15 December 2017

63546

Reghunathan Sukumara Pillai - Infosys

20Posts 84,863Views 0Comments
Finextra community

Digital Banking Trends

Digital Banking trends and Industry Intelligence for Bankers, Fintechs, and Solutions Providers

Artificial Intelligence- Computer to IOT

21 June 2017  |  11382 views  |  0

From the evolution of computer which could be the first variant of artificial intelligence (AI) with software logic and codes written, mobile transformation took place in early 2000's which provided another variant of AI. From large databases and memory requirements which were required in the initial computer, it moved to smaller chips and memory cards which were miniscule for storing large applications/programs which could be accommodated in mobile devices. There were also supercomputers built across the globe but the acceptance and popularity were minimal and the utilization was limited or restricted to a specific purpose. The next set of technology changes revolved around wearables wherein the logic could be contained in watches or any smaller devices which a human being can wear. All these forms of devices contained application programs which were expected to function in a particular way or in other words Artificial Intelligence or programs prebuilt.

In parallel, the telecom and internet revolution began to connect the world through internet where secured data can be accessed, shared, stored, viewed through the computers/mobiles using internet technologies. This revolution began to advance further across the globe and necessitated a need for all people and devices to be connected anywhere anytime.

The linkage of computer, mobile devices with internet were restricted to specific industries initially and gradually spread to financial services, telecom, life sciences, medical, transport, aerospace and the likes. However mostly it was used for business /financial needs catering to niche areas rather than covering all lifecycle activities/business processes relevant to the industry. Wherever the business process was critical and prone to human error, automation was done and rest of the activities were still done manually/procedurally. For eg, in the banking sector, the accounting was automated whereas the banking processes were done manually /followed as per procedures/banking practices across the globe- for eg the Know Your customer processes or customer onboarding.

With the advancement in technology, there necessitated a need to automate the processes which resulted in the origination of another variant of AI -Agents /chat bots/Virtual Assistants to improve speed, efficiency and reduce human errors. The need was felt because of the huge volumes and the variety of business use cases which evolved over a period of time. The same could not have been possible by employing few staff or even outsourcing the processes to another vendor/organization.

Though the devices were connected to the internet and data was shared /moved across multiple places in a secure way, the extent of data which was available was not utilized fully. The realization that the data could be used analytically and decisions can be arrived based on the analysis paved the way for the next set of technology changes. Another variant of Artificial Intelligence -Internet of things (IOT) evolved during this phase to necessitate this requirement.

The possibility or extent of automation is enormous and the IT industry can play a big part in revolutionizing the business needs. The demand in each industry – manufacturing or services – is huge when one goes through the business processes. For eg, in a manufacturing sector, though Enterprise resource planning or ERP software is used to integrate the application and manage the business processes, an IOT connecting multiple applications and devices can use the intelligent data emanating from these applications to automate and improve productivity to a large extent.

To conclude, as technology advancement is happening, an IOT with connected devices and sensors will revolutionize the day to day functioning with automation possible. Right from automatic ordering of vegetables which are lacking in the refrigerator or controlling the temperature in the room by accessing it remotely or drive through places /automatic driven car which will guide one through less traffic areas, the IOT can play a big role in each part of our life. The extent of usage of IOT is a late realization for the human being and the day to day activities can be controlled/scheduled by few devices as time goes by.

However, the technology advancement will not be restricted to sensors/ IOT and possibly could be an interim phase before the next big technology changes leads the world to something which was unthinkable in the past. 

TagsInnovation

Comments: (0)

Comment on this story (membership required)

Latest posts from Reghunathan Sukumara

Artificial Intelligence- Computer to IOT

21 June 2017  |  11382 views  |  0 comments | recomends Recommends 0 TagsInnovationGroupDigital Banking Trends

Evolution of Banking From Ledger to Solution to Digital and Beyond

08 November 2016  |  5412 views  |  1 comments | recomends Recommends 0 TagsRetail banking

Will Digital Banking Increase or Reduce Regulation?

08 November 2016  |  6633 views  |  1 comments | recomends Recommends 0 TagsRisk & regulation

The Bank Branch as a Grievances Cell

30 March 2016  |  2097 views  |  1 comments | recomends Recommends 0 TagsRetail banking

Benefits of Digitalization

29 March 2016  |  10544 views  |  0 comments | recomends Recommends 0 TagsFinancial inclusion

Reghunathan Sukumara's profile

job title Consultant
location Bangalore
member since 2012
Summary profile See full profile »

Reghunathan Sukumara's expertise

Member since 2012
19 posts0 comments
What Reghunathan Sukumara reads
Reghunathan Sukumara's blog archive
June 2017 (1)2016 (8)2014 (3)2013 (7)2012 (1)

Who's commenting on Reghunathan Sukumara's posts