Credits : Business

The financial services industry is quickly becoming a leader in software development. Research shows that investments in financial technology, or fintech, reached $34 billion in 2018. Much of this growth is attributed to the rise of emerging technologies like blockchain, data analytics and cloud computing.

These new technologies are expected to revolutionize the way payments are made and transactions tracked. In addition, they will help banks increase profits through data analytics and protect their customers’ valuable data through software security.

Many of these financial services organizations are turning to offshore software outsourcing to build custom software while maintaining a lean in-house development team. That’s because these companies come with decades of invaluable experience from working with big tech and other Fortune 500 companies to develop custom software.

Banks are turning to offshore development services to access the best talent. This is especially important given the stranglehold that big tech has over software development talent and the historically low unemployment rate enjoyed by software developers, which has increased salaries and competition for the entire industry. 

In addition, offshore development teams are being used to shorten the development cycle and improve the quality of data analytics in the industry. Read on to learn more about how software outsourcing is shaping the future of fintech and helping companies grow.

1. Access to in-demand experts

Offshore software outsourcing companies help financial service organizations find the right talent for their development needs. This is especially important given the current hiring market – software engineers have an ultralow unemployment rate of just 1.9%. 

This candidate-driven job market means that more companies are competing to hire a limited number of experienced software engineers. Hiring for the fintech industry is even more difficult, since working in finance has historically been viewed as less prestigious than working for well-recognized tech companies like Google or Facebook. Furthermore, while the tech talent crisis may have started in the United States, it’s beginning to affect companies across the world, including ones in Western Europe and Canada. 

That’s why businesses across the globe are turning to offshore development companies to avoid the tough American hiring market and secure the right talent for their needs. Many of these companies are located in regions like Latin America and Asia, which have an excess of experienced software developers with the same education and experience levels as their American counterparts. Software engineers in Latin America are also valued for their advanced fluency in English and understanding of American tech culture. Developers in this region also work the same business hours as their in-house colleagues, making collaboration seamless.

2. Faster project completion

Fintech companies are working with offshore software development firms in order to start projects quicker and complete them in less time.

Financial service firms have long used traditional hiring processes to staff their software development projects. This involves finding candidates through traditional hiring channels and training those new employees to company standards. However, offshore development services have a range of experienced developers on staff who can start a project on cue, eliminating the time-consuming hiring process.

These specialists can also shorten the development lifecycle. That’s because these developers have years of experience as contractors and have worked on a wide variety of projects over their careers. They can apply this experience to quickly resolve common problems, streamline the most complex parts of the development cycle and reduce the overall length of the project.

Finally, the type of multidisciplinary development teams favored by outsourcing companies allow for the rapid development of high-quality software. That’s because they include important considerations like user design, quality assurance and data privacy in every step of the development process. This eliminates much of the workload at the tail end of the project and results in a superior final product. 

3. Increased profits through data analytics

The finance industry is a leader in data collection and analytics. Investment banks like JPMorgan Chase and Goldman Sachs have long employed specialists who analyze data to reduce risk when underwriting loans, issuing securities or trading futures.

These same financial service organizations are now analyzing consumer data to increase sales and promote customer loyalty. They use credit scores, spending habits, and demographic data to analyze creditworthiness and offer tailored services to each consumer.

Both small credit unions and large multinational banks are utilizing a combination of in-house engineers and offshore development services to improve their analytics. In particular, these offshore software outsourcing services help financial institutions build data analytics software with the popular Python programming language. They also help companies protect valuable consumer data by providing experienced software security experts as needed.

4. Reduced server load through cloud computing

The banking and finance industry has been reluctant to implement cloud computing technology, largely because web-based storage is vulnerable to hackers. However, recent improvements in data privacy protections have led some banks to begin integrating the technology into their core business.

Financial institutions love cloud computing because it reduces the need for physical infrastructure. Rather than maintaining fleets of expensive servers, banks can now store information offsite with a third party through a software-as-a-service (SaaS) arrangement. That’s one reason researchers estimate that banks are cutting technology costs by 25% using cloud computing, saving more than $15 billion. 

Banks are already using cloud computing to store information related to communications, human resources and accounting. In fact, one of the most popular SaaS models is Microsoft Office 365, which allows companies to store documents, emails, calendars, contact lists and other sensitive information online.

5. Protection of valuable consumer data

One of the most important challenges facing financial executives today is how to reduce the number of data breaches, which increases each year. Furthermore, savvy cybercriminals levy an outsized portion of their attacks against the finance industry, attempting data breaches against banks 300 times more frequently than companies in other industries – with each American financial service firm withstanding an estimated 1 billion attacks every year. 

This problem is even more important when you consider the type of information. Banks store incredibly sensitive data, including Social Security numbers, credit card information, salaries, purchase habits and home addresses. This is valuable information that criminals can use for profit.

Banks are responding to this crisis by increasing investments in their cybersecurity defenses and by hiring software security experts in droves. In fact, research has found that financial institutions currently spend roughly $2,300 per person on cybersecurity every year. This spending accounts for nearly 15% of their information technology budgets. 

The U.S. government has released new regulations dictating how banks should secure their information. This means that banks of all sizes must continue to increase investments in data privacy and shore up their defenses against increasingly sophisticated cybercriminals.

In summary

The financial services industry is investing billions of dollars a year to develop the type of custom software that their businesses need to survive in the new data-driven marketplace. Many of these organizations are turning to offshore software outsourcing to accomplish this goal without distracting from their core missions.

These offshore development services help banks develop well-crafted software without committing to large and unnecessary in-house engineering teams. In addition, outsourcing partners help businesses start projects quicker and shorten the overall development lifecycle.

Finally, these offshore developers are improving the quality of data analytics for fintech. This will enable banks to offer targeted services to their customers and increase the quality of their investment banking operations.

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Credits : Techrepublic

Workers in the tech sector are constantly trying to keep up with the times and update their most profitable skills to stay ahead of the game.

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RS Components released an in-depth study on what tech skills are most in-demand, finding that software development was the most sought-after skill.

“The technology sector has added 59,000 jobs in 2019 so far, and alongside the high number of job vacancies available, the skills that employees need to have has changed drastically,” according to the study.”Technology is continually evolving and the skills employees require to do jobs needs to line up to changing technology too.”

RS Components found “knowledge of software development principles” was featured 588,504 times in technology job descriptions he past year. Skills revolving around JavaScript and jQuery came in second, being featured in 407,459 job descriptions.

Java, SQL databases and programming, and web development rounded out the top five most in-demand tech skills companies were looking for.
“We can also see across four job types which skills are continually coming out as the most popular and are therefore the skills that the technology sector as a whole requires,” according to the study

“For example, we can see that overall ‘software development principles’, ‘SQL databases and programming’ and ‘JavaScript and jQuery’ are the top three skills overall that are included in job descriptions and are therefore the most desired by employers when recruiting for positions in the tech sector.”

Most of the other skills listed in the report hovered around 100,000 mentions in job ads this year. Cybersecurity skills were seen in 116,321 job descriptions, while 180,052 asked for tech support qualifications. 

Companies were also on the look out for candidates with system design and implementation skills, as well as customer service experience. 

The study lists dozens of other skills that were included in thousands of job ads, illustrating just how much the need for technological skills has expanded. Anyone with microsoft office skills or experience in project management and network configuration is also in high demand for many of the companies listed in the report. 

“In a competitive job market, employees must have the skills that companies are looking to recruit for if they are to be successful in their application,” according to the report.

“Through analyzing the skills that are listed in top technology job descriptions we can see exactly which skills employees should ensure that they have the latest training on, as well as making sure they are on their CV to secure those jobs,” the report concluded.

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Credits : Itprotoday

Modern software development is often a complicated endeavor with a lot of moving parts, including people, processes and, of course, code that is always changing. It’s a challenge that Atomist is looking to help solve with the addition of its new Drift Management feature to the Atomist Software Delivery Machine.

The Software Delivery Machine is the software development tools and services vendor’s primary platform, providing insight, tools and capabilities that improve software delivery. Atomist added Drift Management to the platform to help solve drift, a common problem that can slow development and lead to instability and risk.

“The notion of drift can be taken to mean configuration and code practices that have diverged from some known good target,” Ryan Day, co-founder and chief operating officer of Atomist, told ITPro Today.

Drift is a cross-cutting concern that spans much of the code development life cycle, including code dependencies and scripts that define how builds get done as well as definitions for how software deployment infrastructure is created, he said.

How Drift Management Works

The Atomist platform can do code and configuration inspections that can recognize patterns, according to Day.

“There are not just simple, regular expressions, but actually some semantic patterns that might be complex, and so that allows us to identify some really interesting signatures,” he said.

Those signatures don’t have to be something in a regular file but could also be found in an API endpoint or configuration setting. Atomist captures that information pattern and saves it as a digital fingerprint.

“It’s just our way of saying we can detect the state of this thing and we can detect any change to it,” he said.

Drift Management analysis typically starts with static code that is in a code repository. The system also looks at the various byproducts of an event-driven architecture, whenever and wherever software artifacts and descriptors are created. Day said Drift Management can be used to identify if there has been a change, and that can be used to inform software approvals and deployments.

The basic concept for drift management policy is that any code that doesn’t match a specific version number or known best practice can be flagged, Day said. Rather than a policy with a big sledgehammer that is forced on developer, the Atomist system is by default set to be a developer-friendly approach that notifies and enables an opportunity to opt in.

“We believe very strongly in the idea that teams should be controlling their own destiny with their code base,” he said.

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Credits : Automotiveit

The move by the German premium car brand shows the growing need for automakers to be part of a digital ecosystem where external partners play a big a role in catering to consumer demands.

Mercedes me offers a wide range of digital services such as the abiliy to send a destination to the vehicle via Amazon Alexa or Google Home, using a smartphone to open, close or start a car and turning on auxiliary heating from anywhere.

But the brand, the core marque in the Daimler Group, feels that outside software developers can enrich the offering, thereby boosting its appeal to potential Mercedes owners.

“We feel sure that the large global developer community has the potential to come up with a host of creative and innovative ideas for new Mercedes me offers that will delight our customers in future,” Daimler sales and marketing chief Britta Seeger said in a press release. “We aim to meet the individual needs of Mercedes-Benz customers in the digital age at the high level to which they are accustomed.”

The Mercedes-Benz Mobile SDK gives developers direct access to various programming interfaces to the car. The company said it is one of the first automakers to offer such access to global developers.

The auto industry, citing potential security risks, has long resisted opening car systems to outside partners, but as automotive architectures evolve and safety-critical functions are increasingly kept separate from other areas, automakers are now beginning to welcome outside developers for their connected-services offerings.

Nevertheless, Mercedes said it is not providing open access to the car to anyone interested in developing new apps for it.

“Talking about the Mercedes-Benz Mobile SDK and the chance to provide access between the vehicle itself and the outside world all will be assessed and proceeded through the Daimler Vehicle Backend,” said Sajjad Khan, the Mercedes-Benz board member in charge of implementing the Mercedes-Benz strategy for connected, autonomous, shared and electric vehicles.

The Daimler vehicle backend has various security mechanisms in place and data is stored on secure servers. “Secure access to systems, data security, data privacy and anti-theft protection are key elements of our research and development activities,” Khan said. “The same is true especially when it comes to the development of the Mercedes-Benz Mobile SDK.”

Mercedes staged a 24-hour hackathon during the press days of the Frankfurt auto show September 10 and 11. The event featured more than 60 young software experts developing new Mercedes me services using the SDK.

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Credits : Zdnet

Python sits firmly in top place in the newest annual ranking of popular programming languages by IEEE Spectrum.   

The ranking and others like it are meant to help developers understand the popularity of languages in a world where no one really knows what programmers are using on their laptops. 

IEEE Spectrum has placed Python in first spot since 2017, and last year it was just ahead of C++. The top language is given a score of 100, and all languages with lower scores are scaled in relation to it. C++ last year scored 99.7, followed by Java at 97.5, and C with 96.7.

Today, in the IEEE Spectrum’s sixth annual ranking, Python’s 100 is a long way ahead of runner-up Java’s 96.3 score, while C is in third place with 94.4. C++ has slipped to fourth with 87.5, while in fifth is specialist statistical computing language R with a score of 81.5. 

The magazine for engineering members of IEEE, the world’s biggest engineering and applied-science organization, attributes Python’s popularity to the vast number of specialized libraries it has, especially for developers building artificial-intelligence applications. 

It singles out the Keras library, because it provides an interface to the Google-developed TensorFlow, and the Microsoft Cognitive Toolkit (CNTK), as well as Theano deep-learning Python library. 

Another field that’s emerged in the years since Python’s first release in 1991 is microcontrollers from the likes of Adafruit, as well as tiny cheap computers like the Raspberry Pi.

Rounding out the top 10 programming languages are JavaScript, Microsoft’s C#, Matlab, Apple’s Swift, and Google-hatched Go. 

IEEE Spectrum notes that its list’s default weighting is optimized for “the typical Spectrum reader”, which might help explain Matlab’s presence there. It notes that Matlab’s high ranking may come as a surprise to some but “simply reflects the language’s prominence in hardware engineering”. 

The ranking is based on 11 metrics from eight sources, including CareerBuilder, Google, GitHub, Hacker News, the IEEE, Reddit, Stack Overflow, and Twitter.

Tiobe, which has its own language ranking index based on several search engines, has also published its results for September 2019. 

The top language, according to Tiobe, remains Java, followed by C, Python, C++, C#, Visual Basic .NET, JavaScript, SQL, PHP, and Objective-C. 

One notable shift in this month’s ranking is PHP, which looks set to lose its spot in Tiobe’s top 10 where it’s had a place since 2001. 

“From its start PHP was the Visual Basic for web design: easy to learn, easy to deploy, but mainly used by web designers with a limited software engineering background. The downside of PHP’s simplicity was that it was relatively easy to shoot security holes in it,” Tiobe analysts noted. 

They go on to note that Facebook, which was originally built with PHP, launched its alternative to PHP, Hack, in 2014 and since then JavaScript, TypeScript and Python have become the most popular languages for web development. 

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Credits : Gsmarena

Aside from the hardware challenges Samsung faced when developing the Galaxy Fold, the tech giant also had to think about the user experience and how the software will get along with the new form factor. Well, the Korean tech giant says it began development way back in April 2018 and collaborated with Google, other app partners and Android developers.

Right after the introduction of the Infinity Flex Display at SDC 2018, Samsung and Google set up test labs in several key cities across the globe and invited partners and developers to test out their apps on the foldable phone. And with the new Android 10, Google promises further optimizations to the foldable form factor.

With Android 10, we can expect improved resizable activities, multi-resume feature and Android Emulator to support multiple-display switching.

Some of the specially optimized apps for the Galaxy Fold include Amazon Prime Video, App in the Air, Facebook, iHeartMedia, Microsoft apps, Spotify, Twitter, VSCO.

Samsung is paving the way for future foldable devices so that the most commonly used apps behave well on the new flexible OLEDs.

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Credits : Techopedia

According to the TIOBE Index for August 2019, Java is still the top functional programming language skill most software development industry professionals are focusing on. C, C++, and Python aren’t far behind, either.

But does this list necessarily mean that Java is the best programming language to learn when you’re just starting out? (Read Top 5 Programming Languages For Machine Learning.)

Even if it is, does it make sense to learn that now if Python or another programming language like Groovy suddenly makes a giant leap as the must-learn language of the present and future? TIOBE reflected a 31-spot jump in the rankings for Groovy (up to 13th from 44th).

Is there or will there ever be a one-size-fits-all language that will become universal amongst all software development strategies?

These answers are better left with the tech experts.

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Credits : Gsmarena

OnePlus is now seeding the latest Developer Preview 5 for its latest phones – the OnePlus 7 and 7 Pro. As the name states, it’s a developer preview version of Android Q so it’s not stable enough for day to day use.

The changelog states that the new version improves the system functions and stability. It also adds OnePlus’ full-screen gesture navigation. The whole build is based on Google’s Android 10 Beta 6.

The known issues, for now, are mainly compatibility problems with some apps, including Google Pay. Users also report system lag and stability issues from time to time.

Although OnePlus doesn’t say anything about that, we are pretty sure that this would be the last Developers Preview update before the final version of Android Q arrives, which should be tomorrow, as per Google’s customer support chats. There’s also a rumor going around that OnePlus wants to release its software update shortly after Google’s but we will see if the developers over at the Chinese company will pull it off.

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Credits : Thehindubusinessline

Jet2 Travel Technologies Pvt Ltd (J2TT) has launched its global software development and innovation centre for and Jet2 Holidays in Pune, which will operate in a virtual captive centre (VCC) model. and Jet2Hholidays are the UK’s third-largest airline and second-largest tour operator, respectively.

Speaking at the launch of the incubation centre, Kevin Judge, IT Development Head, Jet2 Travel Technologies, said, “The Indian team would also have a great opportunity to work alongside our UK colleagues to get some unique international exposure. We are looking at hiring around 300 technical staff in Pune VCC in the coming years.”

VCCs are a fast emerging trend in India with international brands setting them up to attract top talent and maximise value delivery. Saurabh Limaye, Managing Director at J2TT India and CEO of Dataction Analytics, said, “VCC enables companies to reduce risks and gain access to top talent while reducing costs. This working model is gaining popularity in India because of the depth and breadth of technical expertise available in the country”

The VCC would assist Jet2 in its strategy to deliver innovative and industry-leading products with scale, experience, competitiveness and a customer-focussed approach. J2TT leadership team will work towards ensuring that Jet2’s global vision meets local execution to deliver success.

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Credits : techradar

Foxit Software, the company behind PDF reader Foxit Reader and PDF editorPhantomPDF, is forcing users to reset their password after it suffered a data breach.

The software developer has not revealed a great deal about the nature of the security incident, and has been somewhat vague about when it took place. In a security advisory, the company says that it “determined that unauthorized access to its data systems took place recently”.

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The notice goes on to say that a third parties managed to gain gained access to data ‘My Account’ data. This includes information such as email addresses, passwords, names, phone numbers, company names and IP addresses.

The company has not said whether passwords were encrypted or stored in a readable format, and has remained strangely quiet about the incident on its social media channels. 

Beware phishing

Foxit Software stresses that no payment information was exposed, but the news will still be concerning for anyone who has paid for software from the company. While users of its free programs do not have to save personal information to My Account, anyone who has paid for software is required to do so. Foxit warns users to be vigilant for phishing scams.

An investigation is underway to determine what happened, and Foxit is working with law enforcement agencies and data protection authorities, as well as conducting analysis via a security management firm.

Everyone affected by the data breach should have received a password reset email from Foxit Software. If you have not received such an email, or you are just concerned about the security of your account, you can change your password here. 

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