Category: Emerging technologies

Robo-Advisors are Gaining Popularity in FinTech

June 13, 2017

Investing our hard-earned money is always risky. In fact, any sort of investment and asset allocation is complicated.  And with thousands of investment plans and advice openly floating in the market, we often end up spending a huge amount of time thinking where we should invest. We also worry constantly about how we should go about the financial planning depending on the market dynamics. The arrival of robo-advisors disrupted the traditional fintech sector and changed the way investment models worked so far. Though the term, robo-advisor nearly is nine-years-old, these so-called online wealth managers are increasingly becoming popular in the FinTech services and are building the portfolio for the investors according to their personal needs. What are robo-advisors?  In simplest terms, robo-advisors are computer programs who invest money for the clients in the market. Investors will be asked certain questions about their investment plans, time period and risk tolerance. Robo-advisors using machine learning, big data, and algorithms will manage an ETF (exchange-traded fund) portfolio that best suits the need of the investors online with little or no human intervention. Also, when and how the market moves, the robo-advisors will adjust the portfolio of the client. Interestingly, it was during 1998, the year of Great Recession, when Betterment unveiled to the world the financial innovation, called robo-advisor.  And within a few years, these automated investment platforms driven by artificial intelligence, are one of the developing innovations in the FinTech sector. As indicated by consulting firm AT Kearney, assets under management (AUM) by robo-advisors will take a leap by 68% annually to a gigantic 2.2 trillion in the coming five years.   Robo-advisors have evolved into three distinct models with all sharing the same goal. Fully delegated approach: This model involves standalone firms such as Betterment that use algorithms to recommend stocks and manage portfolios. Their advice is based on user profiles including investment goals and risk tolerance. Their target customers are new retail customers who are not habitual investors. Assisted advisor approach or hybrid robo-advisors: These combine computerized recommendations coupled with on-demand advice from a human being. Established companies like Vanguard’s Personal Advisor offer the hybrid approach for existing clientele. Advanced approach: This model uses complex algorithms to create and manage portfolios. Such companies use in-depth approach model to target HNI/ wealthy investors. Interestingly more firms, dealing with finance, insurance, wealth management and investment gradually understand the disruptive potential of this new innovation and are either buying, building or partnering with robo advisory firms. Now, for the online brokers, who were once-upon-a-time stock brokers, before the Internet revolution completely changed the way finance services were handled, robo advising looks more or less of an electronic service for them. Having said that, traditional companies shouldn’t rush and shift to digital technology suddenly. Reason? Well, let’s not forget they have a number of aging investors who prefer to take decisions from a human advisor till now. In short: at times, they prefer the human touch more than digital. Those firms need to educate the elderly clients about digital platforms and their advantages. This will reduce human liability to manage clients on a day-to-day basis and focus on expansion. Also, it’s important to understand that robo-advisors periodically review recommended portfolios. So, if there is any change in funds or new funds are added, robo-advisors provide relevant reasons for you to decide whether or not to make any changes in your portfolio.  It is important to note that most automated platforms are structured around long-term investments with little or no human intervention in recommended products. But what do you do in short-term investments? In short-term investments, market volatility or in cases of personal emergencies, the automated advisory platform at the most sends the clients’ reminders that he/she is deviating from the long-term goals. However, cash flow and behaviour management suggestions are only offered by full-service robo-advisors. Popular robo-advisors for your investment needs It all started with Betterment, the online investment company based in New York City. Today, they have over $7.3 billion in AUM. From automatic rebalancing, handling diversified portfolios, tax-loss harvesting to managing your IRA, the robo-advisors will be at your disposal for all your financial needs. We list a few companies who are offering customized computer-generated advice. Betterment Wealthfront Nutmeg WiseBanyan Schwab Intelligent Portfolios Vanguard Personal Capital Rebalance IRA Motif Investing Acorns FutureAdvisor Fidelity Go SigFig Blooom LearnVest Now, it is interesting to watch that robo-advisors, which started off in the US are now finding major support in different parts of the world. The market of automated investing is growing at an exponential pace and major players from different countries are increasingly becoming a part of this FinTech journey. From Switzerland, UK to Asia-Pacific (APAC) region, the rising popularity of robo-advisors can be felt in the financial space. As indicated by BI Intelligence, the APAC region will represent $2.4 trillion in robo advisor AUM by 2020.Also, clients across all asset classes are interested in robo-advisors, including the opulent class. According to BI Intelligence, 49% of high-net-worth individuals i.e. HNWIs across the world would consider having a robo advisor manage at least some portions of their money. BI also indicated that by 2020, 60% of these HNWIs would invest 20% of their assets in robo-advisors.In most cases, robo-advisors are considered to be the economical way to invest in contrast to traditional wealth management firms. Agreed, there are challenges for both robo-advisors and traditional firms, which rely on human advisors, to acquire customer base and modulate strategy respectively. So, let’s wait and watch how more investors respond to the new arrangement. Reference: Fox Business, CB Insights, USA Today,   Wall Street Journal, invstr, Forbes, Business Insider, Mint, Economic Times 

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Your handy guide to turn your house into a smart home

June 5, 2017

The alarm goes off and your perfect cup of hazelnut coffee is ready. Rich and nutty, just the way you like it. And the best part: you can make the coffee without having to leave your bed. Even a few years ago, this would seem to be a scene straight out of a fairytale or a sci-fi movie. But not today. You can make a pot of coffee from anywhere using your smart device. That’s the power of technology and that’s how home automation is changing our lives. Who doesn’t love a comfortable, easier, secure and convenient lifestyle? Smart home and Internet of Things (IoT) are completely redefining our way of life. From voice-activated smart speaker Amazon Echo, who will be at your beck and call, smart lighting which would automatically turn on the moment doorbell is heard, shades of the room which can be adjusted from the mobile app to remotely monitoring the snoopy activities around the house, you can do everything by a single click on your smart device today. Smart homes give you the ultimate power to control, monitor and manage your home sweet home and also your office through some digitally connected products, anytime anywhere in the world. Home automation is a ragingly growing market with the US having the highest smart home penetration rate, followed by Japan and Germany. According to the global smart home market, the market size would reach a value of more than 40 billion US dollars by 2020. Now, that’s encouraging for the tech giants and venture capitalists who are pouring money for the growth and advancements of these technological innovations. The real estate scenario has also undergone a sea change, courtesy smart home technology. Realtors and builders are increasingly adapting to these new innovations and also making the buyers aware of smart homes and how these “intelligent homes” can communicate with them too. Interestingly, millennials form the largest consumer segment in the US. They are a bunch of technological savvy citizens and have a completely different approach when it comes to investing in properties. The real estate giants are taking their preference into the count to make the homes modern. According to August 2016 report released by Coldwell Banker LLC, home-buyers are increasingly looking for their homes to be automated, or at least which have the potential to be automated. In India, the concept of smart cities has been finding more common ground. So, it wouldn’t be long that India too will start adapting this budding technology. Startups in India are jumping onto the bandwagon on home automation and technology students are also trying to make breakthrough innovations in this domain. According to a report published by RedSeer Consulting in 2015, home automation market in India is expeditiously growing and is expected to reach Rs 8800 crores by 2017. That’s good news. Santanu Mukherjee, head of digital marketing, Indus Net Technologies, admits that India too is welcoming home automation with open arms with several players already ruling the market. However, he also agrees that it will take some time before home automation finally finds its stronghold in India. According to Mukherjee, the primary reason is the lack of awareness in this sector. “Till now, maximum buyers in India consider the property with smart home IoT devices as too luxurious investment. The high product cost of home automation is also barring consumers from exploring this space. As of now, smart homes are a super luxury component in India,” he says.      Let’s take a quick look at the 5 ways how you can turn your home into a smart home. Let’s get connected Just imagine you have a large home and you want to switch off your AC from your smart device in the room upstairs. Alas! your WiFi can’t reach there. You can convert any home into a smart home, provided you have a strong WiFi connection and by strong, we mean “so powerful and fast” that all the smart home IoT devices in the house are connected. In simple words: your home should be WiFi friendly and should have a connection even in the remotest corner of the house. Now, the first rule before you think of smartening up your home, you should get a stable internet connection. And there are a number of wireless routers and Wi-Fi system using mesh technology in the market, which promise strong network coverage. Here are five WiFi systems you might use when implementing smart home technology: Samsung Connect Home Smart Wi-Fi System Google Wi-Fi system  Eero  Luma Home WiFi System  Linksys Velop Samsung Connect Home Smart Wi-Fi System. IC: Engadget Safety matters Did anyone break in when I was not at home? Who’s that person sneaking around my house at midnight? Keeping the house secured is one of the most important thoughts that continuously hover in our minds. When it comes to smart home technology, security is the first thing that most real estate or customers prefer. And mind it no one wants to compromise when it comes to the security of your most-prized possession, your house.   IoT has made it easier to set up a smart home through its smart security systems. Today you can control the security and comfort of your home from smart device. These smart devices can be installed at your home or office and you can monitor every step sitting at the remotest corner. So, from security cameras (indoor and outdoor), window sensors, door locks, motion detector, smoke detectors, water sensors to garage door openers, smart home security system connects to your abode to Wi-Fi network. You can keep a watch on all the activities 24X7 using your smartphone and apps. Alerts in the form of emails and text messages are sent to you on the go. “Security is a big issue, especially for working couples who depend on external help to manage their kids. However, reliability on external help is questionable. To address this issue, smart home can be a great help. You can

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How Businesses are using Chatbots today?

May 9, 2017

Exactly a year ago, Mark Zuckerberg had said that people will be able to talk to Messenger bots just like they talk to friends. Since then, there has been a lot of chatter about the evolution of chatbots and how these automated computer software programmes will make our job easier. Presently in the world, messaging apps have become the easiest and most effective form of communication. In this age, chatbots, powered by Artificial Intelligence (AI), has become the key method customers interact with business.   Chatbot is the newest kid in the world of tech. Chatbot is just like your personal customer service assistant. And, everybody (read: big, small and medium-sized companies) is obsessed with it. From booking dinner reservations, ordering flowers to renewing insurance policies, chatbots have certainly made our life manageable, easier and productive. What is a chatbot? According to ChatbotsMagazine.com, “A chatbot is a service, powered by rules and sometimes artificial intelligence that you interact with via a chat interface.” You can explain your needs via text messages and chatbots, powered with AI, will help you to organize your life in a better way. And the best part is: the user does not have to download and install an app. All he/she needs to do is type some text and they will get answers instantaneously. From WeChat, Slack, Kik, Telegram to Facebook Messenger and Amazon Alexa, bots are becoming the main interface between humans and machines. Chatbots have surely become the biggest thing in the world of technology. 2016 saw the evolution of chatbots in the business world, especially companies dealing with a huge database. Though chatbots are still in the early stages of adoption among the masses, however, the way chatbots are influencing the tech world; it’s only a matter of time that the masses and businesses become increasingly dependent on this computer software programme. According to a report (Humanity in the Machine) from media and marketing services company Mindshare, 63 % of people would consider messaging an online chatbot to get in touch with a brand or business. Yes, that’s the enormous power of chatbots today.   Biggest players such as Facebook, Google, Amazon, Apple, and Microsoft are already in the race of chatbots. Microsoft tested its new AI chatbot, “Zo”, in December 2016. Understanding the disruptive potential of these chatbots, several companies across the globe are jumping onto this bandwagon of ‘chatbots’ and provide interesting services to customers. Today, intelligent AI chatbots use machine learning so that the chatbots can understand the reference and perform much more intricate tasks than what a bot does.  AI-powered chatbots are not only helping consumers save time at work. They have given a huge thrust to the digital ecosystem, especially when it comes to e-commerce advice, automated customer support, and conversational experiences.   Phil Libin, managing director at General Catalyst is all praise for bots. “Within a few years bots will be in the fabric of everything,” he had reportedly said.   Evolution of Chatbots Chatbots aren’t new. They have been in existence since 1966, when an MIT professor, Joseph Weizenbaum, developed an AI agent named ELIZA. In the early 2000s, Chatbot Smarterchild became popular when it was made available on AOL Instant Messenger and Windows Live Messenger (previously MSN Messenger). As mentioned, 2016 was the year when the world started taking chatbots seriously. Today, chatbots are giving tough competition to mobile applications. According to an article in engadget, chatbots are new-age mobile apps. Businesses all across the globe are investing heavily in the chat economy. And with the exponential rise in AI, tech companies are hell bent to develop functional and interactive bots to engage with consumers in a superior and effective way. Chatbots can be found on platforms: WeChat Facebook Messenger Kik Telegram Apple iMessage Slack SMS In a recent survey by Oracle, 80% of business owners stated they want to implement chatbots by 2020. So, what are the main factors favouring chatbots? Chatbots are always available unlike customer care executives, which work on hourly basis. This results in better customer interaction and increases the brand’s engagement with the customers.   Businesses can use chatbots to engage in one-on-one conversation with countless customers via messenger Unlike a mobile app, you don’t need to download a chatbot. Just search for a chatbot from within a messaging app and start chatting. Hence, it reduces the number of apps on your phone. Developing a chatbot is less expensive and hassle-free in comparison to developing an app for a business The simple and easy interface makes chatbot easy to use Depending on the relevant data collected by the chatbots from the customer, the business owners can customize messages for the potential consumers, thus achieving higher conversion rates Chatbots can help you streamline the operations of your business, analyze customer data and improve marketing and sales. Chatbots can be useful to promote new products by notifying the customers. Though this hottest young technology is still finding its ground, it goes without saying that today large brands and also small businesses are rolling out chatbots to streamline their working operations. Here are the 5 key sectors where chatbots are creating maximum hullabaloo: Banking and finance Travel and hospitality Restaurants Healthcare Ecommerce Chatbots in banking and finance   The banking and financial sector is one of the earliest adopters of chatbots. From handling everyday payments, balance enquiry and updates, history of transactions to the renewal of insurance policies, fraud redemption, and money transfers, AI-powered chatbots have moved out of the labs and is redefining the financial and banking operations. With chatbots, the banking and insurance officials can have a more effective customer engagement. Also, the work force replaced by chatbots can be employed for other crucial activities in the banking sector. In March 2017, Next Insurance launched their first chatbot for Facebook Messenger. This definitely benefitted the small businesses to buy insurance via chatbot. Next Co-Founder and CEO Guy Goldstein, was quoted saying, “70% of our customers are buying insurance on their phones. Enabling

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‘Beacon’ of hope for the Retail Sector

May 8, 2017

Did you know that the rise of smartphone shoppers boosted online retail spending to a record number of £133bn in the UK last year? Also, nearly 56% users of smartphones want to receive location-based offers on their devices once they are near a store. Mobile phones have completely revolutionized the way we shop. Yes, we know it’s an obvious today. The digital world has completely reshaped and redefined the retail industry, with online sales hitting the roof.  The raging popularity of e-commerce platforms, especially Amazon, hasn’t gone down well with the brick-and-mortar retailers. They are literally feeling the heat. Big players such as JC Penny announced that it will close down nearly 140 stores and two distribution centers in the coming months. This isn’t good news for the retail sector.   So, does this mean that brick-and-mortar retail stores will finally cease to exist? What should retailers do to entice the audience so that they feel compelled to step into their stores? There’s a popular saying that every cloud has a silver lining. Many of the brick-and-mortar stores today have made a smart move by adopting beacon technology to win back customers. This technology has also helped them gain their lost ground to a certain extent. Since most of the urban shoppers today are hooked onto smart devices to browse and research online for anything and everything, retailers are increasingly adopting this latest technology to tap the potential customers, win loyalty and drive sales. Fact is: retail is the most popular sector where beacon technology is being used now. What is beacon technology? In simple words, beacons are small devices (approximately 3cm x 5cm x 2cm), which use Bluetooth Low Energy (BLE) to transmit signals to smartphones within a short-range. Bluetooth LE is a proximity technology and the main purpose of beacons is “proximity marketing”. All you need to do is install this device or devices anywhere inside a retail store. It sends out signals to the app users whenever there are in the vicinity of the store. Beacons communicate with smartphone apps over Bluetooth, thus authorizing the retailers to send alerts to the devices of the customers. This way the brands can gather information on the shoppers’ movement inside the stores. Also, it enhances the shopping experience and makes shopping easier and quicker for the customers once they are inside a store. Types of beacon protocols Though the technology, “Bluetooth” was initiated by Nils Rydbeck, CTO at Ericsson Mobile in Sweden, and by Johan Ullman in 1989, it was in the year 2013, when Apple introduced iBeacon that the world stood up and took notice of beacon technology. In mid- 2013, Apple introduced iBeacon, the first beacon protocol in the market. In July 2015, Google announced Eddystone. Google’s beacon platform can transmit URLs to mobile devices, which can then be opened in a mobile browser. Beacons vs iBeacon Beacons are the hardware devices that send out and receive BLE signals. iBeacon, on the other hand, is a technology built into Apple devices that allows iPads and iPhones to scan for Bluetooth devices within a range. List of 10 beacon hardware manufacturers in the world: Estimote Gimbal Radius Networks BlueSense Gelo Sensorberg Glimworm Now, according to a report in BI Intelligence, these minute devices are the rapidly-growing in-store technology since mobile credit card readers. So, why are the retail giants taking resort to beacons, also called proximity beacons, to smarten up a store? Here are the top 4 reasons why beacons are winning the hearts of the brick-and-mortar retailers: More customer engagement by offering contextual information, targeted messages and notifications   Building customer loyalty by sending personalized discounts and coupons in real-time   Providing insights on customer purchase behaviour to enhance the shopping experience   Providing contactless payment Beacons increase customer engagement Imagine, you are outside a shopping mall and the phone starts buzzing. You receive a notification reminding you to buy some clothing items. Beacons can encourage you (read a shopper) to come inside the store and complete the shopping. Now, once you enter the store, you start receiving messages explaining how to select the clothes. Retailers are leveraging the power of beacons to engage customers in the following ways: By sending welcome messages, promotional deals, reward points and pop-up alerts to a customer’s smartphone based on their shopping activities. By assigning sales assistant to a customer who spends considerable time near a particular product/section By pushing real-time offers to customers inside the store. It enriches the shopping experience and also helps in customer acquisition and retention. By flashing the descriptions of a product on the smartphone’s screen once a customer approaches a particular product inside the store. Did you know the Swan Centre in the UK became the first shopping mall to use beacons, which allowed them to organise in-store campaigns for its visitors? Using beacons to strengthen customer loyalty In today’s cut-throat competition, customers have countless options and can easily switch from one retail brand to another if they are not satisfied with the product or the service. Here the customer loyalty programs come into play. They are highly crucial for retailers to strengthen their relationship with the customers and also accelerate sales. According to a survey, 76% of customers believe that loyalty program strengthens their relationship with brands. Here’s how retailers can win the trust of the shopper and also convert visitors into buyers through beacon technology:   The moment a loyal customer walks into a store, beacons allow retailers to send style tips and personalized content based on the location and purchase history. Retailers can use beacons to thank the customer for a purchase and also reward shoppers who have been loyal to the store.      Did you know over 40% of shoppers look for offers on their smartphones while they are inside a store? Collecting customer data through beacons If a retail chain wants to present a supreme shopping experience to its customers, it should be aware of its customers’ buying patterns.

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Virtual Reality (VR) for the Mortals (Read: Non-Geeks!)

March 29, 2017

I wish we had teleportation. But, will settle for Virtual Reality (VR) for now. The term Virtual Reality was born in 1987. However, the concept dates back to 1929 when the first flight simulator was put to use! For the purists, the immersive thought behind VR existed even in 1838 through artistes who mastered stereoscopic paintings. (More for the history buffs) The immersive experience of VR can solve several real life problems. However, VR was sitting on the sidelines for several years, before we started seeing mainline adoption in last few years. The primary reason for it was lack of consumer knowledge, unavailability of content and intuitive consumer technology to make it available to everyone, anytime, anywhere. In 2016, we saw some of these problems getting sorted, when the entire tech world started focusing on VR as the next-big-thing, started finding practical use cases, started creating quality content for this immersive medium, and last but not the least started to get access to the VR devices en-masse. Do you know VR headsets was one of the top-3 gifted items during the Christmas of 2016? And this got the ball rolling. Thus, 2016 was branded as the year of VR. All the major tech giants are it Samsung (Gear VR), Sony (PSVR), Facebook (the Oculus platform), HTC Vive or Google (Card Board, Day Dream, Tilt Brush) are placing their bets on this emerging, hot technology. What is Virtual Reality? VR is a computer-generated environment that lets the user experience a different kind of reality. In other words, VR technology transports the user into an imaginary/simulated virtual world through immersive experience. You are required to put on a VR headset around your head and over the eyes. The imaginary world is the simulation running on a computer/phone, which gives an immersive feel due to the headset, which blocks everything but the VR content. To take it a step further, VR technologies can also recreate sensory experiences such as virtual taste, smell, sound, sight, and touch. At MWC 2017 VR was one of the hottest identified trends. Every tech giant from Qualcomm, Nokia to Samsung, has their headsets. And they tried to cash-in on the growing demand. If we go by Fortune’s list of the largest technology companies in the world, interestingly eight among the top ten companies are engrossed in VR technology. Some advantages of VR: Time and cost effective Engaging due to immersive nature Controlled ambiance (cuts down travel and provide in-person like environment) Provides solutions to complex problems Though initially, VR gained more traction among consumers in the gaming sector, but with each passing day, this emerging technology is breaking new grounds and its application is finding acceptance in various industries such as healthcare, education, military, tourism, real estate and automobile. The major tech giants understand the disruptive potential of this technology and are coming up with high-end products to attract customers. Here are the top 8 industries where VR is creating maximum ripples: Healthcare Education Hospitality and travel Entertainment Banking Real Estate Retail Automotive Healthcare The medical industry is expeditiously adopting VR in innovative ways to educate professionals and also provide modern treatment facilities to the patients. The VR allows the surgeons to practice life-saving methods in a controlled environment. The technology is gaining momentum when it comes to treating patients suffering from Post Traumatic Stress Disorder. Dr Shafi Ahmed removed a cancerous tissue from the bowel of a patient on April 14, 2016, at the Royal London Hospital. The entire operation was broadcast live through VR. Snow World is a VR experience, which helps in wound care by transporting the patient with chronic burnt injury to an immersive, snowy environment. The Virtual Reality Medical Center, USA, uses VR to treat panic and phobias which comprise fear of heights, public speaking, claustrophobia, social phobia and etc. Education Education is no longer limited to books. Interactive education has become a crucial part of learning and institutes are using VR technology to engage students in ways that were never imagined before. This not only helps in imparting knowledge but also makes study fun for the students. Several top companies are working on VR technology in the education sector. Google Expeditions Pioneer Program, the VR teaching platform built for classrooms, allows the teachers to take the students in an immersive and virtual journey. The Stanford Graduate School of Business offers an innovative certificate program through VR. The prospective students at Yale can take virtual tours of the campus and get a better understanding of the campus life. Hospitality & Travel VR was one of the topics Sabre Labs, the GDS’s travel and technology innovation lab, discussed in its 2017 Emerging Technology in Travel report. The travel and hospitality industry is one of the few sectors, which adopted VR early on. In Marriott hotels, guests can enjoy Vroom service. All that a guest is required to do is order a VR head-mounted display in his/her room and enjoy exotic virtual travel videos. This helps in attracting and retaining hotel guests. Intercontinental Hotel Group IHG has taken the comfort of the guests to the next level. The guests can enjoy VR entertainment, games and other immersive experience at their rooms with the help of Vive Zone (powered by HTC). Destination BC (British Columbia) rolled out “The Wild Within” VR experience, using Oculus Rift technology. This made them the first marketing organization in North America to use VR to promote a destination. Entertainment The worlds of gaming and entertainment have been revolutionized, thanks to VR. From interactive exhibitions, virtual museums, movies to virtual theme parks, VR is redefining the entertainment industry. Premier Hollywood studios such as Warner Brothers, Lionsgate, and Disney are investing in VR to present immersive experience to its audiences. Hollywood blockbusters such as Jurassic World, Insurgent, Star Wars and The Avengers: Age of Ultron to name a few has offered audiences unique VR experiences. The Indian audience were left surprised and shocked when the recent VR teaser of Baahubali: The Conclusion

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Let us walk you through the MWC 2017

March 20, 2017

Let us walk you through the MWC 2017 (in less than 4 minutes – it’s worth every second) Mobile World Congress (MWC) has evolved as a major go-to-event for the mobile industry. It is much more than an expo. It is a meeting point of business leaders from mobile industry, tech-geeks, enthusiasts, startups and other eco system players. It has amazing product launches that make waves around the world. It has thought-provoking keynote and panel sessions, and last but not the least – a peek into the future through 4YFN (4-years-from-now) expo and innovative exhibits. In recent years, we have seen an exponential increase in business executives from totally unrelated business domains, which is a clear indication on the impact of digital on every business, and mobile’s leading role in the same. As a premium mobile technology company, MWC finds a permanent place in our annual calendar. This year we saw four major trends that are worth thinking through:  VR/AR is for real and has application Artificial Intelligence (AI) is here to stay  Innovation Multiplier through SDKs 5G is round the corner And, not to forget the media stunt pulled by Nokia, by bringing back a new colorful avatar of Nokia 3310, which was its iconic phone in early 2000. It was great fun, generated a lot of interest on social media, got Nokia a brand boost – but that was the end of its impact, to be honest. VR/AR is for real, and has application. Virtual Reality (VR) and Augmented Reality (AR) seems to be coming of age.We now see widespread adoption,piped up due to the major sale of VR headsets last Christmas. Every gadget manufacturer – Samsung Electronics, Qualcomm, Nokia, etc. have their own headset to cash in the demand of this new gadget. We strongly believe that VR and AR will continue to gain traction with more applications and commercially feasible use cases emerging at every corner. Bharat Berlia, CIO of Indus Net Technologies states – “Certain industries like training and education, real estate and complex engineering have gained massively from using VR and AR. VR can provide a real world interface, and AR can set the context.” He further cites the example of a major engineering company which uses VR to conduct training on airline engine maintenance across their workshops around the world, without getting into logistics nightmare. VR and AR are also finding major application in advertising and communication. Did you know a 360-degree immersive video advertisement of Hong Kong Airlines was 35x more effective than the same advertisement in 2D format? The increasing importance of immersive VR videos was one of the most-discussed topics at MWC. Brands and advertisers will soon be rushing to create VR content driven by emotional storytelling, to engage better with their target audience.Indus Net  Technologies also develops VR and AR content and applications, including mobile games; for its global clientele. Artificial Intelligence (AI) is here to stay Artificial Intelligence (AI) finally seems to be stepping out of the academia and making its impact felt in the hyper-competitive commercial world of digital. And, it has moved at a faster speed than we imagined even few years back. We have near perfect voice-to-text conversion, which might eventually change the way we interact with computer or computer driven systems. Our image recognition is improving beyond believe, and it is visible in form of the autonomous car madness, that we see and hear everyday. Robocar, a self-driving electric racing car using Artificial Intelligence (AI), manufactured by Roborace, drew a lot of attention when it was launched at MWC this year. LINE also announced that it is developing an AI digital assistant, called Clova. Olay also unveiled an AI-powered selfie skincare app, which will help women with skin problems. Yes, it goes without saying that AI has taken the global tech community by storm. According to Global Market Insights, the global AI market is likely to grow nearly 81% compound annual growth rate (CAGR) from 2016 to 2024. Interestingly, Abhishek Rungta, CEO, who juggles multiple responsibilities has been using bots, powered by AI to streamline his daily plans. He is enamoured by Eva bot, which helps him in sending gifts to his business clients. Abhishek also uses Amy Ingram, a bot, to schedule his meetings. “This saves time and helps me to organize my day better.”- admits Abhishek. Innovation Multiplier through SDKs We also met several startups and businesses who are doing innovative stuff, and are letting you build those innovations within your business app through their SDKs and APIs, which are licensed on pay-per-use or pay-per-build. The range of innovation is mind boggling, starting from: Consumer behavior tracking App analytics VR/AR capabilities Bot engines AI engines / Image recognition and processing App testing App performance improvement. The list is endless. This area will become extremely busy in years to come and innovation from the smallest companies will find it way to the largest corporation through such an ecosystem. 5G is round the corner Though still in discovery mode, and mostly in labs, 5G is being talked about a lot. 5G is expected to change the way mobile works and how it is used. The impact is far beyond speeds,higher throughput or greater energy efficiency. The applications that will evolve with connected societies will be far more critical – be it sending senses across the network, app as a service, friction-less shopping experience, or driverless vehicles, or banking for the unbanked. Technology leaders from across the value chain have been hard at work to develop 5G concepts and prototype use-cases, many of which will serve as the backbone of modern 5G networks. It was a great experience to watch some of the research demos and learn about the use cases. And, last but not the least, we saw and experienced those phones which we will see in commonplace in next few months and years. There were lots of interesting product launches, but we were so overwhelmed by the above areas, that we did not

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How Beacons and Proximity Marketing Can Enhance Sales at Stores?

February 8, 2017

Location-based marketing has been around for a while now. Using the latest in technology, stores can send marketing messages to shoppers’ smartphones when they are in the vicinity of stores. This is made possible by the use of beacons, or iBeacons, which were introduced by Apple in 2013. These Bluetooth low energy (BLE) devices broadcast messages one-way, and can be used to provide information about deals products, make billing easier, etc. Most importantly, beacons have begun to revolutionize the way stores market their products and services. In this article, let us take a look at how proximity marketing makes use of beacons. Quick facts According to an article published on the Forbes:   53% of users are willing to share their location with stores. 57% of users are open to the idea of receiving location-based ads. 63% feel coupons on mobile phones are great. 62% share deals they find interesting with their friends. Certainly, these facts point toward a trend that is likely going to normalise location-based marketing that makes use of beacons. What do beacons do to help drive sales? Beacons help in providing several payment options to customers. Loyalty programs can be shared via beacons when customers are in store. Recommend products based on individual user attributes Broadcast coupon details to customers who are likely to make purchases. Help customers navigate stores and find products they want easily. Here is how marketers can use beacons and proximity marketing to drive sales:  Gain customer insights Beacons help you to understand how your customers are spending money, how long they spend time at your store on average and what they are doing while they are at your store. This information can be further processed to design personalized campaigns that help to drive sales. Boost customer loyalty You can use beacons to reward customers who may arrive at your store repeatedly. The moment they walk in, you can send coupons and if they are regulars, you can ask them to ‘click and shop’ for goods previously purchased. While this a utility for the customer, it drives sales for you.   Kick-start proximity marketing Beacons help you to gain a variety of information based the customer. One of these is their location data. Location-based information can be used to kick start proximity marketing, suggesting information, products and services which may be available close to where your customer is around at that particular moment. Offer discounts and coupons Nothing entices customers more than a good discount or a coupon. If you want to turn walk-ins to sales, you can use beacons to send coupons to users’ smartphones, so that they purchase something, instead of walking away. Geo-targeted messages are known to drive sales, especially if you have a store in a place where footfalls are high. Even if they are in the vicinity to buy something else, a coupon or a discount that flashes on their screen may tempt them to walk into your store. Help customers Beacons are all about the location. If your customer is looking for something, beacons can be used to help them find the right aisle, or the right product. If it is a man that walks into your store, you would probably direct him to the men’s section of your clothing store, instead of him having to look or them himself. The possibilities are endless. Beacons can help you maximize sales by customizing location-targeted messages. Enable cross-channel experience With so many options to make sales happen these days, many stores are opting for online sales. While this takes place mostly on desktops or smartphones, brick and mortar stores are still around. By offering a custom sales experience across all these channels, beacons help you to offer a cross-channel experience. This is important when your competitors are already engaging in multi-channel delivery.   Thwart shoplifting While this is not part of traditional marketing, beacons do help you to thwart shoplifting when they happen. Though it may not directly boost sales, preventing shoplifting helps you to save valuable products which will add up to your bottom-line. Many supermarkets and departmental stores have begun to use beacons to monitor and track customers when they are in the store. Data and analytics Analysis if data that is collected by beacons provides valuable information about the kind of people who purchase your products. This is the target demographic that you should be targeting in order to boost sales. There are several analytic tools available to help retailers drive sales with the help of beacon-based analytics. Business intelligence tools can be customized to integrate beacon data and help you come up with useful insights.   3 Examples of companies using beacons to enhance sales:   Woolworths, a British supermarket chain has successfully used beacons across its 254 stores. Push notifications are sent too consumers when they arrive within a certain radius of the store so that they can ‘click and collect’. Venerable Macy’s installed more than 4,000 beacons to provide an omni-channel retail experience. The store also brought a beacon-triggered mobile game which allowed users to win Macy’s coupons and prizes. McDonald’s used beacons to engage in proximity marketing across its Istanbul outlets. A loyalty app was used to target customers near McDonald outlets and then offer them coupons and try new drinks for free.        Highlights More marketing agencies believe location based data can help them design better campaigns. Proximity marketing campaigns can be weaved along with social media campaigns for a more nuanced approach. Data collected by beacons can be used to improve products. The same data can be used to manage shelves and product locations within a store. Use beacons to push discounts and coupons, which in turn help drive sales. Use analytics for a deeper insight about customers, their behaviour and their needs. Monitor and track individuals to avoid unwanted activities such as shoplifting. Provide an enhanced shopping experience to your store visitors, by combining in-store, social media, online and mobile experiences.

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How Far Could Wearable Tech Go?

October 31, 2016

There was a time when we thought exoskeletons would be the last of what we would hear, when it came to wearable technology. Now, there are underclothes to detect how you feel, and even a skin that you can wear. How far can we possibly go, and is it really the right thing we are doing? Wearable technology is a great way to solve many problems. Most importantly, it has the ability to enable the disabled, and monitor and treat the unwell. It also has the ability to help you stay healthy. With all these benefits, there is also a dark side to it. How far can we take technology and is it really wise to put up so much of information about ourselves, and our bodies up there in the cloud? The answer to this question, like for many others are, is it depends. We need to consider the strides made in wearable technology, partly due to artificial intelligence. A day may come when our bodies will no longer be just flesh and bones. It would consist of flesh, bones and chips. Chips and circuits that are flexible and bendable may become part of the first skin that can be worn. Another application is, apparently, to turning your skin into a touch screen. The more we read into wearable tech, the more mind-boggling and surreal it gets. Yet, it is not stopping anywhere and is only likely to grow. So no matter how we feel about this new reality, it is a reality that we must come to terms with. It is not easy to predict how far wearable technology will go, but there are a few things that we can consider, to keep ourselves safe. Choose only products you trust There are a lot of products out there, that make use of wearable technology. It is not possible to verify the credibility of each of these products. While security issues lurk, there is also the issue of allergies. Many people seem to develop allergies to materials from which wearable tech products are made. It is important to choose companies that take this matter very seriously. Apple Watch is one such example, which of course, is not allergic when you wear. A good idea is to choose products from companies that are well-known and reliable. Ask yourself if it is necessary Most of the times, we purchase products that we do not need. Like the aforementioned underclothes that read your emotions, there are many products which may not be very urgent to many people. Consider what your needs are and invest in wearable tech products that actually bring a positive change in your life. You need to understand that most wearable tech may not be needed for you at a given time. Speak with your healthcare providers if a product is necessary. Purchase only those. Otherwise, you might simply wear gadgets that collect information about your body, and may not really be useful to you in anyway. Practice safe storage There are times when people share their wearable gadgets with others. This isn’t a very good practice. Secondly, it is important to set the privacy controls for your gadget (if that is possible). Third, you need to know that all technology comes with a security risk, wearable tech including. For this reason alone, there needs to be extra caution while using these devices. You do not want everyone to know what your health issues are. Accept the changes in the world A lot of changes are taking place in the world. One of them includes wearable tech. We have come a long way from thinking future wearable tech would look only like exoskeletons. While exoskeletons continue to help the disabled, there are many other ways of using wearable technology. Some can be inserted into tissues, while others can be worn on the body, like clothes. These changes are inevitable and it will probably determine how we will live in the future. We need to accept the inevitable. After all, it is only when we become adaptable do we survive. If it requires us to use wearable tech, we just have to. Look forward to an exciting new future We need not look at wearable tech as something scary from George Orwell’s novel 1984. To most of us, wearable tech seems to be an exciting way to embrace all the goodness that technology has to offer. It only creates possibilities. While one can retain the option of not wearing them, if it helps in certain health conditions, there is no reason why you shouldn’t. Moreover, it might soon become your doctor’s prescription to wear technology. That day isn’t too far. As long as we embrace new technologies, we will be in an easier position to adapt to future situations. Summing up Certainly, wearable technology is one of the hotly-discussed topics of today. There does not seem to be any sign of the movement growing slower. With an ever increasing need for alternative treatments, and to push forward towards a more healthy body, wearable technology could be the next big thing. Combined with artificial intelligence, wearable tech is already revolutionizing the world. We can take a few steps to accept this new reality, whether we like it or not. First of all, we need to ask ourselves if we want to wear whatever wearable tech we are planning to wear. The second question we need to ask is, if we really want it. Next, we need to learn to protect data security. There are many ways to do this, when it comes to wearable tech. Next, we need to accept that the tectonic shift toward wearable tech has already taken place. The only thing we are yet to do is embrace it wholeheartedly. By embracing it, we will open ourselves to new opportunities, and that is certainly a good way to build our future. Have you considered using wearable tech? What are your opinions on this matter?

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Understanding the Advent of Affective Computing

October 10, 2016

As we all know, artificial intelligence is changing the world as we know it. With AI comes affective computing, a closely related concept. Affective computing refers to computing that is related to emotions. Emotions are very important in making decisions, and they influence a wide array of cognitive functions such as thinking, perception, memory, learning, etc. Affective computing helps in communicating or processing emotional states with others, or with a computer. With a growing focus on emotion recognition software, there are research developments in a wide range of academic fields, including neurology, psychology, software development, ethics, sociology, etc. Many tools can already recognize human emotions, and these are being used to help people with disabilities such as autism. However, emotion recognition does not stop there. It is expected to convulse computing and take it by storm. Affective computing currently focuses on facial expression databases, emotion classification, facial action coding system and changes in the skin as well. For example, it is well known that human beings’ skin becomes hot when certain emotions are experienced. This will be picked up by sensors on wearable technology, only to be processed by an app or a computer. There are a number of applications for affective computing. [php snippet=1] Where is affective computing applied? Affective computing is expected to change the way e-learning takes place. Whenever a learner is bored or frustrated, the program makes changes to the style of presentation or the content. It just needs not be about boredom. As a wide array of emotions can be recognized, e-learning programs can be made customized for students. Psychological services can make use of affective computing, especially when counseling is offered online. Another important area of application is robotics. While affective computing recognizes emotions, it goes way beyond that. Artificial intelligence can one day be taught to experience emotions, leading to sentience among robots. Already, companion devices such as digital pets make use of these emotions. A few other applications include marketing and sales, where executives can drop campaigns or sales pitches when they understand that the person on the other side of the computer or phone is not receptive to the message. The converse holds true too. It is one day possible for computers to feel emotions too, and that day may not be very far away. What the future holds? Affective computing holds a lot of promise for the future. With emotion recognition research developing at a rapid rate, computers will be able to recognize, process and even ‘have’ emotions themselves one day. It remains to be seen where affective computing will be applied. Most likely, it will change the way we conduct e-learning programs, psychological therapy, marketing and sales, robotics and a few other areas of technology. Certainly, there shall be more research and news coming from this area. For those of us in technology and marketing, emotion recognition and affective computing hold a lot of promise. This is one area to watch and observe, for things are going to change rather quickly.

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How Responsive Websites Can Save Energy

March 16, 2016

Most people today access the internet through their mobile devices, because of which there is a growing need for responsive websites. A responsive website automatically changes its layout based on the screen size of the device from which a user is visiting a website. This means a responsive website can easily switch from a desktop, smartphone and tablet screen without a designer having to develop separate mobile and desktop websites. It is also a well-known fact that responsive websites load faster, leading to less consumption of energy. In fact, responsive websites ensure that people who use mobile phones do not need to wait for a longer time for pages to load. When pages take a long time load, there is the obvious battery drain, which forces users to charge their devices frequently, leading to an unnecessary expenditure of energy. This can be prevented if one adopts responsive websites. How does a responsive website prevent battery drain? Using responsive design helps in increasing loading time, reduction of error pages and also presenting information with more clarity. People tend to spend more time on a website that is designed for a website but is being used on a mobile device. This does not mean that they are browsing effectively or that they are responding to your call to action. Instead, it only means that they are finding it hard to understand the layout of a desktop website on a mobile screen, leading to frustration and even boredom. This not only leads to unnecessary use of precious energy but you may also lose prospective clients because they were tired of searching your website for the information they wanted on a small screen. A responsive website, on the other hand, makes it easier for people to view information easily and thus, they will be more amenable to respond to call to actions. This also indirectly means that they will use less energy and charge their cellphones less frequently. This theory may sound a little offhanded to you but a number of industry observers have noted that responsive websites lead to faster loading of pages and less energy consumed. It is also a well-known fact that responsive website and apps consume less battery while they are working in the background. On the other hand, a legacy website requires excellent 3G or 4G connection in order to load faster. If the user is located in a place where the connection is not very strong, his or her device may try very hard to find signals, which also lead to the expenditure of battery power. The future is certainly responsive More and more companies have begun to understand the positive ramifications of using responsive websites. Not only does a majority of traffic come from mobile devices, but they are also more efficient as web pages. They are power efficient, speed efficient and also energy efficient. Efficiency is hardwired into responsive websites and this is probably why most clients prefer to have responsive websites, even when they understand little about the actual technology behind them. With a growing concern about green technologies and energy efficiency, companies will understand that responsive websites also provides them a way to ensure that they are environment-friendly. This is an indirect effect of the fast loading pages and something that has already been verified by many researchers. Certainly, responsive websites are not just for different screen sizes but also about reducing energy consumption and going green.

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