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.
COVID-19 pandemic has caused a rise of financial anxiety and stress among business leaders by 186 % and sadness grew by 116 %; consumer financial anxiety and stress doubled and sadness increased by 70%, said a study by Oracle and personal finance expert Farnoosh Torabi. The survey, in which over 9,000 consumers and business leaders across 14 countries including India participated, said that 83 % India’s trust a robot over human to manage finances.
Manappuram has tapped Oracle’s second-gen cloud infra as it enhances security, boosts performance and has guaranteed cloud economics. This will help its IT teams to focus on innovation rather than management; increase performance by 3X and saving costs by 40% in the next 4-5 years. Automation, using bots, has also increased operational efficiencies. The firm is planning to accelerate the adoption of IoT, robotics and advanced automation in the next 6 months.
1) Exploit a user’s query for a file (replacing it with a malicious one). 2) Bots are used in DDoS attacks. 3. Bots are used to verify stolen credentials – brute forcing. 4) Bots hold the tickets for checkout and never actually buy them. This holds legitimate users from buying it. 5) Used to post fake reviews on e-comm sites, tarnishing the image of a particular seller. 6) Bots are used to log keystrokes which is then used by cybercriminals to harvest personal info.
1. Spider bots: Run non-stop in the background and fetch data from websites. 2. Text-reading bots: Analyse web content and take appropriate action. E.g. flagging content on social media, translating languages etc. 3. Transactional bots: These bots interact with API endpoints to enable data transfer between platforms. 4. Download bots: These are automated scripts that automatically download software/apps on smartphones; used by app developers, businesses.
Clix Capital’s ‘Direct to Customer’ online channel offers loan decision in two minutes and disbursal to customer accounts in less than 15 minutes. They are also focussing on ‘Digital Commerce thru conversational Apps’ by creating human-like bots. WhatsApp business account and AI-powered virtual assistant – Maya – helps in instant customer service. It’s a multi-lingual bot and has multiple use cases which can answer a variety of users’ queries.