Tiger Global leads $100 million investment in Indian social commerce DealShare

  • “The startup began as an e-commerce platform on WhatsApp, where it offered hundreds of products to consumers. It didn’t take long before a major consumer spending pattern was visible, Rao said. People were only interested in buying items that were selling at discounted rates, said Rao.
  • Consumers wanted products that were relevant to them and they wanted to buy these items at a price that instilled the most value for their bucks, said Rao. ‘We focused on locally produced items instead of national brands. Even today, 80% to 90% of items we sell are locally produced,’ he said.”

https://www.google.com/amp/s/techcrunch.com/2021/04/12/tiger-global-leads-100-million-investment-in-indian-social-commerce-dealshare/amp/

Five Application Scenarios of AI in Banking

  • “Thanks to AI, banks generate 66% more revenue from mobile banking users than when customers visit branches.
  • Companies that estimated their profit from Big Data analysis have reported an average increase in revenue by 8% and a reduction in costs by 10%.
  • ABI Research estimates that spending on AI and cybersecurity analytics will amount to $96 billion by the end of 2021.
  • According to an OpenText survey, 80% of banks recognize the benefits of AI, 75% of them already make use of this technology, and 46% plan to implement AI-based systems in the near future.”

https://www.finextra.com/blogposting/20158/five-application-scenarios-of-ai-in-banking

Data-labeling company Scale AI valued at $7.3 billion with new funding

“The startup is among a handful of companies that have sprung up to help businesses deal with the data preparation needed to train A.I. systems, a process that often requires tens of thousands of examples to be annotated with labels. Others that also offer data labeling services include Samasource, Labelbox, Hive, Cloudfactory, and DataLoop.”

https://www.google.com/amp/s/fortune.com/2021/04/13/scale-ai-valuation-new-funding-fundraising-data-labeling-company-startups-vc/amp/

Why everyone in the Financial Services Industry should be a change agent

  • “Emerging markets in Asia, in particular, have recently seen a spike of 60% increase in contactless payments, with an eightfold growth in paperless B2B payment flows.
  • McKinsey says this physical-to-digital shift is set to accelerate even more this year. And FSI organizations need to ride the wave, or risk being left behind.
  • Fundamentally, I see four areas of change that FSI firms need to embrace: technology, data, customer centricity supported by processes, as well as people and culture to drive systemic innovation.
  • According to Deloitte, technical debt in the form of legacy infrastructure and data fragmentation across the enterprise continues to impede banks’ digital transformation initiatives. In response, finance leaders expect to increase cloud investments, with more than half saying that their firms will increase spending on data analytics.”

https://news.microsoft.com/apac/2021/04/13/why-everyone-in-the-financial-services-industry-should-be-a-change-agent/

Preparing Your Credit Union for Unforeseen Events

Image: Shutterstock
  • “Back in February, areas around the country were severely impacted by inclement weather. In Texas alone, 3.5 million people went without power for several hours in freezing temperatures. With frequent power and internet outages and most people still working from home, credit unions across the U.S. struggled to operate and meet their members’ needs.
  • AI is being used by credit unions to streamline and optimize call centers. Whether it is to instantly respond to calls from members, create more self-service options or free up the bandwidth of call center staff to support members in need, AI can be utilized by credit unions to better meet the needs of members.
  • With AI solutions hosted on the cloud, credit unions can offer uninterrupted services to members, enabling members to get their issues addressed even during the most vicious storms.”

https://www.google.com/amp/s/www.cutimes.com/2021/04/09/preparing-your-credit-union-for-unforeseen-events/%3famp=1