Fintech players will get a big opportunity
“In fact, it can give [fintech players] good business,” said Arun Jain, chairman and managing director, Intellect Design Arena Ltd. “Fintech companies should get better opportunities, not immediately, but in the next two-three years. The positives will be much better than compared with where we are today,” he said. Bank mergers, for one, could mean lesser number of large clients to sell to, according to him. “Mergers would reduce the number of banks in operation which, in turn, would de-congest the market with a handful of fintech players vying to sell the same solutions to limited number of banks.” As per indications emerging from the Centre, three or four banks could be merged with a stronger bank in a bid to address the issue of burgeoning non-performing assets that had been plaguing the sector for a while now.
What Are the Real-World Business Needs That AI Can Help Solve?
The greatest nightmare for financial services enterprises is any breach in policy, regulation, or security. These companies have massive investments in these areas so that breaches don't happen. AI-enabled applications can help to keep a strict regulatory oversight to ensure that all policies, regulations, and security measures are being sincerely followed while designing and delivering any financial service. AI tools can also learn and monitor users’ behavioral patterns to identify anomalies and warning signs of fraud attempts and occurrences, along with evidence necessary for fighting crimes required for convictions in the court of law. ... Fraudulent claims are widespread for insurance firms. Around one out of every ten insurance claims are found to be fraudulent. Insurance organizations spend millions to identify and detect these frauds.
Where human intelligence outperforms AI
A search engine query can quickly tell you a lot about VLC, its history, a few of the major players, and some published research in the field. But to make a business decision about whether to invest tens of millions of dollars in developing and marketing VLC products, Philips needed the experi8ence, insight, and business judgment of human experts who could assess the size and scope of the market opportunity as well as the best “white space” innovation areas for the firm. Bet-the-company decisions like that should not be left to an algorithm, said Philips’s Hinman. “AOP produced actionable intelligence that enabled us to make informed decisions regarding innovation focus, invention generation, and potential acquisitions.” To be sure, the robust AI systems now being designed and implemented do more than simply answer search queries.
How psychology is shaping better machine learning
A simple way to make bots work in your favour is to simply turn your FAQ section of your website into an interactive question and answer bot conversation your customers can engage with to quickly find a solution, Millward suggested. “You need to think about whether leveraging a bot actually adds value – it might not work on complex complains necessarily customers,” she said. “But if you can translate your FAQs into an interactive chat and the bot answers the questions your customers ask – then it could work as it gets the answer quickly to your customer.” AI is also currently working well in a customer service ‘triage’ environment, Millward said. While it might not offer all the answers to customer queries, it can direct the customer down the right channel, whether it is to a bot or a huma.
British workers would be happy to have a robot boss
With tech boffins like Bill Gates saying they want the robot bosses of the future to be taxed, it would appear most Brits also agree. The poll found that the majority of working Brits (57 per cent) believe that robot bosses should pay tax, agreeing with the statement ‘if they’re replacing the role of a person, the company owning the robot should be taxed the same.’ However, on the contrary, 43 per cent feel that robot bosses shouldn’t pay tax as ‘it would set a precedent, as other technology doesn’t get taxed like a person.’ Ed Molyneux, CEO and co-founder of FreeAgent – who provide award-winning cloud accounting software for freelancers, micro-businesses and accountants – says, ‘Although it might be many years before we see physical robots taking over the workforce, many workers are already anticipating the changes that automation will bring in the years ahead.
Is Blockchain Technology Really the Answer to Decentralized Storage?
Storing data on a Blockchain like Bitcoin would be doable, in theory. However, Bitcoin’s current blocksize limit only allows for 1MB of data to be stored every 10 minutes. Even if you remove that limit, nodes will eventually stop being able to maintain a copy of the Blockchain due to its size, resulting in a centralized and easily-disruptable network. Of course, the scalability problem hasn’t deterred developers from trying to use the Blockchain as a storage solution and a project called Archain may just have found a solution. Archain is a cryptocurrency project that wants to address online censorship by creating a decentralized archive for the internet. To do so, Archain will leverage a new Blockchain-derivative data structure, the "blockweave" which according to the whitepaper, allows the network scale to an “arbitrary size."
3 Ways Blockchain Will Transform the Internet of Things
Companies can improve the security of transactions that will occur among IoT devices by establishing online reputation systems. For example, the automotive industry faces this issue with the proliferation of security vulnerabilities in connected devices, as IoT devices made from different manufacturers used with cars do not necessarily have the same security measures. Businesses and clients can verify the validity of the person or system trying to access the connected car via blockchain technology that establishes a reputation system online. A reputation system for connected devices helps to establish trust based on past transactional history. This impacts security by reducing risk, which helps to increase security. This becomes even more important as autonomous cars and connected car adoption increase to improve productivity and the on-time delivery of online orders.
9 Ways to Lead as a QA Manager
Getting the latest and greatest certifications, staying current with IoT testing and TDD/BDD, or learning a new programming language- all of these are likely to come to mind for ways to develop new skills, stand out in your department, and have a bigger impact. But what if you felt like you already had all the skills you needed? What if your whole team felt this way? When QA managers empower their teams to come to the realization of “I have all the skills I need and now it’s time to apply them,” it’s not for purpose of egomaniacal overconfidence, but for choosing to uplevel the softer skills. In addition to technical professional development, QA managers and test leads must work on their ability to create a valuable, creative team. That happens through a mix of understanding one’s own role, knowing when to step back and when to step in
IoT Security: The EdgeX Advantage
Created to build an open framework for IoT edge computing, EdgeX Foundry addresses the risks created by IoT’s complex interplay between multiple devices, connectivity protocols, applications and tools. This complexity is already fragmenting the nascent IoT market into competing segments, each promoting a different set of standards and frameworks. The resulting lack of a common framework makes it increasingly difficult and costly to develop pluggable services for capabilities such as security and management in a consistent and interoperable way. EdgeX Foundry couldn’t come at a better time, as architectural models such as fog computing emerge to bring data collection, storage and compute closer to data in devices and sensors.
Behind the glare of recent hacks, some companies actually paying homage to data protection
While ex-Equifax CEO Richard Smith recently said the thought of a hack kept him up at night, it seems his words were more a revelation that he was sleeping during the work day. Meanwhile, Jim Routh has been wide-awake during his day job as Aetna's chief information security officer. He is overseeing a new authentication system to replace passwords and providing a bright spot for a health-care industry often criticized for its inadequate security. ... And Google increased the lumens shining on its security game, according to news reports, with a forthcoming hardware-backed authentication system using cryptography to protect at-risk users such as corporate executives, politicians and others with heightened security profiles.
Quote for the day:
"Tact is the ability to make a person see lightning without letting him feel the bolt." -- Orlando A. Battista
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