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What Is Loan Against Securities – A Complete Guide
When you need cash, especially a lump sum amount urgently, a loan is one of the best facilities at your disposal. The loan allows you to attend to your expenses, while you can return the funds borrowed from the bank in pocket-friendly instalments over a stipulated tenure. Today, you can mortgage more than your home or any property you may have to procure a loan; you can take out a loan against securities. Let us attempt to understand the meaning, features, benefits and application process for a LAS loan.
What's the Difference Between a Gold Loan and a Loan Against Property?
Loans are one of the best ways to access funds in an emergency or to pursue your goals. There are broadly two types of loans that you can procure - a secured loan and an unsecured loan. If you offer collateral to the lender in exchange for the loan, you
are said to have taken a secured loan. Many people prefer to take a secured loan as it helps them receive funds on suitable loan terms and conditions such as lower interest rates and higher loan amounts. When offering a secured loan, lenders usually
accept gold, securities, property, and other similar assets as collateral. Out of all these types, a loan against gold and a loan against property are the two most common types of secured loans.
7 Amazing Benefits Of Taking A Gold Loan
Almost no auspicious occasion or family function is complete without gold jewellery. In fact, gold is also one of the most precious gifts to pass on to your descendants. But the value of gold doesn’t simply end there; did you know that you can also get a loan against gold jewellery/Ornaments? In fact,
Everything you need to know about Loan Against Securities
Loans can be broadly classified into two forms, secured debt and unsecured debt. Home loans, car/bike loans, and secured lines of credit are all examples of a secured form of debt. This means that to procure such loans, you need to pledge collateral to the lender. Collateral, in simple words, is a valuable item of a certain value that the lender can sell to cover your loan if you fail to make payments. Banks and financial institutions usually accept real estate, gold, and other such assets as forms of collateral. Now, did you know that you can also get a loan against securities?
Features and Benefits of Digital e-Mudra Loan
Setting up a business requires a lot of capital both for the initial investment and for operational costs. While a few people save their way to starting a business, many others take a business loan to meet these capital requirements. To boost entrepreneurship and help small businesses pursue their goals, Bank of Baroda offers a digital e-Mudra loan. This is a credit facility made available by Bank of Baroda for MSMEs that operate in the manufacturing, trading, and services sectors of the economy. One of the best features of the <a href="https://www.bankofbaroda.in/business-banking/msme-banking/loans-and-advances/digital-mudra-loan">Bank of Baroda digital Mudra loan</a> is that it is an unsecured form of debt. This means that you do not need to provide any collateral to procure funding. This is one of the best ways to finance the operations of your business. Read on to know more about this loan.
What is Tenure in a Personal Loan and How to Choose the Loan Tenure Smartly?
A personal loan is an unsecured type of a loan which means that you can borrow the funds without handing over any collateral. The borrowed money can be used for various purposes such as tackling an emergency, financing your business, or pursuing your
educational goals. However, since you do not need to provide collateral to procure a personal loan, the interest rate charged on these loans is relatively higher when compared to other types of loans, such as home loans or student loans. Due to this,
5 Key Factors That Affect Your Personal Loan Interest Rate This Year
Do you need money to pay the security deposit on your rented flat? Or perhaps you are facing a medical emergency that goes beyond the coverage of your health insurance plan. A personal loan is a type of unsecured loan that helps you get access to quick
cash in such situations of need. Features of personal loans include collateral-free applications, speedy approvals and disbursals, attractive interest rates, and no end-use restrictions, to name a few. Now, let us look at the factors affecting personal
5 Smart Tips to Reduce EMI Of Your Existing Personal Loan
Personal loans offer a great way of meeting your financial requirements without compromising your assets.
6 Easy Ways to Choose the Best Personal Loan in 2022
There are multiple personal loan providers present in the market today; thus, you get a plethora of personal loans options to choose from. However, it is important to ensure that you get the best personal loan for yourself by choosing the right creditor.
This will ensure that you can clear off your debt easily without taking on any unnecessary stress.
Give Your Home a Festive Makeover with an Instant Personal Loan
The festive season is the time for celebration, indulging in good food, and exchanging gifts. Festivals are also considered auspicious for making big purchases such as a new vehicle, jewellery, and gadgets. Many people also opt to renovate their homes just before the festive season to add some sparkle and glamour to the celebrations. Now, renovating your home can be quite a costly affair. Fortunately, lenders offer attractive interest rates and even help you get an instant personal loan online during the festive season.
How to Get a Personal Loan Without a Salary Slip in India?
Personal loans can prove helpful in consolidating your existing debts and helping you meet financial emergencies. You can even procure a personal loan to finance special occasions such as a marriage ceremony or an anniversary holiday. It is one of the
most popular types of loans available in the market today.
How to Pay Off Your Personal Loan Quickly?
A personal loan can prove to be a boon in helping you meet planned and unplanned expenses. Many borrowers often prefer personal loans over other types of loans as these loans are apt for all purposes. Whether you need to fund your home renovation or take that long-overdue family vacation, a personal loan can help fund a variety of expenses.
9 Best Home Loan Tips 2022
A home not only provides a roof over your head, but also doubles up as an investment. Your property can be sold for money at some point in the future. It can also function as collateral for a loan. Home loan is one of the best ways to finance the purchase of your dream flat or house. A home loan helps you safeguard your savings and gives you all the required flexibility to repay the cost of your property with comfort and ease by the way of EMI.
Now, there are so many options of home loans available out there. Choosing just one among all these can be quite confusing. To help you get the best option, here are a few home loan tips that can prove helpful.
1. Check your CIBIL score
Home loans are typically of high amounts and long tenures; thus, they can only be given to individuals who have a good credit history. The minimum home loan credit score required by most of the banks in India is ranges between 650-750. Furthermore, your CIBIL score is directly proportional to the loan amount you are eligible for. This means that having a higher CIBIL score helps you procure loans of higher amount. Generally, having a CIBIL score of 750 and above is considered ideal for procuring a good and substantial value of a home loan. If you check your CIBIL score and find it to be below 650 or just at par with 650, it is better to work on increasing your score before applying for a home loan. Having a good CIBIL score can also help you procure a loan at a relatively lower interest rate.
It is recommended to check your CIBIL score every 3 to 6 months. This will help you keep track of your creditworthiness and devise a strategy to increase your score.
2. Start saving for a down payment
It is important to plan your finances and save up for the down payment before initiating your application for a home loan. This is, perhaps, the best home loan advice that anyone can give you. Lenders typically require you to pay 10% to 30% of the total purchase value of the house or property as down payment depending on your loan amount.
With increasing expenses, it can be quite difficult to save for your home loan down payment. However, making small changes in your monthly budget can ensure that a portion of your income is put aside in a savings account/Investment account etc. to build a corpus for the down payment.
3. Get your financial documents in order
When you take a home loan, you will be required to provide your lender with certain documents such as your recent salary slips, ITRs, and bank account statements, among other paperwork. It helps to keep these documents ready in advance so that you do not have to rush at the eleventh hour to find what you need.
The list of documents required for a home loan can vary between lenders. The documents required can change slightly depending on whether you are salaried or self-employed. Hence, it is better to check with the lender about the records that are required by them. You can easily get a list of required documents by visiting the lender’s website or by calling them up directly.
4. Use a home loan EMI calculator
Understanding your EMI payments is one of the most important home loan repayment tips to keep in mind. Calculating your monthly EMI payments before applying for a home loan can help you avoid taking on debt that you cannot afford to repay.
EMI calculations are dependent upon the interest rate charged and tenure of the loan among many other factors; hence, EMIs are not that easy to calculate manually. Fortunately, you can use the lender’s home loan EMI calculators online to get an idea of the loan amount that you can afford to borrow.
5. Select the right type of home loan
There are many different types of home loans offered by every lender. Bank of Baroda offers its customers different types of home loans including top up loan, home improvement loan, and a home loan takeover scheme, among others. Each type of home loan offers different benefits to borrowers. Hence, it is better to compare bank loans and choose the right home loan that best suits your needs.
When taking a home loan, you can also choose between a fixed interest rate home loan or a floating interest rate home loan. While a fixed interest rate loan will have a constant interest rate throughout the loan tenure, the floating interest rate will see the interest rate change as per the market.
6. Compare the different home loan offers
The cost of procuring a home loan varies between lenders too. When selecting a home loan, you should consider the interest rate charged, home loan processing fees, application fees, technical valuation charges and other such expenses before starting your application process.
To get the best home loan in 2022, do make sure to compare the different loan offers and the other ancillary costs that are associated with borrowing. This research will help you make a smart choice. Remember that a home loan is debt that you take for a long term – generally between 20 to 30 years. So, you would want to pick the best loan provider who fulfils your financial needs for peace of mind.
7. Stay connected with your lender
After you submit your loan application, the lender may require some additional information from you before processing it ahead. Giving quick responses to the lender will help you get the loan amount disbursed swiftly.
It is also imperative to stay in touch with your lender throughout the loan tenure. This will help you build trust with the lender and get the timely help if needed.
8. Keep your credit score maintained during the loan processing period
Lenders typically check your credit score before accepting your loan application. However, they can also pull up your scores again before sanctioning the loan. This helps them ensure that you are a creditworthy individual and are consistent in repaying your debts. Hence, do not get lax on your payments after the lender has accepted your home loan application. Rather, pay more attention to your credit card bills and ensure that they are paid on time. It is also better to avoid applying for new loans until your home loan is sanctioned. This will help you maintain your credit score.
9. Read all the loan related documents carefully
It is particularly important to understand the different terms and conditions of the home loan before signing the documents. Ensure that you go through the documents and get comprehensive knowledge of what you are signing up for. You can contact your lender and ask them for any help you need in understanding the fine print.
The Importance of Good CIBIL Score for Home Loan
Are you looking for information on CIBIL score for home loans? Have you been wondering what is the minimum CIBIL score for home loans and how you can bring your credit score within that range? If so, then you’ve landed on the right page! Continue reading the article to know all there is about CIBIL score for housing loan application.
Established in 2000, the Credit Information Bureau Limited (CIBIL) is a credit information company that maintains records of individuals and organisations. A lending agency/company/bank gives out loans on the basis of the CIBIL score generated.
What is the relevance of CIBIL Score for home loan?
The CIBIL score is basically a three-digit number that ranges between 300 and 900. The higher the score, the greater are your chances of getting a home loan easily. Lenders mandatorily check your credit score to know your creditworthiness when you apply for a home loan.
Here is a quick look at how the CIBIL score impacts your home loan application:
● The CIBIL score is essentially the first impression that your lender gets of you as a borrower
● Borrowers applying for home loans with low CIBIL scores might face a harder time in getting their applications approved
● Having a good or high CIBIL score allows you to get the better interest rate
Can a good CIBIL score help you get a home loan at a lower EMI?
Having a good CIBIL score when you apply for a home loan not only makes you eligible to get one but also helps you get funding at a lower interest rate. Lower EMIs will help bring down the overall cost of your housing loan. As we all know, a home loan is long term debt that runs into decades. So, even a small reduction in interest can see you potentially save lakhs of rupees.
Thus, having a higher CIBIL score can prove to be immensely helpful for a housing loan.
What is considered to be a good CIBIL score for home loan applicants?
Generally higher CIBIL score is considered good. It increases chances of getting easy approvals and better rates of interest. Bank of Baroda requires a minimum credit score of 701 for a customer to be eligible for a home loan.
Want to know how to increase your home loan eligibility?
Here are a few tips that can enhance your chances of getting a home loan:
● Paying off existing loans:
This is the major tip which will help you increase your chances of getting your home loan sanctioned. Ensure that you are paying your existing EMIs on time regularly and there is no default. If you have a habit of using your credit card, make sure you pay off your entire card debt on a regular basis so that you don’t have to pay any interest on those expenses. In short, pay the whole balance and not just the minimum due.
● Record your variable pay:
Another way to increase your eligibility is by giving the bank proof of your variable pay apart from submitting your income documents.
● Opt for a joint home loan:
You can add your close relatives as co-applicant, while reviewing an application for a joint home loan, the lender considers the income of both the parties. Hence, a combined monthly income will appear higher and increase your chances of getting the loan value you need.
Quick tip: You can use an online tool called the Home Loan EMI Calculator to understand what your monthly payments will look like for a certain loan amount. Knowing what kind of EMIs you can expect will help you plan your finances better. This will save you from defaulting on your payments and help you keep your credit score in good standing throughout the tenure of your home loan.
Steps to check your CIBIL score online
These days, we have become accustomed to the new normal of doing as many things as possible online, from transferring money to someone to applying for cards and opening bank accounts too. In the same way you also check your CIBIL score digitally!
Simply follow these quick steps to easily check your credit score online:
Step 1 - Go to the official CIBIL website, log in and select “Know Your Score”
Step 2 - Fill up the digital form that appears and enter relevant details such as your name, date of birth, past loan history, ID proof etc.
Step 3 - After the form has been properly filled, a payment page will appear. You can choose your preferred form of payment method like debit/credit cards or net banking.
Step 4 - After successful payment you will have to answer five questions CIBIL asks about your credit history, out of which three need to be correct, in order to get your identity authenticated from CIBIL.
On approval, you will get your credit report mailed to you in the next 24 hours, and you can check your CIBIL score, also existing BOB customer can check their CIBIL score through bob World mobile banking app.
Conclusion
Now you can be the proud owner of your very own dream home with the easy home loan options given by Bank of Baroda. Our home loans have low interest rates, affordable processing fees, and longer tenures too. At Bank of Baroda, you can also enjoy many other benefits such as a free credit card when you apply for a home loan. Choose from our wide range of home loans including pre-approved home loan, home improvement loan, and loan takeover scheme, among others. You can check your home loan eligibility online on our website and even apply for your home loan online too. It’s that convenient!
Get in touch with us today to know more.
Ways to Repay Mortgage Loan Quickly
Are you looking for information on CIBIL score for home loans? Have you been wondering what is the minimum CIBIL score for home loans and how you can bring your credit score within that range? If so, then you’ve landed on the right page! Continue reading the article to know all there is about CIBIL score for housing loan application.
Established in 2000, the Credit Information Bureau Limited (CIBIL) is a credit information company that maintains records of individuals and organisations. A lending agency/company/bank gives out loans on the basis of the CIBIL score generated.
What is the relevance of CIBIL Score for home loan?
The CIBIL score is basically a three-digit number that ranges between 300 and 900. The higher the score, the greater are your chances of getting a home loan easily. Lenders mandatorily check your credit score to know your creditworthiness when you apply for a home loan.
Here is a quick look at how the CIBIL score impacts your home loan application:
● The CIBIL score is essentially the first impression that your lender gets of you as a borrower
● Borrowers applying for home loans with low CIBIL scores might face a harder time in getting their applications approved
● Having a good or high CIBIL score allows you to get the better interest rate
Can a good CIBIL score help you get a home loan at a lower EMI?
Having a good CIBIL score when you apply for a home loan not only makes you eligible to get one but also helps you get funding at a lower interest rate. Lower EMIs will help bring down the overall cost of your housing loan. As we all know, a home loan is long term debt that runs into decades. So, even a small reduction in interest can see you potentially save lakhs of rupees.
Thus, having a higher CIBIL score can prove to be immensely helpful for a housing loan.
What is considered to be a good CIBIL score for home loan applicants?
Generally higher CIBIL score is considered good. It increases chances of getting easy approvals and better rates of interest. Bank of Baroda requires a minimum credit score of 701 for a customer to be eligible for a home loan.
Want to know how to increase your home loan eligibility?
Here are a few tips that can enhance your chances of getting a home loan:
● Paying off existing loans:
This is the major tip which will help you increase your chances of getting your home loan sanctioned. Ensure that you are paying your existing EMIs on time regularly and there is no default. If you have a habit of using your credit card, make sure you pay off your entire card debt on a regular basis so that you don’t have to pay any interest on those expenses. In short, pay the whole balance and not just the minimum due.
● Record your variable pay:
Another way to increase your eligibility is by giving the bank proof of your variable pay apart from submitting your income documents.
● Opt for a joint home loan:
You can add your close relatives as co-applicant, while reviewing an application for a joint home loan, the lender considers the income of both the parties. Hence, a combined monthly income will appear higher and increase your chances of getting the loan value you need.
Quick tip: You can use an online tool called the Home Loan EMI Calculator to understand what your monthly payments will look like for a certain loan amount. Knowing what kind of EMIs you can expect will help you plan your finances better. This will save you from defaulting on your payments and help you keep your credit score in good standing throughout the tenure of your home loan.
Steps to check your CIBIL score online
These days, we have become accustomed to the new normal of doing as many things as possible online, from transferring money to someone to applying for cards and opening bank accounts too. In the same way you also check your CIBIL score digitally!
Simply follow these quick steps to easily check your credit score online:
Step 1 - Go to the official CIBIL website, log in and select “Know Your Score”
Step 2 - Fill up the digital form that appears and enter relevant details such as your name, date of birth, past loan history, ID proof etc.
Step 3 - After the form has been properly filled, a payment page will appear. You can choose your preferred form of payment method like debit/credit cards or net banking.
Step 4 - After successful payment you will have to answer five questions CIBIL asks about your credit history, out of which three need to be correct, in order to get your identity authenticated from CIBIL.
On approval, you will get your credit report mailed to you in the next 24 hours, and you can check your CIBIL score, also existing BOB customer can check their CIBIL score through bob World mobile banking app.
Conclusion
Now you can be the proud owner of your very own dream home with the easy home loan options given by Bank of Baroda. Our home loans have low interest rates, affordable processing fees, and longer tenures too. At Bank of Baroda, you can also enjoy many other benefits such as a free credit card when you apply for a home loan. Choose from our wide range of home loans including pre-approved home loan, home improvement loan, and loan takeover scheme, among others. You can check your home loan eligibility online on our website and even apply for your home loan online too. It’s that convenient!
Get in touch with us today to know more.
Why Choose Bank of Baroda Housing Loan?
There is no feeling like home. Buying a house brings unmatched joy and happiness in our lives. An owned home gives us a sense of security and a feeling of achievement. Long back, people had to spend numerous years saving up a corpus to finance their dream of buying a house. But today, you do not need to do so. You can simply take a home loan.
Opting for a home loan is an excellent way to finance the purchase of your dream house. This loan allows you to pay the property amount in a systematic and periodic manner. Bank of Baroda offers home loans at attractive interest rates on easy repayment terms. The maximum tenure of repayment is 30 years, and you can apply for a top-up for five times during this entire tenure.
Benefits of taking a home loan from Bank of Baroda
At Bank of Baroda, we truly believe in simplifying the process of getting finance for your home. As such, we offer a range of loans designed to meet your various requirements. From our pre-approved home loans to home improvement loans and home loan takeover scheme, there is something for everyone. Here are a few more benefits of getting your home loan from Bank of Baroda:
• Low interest rates and processing charges
• Higher loan amounts
• Free credit card
Let’s take a closer look at why you should consider opting for a Bank of Baroda home loan to buy your next or first flat or house. We will show you how to apply for home loan by discussing home loan eligibility, fees and charges, and documentation required in detail.
Bank of Baroda housing loan eligibility criteria
To help more people finance their dream home, we have put together an easy to meet eligibility criteria.
Conclusion
Signing up for a home loan is a long-term commitment. And we, at Bank of Baroda, promise to be there for you every step of the way. From helping you sail through the documentation process with ease to offering expert advice on planning your loan repayment, we have it all covered for you.
In fact, you can now apply for a housing loan with Bank of Baroda online with a matter of a few clicks. We hope this was a great read for you today.
Difference Between Secured and Unsecured Loans
A loan is one of the best ways to finance your dreams or meet sudden expenses. There are several types of loans available in the market today that serve various purposes. For example, a car loan is designed to finance the purchase of your dream vehicle
Documents Required for Loan Against Property - A Complete Checklist
Meeting significant expenses like the cost of an overseas education, a wedding, home renovation, or medical expenses can be challenging. Your credit card may not be sufficient for meeting these costs.
Should you opt for a Home Loan Balance Transfer?
Your home loan is probably one of your biggest financial responsibilities. Now, you may have heard of the concept of a balance transfer to ease out your payments. In this article, we will look at what a home loan balance transfer is and examine whether
6 Best Tips to Repay Your Student Loan Early
An education loan is truly a boon for students who want to pursue higher studies but cannot afford to do so on their own. Many people end up selling family assets - such as gold – in order to pursue their higher studies. With the help of an education
Cloud kitchen Startups on Cloud9
The F&B industry is poised for transformation due to technology shifts, changing consumer habits, and rising disposable incomes. Cloud kitchens are one such emerging segment gaining popularity & it is expected to gain more traction as Gen Zs enters the market.
Cloud kitchens are delivery-only restaurants where the preparation + packaging of food takes place while operating at a fraction of the costs incurred by traditional restaurant establishments (rentals, decor, equipment, & wait staff can be saved while operating virtual cloud kitchen brands). Simply put, a cloud kitchen is a 4-walled kitchen structure from where food is dispatched to customers who’re ordering from their offices or homes.
Consumers place their orders via food delivery aggregators such as Zomato, Swiggy, or direct-ordering platforms such as DotPe, Thrive, etc. These orders are then accepted on POS Systems such as Posify, Posist, & Limetray.
In the end, direct orders are fulfilled via third-party logistics (3PL) providers such as WeFast, Dunzo, Pidge & others.
Foodtech & cloud kitchens are highly scalable, profitable, & asset light compared to traditional F&B concepts. Consequently, their investments & ROIs have reached record highs in 2021 and are expected to grow to a $4 billion industry in India by 2024, up from $1 billion in 2021. The restaurants without physical stores, which only deliver and operate through cloud kitchens, could outpace growth of physical outlets in the next 12 months, despite the reopening of dine-in.
Rebel Foods, an Indian startup which is also backed by Goldman Sachs Group Inc. and Sequoia Capital, entered the Unicorn club to achieve a billion-dollar valuation after securing $175 million in a funding round led by the sovereign wealth fund Qatar
Investment Authority.
It said it’s growing at 100% annually and moving toward profitability with an annual run rate of over $150 million. It operates more than 45 brands from Behrouz Biryani to Ovenstory Pizza and Faasos wraps across 10 countries including India, Indonesia, the United Arab Emirates and Malaysia.
Founded by Kiran Prasad, Hygiene BigBite pivoted to a multi-brand cloud kitchen model in 2017 which has raised $15 million from Falcon Edge. It currently operates 10 brands — including Gunpowder and Biryani Trip — across 50 kitchens.
Cloud kitchens will continue to gain the edge by accelerating cost-savings and margins by leveraging trends like kitchen automation, drone delivery, the gig economy, and rising real estate costs in urban areas. The myriad models are peaking investor interest in the F&B space and when it comes to innovation in this space, we have seen only the tip of the iceberg yet!
Credit : Akhil Handa
Wintelligence
Till recently, methods that wine makers used to decide upon to produce have been mostly subjective. Without proper information, it was mostly a guess work. The wine industry is one of the oldest in the world and has dived into modern technological innovations to optimize production and save costs. Artificial intelligence is assisting vineyards world over from soil analysis to customer wine selection and pricing decisions.
Technology is heavily influencing the value chain.
According to the International Organisation of Vine and Wine, wine production reached a record level of 293 million hectolitres in 2018. As per a report by Zion Market Research, global wine market is expected to generate revenue of around USD 423.59 billion by the end of 2023, growing at a CAGR of around 5.8% between 2017 and 2023.
In Australia, GAIA (Geospatial Artificial Intelligence for Agriculture) uses AI software and a satellite image library to plot every vineyard in the country. GAIA is a cloudbased, automated solution for vineyard identification and mapping. Deep learning neural networks are responsible for GAIA's ability to identify features of vegetation, and allow it to continuously improve. GAIA improves classification of vineyards and crop conditions by analysing the data it collects through deep neural networks.
Developed via a European Union research consortium, vineyard-monitoring robot Vinescout, uses an array of technologies for wine selection. VineScout utilizes an infrared sensor and a multispectral camera to respectively measure the temperature of plant leaves and the amount of water contained within the plants to let growers know if the plants are getting enough water, along with their current level of maturity and robustness.
Ailytic, a South Australian tech company, has developed an AI software to collect data from production and use it to analyze variables such as temperature and inventory. Then it generates an optimal production schedule based on the analysis, allowing companies to maximize their time and money.
Tastry, a sensory sciences company based in California, uses machine learning to teach artificial intelligence to “taste” – and this technology is shaking up the wine industry. Tastry’s technology decodes aroma and flavor profiles by chemically analyzing thousands of wines in their lab. Then Tastry identifies the unique consumer palate of each individual that takes a quiz in a store our on their app.
Modern technology is changing the way we consume our wine. Tech is at play at the back end for the production process and in the front helping us make better wine choices
Credit :Akhil Handa
Balancing control and flexibility a FinTech Startup would want to offer
FinTech startups will have a very fine line between moving from the old school way and the trust factor. Banks are now moving towards the path of digital transformations and bringing in new technologies with the intent on building leaner, faster, cheaper products than traditional banks. Brands have been created to be approachable and emotionally engaging, differing from the more traditional bank’s approach that Indian customer base is used to.
Customers does not want opaque financial institutions, rather they like customized services, more transparency, more mobility, flexible banking, lower fees and faster transactions. And now customers are spoilt with choices in the market.
But the challenge as this evolves is how you stand out, while gaining people’s trust. People have to be able to remember your name and who you are, but also trust you with their money.
1.Keep it simple and clean:
Now that it’s a new change to adapt, it should not be jargon. People need to understand clearly who you are, what you offer and why they should care. You need to be quick and simple to understand
2.Know Your Customer:
Understanding your customer, designing and delivering the value that matters most to customers is the key for the success of your product. In case of a diverse mass customer base, you can quickly get a ‘map’ of your audience’s life and world, and make sure all product decisions, features and communications are guided towards fitting in easily there.
3. Right attention to touch points: Small touches of delight you add, on top of the basics, make your experience more memorable and, thereby, more sticky. Building stickiness or virality into the design of your products and onboarding experience has more power than any amount of content marketing.
4.Nurturing partnerships:
As more technology companies spring up, covering a wide base of offers, becoming the preferred partner in your category is essential. This means cultivating a community and partnership strategy as soon as possible in your lifecycle
As the competition for banking services intensifies, FinTech startups will have to take more bold steps to set themselves apart in the market. Agile, fast, and focused execution are quintessential for success.
credits : Akhil Handa
7 Best Car Loan Tips to Follow in 2022
With the increasing need to travel short and long distances in comfort and safety, buying a car has become a necessity in recent times. Now, cars are expensive, and you may need a bit of help with financing the vehicle of your dreams.
Bank of Baroda Lowers Home Loan Interest Rate
On the other hand, if you had applied for a loan with the same loan amount and tenure at the old rates, you would have had to pay a minimum interest rate of 6.85% p.a. Your EMI payment, in this case, would have been Rs.32,763.
Buying A Car This Festive Season? Here Is What You Must Consider Before Taking A Car Loan
Owning your own vehicle has become more important now than ever before. The Covid-19 pandemic has completely altered social behaviour, forcing us to become highly cautious before using shared transport. And what better time to go car shopping than when
What are the consequences of missing a home loan EMI? (And how to get back on track?
A home loan can help you finance the purchase of your dream house. These loans are usually of a high value and, therefore, longer in tenure as well. Lenders typically sanction only 75% to 90% of the cost, and you are required to save enough to make
Lost your job due to Covid 19? Here's how to pay your home loan EMIs
Home loans are typically of high value and result in fixed obligations for long period of time in the form of EMI payments. For many individuals, a significant chunk of the monthly salary goes towards
Your Digital Stylist
Dear Reader,
Fashion is one of the most challenging fields, highly impacted by global economic uncertainty as well as distinct trends and industrial changes. In response to the pressure for growth and cost efficiency, many brands have started a series of initiatives to improve their speed to market and to implement sustainable innovation.
As evident during the pandemic, the need to adapt and overcome has been paramount for fashion brands to survive. Brick-and-mortar fashion companies are feeling the pain augmented by Covid-19. Mall-based retailers reportedly saw earnings plunge 256% in Q2’20, according to Coresight Research and over 12,000 US stores closed in 2020, according to real estate company CoStar Group, up from 10,000 stores the year before.
One exciting innovation in the fashion industry has been the introduction of AI-based digital stylists and chatbots, that can give feedback to customers on outfit choices or suggest alternatives if required. For example, Stylesnap is an AI-powered feature built into the Amazon app that help you find looks you love quickly and easily. Take a photograph or screenshot of an outfit, upload it onto the Amazon app, and you'll be presented with items that look just like the ones in the picture.
Even Facebook is experimenting with an AI system of its own called Fashion++. The software uses AI to analyse a person’s outfit and suggest subtle alterations that it thinks could improve the look, like rolling up the sleeves or removing an accessory.
Israel-based Syte offers retailers and brands a camera button that can be added next to the search bar on a mobile website or app. Shoppers can upload images of their favorite styles through the button, and then see looks “inspired” by those images on the brand’s site. Syte counts a number of high-profile brands among its clients, including Tommy Hilfiger, Myntra, and Kohl’s. Even luxury brands are testing digital stylists in select markets: Prada, for example, has introduced a “personalized concierge” chatbot for its relaunched Chinese website.
Fashion-tech company Style.me provides virtual styling solutions, and has recently launched a powerful plugin that can integrate a 3D virtual fitting room to any online retail website.
Recently, Fashion Innovation Agency has introduced digital human stylists (DHS) that is powered by Microsoft AI, IoT and natural language processing. It can understand what’s in your wardrobe, what’s in your calendar, where you’re going, allowing personal recommendations that are visually and verbally communicated back to the user within your own home.
With the customers’ lives becoming progressively entwined with the digital world, it is imperative that brands in Fashion Industry start embracing the latest technologies to push their limits of manufacturing, marketing and wearability.
Credits : Akhil Handa Aparna Anand
Disaster Management
Dear Reader,
We are living in the midst of a revolution. Supervised learning, a branch of Machine learning allows engineers to develop models that can train themselves. In turn, these models are helping solve crisis management problems before disaster strikes.
Technologists have long modeled data to harness machine learning for disaster relief. After the Chernobyl crisis, scientists analyzed satellite imagery and weather data to track the flow of radiation from the reactor. Today’s algorithms far outpace their predecessors in analytic and predictive powers. Machine learning models are able to deliver more granular predictions. NASA has developed the Landslide Hazard Assessment for Situational Awareness (LHASA) Model. Data from the Global Precipitation Measurement (GPM) is fed into LHASA in three-hour intervals. If a landslide-prone area is experiencing heavy rain, LHASA then issues a warning. Analysts then channel that information to the appropriate agencies, providing near-real-time risk assessments.
Roofing material is a major risk factor in resilience to natural disasters. So, a model that can predict it is also one that can predict which buildings are most at risk during an emergency. In Guatemala, models are identifying “soft-story” buildings–those most likely to collapse during an earthquake. “Forecast funding” can mitigate damage by providing the most vulnerable with cash assistance to prepare for disaster. Bangladesh and Nepal are nations that are already implementing this strategy.
Natural disasters, such as earthquakes, hurricanes and floods affect large areas and millions of people, but responding to such disasters is a massive logistical challenge. Crisis responders, including governments, NGOs, and UN organizations, need fast access to comprehensive and accurate assessments in the aftermath of disasters to plan how best to allocate limited resources. To help mitigate the impact of such disasters, Google in partnership with the United Nations World Food Program (WFP) Innovation Accelerator has created "Building Damage Detection in Satellite Imagery Using Convolutional Neural Networks", which details a machine learning (ML) approach to automatically process satellite data to generate building damage assessments. As per Google this work has the potential to drastically reduce the time and effort required for crisis workers to produce damage assessment reports. In turn, this would reduce the turnaround times needed to deliver timely disaster aid to the most severely affected areas, while increasing the overall coverage of such critical services. The World Food Programme was awarded the 2020 Nobel Peace Prize and they thanked Google and its team of engineers in pioneering the development of artificial intelligence to revolutionise humanitarian operations.
The application of machine learning techniques to satellite imagery is revolutionizing disaster relief. Crisis maps and image comparisons are helping relief organizations to deliver aid with precision.
Credits : Akhil Handa Prithwijit Ghosh
AI-Operations
Dear Reader,
From Amazon Alexa to Siri, Artificial Intelligence (AI) has gained serious footholds in our personal lives. However, when it comes to IT operations platforms, AI and Machine Learning technologies are still in the nascent stages.
Incidentally, the forces of digital business transformation are necessitating a change to traditional IT management techniques. Hence, advanced approach to IT-Ops, also known as AI-Ops (Artificial Intelligence for IT Operations) is being developed, which combines algorithmic and human intelligence to provide full visibility into the state and performance of the IT systems.
AI-Ops bridge three different IT disciplines - service management, performance management and automation - to accomplish its goals of continuous insights and improvements. Gartner predicts that the use of AI-Ops by large enterprises to monitor applications and infrastructure will rise from 5% in 2018 to 30% by 2023.
In this reference, SysTrack has developed AI-Ops-based platform which incorporates natural language processing (NLP) and AI-driven sentiment scoring. The integration of NLP powers an easy-to-use search function that enables the IT Team to gain holistic idea about their environment. Through integrations with AI-Ops platforms, including IBM Operations Analytics – Predictive Insights, the platform provides a detailed real-time and historical endpoint data that IT operations need to execute AIOps use cases, including proactive monitoring. The NLP engine, allows IT to type or speak questions about their environment in plain English and return suggested answers for accelerated root cause analysis.
Multiple financial institutions are also incorporating AI-Ops in their business functions. For instance, US Bank is leveraging AI-Ops to increase automation across the business lines by analyzing large, monitoring-driven data sets. With the help of AI-Ops, US Bank envisions that the query and complaint resolution will be more effective, delivering better up time and improving customer experience.
Similarly, Similarly, Barclays Bank is using AI-Ops platform through AI and machine learning to analyse end-to-end analysis of IT infrastructure based on various monitoring tools to pull together the required information in order to deliver the best user experience.
As machine-learning systems become more accurate and reliable, routine and well-understood actions can be triggered without human intervention, potentially resolving issues before users are impacted or even become aware of any problem.
Credits : Akhil Handa Manish Kulkarni
Zero Gravity Fridge
Dear Reader,
Thinking of a household kitchen without a refrigerator in it is almost impossible. Astronauts have been going to space since 1961, and have to eat canned and dried food that have only three years of shelf life as they still don’t have a refrigerator that can work in space.
The simple reason being, refrigerators rely on gravity to distribute oil through the compressor system that regulates temperature, so in space these systems don’t work or break down quickly.
Now, In a project funded by NASA, a team of engineers from Purdue University, Air Squared, and Whirlpool are building a prototype that can operate just as well in outer space as it does on Earth. The team of researchers is building a refrigerator that can keep food cold on longer missions in space, at zero gravity. It is aimed at giving astronauts a supply of food that could last five to six years.
Even though fridge experiments have been made in space before, they either didn’t work properly or eventually broke down. Cooling systems currently on the International Space Station are used for experiments and storing biological samples rather than for storing food, as they consume significantly more energy than on Earth.
In a typical fridge, gravity helps to control the flow of liquid and vapour. Similarly, the oil lubrication system inside of a fridge’s compressor is gravity-based. When bringing new technology into space, making the entire system reliable in zero gravity is the key challenge.
The device is about the size of a microwave oven that can fit into the International Space Station’s rack system and can store biological samples for science experiments. Purdue researchers also demonstrated that the refrigerator can operate in different orientations, even upside down, an important capability for the variable gravity of lunar and planetary missions.
Overcoming the zero gravity problem and its effect on the flow of oil throughout the refrigerator has been addressed with the use of an oil-free scroll compressor developed by Colorado-based company, Air Squared, a specialist in oil-free scroll solutions. The compressor will be tested both in the prototype and in its larger, more instrumented counterpart built by Purdue researchers.
The engineers have built three experiments to test the effects of microgravity on a new oil-free fridge design: a prototype for potential future use on the International Space Station, a setup for testing the prototype’s vulnerability to liquid flooding and a larger version of the prototype with sensors and instruments to capture how gravity affects the vapour compression cycle.
The team ran all the three experiments to test the machine in a specially-designed plane that flew in microgravity. They found that the refrigerator could operate in microgravity without any liquid flooding. The oil-free vapor-compressor inside the fridge addresses the concerns about their suitability in zero gravity.
Thus, if we are to colonize Mars in the near future, it is safe to assume that we would have a ready prototype of a refrigerator for our households.
Credits : Akhil Handa Clint James
Road Network Management with AI
Dear Reader,
The lack of road safety in India is increasingly becoming a matter of major concern. According to National Crime Records Bureau (NCRB) data, India recorded around 4.3 lakh road accidents in 2019, which took the lives of 1.5 lakh people. Poor road infrastructure, encroachment, and increasing number of vehicles have contributed to the high number of road hazards in the country. The solution seems clear: real-time road monitoring and information collation about road infrastructure.
New Delhi-based deep tech startup Nayan India Science and Technologies has developed a road safety and traffic monitoring solution that uses a camera, computer vision and artificial intelligence. The application constantly monitors roads, infrastructure, and traffic violation. The AI Powered algorithms analyse the video feeds and alert in case of violations, defects or dangers on the road. The B2B SaaS startup works with road transport authorities, insurance companies, private aggregators, public transportation fleets etc. to provide real world, last-mile analytics to better revenue channels.
RoadMetrics is an AI-based solution that uses image and sensor data obtained from a simple smartphone to classify road defects, signs, traffic signals, street lights, etc. This road and street-level data helps enterprise mapping firms and smart city bodies with analytics on road networks and a better mapping experience. The data is sold through the API model as well as on a per km basis, depending on the geography for Smart Cities.
Swedish start-up, Mapillary, acquired by Facebook, is the street-level imagery platform that scales and automates mapping using collaboration, cameras and computer vision. Mapillary’s tools enable anyone to collect, share, and use street-level images which are combined for improving the city maps.
US based RoadBotics automated inspections and generated actionable data about road networks, including identification of individual distresses like potholes and alligator cracks. Their detailed maps, unbiased ratings, and practical tools save time and taxpayer dollars for hundreds of communities across the country and around the world.
As per IBEF ORG, India has the second-largest road network in the world, spanning a total of 5.89 million kilometres (kms). This road network transports 64.5% of all goods in the country and 90% of India’s total passenger traffic uses road network to commute. Road transportation has gradually increased over the years with improvement in connectivity between cities, towns and villages in the country. In India, sale of automobiles and movement of freight by roads is growing at a rapid rate. The startups are focused in solving road network issues by using India’s main asset - its huge population.
Credits : Akhil Handa Manisha Gawle
Beauty Trends - 2021
Dear Reader,
The global beauty industry (encompassing skin care, color cosmetics, hair care, fragrances, and personal care) has been shaken by the COVID-19 crisis. With months of lockdown, retail businesses closed and international travel ban, consumer’s purchase and usage behaviour has witnessed a dramatic change leading to fall in sales across many beauty segments.
Beauty sales declined as much as 30% in the first half of the year, according to a McKinsey report and even major brands took a blow. With more than a year under pandemic, brands are now working towards better ways to deal with the humongous shift in consumer values and expectations.
In this effort, brands are adopting new technologies at a faster speed to redefine personalisation. Some companies such as L’Oréal offers AI powered at-home devices, which can measure user conditions, like the emergence of dark spots or surrounding environmental concerns, on a daily basis. L’Oréal’s Perso device accounts for this data to dispense custom-formulated makeup every day. Another company Atolla uses AI capabilities to customize facial serums for consumers by using data collected through quizzes and tests measuring oil, moisture, and pH levels.
As per a CB Insights report, Johnson & Johnson, has invested in new engineered preservatives that could be used in items like haircare or body care products. The company invested in Curie Co, a startup that makes biomaterials to replace preservatives in everyday beauty and personal care products, through its JLABS incubator.
Another apparent trend is BigTechs offering retail channel for beauty products. Amazon launched a private label beauty brand called Belei in 2019 and recently invested in India-based D2C beauty site MyGlamm. China-based tech giant Alibaba offers livestreaming and AR features which it has used to attract luxury beauty brands to its e-commerce platform.
Virtual try-on tech leverages augmented reality to allow shoppers to test how different beauty products will look without actual trial. Remarkably, virtual try-on can also help brands personalize the beauty shopping experience, enhancing product discovery and making tailored recommendations about foundation shades, skincare products, and more.
In December 2020, Google launched an AR-powered cosmetics try on tool in Google Search, partnering with brands like L’Oréal, Estée Lauder, MAC Cosmetics, and more to let users try on searched-for makeup products using front-facing mobile phone cameras.
Going forward, we expect to see beauty brands and tech giants alike turn to virtual try-on to gather shopper data and make more personalized product recommendations.
Credits : Akhil Handa Aparna Anand
Social Equality in Tech
Dear Reader,
Why do we prize technology over everything else? Because it helps us solve problems as efficiently as possible. No one can predict from which gender, ethnicity or nationality the next great idea might come from. And the tech startup sector is a living embodiment of that.
Moving to another part of the world for employment does pose a challenge. And since most tech jobs are located at specific hotspots, many talented workers always find themselves unemployed. Software as a Service products and services are enabling employers to find and employ talent from all over the world. Remote working, work from anywhere and digital nomadism are slowly becoming the new normal. Digital marketing firm Loganix understands the potential of having a diverse team. The company runs almost all its operations globally — with teams of people from the US, Asia, Australia and Europe —employees are dynamically moved between different teams, depending on requirements, allowing quick resolution of issues.
Poor or different communication skills can fuel many workplace misunderstandings. And it costs quite a bit of time and money to learn a new language. The US Foreign Services Institute estimates that it takes on an average 480 hours to gain basic competence in languages. This was a problem that cloud-based tuition service Preply aimed to fix. The platform offers a place for both language tutors and students to collaborate easily and affordably.
Tutors can create their profiles with rates, experience and number of languages spoken; and students can review their tutors, making it easy for other students to decide who to hire. Workers planning to move to another country can use such services to learn a new language far cheaper than attending a language school. HR teams can also hire tutors to educate employees who need to go abroad or new recruits from other countries.
Social inequality isn’t always about creed, gender or nationality. Entrepreneurs are usually handicapped due to high entry barriers in business. Indeed, the cost of acquiring customers is every bit the startup killer it is known to be. Oleg Campbell, a Ukrainian developer who bootstrapped his startup, Reply, to a $2 million a year company, certainly identifies with the struggle. Campbell’s lack of sales experience stalled the growth of his first enterprise. Consequently, he focused his efforts on helping tech entrepreneurs overcome their lack of salesmanship with smarter tools. Reply’s LinkedIn email finder is specifically for new companies looking for affordable, effective lead generation. Such a tool can help a user find email addresses of prospects on LinkedIn. Paired with LinkedIn’s Sales Navigator, users can create highly personalized outreach messages for each prospect.
The tech sector can, and should, be the leader at showcasing the advantages of diversity. By championing the cause of gender diversity through socially agnostic platforms, they are leading the cause of social equality in tech.
Credits : Akhil Handa Prithwijit Ghosh
AI-powered Legal Tech.
From how we buy our groceries to how we conduct banking transactions, almost every aspect of our lives is being disrupted with continuous advancements in technology. Even traditional, not-so-tech-savvy industries like legal services are joining the tech bandwagon. As per research by CB Insights, legal tech startups have raised over $ 700 mn in funding since 2011. Leveraging emerging technologies like AI & ML, variety of tech-enabled start-ups are devising new and interesting ways to connect consumers to the legal ecosystem.
Generally, it has been observed that the full gamut of AI’s capabilities are best utilized when digitized documents are available. With the Supreme Court digitizing a whopping 10 million pages and records of civil appeals this year, AI is increasingly being adopted by numerous law firms. For example, AI-based products can be applied in prioritisation of pending cases, summarising court proceedings and improving the quality of research.
Some firms like NearLaw have developed legal market places using AI and Natural Language Processing (NLP) to help lawyers and legal professionals access legal information. It has also developed AI-enabled case-law research tools driven by summarisation algorithms coupled with machine learning to rank the cases using Case Ranking. Such tools enable lawyers to know which cases are better suited to be cited in the courts over others and also provide analytics on how the network of cases are inter-related.
While other firms are leveraging AI to offer virtual legal research assistants like CaseIQ, which automate mundane tasks, reducing research time from anywhere between 5% to 50% of what is normally needed on legacy system. Even Judges can upload both the appellant’s counsel’s submission and the respondent’s counsel’s submission directly into CaseIQ and within seconds see whether both parties are missing out on any important precedents that are important to the case, enabling them to quickly take into account the whole body of applicable law before ruling.
Similarly, SpotDraft has developed an artificial intelligence-powered platform that uses advanced machine learning algorithms to automate drafting and negotiating legal contracts. It provides solutions to complex legal dealings, including drafting, managing and storing paperwork online, analysing contracts and automating invoices, besides sending reminders and offering expert advice on legal compliances. Even legal firms such as Cyril Amarchand Mangaldas are now leveraging the power of AI for contract analysis and review by adopting Canada-based machine learning legal system Kira.
Although AI can prove to be useful in predicting what documents will be relevant to a case, we feel that AI will not replace lawyers but will augment their abilities. It has the potential to make them more productive, efficient and aware about their domain of work.
Credits : Akhil Handa
Smart Farming
Dear Reader,
Smart farming can be referred to as the 4.0 green revolution in the field of agriculture combining agriculture methodologies with technology — Sensors & Actuators, Information and Communication Technology (ICT), Internet of Things (IoT), Robotics and Drones to achieve desired efficiencies of production which are sustainable.
According to a survey, 80% of farmers in US and 24% farmers in UK have already started using Smart Farming Tool (SFT). These numbers are cognizant of the fact that SFTs are adding value to the farming ecosystem. As far as the scale of operations is considered, Smart farming tools and techniques can be applied to large scale and on the other hand distributed conventional farming can be applied to focused small farming set of organic farms.
Through remote sensing, smart farming system reduces waste, improves productivity and enables optimum resource management. For the benefit of micro farming, multiple crops are grown simultaneously on remote lands which require different care, manure, soil and water. By linking local sensors to smart irrigation and control, things like sensing pH balance of the soil, gauging local temperature is now possible through remote monitoring and sensing rather than walking the field all the time. This leads to increase in the yield as farmers can save on time and focus on the real issues of farming — pest control, irrigation and amending soil conditions all using sensing and automation.
Companies like Robotics Plus, a startup with USD 10 million funding from Yamaha is planning to deploy its fruit plucking robots into production, while Ecorobotix with their Weed Zapping Robots have gained considerable momentum owing to the growth in Smart farming techniques.
Precision farming system has a lot of dependency on the software management systems. Control systems manage sensory input, delivering remote data for supply and decision support, as well as automation of machines . Basically, it is a standardized business approach balancing the demand and supply side with respect to resource management.
During production, it is mostly resource management from a growth and yield perspective. For instance, precision seeding uses automated tractors to reduce seed loss and seeding with proper space management between different plants. Another example is of precision water delivery.
On the demand side, it is about demand forecasting and delivering goods just in time to reduce waste.
India has always been an agrarian state, and traditional farming methods are manual and too labour intensive. Smart Farming can also provide great benefits in terms of environmental issues, for example, through more efficient use of water and optimisation of treatments and inputs
Credits : Akhil Handa Clint James
Automated Forest Restoration
Dear Reader,
Forest restoration has the potential to reverse land degradation through restoration or rehabilitation of degraded land. It can be a climate change mitigation strategy, and could provide other co-benefits, including increasing forest productivity, biodiversity, and carbon sequestration. It provides aesthetic and socio-cultural benefits, such as the potential to improve the livelihoods and resilience of forest-dependent communities.
Zurich based, GainForest, uses artificial intelligence to reverse deforestation. Its algorithms analyze data from satellites, drones and field monitoring to measure sustainable land use. It’s an app that aims to help maintain and restore forests. GainForest gets funding from the crypto community to provide finance to community members if they maintain their patch of land for an agreed duration. The GainForest team uses publicly available data from Global Forest Watch to monitor and evaluate community success. It is also developing advanced artificial intelligence algorithms to help forecast future forest cover.
Flash Forest is Canada’s first-to-market and largest drone reforestation company using UAV hardware, aerial mapping software, automation, and biological seed-pod technology to reforest the planet at a rapid pace. It is a reforestation company that aims to plant at 10 times the normal rate and at a fraction of the cost of traditional tree planting techniques. With drone engineering, it brings new levels of accuracy, precision and speed to the reforestation industry. By 2028, the start-up aims to plant a full 1 billion trees.
Brazil based startup, Treevia, has developed a remote forest-monitoring system called SmartForest. It connects forests around the world into the internet to ensure more sustainable use of natural resources. The solutions offered by SmartForest include digital asset registration systems, forest research using high-precision data, hazard assessment and specialised forestry consultation.
Satelligence helps companies achieve a deforestation-free sourcing and production of palm oil, cocoa, coffee, soy, and other commodities. Building on artificial intelligence, satellite technology and supply chain data, the company provides daily insights into the global performance of agricultural production and supply chain risks. Satelligence maps and monitors forests, planted palm areas, deforestation, and fire impact.
Deforestation and forest degradation continue to take place at alarming rates, which contributes significantly to the ongoing loss of biodiversity. As per Food and Agriculture Organisation of the United Nations the area of primary forest worldwide has decreased by over 80 million hectares since 1990. Current deforestation rates worldwide are unsustainable. Efficient and quality reforestation techniques are essential to rapidly implement solutions to our global ecological crisis.
Credits : Akhil Handa Manisha Gawle
Floating Farms
Dear Reader,
Tap a button on your phone and hop into the shower; walk downstairs 15 minutes later, and you have a fresh pot of coffee waiting for you. This is no longer just a fantasy for many people. The rise of the internet of things has allowed us to control remote appliances with just a tap of the touchscreen. Until now, the scale of these processes has largely been limited to personal devices: anything from brewing a pot of coffee to warming up your car on a frosty morning. But what if we could grow food for thousands of people, with that same tap of a button with “Smart Floating Farms”.
Forward Thinking Architecture a Barcelona based firm’s design comprises a multi-level agricultural farm that can be constructed, pushed out to sea, and left to work mostly on its own. The farm is designed to operate on three levels: a bottom level containing wave barriers, an aquaculture fish farm, a slaughterhouse, a packing facility and desalination plant; a second tier for hydroponic and aeroponic food production; and a rooftop level having skylights to let in light and photovoltaics to provide the energy required to power everything.
Each level is roughly 750,000 square feet – with enough room to grow up to 8.1 tons of vegetables and 1.7 tons of fish per year. The architects estimate that this would cover the project’s expenses within 10 years. And since the farms are modular, a few or many of these structures could be grouped together to provide enough food for entire communities, especially those located in areas without arable land, or with a population so large it overwhelms its food supply capabilities. And unlike other forward-thinking agricultural techniques like urban farming, it spares valuable land space for alternate uses.
The world population is predicted to grow from 6.9 billion in 2010 to 8.3 billion in 2030 and to 9.1 billion in 2050. By 2030, food demand is predicted to increase by 50% (70% by 2050). The main challenge facing the agricultural sector is not so much growing 70% more food in 40 years, but making 70% more food available on the plate. To meet this ever growing demand, new agricultural techniques must be developed.
Floating Farms envisage making the farming process autonomous, placing the structures on top of the water allows the farms to adapt to rising sea levels and avoid flooding issues common to traditional agricultural techniques. While this strategy may seem outlandish, it actually has a long and successful pedigree, having been employed for centuries by Bengali farmers as a response to dramatic changes in water level during flood seasons. The farmers construct beds in lakes and rivers using several layers of bamboo and water hyacinth, fill them with semi-decomposed aquatic plants and then seed. The beds are tethered to the lakebed to prevent them from floating away. As a result production rates have increased manifold compared to existing land-based practices.
However, the true innovation of the Smart Floating Farms project is in taking non-traditional farming techniques and combining them with already-existing technologies. Jan Willem van der Schans, a senior researcher at Wageningen Economic Research who specialises in urban farming and circular economy issues, said such floating farms could be the future for sectors of agriculture such as fruit and vegetables in parts of the world.
As the architects acknowledge in their design statement, the project “is not meant to solve all of humanity’s hunger problems or to replace existing traditional agriculture.” One project alone will not save the world, but embracing the technologies available to us is a great start towards tackling these issues. If only it were as easy as the touch of a button.
Credits : Akhil Handa ClintJames
Partnering with Insurtechs
Dear Reader,
Insurers across the world are adjusting to the new normal of the on-going pandemic, and as a result, there is massive acceleration in digital transformation efforts. For this purpose, Insurers and non-insurance companies alike are bringing on insurtech companies as strategic partners.
Gartner defines insurtechs as technology companies that are in their early stages of operation; that drive specific innovation across the insurance value chain by leveraging new technologies, user interfaces, business processes or business models; that leverage different forms of funding, including venture capital.
As per a CB Insights report, Funding to insurtech companies hit yearly and quarterly highs in 2020 and Q1‘21, respectively, signaling the confidence investors have in the future of the insurance tech market. In 2020, business relationships involving insurtech companies also hit a record high, coming in at over 650 partnerships for the year.
Companies such as Axa, Munich Re, and American Family are among the insurers with the most formal business relationships with insurtech companies. Recently, China-headquartered Leapstack, an AI-enabled InsurTech company specializing in healthcare, has announced a strategic plan to ink strategic partnerships with multiple Korean insurance companies as the company advances into the South Korean market.
Some Consumer-facing insurtech companies are partnering with other tech providers to improve their product offerings.For instance, auto insurtech Root provides additional benefits to policyholders via partnerships with road assistance app Agero and gas station location app GasBuddy. Home insurtech Hippo recently partnered with ADT and Handdii to improve the security and home repair services it offers policyholders. As these insurtech companies look to aggressively grow their customer bases, expect them to continue partnering with companies that offer complementary digital services.
The partnership between Galileo Platforms, a specialist blockchain technology platform for the insurance industry, and Amodo, a provider of insurance telematics technology and advisory services, including behaviour data analysis, will enable clients to benefit from their diverse experience and expertise in their respective areas of the insurance industry.
Primary core insurance software vendors like Duck Creek, Guidewire, and Unqork are also among the most active in partnering with insurtechs. These companies are incorporating complementary insurtech products to create a stickier experience for customers by tying these products to their core suites. Horizontal software providers like Microsoft and Salesforce and more mature insurtech platforms like Bold Penguin and Snapsheet have also actively formed partnerships to build out their insurance ecosystem capabilities.
We believe, as insurtech companies mature and build increasingly innovative solutions, expect to see insurers double down on successful partnerships and explore new ones.
Credits : Akhil Handa Aparna Anand
Automobile Commerce
Dear Reader,
The auto industry has been facing the heat to move digital more than ever as the pandemic has brought upon new challenges and deepened the need to shift toward digital solutions. Auto dealers have been slow to adopt digital car-buying solutions, but with lockdowns closing dealership doors, the pandemic accelerated the shift to omni-channel auto retail.
Online car buying has taken off in a big way during the pandemic. According to Publicis Sapient, many digitally enabled OEMs are seeing increased, higher quality leads that are 30 percent more likely to buy and a two to four-fold surge in website traffic compared with pre-COVID-19. These online tools are, in some instances, responsible for more than 20 percent of new leads during the second quarter of 2020.
More recently, a number of digitally focused disruptors such as Carvana, Carmax and Tesla have entered the market, offering unique, omni-channel experiences like flexible return policies, virtual auctions, home deliveries, online negotiation and virtual trade-in valuations. These digital leaders recognized a shift in customer expectations and focused on creating seamless user experiences across the entire shopping journey.
Online used car seller Vroom noticed a considerable growth in demand as a result of the pandemic, with people turning to digital methods for purchasing cars. Similar to its competitor Carvana, Vroom offers no-haggle pricing and a no-questions-asked return policy. Another Used car marketplace Shift Technologies went public via SPAC in October 2020. Shift allows users to buy, sell and finance cars online. The company offers a "buy it now" option that allows a buyer to purchase a vehicle online without a test drive. Similarly, Cazoo, a UK based company, sells refurbished cars online, delivers them to customers' homes within 48 hours, and offers a seven-day free returns policy.
Then there are digital platforms that help the dealerships move their businesses online. Take for example, Modal which makes software for car dealerships to move the entire buying process online. Another company, Digital Motors builds a car-buying platform for auto retailers, dealerships, brands and manufacturers.
The new car ownership model of subscription offers ease and convenience to customers like never before. Switzerland-based Carvolution offers car subscriptions where Customers pay a monthly price for a vehicle and are free to switch cars as they like.
We believe that, the winners in this industry will be defined by how quickly they adapt to technological innovations. The dealers and OEMs who adjust can thrive, while those reluctant to change will fall further behind.
Credits : Akhil Handa,Aparna Anand
Edutainment
Edutainment comes from the words "education" and "entertainment." It refers to any form of entertainment that is educational. Edutainment startup aims to make the learning process smooth by engaging students and young learners mostly aged 15 and below with fun and memorable experiences through smartphones and other internet-connected devices, virtual reality-powered tools and other gamified digital learning content.
Mumbai-based Ontamo Entertainment has developed Ria Rabbit, an animated cartoon from Pashu Nagari, India, for kids in the age group of 0-6. It is India’s first age-appropriate, culturally relevant home-grown intellectual property (IP) content for children. Their storytelling animated videos, audios and picture books engage the attention of kids while building the sense of Indian values which parents would want to inculcate in them through these characters.
Another startup, SP RoboticsWorks has developed a platform wherein concepts are taught using animation videos and real-world examples. It has established more than 83 dedicated centers across India called SP Robotics Maker Labs which offers courses in Robotics, Internet of Things (IOT), Image Processing, Virtual Reality (VR) and more, both in the online and offline Smart-Class mode.
Similarly, Paper Boat Apps Pvt Ltd has launched Kiddopia, a subscription-based pre-school edutainment app, which teaches a variety of skills to kids. It covers everything from Math, Language Skills, GK and Social Skills to Creativity and Self-expression by engaging kids with its visuals as well as fun and exciting gameplay.
Similarly, Panda & Wolf Holding created a mobile-gaming app Eco-warrior for children between the age of 6 - 11. It uses game-based learning to teach children about waste sorting and recycling. Through an engaging storyline and immersive stages, the app informs young users about issues plaguing the environment like deforestation, waste pollution and overconsumption.
Mumbai-based startup Shirsa Media Labs offers an app NewsPIK which is a digital newspaper for children. The Shirsa team creates news articles, events, quizzes and other information, so children are aware of the world around them. It stimulates young minds and keeps them informed.
In this pandemic situation where education has gone online, startups are combining the concepts of education and entertainment to offer children interactive learning experience.
Tech-enabled Hostels
In the current era of technological advancements where there is an app for almost everything, hostel management appears to lag behind in adopting a new innovation. From redundant paperwork to time-consuming manual processes, most of the hostels are still following archaic methods to manage their day to day activities. These old school methods of functioning results in ineffective communication between hostels, its students and parents.
Some of the hostels or student housing companies are investing in new-age technologies to differentiate themselves by being markedly different from traditional university-led hostel systems. Such technologies include facial recognition security systems, RFID enabled libraries and canteens, attendance systems that both students and parents can access on their smartphones.
Even though student housing as a market is currently dominated by university-led facilities, it will potentially see a substantial growth with private companies entering the space to plug demand gaps. Real estate consultancy firm JLL estimates the space is expected to see a 38% CAGR amounting to Rs 2,400 crore by 2020.
Most companies in the space, like OxfordCaps, Stanza Living and Placio have standardised their attendance systems with a professional escalation matrix. They also offer biometric security systems where entry and exit times are recorded. Hostels can set a threshold time, based on which if the student is not in within a certain time, parents get a notification. OxfordCaps is leveraging IoT-connected devices to monitor energy and space consumption, specifically in gyms, reading lounges and TV rooms, where usage usually remains untracked.
Considering industry average of around 40% for food wastage in hostels in urban centres, various organisations like Stanza Living are using advance analytics to reduce operational costs. With the ability to predict and analyse consumption data, food wastage at Stanza properties have been reduced to less than 10%.
On the other hand, Placio brings social incentive that is used by ride hailing firms such as Uber and Ola to hostels. It digitally tracks various parameters like student behaviour, general cleanliness, punctuality etc. to reward the better ranked students with online gift vouchers.
With majority of the students staying at hostels to complete their education, such tech-based offerings not only improve the quality of life but also help them get exposed to advanced technologies like facial recognition, digital gift vouchers etc.
HR Tech
Every organization needs to onboard good talent, retain, engage them and work with them to increase efficiency and productivity. Huge amount of time and money is spent to search, select, interview and hire the perfect candidate. Artificial Intelligence (AI)/ Machine Learning (ML) integration into human resources (HR) practices make organizations better as AI applications helps the HR Team to analyze, predict and diagnose for better decisions. According to a report published by Grand View Research in February 2020, the human resource management market is anticipated to reach $38.17 billion by 2027, registering a CAGR of 11.7 % from 2020 to 2027.
Delhi based startup, ReferHire, has created a peer-to-peer (P2P) networking platform to bring together organisations and those seeking newer career opportunities. Jobseekers have to identify the companies they are interested in and then ReferHire introduces them to peers in those organizations. These peers help job seekers in placing their application internally in the organisation and assist during the recruitment process.
Culturro, Gurugram-based startup has developed an Artificial Intelligence-based NLP bot platform Agnya which helps companies to build the right workplace experience and identify the drivers. It recommends actionable insights for HR heads and also influences behaviour modification in individuals to create the desired workplace experience. Post action, it constantly monitors the progress.
Bengaluru-based Equiv.in launched AI tool which aims to solve talent assessment and hiring while keeping diversity in mind. Equiv.in is exclusive for women, differently-abled individuals, members of the LGBTQ community and army veterans where the jobseeker can sign up with AI Equiv tool. Some of its clients include Indeed, ThoughtWorks, Infosys, Societe Generale, Microsoft and Blackrock.
Similarly, 19th Mile has developed Analytics-driven automated sales coaching system that provides personalized, data-driven coaching to sales representative. The app tracks individuals’ daily sales activities using data from its inbuilt mobile CRM or from the organization’s CRM and uses it to intelligently coach users towards meeting their specific sales targets.
On the other hand, HireSure.ai uses blockchain technology to store employment-related records. Its predictive tools use AI to offer insights related to employee compensation and offer acceptance behaviour, which helps companies increase their offer-to-join ratio. This brings down hiring costs by up to 50 %.
Hiring is a challenging process in any organization and if not addressed efficiently they end up losing good candidates. There is also rapid evolution in business dynamics and therefore several startups are using new age technologies to fill up these gaps.
Insurance, through Crowdfunding
With the emergence of Uber and AirBnB, ‘Sharing Economy’ has proven to be beneficial on a real-time basis across multiple industries, including transportation, real estate and hospitality.
Even in the Insurance sector, numerous InsureTech start-ups are enabling P2P or crowd-based models that leverage crowdfunding. It allows for more people to be insured by aiding underserved markets. Collective purchasing yields preferential pricing to those subscribed to peer-based insurance programs.
Acknowledging this innovative approach, insurance, financial services and e-commerce sites around the world have begun to offer crowdfunding approaches to covering expenses. For instance, Love Upgrading is a crowd-funded insurance service offered on WeChat, China’s voice and text messaging app. Clients on the platform can pay an initial premium of US16 for one year of insurance with USD 8,000 of coverage. By sharing the link on WeChat and invite friends, the insurance amount can be raised upto USD 15,000.
Similarly, China’s second-biggest e-commerce player JD has launched a Kickstarter-like crowdfunding platform, Coufenzi, which allows participants to invest in a movie of their choice, with deposits as low as ~USD 20. These deposits are then bundled into the company’s wealth management and insurance products that pay a fixed interest rate.
On the other hand, Friendsurance follows similar method to offer cheaper insurance to customers using an innovative peer-to-peer method. Customers can connect online and create their own insurance pool. Small claims are paid out of this pool, with bigger claims covered by traditional insurance.
To leverage the power of crowdfunding, number of insurance companies are partnering with crowdfunding platforms like Kickstarter, Indiegogo, Wishberry to raise funds. On the other hand, some insurers like TIAACREF are hosting campaigns on a dedicated social network called the Communities, on which members can discuss their financial health, exchange ideas and host campaigns.
In today’s age of technology-enabled collaboration, crowdfunding has a great potential to make inroads in insurance focussing on under-served population. Given the ever-growing proportion of non- or under-insured individuals, crowdfunding could be a lucrative way of addressing mass market needs, especially individual disability benefits, retirements and pensions, as well as group plans.
Medical AI
Artificial Intelligence has unimaginable potential. Very soon, it will revolutionize every area of our life, including medicine. Artificial intelligence will prove to be the next successful area of cooperation between humans and machines. This collaboration shall enhance efficiency benefitting many around the world.
DeepMind Technologies is a UK based artificial intelligence company and research laboratory founded in September 2010 which was acquired by Google in 2014. DeepMind’s health team merged with Google Health so as to build products that support care teams and improve patient outcomes. Google Health is tapping into AI’s potential to help in cancer diagnosis, predicting patient outcomes, averting blindness and more. Together with the company’s DeepMind branch, Google Health has recently come up with an AI-based solution for identifying cancer.
IBM’s dedicated health branch, Watson Health, was set up as a service to bring AI’s helping hand to stakeholders within the healthcare sector from payers to providers. With the power of cognitive computing, Watson Health has aided several renowned organizations like Mayo Clinic with its cancer clinical trial and Biorasi to bring drugs to the market faster while slashing costs.
Researcher Frost & Sullivan said artificial intelligence systems will generate $6.7 billion in global revenue from healthcare by 2021.
Traditional ML technologies are incompatible with biomedical raw data formats, and there are few standards for data standardization, normalization and harmonization. BioSymetrics solves this problem by deploying its primary solution, Augusta, which is a pre-processing and analytics platform that can process large amounts of data (siloed and raw data) for predictive analytics. This is useful for capturing the huge amount of data released from the 25B IoT devices and other biomedical data types (EEG, MRI and others) and deriving actionable insights from them. The customized and flexible tool can be used by scientists, providers, hospitals, biopharmaceutical companies etc. Augusta is the first biomedical specific machine learning framework. Augusta is designed to transition time from data pre-processing and integration to model building and interrogation using familiar toolsets within Python.
Sensely is an avatar-based, empathy-driven platform that leverages natural user interfaces to intelligently connect insurance plan members with advice and services. By utilizing Sensely’s scalable platform technology architecture, insurance companies can converse with their members in an entirely new way, combining the empathy of human conversation with the efficiency and scalability of technology.
Artificial Intelligence will redesign healthcare. AI could help medical professionals in designing treatment plans and finding the best suited methods for every patient.
Internet of Value: Internet 2.0
Internet in its current phase, has revolutionised almost all businesses across geographies. However, the current phase, ‘Internet of Information’ focuses solely on information exchange in the form of documents, images and videos.
Although information moves around the world instantly, a single payment from one country to another is still slow and expensive. In the US, a typical international payment takes 3-5 days to settle, has an error rate of at least 5% and an average cost of $42. Worldwide, there are $180 trillion worth of cross-border payments made every year, with a combined cost of more than $1.7 trillion a year.
With the emergence of blockchain, a new phase of internet called ‘Internet of Value’ has emerged. Internet of Value is underpinned by blockchain, which is the evolutionary technology that supports digital currency. With Internet of Value, a transaction such as a foreign currency payment can happen instantly, just as how people have been sharing information online for decades. Internet of Value can also enable the exchange of any asset that is of value, including stocks, frequent flyer points, securities, intellectual property, music, scientific discoveries etc.
Multiple startups have started working on this front. Fusion is an innovative blockchain solution created to bridge the interoperability gap between different blockchains through cross-chain transactions. It also has the potential to create off-chain transactions as the inevitability of a value-driven economy becomes more pronounced.
Similarly, Wanchain offers a unique solution for overcoming the limitations on cross-chain transactions through mass-market adoption of blockchain technology. It is developing a new distributed financial infrastructure that will connect the world’s digital assets. In order to facilitate the digitization of assets, Wanchain has built an internal private blockchain through which users can build smart contracts for a practical transfer of value.
Currently, there are various blockchain-based platforms which are not compatible with each other. Hence, assets on these platforms can’t be freely exchanged. For the internet of value to become a reality, uniform industry standards must be adopted in order to homogenize the world’s different financial systems.
We believe that this process of standardization can have a transformative impact on businesses in today’s world. This impact can be as instrumental as globalization efforts in 1950s or standardization of web protocols in the 1980s.
The Ship Robots
The astounding progression of robotic technologies is playing a key role in the future of all industries. According to International Federation of Robotics (IFR), from 2020 to 2022 almost 2 million new units of industrial robots are expected to be installed in factories around the world. Like many different industries throughout the world, robots are impacting the maritime industry as well.
Take for example, SeaRobotics which has developed a Hull cleaning robot that helps save fuel and improves the efficiency of a ship. Their Hull BUG is a small autonomous vehicle which attaches itself to the underside of ships, using a negative pressure device that creates a vortex between the BUG and the hull. Sensors provide obstacle avoidance, path cleaning and navigational capabilities. A fluorometer lets the robot detect biofilm and then it uses rotary brushes or water-jets to scrub the fouling film off.
In another collaboration, the U.S. Maritime Administration (MARAD), has partnered with SEA-KIT to create robotic oil-cleanup vessels
Another solution by SeaDrone, can perform underwater Inspections in lieu of Dry Docking (UWILD). The solution is designed in a way that provides an end-to-end hull inspection solution, inspecting a vessel in 1 hour and creating a certified report that can be quickly shared with the stakeholders.
An alternative use case for robots in the maritime industry is strengthening of anti-piracy measures. ReconRobotics has developed a small, dumbbell-shaped robot that can infiltrate the main deck of a boat for stealth inspections. Magnetic wheels allow it to crawl up the side of a ship onto the deck and manoeuvre around. Cameras enable the operators to see what’s happening in real-time, even during the night, with the help of infrared sensors. The company has recently been awarded a contract by U.S. Navy to develop the Recon Scout XT micro-robot for them.
Promare, a U.K. ocean-research nonprofit, in partnership with IBM will unveil their new, fully autonomous ship - Mayflower on Sept. 16th, across the Atlantic Ocean. This autonomous ship will follow the same route on which the original Mayflower travelled 400 years ago.
The Mayflower Autonomous Ship (MAS) is chiefly propelled by solar power, with a diesel generator on board as backup. IBM will power an onboard “AI Captain” with the ship leveraging edge computing for its AI and navigational smarts. All the data processing must be available on the ship because a vessel in the middle of the ocean can’t rely on satellites or cloud connectivity.
As COVID-19 shifts global structures and accelerates innovation, we can easily visualise how robotic technology could help ships continue operating through future pandemics.
Credits : Akhil Handa
Negotiating with AI
Negotiation is a fundamental business skill—one that is inextricably linked with human emotion and psychology as much as economic calculus. Many companies negotiate countless contracts a year, ranging from facilities rentals, technology licenses, sales, employment or strategic partnerships. One of the biggest challenges, companies face in negotiating contracts is that they span such a wide variety of topics. Even the best-trained negotiators may struggle when parsing through a contract that is outside of their purview.
Artificial intelligence (AI) is capable of performing many tasks that enhance human labour and thinking — so it only stands to reason that it can provide an advantage in the negotiation process as well. There are several levels on which this is happening.
As salespeople or customer service reps interact with customers electronically, they may be able to take advantage of real-time AI recommendations to help guide the engagement or transaction. Rather than monitor singular conversations and interject recommendations on a case-by-case basis, the AI-based negotiation system digests lots of conversational data across lots of sales reps to try to understand where there are coaching opportunities, new training opportunities, value prop improvement opportunities, and product improvement opportunities.
AI can also be applied against transaction or customer relationship management (CRM) data, to sift through responses and engagements to determine where and how companies may be missing opportunities. Also, there are chatbots that can be trained to bargain with customers.
Estonian startup Pactum, which provides an AI-based commercial negotiation tool, was engaged by Walmart to automate negotiations with part of its global supplier network. Pactum's AI-based negotiation tool starts the process by interviewing the customer, recording all the required information surrounding the negotiation, and determining the value for each possible tradeoff in the contract for the customer. Pactum's team then builds the negotiation flows.
Project Debater is the first AI system that can debate humans on complex topics. Project Debater digests massive texts, constructs a well-structured speech on a given topic, delivers it with clarity and purpose, and rebuts its opponent. It can analyze a proposition and automatically highlight the best arguments for and against it, factoring in both logical and emotional impact. Eventually IBM predicts, Project Debater will help people reason by providing compelling, evidence-based arguments and limiting the influence of emotion, bias, or ambiguity.
Perhaps one day, robot lawyers will go forth to negotiate on our behalf. But, in the meantime, A.I. can be used today to improve humans’ negotiation tactics.
Credits : Akhil Handa
Micro-services
In the current dynamic universe, companies are finding ad-hoc approach of running continuous upgrades to large monolithic platforms increasingly tedious and inefficient. Progressive organizations can no longer count on the rigid systems that require weeks of rework to support a new business process. Enter Micro-services! It is a way of breaking large software projects into loosely coupled modules, which communicate with each other through simple APIs.
In recent years, adoption of micro-services architecture is becoming a proven success strategy in the software development industry. According to the report by Red Hat, organizations are using micro-services to re-architect their existing applications; as much as the technology being used for brand new applications.
Micro-services offer numerous benefits for application architects and development teams. These include flexibility around implementation technology, scalability and cloud readiness. These benefits align well with the growing demand of a new system that can adapt to the demands of digital business in highly competitive ecosystems. For instance, early adopters like Airbnb, Disney, Dropbox, GE, Goldman Sachs and Twitter have seen development lead times cut by as much as 75 percent, thanks to the adoption of micro-services.
This trend is increasingly being adopted by Bigtechs as well. For example, Microsoft has opened up its Service Fabric platform which is a distributed systems platform to package, deploy and manage scalable and reliable micro-services. Similarly, IBM, Google and Lyft have teamed up to form Istio, an open technology that provides a way for developers to connect, manage and secure networks of different micro-services, regardless of platform, source or vendor. Apart from this, California based Nginx which supports the operation of around 450 million global websites including those of Netflix, Instagram and Pinterest, has set up shop in Australia to support companies embracing micro-services.
Recognizing the need to deliver value to customers faster, many banks are seizing the opportunity to implement micro-services architecture. By implementing such innovative architecture, Ubank created Australia's first home loan application chatbot, innovating and improving customer experience. Similarly, UK based digital bank Monzo is also using cloud and micro-services architecture to develop back end structure.
Micro-services can deliver better agility and scalability advantages than any other archetype. Several vendors are developing frameworks and platforms that simplify adoption of the micro-services architecture. However, we believe it will take some time for micro-services to evolve into complete and robust mainstream platform
Credits : Akhil Handa
AI in Entertainment
With the emergence of various innovative technologies, filmmakers are effectively saving time and money by automating their film creation process to a large extent. Filmmakers are utilizing AI in various stages of filmmaking, right from pre-production, production to the post-production stage.
Cinelytic, Los Angeles based startup, has developed AI software for filmmakers to predict the probability of a movie's success based on the casting of actors/actresses. If the filmmaker is unsure of which actor to cast for a role, he can enter their names into the program and see which actor might
Belgium based ScriptBook, has developed an AI cloud-based software Script2Screen to analyse the script and predict box office success or failure. The user can upload their screenplay on the platform which generates an AI-based assessment indicating the commercial and critical success of a project, along with insights on the storyline, target demographics, market positioning, distribution parameters etc.
Vault ML, an Israeli startup, launched an artificial intelligence platform 4CAST. It uses over 40 years of box office data, 4 lac plus movie scripts and numerous other film data to predict opening weekend box office sales. Its predictions are right 75 % of the time and thus it helps filmmakers in their business risk management.
On the other hand, 20th Century Fox has launched the AI/ML program Merlin to help review trailers before they are released. The AI program optimises the marketing and distribution efforts in order to generate wider publicity for the specific movie or web series. It predicts and recommends appealing clips and flags them as the parts of the trailer which the audience will enjoy the most.
Similarly, Microsoft has developed an AI speech translation engine Azure for dubbing Hindi movies into different languages. On this platform, Bollywood movies are dubbed with the help of AI in different languages.
Looking at the fact that there is a plethora of data available in the film ecosystem, many companies are coming up with innovative solutions where these softwares read the historical data about movie performances over the years, then cross-references it with the current information and thus helps in writing scripts, simplifying the production process, casting actors, composing music, editing movies, plan marketing and distribution and calculate the return of investment.
Credits : Akhil Handa
The pandemic & cybersecurity
There is no doubt that the COVID-19 pandemic has caused an outbreak of new and unanticipated business moments. As digital spreads its roots deeper, it also increases the risk and impact of cyberattacks. The World Economic Forum’s COVID-19 Risks Outlook reported that 50% of enterprises were concerned about increased cyberattacks due to a shift in work patterns alone.
A TCS report states that, cybercriminals are using the heightened digital footprint and traffic to track vulnerabilities, or to siphon off money. They are launching Covid-19-themed attacks in the form of phishing emails with malicious attachments that drop malware to disrupt systems or steal data and credentials.
Attackers are creating temporary websites or taking over vulnerable ones to host malicious code. They lure people to these sites and then drop malicious code on their digital devices. Fake websites have also been soliciting donations for daily wage earners through email links. Some Covid-19 patient count-status apps and links are laden with viruses and identity theft malware. Remote working tools such as videoconferencing systems have been hacked for vulnerabilities; recent examples on Zoom are alarming.
In such a scenario, the first step in the right direction for Organisations would be to advise their staff and customers to be more vigilant and cautious especially when opening links, emails or documents related to the subject COVID-19.
Next, organizations should ensure their detection and ing capabilities are functional while keeping an eye on the impact of having many remote workers. There are some interesting solutions available in the market. For eg. KnowBe4 delivers on-demand internet security awareness training to small and midsized enterprises focussing on threats like social engineering, spear-phishing and ransomware.
Cofense provides organizations with the ability to improve their employees’ resilience towards spear phishing, malware and drive-by attacks and further facilitate employee-sourced detection of such attacks.
In India, cybersecurity start-ups like Cloudsek offers real-time information to prevent and monitor cyber threats through its SaaS platform. Another start-up Cyware’s cyber fusion solutions empowers organisations to foster information sharing with their employees mitigating cybersecurity risks.
The pandemic presents an opportunity for full-blown innovation, a dramatic shift in perspective and the adoption of safe and resilient operating processes. The intensity and emphasis an organisation brings to its cybersecurity strategy will determine its long term growth.
Credits : Akhil Handa
10 FASTag Rules you must know
You must already be familiar with FASTag, the path-breaking tag that enables you to zip through toll plazas without pausing. But are you familiar with all the FASTag new rules? If you aren’t, here’s what you should know so that you don’t encounter any roadblocks on your way to getting one for your vehicles
It’s compulsory now
Well, there’s no way you can wriggle out of this one now. Under the FASTag toll plaza rules, the government has decreed that all lanes will be FASTag only. So it’s now compulsory for all vehicles to have it from 15 January 2020.
How to buy FASTag
You can buy FASTag at over 20 banks, including Bank of Baroda, and other point-of-sale outlets like toll plazas. You can even order them online through Amazon.
What are the documents you need to get FASTag?
To get a FASTag, you will need to submit documents like registration certificate (RC) of the vehicle, passport-size photograph and KYC documents. A driver’s licence will suffice for ID and address proof.
How to activate FASTag?
Once you have purchased the FASTag, you can activate it at your Bank of Baroda branch. You will need to submit your documents at this stage.
How to pay tolls using FASTag ID?
This isn’t necessarily one of the rules of FASTag; however, after you buy it, attach it to the windscreen of your car. Each time you pass a toll plaza, an electronic reader reads the tag using RFID technology and charges you the toll. This amount is automatically deducted from your account or your wallet.
What are the charges that I have to pay for FASTag?
You have to pay a one-time activation fee of Rs 100, as well as a security deposit. The security deposit will depend on the vehicle and ranges from Rs 200 to Rs 400.
Can I use one FASTag for multiple vehicles?
No, this is not possible. FASTag is meant for one vehicle only.
How to recharge FASTag?
If you have chosen the wallet option instead of direct debit from your account, you need to recharge it from time to time. It’s a relatively simple process. You can log in to your account using your ID and password and use Debit or Credit Card or Internet Banking to top up your account. You can also use other methods like UPI.
Do I get a discount on tolls if I live near a toll plaza?
You can get a discount on tolls paid through your FASTag if you live within 10 km of a toll plaza. You will have to submit proof of residence to avail of this benefit.
What happens if I don’t have a FASTag?
Well, you’ll have to pay double the toll fee, which you have to pay at a hybrid lane that accepts payments over the counter.
So now that you know all FASTag rules don’t hesitate any more get a FASTag account today at Bank of Baroda!
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Know how to get FASTag for your vehicle
When driving on a toll road is that you have to stop from time to time to pay the toll. Sometimes the lines are long, and you have to rummage in your wallet/ purse to give exact amounts to the attendant, who more often than not, doesn’t have any change. But that could all be in the past with FASTag.
So what do you need to know about FASTag? Well, it’s a tag affixed to your vehicle’s windscreen, which allows you to zip past a toll booth. The amount is automatically deducted (using Radio Frequency Identification Technology, or RFID for short) from a pre-paid account that you need to fill.
Well, you may have no choice to get FASTag, since the government has mandated that all vehicles will need to have these tags. What’s more, the over 400 toll plazas over the country will no longer accept payments over the counter. So how to get FASTag for my car is what every vehicle owner needs to know right now.
How to get FASTag for cars
Where to buy: You canvisit any of the points of sale (POS) locations like toll plazas or banks like Bank of Baroda.
What documents do I need: You will need the following documents to get FASTag:
Registration certificate (RC) of the vehicle
Your passport-size photograph
KYC documents
What KYC documents do I need: If you are an individual vehicle owner, a valid driving licence should suffice for address and ID proof. You can also use the Aadhaar card, PAN card, voter ID card, and so on.
What charges you need to pay: You have to pay a one-time issuance fee of Rs 100 for the Baroda FASTag, and a refundable security deposit, which depends on vehicle type.
How to access FASTag account: Whenyoupurchase a FASTag card, you will get a username and password for the web portal, which you can use to recharge, make complaints, get details of transactions and so on.
What is the process for toll payment? You have to deposit a certain amount in your FASTag account. Each time you go through a toll point, the amount gets automatically deducted from the amount.
How will I know how much has been deducted? You will get an SMS on your registered mobile phone number each time the FASTag has been used to cross a toll plaza. So you can track every transaction you make.
How to recharge the FASTag account: Recharging the account is a simple process. You can do it online through Debit or Credit Cards, through Internet Banking or other methods like UPI. You can also do it by visiting any of the POS locations.
What is the minimum amount for recharge or top-up: The minimum amount is Rs 100. However, you may want to put more so that you have adequate balance in your account to ensure smooth driving.
What if I don’t have enough balance in my FASTag account? If you don’t have enough balance in your account and pass through a poll plaza, you will be blacklisted. That is, you will not be allowed to pass another time until you pay up the amount.
How to affix FASTag on the car: You will need to affix FASTag on the front windshield. However, your bank will give you instructions on how it’s done.
Can I use FASTag for more than one vehicle: No, you cannot do that. The FASTag is for one specific vehicle only. You will need different FASTags for different cars.
What if I’m charged wrongly for any transaction? If you are charged incorrectly for any transaction, you can complain online using your User ID and password. You can call customer care on 18001034568 at any time of the day or night.
What is the validity period of the FASTag card? The FASTag is valid for five years.
Who is implementing FASTag? FASTag is being implemented by the Indian Highways Management Company Limited (IHMCL) a company incorporated by National Highways Authority of India and National Payment Corporation of India (NPCI).
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7 Safe Online Banking Tips You Must Know
Indian banks are gradually edging toward having most of their processes online. From sending money to paying bills and even investing, stepping away from traditional methods has become necessary. Though almost half of India’s population have accepted the change to online and mobile banking, many are still hesitant. The main concern is internet safety, which is valid; however, it shouldn’t hold anyone back from transacting. Here are safe online banking tips you can follow to enjoy a seamless and convenient banking experience:
It All Begins with Your Passwords
The cardinal rule for transacting online or via your smartphone is, you must have a strong password and change it regularly. This is one of the most critical and necessary safe internet banking tips. Use random numbers, symbols and letters that only you will remember. Most banks will recommend a combination of all three and some will even prompt if your password isn’t strong enough. Using upper- and lower-case letters help too. Stay away from familiar things like birthdays, names, house numbers etc. Finally, do not share your passwords with anyone, no matter what. Your passwords are unique and meant only for you.
Do not save passwords / credentials on browser and/or any apps for login.
Keep a Close Watch on Your Accounts:
Monitor your accounts’ activities frequently, especially if you transact a lot. It is one of the few tips for safe internet banking of which we become careless. You have to check your bank balances and monthly statements for any debits that appear suspicious. Reach out to your bank in case you find such or similar transactions.
Use a Secure Internet Connection
To prevent anyone from misusing your private information, one of the safe online banking tips is to use a secure, internet connection. Make sure that the wi-fi is password-protected and not free; if you’re travelling, connect with your smartphone’s hotspot. You can even choose a private browser to access your bank’s netbanking platform.
Get Notified
One of the safe internet banking tips is to turn on your bank’s notifications from your mobile phone. You can also opt for receiving SMS alerts. Many banks allow you to customise notifications and alerts, e.g. you can choose specific triggers like in case your account balance goes below or above a particular limit.
Sign-Out, Every Time
Once your netbanking or mobile banking session is over, remember to sign out. This is one of the tips for safe internet banking that few are aware. Uncheck the ‘Keep me signed in’ box and log out. In fact, as an added precaution, clear your browser history and cache after you log off.
Sift the Real From Fake
Phishing and calling scams have increased over the last few years. Among the safe online banking tips, you may already know of this one. Your account information, passwords, card CVV numbers, OTPs etc. are confidential. Never entertain or answer an e-mail or call that requests for any or all of these details, unless you have initiated the transaction.
Do not click on the any link provided in the email / SMS message etc. Always type the bank website URL in the address link of browser to access your account.
How to buy a mobile phone on EMI using a Debit Card?
Did you know that it is possible to buy a mobile phone on EMI? Yes. It’s possible. All you need is a pre-approved customer to avail ‘On The Fly Debit Card EMI’ by Bank of Baroda, and the smartphone of your choice can be yours.
Buying a phone can be a costly affair these days. Some smartphones are expensive and we often have to end up saving to make the purchase or delay our purchase until we have sufficient funds. But now, with EMI offers on debit card, buying electronic goods and gadgets is easier than ever.
So, what are you waiting for? Go ahead and buy the smartphone on EMI using your Bank of Baroda debit card.
How does this process work?
Buying a smartphone on EMI using a debit card is simple and hassle-free process. Here’s how you can go about it
Debit Card EMI is live on 2 lakh+ POS devices of Pine Labs on reputed merchant outlet to buy the smartphone of your choice.
Choose your smartphone and proceed to make the payment using Bank Of Baroda debit card.
Select the EMI tenure between 3 months to 18 months.
Proceed to complete the payment.
The bank will process the conversion of your payment into regular EMIs
Your transaction is complete.
Features & Advantages
Buying your dream smartphone using Debit Card EMI is now easy, convenient and comes with a host of features. Check the list below to know more
Easy, accessible and convenient to use
Zero processing fees
No paperwork
Transactions up to Rs. 50,000 can be converted into easy EMIs
Users have access to over 100 brands, across 2 Lakh merchant outlets
Cashback Upto 16% is available on Brand EMI transactions
Rate of interest applicable is 16% p.a.
EMI by debit cards is an easy, convenient and affordable solution for buying high-value products, especially when you’re on a budget.
As more people make use of this facility to pay for smartphones and other electronic gadgets, EMI on debit card is rapidly evolving for affordability solution.
Benefits of Life Insurance
Life insurance is a must in today’s world. Modern living is an expensive business, and people have to bear the burden of huge costs like children’s education, EMIs on home loans, healthcare and so on. So it is important for every earning member to have a life insurance policy to protect the financial interests of his or her family. There are many benefits of life insurance policy, which we will look at in this article.
Features of life insurance
Let’s look at the features and advantages of life insurance policy:
Protection: The first and foremost objective of a life insurance policy is to ensure the financial protection of your family, and this could include dependent parents, spouse, children or siblings. The demise of the sole earning member could put dependents to considerable hardship, especially since cost of living is very high these days. Life insurance gives you the assurance that your family members will be looked after in the event of your untimely demise.
Contract: Life insurance is basically a contract between the insurers and the individual who takes out the policy. You pay premiums every quarterly/half yearly/yearly to the company. In return, the insurer will give a lump sum to your family in the event of your demise.
Premiums: Premiums are paid quarterly / half yearly which you need to pay to get life insurance. The amount will vary from person to person, depending on the tenure of the policy, age of the policyholder, health and type of policy.
Affordable: Life insurance is an affordable way of ensuring the financial well-being of your family. Premiums on policies, particularly term insurance, are quite low and worth your while for the protection they offer.
Easy to buy: Buying insurance from company is quite easy. Insurance companies have specified persons, who will visit you at your home or office and help you with options and paperwork. You can also do it online at your convenience.
Tax benefits: Another one of the benefits of life insurance policy is that you can deduct the premiums you have paid from your taxable income. Under Section 80C of the Income Tax Act.
Savings: There are some life insurance products that combine savings and insurance. This can be a good way of saving for the future and protecting your family at the same time
Types of life insurance
Now that we’ve seen the essential features of life insurance policy, let’s look at the types:
Term insurance
This is the most basic, and most popular, of life insurance policies. You purchase a policy for a certain period for which you pay premiums. For example, if a policyholder wants a policy till the age of 60, he or she can take one. And if the policyholder passes away before 60, the nominee is paid the death benefits.
Unit-linked Insurance Plan
A Unit-Linked Insurance Plan (ULIP) combines investment with insurance. At the end of the policy, the policyholder gets a certain sum. This is unlike a term plan where the payout is made only on the death of the policyholder. Part of the premium is paid for life insurance, while the remainder is invested in either stocks or bonds, depending on the investor’s risk appetite and investment goals. The investments yield returns which are then given to the policyholder after the end of the policy period
What is Life Insurance ?
Life can be pretty uncertain. The death of a loved one is always painful, but it can have pretty serious financial consequences if it happens to be an earning member. Life insurance was devised to protect a family in the event of the death of an earning member. So let’s look at what is life insurance in some detail.
Life insurance definition is that it’s a contract between an individual and an insurer. The individual takes out an insurance policy and pays monthly or annual premiums. If the insured person meets with an untimely death, a lump sum is paid to his family, whether it’s parents, spouse or children.
Now that we have understood life insurance meaning, let’s look at the various types of products available to you.
Term Insurance
When you are finding out what is life insurance policy, you should also understand all the different options. Among them is term insurance. This plan is for a certain fixed period of time. For instance, many people choose to have a life insurance policy till the time they are earning, so that their families do not have to suffer loss of income. The lump sum or death benefit paid will ensure that the families will be able to continue the lifestyle they are accustomed to. Some policies cover permanent disability as well. You can take out a term insurance that lasts for as long as you wish – till you are 60 years old or even a hundred! Of course, you will have to pay higher premiums if you take longer policies.
Whole life insurance
Here’s another term you need to learn while learning what is life insurance policy, and that is whole life insurance. This will provide you with lifetime coverage. Of course, you will have to pay premiums for your entire life for this kind of policy.
Endowment policy
An endowment policy is one that combines insurance with investment. The policy is for a fixed period and the policy holder gets a certain amount at the end of it, if he or she survives that period. If the policyholder does not survive, the nominee will get the sum insured.
Unit Linked Insurance Plan
The Unit Linked Insurance Plan or ULIP is a type of endowment policy which combines life insurance with investment. A portion of the premium goes to cover life insurance, while the remainder is invested in either equity or fixed income instruments. The policyholder has the option of selecting the mix of instruments depending on his or her risk appetite and investment goals.
Benefits of life insurance
Now that we have seen what the meaning of life insurance is, let’s look at the benefits.
Protection for family
Obviously, the biggest advantage of life insurance is that it provides financial protection for your family in the event of an untimely death. Ideally, you should take a life cover that is 10 times your annual income to protect your family’s interests.
Tax benefits
There’s another reason to invest in life insurance, and that is tax benefits. Premiums paid are eligible for a reduction in taxable income under Section 80C of the Income Tax Act. However, the amount is limited to 10 percent of the sum assured.
Varied choices
There are many choices available, from plain term insurance to ULIPs that combine insurance and investment.
Savings
Policies like endowment or ULIPS will help you save for long periods.