Information Technology is touching our day–to–day life. ‘Artificial Intelligence, Block Chain, Cloud, Data, Digital, Deep Learning’are helping to solve several problems related to business, reducecost, improve user or customer experience and ensure quick return of investments in sectors like Finance, Banking, Insurance, Manufacturing, Life Science, Telecom, Retail Product, Energy & Utility. Even the scope in information technology is booming & expanding day-by-day.
Let’s look at some simple day–to–daycases from Finance.
1. Artificial intelligence & Deep Learning:
Globally, fraud costs the world economy approx. 3.24 Trillion in GBP. To counter the risk of fraud, Banks has implemented AI, Deep Learning models, Artificial Intelligence models process huge data, uses various algorithm to detect complicated underlying patterns. More importantly, it is easy to tweak the model in case of need or data drift.
Retail Banks has implemented Machine Learning to calculate the credit score for a prospective client at the time of applying for a loan or a new credit card & thus helping retail banks to identify potential defaulters & mitigate the risk up front.
2. Block Chain
Distributed ledger technology promises to facilitate fast, secure, transparent, low-cost international payment processing services (and other transactions). Many leading banks in India has joined or signed up for blockchain platform and enjoying the benefit of the block chain.
Stay tuned for further riveting information in the sequel of this blog.