Science-Fiction is here
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The future of payments will be like a sci-fi movie where NFC and facial recognition will enable payments. Currency notes will become a thing of the past, branches will become lesser even as advisors, virtual assistants and Chatbots are computer programs which were engineered to converse in spoken or written form with humans. They are usually used in dialogue systems with a limited topic range. For example, they can answer basic customer questions or help you buy the correct train ticket. will be your new banker, wealth advisor and cashier. Inside the Bombay Stock Exchange chatting on the future of trading with a few tech entrepreneurs. The building which was established in 1980 and is named after the Parsi businessman Phiroze Jeejebhoy who was the chairman of BSE for over a decade. Trading and broking firms line up each floor of the 29-storeyed BSE building. Located on the Dalal Street, the building is also one of the tallest in ‘South Bombay.’ A typical trading shop looks like a small cabin area housing 4 to 5 desks with computers. During market hours, traders can be seen glued to the computer monitors and TV. However, there is something happening on the 18th floor of the building which could impact the jobs of these trading houses.
Startups lead the way into the future
On the 18th floor overlooking the Mumbai skyline, dozens of young tech entrepreneurs inside startup accelerator Zone Startups are developing apps, tools and chatbots which can potentially make the businesses of each of these middle-aged traders and investment advisors disappear in future. Welcome to the world of Artificial Intelligence knows many different definitions, but in general it can be defined as a machine completing complex tasks intelligently, meaning that it mirrors human intelligence and evolves with time., advisors, chatbots, machine , biometric transfers, analytics and Blockchain is a type of data base, which is used to record a list of growing 'blocks'. Each block is timestamped and has a connection to a previous block. New blocks can be added according to a set protocol. Once a block is saved, it cannot be changed without changing all subsequent blocks as well.. The technologies are going to change remittances, B2B cash transfers, user authorisation, loan processing and credit risk profiling in future.
The world of advisors
“A few years from now online trading and investments will be guided by chatbots, online tools and advisors,” Nitin Vyakaranam, founder and CEO of Arthayanatra tells me at Fintegrate 2017, an event organised to gauge the future of technologies that will change banks, insurance companies and share markets. “I started the company because I was sold bad ULIP plans by a friend when I returned to India. A advisor would never do that,” adds Vyakaranam. The mobile phones or devices of the future will automatically alert you on the apps if you are going to make a costly purchase. A holographic image or a USSD text would pop up if you’re likely to make a bad investment. You will be advised by an -based virtual assistant, if the flight fares are going up and you are still to book a return flight. They may even enter your details and just ask for your fingerprint, iris scan or a selfie to authorise the transaction […]