ADVAITA

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DOT Club, the official TechnoManagerial Club is extremely grateful to ICFAI Business School, Hyderabad for providing us a platform to unveil our magazine. As a team, we extend our sincere regards to Prof. Madhavi Garikaparthi (Coordinator – Student Activities and Associate Professor, Department of Marketing & Strategy) for her guidance throughout.

We would also like to thank our Mentor Prof. Krishna Ku. Dadsena (Professor, Department of IT and operations) for his constant support and guidance towards the club.

At last, we would extend our gratitude to every member of the team for their hard work and dedication.

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Prof. Madhavi Garikaparthi Coordinator - Students Activities

The student community at IBS is truly diverse; students come from different states, social and cultural backgrounds. By becoming a part of the IBS community, they get unparalleled exposure to different cultures, languages, and ways of living.

Student Activities are the core philosophy of overall personality development in management education.

IBS Hyderabad believes that co-curricular and extracurricular activities, are an active part of the day-to-day life on campus. Despite their hectic academic schedule, students of IBS Hyderabad are active outside the classrooms – online and offline too. IBS Hyderabad has several student bodies – nearly thirtyodd Clubs, Cells, and Committees - that organize and manage these co-curricular and extracurricular activities round the year on the campus.

madhvi maam

The importance given to these activities can be understood, as there is a designated Coordinator for Student Activities. Over 30 faculty members guide these student clubs in the role of mentors and actively work with students in guiding and organizing a variety of programs and activities.

Students also participate successfully in national and international inter-business school competitions and invite industry experts as Guests on a regular basis. This forms an excellent ground for knowledge-sharing and networking.

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Prof. Krishna Kumar Dadsena Assistant Professor Club Mentor DOT Club

krishna sir At the onset, let me congratulate all my ‘DOT Club’ members for their wonderful contribution to the official Techno managerial club of IBS Hyderabad.

In today’s modern world, technology is one of the most important pillars, and we are grateful to DOT Club for shining a light on various technologies which is implemented in different fields like Finance, Marketing, Operations etc. and discussing its relevance in our daily life. I am quite grateful for the collaborative efforts of my club members in keeping the readers up to date via a variety of media. I am delighted, and I am certain that the creative method used by the annual magazine “ADVAITA” would be an outstanding proactive move towards disseminating information about exciting innovations within our student community.

Many congratulations and best wishes to our club members for the release of the first edition of our magazine. May there be a successful series of the future ADVAITA editions with numerous value added articles.

Good luck and Warm regards !!!

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Dr. Samyadip Chakraborty Head of the Department IT & Operations

It would be on the impact of technology in today’s samyadeep world and howsir DOT Club is helping out in IBS.

Our lives have been transformed by advancements in technology. As the human population rose, we became more knowledgeable about which plants to grow in various temperatures and situations, thanks to technology. We have no access to information on how to enhance agriculture, improve food production, and increase food supply, all of which contribute to a higher quality of life for everyone. Technology has resulted in lots of developments and industrialization. Although we can certainly appreciate medical advances that technology has brought up in our lives such as immunization, transplants, and new treatments, it is hard to compare any technologies in terms of more effect and impact than the other. The world has become faster as things have changed. At the onset, let me congratulate all my ‘DOT Club’ members for their wonderful contribution to the official Techno managerial club of IBS Hyderabad. They published weekly new updates and blogs about technology like Edison, Techbuzz, Tech Precis, DOTCAST, So It reaches students and has a board knowledge about it, and also, they organized events. Many congratulations and best wishes to our club members for the release of the first edition of our magazine. May there be a successful series of future ADVAITA editions with numerous value-added articles.

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Satyajit Nanda President DOT Club

DOTthe official technomanagerial club of IBS Hyderabad brings enthusiasm among the members as it gives opportunity to the young writers to be read through ADVAITA. The club which works with the basic ideology of “ EQUAL OPPORTUNITY TO ALL’ gave chance not only to the mature writers of the club but to the amateur writers to pen down their thoughts to articles, explore the writing skill dimension of their abilities, and come forward with their masterpieces to be read out aloud by the readers.

president

The magazine collects the research and hard work of the members of the club members who worked hard, collected information, did brainstorming for the design ideas for the magazine to turn it out to be a big hit.

Numerous days were spent on research by the writers to write and comprehend articles on various aspects such as emerging technology, HR, finance, operations, marketing in the magazine, to provide readers with a variety of topics to read.

The difference between ordinary and extraordinary is that little extra. – Jimmy Johnson Rightfully said so, the designing team went a little too extra with their efforts to give that attractive appeal to the magazine, making it different from others and a not-so-basic magazine with just text.

Finally after the hard work of each member of the club, here we successfully launch our Club’s annual magazine ADVAITA. A leader without his kingdom is incomplete, and so I would like to thank each member of the team who contributed to the making of the magazine.

I believe in the members of club, and that they will continue to maintain the legacy of the club.

I wish all the best to the team of DOT.

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VERTICALS

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editors note

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guest articles

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alumni articles

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senior articles

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Experience the future borderless Fintech Trust the world of technology

Introduction: As of January 21, internet users are 4.66 billion existing actively worldwide, i.e. constituting the world’s population - 59.5 percent.

Among them, 92.6 percent (4.32 billion) have accessed the Internet through mobile phones. Thus, the advent of technology in the last few decades has changed the way we communicate, talk, make purchases, and do business. Emerging technologies in the financial services industry are frequently disrupting how individuals engage with their money, their expectations of financial institutions, and how those organisations operate.To meet customer expectations, businesses need to adapt, provide increased performance and value. Therefore, it has become a Sravani Mullapudi noble mission for financial institutions, especially banking systems, MBA, Batch 2021-23 to lead these innovations and join digital professional ranks.

New technologies are making tasks simpler, more productive, diminishing errors, further developing correspondence, and changing how individuals ponder and collaborate with cash.. Chatbots and automation, for example, are emerging technologies that minimise human hours and enhance quality. of customer relationships, and improve profits. Analog business models will be obsolete in near future, and a digital environment and continuous digital workflows will be taking their place.. Multiple industries like financial services, manufacturing, healthcare, retail, and other industries as well, sounds promising as it is adopting automation to drive productivity, safety, profitability, and quality. An Oxford Economics study has shown that 8.5% of the global workforce could be replaced by robots by 2030.The research on automation and robotics is expected to displace 20 million production jobs by 2030. So, there will be a challenge that automation might replace jobs in some industries; however, evidence implicates that it could also create new jobs and lead people to other opportunities.

Why is Automation in the Finance Industry required?

Over the past decade, financial institutions have reported expenses of around $321 billion on compliance operations and penalties. Banks are estimated to spend about $270 billion annually, just on compliance operations. Almost more than 10% of a bank’s operating expense is attributed to compliance costs. Throwing more people into the realm of finding new and better ways to manage compliance, while reducing operating costs, is certainly not the solution. Therefore, automation will enable financial institutions to reduce all manual

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efforts, offer better compliance, mitigate risks, and enhance the overall consumer experience.

And, the financial work that involves data entries, processing of documentation, preparing statistics and reports can all be automated, making it simple. Even financial decision-making can be automated to some extent if it is based on logical deduction. The only obstacles to automation in financial services include budgetary concerns and a scarcity of technical capability, whereas potential job loss may be a sensitive issue within the whole automation debate in any industry, with no easy answers.

Fact: “Convenience, creativity, and trust” are the keys to unlocking future growth in financial institutions.

Various Automated Financial Industries: Automation is already the focus of intense interest within the global banking industry. Many banking systems are rushing to deploy advanced automation technologies in the hope of creating the next wave of productivity, cost savings, improved customer experience, and cost reductions.errors, and better strategic use of employee time. Automating investor data migration and embedding data processing automation, Automating Anti-Money Laundering (AML) and Know Your Customer (KYC), suitability checks and client onboarding, digitising paper-based data, and automating across any business function or department have already triggered the Wealth Management and Financial Advisor sectors in financial institutions.In the mutual fund trading sector, operations including order confirmation, settlement, fund account registration, and other critical back-office processes have become automated by fund companies and distributors acquiring the advanced tools that were needed to streamline operations, which paved the way for the fund sector’s tremendous enhancement.

Automated trading in the stock market can also be a way to participate in financial markets by using predefined rules and regulations for entry and exit trading. As the reseller, you will incorporate detailed technical analysis and parameters to set up your positions, like orders to open, trailing stops, and guaranteed stops. As tax departments adopt cloud services and automate tasks, they not only change the way tax is handled, but tax professionals are now offered the provision to contribute greater value to their organisations now and in the future by staying ahead with technology-enabled outcomes.

Some ways that will advance the insurance sector are improved data management and customer service, online documentation, better compliance, enhanced fraud detection, reduced processing time, increased credibility, better claims processing with automation and various APIs, and already RPA (Robotic Process Automation) and AI are used. This RPA is the

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most commonly used automated tool. Unlike AI, it uses a series of simple rules to create relatively simple but reliable results. These pre-programmed rules may include structured data or unstructured data to handle digitization, approval, risk marking, and so on. Many also incorporate learning patterns, to improve over time in terms of increasing data volume rates. RPA’s primary function is to produce reports, log data, automate repetitive processes, and store logs. For example, RPA can manage instant payments, using a programmed rule to automatically authorise payment if all conditions are met.Another RPA will then record this transaction in the document, move the document to a larger file, and update the data across all applications and servers that use the data. RPA also improves the financial institution’s audit compliance, as they automatically generate documents and reports.Automation is relied upon to supplant close to half of the worldwide workforce.. This should be, in essence, to save time, resources, human error, improve processing speed, and cost. They also offer convenience to customers, by spending less time waiting for people to approve.

Fact: “Artificial Intelligence also further reduces the chances of fraud.”

The major common benefits that occurred due to automation are shown in the below figure:

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Scope of future Fintech Automations: The global pandemic has already caused mass disruption for people working in almost all job functions and all businesses across every sector. For financial institutions especially, new critical decisions on when and where to spend capital to keep a business afloat have become par for the course in the world of COVID-19. Although the focus has been on reacting with agility to the new ongoing challenges, the usual day-to-day tasks of managing daily cash flow, customer transactions, and employee payments still need to be considered. Currently, the only hope is in advanced technology, which can enable automation in almost all financial institutions around the world and make their tasks easier and strategies more effective.

Fact: “Financial Institutions are similar in Their Desire to Serve.”

Conclusion: Automation will take over more financial institutions shortly because of its merits in cost-saving techniques. By automating these manual and repetitive processes like invoice processing, document management, and bookkeeping, they can improve efficiency and accuracy.

Automation and advanced technology continue to move the finance domain towards the digital future, allowing professionals to focus less on transactional activities and more on analytics and understanding. So basically, I feel automation should take care of the adminrelated tasks, freeing up human workers to focus on higher-value tasks that require creativity and empathy, and enabling humans to focus even more on customer care and knowledge.

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Loyalty Program A marketing Strategy

The basic loyalty program definition is turning customers into brand loyalists requires a repeatable process that incentivizes them to keep buying from you. Loyalty membership is essentially the process of rewarding customers through structured marketing strategies for their frequent or continued engagement with the brand. The more they spend, the more rewards they receive.

If customer preferences are put at the heart of any marketing efforts and execute a program well, customers feel good about purchasing from and that will give the business a competitive edge against the competitors. Loyalty programs, sponsored by retailers and other businesses, offer rewards, discounts, and other special incentives as a way to attract and retain customers.

They are framed to encourage repeat business, offering people a reward for store/brand loyalty (hence the name). Typically, the more often a customer patronizes the merchant—and the more they spend—the greater their rewards.

Ananya Chakraborty MBA, Batch 2021-23

History Of Loyalty Programs:

Benefits of Loyalty Programs 1.

Customer Retention - the customer loyalty program is a tool to retain customers by giving them a solid motive to buy again from the company and establishing habits.

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Relevant Customer Data and Consumer Trends - Consumer data gets recorded in the

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company’s database as soon as a shopper registers for a loyalty program. Companies can use this data for omnichannel, offline, and e-commerce segmentation, profiling their best customers and tailoring their offerings to specific groups of consumers. As loyalty program data gives the company a complete view of customer behavior, buying habits, and preferences, the company can use this information to invigorate its inventory management, pricing, and promotional planning.

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Higher Cart Value - As explained in the above point, a company can use collected data to cross-sell and up-sell. It can offer extended warranties after an item is purchased, suggest accessories that go well with the purchased item, and provide discounts on related purchases. Moreover, the loyalty program can also bring relief by increasing demand in slow seasons.

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Reducing Unprofitable Customers - One of the less frequently considered items on this list of the pros and cons of loyalty cards and programs is that they let companies shed unnecessary weight. A well-designed loyalty program allows companies to segment customers and discover profitable and unprofitable customers. It helps them in dropping off the customers who only buy the discounted lines and avoid premium range almost Regularly.

These customer profiles can cost more money than they generate.

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Better Customer Communication - A loyalty program offers a direct line to customers, making communication much easier. Aside from announcing new products/services, promoting sales, and the like, a useful item on this list of the pros and cons of loyalty programs is that they facilitate recalls when necessary. This is possible due to the purchase date and barcode of the recalled items. The recall notice gains more weight and significance, as it is based on the consumer’s actual purchase of the affected good. Compared to a store sign or newspaper notice, the chance that this email-borne recall notice will get read by the people is high.

Cons Of Loyalty Programs 1.

Difficult to Gauge Loyalty Behavior - It’s very hard for the loyalty framework to break away from the transactional spirit. More than often, it appears that the one who is a frequent buyer is a loyal. But that may not be the case, as they might be buying from the company just because that’s convenient. Or, they might be buying just for the benefits that the loyalty program is giving them in the form of rewards. Thus, loyalty, which in essence is an emotion, may not be gauged by the loyalty program.

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Balancing the Bottom Line - Out of all the pros and cons of loyalty programs, the financial component is the most stressful. Discounts, regardless of the form, are going to hurt the bottom line of a company.

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Market Saturation - Just like the products, loyalty programs are everywhere and may appear identical. They all have similar membership provisions, purchase requirements, and benefits. But in this ultra-competitive world, firms are unable to pull back from their loyalty program commitments due to the fear of lost sales.

Loyalty program incentives vary. Typical incentives include: ● advance notice of/early access to new products ● early access to sales ● free merchandise or enhanced services ● special services, like free or expedited shipping ● members-only discounts The primary motive of loyalty programs is customer retention. The company should identify the customers first, from whom the results can be expected. After that, customers who find the program valuable are relevant, and a rise in their purchase post membership can be expected. It is basically rewarding the customer for purchasing from the same company again.

The consumer reward program is a valuable source of Information and customer database.

Collected data of customers are used to build marketing strategies. Retail companies are using some predictive software to find out the buying pattern & potential customers. Many retailers take advantage of the internet to promote their loyalty programs through websites and e-mail. They take efforts to reconnect with their customers by catering to their changing needs. Earlier shoppers used to identify the needs of customers but now this task has been assigned to the computers. Loyalty programs encourage staff to put more effort into knowing the customers personally, making them feel that they are valued and respect their privacy.

To retain the customers, extra efforts need to be taken by the firms. That is the reason retailing companies engage themselves in CRM activities. Loyalty programs offer more value to the customers. To run these programs is not a simple task, one has to continuously update and maintain the database of customers.

Conclusion: True loyalty programs don’t demand trust, they built trust and believe in investing now for the future. There are some loyalty programs that generate short-term revenue to customers, but

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in long term, they become obligations for the customers. A real loyalty program becomes an asset rather than a liability for the customers. Instead of passing the benefits in the future, the company should provide current benefits to the customers. By making customers more attached to the brand, assets are created in the form of loyal customers. Attachment does not come on its own, it needs learning, experience, Customization , or habit. Also, for an effective loyalty program, one should effectively utilize the importance of technology as more & more customers are going digital in making purchases.

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Volatility Managed Portfolio

“Volatility can not be avoided, it can only be managed.”

Share Market - one of the hottest topics ever since the outbreak of a pandemic, Volatility was seen in all the markets worldwide leaving no one spared from the catastrophic situation that was caused. The value of the Indian market decreased by around 40%. Many long-term and short-term investors were left shaken and had no idea what to do as the volatility was so high. Many people were looking to escape that volatility and to give their portfolio a right and healthy direction. Below mentioned are some strategies that one can use to mitigate volatility and reduce risk.

Atul Gulia MBA, Batch 2021-23

Diversify your portfolio.

Dollar-cost average into the market.

Balance risk and reward.

Don’t follow the herd.

Don’t try to time the market.

Take advantage of market volatility.

Keep your emotions in check.

One of the most important factors to tackle this volatility is a Volatility managed portfolio.

Managed portfolios that take less risk when volatility is high produce large, positive alphas and increase factor Sharpe ratios by substantial amounts. This fact is documented for the market, value, momentum, profitability, return on equity, and investment factors in equities, as well as the currency carry trade.

Market volatility is something that no one can escape or guess what is going to happen next, all one can do is to increase the chances of success by investing at the right moment.

The Volatility managed portfolio timing strategies are very simple to implement in real-time and are contrary to conventional wisdom because volatility always tends to be high after the onset of recessions and crises as during that time selling is typically viewed as a mistake.

Instead, a volatility-managed portfolio’s strategy can help one earn high average returns while taking less risk in recessions.

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How does volatility work?

Timing of volatility provides much more gains to a mean-variance investor than the market running smoothly, with increases in lifetime utility around 75%. Also if we look at a long-horizon investor, perhaps surprisingly the long-horizon investors can benefit from volatility timing even when time variation in volatility is completely driven by discount rate volatility. The facts pose a challenge to equilibrium asset pricing models because they imply that effective risk aversion would have to be low in bad times when volatility is high, and vice versa.

Volatility managed portfolio strategy can help you construct portfolios that scale monthly returns by the inverse of their expected variance, decreasing risk exposure when the variance of the return is expected to be high, and vice versa. This is known as volatility-managed portfolios.

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Given an investor’s information set, or the factors available to choose from, it is well known that the investor will want to choose the minimum variance portfolio and then decide between this portfolio and the risk-free asset. Therefore, this is precisely the portfolio the investor will want at volatility time. This minimum variance portfolio can be constructed using an efficient frontier line by trying different weightage of a portfolio, and the portfolio on which we will be trying these different weightage to make an efficient frontier can be obtained using volatility managed portfolio strategy, that is decreasing the exposure of risk when the market is very much volatile or we can say that the variance is very high and vice versa.

Overall our volatility-managed portfolios provide a powerful way to expand the mean-variance frontier. This is true in a univariate sense, when one considers each factor in isolation, but also in a multi-factor sense because the volatility managed-mean variance efficient portfolio has a substantial appraisal ratio.

We consider alternative strategies that capture volatility timing but reduce trading activity, including using volatility instead of variance, using expected variance rather than realized variance, and only trading when the variance is above the long-run average. Each of these reduces trading and hence reduces transaction costs.

Analysis Overall, if we see according to analysis reports on Volatility managed portfolios, it shows that long-horizon investors can substantially benefit from volatility timing, and their optimal policy can be described by a simple strategy that combines the buy-and-hold and the volatility managed portfolio.

The distinction between the type of volatility that is time-varying plays an important role in determining how much long-horizon investor weights the volatility managed portfolio. Specifically, we distinguish between the volatility of cash flow shocks, shocks that have permanent effects on the level of prices, and volatility of discount rate shocks, shocks that have only transitory effects on the price level.

This distinction interacts with the investor horizon in an interestingly fashion. In particular, long-horizon investors are better able to deal with discount rate volatility. Cash-flow volatility on the other hand impacts all investors equally because there are permanent shocks to

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asset prices.

Conclusion Volatility-managed portfolios offer superior risk-adjusted returns and are easy to implement in real-time. These portfolios lower the risk exposure when volatility in the market is high and increase risk exposure when volatility in the market is low. Contrary to standard intuition, the portfolio choice rule would tell investors to sell during crises like the market crash because of the corona, when volatility spiked dramatically and investors behave in a panicked manner.

The welfare implications for a mean-variance investor who times the market by observing the conditional mean and conditional volatility of stock returns. We find such an investor is better off paying attention to conditional volatility than the conditional mean by a fairly wide margin, suggesting that volatility is a key element of market timing. Finally, we study extensively the volatility timing decision for long-horizon investors.

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THE STATISTICAL COMPANY ANALYSIS PREDICTOR - REGRESSION

INTRODUCTION Regression analysis is used when you want to predict a continuous dependent variable from several independent variables. If the dependent variable is dichotomous, then logistic regression should be used. (If the split between the two levels of the dependent variable is close to 50-50, then both logistic and linear regression will end up giving you similar results).

WHAT IS REGRESSION? A statistical method used in finance, investing, and other disciplines that attempts to determine the strength and character of the relationship between one dependent variable and a series of other variables (known as independent variables).

Harshita Potnuru MBA, Batch 2021-23

BENEFITS OF REGRESSION The significance of regression analysis is that it is all about data: data means numbers and figures that define your business. The benefit of regression analysis is that it can allow you to essentially crunch the numbers that will help you make better decisions for your business currently and into the future. Regression helps you to: Predict sales in the near and long term.

Insight into the inventory levels.

Insight into the supply and demand.

Review and recognize how different variables impact all of these things.

Companies use regression analysis to understand, for example: Why did customer service calls drop in the past year or even the past month?

Predict what income will appear like in the six months.

Whether to select one marketing promotion over another.

Whether to expand the business or create and marketplace a brand new product.

The benefit of regression analysis is that it can be used to understand all kinds of patterns that arise in data. These new insights might also regularly be very valuable in understanding what can make a difference in your business.

Regression analysis is a useful statistical approach that can be leveraged across an organization to determine the degree to which particular independent variables are

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influencing dependent variables.

APPLICATIONS OF REGRESSION ANALYSIS The five applications of regression analysis: 1. Predictive analytics: This application, which involves forecasting future opportunities and risks, is the maximum extensively used application of regression analysis in business. For example, predictive analytics could contain a call for evaluation, which seeks to predict the number of items that consumers will purchase in the future. Using statistical formulas, predictive analytics would possibly measure the number of shoppers who will pass in front of a given billboard and then use that information to place billboards where they will be the most visible to potential buyers. And, insurance companies use predictive analysis to estimate the credit score status of policyholders and a possible number of claims in a given period.

2. Operation efficiency: Companies use this utility to optimize the business process. For example, a manufacturing unit supervisor might use regression analysis to see what the impact of oven temperature will be on loaves of bread baked in those ovens, which includes how long their shelf life might be. Or, a call center can use regression evaluation to see the relationships between wait times of callers and the number of lawsuits they register. This kind of data-driven decisionmaking can eliminate guesswork and make the process of creating optimum efficiency less about gut instinct and more about using well-crafted predictions primarily based totally on facts.

3. Supporting decisions: Many enterprises and their top managers today are using regression analysis (and different sorts of facts analysis) to make an informed business decision and eliminate guesswork and gut intuition. Regression helps businesses adopt a systematic perspective in their management strategies. There is, often, an excessive amount of facts bombarding both small and large businesses. Regression analysis helps managers sift through the data and choose the right variables to make the most knowledgeable decisions.

4. Correcting errors: Even the most informed and cautious managers do make mistakes in judgment. Regression analysis enables managers, and businesses in general, recognize and correct errors. Suppose, for example, a retail store supervisor feels that extending shopping hours will boom income. Regression analysis may show that the fair rise in sales might not be enough to offset the increased cost for labor and operating expenses (such as the usage of more electricity, for example). Using regression analysis could help a manager determine that

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an increase in hours would not increase profits. This could help the supervisor keep away from making costly mistakes.

5. New insights: Looking on to the information can provide new and fresh insights. Many businesses collect masses of information about their customers. But that information is incomprehensible without proper regression analysis, which can help find the relationship between different variables to uncover patterns. For example, searching on the information through regression analysis may suggest a spike in sales during certain days of the week and a drop in sales on others. Managers could then make some changes to compensate, such as making sure to maintain stock on those days, bringing in extra help, or even ensuring that the best sales or service people are working on those days.

HOW IS REGRESSION ANALYSIS HELPFUL IN BUSINESS An estimated regression equation may be used for a wide variety of business applications, such as: Measuring the impact on a corporation’s profits of an increase in profits Understanding how sensitive a corporation’s sales are to changes in advertising expenditures Seeing how a stock price is affected by changes in interest rates REAL-LIFE EXAMPLES OF REGRESSION Businesses often use linear regression to understand the relationship between advertising spending and revenue.

Data scientists for professional sports teams often use linear regression to measure the effect that different training regimens have on player performance.

Agricultural scientists often use linear regression to measure the effect of fertilizer and water on crop yields.

CONCLUSIONRegression analysis is significant, then, because it forces you, or any business, to take a look at the actual data, rather than simply guessing. In addition to supporting managers to predict such things as future demand for their products, regression analysis helps fine-tune manufacturing and shipping processes.

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FUN FACTS ABOUT REGRESSION It is a tool to show the relationship between the inputs and the outputs of a system.

In regression analysis, the term “model” embraces both the function used to model the data and the assumptions concerning probability distributions.

The technique that allows “to go back” from messy, hard to interpret data, to a clearer and more meaningful model.

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the digital age of commerce

INTRODUCTION “​Digital Commerce is the catalyst for an unprecedented new era of business growth. The companies that can capture this emerging technology can stay ahead and stand apart from its competitors.”

Digital Commerce, also known as D-commerce, is buying and selling of goods and services with the help of digital platforms such as Internet, mobile network and commerce platforms. The impact of digitization can be seen for both B2B and B2C, there is an extreme change in the behaviour of consumers on how they research, communicate and complete the purchase.

Digital commerce is more than sales. A general study shows that more than 40% of people research a product online before purchasing it from a physical store.

Monish De MBA, Batch 2021-23

So, what is the importance of Digital Commerce? Digital Commerce is important for, Being Consistent: Creating a consistent CX across all platforms. A study showed that more than 65% of customers feel that a company’s app or website shapes the overall experience. These people identified the digital experience as a “very important” aspect of recommending a brand. People turn to digital means to gain follow-up support from the companies you do business with, such as customer service. Another point to keep in mind is omni-channel fulfilment, something most shoppers expect when buying branded products today.

This trend has become an indispensable solution for merchants and retailers who want to increase their orders with minimal effort in recent years, this process centralizes multiple sales channels (online, mobile, store, kiosk and / or call centre) with inventory sources (store , Warehouse, seller, and / or marketplace) and fulfilment locations (which may include home delivery, in-store pickup,

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or pickup point pickup).

Meeting Expectations: If you’re not currently mapping the customer journey, you should seriously consider starting. Chances are, your competitors are already including you in their digital commerce equation. Finally, when you focus on the moments of consumer interaction that add to brand loyalty, you can understand exactly why a customer would want to recommend your brand experience to a friend, family member, co-worker, etc., neighbours, etc. The task of outperforming your competitors can be simplified by reviewing customer data.

Customer Analytics: The concept of analysing customer behaviour is important in order to make informed, data-driven decisions. Analytics helps companies make their marketing efforts more efficient and optimize the demand they generate from potential customers.

Customer analytics can help companies understand today’s changing behaviours. Monitoring algorithms with analytics software can also help companies optimize social media marketing strategies for improved ROI and evaluate those important “micro-moments” at every stage of a customer’s buying journey.

Digital Commerce is evolving at a rapid pace, and this pace brings in many challenges that need to be tackled. Major challenges of D-Commerce are, Meeting new technology expectations, Generating enough traffic, Converting and retaining customers, Expanding business with technology.

Key trends in D-Commerce: According to eMarketer, global digital advertising spending is projected to exceed $ 375 billion by 2021. With this in mind, it is important that you consider which direction of digital commerce you want to invest in. Even seasoned marketers can struggle to keep up with innovations in the world of digital commerce, and so do your ecommerce strategies. Organizations rely on the following to keep pace with rapid change: Personalized content: A report found that 72% of consumers only respond when a marketing message is tailored to their specific interests. Improving the user experience and increasing your audience’s confidence in you are two things that you can master with content personalization.

One way to make every member of your target audience feel like they have a personal connection with your brand is to use ads. This type of content is usually aimed at an individual or a specific group of people, to research targeted consumers.

Subscription Commerce: When customers sign up to receive products on a recurring schedule, it falls into the subscription ecommerce marketplace category. Between 2012 and 2018, this

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type of digital commerce gained more than 100% in popularity. Subscription commerce is a great option for repeat business and has become a popular choice in a variety of industries including food and beverage, beauty, health and wellness, spirituality, fitness, and literature to name a few.

Augmented Reality: AR is a type of technology that works by superimposing images on a person’s worldview and stimulating the senses. mimic real sounds, feelings, images and, in some cases, smells. The aim is to create an emotional connection that leads the consumer to purchase a particular product. Perhaps one of the most admirable aspects of introducing AR into a business strategy is that it reduces the need for a physical inventory of products, saving time, resources, and money. To increase brand value via a phone or computer screen, augmented reality eliminates the need for customers to interact with products right before they buy.

Artificial Intelligence: Wikipedia described AI as computers and machines that mimic the cognitive functions relied on by humans to problem-solve and learn new information. When integrated into D-Commerce, AI analyses users demographic data — e.g., age, gender, and interests — to send highly personalised sales material to consumers.

Figure: AI in Commerce; Source: medium.com Content and Commerce: By mixing content and commerce, media companies can monetize their viewer without relying on basic ads. After reading about the product, the consumer may

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click an affiliate link or go directly to a website to make a purchase.

Progressive Web Apps (PWAs): A study says that approximately 20% of humans will lose interest in an app once they come across the steps — finding the app, downloading, installing, and using it — between their initial contact and first use. PWAs seem so appealing to both retailers and customers because of the immediacy of use that comes with it. Progressive apps of this kind can be used with the browser on which they’re installed.

Figure: PWAs; Source: medium.com Advantage of D-Commerce: 1.

Faster buying process 2.

Store and product listing creation 3.

Cost reduction 4.

Affordable advertising and marketing 5.

Flexibility for customers 6.

No reach limitations 7.

Product and price comparison 8.

Faster response to demands 9.

Several payment methods Conclusion: When you know what will resonate with your audience, you can focus on your path to success in digital commerce. Meeting the demands of the modern digital consumer becomes a breeze when you harness the power of analytics solutions. Web behaviour and search patterns to identify the best and worst products, the right digital software can ensure that it captures consumer preferences and evaluates their activities at different touchpoints.

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When these elements are combined with advanced personalization techniques, AI and budget optimization, your digital -Commerce company will surely be fruitful.

FUN FACTS ABOUT D-COMMERCE Though e-commerce now is the fastest growing business model across the globe, the first e-commerce website Amazon which was launched in 1995 did not make any profit for the first seven years! Amazon recorded its first yearly profit in 2003.

Twitter ads have the most conversion rate of any social media platform when it comes to converting online advertisement into genuine sales.

Most online buyers look for free shipping of their products, so much so that 44% of your potential buyers will remove your product from their shopping carts if you charge them for shipping.

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Machine learning the future of automation

Introduction Talking about Machine Learning(ML) is a branch of Artificial Intelligence(AI) and computer science which uses algorithms and data to learn the way humans do and also increases its efficiency gradually. Machine learning was coined by an American expert of computer gaming and artificial intelligence, Arthur Samuel in 1959.

He defined it as ”a field of study that gives computers the ability to learn without explicit programming” .

Prateek Ranjan Das MBA, Batch 2021-23

Image Source : https://research.aimultiple.com/auto-ml/ Before talking about Machine Learning, let us first discuss Artificial Intelligence. Artificial intelligence means imitating human intelligence on real machines designed to think like human beings and to imitate their actions. This can also be used in any machine that displays features that are relevant to the human mind such as learning and problem-solving. So, we can say that Machine Learning is an approach or subset of Artificial Intelligence that is based on the idea that machines can be given access to data along with the ability to learn from it.

In this article, we will see how machine learning can be used in the automation process and why it is the future of the present industrial revolution.

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Need for automation and machine learning(Automated Machine Learning) Due to the growing demand for products in the present world, there is a need to speed up the production/manufacturing process which can be achieved by automating the overall machine learning process. The main reason behind using an automated machine learning platform is to reduce time consumption and thereby potentially improve the repetitive tasks in mass production. It is designed in such a way that it will increase the productivity of data scientists, analysts, and developers and make machine learning more accessible to those with fewer data.

Automated machine learning is important because it empowers organizations to significantly reduce the knowledge-based resources needed to train and use machine learning models.

It can be used effectively by organizations with limited domain knowledge, few computer science skills, and limited mathematical technology. This will open up opportunities for innovation and strengthen the competitiveness of markets through this advancement.

Though it is not practically possible to automate everything in machine learning, we can focus on some of the processes or steps that are iterative. Those are● ● ● ● ● ●

Hyper-parameter optimization Model selection Feature selection Data preprocessing Transfer learning and pretrained models Search for network architectures

Advantages On a global basis, almost every industry is using automated machine learning due to some of the benefits it provides. Those are● Saves time: Automated machine learning does all the tasks that an analyst would do to solve the problems in a very quick time. It helps transfer the required data to the training algorithm and automatically search for a good neural network design for all the problems, thus saving time.

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● Bridging the skill gap: Businesses fully understand the need for smart systems to compete globally. But companies face many challenges, among them is finding the right talent. There is a growing demand for many types of ML engineer applications, data scientists which all businesses are looking for. Automated machine learning looks at this skill gap. It makes building and working on machine learning models easier by automatically automating some of the time-consuming steps in the machine learning pipeline without your skills. ● Improved scalability: Some emerging machine learning models are capable of following specific learning patterns of human beings and here comes the role of machine learning to apply it at a scale. It enables us to devote our time more to the business rather than spending time on iterative jobs by speeding up the process and scaling at a larger rate. ● Increased productivity: Automated machine learning simplifies the process of using learning equipment in real-world problems. It outlines all the steps needed to solve business challenges by reducing the complexity of creating, testing, and using machine learning frameworks, thereby increasing productivity. It provides a user interface for non-technical users and a complete set of Application Programming Interface(APIs) that can be used for automation. ● Reduced errors: As businesses grow, industry trends emerge and the amount of data grows. Automated machine learning leads to better models by reducing the presence of errors that may arise due to bias or human error. With this benefit, businesses can restart with confidence, achieve a higher level of accuracy, generate business benefits, and gain higher ROI in their respective projects.

Limitations ● Unavoidable bias: According to the definition of machine learning, it learns from history, which means there is a risk of getting unavoidable historic bias. Thus, professional data scientists use the previous modeling to identify bias based on existing data and identify data methods to add compensation to ensure a learning area of the desired result i.e. do not repeat past mistakes. ● Lack of trust and usability: In the current world, only 15% of Artificial Intelligence projects are successful. Thus, its biggest problem is the lack of trust in the operational and managerial decisions.

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● Explainability: While automation can find solutions, it may not be what the user wants.

Users may require a descriptive model. Experts say that the explanation itself is very uncertain, because everyone’s understanding is different, and there is a strong connection to personal judgment. Thus, it is a big challenge to make a model well defined.

With every pro, there comes its cons, which cannot be avoided. But, what we can do is try improvising the technology thereby eliminating the disadvantages we face. To achieve that let us see what is the future scope of the Automated Machine Learning model.

Future Scope Machine Learning can be an advantage to any company, may it be a top MNC or a startup as things that are currently being done manually will be done tomorrow by machines. So, the revolution in machine learning will never end nor will the future of machine learning. It is expanding rapidly across all the fields like banking, finance, IT, media and entertainment, gaming, automotive industry, and many more.

When it comes to job opportunities, machine learning is the leading platform for many job aspirants globally. According to Forbes, the average salary of a machine learning engineer is around US$99,700 and in India, it is Rs. 865,257. Meanwhile, LinkedIn lists more than 23,000 jobs for machine learning engineers during the last few years. Some of the companies that are currently looking for such profiles are PayPal, Morgan Stanley, Airtel Payments Bank, Google, Autodesk, etc. As machine learning requires you to know computer programs, statistics, and data testing, the future measure of your machine learning can also be in leadership roles in analytics that use data science, big data analysis, AI integration, etc.

Image source: https://www.openpr.com/news/1926398/ machine-learning-market-2020-future-scopeincluding-top-key

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Conclusion Machine learning has emerged and will change the course of the world in the next few years.

Let us prepare diligently and wait for the future. With the use of statistical tools, algorithms are used to make decisions within applications and businesses, which has a positive impact on key growth metrics. As big data continues to grow, the market demand for data scientists will grow, which requires them to help identify relevant business questions and later use the data to respond.

FUN FACT According to PriceWaterhouseCoopers (PwC) report “By 2030, the global GDP would rise by 14%(which is equal to $15.7 Trillion) as a result of AI-enabled activities”.

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WHAT IS OUR TOMORROW?

Introduction “The best way to predict the future is to create it “.A businessperson executes a plan and a tech person writes a program, a program does not change so much but it can be executed millions of times and the interesting thing about AI is it introduces flexibility into this kind of solution and it is powerful in terms of economy. There are two types of economy, the new economy and the old economy, unfortunately they are set to clash extremely because the modern platform companies make all their money with 20% of the revenue then some analyst told to have some profit and margin and the rest is left over, normally more than 50% which means that a platform company Pujitha K. has the freedom to try on these things which have no issue. For MBA, Batch 2021-23 instance, if Alibaba chooses to try and build a cancer drug and wastes a billion dollars and then says it doesn’t work, what is going to happen to the Alibaba stock price? This means the established companies that have all this knowledge can’t even try to build a good cancer drug because they have to make very small steps.

Booming Ai “I will destroy humans “-Sophia. This sums up the perception of AI for most of us but at present we are at no risk of being destroyed by machines. However the tech tycoon Elon musk begs to differ-“AI is a fundamental risk to the existence of human civilization”. AI is a threat or not is debatable. The term AI was coined in the year 1956 by John McCarty at the Dartmouth conference he defined “AI is the science and engineering of making intelligent machines.”

In the recent past, AI has been able to accomplish this by creating machines and robots that are being used in a wide range of fields including healthcare, robotics, marketing, business analytics and many more. For instance Google provides accurate results, facebook feed gives content based on your interest, Siri is an application of AI, it gets the machine to mimic the behaviour of humans. AI also covers the field of object detection, natural language processing, expert systems, computer visions. AI can be structured along three evolutionary stages 1)Artificial Narrow Intelligence(weak AI)-which involves applying AI only to specific tasks. Example: Alexa, it operates within a limited predefined range of functions, face verification at iphones, autopilot feature at tesla, the social humanoid Sophia, finding the optimal path through Google maps. 2) Artificial General Intelligence(strong AI)-which

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involves machines that possess the ability to perform any intellectual task that a human being does. Strong AI would take off on its own and re-design itself at an ever- increasing rate.

Humans, who are limited by slow biological evolution and couldn’t compete and would be superseded. 3) Artificial Super Intelligence – is a term referring to the time when the capability of computers will surpass humans, it is seen in hypothetical situations as depicted in movies and science-fiction books where machines will take over the world .

How is AI used in the real world?

Spotting an eight planet solar system which is 2500 light years away to composing sonnets and poems the applications of AI have covered all possible domains in the market. In the finance sector JP Morgan’s G’s contract intelligent platform uses AI, machine learning and image recognition software to analyze legal documents and extract important data points and clauses in a matter of seconds. In health care IBM is one of the pioneers that has developed AI software specifically for medicines. More than 230 healthcare organizations worldwide use IBM Watson technology to diagnose a rare leukaemia condition in a patient in recent years .

Google’s Ai Eye Doctor can examine retina scans and identify a condition called diabetic retinopathy which causes blindness. Twitter’s AI which is being used to identify hate speech and terrorist languages in tweets to filter out offensive content. Google Duplex can not only respond to calls and book appointments, it also adds a human touch. Tesla will have fully self-driving cars ready by the end of the year. The “robo taxi” version is one that can ferry passengers without anyone behind the wheel. Pros of AI helps robotics to the expedition of oil resources during the mining, Robots can perform more easily the implementation for work instead of human being .

Helps in voice recognition of our live voice chat in cortana. Google helps in voice typing and responding. In analogue helper, many of the applications and organizations provide an avatar facility which contacts with the user and recognizes the physiology. In job repetition, in calculations and regular work of analysis a machine is much stronger than human beings.

MERITS AND DEMERITS: Cons of AI, the potency of machine learning algorithms behind AI-based solutions is heavily dependable on the standard of data that are fed with. AI can’t act in an innovative and sudden manner to understand a specific or particular issue, they follow common steps and a predefined methodology which in remarkable circumstances will turn out ineffectual. In lack of self-thinking power, no original creativity, AI is not able to develop as a person, AI is a frozen

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knowledge and algorithm.

CONCLUSION: A median of about half (53%) say the development of artificial intelligence, or the use of computer systems designed to imitate human behaviours, has been a good thing for society, while 33% say it has been a bad thing. Most Asian societies view AI in a positive light. Image: International Science Survey 2019-2020.Considering the criticism and enormous myths regarding AI, we can conclude that AI is playing an important role in making everyone’s lives easier. AI has been a part of their life and will impact positively in humans. We must understand that this is the beginning of the future of AI. AI is the start of innovation and intelligence in individuals as well as the business world. Thus, intelligent machines can serve humans in many respects to facilitate life and improve its quality.

Robots can have citizenship.

Most AI Bots Are Female.

AI Pets Exist.

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Evolution of technology in the world of market

Introduction Marketing is the method of having people inquisitive about your company’s product or service. This takes place via marketplace research, analysis, and information about your best customer’s interests. New strategies through which marketers may want to goal the marketplace is through the usage of technology. Marketing technology (additionally referred to as martech) is a set of software programs, utilized by advertising leaders to guide mission-essential enterprise goals and pressure innovation inside their organizations.

Technology evolves rapidly and may change traits of society from countrywide safety to our everyday lives. The Strategic Role of Technologies pursuits to recognize how generation and innovation are transforming the arena we stay in.

Rashmil Bhangu MBA, Batch 2021-23

Technology such as the web, mobile phones, social media, and customer relationship control structures substantially affect cuttingedge marketing. Tech allows organizations to develop and prosper, create relationships, make the effectiveness of organizations, permit human beings to study one another and substantially influences the organizations to connect with potential customers. Every marketer is beginning to view technological revolution as an essential issue on the subject of improvement and growth. The current advertising sector needs to combine the innovative aspect of the area through the use of effective narratives to tap into people’s needs and aspirations with the technical facet of data. Getting innovative marketers to work with technical workforce may be a big challenge. Three regions of advertising that have been converted with the aid of using virtual are the speed, relevance and reach of campaigns.

Traditional media such as magazines, newspapers, and television compete with media such as the Internet, SMS, cell phones, social networks, user-generated content such as blogs and YouTube, and outdoor advertising such as billboards and mobile promotions. With access to several sources of data associated with an interest in interactive media, customers might collect a lot of product information on their own. Work environments are changing, with more individuals having virtual offices, texting on their cell phones, or acting through social media sites such as Facebook, LinkedIn, Pinterest, and Twitter. As the media landscape changes, the cash that organizations pay on differing kinds of communication and technology can change as well. Once corporations have developed products and services, they need to communicate the values and advantages of the offerings to current and potential customers.

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Marketers need to work closely with data scientists, web developers, and social media professionals. They need to become more tech-savvy, data-savvy, and analytics-savvy, technically digitally-minded staff need to become more creative and tackle this challenge.

Marketing Technology: Past And Future There’s no doubt that technology has revolutionised the way people receive, perceive, and respond to information around the world. Consumers are discovering new methods to interact with organisations and products as a result of the introduction of the Internet at the turn of the century and the rapid development of devices that provide quick and easy access to its millions of portals. Many experts and individuals believe that the information age, assisted by growing technology, has changed the role of marketing as a result of these new kinds of buyer-seller contact. The internet’s rise has been the single most damaging driver in the shift of power from marketers to consumers. Consumers have obtained access to a vast amount of data from around the world via the internet, material that is timeless, vital, and verifiable.

Consumers can acquire valuable information about firms and their products with simply a click of a mouse. They can compare products, look for lower pricing, read reviews, and even discuss product quality and buyer satisfaction with other users.

In today’s world, an unhappy customer’s blog or video can go viral in a matter of hours. Even more powerful than the post’s activity is the reaction it produces in individuals who come into contact with it. As a result, the concept of brand supremacy and brand loyalty is being phased out. Brands are quickly becoming commodities as consumers seek value at reduced prices, providing problems to modern marketers. Today’s marketers are responsible for maintaining the brand’s integrity. Because merely generating a product and imposing it on clients is no longer effective. Marketing is now being obliged to listen to customers and figure out how to turn encounters into tailored, value-laden products that are both affordable and superior to competitors’ offerings. It also needs to figure out how to infuse its products with the greatest service to attract digital brand ambassadors who can spread brand value to their networks.

With marketing’s job shifting to customer relationship building in the late 1990s, there has been a shift in how the overall function is viewed internally within organisations. Marketing is now often regarded as the “glue” that holds firms together.

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Consumers are no longer waiting for marketers to come out to them, thanks to enhanced access to information enabled by the usage of mobile digital technology. Consumers can now contact a company both online and offline if they require extra information. All of the people and systems with whom these customers interact are touchpoints. With the growing usage of Customer Relationship Management systems within businesses that help organisations consolidate and translate information from various touch points into dynamic plans, marketing has never been more vital. ​​One factor is positive that Marketing’s role of developing quality customer relationships will force its function to undoubtedly correlate with the converting behaviors of its customers. Their behaviors and conduct, whether or not pushed through technology, globalization, or other trends, will direct the continuous evolution of the advertising function. Technology has always modified how advertising works. What is extraordinary nowadays is the unprecedented price of change in both the improvement of advertising equipment and the escalation of expectancies for higher reviews.

Conclusion When we look at the evolution of new era marketing, we see that new era marketers have worked hard to bring marketing closer to our everyday lives, and the gap is closing every second. For marketers to reach the masses and their target audience, technology is a

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critical aspect and tool. Industries have garnered lovely fruits that could never have been obtained without the combination of technology and marketing. No one had ever imagined that, aside from print media, any other mode of marketing might exist in the previous few decades. Marketing and its concepts are changing and will continue to change, with the rise of technology as a new field of marketing known as “Digital Marketing” is a crucial aspect that cannot be rejected or overlooked. Finally, technology has had a tremendous impact on marketing over the last ten years.

FUN FACTS The vast majority of the world’s currency is digital.

It’s still possible to visit the world’s first web page.

CRM systems of the 90s not only stored customer information but also tracked interactions with those customers.

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MOB BANKING A Portable banking feature at your hand

Economic interactions are undergoing considerable changes as the Internet, and mobile technologies become more widely used.

On the other hand, bank service providers have constantly been adapting to these shifts while also meeting customers’ demands with new offerings. The development of new alternative distribution channels is at the heart of banks’ new strategic direction right now.

Various banks consider mobile phones, personal computers, and the Internet as unique opportunities to be considered.

As a result, new services like Internet Banking, Home Banking, and Mobile Banking have hit the market in a hurry since their inception.

Yaatin Dawar It’s important to note that these services have grown in popularity MBA, Batch 2021-23 quickly. This type of transaction emergence is predicated on the computerization of banking processes and the permanent nature of bank administration. Internet Banking, Home Banking, and Mobile Banking are the three subcategories of e-banking services that make up e-banking overall.

Mobile banking is a service that allows clients to execute financial transactions using a mobile device such as a smartphone or tablet. Unlike online banking, it uses software provided by financial institutions. Mobile banking is typically available 24/7. Some financial organisations limit the accounts that can be accessed via mobile banking and the amount that can be exchanged. Mobile banking requires an internet or data connection.

Mobile banking transactions often include: Checking account balances and recent transactions.

Paying bills electronically.

Depositing checks remotely.

Making P2P payments.

Transferring funds between accounts.

Some apps allow customers to download and print statements at home. It also improves security by integrating with the user’s built-in mobile device security measures.

Mobile banking saves the bank money and time by eliminating the need for consumers to

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visit a branch to withdraw or deposit non-cash. Cash transactions need a client to visit an ATM or a bank branch. Many apps now allow users to deposit checks using the device’s camera remotely.

Like using a debit or credit card to make an EFTPOS (Electronic Fund Transfer at point of sale) purchase, mobile banking entails using a mobile device to pay for in-store or remote products or services.

The Benefits A transaction-based approach is used for the majority of services in the categories labelled accounting and brokerage. It is necessary to perform transactions even if you do not use transaction-based services; for example, you may need to check your bank account’s balance before sending money out of the country. Consequently, accounting and brokerage services are always provided in conjunction with information technology services. Information services, on the other hand, may be offered as a stand-alone service.

The following are examples of typical mobile banking services: Account-related information Mobile banking allows a person to access all of their account information, including transaction details, IFSC code, branch, nearest ATM locations, account type, and other important features that enable consumers to conduct financial transactions at any time and from any location.

Statements from mutual funds and the stock market Customers can get real-time updates on mutual funds and stock markets using Mobile Banking, which also assists them in managing their portfolios according to their needs, all in a short period. All of these real-time updates assist customers in managing their portfolios according to their specific requirements.

Information of a general nature is provided, such as financial news.

Mobile banking puts all the latest news at the customer’s fingertips by providing all related updates on any financial news, such as rate changes or changes in the law, that may affect their finances. Mobile Banking gives customers all the latest information about their bank branches, such as server maintenance updates or new market policies that may be

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beneficial to them.

Securities Internet banking is less secure than mobile banking. Mobile banking is only possible with a single device (a smartphone or tablet) and a SIM card whose contact information is already associated with the bank account.to internet banking, which can be done from any device with an internet connection, including a smartphone, tablet, laptop, or desktop computer. In the case of internet banking, a hacker must steal the credentials (username and password) by remotely installing keystroke logging software on the victim’s device. In the case of mobile banking, on the other hand, the fraudster must either steal the mobile device or use a SIM card with a phone number that has already been registered with the bank. swapping, he will be unaware that anything is amiss since he will not get any signal on his mobile device. If a victim’s online banking credentials (username and password) are taken, the hacker will have already hacked into his bank account when he realises it.

Banks may make mobile banking safer by combining the fingerprint sensor on smartphones with an alphanumeric password to authenticate a customer’s identity. Banks might make mobile banking even more secure by adding multi-factor authentication, which includes: 1. The mobile device (what I have).

2. A fingerprint scan (who I am).

3. An alphanumeric password (what I know).

Cybercrime rates are rising year after year, as they are for most internet-connected gadgets and mobile phones. Cybercrimes that may impact mobile banking include illegal usage while the owner is using the device, remote hacking, and even jamming or interruption of data streams through the internet or telephone network. The most difficult issues that mobile application developers, wireless network service providers, and bank IT departments must collectively solve are the security of financial transactions conducted from a distant location and the transfer of financial information over the air.

To provide a secure infrastructure for financial transactions via a wireless network, the following issues must be addressed: 1. Part of the hand-held device’s physical structure. If the bank provides smart-card-based security, the device’s physical safety is more essential.

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2.Any thick-client programme running on the device is secure. If the smartphone is stolen, the hacker should provide at least an ID/Password to access the app.

3.Before starting a transaction, the device must be authenticated with the service provider.

This will prevent unauthorised devices from being used to conduct financial activities.

4.Customer identification through User ID and Password 5.The data being sent over the air is encrypted.

Encryption of data that will be kept on the device for examination by the client later or offline.

One-time passwords (OTPs) are the newest weapon in the battle against cyber fraud employed by financial and banking service providers. Consumers request OTPs each time they wish to conduct transactions using the online or mobile banking interface rather than conventional remembered passwords. The password is delivered to the consumer’s phone through SMS when the request is received. Once a password has been used, or its planned life-cycle has elapsed, it is considered expired.

Final Marks Because of the issues mentioned above, SMS gateway providers must offer a reasonable level of service to banks and financial institutions when it comes to SMS services. As a result, service level agreements (SLAs) are required in this sector; it is essential to provide the bank client with delivery assurances for all communications and metrics on delivery speed, throughput, and other factors. SLAs define the service criteria that a communications solution must meet.

To meet the goal of future secure financial transactions through mobile banking, banks must entirely focus their resources on the security of their services that they are offering through the internet. Since the internet is a place that connects everyone digitally, it also increases the chances of cybercrime, which will be a primary concern in the future.

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FUN FACTS With 82% of iPhone users banking through mobile applications, Apple’s operating system is the most popular among users of mobile banking apps. Android users make up 61% of mobile banking users, while other users make up 39%.

British banks : The Royal Bank of Scotland was the first to develop a mobile banking app.Before making it accessible on other platforms, they released its app in 2011 for iPhone users.

Mobile banking applications surpassed desktop websites as the most popular way to bank in 2018. This was previously projected to happen no earlier than 2020 by banking sector analysts.

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How to Check if the Mutual Fund is Doing Good or Bad?

A mutual fund is a type of investment in which the company pools back the savings of the investor and invests in the security and generates returns.

Mutual Funds are available to everybody with a few hundred rupees in investible surplus. These investors purchase units in a Mutual Fund scheme with a specific investing goal and approach.

Rishika Soni The money received is subsequently MBA, Batch 2021-23 invested in various types of securities by the fund manager. Depending on the scheme’s declared aims, these could range from shares to debentures to money market products. The income generated by these investments, as well as the capital appreciation realized by the scheme, are distributed to the scheme’s units in proportion to the number of units they possess.

PSV Chinmayee MBA, Batch 2021-23

Mutual funds invest in a wide range of assets, and their performance is typically measured by the change in the fund’s total market capitalization, which is calculated by combining the performance of the underlying investments.

Investment Policy of Mutual Funds A mutual fund that aims to provide liquidity would invest in money market instruments or debt documents with a relatively short maturity.

Mutual funds are investment vehicles that invest in a variety of asset classes; mutual fund scheme returns are determined by the underlying investments’ returns. As a result, after the investment objective has been determined, the mutual fund scheme’s investment policy can be determined.

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This is done in order to meet the investment goal.

Comparison of Mutual Funds Performance Investors can compare their schemes’ performance to that of other mutual funds in the same category. They can also compare equity-oriented schemes’ performance to benchmarks such as the BSE Sensitive Index, S&P CNX Nifty, and others.

Investors should select when to enter or depart a mutual fund scheme based on the performance of the mutual funds. Investors can also look at the scheme’s or another mutual fund’s performance history. They can also compare the performance of the programme to that of other schemes with comparable investment goals. Though a scheme’s past performance is not a guarantee of its future performance, and good past performance may or may not be repeated in the future, it is considered at the time of future investment.

On the basis of Performance of mutual funds some advantages are1.Smart investment option- When we invest in an investment tool we see the performance of the mutual fund, how they are performing on the past data in which we should invest in one specific sector is there any risk of losing money. As well as they get the multiple investment option on the basis of comparing the performance.

2. Low-cost investment - The asset management services given by the organization come at a comparably low cost or charge because the amount is evenly distributed among all the participants. Mutual funds help in acquiring money from various investors.

3. Diversification of risk - Though mutual fund investments are subject to market risks, through seeing the performance of other mutual funds we can diversify the risk. It is depending upon how much risk the investor is able to take.

Factors that affect mutual fund performance Different asset groups have different features. Diverse fund managers can apply different tactics and strategies at the same time, reducing the scheme’s effciency.

1.

Economic changes in the industry - Sometimes government policy changes can have a wide range of effects on many sectors. If a policy change has a favourable impact on a sector or industry, its performance will improve. When a policy change has an unfavorable

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impact on a sector or industry, the stocks of companies in that sector with it fall in value, which has a negative rippling effect on mutual fund schemes.

2.

Size of the Fund - As the size of the fund grows, so does the fund manager’s obligation.

Moreover, once the fund reaches a particular size, it becomes harder to manage. A large fund that is poorly managed is likely to underperform.

3.

Cash Flow - If a big number of investors are interested in investing in a particular mutual fund scheme, fund managers will have more investible funds on hand and will be able to expand the variety of investments, enhancing the fund’s prospects of producing strong returns. On the other hand, failing to meet expectations, investors may withdraw their funds, forcing the fund manager to sell holdings to meet redemption requests. This may have a critical impact on the fund’s cash flow as well as its performance.

Risk Involved in investing Mutual Funds Investments are always accompanied by some risks.

1.

Interest Rate Risk - Whenever a debt fund invests in fixed income assets, it may be exposed to interest rate risk as interest rates rise or fall.

2.

Credit Risk - This is appropriate for mutual funds’ underlying fixed income securities. If a bond issuer would be unable to repay a bond, the bond may become worthless.

3.

Lack Of Control - Investors cannot select the exact makeup of a fund’s portfolio, nor can they directly affect which assets the fund manager can buy, despite the convenience of mutual funds. When they are checking the past performance of the selective mutual fund they invest or have to see the risks, investors should also be mindful of any regulatory risks or changes while investing.

4.

Returns and Rewards - Diversification of investments is the key to lowering risk. Mutual funds’ diversification can help to mitigate risk by offsetting losses in some securities with gains in others.

Some tips to mitigate the risk 1.

Risk of volatility - Market volatility can be mitigated by investing in a diverse portfolio of low- to moderate-risk funds.

2.

Credit risk - Invest in securities with a good credit rating and a history of paying out considerable and timely interest.

3.

Concentrated risk - Rather than investing in a single asset class or investment area, investors can spread their funds over multiple asset classes and sectors.

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Conclusion Here we conclude that because the performance of a mutual fund is primarily dependent on the decisions made by the fund managers, they must make every effort to make the best decisions possible. These decisions might be based on current prices, quality, risk tolerance, news flow, and the country’s economic developments. Managers with excellent skills, relevant experience, and the ability to take calculated risks in response to changing markets make up a good fund management team. By avoiding huge funds, you can improve the performance of your mutual fund scheme. So, if you’re looking to invest in international markets, medium to large funds can be very effective.

The performance of a mutual fund provides a low-cost option to participate in a diversified, professionally managed basket of assets. You can also use realistic time zones to track the performance of your money. Finally, it is your obligation to make reasonable and rational decisions.

FUN FACTS

Not every mutual fund is made for the long run- It completely depends on your investment horizon and goals whether you will invest in the long-term mutual fund or short-term mutual fund.

The disclaimer “past performance is no guarantee of future returns” appears in mutual fund ads to warn investors that the advertised performance is unlikely to continue.

Mutual funds are not only meant for experts - Yes! They are for common investors who are less aware of the information regarding the investment and securities. Mutual funds are professionally managed by expert fund managers after in depth market research and it is beneficial for the investors.

69 01

Impact of Technology in Business

Technobiz: Friend or Foe? Technology has been progressing throughout the years in many ways and forms. From radio to smartphones to self-driving cars, people have tried to inculcate technology in every part of their life and now the businesses are taking inspiration from them to increase their productivity and performance in their field. The revolution that technology has brought has had a huge impact on the way a business is conducted such as digitization of records, automated inventory management among others.

Amirah Faiz MBA, Batch 2021-23

Shubham Thamne MBA, Batch 2021-23

Many successful corporations rely heavily on technology for productivity, communication and tracking purposes. This causes an increase in yield but at the cost of high capital expenditure. In addition to that, the company may also have to incur additional expenses for installation, maintenance and training or recruiting additional personnel for the operation of the software.

Impact on Business: Let us have a look at how technology is having a significant impact on a business: Makes online advertising easy Sales is a major aspect of any business. Customers are important as they buy products.

To market the products/services lucrative advertisements which will attract customers are made. Various studies have shown that more than 50% of people search for items before they make any purchases. Technology makes it easier for customers to find their ideal products at the ease of their homes and makes it easier for businesses to function at high levels of transparency.

Facilitates global communication When technology had not yet permeated into businesses, it was objectively harder for

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companies to communicate with other firms. Forwarding a simple message must have taken longer than it does now. Fortunately, as technology grew, it made communication easier.

Regardless of the participant’s location, video conferences can be held within minutes.

Sharing important mails or documents through various mediums has led to the improvement in the efficiency of a business. Internal communication at business has improved strengthening connections and efficiency.

Improved productivity in businesses Working remotely from the comfort of your home or at the employee’s safe zone is one of the several factors which contribute to the efficiency of a company. And all this is made possible with the use of technology. During the pandemic, we have come across a new “Work from Home ‘’ culture, which was adopted by many companies and has become a new normal, saving people from getting unemployed along with saving the companies millions of rupees for rent and electricity cost and potentially preventing it from going bankrupt.

Collaboration is one of the main tools of any company and it has become a trouble-free job for employees to meet and converse with people from different departments or with people from across different countries. With the availability of services like google meet or skype day to day operations have become less burdensome and more productive.

Disadvantages of Technology in Business: Similarly, usage of technology can backfire for some businesses as well if not used optimally: Diminishing Interpersonal Communication The main disadvantage of technology is reduced interpersonal communication, which many times can have an unproductive effect on the company. Overutilization of technologically focused equipment such as video conferencing and inter-company software instead of simply walking over to your colleague’s desk would result in higher dependence on telecommunication.

This is a concern for almost all the businesses in various industries; the employees in an event of a software or hardware failure of their systems have zero clue as to how to proceed with the update of data and how the sale should be conducted in such cases.

Employee training is also a similar aspect. Companies have to spend lakhs of rupees every

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year just to train the freshers or the newcomers about the basics of their in-office software.

Technical Challenges Businesses used to perform seemingly well even when technology was absent. Agreed that technology has made many things easier for the owners to keep a track of their business as well as for the employees who conduct the job daily. But in the event of a technological failure, many employees simply give up and put up the “Closed” sign resulting in a potential revenue loss of sometimes millions of rupees.

Risk of Security & Storage Concerns Safety and storage of servers and dealing with increasing cyber-crimes is a high-risk situation especially if the company deals with sensitive materials and is expected to be extremely cautious about its data security. The increase of cybercriminals and the unsatisfactory development in international cyber laws have prompted many corporations to invest heavily in the cyber security domain with an average industrial expenditure going as high as 14% per annum of the overall company budget. This is also supported by a need for large data storage facilities as companies with huge client requirements need to maintain a data warehouse along with a centralized cooling system for the excess heat-producing servers, which further boosts up the capital costs of a company.

Future Aspects: Industrial productivity is on the rise by slow phasing out of manual labor and replacing it with robots and AI. Industrial robots have started being used in huge volumes around the world. This has helped in increasing the productivity of the business while simultaneously increasing the global unemployment rate.

In the early 21st century, humans have been replaced by the first wave of companionable social robots i.e., an artificially intelligent robot capable of interacting with other people and exhibiting normal human behavior.

There is a high chance for any human to make a mistake or two while performing their jobs. Technology has helped in reducing such errors providing a high level of accuracy to

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the business. Several applications such as MS Excel are used to get precise results in no time resulting in inefficient use of time and resources. If automation is set up properly repetitive tasks which are highly likely to cause errors can be minimized.

Conclusion: In the end, everything has a plus and minus side to it, so does technology. But it all boils down to how a businessman manages and utilizes it. It is said that even if you give an incompetent person a huge sum of money, he/she won’t know how to invest it in proper channels and might end up on square one sooner than anticipated. Similarly, even though technology has many ups as compared to downs, one bad decision is more than enough to bring down a billion-dollar company.

FUN FACTS In the last two years, more data has been created than in the whole history of the human civilization.

Fear of technology is a real thing; it is called Technophobia. Fear of computers is termed as Cyberphobia.

Considering that less than 0.5 percent of the data is ever evaluated and used, imagine the potential here!

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REFORMING THE VISION OF DIGITAL MARKETING WITH 5G

Introduction Telecommunications providers and technology companies around the world are working together to research and develop new technological solutions to meet the growing needs of mobile data from users and industrial users. Fifthgeneration (5G) mobile technologies are the next generation of mobile communications technologies aimed at improving current (3G, 4G) mobile networks. Faster speeds, more capacity, Jyotinarayan Pradhan Ansuman Das and the ability to support new features MBA, Batch 2021-23 MBA, Batch 2021-23 and services are all promised from 5G networks. To meet the growing demand for mobile data, 5G technologies were created. Companies like KT Corporation(South Korea), AT&T(USA) were the first to market with this breakthrough technology and got a majority of revenue and attention. . As a result, firms all over the world are rushing to develop and install 5G technology, and several nations are taking steps to encourage 5G adoption. The race between businesses and governments to be first with 5G technology is heating up.

People are progressively recognizing and accepting digital marketing as a relatively new promotional strategy. However, 5G technology will be a game-changer in nearly every element of the Internet of Things (IoT), including digital marketing, in the coming years.

5G in Digital Marketing: 1. Improved User Experience (UX) Virtual reality (VR) and augmented reality (AR) will create a shopping experience that is comparable to that of going to a real store. Customers may utilize VR and AR technology to “walk” about in the online store and view items from various perspectives. They could even be able to try on new garments and feel their texture in their own house, or visually study the size, color, and arrangement of furnishings by developing a virtual persona that could engage with consumers in the same way that a salesman would in a physical store. To some extent, this would address the issue of e-customers who are unable to properly see and

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comprehend the actual product. In addition, 5G technology enables AI to access customer data more quickly and reliably. AI technology can help in better conduct of e-commerce activities with 5G data transfer speeds.

2. Improvements in Security Safeguards are already in place to protect and secure data sent over 5G networks. Using AI to anticipate and defend against cyberattacks, requiring data encryption, and properly coding the IoT are just a few examples. Additionally, thanks to 5G, e-commerce platforms will be able to create virtual identities for their customers and store them on the blockchain, protecting their privacy. Therefore, in the 5G era, e-commerce platforms will have new network security guarantees and the customers will be able to make transactions on a relatively safe, stable, and reliable network.

3. Future of Personalization With faster internet connections, more people will be able to connect to the internet at a faster rate than before, allowing connections from more remote and dynamic locations. With personalization and targeting becoming increasingly important, this hyper-localization will add another layer to personal segmentation. Businesses need to collect and act upon customer data to deliver personalized experiences. 5G allows quicker data collection and in higher volume .

4. Analytics will become Real-time Real-time data already makes up a significant amount of the data that can be collected and analyzed. For example, if a customer Tweets about any brand, some technology will notify you right away and it will be included in your research. However, 5G will make it possible to integrate a greater range of actions and impressions in real-time. If a customer makes a purchase in the future, they may automatically stop receiving advertisements for that product or product type.

5. The importance of video will grow even bigger For a long time, it has been widely acknowledged that video is becoming an increasingly essential component of digital marketing. Mobile and live video will benefit the most from

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the network’s improved speed, which will be further enhanced by 5G. This helps to explain why live video has become a crucial new feature on numerous large social media sites, and why most developing platforms are similarly video-focused. Because of the limits of the 4G network, less percent of online videos are now seen via home broadband (Vox). This will change with 5G, making mobile the preferred video platform.

Conclusion: Over the next few years, 5G networks and services will be implemented in stages to offer a foundation for new digital services and business models to grow. 5G will be a watershed moment in communications history, providing high-speed connection to billions of devices.

It will let machines interact in an IoT ecosystem that can power an almost limitless number of services. As more devices become linked and IoT use cases multiply, 5G networks will aid in the fast expansion of IoT and provide substantial benefits to businesses and consumers.

Transportation will be revolutionized by 5G networks, which will dependably connect patients and physicians all across the world providing improved access to medical treatment. 5G plays an important role in the success of different industries, including IoT, the auto industry and smart cars, manufacturing and smart factories, smart grids, and smart cities, and health care.

Future aspects: As firms move toward the next phase of 5G, the technology will continue to evolve, albeit it will be some time before 5G networks are completely deployed and exploited. The transportation industry, society, and the automobile industry all stand to benefit greatly from the rise of an autonomous electric fleet.

Electric vehicles and self-driving ride-sharing will be made possible thanks to 5G. Selfdriving car networks will be able to exchange data with each other in milliseconds, as well as communicate with traffic lights, road sensors, aerial drones, and other devices. Additionally, self-driving trains, delivery vehicles, and even airplanes may be on the horizon in the near future. In Fig 1, we can see the trends of 5G adoption globally.

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FUN FACTS $22.8 Million new jobs created due to 5g.

About 1.5 billion people will have access to 5G by 2024.

In India, 5G is predicted to arrive by 2022 and will account for around 6% of total mobile subscriptions by the end of 2024.

5G networks will be responsible for 35% of total global mobile traffic by 2024.

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Stop using Credit Cards?

Introduction The global credit crunch that surfaced in 2008-2009 (when outstanding credit card debts crossed$ 950 billion) is still imminent-global debt went past the$246.5 trillion-mark hallway through 2019. In a climate of vicious profitable cycles where people and businesses have to fall back on credit to meet their day-to-day requirements or to maintain their living standards, credit risk has grown to be a huge burden, eroding the gains of credit card companies. To manage credit risk, firms must overcome the following challenges-

Prateek Kumar Jha MBA, Batch 2021-23

Mahima Giri MBA, Batch 2021-23

• Managing data for functional insights with millennials using digital payments more and more, banks need to decide meaningful conclusions from their data sets with the help of AI-powered data management solutions.

• Strategy for managing credit risk is critical for any organization as companies retain tools that aid in visualization and concentrate on critical information while ignoring immaterial information.

• Identifying and taking on accurate rating models the adoption of fintech to reap close to accurate results is crucial to present’s successful credit scoring models.

These can empower businesses to greater assess the investment risks and risk profiles of individual users.

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What’s at risk when you accept credit cards?

Accepting Credit Cards gives merchants or vendors gets immense benefits. Accepting credit cards connects businesses to the payment styles their customers prefer. On acceptance of credit cards, your business gets linked with the networks, payment processors, and banking institutions that make transactions possible. Despite the clear benefits, there are also threats when accepting credit card payments.

Risks of losses related to fraud Payment fraud can levy a variety of direct costs to your business, from lost commodities to fines and fees in response to*chargebacks.

Fraudsters seek to misrepresent themselves as authentic account holders to fraudulently gain goods and services. That identity riddle is made even more complex for online purchases.

Fortunately, there are numerous tools and services at your disposal to cover your business and reduce the threats of accepting credit cards. However, you’ll want to be equipped with secure EMV chip card technology, If you accept credit card payments. eCommerce providers should see to it their credit card providers and eCommerce platform providers for the risky payment acceptance technologies and unsegregated fraud solutions.

Risks of losses related to a data breach Data breaches continue to make news at a scale that’s unsettling for consumers and businesses likewise. The Ponemon Institute’s 2018 Cost of a Data Breach Study estimates that the average total cost of a data breach worldwide is$3.86 million, with the average cost per lost or stolen record reaching$ 148.

Payment data is the raw energy for fraud, making it especially precious and sought after by stealers. That means that every business that accepts credit cards is mandated to follow data management efficient and effective practices. Bringing your business in compliance with Payment Card Industry Data Security Standard (PCI DSS) is a necessity of all businesses that accept credit cards.

Risks to your business reputation Client service expectations are apparently always on the rise. From time to time all it takes is

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for the tiniest thing to go wrong for a customer to be dissatisfied with service. Those letdowns can immediately blemish any business character.

Managing reputational threats to your business means taking proactive measures to assess and reduce security threats throughout your firm. Managing these threats starts with the selection of the right security partners. Topmost payment processing companies can benefit people, software, and processes to reduce the threats of accepting credit cards and other electronic payments.

Types of Fraud in the Credit Card Industry PoS Fraud: Devices are attached to point of sale to hack data.

Phishing and vishing: The communication of bank are being impersonated and it is used to make a fool of you by clicking on false links.

Keystroke logging: As most of your financial transactions happen online, so hackers use keystroke logging to look for your credit card details.

Application fraud: This type of identity theft is carried by someone acting as you and showing himself/herself as a genuine customer to obtain a credit card by using your false documents.

Theft or loss of card: In this case, your card can be misused.

Why is it challenging for companies to manage financial fraud?

Lack of approach to look for losses which are caused by such frauds.

Lack of proper software that can help in fraud detection so that appropriate measures can be taken at right time.

Lack of a universal solution that can be used for handling and identifying fraud as now all businesses are looking for solutions through AI. Data analytics helping credit card organizations with risk control Analytics is crucial to understanding really specific customer requirements and prospects and also mapping consumer engagement with them.

Risk control can be significantly bettered with the use of analytical tools such as credit

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collection analytics and coming-generation stress testing.

Another technique is to concentrate on consumers who have had a positive pay-up record and target newer products at them.

Recommendations to avoid risks while using Credit Card 1) Make sure you don’t lose sight of your card, it should be with you always 2) PIN should be changed frequently 3) Your PIN should not be shared with anyone 4) Credit card statements and alerts should be checked 5) Don’t use cards for the suspicious website 6) Don’t open unknown links 7) Your bank should be updated immediately in case of any fraud or theft.

Conclusion Credit risk management has grown to be a critical factor for financial and banking institutions, especially for banks, since financial services sectors have become more exposed to skepticism.

The bank is the financial institution that is further exposed to credit threats compared to NBFIs. We’ve seen that there’s a significant relationship between bank performance (in terms of profitability) and credit risk management (in terms of loan performance). More credit threat operation results in better bank performance. Therefore, it’s of significance that banks practice prudent credit risk management to guard the assets of the bank and safeguard the investors’ interests.

Furthermore, from this we’ve seen what all is at risk when you use a credit card, the types of fraud involved and why is it challenging for companies to manage financial fraud caused through credit cards. We’ve also seen how data analytics help credit card organizations with risk control and at last, gave recommendations to avoid pitfalls while using Credit Card.

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FUN FACTS Single women could not get credit cards until 1974.

The first digit of your credit card tells what industry issued the card.

Laid end to end, all the credit cards on earth would circle the globe 3.5 times.

There are 10,000 worldwide credit cards transactions every second.

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Innovations in International Payments

Introduction Technology is the biggest weapon in the 21st century. Almost all developments made in any field are facilitated by the development of technology. Financial services are no different in any sense, payments systems as we see today are only possible with the invention of technology.

Banks are also committed to using technology to bring about value-added transformation in order to satisfy clients’ changing needs and assist them on their Anamika Bharadwaj Rajat Kapur digital journeys. The development of new MBA, Batch 2021-23 MBA, Batch 2021-23 technologies is creating new opportunities for international payments in a volatile, uncertain, resulting revolution of demand and supply in the field of cross border payments, which requires an adequate transformation of existing business models.

Advantages In today’s connected world, consumers are no longer willing to put up with delays and hefty fees for processing cross-border payments, the goal is clear: a world where everyone expects and has the ability to move money instantly, 24/7, and with complete transparency. Client expectations for international payments have shifted as a result of the continued, rapid expansion of sophisticated, high-tech capabilities across many sectors and businesses. This has increased the demand for banks to provide transactions that are faster, safer, smarter, more transparent, and convenient. To help with this, a variety of developing technologies are presenting chances to improve existing procedures, and banks are taking advantage of them to their full potential. With banks having to juggle the relentless pressure of faster innovation while keeping down technology costs, we’ll see more financial institutions turning to cloud providers to assist radically reduce IT costs.

Technology and business models have changed dramatically during the last decade. New payment platforms and solutions, updated regulations handling efficiency and security of payments can - most notably - have higher expectations from traders and consumers. The introduction of low-value international payment systems in multiple countries will lead to

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significant changes in how businesses and consumers send and receive payments. We can expect that by more countries developing instant payment solutions, international payment will be present in all major markets.

What Changes Came While the objective appears to be set in stone, there is no single, well-defined road that will lead us there. In truth, there are several options.To mention a few, real-time payments, SWIFT gpi, SWIFT’s transaction manager, artificial intelligence, blockchain, and digital currencies all offer banks ways to make domestic and cross-border transactions faster, more seamless, efficient, transparent, and cost-effective cross-border transactions.

For example, to reduce onsite infrastructure, an increasing number of institutions are switching to cloud technology.AI-powered chat boxes that mimic human conversation and messaging applications are currently being tested to replace the unpopular call centers, and robot advisory platforms are being developed to provide consumers asset management solutions, which are often cheaper with transparent cost structures.

The SWIFT global payments innovation is the largest update in cross-border payments over the last 30 years and is the new standard. SWIFT gpi dramatically improves the customer experience in cross-border payments by increasing their speed, transparency and end to-end tracking. Millions of cross-border payments today are being sent, using the new gpi standard,

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and payments are made quickly, typically within minutes, even seconds. SWIFT gpi allows corporates to receive an enhanced payments service.

Artificial Intelligence (AI) is helping many companies to improve their efficiency around their international payment processes.It helps to reduce time spent on manual data input and reduce errors, so more payments go through successfully. One form of AI called machine learning (ML) can be used to identify and stop fraudulent online payments before they happen.

It can be used to work out the identity of the person making the web payment, or more specifically determine whether the one that owns the account is making the payment. It can also help companies to decide whether to offer individuals services such as bank accounts or loans. As many payments are now made in real time, and international payments will not be far behind, ML is a vital tool in stopping online payment fraud and cyber attacks.

Current payments gateways rely on international payments passing through intermediary banks, which may slow the process down, increase costs and reduce payment visibility. With distributed ledger technology (DLT) payments become more or less instant and – due to the nature of the transaction – do not require intermediary banks.

Multiple avenues to unlock the future of payments are accessible, thanks to a slew of new industry activities and emerging technologies under development and in complete transparency. Digital currencies are one such path.

The rise of digital currencies, whether cryptocurrencies, central bank digital currencies, or stablecoins, has the potential to alter our perceptions of settlement speed, liquidity, reconciliation, and risk. And, if the model succeeds, they may have an impact on the traditional role of correspondent banking and intermediaries in the future.

Conclusion Technology is having a powerful impact on the transaction sector, presenting new capabilities that have the potential to redefine the very culture of payments. Driven by technology developments, and the increasingly competitive landscape as a result of the influx in the payments space, banks are positioning themselves at the forefront of change and adopting new strategies so as to deliver enhanced experiences to clients. With the internationalpayments space braced for dramatic digital enhancement, technology is not only altering payments, it is transforming banks’ approaches to innovation.

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Indeed, we believe that no one initiative or technology is a silver bullet for delivering optimized payments—nor is there one path that will take us there. It is a combination of capabilities that will enable international payments and settlements to be truly optimized. Going forward, the industry will see coexistence and interaction between traditional rails, the more established emerging technologies and the new landscape of digital innovation.

FUN FACTS Only 8% of the world’s currency is in cash.

Global debt is now almost 2.5 times greater than the world’s total stockpiles of money.

About 46% of today’s consumers use digital channels exclusively for their personal banking

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THE ADVENT OF FINANCIAL TECHNOLOGY

Introduction Fintech is a term that refers to new technology that aims to improve and change the delivery and use of financial services. Fintech, at its most basic, is used to assist organizations, business owners, and individuals in better managing their financial operations, procedures, and lives by utilizing specialized codes and algorithms that run on computers and smartphones. In broader terms “Fintech” is also known as Financial Technology.

Riya Kumari Top fintech companies in India are - Airtel MBA, Batch 2021-23 payments bank, Paytm payments bank, India post payments bank, Jio Payments Bank, Google Pay, Mobikwik, Billdesk, Razorpay, etc.

Rohan Mukharjee MBA, Batch 2021-23

MERITS OF FINTECH • Real-time data collection - The data collection is smooth and on time with high precision and accuracy, regardless of the client’s location during the transaction.

• Easier and faster payment - The use of QR codes and Virtual Payment Addresses while payment has accelerated the purpose of digital banking and the scope for Fintech companies.

• Effective Interaction - With advancements in technology fintech companies are looking to improve the user interface of applications for effective interaction between the IoT (Internet of Things) sensors, apps, and the customers. The lesser the steps to transact, the easier it is for customers to use (Facial Recognition and Fingerprint sensors have made life easier which better than remembering passwords).

DEMERITS OF FINTECH • Lack of Security - With every boon there is a bane, even though the blockchain and Artificial Intelligence technologies have helped with data encryption but the linkages and a

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vast array of connected devices call for cyber threats.

• No uniform Standards - IoT software is created by a variety of companies, and the programs are not all interchangeable. Some devices may simply be unable to communicate with specific apps or programs, causing consumers problems. significant changes in how businesses and consumers send and receive payments. We can expect that by more countries developing instant payment solutions, international payment will be present in all major markets. accounts or loans. As many payments are now made in real time, and international payments will not be far behind, ML is a vital tool in stopping online payment fraud and cyber attacks.

• Complex Networks - The more complicated it is to maintain a network, the more difficult it is to maintain the IoT software. Maintenance is difficult because an ill-conceived solution can lead to a slew of new problems. It is critical to thoroughly vet both manufacturers and asset managers, as those with no IoT experience can cause havoc across a network.

FINTECH GLOBAL CATEGORIZATION

While lending is more popular with investors than other types of financial technology products, digital payments are the most popular with users. The money transfer and payments sector had a 75% adoption rate, which was significantly higher than the borrowing sector’s 27% adoption rate. Now that we know which fintech service is the most popular, let’s look at t he

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less popular sectors.

According to EY financial statistics, savings and investments are adopted at a rate of 48 percent, while budgeting and financial planning are adopted at a rate of 34%. Insurance is currently the least popular fintech product, with a 29% adoption rate.

FINTECH TRENDS “In 2020, new monetary services technology has hit the market.” The ability of financial institutions to create the sharing economy and client intelligence, as well as to deal with advanced technologies such as blockchain, robotics, computer science (AI), and others, is anticipated to drive growth in the future.

ARTIFICIAL INTELLIGENCE IN FINTECH Artificial intelligence has transformed financial assistance. Many assiduity titans had the bandwidth to deal with the innately quantitative nature of our now tech-smart world before AI and the rise of FinTech. These AI use cases demonstrate how AI has changed the game in FinTech. FinTech firms and financial institutions use AI and machine literacy to increase efficiency and provide consumers with more relevant, affordable, and intuitive fiscal services and products to meet their banking needs.

Some of the use cases of Artificial Intelligence in Fintech are: • Accurate and economic decision making • Predictive Analysis in Financial Services • Fraud detection and managing claims • Automated customer support and query resolution BLOCKCHAIN IN FINTECH Fintech is disrupting the financial trade, and blockchain development firms in this sector will have a significant advantage in the future. Recently a report issued by the commission on Fintech connected problems, by the Ministry of Finance, Government of Bharat mentioned the importance of Blockchain with a special mention to four blockchain applications in finance, Blockchain is transforming the fintech industry in a variety of ways, including the elimination of third parties, the reduction of operational time and cost, and the enhancement of biometric

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authentication methods.

CLOUD COMPUTING IN FINTECH Fintech firms can scale up and down with complete control while remaining compliant with regulatory requirements thanks to cloud infrastructure. FinTech is experiencing significant growth and will continue to do so as a result of cloud technology. It provides numerous benefits to banks and financial institutions, including secure storage, interoperability, and 24*7 uptime without requiring large investments. Cloud computing also enables businesses with massive computing power to scale and improve their offerings in response to user demand.

The advantages of cloud computing which are helping Fintech companies to bring out innovations are: • Advanced data management • Reduced Operational and Compliance Cost • Improved Business Efficiency and Continuity • Enhanced Client Satisfaction CONCLUSION Fintech is new fiscal assistance that uses technology and invention to deliver fiscal services via new operations, processes, products, or business models delivered as end-to-end Internet processes. Fintech in India is especially profitable because the country has an unexampled and fleetly growing youth demographic. Likewise, smartphone penetration is anticipated to rise from 53% in 2014 to 64% by 2018. The Indian fiscal services request is largely untapped, with 40% of the population having no bank cooperation and further than 80% of deals conducted in cash. This represents an occasion for Fintech start-ups to fleetly expand into new requests.

Banking and financial regulatory regimes are rapidly evolving as the fintech ecosystem matures.

Financial regulators are currently evaluating existing rules and considering the implementation of new regulations in order to better address both the opportunities and challenges presented by new technologies. To epitomize, this study gave an overview of the Indian Fintech Industry as well as government enterprise supporting the fintech assiduity & their performance in the current script. Fintech companies give consumers faster fiscal services and products. As a result, the development of fintech assistance is critical for both the global and Indian fiscal sectors.

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FUN FACTS Boss to Employee: Are you concerned about the increase in artificial intelligence?

Employee to Boss: No, but I am concerned about the decrease in real intelligence.

Money isn’t everything…… But it surely keeps the kids in touch.

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Retirement plans: isn't it necessary !

Introduction Retirement planning means preparing for a steady stream of money after retirement till death. It ensures setting aside funds and investing specifically with that goal in mind. Retirement plans are the way of identifying the income source to implement in your lifetime savings by assessing the risks and returns of the goal.

WHY DO YOU PLANNING?

NEED

RETIREMENT

Sayani Bhattacharjee MBA, Batch 2021-23

Deep Saha MBA, Batch 2021-23

Growing old can be expensive. Although frivolous expenses might reduce, medical bills are only likely to rise. Add to that the burden of inflation, and not having enough money to sustain future expenses can cause stress and worry. The purpose of having a retirement investment plan is to ensure financial stability in your later years without depending on others..

To cover daily living expenses All of us have to bear the necessary living expenses even after retirement. Because life moves on and the absence of our monthly income could become a nightmare. Retirement planning is working towards avoiding this nightmare from becoming a reality. Not many people get pensions or gratuities post retirement and even for those who do receive them; the amount is generally not big enough to cover all of their expenses.

To cover medical expenses As one’s age progresses, the number of health issues and emergencies also increase. And as you might be aware, medical expenses bear the potential to create a huge hole in your pocket. In fact, these days even dental treatments can cost you a small fortune. Mediclaim or health insurance policies sometimes may not cover all your medical expenses. Therefore, your retirement corpus must be large enough to cover your and your family’s medical

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expenditure to avoid a financial crunch in the later years of life.

To meet your retirement goals Retirement goals are the objectives that you wish to achieve in your retirement years. These could be travelling and exploring new places or taking up hobbies that you have always wanted to pursue. However, if you do not plan and save for all these retirement goals in your working life, they cannot become a reality in your post retirement years.

HOW TO PLAN RETIREMENT STEP WISE? Adjust your savings plan based on your annual income.

Set up your monthly requirement goal after retirement based on future inflations.

Follow the 25x rule (saving 25% of your savings).

Try to invest in plans that covers the sum assured to the nominees Some plans are listed below: NATIONAL PENSION SYSTEM: It is a government scheme which intends to provide social security to the working class.

Employees working in the public, government, and private sectors can invest in this scheme.

Moreover, even those employed in the unorganized sector can also invest in NPS. Under this scheme, the employees will invest in a pension account at regular intervals.

Once they retire, they can withdraw a certain amount of the corpus while the remaining sum will be paid out as monthly pension. NPS contributions are covered under Section 80C of the Income Tax Act, 1961, and provide tax benefits.

PUBLIC PROVIDENT FUND: It is a government savings scheme covered under Section 80C of the Income Tax Act, 1961.

We can save up to Rs 46,800 a year in taxes by investing in PPF. You can invest up to Rs 1,50,000 a year, and these accounts come with a lock-in period of 15 years. Investing in PPF is an excellent way of planning your retirement as it offers an attractive rate of return.

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The most undue advantage of PPF is that it requires a minimal investment of 500 each year to continue with the account and has got no monthly investment bonding like RD. MUTUAL FUNDS: These are one of the best private schemes to plan your retirement. These are capable of offering returns in the range of 12% to 15% a year. Also, when we invest with a long-term horizon, you will unleash the power of compounding. Since retirement planning is done with a long-term horizon, we can initially invest aggressively in equity funds and then switch your investments to debt funds as you near your retirement.

Doing this will ensure that you have accumulated a considerable sum on which you can fall back in your retired life.

BANK DEPOSITS: Bank deposits are one of the traditional options to park savings and surplus funds. We can invest in recurring deposits (RDs). These accounts allow us to invest a fixed sum at regular intervals and offer a much higher rate of returns than a regular savings bank account.

If we have a lump sum and would like to set aside the same for your retirement, then you can invest in fixed deposits (FDs). The rate of returns offered by FDs is very attractive, and we would accumulate a significant sum by the time we retire. Retirement planning should be considered seriously by every earning individual as they can stay financially independent in their retired life. When there are several plans available for the same, it is only wise to make use of them.

IMMEDIATE ANNUITY: It assures that the pension is provided immediately on a duration basis be in monthly quarterly semiannually or yearly. A lump sum amount needs to be deposited under the concerned company or bank and the annuity can be received by the user on their respective demands.

The duration needs to be decided at the time of depositing the amount.

Moreover the premiums received by the user will be exempted from the tax and the most important part is that the nominee can receive the amount till the specified period in case of the death of the user. Immediate annuity works as a monthly income scheme and also a long

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term saving for any undue emergency.

WHOLE LIFE ULIPS The money stays invested throughout the life and upon retirement the person can make withdrawals and get tax free income. The ULP plan gives dual benefits of savings and protection all in a single plan. The lic ULIPS are the most widely used plans in the market.

CONCLUSION: Getting old and rethinking your financial planning can be costly. Always better to start at an age way prior to your retirement which can help in deciding the nucleus of your financial nutshell after years of retirement. The thought of retirement age is always considered to be at an age near or more than sixty but in today’s world of unpredictability it can change in a day or two. So keeping in track and all the health and miscellaneous issues, retirement planning should always be kept, so that it can overhaul a sudden state of financial emergency and gives a happy life.

FUN FACTS Do not save after your spending but spend after your savings.

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Secure your cyberspace , secure your digital life

Introduction Cybersecurity refers to a set of techniques used to safeguard the integrity of networks and programmes against unauthorised access. The primary function of cybersecurity is to protect data and systems from major cyberthreats.

These cyberthreats come in a variety of forms, including application attacks, malware, and ransomware. Financial institutions are the most common targets of cyber Mrinal Adabar Madhuri Rathod attacks. Cybercriminals target banks MBA, Batch 2021-23 MBA, Batch 2021-23 and offer a variety of ways to profit through extortion, theft, and fraud. Some of the incidents include Bangladesh’s central bank succumbing to SWIFT.hackers and losing US$81 million in 2016. In August 2021, hackers stole approximately $600 million from Poly Network, a Blockchain site. Cyber risk management clearly requires governance at the highest levels in order to protect the crucial data of the organization.

Literature Synthesis International organisations such as the International Monetary Fund (IMF), the World Bank produce cybersecurity risk documents that emphasise a broader framework for cybersecurity risk management. According to risk management professionals, a purely technical solution cannot mitigate cybersecurity risk. It is because no technology is without a flaw that could allow selfish agents to destabilise the system and inflict massive losses and financial burdens on financial institutions. They believe that, despite improvements in efficiency, cyber technology will increase business costs. Thereby, the financial performance of banking institutions may be impacted adversely. Therefore, international organizations emphasize risk disclosure and efficient use of technology ,to manage cyber risks in the global financial industry.Hence, we synthesize the emerging body of literature across three thematic areas such as Cybersecurity and systemic risk of technology. Cyber Infrastructure and operational costs. Cybersecurity solutions for the financial services industry.

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Cybersecurity and systemic risk of technology As financial organizations all around the world depend more on digital innovation for tasks and administrations , it also progressively opens up to the efficient danger of innovation that can’t be eliminated. It happens on the grounds that a solitary break in a financial organization could shake off the whole monetary framework and bring shocking repercussions as all banks and monetary establishments are interconnected. Cybercriminals penetrate into the framework and stay calm to monitor client exercises before the assault and receive their benefits with greatest harm for the organization at the right opportunity.As a result of it hackers steal private information transmitting through the banking system, prevent fund transfers between banks and harm the activities of other sectors that rely on the integrated banking services. Consequently, the Basel council recommends banks and monetary establishments all around the world to expand their institutional ability to withstand the shocks of uncontrollable digital dangers as the foundational hazard of digital innovation can’t be streamlined without capacity building.

Cyber Infrastructure and operational costs Good resilience not only confirms cybersecurity readiness but also enables the whole system to work without disruption. It means financial institutions need to invest adequately to develop high quality cyber technology infrastructure. These are mostly in areas such as reliable hardware and software , firewalls , cyber surveillance,risk detection systems and IT Training. Hence financial institutions need to have sufficient budgetary provision to procure appropriate cyber infrastructure. In addition to that, analysis of the benefits and costs relating to the investment is also crucial before any commitment. So, even though cybersecurity hazards are unavoidable in the digital environment, investment in technology is essential.

Cybersecurity solutions for the financial services industry One of the measures which can be taken for cybersecurity is the two-factor validation (2FA).

For banks, 2FA is most ordinarily achieved when a bank sends a temporary code to the client’s cell phone, which is needed to sign into their record. In this situation, the hacker would have to have access to both the PC or account credentials and the cell phone. A few banks don’t utilize 2FA for account login. The explanation frequently referred to is that their clients discover 2FA inconvenient.

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To make possible the accommodation clients request, firms should utilize the most recent computer science technology. Application and programming engineers are under the pressure to further develop the client experience and also enhancing the security features.

Security experts with the most recent programming and security abilities are expected to adequately support a DevSecOps climate where the obligation regarding security is shared across all parts of improvement and tasks.

Banks and financial institutions place a high priority on technical safeguards such as gateway control, data encryption, website protection, cloud management, artificial intelligence, malware tracking, spyware detection, and phishing protection. Technical security is typically provided by third-party vendors (e.g., Securelink, Norton, Backbase, Apex banking software).

A small professional team, however, collaborates with the third-party vendor to operate onsite technical facilities. It is because the development and maintenance of an entirely inhouse IT system by institutions is hardly possible due to high costs and difficulty in connecting to the global economy. So, institutions need to consider both technical solutions and cost constraints to control cybersecurity risk.

Financial services leaders should perceive that hackers will discover ways of taking advantage of weaknesses. These weaknesses might be in computer frameworks and networks, or they might be in processes and procedures. Developing a tech firewall is only the principal line of safeguard.

Advantages of using Cyber technology The information technology contributed enormously to expedite the growth of financial services through greater financial inclusion . It has improved operational efficiency and enhanced liquidity through online connectivity with national and global financial system.Cyber risk advisory services aim to provide invaluable insight on enhanced threat awareness and detection. Businesses can better understand present security risks and potential blind spots, while also developing actionable plans to eliminate these threats.

Conclusion The growth of cyber technology over the last decades has changed the operational framework of the global financial industry as operations in a virtual environment are vulnerable to security

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hazards .Therefore, cybersecurity has been growing as a critical concern for the global monetary industry. Cyber risk management guidelines emphasize proactive measures that incorporate the production of an extensive digital danger the executives structure at the intuitional level to distinguish the security hazards and take mitigation measures instantly.

The guidelines encourage banks and financial institutions to appoint a task force with sound technical knowledge to professionally handle the cybersecurity issues. Cybersecurity risk also contributes to the rise of operational costs for the banks and financial institutions.

FUN FACTS Since COVID-19, the US FBI reported a 300% increase in reported cybercrimes.

Human intelligence and comprehension is the best defense ‌ against phishing attacks. ‌Approximately $6 trillion is expected to be spent globally on cybersecurity by 2021. ‌95% of cybersecurity breaches are due to human error.

92% of malware is delivered by email.

More than 77% of organizations do not have a Cyber Security Incident Response plan.

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ACCELERATING FOCUS ON DIGITAL TRANSFORMATION

Introduction The global economy is accelerating due to digital acceleration, which is radically altering customer behaviour, individual enterprises, and even entire industries.

Organizations must prepare carefully and act swiftly to stay up in this changing climate, or they risk being left behind. The integration of digital technology into all elements of a business, radically changing how you operate and give value to clients, is Aayushman Sharma Anusri Misra known as digital transformation. It’s also MBA, Batch 2021-23 MBA, Batch 2021-23 a cultural shift that necessitates firms constantly challenging the status quo, experimenting, and learning to accept failure.

Digital transformation, whether through social media, mobile, advanced analytics, or cloud computing, is a critical weapon in the arsenal of any firm striving to innovate and thrive in a world that demands greater operational agility and efficiency.

The need to pursue a digital transformation plan is more urgent than ever as the globe continues to cope with the terrible effects of the coronavirus (COVID-19) pandemic. While businesses will surely confront substantial challenges during the digital transformation process, slow development is not an option, as company leaders must speed up the digitalization of their key processes.

A Pegasystems poll titled ‘Digital transformation & COVID-19: Driving customer-centric business change’ found that 91 percent of respondents felt they needed to make changes immediately in order to survive the post-COVID-19 future. Furthermore, 74% believed that the crisis revealed more flaws in their operations and processes than the previous year.

Furthermore, 71% of respondents said the pandemic has caused them to expedite their digital transformation plans, with 62 percent stating they will raise the priority level of such planning inside their company and another 56% saying they want to invest more in digital technology. “Companies have accelerated their digital transformation plans during COVID-19, condensing year-long initiatives into a matter of weeks,” says Steve Morgan, Pegasystems’ senior director of Financial Services Europe.

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Literature Review Whenever we prepare a research paper, we generally refer to existing papers which have been written by research scholars on the same topic to get an idea as to how a research paper has to be drafted. It also helps us to understand as to how much the topic was looked into by a particular research scholar and also the methodology that was used for the purpose of the research paper.

This paper is being written with the objective of finding about the various digital techniques used by the businesses of different sectors , right after the pandemic.

When pandemic just started in India , Many businesses have switched their working from offline mode to online mode . Various digital techniques used by different organisations are Digital Payments Providing online services to the clients by introducing the apps like aarogya setu app and cowin apps RESEARCH PAPERS (Rajeshwari, 2018) The paper focuses more on the convenience provided by Paytm in terms of time utilization. It also lays emphasis on the action plan that was ready in case of PayTM when demonetisation happened.

(Gramopadhye, 2018) Consumer satisfaction for Paytm falls in the category of mere satisfaction as consumers have reported issues in server speed, security issues and ease in usage. This gives us an insight into what all challenges Paytm faces when it comes to administrative issues with regard to the system that enables users to enter into transactions.

(Kumar, 2018) The paper dwells into the pros and cons of Paytm when it comes to customer usage. It also deals with one major challenge being faced by Paytm i.e., non-operability without internet connection.

(Mehra, 2018)this paper tells as to how did Paytm reap the benefits of demonetisation by helping the poor masses to go through the transition of a life without cash and also tells the contribution of Paytm in handling an economy in a currency crisis during demonetisation to shift to e-wallets by marketing itself as a platform resulting in a happy customers which built trust of the customers on the same.

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(Simha, 2018) Paytm was the first e-wallet company to set up operations in India. Also tells that Paytm was already established as a reliable online platform which was backed by the Government of India. After demonetization, people chose Paytm blindly without any hesitation.

(Roy, 2018) The paper tells the impact of demonetisation on the usage of e-wallets in India.

It says that it led to an increase in the number of ATMs, debit cards, rural banks and swipe machines. The paper also tells the measures that are to be adopted by the e-wallet companies to retain their customers.

Research Methodology INTRODUCTIONFor any research paper to be interpreted according to our understanding and analysis we apply something called “Research Methodology”. It is basically the methods, procedures, techniques etc that we apply to identify a topic for the purpose of research administration, selecting a particular source from which we will elicit information on the basis of which we will apply our analysis and understanding regarding the outcome of the same.

It allows us to critically evaluate a particular topic thus helping in finding the relevant solutions regarding problems and doubts regarding the topic. It also helps in knowing the validity and reliability of the research that we have undertaken and also helps other evaluators to improve on our existing research papers.

PROBLEM STATEMENTS When the covid has started attacking the whole world with its deadly viruses then at that time , all the government officials of different countries have to impose emergency lockdown . Due to measures adopted by the government , the businesses have to face huge losses .

In order to convert the losses into profits many businesses have adopted digital techniques in their functioning . The main reason behind adopting the digital mode is to reduce the effect of viruses from the surroundings . Some of the techniques which are adopted by different sectors are mentioned belowGovernment has introduced aarogya setu app so that the citizens will be aware about covid

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related protocols.

Vaccination program is successful through the Cowin App. Every hotel has now made it compulsory for the customers to make the payment through online mode.

TITLE OF THE STUDY- “Accelerating focus on digital transformation “ SIGNIFICANCE OF THE STUDY- the study aims to know as to which sectors have adopted digital mode in their functioning ,right after the covid and apart from that which different types of digital techniques which the sectors have adopted to remain in the market.

METHODOLOGY: 1. RESEARCH METHOD USED: - We have adopted the secondary method in order to conduct the research on the above said topic because this topic is very vast .

2. . DATA ANALYSIS TOOL - “Newspaper Articles, Blogs ” 3. RESEARCH OBJECTIVES: To identify which sectors have adopted digital mode , right after the covid pandemic.

To know about the different digital techniques adopted.

Analysis In certain situations, Covid-19-inspired technical innovations will accelerate current trends, such as industrial automation and contactless payments. In other situations, such as virtual reality, 3D printing, or telemedicine, the crisis may alter the industry’s path, allowing businesses to exhibit value that customers had previously been unable or unwilling to recognise.

In this study, we’ll look at some of the trends that have been sparked or expedited by Covid-19, and how those innovations are likely to impact the way we live, work, learn, and rest long after the epidemic is gone.

While the reception of famous usefulness apparatuses was solid and becoming before the Covid-19 pandemic, video chatting instruments, for example, Skype and Zoom were viewed as simple additional items by organizations.

The presentation of remote work strategies as a feature of protecting set up drastically speeds up the reception of these devices. Video conferencing is relied upon to represent half of the remote work market throughout the following five years, up from 10% to 15% right now.

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Organizations in each area needed to adjust to the difficulties of an unexpectedly conveyed labor force. Zoom’s portion cost took off almost 400% in 2020 due to soaring interest for its administration.

Many of a company’s backend procedures have been digitised thanks to information technology (IT). With the introduction of Industry 4.0, the attention has switched to Operations Technology (OT). The call of the hour is to enable remote monitoring and diagnostics (RM&D), drive predictive maintenance, ensure resource safety and security, and leverage Machine Vision to operate with maximum efficiency.

Apart from the government implementation, digital transformation is the need of the hour in the generation. The digitalisation of transactions or in simple words digital payments are much needed for a cashless economy. The profits of digital payments:1. Coping up with the advancement of worldwide 2. Convenient for transaction by not carrying cash along for major to minor payments.

3. More efficiency due to immediate transaction or minimum time taken for the same.

CONCLUSION Although it’s understandable to decrease tech investment in the wake of the epidemic and the economic downturn, digital is one area that should not be ignored. To advance and accelerate adoption of digital goals, companies must assess their operational strategies and priorities. Management will have to actively own and drive this approach, focusing on areas like safety, operational visibility, process control and optimization, and cybersecurity where digital can provide the most value. Simply put, we think that now is the moment to drive digital transformation within organisations and sectors, allowing workers and digital systems to collaborate more effectively.

The benefits of digital acceleration are numerous, including increased organisational adaptability, performance, effectiveness, and efficiency. As a result, companies who can fully utilize digital technology will frequently have considerably greater financial stability than digital under performers.

RECOMMENDATIONS Apart from that , digital transformation is possible in organizations only if top management gives their full support in times when organization needs the better digital technology and

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side by side top management have to give the decision making power to lower level people up to certain extent. If power will be in the hands of the lower level people then they will take the initiative to come up with new digital technology from time to time . Organizations will be able to compete with their competitors in a better way and can easily fetch a good amount of profits from their operations.

FUN FACTS Consumers are now demanding innovation—technological innovation in particular—as they insist on a seamless, integrated omnichannel experience that enables them to shop from anywhere via their mobile phone, tablet, PC or wearable device, in addition to traditional brick-and-mortar stores.

70% of companies either have a digital transformation strategy in place or are working on one.

As AI is set to play a prominent role in the workplace, digital integration is imperative to accommodate it.

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