Tag Archives: AI

AR/VR

How emerging technologies can enable the ‘next gen’ of education

In 2021, online learning platform Coursera reported 20 million new learners in the year, equal to the total growth of the three years prior. The COVID-19 pandemic triggered an exponential jump in the already upward trajectory of online learning. Work from home, virtual classrooms, and time to pursue learning new skills saw the US record the highest growth in online learning with more than 17 million registered learners followed by India, Mexico, Brazil, and China.

Amid the devastation caused by the pandemic, governments, teachers, students and corporates benefited by accelerating digitalization efforts. For sure, today’s generation of digitally native learners lapped up this transition by educators. And although initially resistant, teachers discovered digital tools to be welcome assistants while managing schedules, keeping parents included, and doling out and marking assignments. The forced adoption of digital technologies accompanied by wider access to smartphones, made online learning accessible and affordable to larger masses globally. The shift to remote working also saw more professionals sign up on digital learning platforms to upskill and keep pace with the evolving demands of the workplace.

With the global EdTech and Smart Classroom market size expected to reach US$ 259.07 billion by 2028, the future outlook for eLearning platforms and EdTech is bright. Touted to be the mainstay of education in the future, smart classrooms will rely on a wide range of teaching tools and technologies to assist the learning experience end to end. Companies, on their part, already heavily invest their learning budgets in online resources for their workforces. A lot depends, however, on how much EdTech companies invest in the right set of technologies that fulfil the expectations of educators and learners. Their solutions must help the teaching community reduce the burden of administration and deliver affordable, quality education.

The top use cases of emerging technologies that will redefine education and the learning journey include:

Modern learning is student centric. It’s about each student getting to choose what and how to learn, anytime/anywhere, at their own pace, receiving personalized feedback, and accessing tailored recommendations based on their interests, capabilities etc. With the education sector finally on board with digitalization, EdTech offers a delightful range of possibilities to make learning experiences student-centric.

Surgent CPA Review, for example, is an AI-driven, adaptive learning exam prep course. Its proprietary algorithm evaluates performance on questions, student learning styles, exam date available study hours etc. to produce tailor-made study plans. Prodigy is an educational math game that’s becoming popular globally because it can customize content that allows for different learning styles to address specific areas that pose learning difficulties.

Edtech as a teaching assistant

Technology that enables adaptive teaching and learning experiences plays a critical role as it can deliver personalized, updated content that is focused on the unique needs and abilities of each learner. It can also assist teachers across all levels of education. AI supported by machine learning can be used to automate daily administrative tasks like grading/assessments, plagiarism checks, report generation thus freeing up time for teachers and trainers to focus on improving core aspects of their course content and teaching methods . For instance, LEAD’s app for teachers comes with customized curriculum, consistent lesson plans across all partner schools, and a handy AI-driven system automatically generating assignment status updates and assessment reports.

Georgia State uses Jill Watson, a human-like yet affordable AI assistant to respond to student queries round-the-clock. An elementary school in New Jersey uses an AI-based teaching assistant to help teachers figure out problematic areas of learning mathematics and fine-tune learning methods for each young learner.

Learning companions to improve the inclusiveness of education

Assistive technology is increasing in acceptance as educators are able to extend the learning experience to students who are unable to attend regular classroom sessions. Those with special needs require simpler, easy access to educational content and personalized monitoring because of certain developmental challenges. For example, robots are helping preschoolers with autism practice non-verbal communications skills. The biggest advantage offered by these robots is that they can engage each student with the kind of individual attention and assistance required to help ease their learning journey.

Research is also being conducted to use Artificial Intelligence (AI) for improving learning for those with visual and auditory challenges. For example, the National Technical Institute for the Deaf, housed at the Rochester Institute of Technology, has developed an app that turns speech into text to help deaf/hearing impaired persons interact more easily. This was in response to the communication barriers that came up for persons with hearing difficulties when face masks became compulsory during the pandemic.

[su_youtube url=”https://youtu.be/QuKIWUEd_w4″]

ASL TigerChat explained

Another use case of AI that can be a game changer in special education is detecting patterns in large amounts of data and applying these insights to identify and define certain disabilities like dyslexia with greater accuracy.

New immersive experiences shaped by technology

Research suggests that learners retain knowledge better when they are taught using multiple modalities and delivery methods. Both formats are likely to coexist in the future.

With video becoming a popular means of consuming content, digital devices and broadcast technologies finally have an opportunity to converge. OTT platforms and 5G connectivity in combination can deliver higher quality video at reliable speeds. Through the possibilities unlocked by live streaming in 4K and 360-degree videos, learners will be able to consume educational content of their choice at an enhanced level of immersiveness and engagement in multiple formats and modes.

Augmented Reality (AR) can help medical interns fully immerse themselves in training and practice, via virtualization, of a complex surgical procedure without putting any lives at risk or incurring huge expenses in the real world. NASA teaches budding astronauts how to take a walk on Mars employing visuals generated through AR. The Metaverse too will enable close to real-life experiences, a safe way to simulate learning experiences until a desired outcome has been achieved. It provides another dimension to educational storytelling and gamification to make learning more fun and engaging. For example, Arizona State University and Dreamscape Immersive, a VR entertainment and technology company have collaborated to create virtual zoology labs for an explorative learning approach inspired by the metaverse.

Gamifying education

As learners of every age are becoming more digitally savvy, gamification ensures engagement in a highly personal and interactive manner. Kindergarten can become more enjoyable with interactive games catering to young learners. Like Pearson’s interactive education app, which is brimming with images, videos, and interactive games at varying levels, difficulties, and types, to offer fully immersive learning, individualized experiences for children – each gets their own avatar and personalized learning journey. At the same time, teachers, and parents can track the child’s progress easily.

Traditional learning methods can be gamified and infused with elements of fun and healthy competition through interactive quizzes, dynamic leader boards, reward systems, badges to acknowledge and motivate learners. For example, Tinycards has gamified the flash card learning technique and made it more enjoyable. As the learner advances through the cards, their progress is tracked and earns them brownie points for every milestone achieved.

We are rapidly entering a future where education will find its place in a hybrid environment – the offline and online formats will coexist and support each other by bringing the best of their respective worlds. Rather than being seen as a makeshift alternative to physical/classroom learning, EdTech can potentially become the enabler of a robust and resilient system of education, acting as a multiplier to the current in-campus models. With the ability to extend the reach of education across geographies, reduce the burden on teachers, and include those sections who earlier did not have access to learning, the convergence of education and EdTech will see a new era emerge.

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Mobile Technologies

6 Dating App Trends in 2023 – Right Swiping Technology to find Perfect Match

Since the dawn of time, pursuing their significant other has always been one of the life purposes of a living being. Be it humans, animals, birds, or mammals, all go through this natural order of mate selection to populate their species. While animals and birds and others usually fight it out to present themselves as the strongest candidate, things have become much easier in the case of humans – all thanks to technology and dating apps.

Cavemen and medieval men used to fight and duel over the approval of a woman. Nowadays a quirky bio and just a right swipe is enough.

The 90s saw a rise of matchmaking websites in India as well as globally with shaadi.com, bharatmatrimony.com, match.com, and others. They started out as preferred online medium to find suitable matches according to social compatibility like caste, culture, region, language education, etc. But very much like Netflix took over Napster, Tinder’s mobile first platform-based approach took over existing linear based models to become the popular choice of dating medium. Globally, Tinder was the highest grossing non-gaming app in 2017.

The online dating market showed no signs of slowing down during and after the pandemic and have been valued at US$12.37 billion in 2021. It is now expected to be worth US$28.36 billion by 2027. We are seeing an influx of dating apps such as Bumble, Hinge, Grindr, Hily, Clover, Plenty of Fish, etc. They all come with their own unique proposition of finding matches for their users. As the dating behaviors of users change with time, these apps adapt to these changes and provide what their users need.

Trend is in the app

Trends are nothing but a general direction of change in something. The biggest transition we can see in the dating scenario is that now people are being more selective of who they go out with.

A recent survey shows “61% of daters use an online dating app to meet people that shares common interests, 44% of daters use an online dating app to meet someone who shares their values and beliefs, and 42% of daters use an online dating app to meet someone for marriage”.

These numbers indicate the current mindset of people regarding their partner selection by the dating app.

The pandemic caused a lot of mental, emotional, and physical stress upon people. As a result, people had more time to reflect on their needs and priorities. The dating apps acknowledged their users’ priorities and introduced several technology-driven features to heed their needs. Below are some of the noticeable CX and behavioral trends among daters and dating apps-

#1 Let’s take it slow

While the pandemic forced people to stay inside, the dating apps didn’t suffer its consequences. In fact, research by Sensor Tower shows that dating app downloads grew 3% Y/Y in Q4 of 2020. The same research also indicates the average age for dating apps has steadily declined in recent years. The declining average age was more visible from the Q1 to Q3 of 2020.

Dating app average age of users during pandemic

Source: Sensor Tower

There are new dating terms that are making the rounds among young users from millennials and Gen Z – Dry Dating, Hesidating, Slow Dating. All terms coined due to the unwillingness of people to go all out with complete strangers.

According to Tinder’s CEO, Renate Nyborg, Gen Z consists of more than half its user base and they eventually want to take things slow in dating. Their idea of ideal dating scenario is different from millennials as they want to know their potential matches better before committing themselves romantically or meeting them. Tinder launched different intent-based swipe features for its users. They can now match by adding “Passions, Prompts and Vibes” to their respective profiles. All things helping matches to know each other better without any romantic expectations and then only take things further if “vibes match”.

#2 Discretion for safety reasons

Dating apps leveraged their digital capabilities to remain competitive in the times of full lockdown. As in-person meetings were not possible then, dating apps introduced in-app video call features for locked-in individuals. The nimbleness of dating apps to adopt to a change was one of the reasons their demand didn’t go down like other businesses.

But as people are using the video call features more and more, it raises the question of privacy and safety. This resulted in many dating apps now offering discreet video call features where users can video call with their blurred faces or silhouettes. The new video call feature also takes user’s permissions before connecting a call for increased discretion. Due to heightened safety concerns, many dating apps started taking different measures to address those. S’More defines itself as an “anti-superficial dating app” as it doesn’t straightaway reveal the image of its users. The profile image appears as blur initially and gets clearer as the conversation continues between matches.

Smore dating app

#3 Minimal efforts maximum gain

Almost all the freemium dating apps like Tinder offer a limited number of free swipes per day to their users. However, the introduction of AI based recommendations has increased the likelihood of users being hooked to the app. AI and ML learn from user’s personal data and preferences to ensure every match has the possibility to be “the one”.

There are over 300 million dating app users worldwide with about 20 million subscribed to one of their premium features. It creates an opportunity for dating apps to increase the likelihood of in-app purchases by offering more value or better matches to their users.

#4 Inclusivity for exclusivity

The huge popularity of value-driven, niche dating platforms in recent years have indicated a change from mindless swiping by global users. People now prefer quality over quantity and are looking for dating apps where they “truly belong”. There are already successful apps like Grindr catering to gay, bisexual and bi-curious men. Similarly, there are other niche dating apps that cater to either sexual preferences, hobbies, or interests of users.

Dig – for dog lovers is a niche dating app consisting of only dog loving users. It totally eliminates the concern of daters about what their match would think about their favorite pet.

Veggly is a dating app specifically for vegans and vegetarians.

Tastebuds is especially built for music lovers who match and can immediately start discussing their favorite artists, bands, etc.

BLK is a dating app for Black singles in the black community. It strives to create a warm, inviting, supportive, and inclusive space where Black love is celebrated and respected in all its forms.

Her dating app is specially built for lesbian, bi and queer community. The free version of the app lets you add friends, view profiles, start chats, view events, and join communities.

Other popular apps like Tinder, Hinge, Bumble have taken cues from this and redesigned their apps to included more sex orientation selections, more varied interests, suggestive bios to showcase on a profile.

#5 It’s a social thing now

One of the most difficult steps in online dating is the talking phase where you try to find common things to talk about. That’s when you feel the need for a friend to support you and guide you. Dating apps like Fourplay encourage people to form a tag team and team up with two more as they start messaging each other.

Thursday app helps skip the talking phase altogether and brings the online dating community directly offline. It hosts secret parties where only singles are allowed. The most likely scenario is a person would be taking along one of their single friends to these events and “socialize”. Ship (now discontinued) allowed users to become a matchmaker and find a suitable match for their friend. It also offered a group chat feature for better validation of the potential match.

Thursday dating app

#6 Gamification could be the key

Tinder’s “Swipe Night” was a huge success. It allows the user to solve a mystery based on game narration and first-person adventure. User’s choices allow to dictate the story and reveal different answers based on that. It then allows users to highlight their game answers in their respective Tinder bios. They are more likely to match with people who have similar answers and thinking patterns

Bumble introduced sets of recommended ice breaking questions to help matches get over the initial nervousness and start talking. Both users answer one of the chosen ice breaking questions and match their answers. Based on the answers they can carry forward their conversation.

Technology – the ultimate matchmaker in the digital era

Dating apps are indeed tech companies leveraging technology to offer social values. The fast adoption of newer technologies and digital transformation in every industry can be seen in dating apps as well. Dating apps are now taking advantage of cutting-edge software and technology such as AI/ML, VR, Metaverse to provide a whole new experience in dating to its users. Let’s take a deeper look at how these technologies are playing a matchmaking role in our dating lives –

AI/ML

Earlier Tinder used an ELO algorithm for matching profiles on the platform. It worked on a weightage system where users with most right swipes had a better probability of finding matches quicker. It then now moved away from this and now relies on a “dynamic system” that monitors the user behaviors on the platform through their swiping patterns and what’s on their profiles. Although not mentioned clearly, this dynamic system could be all but AI and ML deployed by Tinder for matching profiles.

“In a recent interview, Jennifer Flashman – Tinder’s director of analytics, explains that in leveraging AI to build better user experiences, it’s become clear to her that the future of dating will increasingly occur over texts and DMs rather than blind dates and phone calls. As this shift continues to accelerate, here are the top reasons she thinks companies are “swiping right” on AI in dating—and why other industries should be figuring out how to swipe right!”

AI and ML are already creating efficient and smart business processes in different industries. It has potential to transform the dating industry as well. The dating app Hinge employs machine learning as part of its algorithm by suggesting a “Most Compatible” match to its users.

5G

5G with its increased bandwidth, reliability, and speed has made it possible for dating apps to introduce more video-based features in their apps. Although the main beneficiary of 5G services is the OTT industry. But dating apps also can enjoy a few benefits of 5G. Dating apps now offer buffer-less video call, uninterrupted live streaming, Netflix party, etc. to their users for increased engagement. With time we can only imagine other benefits 5G and its subsequent updates may bring to the dating world.

Blockchain

The two founding principles of blockchain are full transparency and immutability. These two factors can play a major role in verifying user identities in dating apps while maintaining the option of privacy.

German company Hicky was one of the first to introduce blockchain based dating app back in 2018. It was built to ensure security and incentivize good behavior of its users.

Luna works on a tokenized dating system and incentivizes people to choose their contacts more carefully.

Ponder uses blockchain-based recommendation system and game mechanics in its app. It also offers financial rewards to motivate everyone to play matchmaker for their friends.

Ponder dating app

VR and Metaverse

The possibilities of Metaverse are endless for daters. It opens the gate to a whole new world of possibilities for them. Dating in metaverse framework depends on the idea of avatars, an advanced articulation of an individual. Nevermet strives to find matches for people in the Metaverse and VR. Dating applications with a metaverse framework depend on the idea of avatars, an advanced articulation of an individual.

Read more: Metaverse or MetaAverse – A Design Thinking Approach To Future Digital Ecosystems

Finding meaningful relationships in virtual platforms like online gaming is nothing new. But VR dating apps like Flirtual and Planet Theta provide the feeling of being physically present with others as well as bring a significant portion of body language into the mix.

VR technology enables the users to connect with their matches authentically in fantastical environments that are impossible to replicate in the real world. People can visit any location, go to any bar, play with unicorns, all on their first date.

Find your ‘lobster’

Contrary to popular beliefs, it’s the nerds that get the dates. Quite literally!

Being tech companies first, the top dating apps are always in an advantageous position to pivot and redefine their value proposition. They continuously vie for users’ attention and roll out new features whenever deemed necessary. Bumble and Hinge rolled out their new voice prompts while Tinder is working on a social mode called Swipe Party. Bumble also recently had its first acquisition in Fruitz – described promptly as a “Gen Z dating app”.

There is still a large untapped market out there waiting for something in their niche. Currently we have over 1500 dating apps or websites worldwide and with new apps quickly emerging, nothing is certain for established big players. There are plenty of fish in the sea if you have the right strategy in place to catch them. The dating industry is facing a real need to embrace innovation or get overshadowed by newer dating apps with fresher ideas and newer technology behind them. Dating apps have the impetus to improve their transparency and provide users with a more complete experience.

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Mobile Technologies

5 Key Takeaways from LendIt Fintech 2018

Last week’s LendIt Fintech event was a great gathering of Banking, Fintech and Lending professionals from across the globe.

Industry experts covered everything from the future of the banking industry in a digital age, to blockchain and the application of AI and machine learning in the financial services domain.

Here is a roundup of some of my key takeaways from the event:

Banking in a post-digital age – being always present for the always-on customer

The banking and the financial services industry is going through a pivotal time. The most critical reason is the changing digital preferences of the always-on customer. Owing to the changing customer preferences and innovations happening in the industry, financial enterprises and banks are compelled to re-imagine the conventional way of connecting with their customers.

Digital is where today’s generation spend a vast majority of their day and the vast majority of their time. An average adult spends about 4 hours a day on the digital platform, checking their smartphone 150 times a day. And, smartphones are not the only connected devices customers are present on – there are wearables, smart speakers, smart cars, smart TVs and the list goes on. It is expected that by 2020 there will be 30 billion connected devices. It is no longer about being present on the digital medium; it is about building a personal relationship with the customers.

As Avid Modjtabai, of Wells Fargo, points out in her talk:

‘It is about developing a profound level of insight into every customer and connecting with them when and where they need us — with experiences that make a difference in their lives.’

Today’s customers share a great deal of information about themselves with enterprises, with the trust that these enterprises will manage and leverage this data to make their lives simpler. This gives enterprises the opportunity to go beyond the transactional relationship with their customers and make it personal.

Banks have to make sure that they are innovating at the same pace as their customers see in other walks of life.

Here are the few ways banks can achieve this:

 

Image source: Lendit.com

Smarter Data

Enterprises have access to over 375 petabytes of data on customers’ behaviour and preferences. To put that into context, one petabyte can store the DNA information of the entire US population and clone it two times over.

With bigdata, we can make this data work and work harder on behalf of the customers.

According to PwC – 46% of the banking customers are digital-only. This is a huge opportunity for the industry to deliver a contextualized, hyper-personalized experience at the moment wherever they are.

In the future data and AI together can:

  • Enable customers to manage their money with just voice.
  • Give intuitive tips that would help customers plan their finances.
  • Help in underwriting and fraud management.
  • Look at the cash flow patterns of customers and give relevant in-the-moment insights.

Next-Gen ID management

Customers trust banks to secure their assets. Identity management is a core component to manage that trust. With customers linking their IDs and financial accounts to a lot more apps and devices, ID management has become more and more complicated and important.

There are about 60 records that are lost or stolen every second, and that adds up to a humongous 5 million records every day.

With a growing number of security and identity breaches, it has become essential for banks to verify every customer at each and every interaction. Today, financial institutions are moving away from knowledge-based authentication to more advanced processes like biometrics, geolocation tracking, device finding technologies, leveraging AI to look at patterns, etc. This combination of technology is making the process much simpler and secure for customers.

Frictionless payments

Technology has transformed the commerce and transactions landscape. Today consumers want their transactions to be integrated and seamless and expect the payments’ process to be done in the least possible steps.

Technology has reinvented commerce. For instance, in Sweden, cash accounts for only 2 percent of all the payments and half of Swedish bank branches are cashless today.

It is imperative for industries to develop simpler and fast-moving money movement capabilities and experiences. Banks have the capability of being pioneers in this area, and some are raising the bar higher, e.g. Zelle P2P payments from Wells Fargo, helps customers transfer money between participating bank accounts in real time.

Transcending channels

Today customers are always connected, and they expect that from enterprises they deal with as well. Customers want to talk to their banks in the moment of their need – this model is changing the way financial institutions have been thinking about channel and distribution.

Also, banks have to make sure that they are not just available when the customers need them; they also give the customers the choice of communicating with them in the way they wanted, e.g., Apple announced Apple business chat with Wells Fargo. It enables customers to chat with their banks through the same messaging app in which they are talking with their friends and family.

Fintech collaboration

Today technology is not just an enabler but is a differentiator for enterprises across industries. And, hence Fintech collaboration is becoming increasingly important for banks. In the coming years, most product innovations will come from fintechs and banks working together.

Finding the right ‘Product Market Fit’ in Fintech is important:

In this digital era, Fintech is more about the ‘Fin’ and less about the ‘Tech’. A lot of financial enterprises build products with ancient infrastructure with a thin layer of UI on it. It is important to find out the right Product Market Fit in Fintech. Instead of looking for a market first, enterprises should aim at finding out the problem that they are going to solve, build a great product around it and then focus on consumers where the product is a right fit.

Here are few tips from Andy Rachleff, co-founder and executive chairman of Wealthfront, to make sure that you find the right Product-Market-Fit:

Understand the What, Who and How before building a product

Three crucial pillars of building a great technology product are finding the answers to these three aspects:

  • What – what are you going to build?
  • Who – for whom is it relevant?
  • How – what is the business model?

Most enterprises do not realize that they shouldn’t iterate on the ‘What’ too much. It is essential for entrepreneurs to identify an inflection point in technology and build a great product around it and then identify the market that needs the product.

Be unconventional

Trying to do better what someone else does is a path to mediocrity. In a technology-led industry, it is important that enterprises innovate and create differentiation for themselves.

Customer delight is the greatest form of advertising

In the journey of product-market fit, paid advertising and customer acquisition can mislead enterprises into thinking that their products are doing well when in reality they aren’t. Further, advertising is a fixed cost, and for small and medium-sized enterprises it means investing in that fixed cost hoping that the market is big enough to take care of that fixed cost. Enterprises should aim at exponential and organic customer growth and invest in infrastructure and build a robust technology first. A great product will delight customers, and that will ensure word of mouth and organic growth of customers.

Not every product idea will work

It is important for enterprises to realize that not every product idea works, some of them are bound to fail. However, it is critical to identify the ones that work and doing all that you can to make those successful.

Bitcoin and cryptocurrency – a vision for the future

In January 2009, the Bitcoin network came into existence with the release of the first open source Bitcoin client and the issuance of the first Bitcoins, with Satoshi Nakamoto. Since then, the number of businesses accepting Bitcoin continues to increase, and along with it, the industry expectations on the currency continue to be bullish. In fact, even the Mt. Gox fraud of Bitcoins, led to just a drop of 15% in the value of the currency.

How Bitcoin will change the future of banking

The transactions that happen beyond the medium of the banks mostly remain unbanked. Bitcoins can help in bridging this gap and make the unbanked transactions a part of the real economy. Further, Bitcoins help the movement of the currencies easily from one country to another without the need to convert it. Also, it is easier to catch fraud if a transaction is happening via Bitcoins.

Governments across the globe will recognize Bitcoins’ potential

There are a lot of regulatory issues around Bitcoin as of now. However, in the coming few years governments will make it easier for the people to deal with Bitcoins since governments compete for money, entrepreneurs and people, e.g. South Korea made Bitcoins illegal and then they realized that 40 percent of their population already has a Bitcoin wallet, so they had to ease out their regulations. Since the regulatory requirements are not so stringent in the developing economies, they are a potential market for Bitcoins.

Bitcoins will be the new normal

While established financial and payment enterprises aren’t supporting Bitcoins since they already have an established system, companies like Coinbase will become the banks of the future.

Applying AI and Machine Learning to Financial Services Using the Google Cloud

In 2010, Deepmind a start-up created a neural network that learns how to play video games in a fashion similar to that of humans and Neural Turing machine.

Google foresaw how neural networking and AI would change the future of technology forever and acquired the company in 2014.  They started experimenting with this technology and reinvented how Google works internally.  Initially, Deep Learning was used in image recognition through Google photos. In 2015, the technology advanced to not just recognize the targeted image but also the environment (or pixels) around it and further change it.

Deep Learning

Applying AI and Machine Learning

Image Recognition

Image Recognition

Image source: Lendit.com

In the coming years, the technology was used for reading and writing through an auto response to Gmail and voice recognition.Today Google is using AI and Machine Learning to identify user behavior patterns and give output accordingly on Google’s ad network.

User Behaviour Patterns

Image source: Lendit.com

How AI and Machine Learning can change the financial services landscape

Machine Learning can ingest a humungous amount of customer data, structure it, process it and convert it into tensors. These tensors can be then used to train a machine learning system and deliver customized results.

How AI and Machine Learning can change the financial services landscape

Image source: Lendit.com

Financial services can use these techniques of Machine learning and AI to

  • Analyze their customer lifetime value (CLV) better.
  • Define where enterprises can target campaigns to engage most with their customer set.
  • Prioritize customer interaction based on the CLV.
  • Build more efficient processes by using the technology see and fill forms; and also work on quality assurance processes.
  • Read documents and analyze compliance with documents.
  • Listen and speak to customers and shorten the time from enquiry to resolution.

The emergence of the Internet of Value

The Fintech space is evolving very fast. With technologies like blockchain coming up, the fundamental shift that is expected to happen in the coming few years is the emergence of Internet of Value.

This means that financial assets and money will start moving as efficiently as data has been moving in the last 25 years.

The biggest change that blockchain will bring is the complete inter-operability between all the money, systems and the ledgers of the world.

Correspondent banking will dissolve

Today, if someone wants to transfer money across the globe, they have limitations of taxes and time. This issue becomes more prominent when the transaction amount is smaller. Technologies like blockchain will bridge this gap.

Interoperability of data will fasten the pace of globalization

There are three main keys to achieving true Globalization

  • Interoperability of data
  • Interoperability of good
  • Interoperability of money

While we have been able to achieve the first two, we are still lagging behind when it comes to interoperability of money. Blockchain will help in achieving this. The interoperability of money will also be followed by the emergence of IoP or Inter ledger protocol, which is IP or standardization process for ledgers.

Convergence of technologies will make Fintech simpler

The number of smartphone users has been rising and will continue to grow in the coming years. According to the World Bank, in the coming few years every adult in the world will have a digital bank account on their smartphone.

Today, there is the technology and the device, however finding out a link that will wire all of this together is missing. In the coming years, the Fintech industry will figure that out through the interoperability of monies.

Regulators are supporting systems that make sense

Governments across the globe are working towards inclusion of the people and developing economies which are not connected to the world economy today. Digital currencies and enabling regulations by these governments will help in achieving that. Most payments will be machine to machine once the interoperability and developing world problem is solved.

Data security and privacy will be of utmost importance

As the demand for digital assets grows, governments will also make sure that data privacy issues are addressed. New and stringent laws will be introduced. California consumer privacy act is coming out this year and EU GDPR privacy laws etc. are some steps in this direction. We are in the best of Fintech regulatory environment right now.

Currencies will have more use cases and will be more liquid

ICOs are problematic because currencies need to be as liquid as possible and have as many use cases as possible.That will drive value and utility. The early beta of this is cross-border payments but this is just the beginning, and we will see more such use cases of currencies coming up.

Conclusion

The banking and the financial services is at a turning point right now. This year’s LendIt conference gave us a detailed view of the future the industry is moving towards. With changing customer behaviour, technology advances and innovations there lies exciting times for the industry ahead.

You can find more about the event here.

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Mobile Technologies

Mary Meeker’s Internet Trends Report 2017: a mobile marketing perspective

Mary Meeker’s Internet Trends report is widely anticipated, analyzed and discussed by the tech & business world. This year too the report has tonnes of insightful data for the world of mobile, technology, internet and commerce. Here are some key takeaways from a mobile marketing perspective:

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