| |July 201919ecuting pre-programmed rules across a range of structured and unstructured data. Majorly all re-porting and repetitive tasks can be handled by RPA with improved quality, speed and reducing cost. Normally companies have started using it in back office operations and reporting. Human capital could be freed up to focus on high-er value activities.Artificial IntelligenceAI is few steps ahead of RPA and Machine learning. Applications based on AI, though developed by humans, are able to replace hu-man brains. These applications have ability to handle high com-plexity tasks and adapt the chang-es and expectations that too much faster than humans.Companies have already start-ed working on few applications of AI and in upcoming future AI would play a major role in all fron-tend and backend operations like: Live Support Bots: Today, cus-tomers require prompt solutions or response from the company. Even the smallest delay can re-sult into customers shifting to the competitors. Live support bots and Virtual assistants would replace human beings. Robo Advisers: It sounds like a science fiction but they are here today. They are actually online tools that automatically analyse a customer's financial position and return tailored recommenda-tions. Today many hedge funds are making all stock trades using AI where no human intervention is required. These systems anal-yse and execute trades by their own. Equitypandit is also tireless-ly working towards blending the proficiency of artificial intelli-gence and machine learning with technical analysis.Underwriting: AI will also au-tomate a considerable amount of underwriting, especially in mature markets where data is readily available.Security: Banks already use AI for fraud detection, hacking, data compromise and other cyber-vul-nerabilities. Companies may use more sophisticated models of AI in future and may achieve 100 percent security.Shared Economy:The sharing economy may have started with cars, taxis, and hotel rooms, but financial services will follow soon. Few other examples that have demonstrated the suc-cess of shared economy well are Peer-to-Peer lending, crowd fund-ing and co-working.This evolution will be driven by peer-to-peer transactions, en-abled by partnerships between to-day's financial services firms and a new breed of Fintech companies. We have already witnessed this with peer-to-peer lending plat-forms, often in partnership with traditional banks.BlockchainBlockchain is a distributed data-base existing on multiple com-puters. It consists of many records called as blocks that are linked us-ing cryptography. It is a public led-ger where the whole copy is held by all the users in that network but data cannot be modified. It is the most advanced technology to re-cord and transfer data in the most secure way at much lower cost.Data Analytics and Intelligence:It is an amazing opportunity for whoever can use analytics to un-lock the information inside, to give customers what they really want. Companies need to under-stand the customer's behaviour attributes that drives customer's decisions and thus customizing the products accordingly. Cus-tomers would have less time and they would like to interact only for the services and products they actually want or looking for. This would be the most import-ant parameter of revenue growth and profitability.These changes may not be sud-den but are disruptive. Companies need to adopt these technologies to stay ahead in this changing competitive landscape. Again, the goal would not just be the custom-er satisfaction but would be to de-light customers with the best experience. THE FOCUS OF EVERY COMPANY SHOULD BE ON HUMAN EXPERIENCES, AS OPPOSED TO REVENUE, PROFIT AND COST SAVINGS
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