How is the financial industry handling the absolute data explosion that has taken place in the last couple of years? There are also issues of security, data privacy and residency. Are we able to cope?
The Financial Technology industry has been on growth trajectory over the past few years because of a supportive environment by the RBI and government policies. Given the effort to digitize several information sources by the government has helped bring transparency on businesses, Fintechs have emerged to capitalize on this data explosion. Unfortunately, several Fintechs still look at becoming a data aggregator and add little or no value to the datasets itself–leading to increased efforts by the ultimate consumers. The real value-add, hence, is in bringing insights as a solution.
Another game changer was data protection bill that came in early this year, even though it might take a while for FinTech companies to adapt to the new data protection guidelines. A quick makeover won’t suffice; they must make continued efforts to build a robust privacy system for storing and processing of personal data. Despite the initial hiccups, however, the Personal Data Protection Bill, 2019 can be revolutionize FinTechs wherein they can derive immense value from free sharing of data between the customer and the service provider as a result of newfound end-user comfort due to the proposed bill.
In what ways can Artificial Intelligence-Machine Learning tools help the financial services industry? Can they reduce credit risk?
This story is from the April 2020 edition of PCQuest.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 2020 edition of PCQuest.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Importance of data privacy and security measures for secure digital learning
Prioritizing data protection and security is not just a technical prerequisite; it's also an ethical and strategic imperative for fostering trust and ensuring academic success in the digital age
How automotive electronics is responding to the evolving market needs
The fusion of automotive and electronics is revolutionizing driving, turning cars into multifunctional hubs. Enhanced safety systems, smart infotainment, heads-up displays, and connectivity redefine the driving experience, prioritizing safety, convenience, and entertainment for all occupants
The evolving face of digital piracy: Trends and tactics in 2024
Amidst the ongoing conflict between pirates and rights holders, there arises a crucial necessity for a collaborative approach encompassing technological innovation, regulatory interventions, and public awareness initiatives to effectively counter digital piracy in India
Navigate the intersection of AI and privacy
The evolving landscape of AI deployment, emphasizing the growing recognition of the need of having on-premise AI solutions and the need for customization to meet specific organizational needs
Revolutionizing fleet management with AI
AI heralds a new era in transportation, promising unparalleled efficiency, safety, and scalability. Its transformative power is set to revolutionize fleet management and logistics, unlocking unprecedented opportunities for optimization and innovation
How AI is revolutionizing Assistive Technology
Al-driven advancements are revolutionizing assistive technology, empowering individuals with disabilities to lead more independent and fulfilling lives.
The universe of open-world games: Exploring the best in the genre
Open-world gaming offers players unparalleled freedom and immersion, facilitated by advanced technology and creative design elements that blur the lines between reality and virtuality
What's the current hullabaloo around the future of AI chips?
AI is not a product per se, like an iPhone or laptop! You cannot log into Amazon or Etsy and buy an Al!! Just look at the development of Al! If it is that easy to develop and deploy, it cannot be a wonder, at least, not for me! At best, it is a tool!
Generative AI: A problemsolving powerhouse
Generative AI is reshaping problem-solving across diverse industries, driving innovation, and improving efficiency while necessitating ethical considerations for responsible deployment
The Gen AI revolution in product design
Generative AI is pushing the boundaries of innovation by enabling more creative exploration of design possibilities through generating a range of design options and optimizing product designs for factors like weight, strength, and performance