February 16, 2021
Emerging Technologies in IT
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, reduce cost, 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–day cases 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 upfront.
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 have joined or signed up for blockchain platforms and enjoying the benefit of the blockchain.
Emerging Technologies with Cloud
Artificial Intelligence, Machine Learning, Deep Learning, Internet of Technology etc, which are emerging technologies, need to store, access and analyze huge data which can be stored efficiently on cloud.
To meet the regulatory & compliance requirements, several banks and insurance organizations have a mandate to store clients, transactions, payments, loans, policies, claim data for a number of years.
Traditionally, all banks and insurance companies implemented some emerging technologies like servers, databases in data centers to store the data, applications within ‘On Premise’ i.e. within the custody of the organization. However, one of the emerging technologies i.e. cloud has provided a quick solution to migrate data from ‘On Premise’ to much secured, resilient, highly available, fault-tolerant cloud and other emerging technologies, thus enabling organizations to reduce the cost of infrastructure, power, energy significantly.
To make it clearer, let’s consider a small or medium-sized manufacturing organization that has an in-house built-in or a bought software that calculates Tax Return to tax authority once a month or once in a quarter.
The software application runs on emerging technologies like Server, Database with high configuration which is not utilized to full extent for most of the days of a month or quarter and hence the organization ends up paying off capital expense (One-time expenses) & Opex (Operational expense).
However, with the emergence of cloud, the organization has the option to migrate data, application from on-premise to cloud within a few hours, subscribe for minimum pay plan from Cloud providers for most of the days in a month or quarter and scale-up for higher configuration on the days of Tax calculation resulting in a significant saving of cost on on-premise application, database. Needless to mention the saving can be utilized for future investments in core business.
Different from other emerging technologies, cloud ensures data is stored in different regions across the globe and is made available within a matter of few seconds thus addresses the potential risk of non-availability of application and database server, security, encryption requirements etc.
Thanks for sharing such an informative article here. Keep posting such informative article in the futures.
Sure. Thank you very much. The sequel of this article will be posted very soon.
Thus, stay tuned.