Robots vs Humans: The fight for supremacy

Posted on December 12, 2019Categories Algorithms, Analytics, Artificial Intelligence, Blockchains, Cybersecurity, Data analytics, Digital currency, Internet of Things, Payment solutions, Robo advisor   Leave a comment on Robots vs Humans: The fight for supremacy

There were times when we dreamed of seeing robots doing jobs for us. Little did we know that along with making life easier for us, robots will steal our jobs. Some might argue that companies should stay loyal to its employees the same way its employees were loyal to it. Companies don’t mind taking that path, but it comes at a huge cost of losing ground to competitors. Most of the sectors out there have companies competing for supremacy, and technological changes are their path to success.

In order to stay relevant in a particular market, it is important to adapt to changes that bring efficiency and productivity.

This is also the case in the world of finance. The recent years have seen some dramatic changes in the financial sector, where robots have taken over some routine jobs. If you think this is bad news for people putting in years of work for these jobs, think again. Technology is not slowing down, and  robots are going to keep replacing many job functions.

Today, the usage of Artificial Intelligence (AI) is not breaking news. These technologies have been implemented in the capital markets. The use of such algorithms has resulted in automation of jobs in the global financial landscape.

The threat faced by the human financial experts is not simply based upon the fact that robots are way more efficient in all terms as compared to humans. It is also a fact that these experts are not trained to work alongside AI technologies.

Global financial executives and managers are aware of the changes that have taken place and the changes that are set to follow. A lot of these analysts are ready to welcome the changes by getting trained and skilled in the techniques, so that they get a chance to work using AI technologies  and remain in the position. It is quite evident that panic is setting in among professionals and the only way is to adapt and overcome.

Financial market traders, analysts, and a few other professionals are very well aware about the current. Fintech has ensured that most banking and finance facilities are now available at the fingertips of customers. Earlier, what used to take hours of standing in a line at banks is now replaced by sitting comfortably on your couch and takes a few seconds of your day.

On one hand, you have the ease of operations such as transferring money through Fintech apps, trading stocks from your phone, paying for commodities through mobile paying apps, and tones of other functions.

Apps like PayTM, Zerodha, PayZapp, etc are some wonderful examples of technology replacing many human functions. These apps today allow us to transfer funds, accept payments, buy and sell shares, mutual funds and many other market securities – from the comfort of our homes. These were tasks which would otherwise take a long time – as it involved us going out to banks and the broker’s office!

On the other hand, people are losing jobs because their jobs have been replaced by machines. This is an opportunity for us to upskill and get competitive as an economy.

Conclusion

The only thing permanent in this world is change. Embrace it! The overhaul that is set to take place in the financial industry is going to be rapid, and 10 years down the line, we will be witnessing changes that we never thought of.

Changes are going to happen whether you like it or not. We, at BSE Institute Limited truly believe in change and helping future experts adapt to these changes. With our GFMP Edge FinTech Professional program, get ready to be part of a disruptive new field that will change the way we live. This is your chance to be an expert, and bag high paying jobs in finance! Change, before you are forced to change!

Is Data Science the right step for you?

Posted on November 7, 2019Categories Algorithms, Analytics, Artificial Intelligence, Blockchains, Data analytics, Digital currency, Executive Courses, General, Internet of Things, Robo advisor   Leave a comment on Is Data Science the right step for you?

Every day is a tech-fest. New technologies, new updates to existing technologies, and hefty increase in investments in research and development. Data Science is a completely new industry that uses many tools that help an MNC multiply its business with ease.

You may have come across terms like data science, data analytics, big data, predictive analytics, etc which will herald a completely new industry with high paying jobs and a secure career. This is definitely true, as big data is helping many businesses sell much more than what they were used to selling. There are companies that are hiring data analytics professionals, because this will increase their efficiency and save them billions of Dollars in wasteful expenditure!

Before you get too excited, let’s answer a few basic questions.

 

Is Data Science right for you?

A person who doesn’t enjoy his work will be tempted to try a different opportunity instantly. Moreover, a field like data science is paying quite well, due to a dearth of skilled talent.

Let’s settle this by saying, you’re not going to succeed in this field if you don’t have the aptitude for it. You need to have a strong aptitude for mathematics, statistics and common logic for succeeding in this field.

 

Which skills does the industry need?

A Data Analytics division can be sub-divided into different categories.

  1. One of them is data analysis. It involves analyzing raw data, and ultimately getting actionable insights that can be used by the senior management for critical decision making.

A person who enjoys solving complex business issues is sure to succeed here.

  1. The next category is Business Analysis. Managers with business exposure and who regularly take business decisions are an ideal match for this. More data gives them a better picture and lets them act using information.

 

  1. The final category, which is definitely the most important one – is that of data scientists. They are the some of the best paid professionals in India and the World. Every Data Analyst and Business Analyst hopes to grow and attain this position. This requires certain standard of skill set, specialized training, and a statistical problem solving approach that matches this job. Having a few years of experience as an analyst is useful. Data Scientists are usually the ones designing key analytics models that help in understanding the industry, consumer markets and consumers themselves.

 

Entering the industry

Candidates who have practical experience are always preferred over the ones with academic knowledge. When it comes to academics, a candidates with a background in Mathematics, Engineering, and Statistics might have an edge over the rest. These are a few streams which skills which are useful for Data Analytics.

Where to start?

To get a better idea of what Data Analytics has, you could simply opt for one of the online courses on data analytics by bsevarsity.com. Along with that, assess yourself and gain skills that could help you be better to be industry ready.

Conclusion

We are part of a fast moving world, that demands everyone to be versatile. To keep you up with latest industry trends, BSE Institute Limited and IIT Madras offers a Business Analytics Program to nurture the budding data scientists.

Data is more valuable than gold!

Posted on September 16, 2019Categories Algorithms, Analytics, Artificial Intelligence, Blockchains, Data analytics, Digital currency, Executive Courses   Leave a comment on Data is more valuable than gold!

This is not an exaggeration, but the truth. With Data Scientist salaries touching Rs 22 Lakhs/ annum, it’s safe to say that this industry is now one of the highest paying in the world. Data Analytics, is now a solid division in any MNC – just like HR, Finance, Sales and Marketing; but maybe more important than some of them. The question is, are you in place to earn the big bucks?

What is Data Analytics?

According to investopedia.com, data analytics is the science of analyzing raw data in order to arrive at conclusions about market information.

It is used by companies that rely on data for arriving at decisions. Once data is extracted, these metrics are analyzed to find out patterns and insights which can be used to bring in changes and exploit the opportunities available to benefit a business.

Why has data become this important?

Data reveals certain unexpected trends and a completely new insight that could help your business exploit chinks in your competitor’s armour, market requirements or customer needs that you may have never heard of. This will directly impact your sales, revenue, market share and profits.

It could even find certain correlations between two data points which was previously hidden. Ex: A decrease in prices could actually result in a drop in sales in certain geographies.

This is why data is considered an asset and the most valuable resource. A business always tries to expand and find the hidden potential of a market, and analytics is the catalyst that can help it do so.

To sum it up, all you need to remember from a business point of view is that it can help you in –

  1. Competitive advantage
  2. Helps provide better customer service
  3. Increases profits
  4. Discover new markets
  5. Product development

The size of data in our hands and its usage around the world is beyond imagination. All you need to know is that the big names such as Amazon, Starbucks, Netflix, Coca Cola and a lot of other big names have gone forward with analytics and earned big!

Let’s take the example of Coca Cola.

In 2009, Coca Cola introduced mix and match machines that had 150 sparkling and still beverages in them. As a consumer you could blend the flavours of your liking and make your drink. These “freestyle” machines were backed with Artificial Intelligence which found the flavour which was in demand. There were 40,000 of these machines in the U.S which served over 14 million drinks per day!

After dispensing a lot of drinks, Coke got the answer they were looking for. Cherry was the flavour which had the highest demand and this led to the birth of Cherry Sprite and Cherry Zero. This was a major boost for a company which has been criticized for the usage of sugar in its cola drinks.

Coca Cola today uses its data for a variety of reasons. One of the most common things is mining data through social media handles and using it to create ads!

Conclusion

If you’re in business and you wish for a competitive edge over your rivals, look no further – data analytics is your answer. It is time you invested in it before its too late.

BSE Institute and IIT Madras offer you a Business Analytics Program.

Invest in what is already the biggest resource on this planet and be responsible for building the future.

It’s not data, it’s an ammunition!

Posted on August 7, 2019Categories Algorithms, Analytics, Artificial Intelligence, Data analytics   Leave a comment on It’s not data, it’s an ammunition!

 

Napoleon Bonaparte, the great French military general and statesman once said, “War is 90 percent information”. He said it in a different context back in the 18th century, but it is certainly relevant today in the world where trade and business mean war. With each business trying to get on top, a few bits of information might be the greatest ammunition you might need to get an edge over your competition.

The impact of not spending on data science and analytics can be catastrophic. A recent study found that, US businesses lose up to $600 billion annually due to poor data quality. Poor data gives poor insights and hence, they lose business to competitors.

The question isn’t, “does your business need data analytics?” instead its “how can my business get better data and insights?” Data analytics is today a critical business function like sales, marketing, finance and production.

Now, before we get into the benefits, let’s understand what exactly business analytics is.

It is the detailed study of data or information through statistical and operations analysis. This helps the businesses in taking certain critical decisions and make some strategic moves. Most importantly, business analytics operations help you find a pattern in every operation that you are analyzing, which helps you schedule your work process accordingly.

What are the benefits of Business Analytics?

There are many benefits to speak about, but we will stick to just the critical points:

  1. Increases revenues- The most basic motive of any business is to increase their revenues and well, business analytics will help you achieve this. Using the insights derived from analytics, a company can make quick changes which can attract more consumers and drive up sales.

Earlier the time taken to receive information from the market, from consumers, distributors and regional heads would take a few weeks at least. With the internet and smart hand held devices, that relay data real time, the insights team can get all the market data they need for analysis immediately. This can be crucial as any product that is not performing well can be pulled from the market and replaced with a high performing one. Instead of a drop in sales, the company will see a steady rise in sales, all because the analytics team relayed insights immediately.

  1. Decisive- There are various decisions in a business that will be crucial in the short and the long term. Making a decision will always be a dilemma, but business analytics makes the work easier for you. The statistical analysis will provide you with trends and help you make up your mind when it comes to quick decision making.

Netflix is a great example of a business that uses data analytics to give you quick suggestions on the next movie you should watch based on your previous choices.

  1. Competitiveness- The market is a game of fine margins. The quality of your data analysis could help you climb over your competitor and win the battle.

How do you think the likes of Starbucks remain at the top in their businesses? Even they use data analytics to personalize their services for customers using the Starbucks app. They collect data regarding the buying patterns of the customer and their preferences. This helps them give the customers a better and improved service.

Personalization isn’t the sole purpose. They even use the data to come out with new advertisements, new menus, offers and much more!

  1. Trend mapping- Data analysis allows analysts to predict the future demand for certain products and commodities. By observing the current demand, prices and other economic factors of earlier years, an analyst can predict the demand for a product in a year with similar climatic and economic conditions.

With such knowledge, a company can buy its raw materials before hand at a lower cost and have the finished products in the stores when they expect the consumers to demand it. This will allow a company to have its products on the shelves before its competitors, who may not have an idea of the expected demand.

A lot of the points mentioned above were unheard of 5-6 year back. However, today data allows people and organizations to be well prepared for tough competition. With data science and analytics any small firm can scale up rapidly by being present exactly at the places where consumers look for their products and selling the exact type or variant that their consumer wants. This can allow them to accumulate sufficient capital for growing their business.

Become a data science expert to help any organization grow by leaps and bounds in a short time. Join BSE Institute`s Certificate program in Business Analytics to begin your journey in this new emerging industry.

AI to host The World’s Most-Watched TV Show

Posted on February 19, 2019Categories Artificial Intelligence   Leave a comment on AI to host The World’s Most-Watched TV Show

Have you ever imagined your favorite TV show host to be a virtual copy? Imagine a virtual copy of Mr. Amitabh Bachchan hosting Kaun Banega Crorepati (KBC). How would it be?

Most of us have happy memories of watching television with our family when we were young. Television has become an inevitable part of modern culture. People depend on TV for entertainment, weather, news, education, culture, sports, and even music. It enables them to share cultural experiences with others.  

The world’s first artificial intelligence (AI) TV hosts will conduct this year’s China Central Television (CCTV) New Year’s Gala. ( The world’s most-watched TV broadcast.)

The total audience predicted to tune into the Chinese state broadcaster’s Spring Festival Gala is over one billion people all over the world. The four world famous human hosts of the show, Beining Sa, Xun Zhu, Bo Gao, and Yang Long will be accompanied by an “AI copy” of themselves which will be their very own digital twin.

This personal artificial intelligence was created by ObEN Inc and are being recognized as the first AI hosts. These systems are not just computer generated avatars, but these include machine learning, computer vision, natural language processing, and speech synthesis. This helps to rebuild the virtual copies of the celebrities from scratch.

“While the TV event will showcase the company’s technology to the largest TV audience in the world, the potential of personal AIs and PAIs are further still and could transform many areas of society.”

– said Mr. Nikhil Jain, CEO ObEN.

The company has also started working to create AI-powered doctors, nurses, teacher, and as well as highly famous celebrities.

What individuates ObEN’s AI-enabled avatars from other digital copies is that these avatars are able to talk and act like the people they represent and are powered by AI rather than actors or any prescriptive behavior routines. The beginning of the process of creating a virtual human being starts from visual data which allows the avatars to look like their subjects that are gathered from 3D scanners.

Neural net technology is built around deep learning principles and is used to take a recording of the subject’s voice as input data and personal data regarding the subject’s behaviors and actions. From that, it can recreate the speech patterns as well as aspects of their personality. It usually captures the voice data and the person speaking from a script. Then the AI learns the traits of your voice and can generate new content in your voice either talking or singing.

Not just in your native language but also it can able to create content in your voice in languages which you can’t even speak.

For example, I might record my data in English, but my personal AI can speak in Chinese, Japanese or Korean, says Jain.

Celebrity “digital twins” is seen as a hugely profitable case for the AI technology. As it has a huge market for new ways in which fans can interact with their heroes and role models. In some ways, it can be seen as a natural extension of the market for personalized greeting messages and endorsements offered by many famous figures in both Asian and Western markets. As well as watching them on television, PAIs will offer fans a chance to interact personally with their idols. ObEN has also built an interface using the WeChat messaging service that allows anyone to have a conversation with one of its artificial intelligence avatars. This digital celebrities can also be deployed in virtual reality (VR) and augmented reality (AR) environments, too.

Companies like ObEN are growing swiftly in the AI markets and as they grow they need more manpower to run their services smoothly. BSE Institute Limited (bsevarsity.com) helps one gain vital technical knowledge regarding Artificial Intelligence. A course on Introduction to Artificial Intelligence with this institute can help one become a part of this emerging technology in the workplace.

 

Machines – New Age Commandos

Posted on November 28, 2018Categories Artificial Intelligence   Leave a comment on Machines – New Age Commandos

We can’t imagine our lives without machines, but with the rise of hacking and cyber crime, there are some who are trying to limit the influence of machines. A machine can now do multiple tasks based on a simple voice command – Google, Alexa, Siri, etc. When hackers are able to break into smart devices, bank accounts, computer networks, etc, it creates chaos! Imagine losing a large chunk of your money overnight, at a time when you really need them. Machine is man made and any man made thing can be easily copied or manipulated by another man. By placing our implicit trust in a machine for important functions such as banking, we may lose big in case this machine fails.

What is Machine Learning?

Most people consider Artificial Intelligence and Machine Learning to be the same thing, but actually Machine Learning is a subset of AI which provides the ability to the systems to automatically learn and experience new things without being explicitly programmed for it. Machine learning focuses on the development of computer programs that can access data from different platforms and use it for themselves. The main aim of machine learning is to allow computers to learn automatically without human intervention or assistance.

Machine learning was first introduced by a group of British intelligence agents. They founded a new cybersecurity company called Darktrace.

The company partnered with mathematicians to develop a software/ device that would use machine learning to detect cyber attacks/ crimes. The bedrock of this system takes a new approach to prevent crimes. Whenever a device/ system is accessed by hackers/ criminals, they need to steal the data and transfer it to other devices on the network and devices outside the network.

Scientists have worked on isolating the devices which show an abnormal behaviour. Even when a device may be compromised, by isolating the device, it may not be able to send and receive data, thus, making it useless. Therefore, simply hacking into a device is no longer enough! A hacker has to build his own path out of the system with all the data that he has stolen.

To help the machine recognize a new instance of suspicious behavior, the programmers used a new technique called unsupervised learning. Traditionally, machine learning is dependent on the supervision of humans. However, in this situation, the machine changes it’s algorithm according to the specified conditions and it doesn’t need humans to specify what to look for. That is truly path breaking! No more supervision or inputs required for fraud prevention.

The vast majority of machine-learning applications depend on supervised learning which involves feeding a machine with massive amounts labeled data to train it to recognize a narrowly defined pattern. If you want your machine to recognize humans who are wearing suits, you feed it hundreds or thousands of images of people who are wearing suits and of people who are not, all the while explaining it clear which ones are which.

In the field of cybersecurity, supervised learning seems to be a problem, as you can train your machine with threats that your system has faced before. This makes it vulnerable to any threat that it has not seen in advance. Unknown threats are not deduced by machines and other supervised learning work. Additionally, there are data sets available, which make it easy for hackers to predict what an algorithm is trained for. This again makes it easy for hackers to break into a system.

This is why the new system of unsupervised learning excels. The machines look through massive amounts of unlabeled data and it doesn’t follow a typical pattern. So it is able to detect threats that the system has never faced before. Darktrace sets up physical and digital sensors around the network of the client to get an exact detail of the activity.

The data obtained is then funneled to over 60 different unsupervised algorithms that compete with each other to find any suspicious behavior in the system. In case of any red flags, the suspicious device/ network/ software is ring fenced and isolated from the rest of the system in order to stop the hack in its tracks.

Machine learning has helped detect, prevent and fight many cyber crimes across the globe. As the industry grows, the importance of machine learning is growing day by day. The need to learn and the need for experienced hands to manage it is also increasing. The ability to design a software that can detect and prevent crimes without any active efforts on the part of the programmer will surely be a skill.

BSE Institute, a 100% subsidiary of BSE India, provides many short-term online courses on bsevarsity.com. It offers courses for students and working professionals who wish to upgrade their skill and knowledge in a constantly evolving workplace. A basic course on Introduction to Machine Learning can help students and senior professionals to enhance knowledge in the new domain of machine learning.

AI – The New Spark in Marketing

Posted on November 21, 2018Categories Artificial Intelligence   Leave a comment on AI – The New Spark in Marketing

We don’t realize it yet, but the reality is that we use Artificial Intelligence (AI) for almost every thing that we do online! Google, Amazon, Facebook, etc, heavily use AI to provide the services which they offer. Google Search uses AI for predicting the exact nature of our query. The same is applicable for Facebook, Amazon, Flipkart and a host of other tech companies.

We use voice commands to talk with Siri, Alexa or Google and get an answer for all our questions immediately. Isn’t it great when you receive quick responses from any website’s chat-bot, no matter what the time is, or which country you are living in? Yes, marketers know that this attracts consumers. Using AI, brands get a better understanding of what consumers want. AI allows marketers to understand a consumer’s behaviour on his website and on Facebook, Amazon and other sites that could share data with him.

In today’s business world, every corporate is focused on gathering data in order to build a consumer’s personality profile, which allows marketers to target them in a manner that makes sales easier.

AI allows companies to gather more data and apply it effectively by using techniques like adaptive learning, machine learning, natural language processing and computer vision learning. These allow marketers to analyze the online market data and offer deep information insights, which help in generating more sales. Any insight that a marketer gets is worth its weight in gold! That is an additional bit of information, which can be the key point that helps them sell the product.

AI-based virtual assistants like chat-bots help consumers, who get all the information they need by simply logging on the website. AI bots also provide 24-hour assistance to its customers, thereby providing better customer service. By being available 24*7, the bots are eliminating any chances of a consumer leaving the website without being convinced, thus increasing the chance of a sale.

AI’s tremendous growth in the field of marketing is due to the increasing demand for digital assistance and data science. AI helps companies in lead generation and customer acquisition. It helps the marketers to optimize the ads they run online. Their ads are shown only to those who are genuinely interested in these products. Content placement, media buying and campaign optimization is extremely necessary as per the interests, behavior and the need of customers. This is true specially for companies such as Google and Facebook, which depend heavily on advertising for all their revenue.

According to MRFR, the growth of AI in marketing is expected to generate a value of over USD 21 billion by 2023. Currently, the key players in the field are IBM, Google, Microsoft, Samsung and Amazon.

The latest trends provided by AI in the field of marketing are individual personalization, social media image recognition and conversational marketing. This allows a unique message to be crafted for each consumer. This helps marketers identify individual consumers in nano seconds and lets the platform say exactly those things which can convince them to buy the product. Due to the constant updates in the algorithms of these AI bots, companies are able to offer more relevant content to the user and thus enhance the overall customer experience.

AI also provides a 360-degree opportunity for the growth of all industries

  1. For large MNCs – AI helps to boost growth and profitability and transform businesses. For example: In manufacturing, this sector could see a share-of-profit increase of 39% due to AI-powered systems – whose ability to learn, adapt and work over time can eliminate faulty machines and idle equipment. This can help manufacturers utilize less space, less raw materials, less labor and produce/ sell more in a short period of time.
  2. For entrepreneurs and young companies – AI can work 24*7 and can play a major role in identifying the ideal consumers. It is one of the most inexpensive technologies which can help young companies chart out a future path – only on the basis of data received.
  3. For society – AI can help improve public safety by securing consumer data. As it can work 24*7, any human error that could be involved is also eliminated. AI is predicted to soon eliminate driving, as AI software are now used in autonomous/ self driving cars.

In India, AI is growing is growing at a scorching pace. Titan, one of the most trusted  Indian brands, has been a darling of the stock markets. It is one of the first established Indian brand that understood the importance of AI in providing personalized experiences to the customers.

It launched a chat-bot on its e-commerce store to engage its shoppers in a better way. The chat-bot conducted automated intellectual conversations (which were in line with the brand’s strategy) with customers by understanding their behavioral pattern and offered them a highly personalized shopping experience. This helped Titan to get a much better engagement rate and improve conversion rates.

As technology changes rapidly, marketers are modifying their strategies to stay ahead in highly competitive markets. India is the next battle ground forAI, machine learning and analytics are playing a major role in speeding up this shift.

BSE Institute is a 100% subsidiary of India’s oldest and the world’s largest stock exchange BSE. It has developed an online platform, bsevarsity.com to train students and working professionals to about various topics and subjects that are in vogue. BSE Institute’s short term course on AI, helps students and marketers get a foothold n this rapidly evolving field. A simple course on Artificial Intelligence can help you to learn all about Artificial Intelligence and start contributing at your workplace from Day 1!

In the future, AI will enable marketers to create a new experience for customers and meet their needs like never before. Marketing is expected to get more intelligent and AI will be at the center of it.

 

Machine learning can reduce traffic and pollution!

Posted on November 6, 2018Categories Artificial Intelligence   Leave a comment on Machine learning can reduce traffic and pollution!

The use of machine learning and artificial intelligence in autonomous (self-driving) cars for having smooth traffic, reduced fuel consumption and improved air quality may sound like a science fiction, but 2 test projects conducted by the researchers of the Berkeley Laboratory are showing positive results. Applying machine learning for transportation is a new application that is beneficial for both humans and the environment.

Along with UC Berkeley, Berkeley Lab scientists and researchers are using deep reinforcement learning, which is a computational tool used for training controllers to make transportation more viable and environment friendly. The first project uses deep reinforcement learning which will program autonomous vehicles to drive and simultaneously improve traffic flow, which reduces energy consumption.

The second project uses deep learning algorithms to analyze satellite images combined with traffic information from cell phones. The algorithm is tasked with using this data and an environmental sensor’s data to suggest ways to improve air quality.  

CIRCLES (Congestion Impact Reduction via CAV in the loop Lagrangian Energy Smoothing) is the traffic smoothing project led by Berkeley Lab researchers. CIRCLES is based on a software framework called Flow. This software framework allows researchers to discover and benchmark methods to optimize traffic flow. Flow can simulate the driving patterns of thousands of vehicles.

Deep reinforcement softwares are used to teach computers new concepts. It is also used to train computers to play chess or teach a robot to run over an obstacle. These program cars to check activities of the neighboring, so that it will try different types of actions, which include accelerating, decelerating or changing the lane.

By using all these sensors and softwares, algorithms are able to identify a speed which consumes the least amount of fuel, emit lesser greenhouse gases, they are also able to identify the best path for a car to move ahead in consonance with other cars on the road.

Most of the accidents which occur on the road, happen due to a human error. When a car is totally controlled by a software, the possibility of an error is less. These softwares allow a car to be entirely controlled by Artificial Intelligence, thus reducing the chances of an accident.

This ensures that we have

l Less fuel consumption

l Less air pollution

l Less noise pollution

l Less human intervention and accidents

The idea of using computers to drive cars, with little or no human intervention looks fantastic and incredible at this point of time. However, it’s important to note that there was a time when people considered cars a nuisance, but we have still come a long way since then. The same is applicable for AI and Machine Learning. It may sound utopian and outlandish, but it’s an idea whose time has come.

Machine Learning and Artificial Intelligence is here to stay. The real challenge is identifying every industry and sector that can be targeted and disrupted using

Machine learning. It is a technology that is here to stay. BSE Institute’s short term course on Machine Learning is a great option for students and professionals looking to start their careers in this industry. The course explains the technology and its practical applicability, which enables participants to assess and apply this technology in respective domains.

 

Chatbots are transforming Indian Banking and Finance

Posted on November 5, 2018Categories Artificial Intelligence   Leave a comment on Chatbots are transforming Indian Banking and Finance

Consumer engagement and customer service is the backbone for any service industry. Without consumer interactions, it is tough to help consumers understand products or help them complete the formalities for the same. Customer service is imperative for banks and financial corporations. Only when a customer is explained the various details of an account or any investment, is he able to comprehend its benefits and take a decision accordingly.

Banks and financial institutions have to hire a large number of customer service executives in order to explain and sell their products. Technology has gone one step ahead. Chatbots are softwares designed using Artificial Intelligence. A Chatbot is programmed with all the information regarding a certain product/ investment. It is also programmed with the responses to usual questions that people may have.

If a consumer feels liked investing in a product/ service, he can simply logon to the website and the chatbot can share information and answer all his/ her queries. This saves the time that an executive could take to travel to the various locations that his consumer is at. This also allows a chatbot to service multiple consumers at the same time.

Chatbots are relatively easy to design and use. With the availability of low-cost internet and increased use of smartphones, this AI-based software has spread much faster than what was anticipated.

Many large financial corporations such as Bank of America, JP Morgan Chase, Capital One, American Express and HSBC have tested chatbots on a large scale in many OECD countries. Only when they did taste success, were these launched on a large scale globally. This has been possible due to the investments done in Artificial Intelligence and Machine Learning.

These banks/ companies are also planning to integrate other technologies, such as facial recognition (for security) and virtual reality with these bots in order to give consumers a safer and more interactive experience.

In India, many financial institutions and banks have adopted chatbots. Recently, the Muthoot Group has started using AI based chatbots. These shall be the new customer interface platform and shall act as a financial advisors. Their chatbot platform- MATTU and MITTU will be available 24*7 for customer support. It is designed to respond to all queries related to their financial products such as – gold loan, insurance, money transfer, forex, mutual funds, home loan, etc.

Haptik.ai, a popular AI based company, that develops chatbots describes how chatbots will fit correctly in a customer support system. According to them, the advantage of an AI-based chatbots lies in handling multiple queries at a time. Chatbots can handle lakhs of queries at the same time, a task that is tough for traditional call centres.

Designing the best chatbot system requires time, effort and money. Sometimes the cost and time involved in building chatbots will be very high for a country like India, where the bot has to be comfortable with over 30 languages. Looking at things from the perspective of a large organization, chatbots are a great investment and are the best solution for customer support.

As banks adapt more chatbots, the need for having an internal system to manage the AI systems and act as an interface between the systems and the various internals teams. Professionals who can handle various AI systems will soon be in great demand due to their implementation in multiple banks and MNCs.

BSE Institute, a 100% subsidiary of BSE India, offers various short term courses on their online platform BSE Varsity. Students and working professionals can acquire the vital technical knowledge of needed to be experts in Artificial Intelligence through BSE Institute’s course of Artificial Intelligence. This course helps students and professionals get a solid foundation in AI and can help them begin their careers in this industry.

 

Masters in FinTech is your path to a senior position right after college

Posted on July 23, 2017Categories Algorithms, Analytics, Artificial Intelligence, Blockchains, Corporate Finance, Cybersecurity, Data analytics, Digital currency, Education, Entrepreneurship, Financial Markets, General   Leave a comment on Masters in FinTech is your path to a senior position right after college

A Million Dollar question that all of us are asked on our faces is, “What are your marks?”. The Billion Dollar question that people surely ask behind our backs is “How much does he/ she earn?” The answer to the first one does not impact us a lot as we may be pathetic students, but great employees. The second one is important as it is your first job that really determines the trajectory of your entire career. The reason is aptly outlined by the phrase well begun is half done. Your choices determine the kind of person you are and hence people will judge you for the college you choose, the course you study and the company you keep. This is why it is important to plan your future right to the “T”.

FinTech is the technology that manages mobile banking, digital wallets, digital banking, algorithmic trading and other online financial functions. Most of these were introduced by startups but now are being adopted by major global banks as these offer better and cheaper services to customers. Banks are able to build the infrastructure by pumping in money, but they are unable to hire the human resources required for managing the same. This is because the industry is fairly new and not a lot of people are trained in it. Due to a shortage in supply and a huge demand for these trained resources, skilled talent are getting hired at extremely high packages at senior positions. It pays to be at the right place at the right time and now is the right time for FinTech!

BIL offers a 2 year post graduate Masters in Financial Technology in affiliation with Mumbai University. The course curriculum is designed by experienced industry professionals who are sought after and highly respected in the BFSI industry. The course is designed specifically to ensure that students can perform all those functions a student with an MBA in Finance can perform. This includes operations and management of a business unit of a company. Students will have an additional expertise of handling financial technology like digital currencies, blockchains, algorithmic trading, etc.

The full time course is divided into 4 semesters, which consist of Financial Accounting, Business Statistics, Data Analysis and Interpretation, Principles of Financial Management, Peer to Peer networks, Blockchains, Digital currencies, Insuretech, Derivatives, Fund Management, Robo Advisors, Algorithmic Trading, Banking Technology & Operations, Cybersecurity applications and entrepreneurship management. Students will also get to train under some of the best industry professionals working at major financial institutions.

BIL is a 100% subsidiary of the Bombay Stock Exchange (BSE). It was established to train students and working professionals with the skills that are desperately needed by the BFSI industry, but are short in supply. BIL is located in the heart of the country’s financial capital and hence is able to identify those needs effectively. It offers multiple long term and short term courses for students and working professionals to get trained and seek better career opportunities.

The course curriculum is designed by experienced industry professionals who are sought after and highly respected in the BFSI industry. The course is designed specifically to ensure that students can perform all those functions a student with an MBA in Finance can perform. This includes operations and management of a business unit of a company. Students will have an additional expertise of handling financial technology like digital currencies, blockchains, algorithmic trading, etc.

Mumbai University is one of the oldest and the most prestigious Universities’ of India, which was established in 1857. The University has over 5.5 lakh students enrolled at any given point of time.It has the distinction of training and grooming some of the most distinguished personalities of the country from almost all walks of life. Adi Godrej, Anil Ambani, Mukesh Ambani, Azim Premji, Chanda Kocchar, etc. who are all well known and established names of the business World have Mumbai University as their Alma Mater.

All students who successfully complete the course shall be given placement assistance and will be awarded a degree by the University of Mumbai. Students can learn more by clicking here.