StartupTalky

Tag: Robo Advisory

  • How AI Automation Tools Can Help You Save Time and Money

    You must be living under a cave, if you are still sleeping on the potential for Artificial Intelligence (AI) is rapidly transforming the way we live and work. From chatbots to predictive analytics, Work automation tools are revolutionising various industries by streamlining processes, improving efficiency, and ultimately saving time and money. In this ST guide, we shall go through ways AI automation can help businesses optimize their operations and achieve cost savings.

    Artificial Intelligence has emerged as a game-changer in the business world, enabling companies to automate tasks, improve decision-making processes, and enhance overall productivity. One of the most significant advantages of AI automation is its ability to save time and money. By leveraging the best of these technologies, businesses can optimise their operations, reduce manual effort, and improve the accuracy and speed of various tasks.

    Automating Repetitive Tasks
    Enhancing Efficiency and Productivity
    Making Informed Decisions with AI
    Getting Started with AI Automation
    The Benefits of AI Automation
    AI Automation in Different Industries
    Overcoming Challenges and Concerns
    The Future of AI Automation

    What is Artificial Intelligence?

    Automating Repetitive Tasks

    AI automation excels at handling repetitive and time-consuming tasks that would otherwise require significant human effort. By automating these tasks, businesses can free up their employees to focus on more strategic and creative activities. For example, AI-powered chatbots can handle customer inquiries, while scheduling tools can automatically book appointments. This not only saves time but also improves customer satisfaction by providing quick and efficient responses.

    AI automation can also be applied to data entry, document processing, and inventory management. By automating these processes, businesses can reduce errors, improve accuracy, and eliminate the need for manual intervention, ultimately saving time and minimising costs associated with rework.

    Enhancing Efficiency and Productivity

    Efficiency is a crucial factor in any business’s success, and AI automation can significantly enhance efficiency by streamlining operations and identifying bottlenecks. AI algorithms can analyse vast amounts of data to identify patterns, optimise workflows, and suggest improvements.

    For example, Artificial intelligence can optimise inventory levels, ensuring that businesses maintain optimal stock levels while minimising excess inventory. AI can also make the most out of routing and logistics, resulting in more efficient delivery schedules, reduced transportation costs, and improved customer satisfaction.

    Additionally, AI automation can contribute to internal efficiency by automating internal processes such as employee onboarding, data analysis, and performance tracking. By automating these tasks, businesses can reduce administrative overhead and improve overall productivity.

    Making Informed Decisions with AI

    AI automation tools can analyse large volumes of data and provide valuable insights to support decision-making processes. By leveraging machine learning algorithms, businesses can gain a deeper understanding of customer behaviour, market trends, and competitive landscapes.

    For example, AI can analyse customer data to identify patterns and preferences, enabling businesses to personalise marketing campaigns and improve customer engagement. AI can also predict customer churn, allowing businesses to proactively address issues and retain valuable customers.

    Furthermore, the right automation can assist in financial forecasting, risk analysis, and fraud detection. By analysing historical data and real-time market trends, AI algorithms can generate accurate forecasts, identify potential risks, and detect fraudulent activities, saving businesses from financial losses and reputation damage.

    Getting Started with AI Automation

    AI Automation
    AI Automation

    If you’re considering implementing AI automation in your business, here are some steps to get started:

    • Identify the tasks: Begin by identifying the tasks that are most time-consuming and prone to errors. These are the tasks that are most likely to benefit from AI automation.
    • Research AI automation solutions: Explore different AI automation solutions available in the market. Consider factors such as scalability, ease of implementation, and compatibility with your existing systems.
    • Implement the solution: Once you’ve selected an AI automation tool, start the implementation process. This may involve training your employees, integrating the tool with your existing systems, and ensuring a smooth transition.
    • Monitor and optimise: Continuously monitor the performance of the AI automation tool and make necessary adjustments to maximise its benefits. Regularly analyse data and gather feedback from employees to ensure the tool is delivering the desired results.

    The Benefits of AI Automation

    Implementing AI automation in your business offers a wide range of benefits, including:

    • Increased productivity: By automating repetitive tasks, employees can focus on more strategic and creative activities, leading to increased productivity.
    • Improved customer service: AI-powered chatbots and virtual assistants can provide 24/7 customer support, ensuring prompt responses and enhancing customer satisfaction.
    • Reduced costs: AI automation eliminates the need for manual labour in certain tasks, reducing operational costs associated with hiring and training employees.
    • Enhanced accuracy: AI algorithms can analyse data with precision, minimising errors and improving the accuracy of various processes.
    • Competitive advantage: Businesses that imbibe AI automation gain a competitive edge by leveraging cutting-edge technologies to streamline operations and deliver better customer experiences.
    Market Size Share by Industry for AI
    Market Size Share by Industry for AI

    AI Automation in Different Industries

    AI automation has the potential to transform various industries, including manufacturing, healthcare, retail, and finance. Let’s explore how AI is being implemented in these sectors:

    Manufacturing

    • Predictive maintenance: AI algorithms can analyse data from sensors and equipment to predict maintenance needs, reducing downtime and optimising maintenance schedules.
    • Quality control: AI-powered image recognition systems can detect defects and anomalies in real time, ensuring consistent product quality.

    Healthcare

    • Medical diagnosis: AI algorithms can also assess medical images, patient data, and clinical records to assist doctors in making accurate diagnoses and treatment plans.
    • Drug discovery: AI automation can speed up the process of drug discovery by processing vast amounts of data and identifying potential candidates for further research.

    Retail

    • Personalised recommendations: AI algorithms can understand and segregate customer data, purchase history, and browsing behaviour to provide personalised product recommendations, improving customer engagement and conversion rates.
    • Inventory management: AI automation can optimise inventory levels, ensuring that products are available when and where they are needed while minimising excess stock and associated costs.

    Finance

    • Fraud detection: AI algorithms can go through transaction data and detect patterns indicative of fraudulent activities, helping financial institutions prevent fraud and protect their customers.
    • Risk assessment: AI automation can analyse financial data, market trends, and economic indicators to assess the risk associated with lending, investment, and insurance decisions.

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    Overcoming Challenges and Concerns

    While AI automation offers significant benefits, some challenges and concerns need to be addressed. Some common challenges include:

    • Data quality and availability: AI algorithms require high-quality, relevant data to generate accurate insights. Ensuring data quality and availability can be a complex task, requiring data cleansing, integration, and privacy considerations.
    • Ethical considerations: AI automation raises ethical concerns related to privacy, bias, and job displacement. Businesses must establish ethical guidelines and ensure transparency and accountability in their AI systems.
    • Skills and expertise: Implementing AI automation often requires specialized skills and expertise. Businesses may need to invest in training or hire professionals with AI knowledge to effectively leverage AI technologies.

    The Future of AI Automation

    As AI technology continues to evolve, we can expect even more advancements in AI automation. The future holds exciting possibilities for businesses, with AI expected to play a central role in driving innovation and efficiency.

    Some potential future developments in AI automation include:

    • Advanced natural language processing: AI-powered systems will become even more proficient at understanding and generating human-like language, enabling more sophisticated interactions and communication.
    • Enhanced robotics: AI-powered robots will become more capable of performing complex tasks, leading to increased automation in industries such as manufacturing, logistics, and healthcare.
    • Augmented decision-making: AI algorithms will provide real-time insights and recommendations to support decision-making processes, enabling businesses to make data-driven decisions with greater confidence.
    • Ethical AI: As AI becomes more pervasive, ethical considerations will become increasingly important. The development of frameworks and regulations to ensure responsible and ethical AI use will be a focus of future advancements.

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    Conclusion

    AI automation tools offer immense potential for businesses to save time and money while improving efficiency, productivity, and customer experiences. By leveraging AI technologies, businesses can automate repetitive tasks, enhance decision-making processes, and deliver personalised experiences to their customers.

    As AI technology continues to advance, businesses must stay informed and adapt to the changing landscape. By inculcating machine and technology automation, businesses can position themselves at the forefront of innovation and gain a competitive edge in the digital era.

    Remember, successful implementation of automation requires careful planning, research, and ongoing monitoring. By investing in the right AI automation solutions and continually making the most out of their use, businesses can unlock the full potential of AI to transform their operations and achieve sustainable growth. Now, is the time to leverage the power of AI automation and upscale your business for the greater good. Good luck, fellas!

    FAQs

    Is AI automation going to take away my job?

    While some jobs may be automated, AI is also creating new opportunities. The focus will shift towards tasks requiring creativity, critical thinking, and human connection.

    What is AI automation and how can it benefit my business?

    AI automation uses artificial intelligence to automate repetitive tasks, improve decision-making, and enhance overall productivity. Benefits include increased efficiency, reduced costs, improved customer service, and a competitive edge.

    What are the challenges of AI automation?

    • Data quality and availability: AI relies on high-quality data. Ensuring data accuracy and accessibility is crucial.
    • Ethical considerations: AI automation raises concerns about privacy, bias, and job displacement. Responsible development and use of AI are essential.
    • Skills and expertise: Implementing AI may require specialized skills. Businesses may need to train employees or hire AI specialists.

  • Top-Notch Entrepreneur, Milan Ganatra’s View on Fintech Industry [Exclusive Interview]

    StartupTalky interviewed Mr. Milan Ganatra, a prominent face in the wealth management community to get his professional opinions and views on the Fintech Industry in India. He brings with him more than two decades of experience in financial services. This serial entrepreneur and investor founded Miles Software, a path-breaking company in the fintech space.

    As an individual, Milan Ganatra believes that life is a beautiful journey where it is essential that one constantly grows, gains experiences, and learns new subjects. Milan continues to believe, despite increasing competition, that fintech has enormous potential. With a solution-oriented mind, he is interested in finding like-minded partners with whom he can invest in ventures within the sphere of fintech. A prime example of this is his investment in Financepeer and Finalyca after his exit from Miles Software.

    His eagerness to explore urged him to invest and form a disruptive fintech platform – 1Silver Bullet, which provides gateway infrastructure for a range of tech-based avenues such as Edtech, Agritech, Insurance, Traveltech among others. Milan is a member of the Advocacy & Knowledge Management Committee for the Indian Institute of Alternative Investments funds, as well. He also consults several banks  and financial institutions. Known for his dedication to his profession, he is always excited to hear new ideas, invest in new projects, and offer innovative solutions.

    Let’s see what Mr, Milan Ganatra has got to say on the Indian Fintech Ecosystem in the post ahead!

    1. Motto of 1Silver Bullet and How it works
    2. Top trends in the Indian FinTech Ecosystem
    3. Change in the Fintech Industry of India in the Pre & Post-covid Era
    4. Growing usage & Advancement of Technology in the Fintech space
    5. Role of AI / ML -driven performance analytics in the fintech space
    6. Future of the Fintech Space
    7. Role and Future of Robo Advisory in Investment management
    8. How to be successful in the growing technological advancement in fintech space?
    9. Data Security in Fintech Space: Distinguish a legitimate fintech platform from a fraud
    10. Milan Ganatra’s Expectations from Startups prior to Investing
    11. Milan Ganatra’s Recent Investments and Future Plans
    12. Contact Mr. Milana Ganatra for Investment, Mentorship & Solutions
    13. Milan Ganatra’s Advise to the Budding Fintech Platforms

    1. What is the main motto of 1Silver Bullet? How does it work?

    With 1Silver Bullet we are trying to democratize the digitization of the financial space. Despite the recent emphasis on digitization, there are still glaring gaps that neither incumbents nor fintech have managed to cross over. With 1Silver Bullet our effort is to lay down the infrastructure and provide a well-thought digitization framework that can help these organisations to transform their legacy systems in a smooth, efficient, and time-bound manner. We lay down the framework and provide them with the tools so that they can focus on their core business.

    The most striking trends in the fintech ecosystem are centered around how these new-age companies have disrupted the status quo. They quickly seized the ground from incumbent players by introducing technology to improve and simplify processes. The three topmost fields where we saw fintech companies make their mark are:

    • Payments: Apps like GPay and Paytm are some of the most popular payment apps. They completely revolutionized how people in India make payments today
    • Banking: The success of fintech shows how banks have no choice but to keep up with the pace set by these neo banks. While most of the neo banks have an anchor point, like investment or SME, what they offer is a holistic experience.
    • Investment or brokerage: Groww, Zerodha or Upstox offer a completely different experience to investors, making it more democratic, accessible, and easy-to-use than any other traditional means. They have opened access to users who are tech-savvy willing to explore investment options that otherwise would sound complex. Consequently, they have grown very quickly in a very short period.

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    3. What change did you witness in the Fintech Industry of India in the pre & post-covid era?

    The COVID crisis is a watershed moment in our history and it has left an undeniable impact on every aspect of our life. The fintech industry is no exception. In general, we have seen that digital platforms found a wider acceptance with the spread of digitization and there is good reason to stay bullish about the future.

    A recent report by Matrix Partners and McKinsey & Company shows that fintech across different segments have experienced mild to major disruptions with the lending sector being the most affected. In wealth management and insurance, we have seen some positive moves. The pandemic has also forced some segments to put a hold on their new products with 50% of the neobank delaying product launches. But these disruptions notwithstanding, the outlook is quite optimistic on future growth. This comes from an increasing acceptance of fintech and the wide adoption of technology across sectors. For instance, incumbent institutions like banks are now tying up with fintech to improve their digital presence, boost reach, and create a more efficient delivery of products.

    Fintech Industry

    4. How can one keep up with the growing usage & advancement of technology in the Fintech space?

    What is considered cutting-edge tech today will get obsolete very soon. The only way to keep up is through investing in continuous Research & Development (R&D) and keep upgrading the tech stack. The other equally important aspect is the service. User expectations change with time and with increasing competition. We have to keep improving and innovating. The agility to disrupt yourself is the key mantra for any fintech to survive. It must have the agility to adapt, the will to improve, and the tenacity to keep looking for a way forward.

    5. Highlight the role of AI / ML- driven performance analytics in the fintech space

    Artificial Intelligence and Machine Learning have transformed the fintech space and will continue to be the drivers in its growth. The evolution of Robo-advisors and its growing impact on wealth management is a perfect example of how these technologies can create a revolution. But there are many other myriad ways in which we use AI/ML to create more efficient and secure services while improving the accuracy of our processes. Something as simple, but critical, like automated customer support, rely on AI/Ml to reduce human intervention, gather data, create a more efficient, and quicker turnaround for the customer. But it’s not just performance analytics, AI/Ml is a game-changer when it comes to predictive analytics.

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    6. What do you think is the future of the Fintech space?

    Given that India has the highest fintech adoption rate in the world, we can safely predict a bright future for the industry. In Asia, the Indian fintech industry has already pipped China to lead investments with close to $286 mn from 29 deals, against China’s $192.1 mn from 29 deals in Q1 2019.

    Despite the COVID-19 slowdown we can expect an annual growth rate of 20.2% till 2023. We may need some course correction in the short term to counter the impact of the pandemic, but in the long term, I see fintech gaining more and more ground as digitization becomes the norm.

    7. How effective is the role of Robo Advisory in Investment management? What does the future behold? How will it impact the employment of potential prospects?

    Robo-advisors are the most efficient online investment management services that employ mathematical algorithms to offer financial advice with nominal human intervention. The AI helps manage clients’ assets in a structured and strategic manner. It also understands and predicts investor behavior. This helps build a comprehensive investor profile giving in-depth and accurate information on the investor liabilities, spending patterns, and likely behavior. While it does everything in an automated fashion, the human interface is crucial to monitor the performance from time to time. We cannot say that it will eliminate human advice.

    “Humans and machines will work in harmony in the space of investment advisory”

    In terms of its impact on skills in the wealth management industry, we are already seeing a greater demand for technical training to work with Robo advisors. We will need coders, analytic experts, and wealth managers who can work with data, AI, and machine learning.  

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    8. From ideation to evolution & ultimate revolution – how can one be successful in this journey with growing technological advancement in the fintech space?

    Like any other revolution, success always begins with an idea. But it does not necessarily have to be unique. Some of our most successful businesses today are testament to the fact that it is rarely the first-mover advantage that works. What takes an idea from its germination to a decisive success, is the execution. When it comes to fintech, we first see if the concept simplifies a complex process, if it makes the life of a consumer easy.

    Next, we see if it can be scaled up. Then comes the hard work of fine-tuning the initial concept. We have to continuously listen to the customers, understand their pain points. The revolution comes only when we provide the customer with a unique and amazing experience.

    “There is no magic and no short-cuts here, just hard work”

    9. How safe is the customer data in Fintech space? How do you suggest customers distinguish a legitimate fintech platform from a fraud/illegitimate/unregistered?

    The safety of consumer data is the most serious issue facing the fintech industry and it must be addressed urgently if we want to keep our momentum and gain wider acceptance. To avoid falling for a fraudulent fintech, consumers are advised to stay vigilant. Beware of any platform that tries to impose a quick decision, does not carry out standard verification procedures, is unclear on its fee, or does not carry a physical address on the website. At the very least it should have a secure https:// web address.  

    But there is undoubtedly a larger and more fundamental problem of safety that we face today, which can make a serious dent in our trustworthiness in the industry as a whole. We need a singular tech-focused regulator that can enforce compliance, not the current fractured structure that stays divided between RBI, SEBI, and IRDA. We must hold fintech responsible in the way we hold banks liable. Until a regulator steps in (as it eventually will), responsible fintech should follow best practices, such as disclosing vulnerabilities, to reassure customers.

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    10. With your recent investment in 1Silver Bullet & Finalyca, Are you planning to invest in any more upcoming fintech startups or thinking about a whole new yet another innovative venture?

    I am exploring completely new domains. I have recently invested in Halaplay, a part of Nazara Technologies which is a listed Indian gaming and sports media platform. Online gaming is an interesting space to grow and thrive in. A new venture is something I will talk about when I am ready to announce it.

    11. How can one potentially connect with you to either present ideas, get innovative solutions/mentorship or investment and stand out from the crowd?

    Mr. Milan Ganatra’s Email ID: Milan@ganatramail.com

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    12. How do you scrutinize the list of startups before making an investment? What do you expect?

    When we evaluate a startup for an investment, there are a few factors we are looking for. These centre around the founder, the concept, and the founding theme. The founder’s passion and commitment towards their idea is the first thing we check. Then comes the potential of the concept in terms of its scale. Does it address a generic or exemplary issue? Finally, we come to the founding theme and its clarity. Our focus is on the planning involved, whether it is detail-oriented and quality conscious.

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    13. From Miles Software to 1Silver Bullet – Your out-of-the-box ideas & innovations is commendable! What would you advise the budding fintech platforms?

    “If you think you have an idea, come out of your comfort zone and pursue it. There is no better time than today to pursue your dream. You may have to go through some struggle but believe in yourself. Be passionate about your idea”

    Conclusion

    The Indian Fintech ecosystem has seen tremendous growth, even during the pandemic times. Given that India has the highest fintech adoption rate in the world, we can safely predict a bright future for the industry. In Asia, the Indian fintech industry has already pipped China to lead investments with close to $286 Mn from 29 deals, against China’s $192.1 Mn from 29 deals in Q1 2019. Despite the COVID-19 slowdown we can expect an annual growth rate of 20.2% till 2023.