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Artificial Intelligence | Solve real world complex problems

2 minutes, 14 seconds read

Artificial Intelligence may be a concept unknown to a majority of consumers, but we unknowingly using AI in our everyday life. How? What about the smartphones with Google now and Siri, they help find information for you when you need it.

AI_Image_1

With real-time problem solving skills the only thing you have to worry about are your goals as you can leave the assistance to a computer that can think on it’s own but for your benefit. Many intelligent brains working in Artificial Intelligence to make our life comfortable. If you could have someone looking over your day to day needs it’s rather easy to focus on more important things in life. Implementing AI into our lives has been studied for years and now things are getting more real and Mantra Labs is well invested into it.

From consulting on niche technologies, to completely owning your AI initiative – Mantra Labs help you solve complex real world problems, leveraging their expertise in various aspects of AI.

Data Science: It is the study of where information comes from, what it represents and how it can be turned into a valuable resource in the creation of business and IT strategies.

Natural Language: Natural Language Processing (NLP) refers to AI method of communicating with an intelligent system using a natural language such as English. Processing of Natural Language is required when you want an intelligent system like a robot to perform as per your instructions, when you want to hear a decision from a dialogue based clinical expert system, etc.

Machine Learning: It is a type of artificial intelligence (AI) that provides computers with the ability to learn without being explicitly programmed. Machine learning focuses on the development of computer programs that can teach themselves to grow and change when exposed to new data.

• Integrations: Most artificial intelligence systems involve some sort of integrated technologies, for example, the integration of speech synthesis technologies with that of speech recognition.

Deep Learning: Deep learning refers to artificial neural networks that are composed of many layers.  It  is a branch of machine learning based on a set of algorithms that attempt to model high level abstractions in data by using a deep graph with multiple processing layers, composed of multiple linear and non-linear transformations

• Computer Vision: It is the science that aims to give a similar, if not better, the capability to a machine or computer. Computer vision is concerned with the automatic extraction, analysis and understanding of useful information from a single image or a sequence of images.

Making an approach to pursue the most advanced technology takes a lot of innovation and it is exactly what Mantra Labs has been doing.

If you are keen to solve real world problem using AI, Drop us a line hello@mantralabsglobal.com

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Open Finance: Reality or Hype?

3 minutes read

Open Banking has reshaped the fintech industry. Customers want a seamless experience with more convenient and flexible access to services. Technological innovation and digital transformation have led to the emergence of neobanks which offer a banking experience similar to delivery apps. Now the customers can avail of services like opening an account in minutes. In the last few years, another new concept- Open Finance has joined the queue. What exactly is open finance? Is it just hype or reality? And how open finance might improve customer experience (CX). These are some of the questions that we’re going to talk about in this blog. 

Open Banking

In open banking, banks and other financial institutions allow third-party financial service providers to access the bank’s customers’ data via APIs (application programming interfaces). This helps banks to create more personalized offerings and meet the changing needs of their customers.

What is Open Finance?

Open Banking and Open Finance are similar. However, Open Finance is slightly more advanced in the process. Simply put, it is the next step in open banking. 

Open Finance is a more customer-centric approach. It gives users a safe and dependable way to share their data with the financial tools and apps they prefer to use.

How is Open Finance different from Open Banking?

How is Open Finance different from Open Banking?

Source: Accenture

Open Banking has certain limitations when it comes to sharing of financial data. Here, only that data can be shared which is related to financial operations made within the bank’s app or in a branch office. Open finance goes beyond this limitation.

In Open Finance, non-banking financial data including mortgages, savings, pensions, insurance, and consumer credit – basically your entire financial footprint – could be opened up to trusted third-party APIs if you agree.

Open finance will help open new gateways for financial institutions to improve CX. Let’s dig deeper to understand how this concept will change CX in the Fintech world for the next-Gen customers. 

  1. 360-degree Customer Insights: Data acts as a tool to study deeply about your customers. Organizations can analyze the customer data and extract some valuable insights to design the complete customer journey. Open Finance opens a more secure pathway for financial institutions and gives a more complete picture of their customer’s finances. 
  2. Partnerships & Collaborations: With open finance, comes an opportunity for the financial institutions to network and collaborate with various providers. This means they could deliver a wider variety of services based on consumer data, uncovering new business models and innovations.
  3. Transparency for the Lenders: Lenders can evaluate and measure the creditworthiness of potential borrowers, audit documents, and offer customized solutions by securely collecting customer data. Machine learning algorithms may help to extract valuable insights from raw data.

Open Finance offers freedom and flexibility to consumers giving more options and control over the data they share and how they engage with their finances. With just 8 seconds of attention span, the new age consumers want better experiences to get hooked to one brand. Open finance creates unparalleled access to a broader range of products and services. With data sharing, banking organizations can keep track on the changing customer expectations who want frictionless interactions and hyper-personalized experiences across all touchpoints of the customer journey.

The Road Ahead

Statista predicts that there will be 63.8 million open banking users globally by 2024, increasing at an average annual rate of about 50% between 2020 and 2024. This means there will be more demand for innovative products and services in the industry. Banking organizations would need to analyze the rising customer expectations more closely than ever. And for this, data would act as a key to designing the experience of tomorrow. 

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