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Is finding Human insight easier now?

This world is filled with lots of information, so much so that it was estimated that more than 59 zeta bytes of data would be created, captured, copied and consumed in the 2020. If this is more, there are further estimations that in the coming three years the data would be more than what has been used past 30 years. All because of the massive boom in the consumer technology and the rapid improvement of the mobile connectivity. 48% of the globe owns a smart phone and has neat instant access to the possible digitalized, publicly available information in the world right in their pockets.

The proof that we are more dependent on digital tools is that a study hled in 2012 by McKiney & Co highlighted that nearly a fifth of professionals’ time was spent searching for the information and gathering insights so much so that the half of the time was spent in hunting for role specific tasks. To top it all, the realization that we live is a world of social media where in anyone can became an influencer or leader if they could just shout louder without a broad spectrum or had a B2B buyers since the tools and resources are available online and building a profile is easy to get your message out there. But this is making hard to find the value among the large and accelerating volumes of online data, using this to make accurate and effective decisions is another topic. As we all are expected to work better and faster each coming day expected to make better decisions quickly, we have to do something about this online dependence and data filtration. There will be competitors no matter in what field you work in, who will be more agile and flexible and seem to be making better work decisions and capitalizing on opportunities. And still need to be backed by the evidence and knowledge. Gathering the insights from the true minds in the world of data assembly is the key, with the lived experiences of the particular problems of market and techs. This will help us to develop a decision making edge in business  that competitors might not have and it can be used to drive entrance into new markets or even for winning investments decisions. Investments means risk and avoiding or having minimized risk exposure is very much necessary especially now. Able to identify, consume and process data quickly can help in such situations.

In a rapidly growing set of information, the task is to find them quickly and when they are found there is a habit of using them as a gate way to others in the network. There might be nothing wrong in this inherited approach but it leaves the investors exposed to a lack of diverse thoughts and makes them have an unbiased view of the world to be impossible. Especially when time becomes a commodity and running short on supply, finding experts and casting their net wide can become intensive. So when the challenge in bringing the human insight into the process, AI can be the solution, as AI platforms take a request for expertise and run searches through all the possible material and recommend the appropriate solution. Artificial intelligence tech platforms usage has become a way of taking a resource consuming process to find the relevant human and finding precisely what is needed in a fraction of a second. This way, the investors can get fast access to the human insight they need to make the right decisions. It also allows them to capitalize the opportunities and capture the chance of next big success.

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AI role in customer experience in banking

The concept of banking first sprung up around 8000 BC. Then, there came various drastic changes to expand their services and innovate their business models. Artificial Intelligence (AI) and Machine Learning (ML) are applied to help banks and financial institutions nowadays. A survey by the Economist Intelligence Unit (EIU) showed that 77% of banking executives believe that the use of AI will ultimately differentiate between winning and losing banks.

This pandemic has triggered a sudden socioeconomic shift from physical to digital. There is a rapid switch to digital channels. Recent research by YouGov was conducted in June 2021. And that revealed that digital services have become the de facto way of conducting business and access services during the pandemic. EIU’s survey showed that enhancing the user experience through better personalisation ranked first in the most valuable uses of AI.

Customer propositions are no longer fit-for-all. It involves both banking and non-banking products and services. To identify the customers’ needs the banks must take an entirely new approach to innovation. They should adopt a customer-centric view. This starts with understanding the customer needs. AI makes it much easier to analyse customer preferences. The redesigning of customer loyalty program gives banks an accurate understanding of customer. Effective personalization offers customers not only better leads but also a more unique experience. The customer experience can be improved by applying AI. Banks must also build out their capabilities to strike new partnerships.

Businesses across all industries are working hard to retain their customers, including banks. AI can become a banking institutions’ superpower. This can take the customer experience to new heights, resulting in happier and more loyal customers. It will also reduce a bank’s operating costs and enable increased revenue per customer. To become AI First, banks must focus on streamlining their technology layer. They also require a strategy to engage customers through channels owned by them and their non-banking partners. Business and technology must work hand in hand, with cross-functional teams breaking up organisational silos.

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Amazon to offer insurance to UK businesses

The technology giant’s first foray into business insurance in the country, broker Superscript said that Amazon is going to start offering insurance to small and medium-sized UK business customers. Members of Amazon’s Business Prime program will be able to buy cover from superscript such as contents insurance, cyber insurance and professional indemnity insurance. Superscript spokesperson said that those would be underwritten by major UK insurers. A discount of 20% will be offered to current rates. This is to entice the businesses over to them.

50% of customers are prepared to buy insurance from non-traditional players. A recent survey of 12,000 people globally by consultants Capgemini showed this. Cameron Shearer, co-founder and CEO of Superscript, said in a statement that the insurance industry needs to bridge the divide between insurers and customers. Amazon’s move into UK business insurance comes after U.S. insurtech Next Insurance said that it was offering cover to U.S. small businesses. And that too via Amazon Business Prime. Molly Dobson, Country Manager for Amazon Business UK & Ireland, said in the statement that as the businesses come out of the pandemic, they want customers to have the best-in-class tools to run their business.

Financial institutions are worried that tech firms will steal their business. But industry sources said that the insurers and tech firms are more likely to forge partnerships. Because of the given difficulties and expense for outsiders in entering the highly regulated finance sector. Amazon also offers warranty insurance and “buy now, pay later” services in Britain.

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In NFT fantasy soccer game, SoftBank leads funding

Blockchain-based fantasy soccer game Sorare has raised $680 million. This is through a funding round, which is led by SoftBank. According to the company, it includes players such as ex-England international Rio Ferdinand and Spain’s Gerard Pique. Paris-based Sorare said that the investment valued the company at $4.3 billion. Sorare is an online game, since 2018. Here players buy officially licensed cards that represents soccer players. They can build teams and play against each other. This is based on the players’ performance in real-life games.

The cards are traded in the form of non-fungible tokens (NFTs). The market for NFTs has seen major growth in 2021. Michel Combes, president of SoftBank Group International, said that they think NFTs represent a new paradigm in the collectability, usability, and engagement with assets. This evolution from physical assets to digital assets is very powerful. This also creates a lot of exciting potential business models. NonFungible.com is a website that tracks NFT market data. According to them, Sorare is the largest sports-based NFT platform by sales volume. They are planning to open an office in the United States. So that they can expand into other games out of Sorare.

Nicolas Julia, CEO and co-founder of Sorare said that they saw the immense potential that blockchain and NFTs brought to unlock a new way for football clubs, footballers, and their fans to experience a deeper connection with each other. They believe that this is a huge opportunity to create the next sports entertainment giant. Since January 2021, there have been $150 million of sales on Sorare. The fundraising round was SoftBank’s first time investing in Sorare. SoftBank’s Latin America fund also contributed. Other investors in Sorare’s raise are such as venture capital firms Accel and Bessemer Ventures, Pique, Ferdinand, Antoine Griezmann and Spain’s Cesar Azpilicueta.

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