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Category Archives: Tech Trends

AI in banking and finance

7 Practical Uses for AI in Your Financial Company

Artificial intelligence is changing the way we interact with money in finance.

Using AI in banking and finance is a way to meet customers’ demands who desire more convenient, safer, and more innovative ways to access, spend, save, and invest their money in finance.

In this article, you’ll learn how you can use the benefits of AI in finance.

Let’s start!

What is AI and Machine Learning?

AI has been shown as a beneficial resource for businesses, increasing the efficiency and quality of work produced. 

The term AI refers to any software designed to function similarly to the human brain. 

Machine learning, a type of AI, is a program that changes based on the information fed into it to train it and the feedback it receives from the humans who developed it and those who are using it. 

AI software with machine learning capabilities can provide a faster research process while providing reliable investment recommendations. 

Machine learning for financial services can significantly reduce operating costs and allow people to focus on making the best possible, informed suggestions for their clients.

Practical Application of AI in Finance

Now that you have a better understanding of AI let’s look at how you can apply artificial intelligence in finance.

#1 Evaluating investment opportunities

For a human, combing through massive amounts of data and comparing hundreds of data sources to one another is a difficult task.

With AI, this task can be done faster, with greater accuracy, and without bias. 

AI finance solutions can even project the success rate/potential opportunity for each of the proposed options.

It’s beneficial to use AI for financial services firms because they can then devote more time to opportunities with a high probability of success and less time going through data that will most likely be ignored.

AI in finance

#2 Processing RFPs, loans, and credit requests 

Opportunities are presented to financial services firms in the form of a Request for Proposal (RFP). 

Because AI can use both unstructured and structured data sets, simply scanning your RFP will allow a machine to read it and learn whatever is required to develop your desired answer. 

That eliminates the need for the time-consuming data submission process. 

As more RFPs are processed, the data lake grows, implying that your machine is becoming smarter and smarter as it is used.

#3 Trading and financial advisory

It’s no surprise that artificial intelligence is frequently used in trading because it analyzes patterns within large data sets. 

AI-powered finance solutions can go through data faster than humans, which speeds up the process and saves significant time.

AI technology and finance will allow you to stay on top of the latest financial trends or review your portfolio. 

#4 Fraud detection and prevention

One essential operation that already benefits from machine learning is fraud detection.

A machine’s ability to track and compare numerous data points while instantly comparing the data to previous transactions on an account is incomparable to a human doing the same job.

Fraud detection AI systems in finance examine a person’s purchasing habits and raise an alert if something contradicts your usual spending habits.

#5 Risk assessment and risk management

Machine learning algorithms are being used by banks and apps to determine a person’s loan eligibility and provide personalized options. 

The advantage is that AI is not biased and can make a loan eligibility decision quickly and accurately.

Risk management is always a challenge in banking. 

Machine learning in finance can now assist experts in using data to identify risks, save the workforce, and make future planning easier with better information. 

#6 Preventing cyber attacks

People want to know that their money and personal information will be kept as safe and secure as possible. 

Human error is thought to be responsible for up to 95% of cloud breaches

Artificial intelligence can help companies improve their security by analyzing and determining standard data patterns and trends and alerting them to inconsistencies or unusual activity.

#7 24/7 customer services

Customers can ask questions at any time of day or night, thanks to artificial intelligence and the prevalence of virtual assistants and chatbots.

They don’t have to wait to speak with a person. 

AI increases productivity by reducing the time and effort spent on generic customer queries, allowing teams to focus on longer-term projects that drive business innovation.

artificial intelligence in finance

Ready to use AI in your Finance Business?

With the popularization of AI, it’s no surprise that AI in the finance sector is taking off.

Especially now that COVID-19 has changed human interaction. 

Using AI in finance has had a profound impact by streamlining and consolidating tasks and analyzing data and information far faster than humans.

Experts predict that it will save the banking industry approximately $1 trillion by 2030.
If you want to know more about Artificial Intelligence and its use in business, stay up to date by reading the latest trends in technology and business on the Demakis Technologies blog.

conversational ux

Conversational UX: Definition & Benefits (+ 5 Best Practices)

This post will help you learn everything you need to know about conversational UX by answering the following questions: 

  • What is conversational user experience?
  • How does it impact tech and web users?
  • What are the best ways to include it in your business?

If you are interested in learning how to improve user experience with this innovative approach, keep on reading!

What Is Conversational UX?

Conversational UX is a type of user experience that uses voice, chat, or any other form of language-based technology to simulate real human conversation. The end goal is to create the feeling of true human communication. 

It defines the way businesses build chatbots, with seamless interaction as the final goal.

chat bot ux

Why Is Conversational UX Important?

Let’s go over the three main reasons why conversational UX design is important:

Higher Agent Efficiency

When live agents are free from dealing with basic questions that chatbots can handle, they can focus on more delicate requests that cannot be completed without human contact.

The agents will no longer feel overwhelmed by the number of mundane tasks and they will be able to handle more queries.

More efficient workflows will also uplift the agents’ mood which directly improves the quality of customer support.

Better Customer Experience

Today’s customers have high expectations when they interact with businesses. 

They seek convenience and solutions that will work around their schedule. 

That is why the use of chatbots that are available 24/7 can improve the quality of the helpdesk experience dramatically.

Client satisfaction, another benefit of conversational UX, is one of the best marketing strategies. 

According to Deloitte, customers are very likely to share positive experiences with nine other people.

More Conversions

Conversational UX can be a great tool for lead generation, upselling and cross-selling. 

For instance, many businesses use chatbots to collect valuable marketing information from visitors before they get a chance to ask questions. 

Gathering visitors’ names and email addresses helps marketers create strategies to increase the number of conversions.

everything you need to know about conversational ux

5 Conversational UX Best Practices

If you’re looking to implement or improve your conversational user experience, take a look at our list of five best practices: 

Establish the Basics First

Although jumping into the practical parts of conversational UX, in order to do it right, you need to determine some of its basic components. 

Trying to answer the following questions will help you set the foundations for your new chatbot UX project:

  • Where will you use the conversational interface? (website, social media etc.)
  • What will be its format? (a voice-based or text-based interface).
  • Does the project require advanced features such as AI?

Match Customer’s Intent

In order for your design to work, it needs to go hand in hand with your customers’ intent. 

You will only be able to write successful scripts if you have a good understanding of all the potential conversational UX use cases.

Customer interactions are either related to sales or to support, and you should determine which of the two types dominates your business.

If most of your interactions are sales-based, create conversational UX scripts that lead to conversions. 

On the other hand, if the interactions are mostly support-related, build a design that spins around informational use cases.

Gather Customer Context

Sometimes chatbots are unable to gather the context of the conversation, and the best way to prevent that is to build your chat flow with both optional and mandatory variables in mind. 

Mandatory variables are the key pieces of information that are crucial for the communication to flow, while optional variables stand for additional details that are not essential for the conversation, but they can make it more efficient. 

Chatbots will use this data to move smoothly through the conversation and provide helpful answers as fast as possible. 

Mimic Natural Conversations

The best chatbot scripts are written with the customer’s perspective in mind, and formulated with structures used by humans. 

There are several useful ideas that can help you mimic real human interaction:

  • Know the language your client base uses, avoid jargon and complicated terms.
  • Keep the answers short and concise.
  • Use ‘welcome back’ intents.
  • Include different agreement tokens such as ‘Perfect’, ‘I think so’, etc.
  • Create repair sequences to use after an error or a misunderstanding occurs.
  • Include phrases that show politeness and sociocultural elements.
conversational ux scripts

Analyze and Review Regularly

Your conversational UX interface needs to keep up with the changes in your customers’ needs and desires. 

To keep exceeding client expectations, you will need to revisit the setup regularly and modify it as needed. 

Take some time each month, or stick to any other interval, to inspect the efficiency of conversational flows, as well as to analyze past conversations. 

Look for patterns that will help you fine-tune the scripts and address common pitfalls.  

Need Help Getting Started with Conversational UX?

If you think your business can benefit from conversational UX but you are not sure where to start, feel free to contact us at Demakis Technologies.

One of our seasoned professionals will be happy to assist you. 

remote work

Best Remote Work Technologies for 2022

What are the best technologies for remote work in 2022?

What remote working solutions should you invest in?

And what do you actually need to implement to support your remote workforce?

In this post, we’ll give you answers to all three questions.

So if you’re planning your IT budget for 2022 or reevaluating your current tech stack, you’ll enjoy this post.

Let’s dive right in. 

#1 Cloud Computing 

During 2020 and 2021, cloud computing exploded as work went remote. 

In 2022, we will undoubtedly see a continuation of rapid adoption and growth.

Let’s go over some key cloud computing trends organizations are moving to adopt. 

Since businesses started migrating to the cloud, they have had two options. 

They can use public cloud solutions or private cloud solutions. 

Today, companies like Microsoft, Amazon, and IBM (the biggest cloud providers) are expanding their rollout of “hybrid” models

These hybrid clouds adopt a best-of-both-worlds approach.

Edge computing is another cloud trend. The cloud is acting as a hub and localized data centers as the outer end of spokes. 

The edge data centers are located at, or near, the place where they are needed. 

This design lowers the load placed on the cloud. Also, it improves processing speeds near the data center.

Artificial intelligence has come to depend on the cloud. The two have become interdependent. 

AI makes decisions that manage data, provides insights, and optimizes workflows. 

On the other hand, cloud computing supports artificial intelligence as it interacts with humans.

remote work cloud computing

#2 Secure remote access

Remote employees need secure access to the company’s network, data and applications.

Let’s look at some remote work tech solutions that can guarantee it. 

Virtual Private Network (VPN) provides secure access through public connections. 

It uses advanced encryptions to create a secure internet connection between a user and a network.

Although VPN is technically a security solution, it does enable remote access to the network.

Remote Desktop Protocol (RDP) is a secure network protocol. It enables the remote management of virtual desktops and applications. 

Unlike VPN, RDP allows users to access applications and data on any device, anytime.

IAM stands for Identity and Access Management. It includes an extensive verification process to confirm the validity of all logins. 

It can be used as a VPN alternative or paired with a VPN. 

Privileged Access Management (PAM) is a solution that helps restrict privileged access. PAM includes advanced credential security, such as user activity monitoring, systems and data access control, etc.

Zero Trust is a security framework. It assumes all users are threats and must be verified before being given any access. 

Zero Trust has basic features of a VPN, but with an additional layer of security. 

#3 RDP Solutions

RDP allows a user to connect to another computer over a network connection. 

It means your employees can securely access everything to do their jobs: desktops, softwares, applications, etc. 

There are different RDP-based solutions for remote work operations. 

Remote Desktop Services (RDS) lets users share remote desktop environments. In other words, it allows you to take control over a remote Windows computer via internet connection.

RDS can be configured so only certain applications are available to remote users.

Virtual Desktop Infrastructure (VDI) is the hosting of desktop environments on a central server. It’s a form of desktop virtualization. 

Desktop operating systems run within virtual machines (VMs). They are then  delivered to end clients over a network. 

You specify which tools can be used, how systems are monitored, where data is stored, and who has access.

remote work software

Desktop-as-a-service (DaaS) uses a cloud computing offering. 

A service provider delivers virtual desktops to end users over the internet. 

DaaS solutions are usually subscription-based and charged by the seat. This cost model ensures you’re paying only for the resources you’re actively using. 

The provider handles monitoring, upgrades, availability and troubleshooting.

Still, your IT staff has to deal with the management of the applications, data and security.

Workspace-as-a-service (WaaS) is a “business-ready” remote work solution. 

It delivers a true virtual workspace with all your employees need to do their job on their desktop.

It’s similar to DaaS, but with anti-virus protection, supporting apps, data storage, data backup, etc. 

WaaS provides a virtual desktop in a cloud and all features needed to run your business. It’s a full package, so the per-seat cost is bigger. 

A CSP powers all backend services, including managed backup and remote monitoring. 

Get Help from a Trusted IT Specialist

We listed some of the best technologies for working remotely. 

Still, the precise tools for working remotely depend on the job type, industry, and other factors specific for your business. 

Implementation of remote work is stressful and challenging. 

And it has to be successful. 

Unless you’re not a trusted IT specialist yourself, perhaps you should find one. 

But good news is that you just found one!

We at Demakis Technologies provide a comprehensive range of services. This also includes cybersecurity, data backup & recovery, cloud solutions, managed services and networking.

DevSecOps DevOps

DevSecOps vs. DevOps

In today’s post, we’re going to explain the differences and similarities between DevSecOps and DevOps. 

If you are looking to modernize your application development process, you’ll almost certainly have to choose between these two options.

This article will help you get a deeper understanding of their similarities and differences so you can decide which application development framework is the best for your business. 

Let’s start.

What is DevSecOps?

DevSecOps, which stands for development, security, and operations, automates security integration at every stage of the software development lifecycle.

DevSecOps DevOps team

DevSecOps automation is a logical and necessary evolution in the way development teams think about security.

It is evolutionary because the application and infrastructure security are seamlessly integrated into Agile and DevOps processes and tools using DevSecOps.

It deals with security vulnerabilities when they arise, while they are easier, faster, and less expensive to resolve.

Application and infrastructure security become a shared responsibility for development, security, and IT operations teams with DevSecOps.

Speed and security are the two key advantages of DevSecOps. Development teams produce better and more secure code faster. 

What Is DevOps?

DevOps is a philosophy that consists of three foundations: organizational culture, process, and technology and tools.

Its goal is to help developers and IT operations teams collaborate to build, test, and release software more agilely and faster than traditional software development processes.

The goal of DevOps is to break down boundaries between two traditionally separate teams: development and operations.

Development and operations teams collaborate across the whole software application life cycle, from development and testing to deployment and operations, in a DevOps methodology.

DevSecOps DevOps

What Is the Difference Between DevOps and DevSecOps?

The use of intelligent process automation and a consistent approach for developing collaborative development cycles are common elements of DevOps and DevSecOps methodologies.

DevOps is known as the practice of merging development and operations and DevSecOps is a subset of that that mainly focuses on security.

Although the ideals are not mutually exclusive, their objectives are different.

Now we’re going to explain some of the main differences between DevOps and DevSecOps:

Methodology

DevOps is a software development methodology that strives to close the gap between development teams (Dev) and IT operations teams (Ops)

This is done by bringing people, processes, and products together to create high-quality applications and services faster. 

Throughout the software development lifecycle, developers and IT operations staff cooperate and work together.

On the other hand, DevSecOps is a methodology that incorporates security into every step of the development process and is integrated into the DevOps process.

By automating security and deploying security at scale, DevSecOps optimizes the DevOps strategy.

Approach

DevOps is a cultural concept that encourages the agile movement inside a system-oriented framework

DevOps is seen as extending the concepts of agile software development in some ways.

DevOps is all about increasing productivity and efficiency in order to shorten the product launch cycle.

DevSecOps has a different approach because by validating all building pieces without slowing down the development lifecycle, DevSecOps principles emphasize security first strategy. 

The goal is to build security into the architecture from the start.

DevSecOps DevOps virtual

Goal

The main goal of DevOps is to break down organizational silos that arise when there is a lack of adequate collaboration between different teams within an organization.

They strive to embrace a culture where teams can join together and work in tandem by establishing and automating a continuous delivery pipeline.

The goal of DevSecOps process is to integrate security practices into the continuous integration pipeline and shift security activities across the development lifecycle.

In the overall development process, the DevSecOps techniques assure application security.

What Will You Use for Your Business?

Now that you have a deeper understanding of both methods, you can decide what method you want to use for your business. 

Automation is becoming an increasingly significant aspect in development as DevOps and other similar approaches evolve.

One significant distinction between these two approaches is how they value delivery speed over security:

One puts it above all else (DevOps), while the other improves security, making it more than a side issue.

Depending on your priorities, you can choose the method that fits the best within your business. 

But if you’re still unsure about what is the better solution for your business, we can help you.

Demakis Technologies specializes in providing IT solutions, strategies, and security options for businesses regardless of size, structure, or industry.

From cybersecurity to managed services, our team of professionals can help you develop the tech infrastructure, roles, and activities required by the modern business landscape.
Please CONTACT US to get in touch with one of our experts and find out how we can help you make the first step.

DevSecOps software

DevSecOps in Software Development: A Complete Guide

In this post, we will explain the meaning of DevSecOps and its role in software development.

We will also address:

  • The difference between DevOps and DevSecOps.
  • Benefits of DevSecOps.
  • How to implement DevSecOps.
  • DevSecOps in the cloud

Let’s begin!

What is DevSecOps?

DevSecOps (short for development, security, and operations) is an approach to software security and development. With DevSecOps, security is introduced early in the software development life cycle (SDLC), which allows teams to address security issues as fast as they would normally tackle issues with development.

Binary code data software

Without DevSecOps, security issues are handled at the end of development cycles, and all the testing is done by a separate QA team. 

DevSecOps creates an environment where security is a responsibility shared among development, operation, and security teams.

In fact, it’s expected that 90% of software development projects will be following DevSecOps practices by 2022.

DevSecOps vs DevOps

DevOps is a set of practices, tools, and philosophies that help increase the optimal productivity of software development cycles. 

In organizations that adopted DevOps, development and operations teams that used to be siloed now work closely and share responsibilities with a goal to build, test, and deliver software in a faster way.

The main difference between DevSecOps and DevOps is that DevSecOps adds security practices to the overall idea of shared responsibility introduced by DevOps. 

DevSecOps integrates security in every segment of the development cycle without compromising the speed.

Since DevOps is focused on increasing the speed of software development and deployment, and DevSecOps is geared towards both speed and security, DevSecOps can be seen as a natural extension that improves DevOps security benefits. 

Why Is DevSecOps Important?

Here are three main reasons why DevSecOps is becoming a preferred security solution:

Female scientist looking at the monitor screen in research room. Chief of development working with test tubes in the background.

#1 Improved quality of code

With DevSecOps, teams review and test the code for security issues throughout the process. That way, each new problem is solved before it can cause damages.

#2 Faster software delivery 

When teams identify and solve bugs and security issues as soon as they appear, it leads to faster product delivery.

#3 Cost reduction 

Detecting and fixing errors and vulnerabilities in the early stages of development significantly reduces the operational cost of the project.

DevSecOps Implementation

Implementation of DevSecOps workflow starts with planning. Deciding when, where and how security checks will be done is key during this stage. 

Organizations need to assess their old security practices and find ways to bridge the gap between the two methods.

Next, organizations should educate team members about cybersecurity and make DevSecOps part of their culture. 

Each member should understand all the main security practices and their own role in the process of protecting the software, particularly against cyber security threats.

After that, it’s time for building and testing. Automated tools create a script and introduce a variety of features, and testing principles are introduced to the pipeline.

Introducing automated security tests will help maintain the speed of a DevSecOps cycle and integrate security checks into CI/CD pipeline.

DevSecOps Architecture
Key components of DevSecOps are:

  • Application/API Inventory
  • Custom code security and analysis
  • Open source code security
  • Threat investigation
  • Runtime prevention
  • Compliance monitoring
  • Security training
Casual businessman with vr goggle sitting by workplace with his hands in front of himself touching virtual stuff

Using managed services is a great way of integrating all of these features into your tech stacks.

DevSecOps and the Cloud 

Cloud technologies such as Amazon Web Services (AWS), Microsoft Azure, and IBM Cloud are on the rise. 

It is common for organizations that adopted DevOps to also migrate their activities to the cloud.

Although many teams are looking to switch to cloud computing, they may face difficulties in the process, and this is where DevSecOps kicks in: 

Since DevSecOps is all about seamless introduction of security, it reduces risk during cloud migration by automating security control throughout the transition.

According to a survey on global security trends in the cloud, 45% of IT security professionals consider that using DevSecOps in the cloud would improve the security of their cloud environment.

With DevSecOps, there are factors that help achieve successful migration to the cloud. To make a smoother transition, teams should do code analysis throughout the process to maintain software health and avoid delays.

Also, automated testing – a key component of DevSecOps, and continuous investigation of threats will allow teams to switch to the cloud faster.

DevSecOps Security Tools

To implement DevSecOps with less friction, you can choose from a variety of application security testing tools (AST). Here are the four main categories of AST:

Static application security testing tools (SAST)

SAST tools are used to scan code and spot errors that might cause software issues and weaknesses.

Dynamic application security testing tools (DAST)

DAST tools interact with software the way a hacker would and pinpoint weaknesses with high accuracy.

Interactive application security testing tools (IAST)

The role of IAST tools is to analyze runtime of web applications and spot vulnerabilities.

Software composition analysis tools (SCA) 

SCA tools are used to detect vulnerabilities and license risks in open source and other third-party components.

Teams can also get their security processes facilitated by using some of the free DevSecOps tools available as open-source.

Ready to Implement DevSecOps?

If you are ready to take your security to the next level, CONTACT US today.  Let Demakis Technologies and one of our team members assist you in your efforts to improve the tech infrastructure, processes, and services of your business.