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GenAI-backed financial services becoming popular among Indian users
Economic Times
·
1y ago
Medial
A study by FIS reveals that 91% of Indian consumers are open to using generative artificial intelligence (Gen AI)-powered financial applications in the future. The preference for new technology (60%) and the desire to save time (56%) are the primary motivators for consumers gravitating toward such applications. The study notes that Indian consumers have a higher level of trust in Gen AI compared to other major markets, with only 3% expressing no trust at all. Additionally, 88% of respondents trust their bank to use Gen AI in its operations, higher than in other countries surveyed.
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GenAI: What Accenture got right, but Indian IT didn't
Livemint
·
1y ago
Medial
Accenture secured projects worth $450 million in generative artificial intelligence (GenAI) in the three months ended November, a 50% increase from the previous six months. GenAI includes technologies driving chatbots and creating new forms of content. Analysts believe that if Accenture continues to grow at the same rate, its GenAI business could reach $4 billion in the current financial year. This marks a contrast to Indian IT firms, such as Tata Consultancy Services and Infosys, which struggle to define an AI roadmap. Accenture sees GenAI as a critical part of its clients' reinvention.
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From Rewriting Business Processes To Customer Support: How Fintech Startups & Banks Are Riding The GenAI Wave
Inc42
·
1y ago
Medial
A recent report suggests that a large number of Indian financial services players have either already started leveraging AI or have plans to pilot it over the next 12 months. GenAI adoption is also expected to see near-term hurdles such as hallucination, biased decision-making, data-privacy-related risks, and regulatory scrutiny. Fintechs are disrupting the traditional model by leveraging cutting-edge technologies such as GenAI, data analytics, and machine learning to personalize financial experiences. The increasing adoption of GenAI is expected to push growth in the fintech ecosystem, as cost is reduced and user experience is enhanced.
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The Enterprise Opportunity: SaaS Startups, India’s IT Giants Riding The GenAI Wave
Inc42
·
1y ago
Medial
Indian IT services companies like TCS, Wipro, and Infosys are embracing GenAI capabilities for various internal and external use cases. These companies are initially using GenAI to optimize operations, but the ultimate goal is to provide GenAI-based solutions to customers. India's digital product startups have been built on the legacy established by IT services giants, making the GenAI revolution significant for the Indian enterprise landscape. Adoption of GenAI is cautious, with companies primarily focusing on streamlining operations and improving customer and employee experience. However, the potential for GenAI to transform large enterprises is immense, and its adoption is expected to increase in the coming years.
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Country Delight raises Rs 200 crore in debt from Alteria Capital
Economic Times
·
9m ago
Medial
Country Delight, a direct-to-consumer fresh foods brand, has secured Rs 200 crore in venture debt from Alteria Capital. The funds will be used for expansion, capacity increase, and brand marketing as the company prepares for its IPO journey. Country Delight, which offers delivery of fresh food essentials through a daily subscription model, serves 1.5 million users across 15 Indian cities. The company had previously raised Rs 164 crore in equity funding from Temasek and has a valuation of $804 million. Venture debt is becoming popular among growing companies looking to finance expansion without diluting equity.
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Lessons for Indian IT services firms as Accenture, IBM lead GenAI charge
Livemint
·
10m ago
Medial
IBM is experiencing a turnaround as it gains more clients for its generative artificial intelligence (GenAI) services. The company's GenAI bookings stood at over $2 billion as of July, while Accenture reported $3 billion in GenAI bookings for the period 2023-24. The growth in consulting business has contributed to the success of both IBM and Accenture, which outpaces Indian IT services companies. Indian IT firms have not reported revenue from consulting or AI practices and have faced challenges with lower client spending on IT services. GenAI revenues are expected to flow from consulting before expanding to other IT segments.
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Wary banks push secured credit cards in a lending twist
Economic Times
·
1y ago
Medial
Indian credit card industry is shifting towards secured credit cards, which are backed by term deposits. This product, although available in the market previously, is now being aggressively promoted by mainstream banks. Secured credit cards are particularly popular among business professionals and startup founders who do not have fixed salaries.
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36% of Indian enterprises started budgeting for Gen AI: E&Y report
Livemint
·
6m ago
Medial
A recent Ernst & Young survey reveals that 36% of Indian enterprises have begun budgeting and investing in Generative AI (GenAI), while 24% are experimenting with it. Although innovation in GenAI is progressing rapidly, only 15% of enterprises have production workloads, and just 8% can fully measure AI costs. The technology sector, life sciences, and financial services lead AI adoption, with AI-powered tools reshaping traditional sectors and a growing rise in Indic AI models.
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China's RedNote: What you need to know about the app TikTok users are flocking to
Economic Times
·
6m ago
Medial
RedNote, known as Xiaohongshu in China, has gained attention as over half a million TikTok users joined it amidst a potential U.S. TikTok ban. The lifestyle app, akin to a localized Instagram in China, is popular for recommendations on beauty, fashion, and more, mostly among young, female users. Founded by Miranda Qu and Charlwin Mao in 2013, it’s backed by Alibaba, Tencent, and others, with aspirations to gain global popularity, despite primarily Mandarin content.
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Explained: The Tech Outage That Threw ChatGPT Out Of Gear
Inc42
·
10m ago
Medial
On Wednesday morning, ChatGPT, a popular chatbot platform, experienced an outage due to elevated error rates in API models. This caused difficulties for users trying to access the chatbot. It is worth mentioning that GenAI, the company behind ChatGPT, has over 200 million users worldwide, with India being its second-largest market, accounting for over 9% of its user base.
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Microsoft partners with Chennai-based Sarvam AI for genAI tools
Economic Times
·
1y ago
Medial
Microsoft has announced a partnership with Indian startup Sarvam AI to support the development of voice-based generative AI applications. The partnership will facilitate the creation of genAI models targeting Indic languages and context. Sarvam AI, backed by investors like Lightspeed Venture Partners and Khosla Ventures, will make its Indic voice LLMs available on Microsoft's Azure cloud platform. Financial details of the partnership have not been disclosed yet.
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