Monday, April 15, 2019

Seven in Ten Consumers in India Willing to Share Significant Personal Data with Banks and Insurers


Seven in ten consumers in India would be willing to share significant personal information, such as location data and lifestyle information, with their bank and insurer in exchange for lower pricing on products and services, according to a new report from Accenture (NYSE: ACN).

The data is part of Accenture’s global Financial Services Consumer Study, which was based on a survey of 47,000 consumers in 28 markets, including 2,000 consumers in India, and found that more than two-thirds of Indian consumers would share that data for benefits including more-rapid loan approvals, discounts on gym memberships and personalized offers based on current location.

At the same time, however, people believe that privacy is paramount, with nearly four out of five consumers (81 percent) saying they are very cautious about the privacy of their personal data. In fact, data security breaches were the second-biggest concern for consumers in India, behind only feeling like their complaints are not dealt with in an acceptable manner, when asked what would make them leave their bank or insurer.

“There’s a growing appetite for personalization of products and services based on targeted consumer financial data,” said Rishi Aurora, a managing director at Accenture who leads its Financial Services practice in India. “The large number of people willing to share more of their personal data for more efficient services at better prices underscore the role of digital technologies in the distribution of financial services in India. At the same time, there’s also growing concern about safeguarding of this data, so financial institutions need to make that a top priority as they look to address their customers’ evolving needs. If consumers don’t see the level of personalization, offers and products they want from their banks or insurers, they will certainly look for it elsewhere.”

Synechron Demonstrates Commitment to Innovation and Creativity in Digithon

Synechron Inc., a leading Digital IT Consulting firm for financial services, has today announced the winners of its annual Digithon, underscoring the company’s commitment to continual innovation. The Digithon was a global research & development initiative which challenged Synechron employees to compete to strategize, conceptualize, and deliver digital applications that best demonstrate client business relevance, strength of consulting and technical delivery, user experience design, and marketability / commercial relevance.

Participants were asked to build a full, working prototype application in 12 weeks in one of four categories: Artificial Intelligence, Blockchain, UI/UX, or a freestyle project; to create a complete GitHub repository of the application source code; and to demo their application to a panel of five global judges across Synechron’s Management and Financial Innovation Labs (FinLabs) teams. This year, there were an overwhelming 192 participants across 66 teams, and 13 teams made it to the finish line with completed Digithon projects. The five winners were selected based on a scoring methodology considering Creativity, Technicality, and Readiness.

The first-place winners built a blockchain-based loyalty coin application on the Ethereum platform, branded as SyneCoin. The application was designed to increase global collaboration and build brand ambassadors within Synechron through a tokenized loyalty, reward and recognition program bringing together Synechron employees, Managers, Human Resources, prospective employees, and even clients. The gamified engagement experience was designed to support Synechron’s Employee 2020 goals for innovation, ambition, responsible behavior, empowerment and limitless opportunity – making it easy to acknowledge and incentivize these behaviors through a distributed ledger scoreboard – with data protected by private keys – and to recognize those employees through branded merchandize, appraisals, and value-added benefits. The innovative application has bolstered further Synechron’s already industry-leading suite of award-winning blockchain Accelerators available for clients.

In addition to SyneCoin, the other winning projects included:

a personal banking assistant that uses advanced Data Science to create personalized customer experiences,
a solution for information extraction to enhance resume sorting and prioritize relevant candidates for recruitment initiatives, and
a mobile, digital insurance application that uses Machine Learning and Internet of Things (IoT)-data to provide microinsurance.

Faisal Husain, Co-founder and CEO of Synechron said, “Accelerating digital and supporting innovation initiatives are key aspects of what makes Synechron special – and the participants of the Digithon embody that spirit of innovation, ambition, and creativity that sets Synechron apart from our competitors and allows us to guide our clients through developing and implementing their digital strategies in a rapidly-changing banking, asset management, and insurance landscape. Congratulations to the winners, and to future participants, we can’t wait to see what you come up with next.”

Use of Machine Learning Becomes the New Norm for Financial Community

 

Refinitiv announced the new research findings that confirm the use of machine learning is pervasive across the financial community and is critical to its success in the future. Ninety percent of the c-level executives and data scientists surveyed have already deployed machine learning, while all of the c-level participants said it is core to their business strategy. And while machine learning initiatives in Asia are not yet as mature as they are in other regions, with a corresponding lower allocation of investment, momentum behind the use of the technology is clearly building.

Globally, respondents also acknowledge that poor-quality data impedes their ability to fully leverage machine learning and artificial-intelligence technology, with 43% citing this as the biggest barrier to adoption followed by a lack of data availability (38%).

Despite being a technology area that’s seen a recent ‘war for talent,’ expected growth in the data science roles associated with machine learning is currently lower in Asia compared to North America, but ahead of EMEA.  Overall, however, challenges around data quality were ranked ahead of access to talent, which was highlighted by a third of respondents globally.

This information was compiled for the inaugural Artificial Intelligence/Machine Learning (AI/ML) Survey by Refinitiv, featuring in-depth interviews with nearly 450 financial professionals across Asia (170), Europe (161) and North America (116). Its findings confirm how far the industry has evolved since 2017 research that indicated technology companies were the primary adopters of artificial intelligence (AI) and only 28% of financial-services firms were deploying it.

Other key findings from Refinitiv’s new research include:

90% of financial firms are using machine learning, either in multiple areas as a core part of their business (46%) or in pockets (44%); the 10% of firms that have not yet deployed machine learning are experimenting with it
75% of firms are making significant investments in machine learning
Respondents in Asia are significantly less likely to work with structured data (49%), compared to those in North America (64%)
62% of c-suite respondents plan to hire more data scientists in the future as banks and asset managers seek to give themselves a data and technology edge over competitors
The main applications for using machine learning were in risk use cases (82% of respondents), followed by performance analytics and reporting (74%), with alpha generation in third place (63%)
AI/ML adoption is primarily driven by extracting better quality information (60%), increased productivity and speed (48%), and cost reduction (46%)

“Machine learning and artificial intelligence are often described as emerging technologies, but the fact is they are already being widely applied across financial services,” said Tim Baker, global head of Applied Innovation at Refinitiv. “Whether it is an increasingly complex regulatory environment, the need to find new sources of alpha, or winning the fight against financial crime, the industry is turning to data and technology, and data scientists are increasingly important as the alchemists charged with turning big data into insight.”

“While Asia may currently be behind the Americas and Europe in the maturity of its adoption of machine learning initiatives and the investment put into them, there is clear momentum building behind artificial intelligence applications in the region,” said Sanjna Parasrampuria, Head – Applied Innovation Asia. She added, “The c-suite of all the firms we surveyed view it as a core part of their business strategies, and this will result in them needing access to better quality data, access to world class talent, and powerful cloud-based tools. Efforts in Asia appear particularly focussed in areas of risk mitigation and wealth management.”

Microsoft Kaizala Enables Indian Railways to Connect its “Three Million Employees with Healthcare Services”


India’s largest employer, Indian Railways, will be using Microsoft Kaizala to connect its employees across the country with quality healthcare facilities.  Microsoft Kaizala app will enable serving and retired railway employees to avail healthcare services of 125 railway and 133 private recognized hospitals. The Kaizala  group, managed by doctors from South Central Railways will be complemented with focused groups of doctors, paramedical staff and nurses.

On registering for the healthcare services, Indian Railway employees will be able to search on Microsoft Kaizala, nearest hospitals and doctors, list of empaneled diagnostic centers and health units. Employees can book doctor appointments, share diagnostic lab reports directly with their doctors and save digital records in ‘Me Chat’ of Microsoft Kaizala. They will also be able access key announcements, share their feedback to improve quality of medical service with built in action cards.

Kaizala enables Indian Railways to enable direct communication with their employees including achievement bulletins, educative bulletins and informative bulletins to spread awareness around CPR, general first aid, immunization and vaccination, including others. The doctors on this Kaizala group can view medical history of an employee, pull out case sheets and aid in taking timely decisions. Microsoft Kaizala is a mobile-only product that makes it simple for organizations to seamlessly communicate, collaborate and complete tasks, bringing together desktop users and mobile-only users.

Commenting on the development, Vinod Kumar Yadav, Chairman Railway Board, Indian Railways, said, “As one of the largest employers in India, we are committed towards providing rich experience to our employees. Ensuring quality medical care facilities for our employees is one of key focus areas, integrating it with Microsoft Kaizala will help us take this vision with ease to all our employees, including those situated in remote locations in India.”

“Microsoft Kaizala is a simple and secure chat-based app for work. It offers organizations to easily connect with everyone in their organization and beyond in simple way to share data for insightful decision making and gives employees an easy-to-use solution for efficient collaboration and improved productivity. Powered by Microsoft’s trusted cloud platform, mobility and enterprise security, Microsoft Kaizala is a perfect fit for the unique needs of one of India’s largest job creator. We are optimistic that our experience of working with large scale customers across private and government sectors will help us serve millions of railway employees effectively” said Rajiv Kumar, Corporate Vice President, Experiences & Devices Group, Microsoft.

Microsoft Kaizala offers large organizations like Railways easy and simple way to share data for insightful decision making and gives employees an easy-to-use efficient solution.

MilkLane Unveils ‘Toxin & Antibiotic Safe’ Milk with No preservatives Across Bengaluru City

MilkLane, a Bengaluru based dairy start-up, launches its first milk product for the retail consumers in the city. The company, which adheres to international quality standards, is promoting and differentiating the new product as ‘Toxin and Antibiotic Safe’ milk. It forays into the mass market consumer segment, after being active in the B2B segment delivering milk to industrial scale off-takers such as FMCG companies, industrial processors and milk product manufacturers.

The high-quality milk is available in packaging of 500 ml and at an attractive price point of INR 35/-. With no added preservatives, the milk is processed with Ultra-High-Temperature (UHT) technology to provide safe and enhanced 90-days non-refrigerated shelf life.

Earlier test-marketed in Bengaluru, MilkLane continues to receive good response from consumers and the retail stores. Within a very short span, the company has been able to expand its network with the product available on most e-commerce platforms such as Big Basket, BigBasket Daily, Grofers, Amazon Prime Now, Flipkart, Daily Ninja, Doodhwala and others. It has a presence in more than 450 retail stores in the city as well.

Speaking about the launch, Akshaya Kamath, Director at MilkLane said, “Rise in urbanization has led to change in lifestyles and consumers are increasingly opting for healthier options. There is a huge market appetite for high-quality milk in India. With our entry into the retail segment, we have laid the foundation for our business’s next growth pillar. The company has set an ambitious target of grabbing at least 10% of market share in Bengaluru within a year.

Gaurav Haran, COO at MilkLane said, “MilkLane’s aims to create awareness and set the benchmark for offering high-quality milk to the Indian consumer. In fact, every batch of milk undergoes multiple stringent quality checks. Contamination of milk with aflatoxin and misuse of antibiotics in dairy farms could have serious public health implications. So, we take extra care by working closely with dairy farmers, providing proprietary high-quality cattle feed to mitigate the risks of milk contamination arising out of poor-quality feeding.”

Unlike typical central chilling/cold storage model followed by conventional milk companies, MilkLane works with a unique ‘bulk milk chiller’(BMC) model which helps bring down the time taken for collection of milk thereby increases the shelf life and quality of the milk. Additionally, the BMC model is driving rural micro-entrepreneurs and providing livelihood opportunities to the youth.

MilkLane is associated with over 7,000 farmers spread across multiple states assisting them on the complete life cycle of the milk procurement process, providing veterinary supervision to enabling animal loans. MilkLane’s integrated procurement system ensures transparency and better earnings for the dairy farmers, while helps maintain strong quality checks as well.

MilkLane does not dry the milk to reduce the cost of transporting and storing. Thereby the company promises high quality cow milk with 3% fat and great taste confirming to the international standards of milk quality.

What makes MilkLane a truly good milk?

Toxin Safe - Aflatoxins are toxins produced by fungi that grow on maize, brans, oilseed cakes normally fed to cows. But MilkLane provides the farmers with high-quality feed ration free of toxins, which results in consumers getting toxin safe milk every day.
Antibiotic Safe - It’s the same with antibiotics. Cows fall sick and may require antibiotics to recover. These antibiotics flow through into the milk. However, MilkLane is careful enough to educate the farmer on disease prevention, to keep the cows healthy. If a sick cow requires medication to recover, the company has guidelines to keep them away from healthy milking cows. It conducts regular tests to always provide healthy and antibiotic safe milk for consumers.

Healthy Milk is Good Milk – Free-range cows which are happy, healthy and loved will only yield the best quality milk. To experience the same, consumers can visit MilkLane’s procurement facility and meet the farmers associated with the company. They can see where your milk comes from, how and where the cows live. What they eat and how they are cared.
Produced by entrepreneurs – MilkLane’s farmers take pride in their business. They nurture healthy cows that give tasty milk. Due to purity, farmers find more demand for their produce. Which in turn leads to better profits and them rearing more cows. This is not a cooperative. This is a business driven by their passion. A passion that navigates their journey towards producing only the best milk for consumers.

Processed on location - MilkLane follows BMC (bulk milk cooler) model which helps bring down the time taken for collection of milk, which is collected directly from the farms and immediately chills it to 4 degrees Celsius in cooling chambers located in the village. This is important because bacteria starts growing exponentially every 20 minutes and cooling helps suppress that. The cooling tankers are then taken to the pasteurization plant where the milk is immediately packed for storage. The company goes the extra mile and test every batch of our milk for impurities and toxins to ensure delivering 100% safe milk every single day.

UHT Milk - Ultra-heat treatment (UHT) involves processing and sterilizing milk at high temperatures (up to 135 degrees Celsius) to destroy bacteria and germs. The process enhances the shelf life of the milk, which can be stored at room temperature and need not to be boiled or even stored in a refrigerator before consumption. UHT process does not use any preservatives to improve shelf life, but preserves all the nutrients in the milk that is then packaged in pre-sterilized tetra packs.

Land Rover Announces ‘The Above & Beyong Tour’ for FY19-20 in India

Key Highlights

* Jaguar Land Rover India announced the start of ‘The Above & Beyond Tour’ for FY19-20 with the first event starting in Ahmedabad from April 12, 2019
* ‘The Above & Beyond Tour’ is a series of events that deliver exceptional off-road drive experiences to customers on natural trails and demonstrate the iconic design and advanced technologies that make Land Rover SUVs remarkably capable and best-suited for Indian conditions

Jaguar Land Rover India today announced the start of the much anticipated and one-of-its-kind, ‘The Above & Beyond Tour’, with the first event in Ahmedabad from April 12, 2019. The tour will travel across a number of cities in India and offer exceptional off-road drive experiences to existing and potential customers of Land Rover in a highly safe, authentic, relevant and engaging manner.

Rohit Suri, President & Managing Director, Jaguar Land Rover India Ltd. (JLRIL), said: “Over the years, Land Rover events have become highly desirable. They are a perfect platform for us to bring the Land Rover brand closer to our customers by delivering experiences that they will remember for life.”

‘The Above & Beyond Tour’ is organised and delivered by a team of highly trained Land Rover instructors, in the highly versatile Discovery Sport and the extremely stylish Range Rover Evoque. The first Land Rover drive experience event was conducted in India in 2013 and since then over 18,000 memorable experiences have been delivered.

Office of the Chief Electoral Officer, Karnataka Now on ShareChat to Create “Voter Awareness Campaign”

Ahead of Lok Sabha elections 2019, Chief Electoral Office, Karnataka has joined ShareChat, India’s #1 regional social media platform.

With social media being a primary source to impart information, @CEO_karnataka on ShareChat is currently sharing informative posts, caution posts and are appealing to voters to go and vote this election. Office of the Chief Electoral Officer, Karnataka has also tied up with Sakkath Studio as their digital and creative partner to create short form videos to disseminate information on elections.

In order to facilitate easy search of election content, ShareChat has built a separate category for elections where people can read all about elections 2019. In order to show support to the Election Commission, people can also post their selfies with election filters.

A.V Surya Sen, Joint Chief Electoral Officer said, “We are very excited to announce that we are now on ShareChat and we will be able to spread the importance of voting and create awareness amongst ShareChat audiences in kannada language. We learn that ShareChat users in Karnataka are present even in the remotest part of the state and hugely consists of a young audience who will be probably voting for the first time. Therefore, it became imperative for us to be present on ShareChat to get maximum reach.”

“We are very thrilled to welcome Office of the Chief Electoral Officer, Karnataka on ShareChat. We have seen a lot of traction on their profile and ShareChat users are actively engaging with their content. As an Indian social media platform, we feel the need to be a responsible platform and we feel that with the presence of @CEO_karnataka on the platform, we will be able to reach out to millions of ShareChat users in Kannada and help them consume information on responsible voting”, said Ankush Sachdeva, Chief Executive Officer, ShareChat.

About ShareChat:

ShareChat, India’s #1 regional social network platform is a technology led start-up based out of Bangalore. Founded by three IIT Kanpur alumni, it is a home-grown platform developed keeping in mind the needs of Indian audience across the country.  The app is aimed at providing users with an unmatchable networking experience in their native language.  ShareChat has scaled up its user base on the back of one the widest content across genres and great user experience driven by an intuitive user interface and other innovative features. The user generated content platform has an established a base of over 45 million monthly active users spread across the country and is available in 14 Indian languages including Hindi, Malayalam, Gujarati, Marathi, Punjabi, Telugu, Tamil, Bengali, Odia, Kannada, Assamese, Haryanvi, Rajasthani and Bhojpuri. Spearheading India's internet revolution, ShareChat is changing the way in which the next billion Indian users consume the internet. The ShareChat app can be downloaded from the Google Play Store.

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