Tech

Upsurge in demand for private 5G networks for mission-critical applications

For use cases that require low latency and higher throughput, private 5G networks will provide next-generation connectivity. 5G non-standalone and standalone architecture using a license and unlicensed spectrums are used by the private 5G networks. These are specifically designed for highly mission-critical business applications. A network slicing technique is used by the 5G networks, as these helps enterprises to effectively manage resources.

Market and markets analysis says that, the global 5G Enterprise market was valued at USD 1.2 billion in 2020 and is expected to reach USD 10.9 billion by 2027. During the forecast period, it is projected to grow at a CAGR of 31.8%. The major factors driving the global 5G enterprise market are the emergence of Industry 4.0 paving the way for mMTC, development of smart infrastructure, and the delivery of differentiated 5G services using network slicing technique. Associate Vice President of Semiconductor and Electronics at Markets and Markets, Sachin Garg says that, to ensure continuity of services even during unpredictable and undesirable events, they have built Private networks and essential industrial applications. And in addition, they ensure that critical civil functions and business processes have access to high-quality communication, even when parts of the system fail due to external factors.

Network isolation, data protection, and device/user authentication are utilized by the private networks in order to protect critical assets. Enterprises can also control retention and data sovereignty to ensure the safety of sensitive information stored on-premises. Critical requirements of many companies are addressed by Automation and digitalization. It also allows them to increase output, reduce operational costs, and gain more profit. Businesses need a strong network that can support their digital transformation journey. Technological advancements and the evolving ecosystem have further paved the way for the emergence of new business applications across different sectors.

Some major kind of crucial technologies adopted in industrial and government sectors are Industry 4.0, Intelligent Process Automation (IPA), robotics, process automation, automated guided vehicles (AGVs), autonomous vehicles, remote site monitoring, smart cities, and drone surveillance. Network connectivity with high bandwidth, low latency, and higher security are essential for these technologies. All these requirements are fulfilled by the network slicing and it also supports next-generation applications. And the it also enables service providers to deliver dedicated, secure, reliable, and scalable network services independently.

One of the major factors driving the demand for 5G services is the Ultra-low latency. 5G’s ultra-low latency is almost 50 times lower than the current 4G service. 4G’s latency rate is 50 milliseconds, and 5G is expected to provide latency of 1 millisecond. Industrial applications, autonomous vehicles, remote surgery, and connected cities are all in need of faster and reliable networks. And so 5G services are expected to meet their demands. 5G will be the core technology for digital transformation. The higher bandwidth, lower latency, and massive machine-type communications (mMTC) offered by 5G will enable several innovative industrial applications, such as robotics, big data analytics, IIoT, and AR/VR in engineering and design, along with new ways to provide remote support and training.

Adoption of AR and VR is one of the most important application of 5G in manufacturing. Instead of lecture-based training, the mixed reality offers more efficient learning with virtual experience. Another major application of 5G is the Video analytics. This can be used in various applications, including access control, traffic management, fire detection, public safety. 5G technology can be leveraged in AI-powered solutions for face or object recognition, asset management, and image processing applications due to its high bandwidth, high speed, low latency, and secure network connectivity.

Tech

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.

Tech

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.

Tech

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.