As face-to-face interactions have reduced, AI found its maximum usage in automated customer service agents in India in 2020. Fraud analysis and investigation, IT automation, recommendation system, and diagnosis and treatment were other fields excelling with AI. Businesses have started to restructure strategies and adapt to the new age of technology. The BFSI sector was on top for spending on AI with a 29% share in the year 2020.
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Mike Mayo, a Wells Fargo analyst, has predicted that US banks will cut off 200,000 jobs in the next 10 years to increase efficiency and productivity. He says that low-pay jobs are the ones on the edge. In a 2019 Wells Fargo report, financial firms spent over $150bn annually where 50% was employee compensation. Mayo said that 1 in 3 employees will be dropped with the rise of robots. Jobs in the sales, tech, advising, and consulting sectors will be less affected.
Check Point Research said that 32 Indian organisations hit by cybercriminals exploiting vulnerabilities in Microsoft Exchange servers. It went on to say that BFSI was the worst affected with 28% of the attacks, followed by government and military (16%), manufacturing (12.5%), insurance and legal (9.5%). The report, first shared on March 15, said that hacking attempts across enterprises rose 10x, from 700 to 7,200, between March 11 and 15.
IDC said that spend on ICT in India will grow over 10% in 2021 to touch $91 bn and hit $111 bn by 2024. The revival of economic activities and growing consumer demand will accelerate this growth, said the report. BFSI and telecom will be the biggest contributor to the growth by with 14% of the overall ICT spend. The sector may grow at 7.8%, following the increased ICT investments in improving customer experience, business continuity, and cybersecurity.
Hybrid cloud is the only IT model showing a whopping 39% growth among financial companies in the next 5 years said Nutanix a report for financial services. The report said that half the respondents ended up increasing their investment in hybrid cloud during the pandemic. About 43% of BFSI firms are expected to spend more in the private cloud in the coming year.
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Wipro will acquire London-headquartered consultancy firm Capco for $1.45 bn. Capco’s counts some of the marquee names in the financial services industry across the globe. It has 5,000 business and tech consultants in 30 locations worldwide. This acquisition, which expected to close by June 30, 2021, will make India’s Wipro one of the biggest end-to-end global consulting, tech and transformation service providers to the BFSI space.
The former chief executive of Paytm Money, Pravin Jadhav, announced his very own startup, Raise Financial Services. He has also raised seed funding for his venture. The venture aims to reach hundreds of millions of people not having access to financial services. Jadhav said that his company will focus on people living in metro, tier 1 and tier 2 cities and will offer financial services such as investing, financing, insurance, wealth and payments.
IBM said India faced the second-highest number of cyberattacks in the Asia Pacific in 2020 after Japan, constituting about 7% of all attacks in the region. The finance and insurance sectors were the most targeted followed by manufacturing and professional services. According to IBM’s 2021 X-Force Threat Intelligence Index, 40% of all attacks were ransomware attacks. The remote working and learning introduced due to pandemic have to lead to a surge in the number of cyberattacks.
Sharad Goklani has been appointed as President & CTO for AU Small Finance Bank. As the CTO, he would be responsible for tech deployment and adoption across the bank. Goklani was the EVP & CTO at Equitas Small Finance Bank and worked with companies like Bharti Airtel and NIIT Limited in his 25 years of career. Goklani, at AU Small Finance Bank, would be in charge of creating tech interfaces that are adaptable and tailor-made for its customers.