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Digital Onboarding – the First Step of Your Bank’s Digitalization

13 octobre, par Vit Arnautov[ —]
digital onboarding

The first interaction with the potential client defines the relationship that you’re going to have. For most users, the first time they get to meet your brand is going to be on the web. And so their digital onboarding journey begins. The thing that seals off the first impression when dealing with a financial institution is the experience of your new user in the onboarding process. How can banks make a favorable first impression through smooth onboarding? Digital onboarding is the first step of your bank’s digitalization.

Digital onboarding may come from a social media ad, a blog post about choosing the right credit product, or anything else.

A customer may not register with your bank or brand at first. They many not remember the specific call to actions or value proposition. Don’t let that trick you into doing a poor job. Because next time they see you, they will already have a subconscious bias for or against your company.

Depending on the industry, the customer onboarding process differs in the number of parts and moving pieces. And for financial institutions, this process is further complicated by the regulators who demand extensive customer data to be collected for AML and KYC compliance.

In principle, the end-goal and the process are very much the same for an online retail store and a lender. But banks and other financial institutions have to be ever more precise and meticulous when collecting and proofing customer data.

The keys to building a streamlined onboarding process for financial institutions:

  1. Research user behavior to reach them when they need you.
  2. Identify the biggest churn drivers that cost you business. Don’t stress out. Gradually work towards satisfying your customers better through intelligent automation.
  3. Reduce friction every step of the way (e.g., collect user data by letting them take a picture of the driver’s license instead of forcing manual data entry).
  4. Optimize your conversion funnel to forward users from different platforms into a landing page with a personalized offer.
  5. Having warned the users, collect all the data you can about their interactions with your brand for ongoing analysis and further automation.

Users demand compliance with the latest industry standards in exchange for the privilege of doing business with them.

Having taken care of these five, you can continuously analyze and improve your onboarding process. And it doesn’t end once you create the version 1.0 of your new onboarding workflow. Due to the fast pace at which technology moves, users will always get used to the new handy features.

The importance of digital onboarding for banks.

Every third customer abandons their account due to the onboarding process being too long or too complicated. It’s the initial impression that stays with the user, and your bank has to stick the landing. In the modern world, digitalization is inevitable. And if you don’t digitize customer onboarding, they won’t of around long enough to see what you did further along in your pipeline.

The most current and the biggest challenge for traditional financial institutions are the more agile, digital-native alternative lenders and online-only banks. Without a legacy solution, they can put together and roll out sophisticated systems that serve customers better and are cheaper to manage.

Five years ago, it was mostly the alternative lenders that offered efficient digital onboarding. Now, traditional banks deploy automated onboarding solutions every day. And as a business, you can’t afford to stay behind, in the settling dust of all-consuming digitalization. So we could go on and list dozens of benefits of an efficient digital onboarding for the business but in the end, what counts are these two factors:

  • Competitive edge in the marketplace
  • And as a result, more happy clients

Competition as fierce as today’s, meeting and exceeding user expectations is vital.

If you can provide your customers with a simple, frictionless experience while reducing operational costs and improving the bottom line. All the digitalization efforts you put in can only pay you back if the onboarding process is smooth and optimized. Only then will the users see the great job you did automate your lending or banking operation (such as turn-key lending).

How to create a winning digital onboarding for a bank.

So we’ve established that digitalizing onboarding is unavoidable. The only question is if you’re going to play catch-up or will be among the pioneers who get to claim a large part of the market. And to get the most out of the onboarding process, the following things are in order:

  1. Keep iterating. Your onboarding process isn’t something you can set up and let be. If you’re operating on an outdated and clumsy legacy banking system, your first iteration won’t be perfect. Simply because you don’t know what will work before you test it. But to improve, you need the first iteration to have decent analytics tools implemented. An analytics tool will help you see the steps that challenge your customers, and from there, you’ll need to work out ways of fixing those issues. It may sound daunting, but moving even a fraction a percent, then by a fraction of a percent again, you will see the growth of the conversion rate and reduction of churn.
  2. The need to have an SSL certificate on your website is non-negotiable. But the security repercussions don’t end there. It’s highly recommended to have a security audit carried out every once in a while, and if any issues are located, they should be addressed at once. There are few things more damaging to your brand image and the trust of the new users than a personal data leak. A personal data leak is especially serious at any financial institution because of the sensitive information collected.
  3. To make sure your customers don’t feel like they’re dealing with yet another soulless corporation, you got to take measures to personalize their experience. If you’re just starting your journey of onboarding process optimization, you may want to begin with the little things like changing the copy on system messages to more human-like. So not “The user data is being processed,” but “Thanks for waiting! We’re checking your info, it won’t be long!” These small touches go a long way when building long-lasting, meaningful relationships with customers.
  4. While you take care of the user experience and CTRs, you got to keep an eye on regulatory compliance. Depending on your jurisdiction, authorities may have different requirements for the business. So it may be a good idea to take care of a new or updated compliance blueprint to build your onboarding strategy based on the AML and KYC laws your government has.
  5. No amount of bells and whistles will convert your customers if the system your company relies on is error-ridden, not integrated, and slow. That’s why it’s extremely important to approach the selection of the automation solution with extreme attention. You want an end-to-end automation platform that addresses all the needs of a single place. An end-to-end platform helps ensure effortless communication and data transfers between departments as well as reduces risk and improves the speed of your operation.
  6. Digitizing onboarding using just in-house resources isn’t sustainable. It will need constant improvements, and that leads to added overhead in the form of salaries of additional managers, coders, analytics, and designers. Thanks to the development of FinTech, banks and other financial institutions can rely on software providers to take care of that.

Operational benefits financial institutions stand to gain from automated onboarding.

Most businesses already use online banking to work with financial products. No one’s going to the bank’s branch unless there’s an emergency. Yet 60% of businesses admit that the onboarding process of their bank needs to be better. The onboarding process of a bank is a large target audience that sits there and waits for the right bank to come along and save them.

Digital onboarding can’t exist in a technological vacuum.

It should be a part of a more extensive thought-through system that automates customers’ every interaction with your company. Nonetheless, onboarding is a great spot to start the digitalization process. Because if you do it right and promote your new system to the right crowd, your business can see the following benefits almost immediately:

  • Higher conversion rate
  • Faster credit decisions
  • More accurate credit decisions
  • Improved security of the system
  • Data accessible to the front and backend users anytime from anywhere
  • Advanced analytics creates upsell and cross-sell opportunities

The post Digital Onboarding – the First Step of Your Bank’s Digitalization appeared first on ReadWrite.

Improving Customer Loyalty with 3 Easy Steps

12 octobre, par Joe Martin[ —]
increase customer loyalty

Did you know that it costs five times more to acquire a new customer than it does to retain a returning one? The importance of customer loyalty is enormous. Focusing on improving your brand image to increasing cross and up-selling opportunities — the loyalty business strategy will increase your profitability and enhance recognition. You will be improving customer loyalty with three easy steps.

Before we dive into practical strategies that will help you increase your customer loyalty, let’s expand a little bit more on the benefits that it can provide you with.

Benefits of Customer Loyalty

  • Customer retention: It has been recorded that 93% of customers are likely to make repeat purchases with companies who offer excellent customer service. The higher your customer retention rate is, the bigger your company’s profits are. To be more precise, a 5% increase in customer retention correlates with at least a 25% increase in profit. Earn your customers’ trust, and they will come back to you.
  • Better customer communication: When you prioritize your customers and listen to their feedback, you will be able to better cater to their needs. According to a recent survey, about 50% of loyal customers have left a company for a competitor who was able to stay more relevant and better satisfy their needs. Remember that power lies in customers’ hands. Start listening to them to understand their problems and find effective solutions to them.
  • Accurate sales forecasts: Customer loyalty enables you to understand your customers better and predict their future behavior. Their repetitive habits can help you create accurate financial projections that will also allow you to reduce risk in regards to cash flow, inventory management, and investment into the development of new products and services.

Customer loyalty most prominent everything in your business today. Be strategic and focus on four vetted ways to increase your customer satisfaction and loyalty.

Loyal customer buying something on a laptop
Customer loyalty can play a huge impact on your company’s success. You can increase your customer loyalty by deploying these four straightforward possibilities.

1. Research your Customers

It all starts with understanding your customers. After all, you must know your audience before you can have success with them. It is imperative to conduct user research to guide the development and direction of a product. Below, you will find some tactics that you can implement to understand your customers better:

  • Add a forum to your website. Forum is a great and simple way to do some research on your customers. You will not only be able to understand them better, but also engage in meaningful interactions that will boost your customer satisfaction.
  • Check Twitter: Find out what conversations are happening online. By keeping up with recent trends and participating in Twitter chats, you will be able to build an authentic relationship with your customers.
  • Collect feedback. To better satisfy your customers’ needs and increase customer loyalty, you need to know how you can improve your products or services. Ask them what you can do better to increase their satisfaction.
  • Choose the right medium: According to a recent survey, 57% of Gen Z, 50% of Millennials, and even 46% of Gen Xers are working from home at least once a week. Is your business taking this into account?

Creating a holistic approach to connect with your customers through several digital channels can help leverage the modern workplace. When your customers see you where and when THEY want to see you, customer loyalty can grow.

Unique IoT Application
Creating a holistic approach to connect with your customers through several digital channels can help leverage the modern workplace.

2. Provide Educational Resources about your Product

Customer loyalty increases when your customers understand the benefits of your product’s features. When you offer educational resources to your customers in different formats, you let them expand their knowledge on your product and find their own solutions.  Knowledge is power, and the more experience your customers acquire, the more motivated they will be to use your product.

So, how can you ensure that your customers understand how exactly your product delivers value? Providing this information is achievable by paying attention to potential gaps in their knowledge and teaching them the many ways that your product can help them. Use how-to videos and blog posts to help improve their understanding of your product:

  • How-to videos. According to HubSpot, 68% of people prefer to learn about your product through a short video. Make short videos to demonstrate your product features to ensure a clear understanding of your product value. A comment section at the bottom of the page and invite your customers to ask any questions they might have.
  • Blog content. Blogs are a great way to engage with your customers and deliver valuable information to them. First, conduct some keyword research to identify what your customers search for on Google. Then, answer some common questions they might have about your product in a blog post. Providing them with fresh, relevant content will boost their understanding of your product.

3. Reward Your Customers For Choosing You

To give your customers a reason to stay loyal to your brand, you need to make them feel like they are a part of the family.  You can do so through loyalty programs that are designed to not only encourage your customers to continue to shop, but also establish a relationship with them.

87% of shoppers reported that they wanted brands to have customer loyalty programs. Why? Because loyalty programs do not only offer exclusive rewards to the members but also create a sense of belonging. If implemented correctly, these programs can turn your customers into your biggest ambassadors. The more you appreciate their dedication, the more devoted they will be to your brand.


Below, find a few tips that will help you craft a successful customer loyalty program that will increase your customer retention rate:

  • Offer exclusive benefits: Aside from your general offers open to the public, shower your loyalty program members with exclusive discounts and complementary products. This strategy will not only boost your sales but also get more customers enrolled in your program.
  • Show appreciation for referrals: While a loyalty program is a great way to retain your current customers, it can also help you bring in new buyers. Offer special rewards to your members in exchange for a referral and draw in new customers.
  • Give loyalty points: Let your customers gain points for every purchase they make and redeem them afterward for a bigger prize. Eager to earn more points, your buyers will spend more money to get the prize they want.
  • Give them ownership: not actual stock in your company. Giving users the ability to guest post, provide use cases, and rewarding feedback can all be valuable pieces to improve customer loyalty.
  • Use tech to help you scale: user-friendliness and onboarding are just two examples where tech can help you scale customer loyalty.
  • Engage all of their senses: Its easier than ever before to connect on many levels to improve customer loyalty. The more you can connect with them on different levels and involve the senses the better off you will be.

Looking to improve profitability and transform your business? Work on improving customer loyalty Why? Because 80% percent of your future profits will come from just 20 percent of your existing customers. Win the dedication of your buyers via the above-mentioned strategies.

The post Improving Customer Loyalty with 3 Easy Steps appeared first on ReadWrite.

How to Protect Your Domain Name System From Hijacking

12 octobre, par Peter LaMantia[ —]
protect your domain name system

Large-scale domain name system hijackings — usually in the form of DNS spoofing or DDoS attacks — have been on a steady rise for years. But the unprecedented number of DNS hijackings in 2019 has prompted the U.K.’s National Cyber Security Centre to alert and advise organizations on the threat. Learn how to protect your domain name system from hijacking.

The DNS operates like the switchboard of the internet, connecting alphabetical characters typed into web browsers with correct numeric-based IP addresses on servers where the content resides. If a DNS connection is hijacked, unsuspecting user traffic can be redirected to dangerous websites.

Securing the Foundations of the Internet

DNS attacks, more so than others, damage the primary trust users have on the internet. With consequences ranging from data theft to financial fraud, anyone victimized by a DNS attack will be wary of the internet generally — and especially suspicious of the domain where the attack originated. Customers who have been hurt by DNS hijacking have been known to abandon the affected service in droves, damaging revenue and brand reputation simultaneously.

By hijacking a domain, hackers can effectively weaponize a company’s online presence.

DNS hijacking can have catastrophic consequences for an organization and its brand image. When a company falls victim to DNS hijacking, its customers are exposed to fraud, data theft, breach of privacy, and financial loss. The company’s brand reputation suffers, which leads to lost customers and revenue. Also, the company may be fined or otherwise penalized by regulatory authorities.

Individuals and enterprises can both fall prey to attack, but website owners face the worst consequences.

Internet users trust the websites they visit to be safe, secure, and encrypted to protect their online data.

Penalties from regulatory bodies like the General Data Protection Regulations also take their toll. British Airways was recently fined $230 million over a data breach involving a DNS hijack that redirected traffic to a fraudulent website. More than 400,000 customers were affected when they entered credit card data into what they thought was a legitimate British Airways website.

The loss of revenue, customers, and brand reputation that result from DNS hijacking go directly to a company’s bottom line and capital value.

Why the DNS Is Vulnerable

Given the scale of most organizations’ online presence and operations, it’s not surprising the DNS is a vast network filled with potential vulnerabilities. Abandoned domains, weak password controls, and burdensome management processes compound these weaknesses.

Hackers will often exploit expired or forgotten domains that companies neglect to manage.

A forgotten domain caused a compromise to Dell when it relinquished control over a domain that enabled users to back up their computers to an online service with one click. After hackers discovered the oversight, they appropriated the domain, redirecting Dell computer users worldwide to a website full of explicit content and dangerous downloads. The damage to Dell’s brand reputation was significant.

Unused, or “orphaned,” domains are another issue: When companies manage hundreds — even thousands — of domains, it’s easy to overlook a compromised domain.

In an attack known as “Spammy Bear,” hackers exploited GoDaddy’s DNS system to steal 4,000 orphaned domains from 600 owners, including ING Bank, Hilton, McDonald’s, and Mastercard. The domains were particularly vulnerable because they resided outside the respective owner’s primary DNS services, where they were forgotten and not actively managed.

Correctly operating domains and the DNS depends upon rules and settings such as “zone files,” also known as resource records.

Access to DNS control systems should be restricted to authorized personnel, yet they are often left vulnerable from poor password management. Unauthorized parties frequently gain access to corporate DNS control systems, hijack domains and the DNS, and even cover their tracks to evade detection. Because DNS controls can involve both the DNS owners’ and the DNS service providers’ operations, both systems require secure password control such as two-factor authentication.

Inefficient, ineffective change management processes also weaken DNS security. Small changes can put domains at risk, so administrators must diligently track when, where, why, and how changes are being made. This work is typically done manually, raising the risk of errors and oversights that compromise DNS security.

Inefficient change management can result in omitted or invalid DNS security settings.

Widely considered to be mandatory and essential security measures are settings such as Domain Name System Security Extensions for authenticating users and destinations, and Domain-based Message Authentication, Reporting & Conformance, and Sender Policy Framework to vet email users. Ongoing surveys of Fortune 1,000 companies show that these protections are either missing entirely or they have been deployed incorrectly, exposing the affected organizations’ DNS networks and customers to serious compromise.

Businesses have a responsibility to their customers and their bottom lines to manage the DNS far more effectively.

To protect everyone’s interests, companies must tighten up DNS security by managing the DNS comprehensively and efficiently.

Defending the DNS from All Angles

Preventing DNS attacks is mainly about managing the ever-increasing scale of DNS network operations. Hackers exploit confusion and complexity to their advantage. Simplification is the antidote. Avoid hijacking and secure the DNS using with these strategies:

1. Consolidate to one platform 

Consolidate all domain registrars and DNS service providers to a single enterprise-grade registrar and DNS service. Working on one platform makes it easier to control access, implement stronger password protections, and manage all processes using the same best practices. Single platforms also enable users to activate “auto-renew” and “registrar lock” features to reduce the chance of failed domain renewals and unauthorized DNS changes.

2. Eliminate unwanted domains

All domains, including unused domains, should be managed with the same care and attention as premium domains. Become proactive about eliminating orphaned domains and managing DNS settings that could be vulnerable to misuse, such as unused IP addresses and domains that lack the start of authority (SoA).

3. Integrate change management

Implement a systems-based change management platform that relies on automation rather than manual inputs. Automation will block unauthorized changes, notify administrators of authorized changes, and create a tamper-proof audit of all activity within the system. Ideally, the platform integrates all DNS-related management tasks, including TLS certificates for encryption and security settings like DNSSEC.

4. Automate DNS security

Overcome the complexity of important DNS security features by automating processes. DNSSEC, DMARC, and SPF are challenging to manage and costly to administer, making them economically unsustainable for many companies. Automating DNS security makes it financially viable and administratively easy while ensuring full compliance.

Customers and users will avoid websites they consider unsafe.

Every organization with an online presence needs to treat DNS security as an existential priority. The safety of the internet depends on it.

The post How to Protect Your Domain Name System From Hijacking appeared first on ReadWrite.

Are You Making a Major Security Mistake With PaaS?

12 octobre, par Pete Thurston[ —]
security mistake

Information security leaders and professionals are not clear on the differences between platform-as-a-service and software-as-a-service solutions. We need to offer precise information about these differences — otherwise, we merely end up with the troubling issues. The confusion between PaaS and SaaS can have some serious security implications. Are you making a major security mistake with Platform as a service (PaaS)?

Understand SaaS and PaaS — for your security.

Not too long ago — before PaaS was as prevalent as it is now — there was just SaaS. These services mainly delivered various capabilities and applications via the cloud. The SaaS solution is generally well-adopted point solutions. They are managed and run by third-party companies such as Salesforce. The SaaS company takes on the burden of technical issues, storage, and security. SaaS is an out-of-the-box solution, requiring limited IT staff at hand to manage.

Customers increasingly sought more customization options for their offerings, making PaaS a natural evolution of SaaS.

The first major milestone in PaaS history came in 2007. After years as a customer relationship management tool, Salesforce launched Force is a platform version that allowed businesses to create custom software. With PaaS, businesses gained the power to write their own code and have complete control over database-driven applications.

The value proposition of PaaS is compelling: If the original version of Salesforce lacks a capability your business needs; with PaaS, you can build it yourself.

Of course, Salesforce wasn’t the only company dipping its toes in the PaaS world. Platforms like Heroku, Amazon Web Services, and Google Cloud have also become major players in the space. By 2013, PaaS had gained major momentum, boasting 2 million apps downloaded on Salesforce’s AppExchange.

With this evolution, businesses could easily integrate social media and CRM data, allowing for unprecedented insights and streamlined processes. Of course, major companies saw the possibilities PaaS offered early in the technology’s history and quickly jumped on the bandwagon, driving even more growth in the platform space.

The critical difference between PaaS and SaaS is that in PaaS, you can build whatever you want.

With SaaS, you’re limited to the features and capabilities that already exist within the program. All you have to do is flip the switch on what capabilities you want to be activated, and you’re off and running. For PaaS to work well for you, you’ll want to know your company’s security policies, know what information you have, and know who can upload and access that information.

Greater Power, Greater Responsibility — Greater Security

PaaS, meanwhile, gives you a lot of control — but that control comes with a lot of responsibility. As you start to build your own complicated systems on top of a platform, you need to ensure you’re carefully controlling access to company and customer information.

One of the more common mistakes businesses make when deploying PaaS is assuming that people who administer the system have a firm handle on who has access to what information in the system.

There’s a misconception that a centralized control mechanism inside the organization oversees what gets built and ensures that it has the appropriate quality and security controls. While Salesforce and similar platforms do have incredibly robust security models that allow businesses to control access in a fine-grained fashion, businesses usually aren’t doing this correctly. It’s simply not happening.

The door to sensitive information can easily be left wide open, inviting nefarious or unintentionally dangerous activity.

This mistake derives from the extreme user-friendly nature of PaaS, particularly Salesforce’s version. Literally, anyone can build an application on it. The blessing and curse of PaaS are that someone like Bob in finance could be building this excellent business-enabling app that, in the old days, would have been developed as an in-house product such as an Access database.

People are getting things done, and it’s great, but Bob might not fully understand the risk of storing information in the cloud. Bob could be sending this database around asking people to populate it with data, thinking everything is excellent and secure because it’s “in the cloud.”

Everyone else trusts Bob and is operating under a mistaken assumption that the security controls are there. Before you know it, you’ve got a huge unsecured database of sensitive information. For example, you might find out later that the application or database is integrated into your website, and customers are typing in their Social Security numbers when asking for help.

Or maybe the database is open to public users — a lot of PaaS novices accidentally allow access to the outside world. Suddenly, you’ve got people logging in and changing their own information. The exposure is unthinkably broad. Not great.

It’s important to remember that PaaS is exceptionally flexible and that because you can do anything with PaaS, people will do anything and everything.

You can totally build amazing workflow processes that could transform your business. But before you forge ahead, you need to take a look at PaaS systems as being under the same scope as any other robust data classification formats you commonly leverage to understand the information in any given system. PaaS needs to fall under the same scope and receive the same consideration you have for all your SQL server databases, your in-house systems, and anything you have running on the cloud, such as infrastructures as a service like AWS or Microsoft Azure.

Bottom line: The applications you build with PaaS won’t necessarily change the strategic posture of your organization, but you do need to think of the technology as being a sophisticated, grown-up system that requires strategic planning and foresight.

Significant Consequences for Getting PaaS Wrong

PaaS takes a complicated process — building software applications — and makes it accessible and straightforward. This is great, except there are a lot of things going on behind the curtain that the average Bob from finance might not be able to appreciate. There are a lot of questions he won’t even know to ask!

The security mistake usually lies in blind spots regarding your security needs and assuming the security controls built into your SaaS applications carry over when using PaaS.

When you have blind spots, you may end up storing data that’s not in line with how you would typically store that type of information. Or maybe you don’t even know what information is in the system and therefore can’t possibly know how to protect it correctly. Or, not to pick on Bob from finance again, but he probably doesn’t even know what the company’s policies are regarding information storage and sharing.

With PaaS, it’s all too easy to store super-sensitive information and then allow everybody in your company to run, export, and save reports that have that information.

Whether you want to call it data leakage or data egress, the security mistake result is the same: Information becomes uncontrollable.

If you don’t know the information you’ve got, and you don’t know how you’re controlling access to it, then you are absolutely at risk for a data breach. And these days with data breaches, it’s a matter of when not if. Just in the first half of 2019, nearly 31 million records were exposed.

No industry or business is immune, and the consequences are genuine and very negative. Picture your data breach appearing in a Wall Street Journal headline big. Sure, most data breaches are caused by hackers and criminals. But they are also just as likely to occur from an internal source because of human error or improper security practices.

Using PaaS responsibly boils down to the idea that knowledge is power. Know your company’s security policies, know what information you have, and know who can upload and access that information. Otherwise, your information will take on a life of its own and will eventually land you in a world of trouble.

Image source: philipp-katzenberger — Unsplash

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The Biggest Mistake Your Startup is Making

11 octobre, par Joel Comm[ —]
biggest mistake startup

Entrepreneurs always make mistakes. When you’re building a business, you will get things wrong. Everyone does. It’s part of the learning process. If you’re not failing occasionally, you’re not trying hard enough. Let me explain the biggest mistake your startup is making.

Some mistakes, though, are more significant than others—and there’s one mistake that’s the biggest of all.

It’s not a marketing mistake. To discover your audience, you will need to experiment. You’ll run ads that fail to generate a response. You’ll target the wrong demographic, appeal on the wrong platforms, and make offers that don’t resonate.

It can be annoying to launch a marketing campaign, track the figures, and not see any clicks or conversions. But each of those “mistakes” tells you something. They teach you what doesn’t work, and they let you cross one more strategy off your list of marketing ideas.

As the testing list shrinks, you will hit on approaches resonate. You’ll sharpen your strategies.

You’ll improve the messaging and add urgency to your product or service. You’ll figure out what works until eventually, through trial and error and smart adjustments, you’ll have a marketing campaign. When you finally find the correct campaign, you can set up and run whenever you launch a product.

The wrong product isn’t a mistake either, although it can feel like one.

When Hahna Alexander launched a pair of shoes that charged a battery as people walked, she thought she had the ideal solution to mobile charge anxiety. Wearers decided they preferred to put a spare battery in their bag and wear sandals.

Alexander went back to the drawing board. She changed the product slightly. Instead of powering a battery, the dynamos she’d placed in the soles would power GPS and health monitors. Now her SolePower company is working with rescue workers, the construction industry, and the military to keep people doing dangerous jobs connected.

Product creation is always an iterative process.

You can never tell how people will use a product until they get it in their hands and are operating it. Then you can start making adjustments and create an even better product. Also, hiring the wrong people isn’t a mistake. Sure, an employee who doesn’t pull their weight or a partner who doesn’t see eye-to-eye can hold you back. But there are always solutions to that problem.

Part of the job of growing a startup is learning how to manage people.

If an employee isn’t delivering the results you want, then helping them to level up will help you to level up. It’s better to acquire those management skills when the team is still small than once the company has grown, and you’re leading a team of a hundred. Inevitably, you will have to lay people off, and you’ll need to learn how to do that too.

If a partner always disagrees, maybe you’re the problem, not them.

Maybe you’re too stuck in your viewpoint and need to learn to see things from a broader perspective. Or perhaps it’s time to break up. The end of a partnership can be even more traumatic than firing an employee, but it could give you just the break you need. None of those experiences are really “mistakes.”

There’s only one fatal mistake you can make when building a startup: not enjoying the process.

You might be dreaming of the exit and looking forward to spending the big check from Google. You may imagine yourself at the top of a giant company with your name on the building. But there’s no guarantee you’re going to reach those destinations.

There is a guarantee that you’re going to be traveling down a path. The path will be the pieces of your life, so pick up and carry those pieces. Make this life and your journey so you can enjoy it. Thinking only of the endpoint is the one mistake that will ensure you never reach it.

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Femtech: Startups Changing Women’s Health Tech

11 octobre, par Ryan Ayers[ —]
femtech startups change womens tech

Speculators are eyeing several firms that could grow into colossal profit makers as the femtech market flourishes. A growing number of employers and insurers encourage employees to use family-planning apps, such as those developed by Ovia Health. In femtech, we see startups changing women’s health technology.

In the last few years, there’s been a phenomenal surge in technology designed to address women’s health.

There’s a fresh buzz about femtech among investors. Some believe the vertical will serve as the next speculative cash cow.

Proceed With Caution: Privacy and Femtech

According to a Rock Health venture fund analysis, 77% of surveyed consumers say that they have no problem sharing their data with physicians. However, 86% of those respondents expressed that companies shouldn’t collect health-related data without consent.

The Health Insurance Portability and Accountability Act (HIPAA) permits companies to sell consumer data – as long as the information is anonymized. Already, major corporations such as IBM are cashing in on the healthcare information mining industry.

Firms can also collect consumer data from devices that aren’t protected by HIPAA legislation.

An example of taking data from devices is fitness, health, and femtech mobile apps. Insurers and employers aggressively encourage workers to use femtech apps developed by Ovia.

As an example, Activision Blizzard gaming is one of several companies that leverage Ovia apps to monitor employee health. The apps collect sensitive information regarding fertility, menstrual cycles, and pregnancy development.

Activision Blizzard uses the information to determine how many of its employees are pregnant, attempting to conceive or facing a high-risk pregnancy. Company representatives admit there was backlash each time they introduced a new employee monitoring technology.

Companies can overcome employee objections – in part – by emphasizing that the use of the technology is voluntary.

It also helps that the company incentivized employees to use Ovia apps by paying them $1 a day. Over time, Activision Blizzard employees have developed a tolerance for company health monitoring. Analysts forecast phenomenal growth for the femtech industry. However, some start-ups enter the vertical with dubious intentions.

Several entrepreneurs have entered the fintech industry with apps that have little value other than to collect user data for resale.

Femtech, the Answer to a Growing Problem

The femtech revolution can’t spin up fast enough. Today, women around the world face problematic health issues. For instance, studies show that 70% of women diagnosed with postpartum depression conceal or minimize their symptoms.

Globally, physicians diagnose 10% of pregnant women and 13% of women who have just given birth with postpartum depression, according to the World Health Organization (WHO). Women’s health is especially important because of their role in influencing and caring for children and family members.

Many women, however, downplay their symptoms. Femtech may help to improve the well-being of women. Today, it’s a multimillion-dollar market fueled by pelvic health devices, menstruation monitors, and pink fitness wearables.

As the femtech industry emerges, a growing number of speculators pour money into startups that create technology to address women’s health needs. Still, physicians must continue to contend with a significant segment of the female population who prefers timeworn search engine queries to manage their health needs.

The Retailing of Femtech

Today, retailers place femtech products such as Cora alongside popular feminine products such as Tampax. In the future, researchers envision smart tampons that collect biological samples for monthly testing. Such an innovation could help physicians diagnose women’s illnesses like cervical cancer and endometriosis.

With industry insiders forecasting that femtech will rake in $50 billion annually by the year 2025, these visions of high-tech women’s care products could well become a reality. Historically, the technology industry, the healthcare field, and the business world, in general, have have overlooked women’s needs.

Despite the current phenomenal growth of femtech, women are still woefully underrepresented on the business side of the industry.

Among leading venture capital circles, for instance, women only represent 7% of partners. Current decision-makers in the women’s health products industry treat the vertical as a luxury, rather than a necessity. Unfortunately – just as with tampons and sanitary napkins – retailers tax women’s health products as luxury items.

Nevertheless, some women’s advocates are thrilled that the male-dominated business world is paying more attention to women’s needs. At the same time, there’s a doubt as to the usefulness of some femtech products. Some people wonder what percentage of femtech products offer real value and how much of the vertical is merely marketing hype pedaled for profit.

There is one line of femtech products that have earned the approval of the federal Food and Drug Administration (FDA). Glow and Natural Cycles are the first fertility apps to receive marketing clearance from the agency. While women can download both apps for free, subscription fees for advanced functionality range from nominal to exorbitant.

Physicians offer a word of caution about the apps. The apps can collect a considerable amount of information, enabling more accurate fertility tracking. Still, they’re not 100% foolproof. In an increasingly connected society, people may come to expect too much from technology.

Despite doctor’s warnings, however, both apps have stellar reviews from tens of thousands of users in the Google Play store. Hopefully, more truly beneficial femtech offerings will emerge as the industry matures.

The post Femtech: Startups Changing Women’s Health Tech appeared first on ReadWrite.

7 Best Reputation Risk Speakers to Help Your Organization Survive and Thrive

11 octobre, par Brad Anderson[ —]

Reputation risk is one of the key factors to an organization’s long-term success. We’ve seen tech companies like Uber, WeWork, and others take reputation hits that affected the bottom line. All it takes is one wrong move to destroy a reputation — and it can take years to gain back that trust. It’s easy to find lists of motivational speakers, but it’s harder to find specific experts in areas like reputation risk.

The damage can come at any time from virtually anywhere: an angry employee with an agenda, a security breach that wasn’t handled properly. Before your organization gets in trouble, understand and prepare for the risks to its reputation.

To spot and manage the reputation risks facing your organization, these are seven of the best resources to catch speaking:

1. Anthony Johndrow

For more than two decades, Anthony Johndrow has advised enterprises on reputation management. To describe how closely financial performance and consumer perceptions are tied to one another, he coined the term “reputation economy.” Consumers care more about what organizations stand for than they used to, Johndrow warns, and they vote with their wallets.

Johndrow is regularly interviewed by media outlets, including The Washington Post and The Wall Street Journal. He’s also the creator of the Public Relations Society of America’s reputation risk certificate program. Equally comfortable with TED-style talks and intimate chats, Johndrow is an entertaining pick for industries ranging from consumer packaged goods to technology.

2. Dave Stangis

Before becoming an entrepreneur and speaker, Dave Stangis led reputation management programs at Campbell’s and Intel. With an emphasis in corporate social responsibility, Stangis suggests community initiatives to improve investor relations, company pride, and employee engagement.

Now the founder and CEO of 21C Impact, Stangis advises corporations on public policy, sustainability, social impact, transparency, and disclosure. In conjunction with Katherine Smith, executive director at Boston College’s Center for Corporate Citizenship, Stangis wrote “21st Century Corporate Citizenship.” Stangis is a great choice for companies that care about sustainability and its ties to the environment.

3. Bill Wohl

Having headed communication teams at SAP, Hewlett-Packard, and United Rentals, Bill Wohl has a broad background in reputation management. Wohl has also worked as a press relations expert for the Delaware governor’s office, making him a great option for public organizations interested in reducing their reputation risks.

What areas of reputation management does Wohl specialize in? Message development, crisis communications, executive counsel, social media, and employee communications are all within his wheelhouse.

4. John Eltham

Few industries are more familiar with risk management than insurance. For nearly 22 years, John Eltham has served as head of commercial strategy and performance at Miller Insurance Services. As executive director at Aon, Eltham managed political risks like trade disruption and offshore energy development.

Based in London, Eltham is a smart choice for British and European firms worried about reputation management in the Brexit era. Having held senior roles at the Council of Insurance Agents & Brokers, as well as Lloyd’s, Eltham is especially knowledgeable about risks associated with banking and international trade.

5. Leslie Gaines-Ross

As chief reputation strategist at one of the world’s leading PR firms, Weber Shandwick, Leslie Gaines-Ross is an expert in how CEOs should handle their first 100 days. Specializing in executive reputation repair, Gaines-Ross is a great choice for firms with new or embattled leaders.

One element of Gaines-Ross’ work that makes her a compelling speaker is her focus on research. At Weber Shandwick, she’s led initiatives around artificial intelligence, employee activism, employment branding, civility in America, and gender equality at the C-suite level. An increasingly hot area, corporate and CEO activism are also among her specialties.

6. Peter Horst

A multi-industry marketing executive who specializes in brand management, Peter Horst is the founder of CMO Inc. Horst authored “Marketing in the #FakeNews Era,” which lays out a set of rules for reaching audiences in tribalistic, distrustful, and activism-driven economic environments. Horst also serves as an advisor at Reputation Economy Advisors.

Having once worked as CMO at The Hershey Company, Horst is a smart pick for CPG and retail companies. He’s also served as CMO at TD Ameritrade and senior VP of brand marketing at Capital One, making him a knowledgeable speaker about finance-related reputation risks.

7. Mike Fernandez

A professor of strategic communication at Boston University, Mike Fernandez also serves as CEO of Spain-based reputation management consultancy LLYC’s U.S. arm. Prior to that, he created Pensar Strategies, a strategic communications firm that manages corporate and political reputation risks. His strengths lie in environmental sustainability, civic conflict, natural disaster response, national product recall, and labor relations.

Equally at home in corporate, political, and academic environments, Fernandez has held C-level roles at enterprises ranging from Cargill to State Farm to Cigna. He’s won a range of awards for his work, including the Pioneer Award, the Alexander Hamilton Award, and an induction into the PR Hall of Fame.

Don’t let your reputation get burned. No matter the risks to your organization’s reputation, the speakers on this list can help you handle them.

The post 7 Best Reputation Risk Speakers to Help Your Organization Survive and Thrive appeared first on ReadWrite.

The Overlooked Benefits of Teaching Kids to Code

11 octobre, par Michelle Sun[ —]
benefits of kids-coding

Most parents are aware of the potential career benefits of knowing how to code. Parents mistakenly believe that coding is something kids should begin doing in high school and college. Rarely is a parent or even educators aware of what coding is actually teaching. Most people only see a potential future career in the coding or tech sector. What are the overlooked benefits of teaching kids to code?

Explore how coding develops a child’s analytic and creative thinking, transforming them into a master problem solver.

I recommend starting your child’s coding education much earlier—as early as preschool—and I believe that every child should learn how to code. Coding literacy and education are about much more than just learning to code.

Coding teaches valuable problem-solving skills, which can help your child succeed in school and life.

The Art of Problem Solving: a blend of analytical and creative thinking is part of teaching kids to code.

Computer programming is, in essence, problem-solving. It requires two distinct types of mental skills: analytical and creative. Often people view analytical or logical thinking skills as convergent thinking. Sometimes there is a tendency to view creativity as a divergent type of thinking.

Analytical thinking requires someone to order a problem into logical steps. They analyze the problem by gathering data, observing the problem, and perform the action of fact-finding.

A coder’s thoughts and actions while analytically fact-finding involves:

  • Sketching out solutions.
  • Collaborating with others.
  • Looking at problems from all angles.
  • Narrowing the solutions down to a range of possibilities.
  • And finally — arriving at the most effective and plausible solution.

Creativity is the ability to perceive the world in new ways — this happens to the thought process during coding.

A coder’s thoughts and actions while creatively fact-finding involve:

  • Finding hidden patterns.
  • Making connections between things that are seemingly not related.
  • Generating solutions (which of these things is not like the others?).

Creativity is a crucial complement to analytical skills for problem-solving capabilities.

The creativity key allows us to produce a volume of ideas that are possible — before narrowing “potentials” down to one or two solutions. Many people believe that they are not creative because they aren’t artistic. This is a myth because everyone is born creative.

Creativity is a skill that can be developed over time and is developed in coding — especially with children. At the Stanford design school, there is a virtual crash course that teaches people to change their mindset through a series of workshops.

Everyone can learn to be creative by:

  • Experimenting.
  • Questioning assumptions.
  • Learning to tolerate uncertainty.
  • Learning to tolerate ambiguity.

Both analytical and creative thinking can be learned, and coding is a great, fun way to do it. Even better, coding can teach kids how to develop solutions to real-world problems. Kids (and adults, by the way) can learn by engaging in meaningful and practical (not just theoretical) problem-solving.

Other overlooked benefits of problem-solving through learning to code.

As an example, let’s examine the steps you would follow if you wanted to build a social media app for blind people.

You start by gathering data and analyzing the challenges and limitations a blind person faces. What are their specific needs? Be factual, objective, and empathize with the user — (the person that suffers the problem). Why are the existing solutions not suitable? In what ways do the current social networks fail to solve their needs?

Believe it or not, a kid will come up with more thought provoking ideas than you will.

In coding you practice active listening and dig into the audience you’re trying to solve the problem for.

Next, you go to the drawing board and generate a list of possible solutions. Brainstorm and try to wear the hat of the person whose needs you are trying to meet. As a blind person — what is essential? As a blind person — what can potentially help you reach your friends or stay connected?

Now it is time to evaluate the best solution. This time is dedicated to including discussions, collaboration, and testing the solution with the users (in this case — the blind persons).

The best answer isn’t necessarily your favorite thought; instead, it’s the “possibilities” that generate the most positive feedback from your users. You also must accept that your user will know more than you do about a subject.

Moving to implement any plan? This step involves the actual coding of the solution.

  • Break down the problem again.
  • Think through each step of the application screens.
  • What does the user require at each input point?
  • Evaluate the application as you go.
  • Will this solve a problem?
  • Where? How?
  • Make sure it solves the problem.
  • You make sure by running a test.
  • Obtain customer feedback
  • Do your surveys asking what the user thinks.
  • Follow through with your users.

This example shows how analytical and creative thinking skills are woven into coding.

  1. In the first step, you must gather and analyze data and do research.
  2. In the second, you must generate a list of potential solutions and put yourself in the shoes of a blind person, which is an act of creativity.
  3. In the third step, you are again analyzing, narrowing down your solution or solutions. And all this is before we even reach the actual coding step.

The act of coding in itself is both creative and analytical.

When you code, you must construct the code and fit the various pieces together according to specific rules of logic—analytic-thinking.

There are many different ways to do the actual thinking. You must draw on your creative thinking to come up with the most efficient ways to achieve what you want.

Don’t overlook the benefit of being a creative problem-solver.

According to the World Economic Forum (WEF) The Future of Jobs report, problem-solving, creativity, and critical thinking are some of the most important job skills to have both now and in the future.

Creative problem solvers are needed in nearly every industry. By teaching your child to code — you open up countless doors for them — in far more than just the tech industry.

For more advice on the benefits of coding education for kids, you can find First Time Coders on Amazon.

The post The Overlooked Benefits of Teaching Kids to Code appeared first on ReadWrite.

Customer Experience Vs Customer Service

10 octobre, par Abdul Rehman[ —]
customer experience vs customer service

Nowadays, customer experience and customer service have become buzzwords in the business-centric milieu. However, customer experience, customer service, and even customer care are so confusing, that often businesses don’t bother to invest separately.

No doubt, these are much puzzling, yet different. A clear-cut differentiation is essential as customer experience is surpassing even the price and quality. According to the Oracle Report, customer experience will overtake price and product as the key brand differentiation in 2020.

On the other hand, a report (Oracle) says that 83% of customers shopping online require some support or service to complete their purchase. Also, web leads are nine times more likely to convert if they are followed up within under 5 minutes.

Therefore, knowing all about these terms will help you to understand, make strategies, implement processes, and analyze metrics independently. Thus, it would lead your organization to out-perform. Let’s have a quick introduction.

So, What’s the Customer Service?

Customer service is assistance provided by the organization that could be helping a customer choose the right product, assisting the purchase process, and troubleshooting after buying. Also, it ensures that the customer is leaving with the ultimate customer satisfaction, brand affiliation, and developing a long-term relationship.

Customer service is essential as the Oracle Report says that 97% of executives believe delivering excellent customer experience is critical to success. On the other hand, Forrester’s Customer Experience Index shows that the companies that invest in the customer service department had higher stock price growth and a higher total return on investment (ROI).

How Can You Measure Customer Service?

When the customer interaction is evaluated, managers can figure out the customer satisfaction rate in numbers with the help of various matrices. Then, the customer satisfaction rate is further analyzed.

So, you can measure customer service performance with the help of a customer satisfaction score (CSAT). Customer satisfaction score (CSAT) would help further to make the strategy of customer experience.

And What Are Vital Elements of Customer Service?

Now, the next question is, what are the essential elements of customer service? Well, according to, here are some salient aspects of customer service.

·         Professionalism

Customer service representatives must be trained to treat the customers professionally. Customers like to talk with professionals and experts.

·         Promptness

Modern customers want everything right away. So, do not delay at any cost. So, make replies to messages, calls, and emails as soon as possible.

·         Politeness

Treating customers with the ultimate courtesy is mandatory for businesses. Whether a customer makes a purchase or not, you must have to deal with them politely.

·         Personalization

Every customer wishes to be handled with courtesy and personally. So, the organization should treat them on a personal level.

Customer Experience: Sum of All Interactions with A Brand

Now, let’s talk about the customer experience. Customer experience is the total journey of a customer with a particular brand from discovering to understanding, purchasing, and sentiments after actually using a product. Also, this includes emotional, physical, and psychological inclination toward that brand.

Moreover, the customer experience includes all touch-points and mediums that a business is using at that time. So, you can say that it is not a one-off experience.

Basics Elements for Excellence in Customer Experience

At times an organization focuses on specific touch-points and may fail to address all aspects. Failing to search for all aspects of customer care will result in bad customer experience, causing brand disloyalty and detachment.

A holistic process can deliver tangible and sustainable development. Following are four core elements for a successful customer experience approach:

·         Inspiration

A comprehensive vision is necessary if you are running a customer-centric business. Moreover, you have to identify targets and then plan accordingly.

·         Insights

Analyze customer satisfaction rates and develop inferences. Then, relate these facts and figures with key performance indicators and business objectives.

·         Improvement

Based on the insights, radically design the strategy to redesign the journey of customer experience from start to finish.

·         Institutionalization

Shift all the business processes from the front line to C-suit. Changing the business processes means you should change the culture in your organization to a more customer-centric.

Measuring Customer Experience

Measuring customer experience is necessary as it would give you some invaluable insights helping to improve and institutionalize your business processes.

Customer experience is measured by net promoter score (NPS). This factor tracks how likely a customer is to recommend the brand to a peer.

What Is Customer Experience?

Some confusion must be alleviated before you implement any strategy to improve the customer experience in your organization. Well, following are the clarifications:

  1. Customer experience is not a single department. It involves all processes, strategies, and functions of an organization. So, customer experience includes all factors, from marketing to sales and customer support to the manufacturing department.
  2. Customer experience is not reactive. You don’t have to wait for the customer to raise an issue and then you will fix it. Contrarily, it has a proactive approach. So, you should evaluate internal processes regularly to make sure your customers will have an excellent customer experience.

Finally, the Difference Between Customer Experience and Customer Service

Though there is a fine line between the concepts of customer experience and customer service, yet differentiating them is necessary. Agency Nation highlighted that customer experience is a broader term that is proactive and requires a broader vision. It’s about analyzing how your customer is feeling at every point of the journey with the brand. The journey includes product quality, packaging, pricing, delivery times, ease of use, and such other elements.

On the other hand, customer service refers to only a single aspect. It is a reactive operation. It serves the customer after selling. So, customer service deals with the issues and troubleshooting after the customer has purchased the product.

Final Verdict

In a nutshell, one can say that the customer experience is a wider term that leads to the overall improvement and modification of organizational processes. On the other hand, customer service is just a department that deals with questions and queries from customers. However, keep exploring further and discover newer aspects. Happy learning!

The post Customer Experience Vs Customer Service appeared first on ReadWrite.

Is Artificial Intelligence the Ultimate University Stimulus?

10 octobre, par Dmytro Spilka[ —]
AI, the university stimulus

What does it take to make the university the best learning experience in the lifecycle of one’s education? Higher education is all about developing skills, exploring new theories, and applying them to the actualities of real life. Throughout this journey, students are encouraged to stay on top of their workload, study, and complete assessments all while simultaneously leading a healthy, active, and balanced social life.

Existing Fractures in the University Structure

The essential materials relied on at university include books, books, and more books. As we move into an age of digitalization of practically everything, there is a reason to believe that the existing higher education model should too be digitalized to allow for an enhanced university experience.

The existing model of higher education looks something along the following lines.

Based on a one-module-fits-all curriculum, where students are all expected to learn the same thing in the confines of a classroom, they will then be assessed by examinations based on rigid criteria to determine a pass or fail. These intrinsic features of the education system do little to contribute to an enhanced learning experience. Instead, prospects for development under the current model seems to have come to a halt.

The world around us moves closer to an entirely digitalized world.

Having the entire world become digitalized is essential as little else could be more detrimental to the future than our young minds being taught in obsolete ways. Artificial intelligence has disrupted almost every industry. The AI market is expected to generate $3 trillion in revenue by 2024.

AI Revenue
The market in billion U.S. dollars.

Image Source: Statista

Based on a 2018 report assessing the expected impact of AI and machine learning on a selection of domains worldwide, only 3% of respondents believed that AI would not affect society in general within two years (Statista).

The ability of intelligent machines to perform highly sophisticated and specific tasks without explicit human input should not be overlooked in the higher education sector.

Artificial Intelligence Technological Solutions

AI’s ability to make recommendations and produce answers based on patterns and inferences is precisely what humans cannot do on a mass scale – and precisely what our existing university structure demands.

University 20.35, (, introduces the first university model that provides opportunities for professional development by creating individual educational trajectories and tracking digital skill profiles using artificial intelligence.

The use of digital footprints, which the platform collects during educational processes measures and analyses the students’ skills. Then, it confirms or refutes whether a trajectory module teacher can efficiently transfer skills to the students.

University Model
The network of organizations and digital platforms.

The use of AI here is of great revelation. It’s currently being implemented in personal educational trajectories development. In other words, the collection of Big Data on a student’s educational and professional background, combined with his/her digital footprint allows the intelligent machine to suggest the best development path.

A large part of university learning takes place within labs and lecture theatres.

If there’s one thing that makes studying at university better, it has everything you need to learn, study, and research wherever the student may be. Whether studying, learning or research takes place on the go or from home can be the students’ choice.  Through a combination of online and offline education, artificial intelligence allows students to study where and when they want.

Using whichever platform they prefer or need, makes learning more accessible to everyone. The learning, in turn, lends to the prospects of AI for future students. It may mean that the use of mobile devices and online data collection increases.

This shift way from popular book learning towards smart devices contributes to the mass data we collect as a population. More data essentially means more information and better AI developed models.

We think of the most enhanced environments for learning.

We might conjure up images in our heads of groups of students studying together, in an attempt to improve their existing skills and fill in the gaps in their knowledge. Before the introduction of AI, this image of students was the only one conceivable, but it’s not the most effective.

AI, through the collection and analysis of digital footprints, allows for the creation of each students’ digital twin. Digital twins are essentially the digital replica of physical assets, i.e., the physical twin or the replica is of the student.

This accurate and near to real-time data based on digital footprint as well as some biological data can help to establish better solutions for students. This includes the biological of the surroundings as well as personal biolgical data. The application of the digital twin in higher education has the potential to shed light on gaps in the student’s knowledge, their forgetfulness, and hone in on their strengths.

Through AI, digital twins can materialize into a functional and personal study buddy.

Twinning is effectively a solid starting point for the development of a proactive educational study plan. From here, as the data reflects the student’s actual profile, the near to real-time data of the students’ progress will represent the students’ knowledge and skills.

Twinning can also be modeled to take into account what the student forgets and the skills they are practicing. The digital economy awaits, and as things stand, the next generation of our workforce have been and continue to be, educated and trained in an educational model that is incompatible with the digital future.

The university project, Island 10-22, is an incentive for education leaders aimed at intensive skills development specifically for the digital economy.

Participants of this project receive skills development in the field of digital and cross-cutting technologies. They are therefore anticipated to be the most sought after members of the labor market and will lead in the transition into a digital global economy.

“We aim to create a flexible digital education system, not even of tomorrow, but for the day after, based on the unique Russian educational AI.”The Russian education AI will enable quick training of these specialists and teams to solve complex problems,” said Dmitry Peskov, head of University 20.35.

On many occasions, students at university will be expected to work in groups on team projects.

Artificial intelligence technologies can make intelligent recommendations on team development for technical projects. And nothing enhances learning quite like team development. Collaboration drives innovation. Artificial intelligence, by considering each participant’s profile, we can assemble the most efficient teams and distribute work according to skill and proficiency.

AI poses some strategic and educational revolutionary technical solutions.

Each of these can help the current educational model reach the next milestone in maximizing both its standards and the level of expertise in students it produces. Total digital footprint recording allows AI to analyze the interaction of the participants in social networks.

The results of completed tasks, geolocation, as well as uploads of videos and photos, make possible a personalized program based on the needs of the student. Subsequently, individual development pathways with AI assistants can be created for each student.

When looking ahead at development records and tracing the students’ progress, AI, through semantic speech analysis allows the tracking of changes in the participants’ mindsets. Biometric data gathering can identify stress and fatigue levels to analyze different stages of the program. This data can then be used to modify the program accordingly.

AI puts students on a personal development pathway based on their digital footprints.

AI can do much more than condense a lecture into flashcards and smart online study guides. It has thus far, automated administrative tasks, introduced personalized learning to the extraordinarily generic syllabus that exists today.

AI’s application is still in its early stages; its continued development will soon see it working as a full-fledged AI-based university model. The model will be immersed entirely on the premise of machine learning and artificial intelligence. Simultaneously, its development will generate a higher caliber of students.

The post Is Artificial Intelligence the Ultimate University Stimulus? appeared first on ReadWrite.

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