What is the Difference Between MVP and POC?

 

Did you know that 95% of new products fail?

There are many reasons why new products fail to resonate with customers, but one of them is that the market was not there in the first place.

This is where minimal viable products (MVPs) and proof of concepts (POCs) come into play. If you’re not sure of where MVPs and POCs fit into the world of lean startup methodology, you’ve come to the right place! 

In this article, we will look at definitions for MVPs and POCs, the circumstances in which to utilise them and how you can apply them to your lean startup.

Digitalization in Bank Industry

 

What are the advantages of digitalization in Banking?

Digitization is the conversion of data into a digital format with adoption of technology. Adoption of digitalization is very important for bank sector.

By embracing digitalization , Banks can provide enhanced customer services. This provides convenience to customers and helps in saving time. Digitalization reduces human error and thus builds customer loyalty.

Today, people have round-the-clock to access to banks due to online banking. Managing large amount of cash has also become easier. Digitalization has also benefitted customers by facilitating cashless transaction. Customers don't need to store cash anymore and cab make transaction at any place and time.