Rust on the Rise: New Advocacy Expected to Advance Adoption
Recent advocacy and research efforts from agencies like the National Security
Agency (NSA), Cybersecurity and Infrastructure Security Agency (CISA), National
Institute of Standards and Technology (NIST), and ONCD “can serve as valuable
evidence of the considerable risk memory-safety vulnerabilities pose to our
digital ecosystem,” the Rust Foundation‘s Executive Director & CEO, Rebecca
Rumbul, told The New Stack. Moreover, Rumbul said The Rust Foundation believes
that the Rust programming language is the most powerful tool available to
address critical infrastructure security gaps. “As an organization, we are
steadfast in our commitment to further strengthening the security of Rust
through programs like our Security Initiative,” she said. Meanwhile, looking
specifically at software development for space systems, the ONCD report says:
both memory-safe and memory-unsafe programming languages meet the organization’s
requirements for developing space systems. “At this time, the most widely used
languages that meet all three properties are C and C++, which are not
memory-safe programming languages, the report said.
The Power of Hyperautomation in Banking
Hyperautomation improves the operational efficiency within banks significantly
as it helps in automating routine processes, that include document processing,
transaction reconciliations, data entry, decreasing the requirement for manual
intervention. Therefore, this not only augments processes but it also reduces
errors, leading to a more reliable as well as cost-effective operation. Banks
can use hyperautomation to offer personalized, 24/7 services to their customers.
Chatbots & virtual assistants powered by Artificial Intelligence can respond
to inquiries as well as perform transactions around the clock. Faster response
times coupled with the ability for tailoring services to separate customer
requirements leading to enhanced customer satisfaction as well as loyalty.
“Hyperautomation facilitates organizations to improve customer experience by
reducing the friction in user self-service applications and streamlining broken
onboarding processes. It enables faster support and sales query resolution
through relevant integrations, AI/ML, and assistive technologies,” says Arvind
Jha, Former General Manager – Product Management and Marketing, Newgen
Software.
What Is Data Completeness and Why Is It Important?
Data completeness is an important aspect of Data Quality. Data Quality is a
reference to how accurate and reliable the data is overall. Data completeness
specifically focuses on missing data or how complete the data is, rather than
concerns of inaccurate or duplicated data. A lack of data completeness is
normally the result of information that was never collected. For example, if a
customer’s name and email address are supposed to be collected, but the email
address is missing, it is difficult to communicate with the customer. ...
Missing chunks of information restrict or bias the decision-making process.
Attempting to perform analytics with incomplete data can produce blind spots
and biases, and result in missed opportunities. Currently, business leaders
use data analytics to make decisions that range from marketing to investment
strategies to medical diagnostics. In some situations, data missing key pieces
of information is still used, which can lead to dangerous mistakes and false
conclusions. Assessing and improving data completeness should be done before
performing analytics.
A socio-technical approach to data management is crucial in our decentralised world
To improve the odds of successfully building an effective data management
strategy, working with a trusted and experienced data partner to help shift
the organisation’s data culture is a crucial - and often missing - step. The
Data and Analytics Leadership Annual Executive Survey 2023 found that cultural
factors are the biggest obstacle to delivering value from data investments.
Data fabrics, meshes and modern data stacks will continue to consolidate an
increasingly decentralised world by making the management of data easier.
However, to ensure control over security and governance, and to extract value
from data that is trustworthy requires a tactical shift to what we call a
socio-technical approach. In other words, any strategy must be made up of an
investment in people, process and technology to be successful. This is because
data management involves more than the technical aspects of data storage,
processing and analysis. It also includes the social aspects of data
governance, change management, data quality management, user upskilling and
collaboration between different teams. Organisations that know how to use
technology the best will have an edge over their competitors.
Blockchain is one step away from mainstream adoption
Blockchain’s growth is already reshaping traditional business processes and
models. In the financial sector, blockchain facilitates faster and more secure
transactions. Supply chain management benefits from increased transparency and
traceability, ensuring the authenticity and integrity of products. Smart
contracts automate and streamline complex agreements, minimizing the risk of
fraud and error. And in addition to sparking rising trading volumes, the SEC’s
approval of spot bitcoin ETFs sent a global signal of validation to
governments reviewing the viability of blockchain applications in both the
private and public sectors. Importantly, the evolution of blockchain has given
credence to — and bestowed practicality upon — the concept of decentralized
finance (DeFi). We’re already in a reality where traditional financial
services are replicated, and even improved, using blockchain technology. This
is transformative because it will eliminate the need for intermediaries,
opening the door to financial participation for virtually anyone with internet
access. This democratization of finance has the potential to provide financial
services to underserved populations and redefine the global financial
landscape.
Biometrics Regulation Heats Up, Portending Compliance Headaches
What this all means is that it will be complicated for companies doing
business nationally because they will have to audit their data protection
procedures and understand how they obtain consumer consent or allow consumers
to restrict the use of such data and make sure they match the different
subtleties in the regulations. Contributing to the compliance headaches: The
executive order sets high goals for various federal agencies in how to
regulate biometric information, but there could be confusion in terms of how
these regulations are interpreted by businesses. For example, does a
hospital's use of biometrics fall under rules from the Food and Drug
Administration, Health and Human Services, the Cybersecurity and
Infrastructure Security Agency, or the Justice Department? Probably all four.
... Meanwhile, AI-induced deepfake video impersonations by criminals that
abuse biometric data like face scans are on the rise. Earlier this year, a
deepfake attack in Hong Kong was used to steal more than $25 million, and
there are certainly others who will follow as AI technology gets better and
easier to use for producing biometric fakes. The conflicting regulations and
criminal abuses could explain why consumer confidence in biometrics has taken
a nosedive.
The Role of Data in Crafting Personalized Customer Journeys
Through comprehensive customer profiles, data is sourced from multiple
touchpoints in silos such as online visitors, purchases done, forms, customer
support units, social media engagement, mobile app usage, and other channels
as recognized in the CRM system. This further facilitates real-time data
processing and identifies customer behaviors and preferences. As briefly
discussed previously, predictive analytics consumes historical customer data
and powers forecasting of expected behaviors and preferences. This segments
data based on different parameters such as demographics, behaviors,
preferences, etc. Ultimately, it acts as the seed for planting responsive
marketing campaigns. While we are at it, an important strategy is
cross-channel integration. Given the scale of marketing landscape, it is
important to consider all channels and systems. So, the data collected from
multiple sources is then integrated and analyzed through data management
platforms to create a cross-channel, unified 360 view. Such interoperability
delivers an omnichannel experience, thereby increasing their lifetime value.
To ensure better customer loyalty, implement practices in alignment with the
regulations.
Checkout Lessons: What Banks Need to Borrow from eCommerce
eCommerce has much to teach the financial and healthcare industries, which
also experience high seasonality and peak traffic periods. Events like 401(k)
sign-ups, healthcare enrollments, and tax days are notorious for bringing down
systems. In my experience, performance is synonymous with user experience. ...
Many digital-first banks don’t operate physical branches. Their success is due
to a singular focus on user experience, performance, speed, flexibility, and a
mobile-first approach. This is what has won over the current generation of
young people who do not need to visit a teller. It’s crucial for banks to
recognize the importance of these advancements and to take action. Otherwise,
they risk losing their competitive edge. In the U.S., some banks perform
exceptionally well with only an online presence, with USAA as a prime example.
Some companies, like Capital One, are innovating by transforming their banks
into cafés. They provide WiFi, allowing customers to work and do more than
just banking. This shift dramatically enhances the user experience.
Fintech at its Finest: Adding Value with Innovation
The best fintech platforms are constantly listening to their customers.
Whether that’s through harnessing the power of AI to create an optimal user
experience or continuously innovating based on customer feedback, a good
fintech is creating exactly what its customers want and need. ... The best
fintech platforms have innovative technologies at their core and are
increasingly harnessing AI and machine learning to enhance their services.
But crucially, they are also designed to be intuitive for users. After all,
businesses have just 10 minutes to set up digital accounts or risk losing
consumer trust. Millennials and Gen Z make up a significant part of
fintech’s core market, so it’s providers who can cater to tech-savvy
generations and prioritise smooth customer experiences that will
differentiate themselves in an increasingly crowded market. ... In the
bustling world of fintech, the top platforms set themselves apart by
cleverly blending practices to ensure they keep growing and succeed – even
when faced with challenges. These platforms develop excellent solutions,
using technologies like blockchain, AI and fancy data analytics to tackle
old financial problems and improve user experiences.
Enabling Developers To Become (More) Creative
What influence does collaboration have on creativity? Now we are starting to
firmly tread into management territory! Since software engineering happens
in teams, the question becomes how to build a great team that's greater than
the sum of its parts. There are more than just a few factors that influence
the making of so-called "dream teams". We could use the term "collective
creativity" since, without a collective, the creativity of each genius would
not reach as far. The creative power of the individual is more negligible
than we dare to admit. We should not aim to recruit the lone creative
genius, but instead try to build collectives of heterogeneous groups with
different opinions that manage to push creativity to its limits. ...
Managers can start taking simple actions towards that grand goal. For
instance, by helping facilitate decision-making, as once communication goes
awry in teams, the creative flow is severely impeded. Researcher Damian
Tamburri calls this problem "social debt." Just like technical debt, when
there's a lot of social debt, don't expect anything creative to happen.
Managers should act as community shepherds to help reduce that debt.
Quote for the day:
"A real entrepreneur is somebody who
has no safety net underneath them." -- Henry Kravis
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