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A journey with McKinsey & Co's Chandra Gnanasambandam on a visual palate of how things are today when it comes to consumer experience in the retailing. Listen to Chandra Gnanasambandam and experience the dramatic changes in retailing and shopping. Chandra Gnanasambandam speaking at the TN Retail Conference organised by the Confederation of Indian Industry. He is of view that technology will enable big and small players to co-existWatch Mckinsey & Co's Chandra Gnanasambandam on Retail and the new consumer experience With HD Quality.
It is absolutely true that automation is transforming the banking Industry. We are witnessing disruption in the banking industry today, and how institutions are leveraging banking automation to combat to adapt to changes in the financial services landscape. Disruption from players such as digital-only banks, FinTech firms, and Big Tech companies with designs are going to move into the financial services sector all threatened to upend the banking industry, and to encroach on traditional banks’ market share in the process. This clear and present danger has led many traditional banks to offer alternatives to traditional banking products and services — alternatives that are easy to attain, affordable, and better aligned with customers’ needs and preferences. Banks and Financial Institutions often turn to automation to fix this problem, but a fully automated, self-service experience isn’t necessarily optimal for every type of banking activity. Even when technologies can do an adequate job, consumers still want to deal with humans. An ultimate question arises: can the human touch be incorporated on-demand into certain processes or would the option have to be built-in or pre-empted? Customers look for a bank they can trust and banks need to win that trust by leveraging automation to avert and protect against fraud. To start off, building more robust customer profiles to provide definitive insight and also simplifying the Know Your Customer (KYC) process by introducing automated verification services, would help.
Using accounts payable automation to reduce human touchpoints, automatically freezing compromised accounts are some of the ways automation would help. Banks can leverage artificial intelligence and machine learning to monitor and analyze customer spending patterns; using this data, banks can then partner with retail firms to offer customers discounts on frequently purchased products through their banking portal. Another key element to withstanding disrupti
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#India #IoT #PiyushGoyal
Massive revenue growth with IoT devices
Internet of Things (IoT) - enabled retail market could be worth it by 2025 as more and more retail businesses adopt IoT technology to improve their products and services. It is estimated that there will be over 30 billion IoT connected devices around the world by 2021. McKinsey estimates that the potential economic impact of IoT in retail environments will range from $410 billion to $1.2 trillion per year by 2025. The increasing usage of smartphones is one of the major contributors that is likely to drive the market growth along with the increase in internet penetration in developing countries such as India, China and others. Developments in new-age technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Big data are also fuelling the demand for the Internet of Things (IoT) in the ever-evolving retail market growth.
With retailers increasingly investing in IoT, customers are bound to enjoy the ‘SMART’ shopping experience through a network of connections linking the physical and digital worlds into an ecosystem of devices. Technologies around smart shelves, 3D-printing, drones, delivery robots and AI-driven platforms are enabling retailers to further automate and optimize supply chain operations, business efficiency and enhanced shopping experience. There are numerous IoT-related benefits to the retail industry, but here are some of the most important ways we think IoT will change retail in the coming years. As more and more IoT devices penetrate across the industry there is scope for massive revenue growth through better product throughput, improved inventory management for retailers along with increasing the overall shopper experience for the customer in the ever competitive market.
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1:53 #India has highest fintech adoption rate in world, says #PiyushGoyal
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Cyberterrorism is any premeditated, politically motivated attack against information systems, programs and data that results in violence. Cyber criminals are always looking for new ways to acquire new victims. They will look to exploit platforms, operating systems, applications, infrastructure etc. to execute their scams and malicious activities. Discord is the most popular chat platform for gamers. However, threat actors are now spreading malwares through this app in which information stealing malwares is used by cyber criminals and threat actors. WhatsApp and Telegram are other messaging platforms that are already in the news. The bottom-line is that individuals and businesses need to understand that there is always going to be a risk associated with using any application on the Internet.
Other organizations and experts suggest that less harmful attacks can also be considered to be acts of cyberterrorism, as long as the attacks are intended to be disruptive or to further the attackers' political stance. In some cases, the differentiation between cyberterrorism attacks and more ordinary cybercrime activity lies in the intention: The primary motivation for cyberterrorism attacks is to disrupt or harm the victims, even if the attacks do not result in physical harm or cause extreme financial harm. Many cybersecurity experts believe an incident should be considered cyberterrorism if it results in physical harm or loss of life, either directly or indirectly through damage or disruption to critical infrastructure. However, others believe physical harm is not a pre-requisite for classifying cyberattack as a terrorist event.
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1:59 #DICGCBill cleared by the #Cabinet, says #FM
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#DataLocalization #Intel #DataCentremarket
Data Localization – opportunity for Data Centre market
Data localisation is good for the country in terms of control of data and governance of these companies. Visa, being the dominant player in terms of credit cards and also RuPay got an advantage as others like Mastercard, American Express and Diners Club have been barred as of now. Larger banks already have at least two issuing partners on board but smaller banks with only Mastercard are now looking for alternatives. According to RBI data, there were 6.23 crore outstanding credit cards as of May 31, 2021, and 90.23 crore debit cards. The ban was a clearly thought out move which ensures that the RBI’s norms are taken seriously and complied with fully while ensuring that banks have enough partners to issue cards. Most of the banks which had exclusive partnerships with Mastercard confirmed that they are in the process of shifting their card network to the remaining two players — Visa and home-grown RuPay.
At the same time, the United Payments Interface (UPI) transactions offer customers cardless and cashless payment options through phone numbers and QR codes. A record 2.8 billion UPI transactions worth roughly 5.5 trillion rupees, or $73.8 billion, also took place last June.
The data localisation policy brings a dynamic shift for investment into data centre business in the country. India’s digital economy is expected to touch $1 trillion by 2025, with the government planning to triple India’s installed power capacity for data centres from the existing 375MW by 2025, there is a $4.9 billion investment opportunity by 2025 to set up data centre infrastructure. All the credit comes with the growing digital economy, increased investor interest and stable long-term returns. The era of automation and AI has shown that today’s dream can become tomorrow’s reality. The Data Centre industry is expanding at an unprecedented pace
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Oliver Tonby, McKinsey's Asia chairman, sheds light on India and Industrialisation 4.0 during Day 2 of the ET Global Business Summit 2019 in New Delhi Saturday. Watch now.
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Watch India at cusp of major revolution- McKinsey's Oliver Tonby | ETGBS 2019 With HD Quality
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