How AI will impact your business
Shikhar Ghosh, Professor, Harvard
Watch Now14:40 Minutes The average reading duration of this insightful report.
Foundational for identity verification and rights access, government-issued IDs face breaches and inefficiency within centralized systems. Enter Decentralized Identity solutions, redistributing verification control to individuals. But is it applicable for equally for all government services?
Decentralization of government-issued IDs is a complex issue with potential benefits and drawbacks. Whether government issued Ids should be decentralized or not depends on various factors that we delineate. Any decision on decentralization should be carefully considered and implemented with caution to ensure that they do not breach security or undermine the government’s programs. Download Complete Research
We detail out the current Issuing process typically followed by governments today and identify several challenges and issues that face it today. This includes Ids like the Passport, Licenses, Voter cards and Social security cards. All of them are critical and everyone can do with an easier and more fool proof process for the same.
We evaluate the different government functions such as Education, healthcare, elections, security, taxation, etc and analyze which of these would be most suitable to be decentralized. We map them on a matrix of Complexity & Coordination and the Need for scrutiny to give us an easy framework for assessment. Download Complete Research
We end by considering the long term onjectives and intended outcomes of such an exercise.We feel that Decentralized Identity solutions can rebuild trust in public institutions by empowering residents with data control.
Credits
Author@lab45: Sujay Shivram, Abhigyan Malik
14:37 Minutes The average duration of a captivating reports.
Decentralized Identity systems solve for inefficiencies and security breaches, making them extremely useful for enterprises. We explore in detail important industry use cases where these solutions can be used and means to implement them.
The KYC Process in Banks and Financial institutions is mandated by the government and can be quite painful both for the bank and the customers. We examine how DID can help not only simplify the process but also ensure high trust and make the process fraud proof, by eliminating intermediaries and returning to trusted direct relationships. Download Complete Research
In case of Food supply the application of IoT can provide real-time data and insights. The current IoT supply chain and the food Supply chain face innumerable challenges. Using DID and verifiable credentials in food/perishable supply chain can provide a tamper-proof and auditable record of a product’s journey, from its origin to its destination. Solution will have lasting impact not only for controlling quality and expense for organization but will also have impact on public nutrition, health, and sustainability. We explore how!
While managing Electronic Health Records, healthcare organizations face two main challenges: Privacy & Security and Interoperability due to multiple systems in play. By providing patients with greater control over their health information, Decentralized Identity solutions can enhance trust and confidence in the healthcare system, leading to better health outcomes. We explore the details with an example. Download Complete Research
Credits
Author@lab45: Sujay Shivram, Abhigyan Malik
10:24 Minutes The average duration of a captivating reports.
GenAI is changing the banking industry through work automation, individualized customer experiences, and fraud detection. Operational cost savings from using GenAI chatbots in banking globally is 35 times more than not using GenAI. GenAI helps banks increase productivity, lower expenses, and enhance customer happiness.
Among industries globally, GenAI could add about $ 3.5 trillion annually in productivity on average, out of which the banking sector would be nearly 8 per cent. Banks are starting with applications in software development, chatbots and media content generation. GenAI has vast potential to execute business and technology processes autonomously. The operational cost savings from using GenAI chatbots in banking reached $7.3 billion globally. It is 35 times the operational savings without using GenAI. The integration of GenAI with virtual assistants has significantly enhanced customer support and experience. GenAI enables banks to automate crucial processes such as customer onboarding, fraud detection, and risk management. As a result, employees can concentrate on more intricate tasks, such as delivering exceptional customer support. The banking sector can significantly benefit from this, leading to an overall increase in efficiency. Download Complete Research
Empowering customers through GenAI
Corporate banking, retail banking and software engineering are the most value-creating functions with each providing a value of about $ 50 billion. The rest of the functions include wealth management, asset management, risk, IT and finance and HR. Download Complete Research
The diagram below shows the impact of GenAI on banks' functional architecture
GenAI is in nascent stage, but it has the potential for vast changes in banking. The following use cases are expected to prevail in future:
Credits
Author@lab45: Poonam Pawar, Hussain S Nayak
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