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Private Cloud Infrastructure Model to take over

Nutanix’s commissioned reports said almost 15 percent of UAE’s businesses use legacy data center only ecosystem and almost a third of UAE‘s industries are powered via the private cloud infrastructure models, almost a 35 percent of UAE. For the coming future, Private cloud a variable element of hybrid cloud model is approved as idealistic IT operating model by majority of the respondents in UAE.

Five years down the lane, UAE respondents are in order to replace by diminishing all the IT models which are in utilization now and retain only the hybrid cloud/ multi cloud and on future expansion of the cloud it will account for 45 percent of the latest placements in the same time frame. Pairing down their utilization of the data center ecosystems for a penetration of below average of 15 percent while the entire nation is embracing hybrid cloud falling right on the line with average of 10 percent penetration. Better hybrid clouds models being designed by IT Pros are not only contributing for a better industry outcome but also cutting costs. With this there is security, privacy and compliance muscles which are exemplifying factor to determine the new IT deployment. 

65 percent of UAE respondents reported to have gained a better control of IT resource practice, 61 percent have enhanced a swifter approach to deliver industry requirements and been able to able to give assistance to their remote workers, almost 61 percent as their top motivators. But on the other hand @9 percent responded that they lacked skills to operate cloud-native and container technology and 35 percent are falling short of the IT essential skillset which is required to cope up with hybrid cloud ecosystem.

Due to Covid-19 pandemic IT has been triggered a lot to stay within its organizations deliberately which has compelled them to run solely on cloud platforms giving more accessible infrastructure having more room for work-from-home employees. The complaints of not having a regular remote work force a year ago and come down from 28 percent to 2 percent from last year. As a result, new investments have been pushed in cloud’s infrastructure and tools. Half of the respondents are making new ventures in hybrid private cloud while the other 33 percent reported boosted investments in the public cloud.

A huge sign of healthy embracing of the private cloud and public infrastructures of cloud is being firm in UAE. This will make a progress in building a major hybrid cloud ecosystem and the enterprises can have both the management’s tools and skillsets to manage the tasks according to Aaron white, senior sales director, METI at Nutanix. He also mentioned that the pandemic has influenced many IT significances such as shifting focus from organized projects to remote infrastructure build outs adding home workers which in turn has enhanced the utilization of cloud platforms and provoked the enlargement of cloud infrastructure which acts as critical factor to build hybrid cloud plans and corporate digital revolution projects.

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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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