As and Research in Banking Technology (IDRBT)

As 2018gears up for new breakthrough in Analytics, AI & Technology, hers’s aflashback to all theinteresting and no-to-missed developments in the Industry.

There was immenseadoption of what many term the wave of fourth industrial revolution—artificialintelligence. From startups emerging in the space of AI to companies adoptingrobust technologies like chatbot, the year 2017 saw many interestingdevelopments in the space. The industry also witnessed funding and investment,acquisitions, appointments, launch of analytics center and much more. Analytics Adoption & Launches:RBI’s adopts blockchain technology: In a first, RBI’s research arm, Institute forDevelopment and Research in Banking Technology (IDRBT) completed the first everend-to-end test of the technology behind Bitcoin, boosting its application inbanking and financial sectors.Amazon Web Services adds AI to cloud: AWS India added more teeth with an AI-firstapproach by adding services such as image analysis, visual search, speechrecognition among others on its infrastructure for developers and enterprisesto build products.

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Paytm unveils Payments Bank with data science at thecore:Paytm Payments Bank kick-started a new kind of banking model. To spruce up forthe smooth rollout of Paytm Payments bank, the mobile wallet company appointedAmit Singhal, a Google veteran and former head of Google Search.Indian cops plan on using big data to prevent crimes: The National CrimeRecords Bureau (NCRB) is trying to use crime data analytics software to enablepredictive policing so that crime can be stopped even before it takes place.Alibabacloud comes to India:Chinese e-commerce giant Alibaba is set to enter the Indian market with itscloud-computing arm, Alibaba Cloud. The group’s entry in Asia’s second-largestcountry will accelerate the growth this sector.

 GovernmentInitiatives:Indian Railways embrace data analytics: Withan aim to monetize the available data, Suresh Prabhu-led Indian Railways hadstepped into the game of digitization and using data-centric approaches tobenefit the railways.Government plans to have analytics tool to furnishairline price trends: Having analytics tools at place would providetravelers with future ticket price trends which would help in addressing thelingering concerns that travelers face because of steep fluctuation inairfares.Commerce Ministry sets up task force dedicatedto AI: Nirmala Sitharaman lead ministry of Commerce and Industry constituted atask force to prepare for the industrial revolution 4.0 and the resultingeconomic transformation.Government takes initiative to counter AI revolution inpublic sector: The National Institution for Transforming India (NITIAayog), a policy think tank of the Indian Government, recently proposed thatthe country should be ready to tackle the side-effects of automation,particularly unemployment. Merger & Acquisitions and Partnerships:Agreement signed with Innefu to prevent warfare: The startup willutilize AI to analyze data fed by Indian intelligence agencies to identifypatterns from the past and predict future outcomes and save the country fromCyber warfare.

India & Israel collaborate on AI: The historic visitof Indian Prime Minister Narendra Modi to Israel got the two countries talkingover various important issues—artificial intelligence being one of it.Flipkart andMicrosoft collaborate: E-commerce giant Flipkart is working with Microsoft tostart using artificial intelligence and machine learning-based solutions tomake future sales.Ola Partners With Microsoft: Ola joined handswith tech giant Microsoft to build a connected vehicle platform. This partnershipwould help Ola access their cloud infrastructure, artificial intelligence andproductivity tools to improve passenger experience and enable predictivemaintenance of vehicles.AI & Machine Learning:HDFC launches of its AI-powered chatbot EVA:The bank launched an electronic virtual assistant (EVA) that uses artificialintelligence driven techniques to address customer issues.Microsoft unveils desi chatbot Ruuh for India:The English speaking Microsoft chatbot is created for entertainment purposeonly and is available to users in India. Seemingly aimed for the younger,mobile using demographic in India, the chatbot is available on Facebook messaging.

 Accenture-led AI solutions drive AkshayaPatra’s Million Meals program: Accenture and famed NGO mid-day meal providerAkshaya Patra has teamed up to deploy disruptive technologies to significantlyincrease the number of mid-day meals served to children across schools in Indiausing tech like AI, IoT, blockchain.Indian Stock Exchanges desires to venture into AI, dataanalysis: They sought SEBI’s permission to engage in activities orbusinesses that are unrelated to, or not identical to, those of a stockexchange or of clearing corporations or their core business, through a separatelegal entity.

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