Banks and financial institutions gear up to wield the potential of AI and ML in their thrust to forfend from the argus-eyed fraudsters
As COVID-19 rages unchecked and continues to spiral up its global footprint exponentially, profound uncertainty and extreme volatility has upturned businesses worldwide resulting in precipitous macroeconomic constraints, sparking off inflation of worrisome magnitude enveloping almost every sphere. Evident meltdown of global economy and Dow Jones exhibiting the single day plunge of nearly 3000 points on March 16th 2020[1] – the worst since the Stock Market Crash of October 19th, 1987 “Black Monday” when the US markets fell more than 20% in a single day – is a cogent testimony of this fact.
As human beings oscillate between prioritizing lives and livelihoods, the ongoing paralytic effects of this contagion has spelt radical changes in consumer behavior as they accelerate towards digital modus operandi for onboarding, trading and payment. Recent survey carried out by 451 Research, part of S&P Global Market Intelligence, proclaimed 52% of US traders envisaging a significant surge in their online sales attributable to the ongoing pandemic, thus necessitating intrinsic digital adoption and transformation at warp-speed across a broad swathes of industries.
[This article has been published with permission from IIM Bangalore. www.iimb.ac.in Views expressed are personal.]