The financial industry is revolutionized with the integration of artificial intelligence. It not only enhances the precision level but also speeds up the query resolution period. With the help of enhanced efficiency and accuracy, human problems are solved with the help of AI.
FinTech firms have revolutionized the computational arms race in the last two decades.
A broad range of advanced technology, including Artificial Intelligence (AI), Machine Learning and Neural Networks, Evolutionary Algorithms, and Big Data Analytics, has allowed computers to cruise diverse, and profound data sets.
But one question should be a subject of discussion: is this man-made technology actually reliable or not?
Finance + Technology = FinTech
FinTech is the abbreviation of Financial Technology. The term Fintech is used in general terms as finance partners with technologies for improved goods and effective processes. It is used as a noun for starting of Fintech and as a verb. Although the term evolves from banking to other practices such as insurance, reciprocal funds, and personal finance management, Fintech does not have a specific meaning.
The most important and major reason for the rise in technology is an industry is “demand and supply”. The customer drives the market drivers for Fintech services. Supply factors have been primarily from former banks and technology giants, nowadays start-ups from Fintech.
The young generation today has grown up in an era where the world is innovated by technology.
Losing Privacy is Easier But …
FinTech providers focus primarily on the collection of in-depth customer knowledge and behavior. This has culminated in financial services becoming the most intensive data customer. FinTech champions say that consumers take advantage of custom goods and lower costs, allowing greater knowledge of customer tastes to be feasible.
Critics claim that it not only increases the level of privacy violations but can also exacerbate financial isolation because customers who are perceived as unsafe or who have no digital footprint can be priced out.
Based on the actions of other customers with similar buying patterns to you the reputation risk could also climb.
A credit card business in the U.S. has deemed a credit liability to their customers because, based on reviews with other borrowers and redemption history, they were likely to pay for marital counseling, rehab, or reparation programs using their cards.
… Losing Wallet is Harder
While cash still accounts for roughly 85 percent of customer transactions, worldwide cash-free transactions rose by nearly half between 2009 and 2014. Some of the largest tech companies have now settled down with Apple Pay getting a market share of 57 percent, followed by Samsung Pay and Android Pay.
Digital payment services are also trying to convince customers to use their payment channels. Their new payment strategies were fulfilled by 49 percent of customers.
How AI and ML are Combating Scams in the FinTech Industry
The market has been changed by the introduction of AI and ML in the financial sector. Since fintech is an emerging market, it needs solutions unique to the industry in order to achieve its objectives. Here, AI tools and machine learning can be amazing. You’re interested in learning the effect on Fintech of AI and ML? They are useful not only for the enhancement of clarity but because different proven innovations also speed up all financial processes.
Financial solutions focused on AI concentrate on the critical needs of the modern financial market, including enhancing consumer service, cost-effectiveness data convergence in real-time, and improving security. Adopting AI and its applications together allows the industry to build for its clients a healthier and more stimulating financial environment.
In reality, some 50% of financial services and insurance undertakings now use AI globally, according to a Forrester research group report. And with recent technical developments, the number is expected to increase. Financial and bank activities were facilitated through the use of AI and ML. Fintech businesses offer personalized products and services to satisfy the demands of the changing market through such smart technologies. FinTech is adopting following services to prevent fraud.
To prevent data breaches, financial sectors are arming themselves with identity verification service as everything is prone to digitization in this modern innovative world. Cyber attacks are rising in parallel with innovative technologies. Customer authentication has been a must for a long time in financial sectors. It guarantees the inclusion of real clients and the absence of companies of fraudsters.
Per year there are breaches of the data by banks, insurance providers, fintech businesses, and numerous other industries. The number of breaches has made automated consumer on-board verification not only a competitive priority but also an important method for data processed during on-board verification in the cloud.
Identity verification also involves age verification, document authentication, geolocation, and consent verification.
Strong security action is required because of the growing amount of cyber threats and internet fraud. Cyber-threats are common nowadays because of unchecked internet access. Registered entry is the only viable way for online companies to engage in the digital field by allowing licensed organizations.
In-situation approaches for checking the identification of consumers with anti-spoofing steps require better customer verification.
Facial recognition technology is one of the leading tools for coping with digital fraud in unsupervised authentication solutions. Advanced biometric security systems will counteract the advanced spoofing activities of fraudsters who want to achieve unauthorized access to user accounts. Facial recognition uses a 3D animation detection feature to identify the user’s remote presence at search.
There is no hint of slow-down account acceptances, bot attacks, and spoofing attacks, and as we reach a new decade, businesses will begin to find that they are no more secure in defending online accounts through these conventional authentication approaches.
In order to ensure that the digital identity of the customer suits their real-life identities and protects data from the hands of the fraudulent, companies are expected throughout all sectors to start to explore and implement some form of password-less or biometric authentication.
For advanced biometric authentication schemes, liveness detection defends against rapidly increasing spoofing attacks. For starters, scammers are today using the photograph, videos, or even a basic mask to circumvent the selfie preamble, which is often needed to substantiate the digital identity of a government-issued document such as a passport and driver’s license.
Technology is designed to provide comfort and speed. Yet in addition to these advantages, internet fraud is still growing. In the end, financial institutions and Fintech firms invest in AI and machine learning to defeat fraudulent transactions.
Solutions for AI and machine learning are powerful enough to answer in real-time and to analyze additional data fast. The organization, for various types of machine learning, may identify effective models and recognize fraudulent processes. Fintech can help develop stable financial tools and applications using these technologies.
An immense number of data for improved implementations can be processed and optimized with AI and ML. Fintech is also the right field where AI and machine learning technologies have a bright future.
Emerging technology such as artificial intelligence and deep learning remains vital to the Fintech industry, as the market continues to expect simpler and quicker transfers.
AI and ML-based technologies have tremendously strengthened the Fintech industry. As a result, financial institutions now provide clients with quality better banking services.
Worldwide, leading finance and banking companies find an industry more stable and automated using the ease of artificial intelligence.
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Application Dependencies: Are They Holding Back Software Innovation?
In software development, a dependency is a piece of software that another piece of software relies on in order to function. An application’s dependencies are the external components that the application needs in order to work. These can include libraries, frameworks, and other software packages that the application uses.
For example, if an application is written in Python and uses the Django web framework, then Django would be a dependency of the application. In order to run the application, the Django library would need to be installed on the system.
Managing Dependencies in Software Development
Managing dependencies is an important part of software development, as it helps to ensure that an application has all the necessary components it needs to run correctly. This can be especially important when deploying an application to a new environment, as all of the dependencies will need to be installed and configured correctly in order for the application to work.
While dependencies make it possible to develop applications faster and add advanced functionality quickly without having to build them from scratch, they also introduce serious risks that can bring software development projects to a halt. I’ll describe what types of dependencies commonly exist in software projects and how they impact software innovation.
Types of Software Dependencies
Functional dependencies are components or resources that are necessary for an application to function. They result from the tasks that enable businesses to achieve their desired outcomes. It is important to identify and map these dependencies to detect and address issues, removing redundant dependencies.
Sometimes, you might need an unavailable dependency, such as one still in development. Mocking is a technique used in software development to create simulated versions of components or dependencies for testing purposes. Mocking allows developers to test the behavior of a piece of code in isolation by replacing its dependencies with mock objects that mimic the behavior of the real dependencies.
Developmental dependencies, on the other hand, are dependencies that are only needed during the development and testing phase of a software application. These dependencies might include tools for testing, debugging, or building the application and are not necessary for the application to run in production.
For example, an application may depend on a testing framework such as JUnit or PyTest during development in order to run automated tests. Still, the testing framework would not be required when the application is deployed.
Similarly, an application may depend on a build tool such as Gradle or Maven during development in order to compile and package the code, but the build tool would not be needed when the application is running.
Non-Functional and Operational
Non-functional dependencies are dependencies that relate to the overall behavior and performance of a software application rather than its specific functionalities. Examples of non-functional dependencies might include dependencies on particular hardware or software configurations or dependencies on system-level services such as networking or security.
Operational requirements can be hidden in functional requirements, so they only become apparent later in the project. To resolve an issue with such dependencies, it is important to establish policies, identify the root cause of the issue, and determine the appropriate resolution.
Dangers and Risks of Application Dependencies
There are several risks associated with application dependencies, and the danger increases with greater reliance on external software components:
- Security vulnerabilities: Dependencies can contain bugs or flaws that can be exploited by attackers. It is important to keep dependencies up-to-date and to regularly check for and install any available security patches.
- Compatibility issues: Dependencies are not always compatible with the version of the software they are being used with, or they might rely on other dependencies that are not present.
- License issues: Dependencies may be subject to different licenses, and using them in an application may create legal issues if the terms of the license are not followed. It is important to carefully review the licenses of any dependencies before using them in an application.
- Maintenance and updates: These are essential in order to stay current and secure. If a dependency is no longer maintained or supported, it can become a liability for the application that relies on it.
- Complexity: An application with a large number of dependencies can be more complex to maintain and deploy, as all of the dependencies will need to be managed and kept up-to-date. This can result in something called dependency hell.
How Application Dependencies Impact Software Projects
Application dependencies are an important aspect of software development that can significantly impact the success of a software project. Understanding and managing these dependencies is crucial for building and maintaining high-quality software systems that are resilient, scalable, and easy to maintain:
Application dependencies can make the software more complex to build and maintain.
For example, if a software system has many dependencies on external libraries or frameworks, it may require more coordination between different teams and systems to ensure that these dependencies are properly managed. This can increase the time and effort required to deliver the project, and it can make it more difficult to make changes to the system in the future.
Application dependencies can affect software stability and reliability
If a change is made to a dependent component of the system, it can have unintended consequences on other parts of the system that rely on that component. This can make it more difficult to ensure that new features or changes are safe and reliable, and it can increase the risk of regressions or other issues.
Application dependencies can impact the scalability and performance of a software system
If dependencies are not properly managed or optimized, they can become bottlenecks or points of failure that limit the ability of the system to handle high levels of traffic or workload. This can impact the usability and reliability of the system, and it can reduce the value that it delivers to stakeholders.
Therefore, it is important for software teams to carefully understand and manage application dependencies in order to ensure that their projects are successful. This may require using tools and practices such as dependency mapping, automated testing, and continuous monitoring to track and manage dependencies effectively.
In conclusion, application dependencies can have a significant impact on software development projects. While dependencies can provide valuable functionality and save developers time and effort, they can also increase the complexity of a project, introduce security vulnerabilities, impact performance, and cause conflicts.
It’s important for developers to carefully consider the dependencies that their applications rely on and to try to minimize the number of dependencies as much as possible in order to keep the project simple and maintainable.
By keeping your project simple and maintainable — developers can help ensure that their applications are able to take advantage of the latest innovations and technologies and are able to adapt and evolve over time.
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Leveraging Social Media To Grow Your Career In 2023
Employees are ready to change their jobs, with nearly half of American workers planning to look for a new job in the coming six months. According to a new Robert Half report, which surveyed 2,500 professionals, around 46% of them said they plan on making a career or job change in the first half of the year.
Job-hopping has become a workplace trend among young working professionals in the post-pandemic labor market. A recent Gallup study found that 60% of surveyed millennials – ages 27 to 40 years – are more likely to look for different opportunities this year. The percentage of non-millennials workers looking to switch jobs is roughly 15% lower.
A majority of Generation Z candidates have also claimed that they are likely to make a job change this year. In a 2022 Lever Great Resignation report, around 65% of Gen Z professionals said that they are likely to leave their job by the end of the year. Moreover, 13% of them are twice as likely to quit their jobs in the next month.
Job-hopping has become almost synonymous in the post-COVID workforce, and younger professionals are fueling this trend by leaving unfulfilling roles and moving on to greener pastures.
Yet, with so many professionals changing jobs, or looking to switch careers, even against the backdrop of a looming recession, many of them have geared themselves towards social media as a way to build a professional brand and market themselves to potential employers.
Using Social Media For Career Growth
Keeping your social media professional can be a hard ball to juggle. In a 2020 Harris Poll survey, around 70% of employers said that every company should screen candidates’ social media throughout the hiring process. Additionally, the majority of employers – 78% – believe that all their current employees should adhere to a work–appropriate social media profile.
Employees should care about what they share and post on social media. Although the debate over whether social media screening during the hiring process is ethical is still ongoing, candidates willing to leverage social media to develop or boost their careers will need to set up a social media strategy that can help them land the job they want.
Much of our digital identity is pinned to our social media accounts, and a lot of what we share, like and the people we interact with via these channels can speak a great deal of the types of person we are outside of the workplace.
Aside from employees using these platforms to grow their network, or search for possible job opportunities, employers and recruiters are using it to look for any possible red or green flags that you might bring to the workplace.
Social media has moved beyond its traditional form, and today it’s become a digital ecosystem that helps to connect like-minded professionals and their potential employers.
How To Use Social Media To Boost Career Opportunities
Searching for a job is more than browsing through recruitment websites and job listings on LinkedIn or Google. The internet, and social media is a vast place, with near-endless possibilities, and when it comes to growing your career through social media, you will need to know a few things first.
Have A Social Strategy
It might sound strange at first, but having a social media strategy will help you come in contact with the right people faster. Your social media strategy should include building an online identity that reflects your professional and personal side.
You can use different platforms for different connections or networks, it’s all about how you present yourself through your brand. Think of the type of content you share regularly, does it reflect who you are as a professional? How often do you post, or reply to comments and messages? Are there any areas where you can improve or update the information to help you grow your network of contacts?
Write some questions down to get you started, and start working on building an online identity that can get noticed by like-minded individuals in the same industry.
Network With Industry Professionals
Nowadays it’s easier than ever before to reach out to a company or recruiter through their social media, and the same goes for connecting with professionals working in the same industry.
Instead of using social media to only share insightful content, or engage with your friends, try to grow your professional network. On top of this, it’s important to engage with these people as well, even if it’s simply exchanging a few words now and again.
Be active in your mission to get to know the people that are out there, and spend a bit of time researching their profiles to better understand the type of skills and qualifications these people may have. Networking is one of the best possible ways to move around your industry without putting in much effort.
Grow Your Skills
Looking at other people’s social media profiles, whether it’s Twitter or Indeed.com, or even Instagram will give a better idea of the type of skills you might need to develop to help grow and make the next big career jump.
Often professionals will share their skills, and what they’re experts in at the top of their social media accounts, this way it is easier for recruiters to know who the person is, and for like-minded professionals to engage with them.
If you compare the skills of several professionals already working in the field you’re interested in, you will get a better idea of where you might need to upskill yourself by completing some courses or doing a bit of reading.
Advertise Your Expertise
When we say advertise, we don’t necessarily mean flashy and colorful digital adverts that you’d hope will get the attention of your potential employer.
Instead try and convey your expertise through the type of content you can share such as blog posts, news articles, industry research, or even projects you’ve worked on. Additionally, you can also share your job title and relevant experience in the bio section of your profile.
The better you are at showing people your expertise in a professional, yet unpretentious way, the faster your feed will fill up with similar content and other experienced individuals.
Update Your Profiles
This is relevant to almost every social media profile you have, regardless of what you use it for. People often neglect social media platforms they don’t use anymore, and while it can be tedious to spend so much time updating photos or replying to messages, decide on a couple of platforms you’d like to use and stick to them.
Make sure that the platforms you end up using have a recent photo, and that all other relevant personal information has been updated such as your job title, industry experience, and your current city. You don’t need to do this every week, only when needed, or when you’ve changed jobs or moved.
The better you curate your social media, the easier it will be for employers and recruiters to notice you as you actively begin to network.
Social media can be a professional tool, despite it receiving so much negative clout in recent years. Although it’s hard to determine whether possible employers or recruiters will screen your social media accounts before or during the hiring process, it’s best to always keep a well-groomed online identity – especially if you’re looking to make progress in your career.
Make well-informed decisions, and think about the type of content you’re sharing. Remember to engage with like-minded professionals, and have conversations online through the information you share with your followers.
The better you are at curating one or two social media platforms for career purposes, the quicker you’ll be able to expand your network, and grow your professional skills. Don’t think too much about it, try and have a balance as much as possible, as this will help you to enjoy your social media experience while maintaining a professional, yet fun digital identity.
Published First on ValueWalk. Read Here.
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Have You Heard of These 6 Amazing Ways to Use AI in Construction?
Artificial intelligence might have started as the fictional villain of sci-fi stories, but it’s quickly becoming indispensable in many industries. The construction industry is one among many beginning to adopt this new technology. How can companies and contractors start employing AI in construction? How could this industry 4.0 technology change the industry in the coming years?
1. Programming an Extra Set of Eyes
Drone cameras have already become invaluable for contractors, especially for site surveying and inspections. While they can help keep inspectors and workers safe, they still require a live person behind the camera and the controls. In the future, users could train AI to see, analyze and understand the images they’re observing, reducing or eliminating the need for a human operator or drone pilot.
Human inspectors will still be necessary, but if programmers can teach an extra set of AI-powered eyes to recognize when something is incorrect or missing, it could help streamline these processes.
As a bonus, these AI eyes could potentially recognize or identify errors and safety issues human inspectors might overlook. Observational AI systems rely on pattern recognition and spend most of their time observing hundreds of thousands of images to ensure they can correctly identify their targets.
They don’t experience the problem of familiarity. It’s like editing a piece of text. The more often the author reads it, the more likely they are to overlook errors rather than fix them. AI observational systems don’t have that problem, making them more efficient for safety applications.
2. Turning Data into Actionable Insights
Construction might be one of the slowest industries to adopt new technologies. Nonetheless, that hasn’t stopped the slow introduction of smart building. Incorporating devices into a construction project generates massive amounts of data. Without an AI or machine learning system, that information languishes in digital limbo. Skilled analysts may be able to make heads or tails of it, but putting it to use requires additional tools.
In construction, AI can sort through massive amounts of data, find patterns and deliver actionable insights that can improve productivity and worksite efficiency. It can use equipment maintenance data to create a better care schedule, preventing costly downtime due to equipment failure. With enough information, it can even predict when these maintenance cycles should occur based on past data.
3. Adopting Virtual Assistants
Alexa or Siri might seem like something users only need after their shift ends, but these virtual assistants and many others can help improve outcomes. Digital helpers designed for construction applications can manage communication, bolster inter-team coordination, schedule and track appointments, and more. Advanced assistants can access data generated by the above technology and help with budgeting and estimation.
Modern helpers may take time to customize to a company’s specific needs, but their benefits vastly outweigh the time investment. Utilizing natural language processing (NLP) can make these virtual tools even more powerful. NLP allows users to speak to their virtual assistants as they would to the person next to them.
4. Incorporating AI Into Wearable Technologies
Like virtual assistants, wearable technology might not seem like it has much of a place in the construction industry, but that couldn’t be further from the truth. Fitbits and Apple Watches might not offer much, but they are far from the only wearable devices available in the construction industry.
Monitoring an employee’s heart rate and other vital statistics can indicate when they might be in distress. Fatigue monitors can prevent on-the-job accidents by alerting supervisors when someone is operating heavy equipment while not adequately rested. Impact sensors can detect when someone experiences a fall. Connecting these wearable sensors to a centralized AI in construction sites allows the system to monitor employees in real-time and send alerts as needed.
5. Procuring and Supply Chains
Supply chains across industries took a significant hit during the COVID-19 pandemic. The price of some construction supplies skyrocketed, and the supply chains for other materials slowed to a crawl — if they were still available. Incorporating AI into procurement and supply chain systems can help improve efficiency and reduce the chance an upset like the pandemic could derail these supply chains again.
There are applications for AI and related technologies throughout the supply chain, from manufacturing and harvesting to those last-mile deliveries. Sensors can collect information about everything from location to distance traveled. They can monitor temperature and humidity for materials requiring more climate control, making it easier to protect all necessary supplies while in transit. Pairing these sensors with an AI system can make sense of data while generating actionable insights.
6. Integrating Robotics and Automation
Contrary to the story popular media tries to spin, robots aren’t appearing in workplaces intending to steal jobs. Instead, they could help improve workplace efficiency and reduce on-the-job injuries by completing mundane, repetitive, or dangerous tasks. Introducing robotics and automation can lower the potential for stress injuries since construction workers are most frequently diagnosed with this type of ailment.
When it comes to dangerous tasks, AI-powered robotics or automation are ideal. These applications can include everything from cleaning tanks or operating in low-oxygen environments to completing tasks in situations that would otherwise be unsafe for human life. While it is currently possible to use these robots manually via remote control, adding AI to the mix would free up workers for more critical or complex tasks employers can’t automate.
Looking to the Future of AI in Construction
There are so many amazing applications for AI construction that it’s easy to forget it’s still novel technology. It will take some time before the industry is ready to adopt this technology and capitalize on all its benefits. AI could make all the difference for companies looking to differentiate themselves in this competitive field.
Featured Image Credit: Provided by the Author; Photo by Sam Moghadam Khamseh; Unsplash; Thank you!