AI-Driven Personalization

AI-Driven Personalization: Redefining the Banking Landscape with Datavision’s Banking Software Solutions

In the fast-paced world of financial technology, the influence of Artificial Intelligence (AI) in shaping and driving the future of banking is undeniable. With its ability to analyze, learn from, and act on data, AI is transforming banking from a transaction-driven to an experience-driven sector.

Table of Contents Introduction to AI in Banking Transforming Customer Experience with AI AI in Risk Assessment and Fraud Detection Intelligent Automation with AI in Banking Data Analysis and Predictive Analytics with AI The Challenges of Implementing AI in Banking The Future of AI in Banking Conclusion FAQs How Can Datavision Help?

Introduction to AI in Banking In the fast-paced world of financial technology, the influence of Artificial Intelligence (AI) in shaping and driving the future of banking is undeniable. With its ability to analyze, learn from, and act on data, AI is transforming banking from a transaction-driven to an experience-driven sector.

Datavision, a leading banking software company, is spearheading the banking industry’s evolution with its world – class software solutions. Their AI-driven personalization platform is empowering banks to redefine the way they interact with customers, ensuring enhanced engagement, loyalty, and ultimately, a stronger bottom line.

Welcome to the world of advanced banking, where AI-driven personalization is reshaping the financial services landscape! Today, let’s delve into the transformative power of Datavision’s software solutions and their contributions to the banking industry.

Transforming Customer Experience with AI Enhanced User Experience

Thanks to AI, banks can now provide a more personalized and seamless user experience. Imagine, instead of going through multiple menus, you can ask your banking app to transfer money to a friend. It’s like having a personal assistant tucked away in your pocket!

Personalized Services

From personalized product recommendations to custom-made financial advice, AI enables banks to tailor services to the unique needs of every individual. It’s no longer a one-size-fits-all approach but a bespoke service designed just for you!

Financial Management Tools

AI has also allowed banks to provide customers with tools to manage their finances effectively. These tools can analyze your spending habits, provide insights, and even offer suggestions on how to save more. Isn’t that like having your own financial advisor at your fingertips?

AI in Risk Assessment and Fraud Detection Accurate Risk Profiling

AI algorithms can sift through vast amounts of data to accurately assess a customer’s risk profile. It’s like an eagle-eyed detective spotting potential red flags that human analysts might miss.

Detecting Fraudulent Activities

Fraud detection has also seen a revolutionary shift with AI. The technology can identify patterns, anomalies, and trends in data that can help predict and prevent fraudulent activities. Think of it as your banking bodyguard, protecting your hard-earned money.

Intelligent Automation with AI in Banking

Process Automation

In banking, AI has resulted in more intelligent and faster automation of routine processes. This has improved efficiency and eliminated the chances of human error. Imagine a factory line where each piece of the process works in perfect harmony – that’s what AI brings to banking operations!

Improved Decision Making

AI’s data-driven insights aid in better decision-making in loan approval, investment strategies, or customer service. It’s like having a crystal ball that helps banks make informed choices and avoid pitfalls.

Data Analysis and Predictive Analytics with AI

Data-Driven Decisions

AI allows banks to tap into the gold mine of data they possess. These data insights allow precise decision-making, improving banking operations and customer experience. You can think of it as your GPS, guiding you to your destination with pinpoint accuracy!

Predicting Future Trends

AI’s ability to predict future trends based on past and present data is a game-changer. This can help banks strategize for the future and stay ahead of the curve. It’s like having a time machine giving you a peek into the future!

Despite the numerous advantages, AI implementation in banking comes with its own challenges. Ensuring data privacy and security is a paramount concern. After all, who wants their personal information to fall into the wrong hands?

Regulatory Compliance

Adherence to regulations is another major hurdle. How can banks ensure their AI systems comply with the ever-changing legal landscape? It’s like playing a never-ending game of catch-up!

Technological Infrastructure

Lastly, the need for robust technological infrastructure must be addressed. Implementing AI requires significant investment in technology and skilled personnel. So, how can banks strike a balance between innovation and cost-effectiveness?

The Future of AI in Banking Evolving Customer Expectations

As AI continues to evolve, so do customer expectations. Consumers demand instant, personalized, and seamless banking experiences. Will banks be able to keep up with these changing demands?

The Rise of Neobanks and Fintechs

The growth of neo banks and fintech with their AI-first approach poses a serious challenge to traditional banks. Will traditional banks be able to compete, or will they be left behind in the race?

Conclusion AI-driven personalization is redefining the banking landscape. AI’s potential in banking is vast, from transforming customer experience to detecting fraud. However, the journey to fully AI-powered banking is fraught with challenges. Nevertheless, the promise that AI holds is too vast to ignore. After all, who wants banking to be more complex than asking a question to your phone?

The future of banking is here, and it is exciting to witness the positive impact that AI-driven personalization is making on the financial industry. With Datavision’s software solutions leading the way, the possibilities for innovation are boundless, and the banking landscape is set to evolve like never before! So, let’s embrace this revolution and redefine the way we bank with AI-driven personalization. The future is bright, and the time to act is now!

FAQs

Q. What is AI-driven personalization in banking? AI-driven personalization in banking refers to using artificial intelligence to provide personalized banking services based on individual customer needs and preferences.

Q. How does AI improve customer experience in banking? AI improves customer experience in banking by providing personalized services, enhancing user experience with conversational interfaces, and offering intelligent financial management tools.

Q. AI improves customer experience in banking by providing personalized services, enhancing user experience with conversational interfaces, and offering intelligent financial management tools. AI helps in risk assessment by accurately profiling the risk associated with a customer. It aids in fraud detection by identifying patterns, anomalies, and trends that may signify fraudulent activities.

Q. AI helps in risk assessment by accurately profiling the risk associated with a customer. It aids in fraud detection by identifying patterns, anomalies, and trends that may signify fraudulent activities. The challenges of implementing AI in banking include ensuring data privacy and security, adhering to regulatory compliance, and investing in the necessary technological infrastructure and skilled personnel.

Q. How is AI shaping the future of banking? AI is shaping the future of banking by transforming customer experience, enabling accurate risk assessment, automating processes, aiding in data-driven decisions, and predicting future trends.

How Can Datavision help?

We assist various financial institutions and global banks on their digital transformation journey. Our one-of-a-kind approach, which combines people, process, and technology, expedites the delivery of superior results to our clients and drives excellence. Several reputed companies leverage our proprietary suite of business excellence tools and services to unlock new growth levers and unparalleled ROI.

Datavision is a leading Banking software solutions provider having operations in India. We at Datavision are the top retail and Corporate Banking Software provider as we serve our prestigious clients with cutting-edge core application software in Maharashtra and Karnataka, Delhi and Uttar Pradesh.

We provide the best banking software products to our clients in Rajasthan and Gujarat. Get in touch with us for customizable, scalable, and affordable banking software products and solutions.

Our portfolio of banking software product and services include:

Core Banking Solutions: | FinNext Core | Banking: | FinTrade | EasyLoan | MicroFin |

Digital Banking Solutions: | IBanc | MobiBanc | MBranch | FinTab | FinSight |

Payments: | FinPay |

Risk & Compliance: |FinTrust |

Want to know how our team of experts at Datavision provides customizable, scalable, and cost-effective banking software products and solutions to our esteemed clients? Visit us for more information.

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Busiest week for IPOs this year with four offers set to hit market

Keywords: upcoming ipo

how to invest in share market

The primary market rush is all set to start again this year with market recovery. Investors can expect a lot of action in the primary market. With many IPOs (Initial Public Offerings) lined up in 2023, the year will witness many busy weeks in the primary market. 

Four IPO Offers Set to Hit Market

The year just started and many companies have submitted their IPO DRHPs to look forward to in 2023. Here are the four companies that submitted their DRHPs (Draft Red Herring Prospectus) to the capital markets regulator SEBI (Securities and Exchange Board of India): 

ideaforge Technology Ltd

The Drone maker Ideaforge Technology Limited is ready to issue 300 crore of fresh issue and 4.87 lakh equity shares via its IPO with a face value of Rs 10. IPO issue proceeds are to be used to repay loans, product development, and fund working capital. The company is one of the first few corporations in India to enter the Unmanned Aerial Vehicle (UAV) market and ranks 7th globally as per the report - Drone Industry Insights December 2022.

AKME Fintrade (India) Ltd

Akme Fintrade (India) Ltd is another company on the list of upcoming IPOs in 2023. Providing lending solutions in rural and semi-urban cities, it is ready to raise funds through its public issue. Its IPO comprises fresh issuance of 1.1 crore equities with a face value of Rs.10 each to be listed on the NSE and BSE. This Non-Banking Financial Company (NBFC) wants to use the proceeds of the issue for its capital base. The sole book-running lead manager of the issue is Gretex Corporate Services Ltd.

FirstMeridian Business Services Ltd

The company FirstMeridian Business Services Ltd, involved in staffing business and offering allied services has submitted its DRHP with the SEBI. The IPO size is Rs.740 crore. It was aimed to raise Rs.800 crore earlier. Its IPO comprises fresh issuance of equities worth Rs.50 crore and an OFS (Offer For Sale) of Rs.690 crore. The company wants to utilize the raised capital from the fresh issuance towards debt payment and general corporate purposes. The company, established in 2008, has served big names. Their key clients include Adani Ports and Special Economic Zone, Eureka Forbes, Dell International Services India, Exide Industries, PhonePe, and others. Researching companies is one of the aspects for individuals looking for ‘how to invest in the share market.’

Corrtech International Ltd

Corrtech International Ltd is a pipeline laying solutions provider and has filed its book-built public issue draft with the SEBI. Going by the IPO draft papers, its IPO consists of new equity shares worth Rs.350 crore and an OFS of 40 lakh shares. Funds raised from the fresh issue are to be used for debt payment, funding redemption of debentures, financing new equipment, capital infusion in its subsidiary company, and general corporate purposes. It is offering 35% of the issue to retail investors.

How to Invest in Share Market

To invest in the primary market and secondary market, investors need a Demat account. 

Individuals interested in the IPO market can approach a stockbroker registered with the SEBI to open a Demat and trading account. A Demat is required to hold multiple financial assets, including shares, bonds, government securities, and many more. On the other hand, a trading account is required to buy or sell Demat securities on stock exchanges through the broker’s trading platform.

Individuals should look at their financial goals and choose to hold IPO shares to grow their funds with the company’s growth, or sell them for quick listing gains.

Investments in equity and equity-related securities involve high risk. Therefore, research companies’ financials and growth prospects thoroughly before employing funds. Park funds in an IPO issue if the risk profile allows. 

Thus, considering the excellent listing in the previous year, experts see a similar momentum in 2023 also in the IPO market. Get ready with an active Demat account to invest timely in the busy primary market. 

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Полезно с Fintrade - 5 Идеи за Бизнес с Минимална Инвестиция

Полезно с Fintrade – 5 Идеи за Бизнес с Минимална Инвестиция

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Modernizing Trade with SDEX : Your Secured Document Exchange Solution

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Why Choose SDEX?

The SDEX platform offers a multitude of benefits that can transform the way you handle trade-related paperwork.

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Ready to revolutionize your trade document management? Visit our website today to discover how SDEX can make your trade operations more efficient, secure, and environmentally friendly. Join us in the digital era of trade management!

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6 Key Retail Payment Trends in 2022

Read our blog: https://www.datavsn.us/6-key-retail-payment-trends-in-2022/

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Impact of Assignment and Novation on Arbitration Agreements

[Kunal Kumar is 4th Year B.A., LL.B. student at National Law University, Jodhpur]

Introduction

In light of the judgment delivered by the Supreme Court in BALCO, Part I of the Indian Arbitration and Conciliation Act, 1996 (the “Act”) has no applicability to foreign-seated arbitration (except in case of agreements concluded prior to the judgment), and the parties shall be referred to arbitration under section 45. The only bar to refer parties to foreign-seated arbitrations are those which are specified in section 45 of the Act,[1]  which makes it clear that if there is prima facie evidence of a valid arbitration agreement, the dispute should be referred to arbitration.

In World Sport Group, the Supreme Court held that a judicial authority, when seized of an action in a matter in respect of which the parties have made an agreement referred to in section 44 shall, at the request of one of the parties, refer the parties to arbitration, unless it finds that the said agreement is null and void, inoperative or incapable of being performed.

Determining the validity of the agreement: does the assignment or novation of the agreement make it invalid?

If the agreement entered between the parties does not suffer from any lacuna, there is no fraud or misrepresentation which could have led the agreement to be null and void, and consent given by the appellant therein is qualified consent, the arbitration agreement will be a valid agreement and the parties shall have to be referred to arbitration. The Delhi High Court held in Mcdonalds that if the arbitration agreement is affected by some invalidity since its inception, such as lack of consent due to misrepresentation, duress, fraud or undue influence, then it is said to fall within the meaning of the expression ‘null and void’ under section 45.

The word “inoperative” can be said to cover those cases where the arbitration agreement has ceased to have effect, such as revocation or when an arbitral award has already been passed. The words “incapable of being performed” applies to those cases where the arbitration cannot be effectively set into motion.[2]

Assignment & Novation: Assignment of an arbitration agreement by substituting a third party is a valid procedure. It was observed in Kotak Mahindra Prime Ltd. v. Sanjeev that the assignability depends on the subject matter of the arbitration agreement and the assignment is regulated under the law of assignment of contractual rights and obligations.

But, under section 62 of the Indian Contract Act, 1872 ,when the main agreement is novated, rescinded or altered, it loses its validity and hence the arbitration agreement becomes void. The principle is that if the contract is superseded by another, the arbitration clause, being a component part of the earlier contract, falls with it.

However, courts have relied on the doctrine of severability to refer the dispute to arbitration. As held in Delhi Metro case, an arbitration agreement when assigned to a substituted third party will not novate the agreement and the obligations will flow from the main agreement which would have to be observed.

Severability of the arbitration agreement from the main contract

It is a well accepted jurisprudence that the arbitration agreement can be severed from the main agreement subsequent to its termination.[3] As severability tends to insulate the arbitration clause, it ensures that the arbitration shall be given effect provided severability of the arbitration clause is possible.

It was observed by the Supreme Court in Today Homes and Infrastructure Pvt. Ltd., the arbitration agreement being a separate agreement does not stand vitiated if the main contract is terminated, frustrated or is voidable at the option of one party. The contrary opinion that the parties should not be referred to arbitration as all rights and liabilities flowing from the agreement get extinguished with termination of the main agreement, and nothing is left for the tribunal to decide, is not sustainable.

Article 6(4) of the ICC Rules of Arbitration permits the arbitral tribunal to continue to exercise jurisdiction and adjudicate the claims even if the main contract is alleged to be null and void or non-existent because the arbitration clause is an independent and distinct agreement.

The crucial test, as laid down in the case of Enercon (India) Limited, places reliance on the intention of the parties to arbitrate. If parties have agreed to resolve all their disputes by arbitration, they cannot at a later stage avoid such an arbitration agreement. In Chatterjee Petroleum Company & Ors., it was observed that once the parties have agreed for arbitration, the Court should give effect to the arbitration agreement and litigation should not be resorted to.

Conclusion

Thus, in a foreign-seated arbitration, under section 45 of Act the courts shall have to refer the dispute to arbitration unless the arbitration agreement has become null and void, inoperative or incapable of being performed. As discussed above, an assignment and novation of the main agreement shall not be treated as a bar to refer the dispute to arbitration. Even if the main agreement gets terminated because of novation, the arbitration agreement can be severed from the main agreement to give effect to the intention of the parties.

Party autonomy is a foundation stone in the success of building the whole process of arbitration. Intervention by the national courts, if excessive or too intrusive, will defeat the whole arbitration process, destroying its sanctity and benefits; and in the long term may lead to crumbling of the institution of arbitration.

– Kunal Kumar

[1] Shin-Etsu Chemical Co. v Aksh Optifibre, (2005) 7 SCC 234.

[2] Albert Jan Van Den Berg, The New York Convention, 1958: An Overview at p. 11.

[3] Mulheim Pipe coatings GmbH v. Welspun Fintrade Ltd. and Anr. (Bom HC, 2013).

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