech market, including Cryptocurrency, Blockchain, IoT, cloud computing, have been on the market for a long time, but they still have many for us to discover. Not many can call themselves the experts of these trends.

More importantly, AI and ML are being used in many banking services and data analysis activities, but they are just some scratches on the surface (in some simple operations). Hence, we need to learn more about AI and ML to fully captivate their potentials.

The market is becoming more demanding with tech workers. Ask any recruiter you know, and they would all tell you that they are looking for senior developers or senior testers. Especially for the fintech industry, they also need someone that can understand both the technologies and the finance sector.

Not all companies can put together a strong in-house team to build an app. Thus, more and more companies choose to outsource financial technology software development to get well-functioning and user-friendly applications.

A premade team of professionals allows you to start developing your application immediately. Moreover, you will not have to spend your budget on recruitment, training of new employees, as well as on vacation payments. Outsourcing allows you to significantly reduce costs in the long run, save on operating costs and, at the same time, achieve your goals and complete tasks quickly and efficiently.

 

Lotus QA, with years of working in the tech industry, especially the finance sector, will be an excellent choice for businesses looking for technical experts of high programming capabilities.

Contact us:

• Website: https://www.lotus-qa.com/
• Tel: (+84) 24-6660-7474
• Fanpage: https://www.facebook.com/LotusQualityAssurance

2021 has seen an incredibly strong start to the year for the global fintech market. As 2020 marked the year of people shifting towards easy options to meet their financial needs due to the pandemic, 2021 is to witness many fintech trends surge. These trends are:

• Omnichannel payments
• Digital Banking / Virtual Banking
• Blockchain/Cryptocurrency
• Cybersecurity
• Robotic Process Automation for digital tasks
• ML & AI Chatbots
• Biometric security
• Insurtech
• Open financial data

 

1. Top fintech trends 2021 – Omnichannel payments

The phrase “Omnichannel payments” refers to a new payment processing format in which payments can be made via multiple channels, either it is in-person sales, online or in-app. In regards of business’ benefits, omnichannel can give an overall view of your customer’s interactions, hence providing revenue-driving solutions across the entire payment ecosystem.

In regards to users, omnichannel enables integrated, consistent user experience across touchpoints and channels. Put simply, users now can conduct monetary transactions in whichever way suits them the best.

 

 

The reason why omnichannel payments stay on top of this list is the urgent need for it. With Gen-Z and tech-savvy consumers dominating the fintech audience, the demands for a seamless and fast payment platform are higher than ever. They want to buy and switch platforms in the quickest way possible, and omnichannel is a solution to go for this.

With omnichannel payments, payment data is unified, creating a premise for more comprehensive data acquisition. The data collected and analyzed through omnichannel payment platforms can form a single and accurate view of how an individual user behaves and spends. Any adjustments and adaptation can later be taken into action for a better and more coherent user experience.

 

2. Digital Banking / Virtual Banking

Digital banking – or virtual banking – is a common term that you might encounter in your daily lives. Digital banks are the kind of banks that deal in delivering virtual banking services. Most of the operations and transactions are made online, enabling better user experience.

Digital Banking has just been popular for almost 10 years now, but in the shortest possible time, this trend has been the game-changer in every banking institute.
Let’s take the example of Vietnam. Here, the deciding factor for users to choose which bank to use is the banking app and how user-friendly it is for them to make transactions. A simple poll on Facebook has indicated that those with nice UX designs and multi-function features are the most popular banking apps of all.

As digital banking offers a virtual way to connect, people no longer need to wait in a queue or physically visit a bank. Especially with the pandemic taking its toll on the world, the way digital banking offers contactless and paperless transactions secure safety for users.

Another example from Vietnam is that the top-tier banks have already applied opening online bank accounts, which can save a great deal of time and effort from both the banks and users.

Digital banking is fast, paperless and contactless. It takes less time to have a bank account and virtual banking cards. With the pandemic still going on, this is a huge benefit and more and more people will be using digital banking in the future.

 

 

3. More mature Blockchain/Cryptocurrency market

The booming of Blockchain and Cryptocurrency market was once deemed as a “Bubble Economy” in the 2017 – 2018 phase. However, entering 2021, the world once again witnessed the surging population and revenue of the Blockchain and Cryptocurrency market.

Especially, Blockchain technology is applied in many fields, with the most notable one is the application of digital banking and virtual banking. The reason why Blockchain technology is soaring in popularity is the transparency and cost reduction it can provide to the market.

 

 

Back in 2017 – 2018, the market of Cryptocurrency did have a skyrocket market value, but it also stumbled upon many obstacles. We all heard the story of how some rumors about banning and restrictions in China and Korea can shake up the market make people dump their coins.

In 2021 and the years coming, there will be drastic changes in how governments handle cryptocurrency. China and India will impose further regulations for settlements. These events will consolidate the legal frame and foundation for cryptocurrency and Blockchain technology to thrive in the future.

As the cryptocurrency market is getting more mature, this prominent “new playground” will continue to attract investments from VC and ICOs. Moreover, the Blockchain technology, with its outstanding performance in transparency and cost reduction capabilities, will continue to prove its profound application in many successful projects.

 

4. Robotic Process Automation for digital tasks

Robotic Process Automation utilizes digital robots to automate daily routine tasks. It has been adopted and implemented by many businesses in the world.

In a small survey of Deloitte Global RPA Survey, 53% of respondents have already started their RPA journey and further 19% of respondents plan to adopt RPA in the next two years. RPA is increasingly becoming an enterprise-level opportunity: for 64% of respondents on the RPA journey, it is a strategic or enterprise-wide initiative. This figure has grown significantly. Just 12 months ago, only 15% of respondents reported RPA being a part of a wider corporate initiative. (Deloitte Global RPA Survey)

This new technology is promised to cut down some operational costs massively as it can help us in:

• Automation in data validation & data migration between banking applications
• Customer account management
• Report creation
• Form filling
• Loan claim processing service
• Loan data updates
• Back-up of interest teller receipt

 

As businesses want to cut down cost as much as possible, RPA comes in handy because it can enhance customer service, improve accuracy and facilitate productivity. Throughout their work, the RPA can even collect data to, later on, improve data analytics.

Moreover, RPA can also handle the high volume of data at the same time without a glitch, which will be of great advantage to the customer experience. For advanced RPA, they can have the learning capability to take the customer experience to the next level.

 

5. ML & AI Chatbots in banking sector’s customer care

ML & AI have many applications, but in fintech, the most obvious one is how they can form virtual assistants. These VA can handle customers’ financial queries such as transactions, account balances and get the best investment advice.

The concept of Chatbots has been developed long before, but the use of them are quite primitive and not as satisfactory as people expected. But with the development of technology, these chatbots have become smarter and capable of handling complex commands in a much faster sense.

For enterprises, machine learning and artificial intelligence can also help examine credit data, identify customer behavior and so on. From the data collected, fintech companies or financial enterprises and improve customer engagement by offering the services that fit their customers’ needs most, hence alleviating the services’ quality.

 

6. Biometric security in fintech trends

When talking about biometric security, people often link it to the old-fashioned approach of fingerprints, finger veins, faces, or irises. However, in the Fintech industry with many security concerns on the rise, the needs for more advanced and technology-instilled security measures are higher than ever.

 

 

With the numbers of online transactions and users are plummeting, security, or biometric security in this case, needs to be taken to the next level. The risks of data breaches and security failures could result in severe consequences. In 2021, data breach costs rose from $3.86 million to $4.24 million, which is the highest total cost in the 17-year history. The main reason for these breaches came from remote work factor.

With Covid-19 Pandemic shows no sign of slowing down, the contactless biometric solution is the financial technology that is all set to replace touch-based solution. Such solution will be very beneficial in these times as people are trying to avoid using cash and making payments through devices that do not involve touching.

 

7. Cybersecurity

As technology is developing, the risks in their uses increase, especially in a prominent market as fintech. For banks and financial organizations, customers are at the risk of identity theft, money theft and laundering, application breaches and data leaks, spoofing, malware attacks and many more.

The fear of security threats becomes more severe as they can cause money loss on both users and enterprises. Lawsuits and other legal claims are also more complicated because of this. Hence, businesses are now under great pressure to take action in protecting their customers and gain their trust. Any company or enterprises that fail to do so might have to deal with serious consequences later on.

 

8. Open financial data

Open financial data is the data shared with third parties in a global movement. These fintech trends can also be referred to as open banking services, which was initially formed in the UK during the Brexit process, and later on, became more widespread in the international market.

The reason why this trend is so popular recently is that it can bring many benefits to both the enterprises and the customers.

• For enterprises, open financial data allows an expanding universe of players—both financial and non-financial—to access customer accounts and data to offer new products and services. From customer analysis and customer insights segmentation, enterprises now can have a more strategic approach in how they can improve their services.
• For customers, open financial data affords greater flexibility in how their money is managed, allowing, for instance, better visibility of accounts and more convenient access to payments.

All in all, open financial data helps increase access to financial services for users. For example, customers of banks can now get loans in a faster time, and banks themselves can also process the loans faster. Getting loans in a faster time. This is very convenient for both parties.

Businesses would definitely want to capture these essences to attract more customers and enhance customer experience.

 

Conclusion: Fintech is one of the strongest sectors to grow in 2021, and these 9 fintech trends are shaping the way we use technology in the future. To implement the use of technology in financial services and platforms is no easy task, as it requires experty in both fields to really capture the essence of customer experience and how to enhance it.

If you are looking for help from experts in the fintech sector, contact Lotus QA now for more information. Lotus QA has years of experience in assisting financial businesses in digital transformation and implementation.

 

Contact us:

• Website: https://www.lotus-qa.com/
• Tel: (+84) 24-6660-7474
• Fanpage: https://www.facebook.com/LotusQualityAssurance

 

Founded in 2016, Lotus Quality Assurance has been providing high-quality end-to-end IT services including Software Testing Service, Software Development, and AI Data Processing. Our cutting-edge technologies and experience in the industry ensure top-tier services to enhance business productivity throughout the years. 

Today, we are proud and excited to announce our most significant achievement with all of you! Clutch’s 2021 research says that Lotus Quality Assurance is one of Vietnam’s top software testing companies in Vietnam. Here’s what our CEO had to say: 

 

 

If you didn’t know Clutch, it is a B2B ratings and reviews platform based in Washington, DC. They evaluate technology service and solutions companies based on the quality of work, thought leadership, and client reviews. Throughout the year, Clutch highlights its highest-ranking firms across industries and locations. The Clutch Leader Awards recognize companies’ commitment to building their expertise, providing stellar customer service, and producing high-quality results for clients.

 

Receiving this award is no small feat, so we’re incredibly proud that Clutch has recognized our merit and top-tier work. With this said, we extend our gratitude to the whole team at Clutch for this opportunity in allowing us to reach a wider audience. Of course, we also thank our amazing clients for taking the time to leave us reviews on our Clutch profile. Thank you for choosing and trusting our team in handling your business needs.

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