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Kore.ai Launches XO Platform V11.0 for Enhanced AI Business Interactions

Hyderabad: Kore.ai has introduced the latest iteration of its Kore.ai Experience Optimization (XO) Platform, Version 11.0, heralding a new era of AI-powered engagement spanning customer, agent, and search experiences.

The upgraded XO V11.0 empowers businesses to harness AI capabilities at an accelerated pace, boasting enhancements that facilitate the creation of tailored conversational experiences with remarkable efficiency.

“Coming off the heels of a successful $150 million round, this next wave of innovation reinforces how Kore.ai is leading the way with generative AI,” said Kore.ai founder and CEO Raj Koneru. “We have reimagined what it takes for our platform users to bring new AI-automated solutions to market faster and deliver value with speed, accuracy and cost. XO V11.0 will take the complexities and time out of building and managing AI and focus on putting it to work to drive value at scale.”

According to projections by Gartner, Generative AI adoption is set to skyrocket, with 75% of Conversational AI (CAI) solutions expected to incorporate it by 2026, up from a mere 5% in 2023. This trend presents ample opportunities for businesses to seamlessly deploy increasingly sophisticated, multifaceted applications.

The latest release by Kore.ai introduces several interesting features:

Unified Experience: Users can now seamlessly navigate a unified interface across all integrated Kore.ai products, including Automation AI, Contact Center AI, Search AI, and Agent AI, facilitated by an intuitive app switcher.

Multi-LLM Generative AI: Leveraging multiple Language Model (LLM) models tailored to specific use cases and scenarios, businesses can achieve a more human-like generative AI experience, incorporating Kore.ai’s XO GPT, all fortified by robust security measures and optimized performance.

XO GPT Models: This suite of models facilitates more natural conversations through paraphrasing, summarization, and accurate understanding of user intents, utilizing lighter, swifter, and cost-effective models fine-tuned for customer experience conversational scenarios.

Advanced Retrieval Augmented Generation (RAG): Enabling targeted content discovery utilizing company assets, customizable extraction strategies, enhanced data management, and tailored chunking options, accompanied by customizable prompts and business rules tailored to diverse use cases.

Outbound Campaigns: Automating proactive voice communications with customers via an agentless dialer for messages, collections, and reminders.

Agent Assistance: Empowering human agents with real-time coaching through guided instructions and playbooks.

Enterprises worldwide can now leverage Kore.ai’s comprehensive suite of capabilities across Automation AI, Contact Center AI, and Search AI to drive end-to-end automation that delivers tangible business value.

 

NeoKred CEO shares Approach to Privacy, Security & Fairness in AI-Powered Financial Solutions: In Conversation with ObserveNow

India’s FinTech sector is rapidly expanding and is positioned among the world’s swiftest-growing markets. As per a report by Invest India, the Indian FinTech industry’s worth stood at $50 billion in 2021, with projections indicating a surge to approximately $150 billion by 2025. Funding in the FinTech domain has been robust, constituting 14% of global funding, with India securing the second position in deal volume. Forecasts suggest a significant market opportunity of $2.1 trillion by 2030.

In 2022, Indian FinTechs emerged as the second most funded startup sector in the country, raising a substantial $5.65 billion. Furthermore, the number of unique institutional investors in Indian FinTech nearly doubled between 2021 and 2022, soaring from 535 to 1019, respectively.

Tarun Nazare, CO-Founder & CEO, Neokred

India embarked on its open banking journey in 2010, driven by government initiatives such as the establishment of the Aadhar Identification System and infrastructure projects like “India Stack,” which aimed to enhance financial inclusion through digital technology. Unlike many global data policy frameworks, India’s approach focuses on creating extensive public infrastructure and standards. In this regard Siddharth Mala, Correspondent, ObserveNow Media, interacted with  Tarun Nazare, CO-Founder & CEO, Neokred.

Below are a few edited excerpts from the interview:

Open banking and APIs have transformed the way financial services are delivered and consumed. How does NeoKred leverage open banking infrastructure to provide secure and seamless integration of financial services, and what are the key challenges in navigating this ecosystem?

NeoKred leverages open banking infrastructure to serve as a financial data sherpa, ensuring secure and seamless integration of financial services. By securely connecting you to the best financial products, we enable activities like comparing loans, managing investments, and automating savings—all within one seamless platform.

However, navigating the open banking ecosystem presents challenges. Data security is paramount, and we continuously invest in robust encryption and authentication protocols to safeguard sensitive information. Additionally, adhering to complex regulations such as GDPR and PSD2 requires constant vigilance and adaptation to ensure compliance while delivering a smooth and secure financial journey.

Fintech is a rapidly evolving field, with trends like Buy Now, Pay Later (BNPL), neo-banking, and blockchain technology reshaping the industry. How is NeoKred positioned to capitalize on these trends, and what opportunities do they present for the future of finance?

With innovations such as Buy Now, Pay Later (BNPL), neo-banking, and blockchain technology reshaping the sector, NeoKred recognizes their significant potential in shaping the future of finance.

The company acknowledges that these products generate valuable data with each use. Utilizing BNPL data, NeoKred empowers lenders to offer instant credit access, particularly targeting a younger demographic and individuals new to credit. This data-driven approach facilitates better financial decision-making and expands credit accessibility to a broader audience.

Furthermore, NeoKred’s neo-banking platform integrates financial services seamlessly, providing users with a unified and intuitive experience. Leveraging blockchain technology ensures secure transactions, thereby fostering trust and reliability in financial dealings.

Rather than passively observing trends, NeoKred actively embraces them to pioneer the future of finance, prioritizing the empowerment of individual users. By embracing emerging technologies and trends, NeoKred stands as a leader in driving positive change and fostering innovation within the financial services sector.

What growth strategies have NeoKred employed to expand its customer base and ensure sustainable growth in a competitive market?

NeoKred has embraced inventive growth strategies to broaden its customer base and ensure enduring expansion within a competitive market. Rather than striving to catch up in the crowded Fintech landscape, the company prioritizes innovation as its primary distinguishing factor.

The “Bank in a Box” idea distinguishes NeoKred by presenting a comprehensive solution for diverse financial requirements. Enterprises can utilize NeoKred’s platform to furnish their clientele with cards, virtual accounts, and additional financial services, all personalized under their own brand. This approach not only heightens convenience and oversight for clients but also safeguards their financial experiences for the future.

Through the innovative “Bank in a Box” concept, NeoKred establishes a mutually beneficial scenario for both enterprises and clients by providing a one-stop destination for financial services. This dedication to innovation and customer-centricity underscores the company’s ethos.

As AI becomes more prevalent in fintech, ethical considerations become increasingly important. How does NeoKred ensure that its AI-powered solutions uphold principles of privacy, security, and fairness while driving innovation in financial services?

NeoKred acknowledges the increasing importance of ethical considerations in the incorporation of AI into fintech. As AI is utilized to drive innovation in the financial services sector, maintaining adherence to principles such as privacy, security, and fairness is crucial.

Their approach involves rigorous testing of AI-driven products across different industries and user demographics to create comprehensive solutions that cater to diverse requirements. By actively involving industry stakeholders and end-users, NeoKred gains valuable insights that shape the development and enhancement of their AI algorithms and solutions.

Privacy and security stand at the core of NeoKred’s AI implementations. They integrate robust security measures directly into their AI models to safeguard sensitive data throughout its lifecycle. Additionally, their utilization of Large Language Models (LLMs) contributes to enhancing security and privacy through thoughtful design.

Digital transformation is reshaping businesses across industries. How does NeoKred contribute to this transformation, and what role does technology play in improving efficiency, enhancing customer experiences, and driving innovation in the financial services sector?

NeoKred acknowledges the significant impact of the digital revolution on the financial services sector and assumes a crucial role in spearheading this change. Through the utilization of technology, NeoKred empowers enterprises and enhances customer interactions, thus contributing to the continuous evolution of the industry. Their cloud-based platform serves as a fundamental component of digital transformation, providing a range of tools and services tailored to streamline operations and boost efficiency.

From data platforms to consent management suites, virtual accounts, and co-branded cards, NeoKred equips businesses with the necessary infrastructure to excel in the digital landscape. By harnessing technology’s potential, NeoKred facilitates accelerated product launches, thereby reducing time-to-market and increasing adaptability. Additionally, their platform ensures seamless financial experiences for customers through instant approvals, simplified payments, and personalized features.

 

RING Secures INR 100 Crore Venture Loan from Trifecta Capital

In a significant move within the fintech industry, RING, previously known as Kissht, has announced a major boost to its financial standing. The premier consumer lending startup has successfully raised INR 100 crore in venture loans from Trifecta Capital, a key player in the venture debt scene. This marks the second collaboration between Trifecta and RING’s founders Krishnan Vishwanathan and Ranvir Singh, along with the RING team.

Having initially invested in RING in early 2022 with a debt of Rs. 50 crore, Trifecta’s extended support underscores their confidence in the company’s growth trajectory and operational strategies. RING has established itself as a digital-first consumer lending entity, prioritizing financial inclusion by offering personal credit solutions to both salaried and self-employed individuals across Tier 1, Tier 2, and Tier III cities.

With an in-house NBFC license and access to third-party balance sheets, RING has witnessed remarkable growth, boasting an Assets Under Management (AUM) of over Rs. 3,000 crores for the fiscal year ending March 31, 2024, and serving a customer base exceeding 1 crore unique borrowers. The infusion of funds from Trifecta will facilitate RING’s expansion efforts, particularly in on-lending activities and scaling up its balance-sheet loan book.

Abhijit Joshi, Director of Venture Debt at Trifecta Capital, expressed enthusiasm about the continued partnership, highlighting RING’s ability to navigate regulatory challenges and capital fluctuations while maintaining strong financial fundamentals.

Krishnan Vishwanathan, Founder of RING, emphasized the company’s commitment to innovation and customer-centric solutions, noting a significant growth in AUM and subscriber base for FY24. He highlighted RING’s extensive network of partners and high rate of repeat customers, underscoring the company’s focus on sustainable growth and risk management.

This infusion of venture debt not only validates RING’s success but also positions the company to further its mission of promoting financial inclusion across India, in line with its vision of empowering millions towards a more inclusive financial future.

 

Central Government Entrusts Additional Responsibilities to Saurabh Garg (IAS) as Secretary of MoSPI

In a recent development, the Central Government has appointed Saurabh Garg (IAS), a 1991-batch officer of the Odisha cadre, to assume the additional charge as Secretary of the Ministry of Statistics and Programme Implementation (MoSPI). This decision, conveyed through an order from the Department of Personnel & Training (DoPT), comes following the conclusion of Dr. GP Samanta’s tenure on April 15.

Saurabh Garg currently serves as the Secretary of the Department of Social Justice & Empowerment. His extensive experience includes notable positions such as Chief Executive Officer at Unique Identification Authority of India (UIDAI), Principal Secretary in the Government of Odisha, and Joint Secretary in the Ministry of Finance, Government of India.

Dr. Garg’s illustrious career has seen him tackle challenging assignments in districts like Kalahandi, Sambalpur, and Keonjhar in Odisha. He was a pivotal member of the founding team of the Tata Strategic Management Group (TSMG) during his tenure with the Tata Administrative Service (TAS). Moreover, he has contributed significantly to various sectors as an Adviser with the World Bank in Washington DC and as Chairman/Managing Director of Public Sector Companies.

Educationally, Dr. Garg holds a Ph.D. in International Economics and Development from Johns Hopkins University, USA, along with an MBA from the Indian Institute of Management, Ahmedabad, where he was honored with a Gold Medal. His academic prowess also includes a B.Tech. from the Indian Institute of Technology, New Delhi, and a Gurukul Chevening Fellowship at the London School of Economics & Political Science.

Furthermore, Dr. Garg has made valuable contributions to literature in his field, having published articles and contributed to books covering various topics such as innovations in administration, infrastructure financing, and financial inclusion. As he takes on this additional responsibility, his wealth of experience and academic background position him well for the challenges ahead in steering MoSPI’s mandate effectively.

 

Top 5 Online Learning Platform for Learners

In recent years, the realm of education technology (edtech) has emerged as a transformative force in India, significantly elevating the standards of education. This surge in the adoption of advanced educational technology, or edtech, has been observed globally, with a shared goal of fortifying educational methodologies and enhancing students’ learning journeys. In this context, we unveil a curated selection of the foremost six edtech platforms. These platforms stand out for their innovative study materials and resources, contributing to amplified educational achievements and enriched learning experiences.

Shaalaa.com: Established in 2010 by Anthony Fernandes Founder, Shaalaa.com.With the goal of democratizing access to high-quality educational resources, Shaalaa.com is a preeminent online platform that equips students with the tools they require to succeed. Shaalaa.com offers thorough study resources for kids in grades 5 through 12 and for Maharashtra state board and competitive examinations through its easy-to-use website.

Physics Wallah: PhysicsWallah aims at providing quality content to every child for free. Live classes, video lectures, test series, lecture wise notes, topic wise assignment with best questions, dynamic exercise and much more. Almost 90% content on this App is for free and will always be.

Meritnation: Meritnation, a Delhi-based educational startup established by Pavan Chauhan and Ritesh Hemrajani, operates as an online learning platform catering to students from Grades 1 to 12. This innovative company enhances the remote learning experience by offering a range of interactive study materials. Their offerings include live interactive classes utilizing advanced technology, educational videos, in-class quizzes, analytical tools, and engaging animations.

Adda247: Adda247, headquartered in Gurugram and co-founded by Anil Nagar and Saurabh Bansal in 2010, specializes in a range of educational products tailored for government examinations. Their offerings encompass on-demand video courses, mock tests, live-video classes, and educational books. This startup provides comprehensive courses for a variety of competitive exams, including SSC, GATE, JEE, NEET, UPSC, teaching exams, defence exams, and state-level examinations. Adda247 is driven by a mission to democratize quality education, ensuring equitable access to top-notch content, affordability, personalized learning, and content in regional languages.

Edutinker: EduTinker, founded by Akash Aggarwal and Nilesh Gupta, is an innovative ed-tech startup. Their comprehensive app streamlines student activity management for teachers, enhancing efficiency in both physical and remote classrooms. The app facilitates interactive features, unified communication, and easy sharing of study materials. It provides visibility into weekly schedules and sends timely class updates.

Remote Unveils Top 100 Global Destinations for Remote Work, Varanasi Ranks at 118

San Francisco: Remote in its latest report has unveiled the definitive list of the top 100 global destinations for remote work, with Varanasi making its mark at #118. This comprehensive ranking, informed by a thorough examination of various factors encompassing quality of life, safety, internet connectivity, economic conditions, and travel accessibility, aims to assist digital nomads and remote professionals in selecting destinations that align with their personal and professional preferences.

Originally introduced in 2021 during the early stages of remote work adoption and travel restrictions, Remote’s Best Destinations for Remote Work list gains renewed relevance as remote work evolves from a temporary solution to a lifestyle choice. Updated with fresh criteria to reflect this shift, such as inflation rates and the availability of digital nomad visas in over 50 countries, the list highlights India’s debut, spotlighting its growing allure for remote workers due to its vibrant culture, cost-effectiveness, and welcoming atmosphere.

Among the top 10 destinations identified for remote work are Madrid (Spain), Madeira (Portugal), Toronto (Canada), Auckland (New Zealand), Tokyo (Japan), Paris (France), Portland (Maine, USA), Taipei (Taiwan), Stockholm (Sweden), and Reykjavík (Iceland).

For individuals ready to embark on this lifestyle, Remote provides resources such as Remote Talent for securing remote positions with leading companies and the Remote Freelancer Hub for independent digital nomads to manage clients and invoicing. Additionally, Remote offers immigration and relocation services, streamlining the process for employers seeking to retain top talent interested in relocating internationally. Visit https://remote.com/best-destinations-remote-work for the full list and an interactive tool tailored to individual preferences.

“Remote work enables professionals to maintain careers wherever they feel most inspired, productive, and balanced. This year’s list of the top global destinations for remote work reflects not just the best places to live and work remotely, but also the evolving landscape of what remote professionals need to thrive in a post-pandemic world,” said Job van der Voort, co-founder and CEO of Remote.

 

L&T Precision Engineering appoints Santosh Rai as Head-HR

Santosh Rai, Head HR, L&T Precision Engineering

L&T Precision Engineering and Systems has appointed Santosh Rai as the Head of Human Resources. Prior to this role, Rai served as a joint General Manager at L&T Defence IC, accumulating 24 years of experience in human resources and industrial relations within manufacturing and utilities.

Rai’s expertise extends to establishing new facilities from scratch, demonstrated through his hands-on involvement in green field setups. His journey with L&T commenced in 2010 as the plant head of HR, where he oversaw talent acquisition for a newly established plant, implemented HR systems, and streamlined contract workforce management.

“I’m happy to share that I’m starting a new position as Head of Human Resources at Larsen & Toubro Precision Engineering and Systems IC,” Rai posted on LinkedIn.

Before joining L&T, Rai contributed his skills to organizations such as BSES Rajdhani Power, Goodyear India, and Samtel Color. He holds a Master’s in Personnel Management from Savitribai Phule Pune University.

 

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Lam Research signs MoU with IISC to upskill semiconductor workforce

Lam Research Corp has announced that it will donate software worth Rs 241 crore to upskill workforce in India to meet the requirements of the electronic chips industry in the country. Under a memorandum of understanding (MoU) with the India Semiconductor Mission (ISM) and the Indian Institute of Science (IISc), Lam Research Corp will facilitate the widespread implementation of Semiverse Solutions. This initiative is geared towards fostering the development of India’s semiconductor manufacturing workforce.

The agreement comes in the wake of a shared declaration and informational document released by the administrations of the United States and India at the White House in June 2023, coinciding with Prime Minister Narendra Modi’s visit to the US.

“Lam is donating nearly USD 29 million (INR 241 crore) in software licences over the next two years to enable 2,800 students, while ISM is supporting the establishment of infrastructure and operational costs. IISc will “Train-the-Trainers” at the selected universities, while Lam will deploy a dedicated team of employees to support the expansion across the country,” the statement said.

The MoU signals the successful completion of the pilot in partnership with IISc and establishes a framework for expansion to multiple universities across India.

“As India takes bold steps to establish a semiconductor industry, a virtual-physical fabrication world made possible with Semiverse Solutions will be critical to rapidly scale a workforce to meet industry demand,” Lam Research India, Corporate Vice President and General Manager, Rangesh Raghavan said.

Combined with program management and customization of course curriculum, the initiative aims to educate a maximum of 60,000 Indian engineers in semiconductor fabrication technologies within a span of ten years.

“It’s exciting to embark on this journey with Lam Research and the IISc. As the semiconductor ecosystem in India grows, effective skill development partnerships will be key to ensuring we can sustain the momentum,” ISM CEO Akash Tripathi said.

India’s Educational Ascendance – A Step Towards Global Eminence

The globalization of education presents Indian students with both promising opportunities for academic advancement and intricate challenges stemming from geographical distance. Yet, the internalization of education offers a wealth of possibilities, notably through international collaborations such as dual degree programs, research initiatives, and the cross-cultural integration of courses. One of the recent developments, Mumbai University joined hands with French university for a dual degree programme. 

Moreover, globalization provides students with unprecedented access to a diverse array of learning opportunities, transcending the constraints of geography and cultural differences. Through the proliferation of online education platforms and digital technologies, students can now readily enroll in courses offered by universities worldwide, exposing them to a wide spectrum of academic disciplines and educational methodologies. Additionally, study abroad programs afford students the chance to fully immerse themselves in diverse cultures, languages, and academic traditions, fostering not only personal development but also intercultural competency.

The digital era catalyzed by globalization has further democratized access to educational resources, making them more readily available than ever before.

India’s position in the global education arena

The implementation of internationalization initiatives in the National Education Policy (NEP) has prompted IITs to expand their presence beyond borders. Notably, IIT Delhi and IIT Madras have established overseas campuses in Abu Dhabi and Zanzibar, respectively. The ongoing aggressive development in the Indian educational arena is going to place India at a much higher position on the global education map.

ObserveNow Media interacted with Sanjay Kumar Bahl, Vice Chancellor, Indus International University on the globalization of HEIs and its possible impact on the Indian education system. He stated that “India had been known as a knowledge domain for 5000 years. Taxila and Nalanda are a few examples. Aashrams of Rishi Muni’s had been excellent examples of Centers of Excellence. Other than IITs many private universities have set up their overseas Campuses. As Indians would be 150 Cr. in 750Cr world population, they would be dominating with their ethics, humble behavior, English proficiency, knowledge of Sanskrit, yoga, ayurveda, Naturopathy, Astrology, and courses like engineering, medicine, defense, economics, commerce and management would be Indian educational strength world over.”

Highlighting the traditional rich history of the Indian education landscape, he further elucidated that “The human honest work of Indian teachers will always be above everyone in the world’s educational system. We have a vision to make Chanakya, Aaryabhat, C. V. Raman, APJ Abdul Kalam from the youth through scientific innovation, vision, motivation, and practical approach. Indian system of education has to be spread for the benefit of mankind, peace in the world, and the progress of humanity.”

The vision of peace, progress, and prosperity in the world can only be brought by the Indian system of education which through every subject teaches sacrifice in deeds, respect for all – living & nonliving, and peace for all. Education is not a means for living but it is a way for human existence on earth. We have to change the selection in universities with the best of dedicated, devoted, and disciplined cadres. New sciences, and subjects to be identified bring good food and good thoughts to students to make earth smile every day without conflicts and protection of environment.

The Indian Education Ecosystem Accelerating Internationalization

Expanding the reach of Indian institutions by internationalizing their advanced programs in quantum technology, data science, cyber-physical systems, and similar fields could have a transformative impact, similar to the success experienced by countries like Australia. 

Kumar expressed his thoughts on the possible factors that can accelerate the internalization fo the Indian education ecosystem and said, “ The acceleration of Indian educational ecosystem can be brought with the clear and focused approach by all the stakeholders – Students, teachers, parents, government, industry, employers, and everyone in society.”

In crafting a comprehensive strategy for societal transformation, it’s imperative to consider a multitude of factors. First and foremost are the dreams harbored by individuals, representing aspirations for change and evolution within our world. It is crucial, not only to understand their essence but also to envision the tangible benefits they can bring to society upon realization. However, mere visualization is insufficient without concrete action. Action research and meticulous planning are essential steps towards translating dreams into reality. This process demands a deep understanding of the resources required, the human capital needed, and the imperative to harmonize progress with the preservation of our environment.

Flexibility is a cornerstone of this endeavor, embracing the diversity of perspectives and fostering a culture where every voice is heard. In the spirit of Vasudhaiva Kutumbakam, the global community is viewed as one family, necessitating democratic processes and an openness to alternative ideas. Sincere efforts must underpin every action, driven by a genuine commitment to the betterment of humanity.

Central to this transformative journey is the role of facilitator rather than dictator. Recognizing the rich heritage of the Indian knowledge system, we acknowledge its potential to guide us toward becoming Vishv Guru once more. Despite a historical hiatus, technology can expedite our reclamation of this mantle, provided we harness its potential wisely. By integrating these factors seamlessly, we pave the way for a future where innovation, compassion, and sustainability converge to propel humanity towards its highest aspirations.

To hear more from Sanjay Kumar Bahl, Vice Chancellor, Indus International University, Register for the 6th Edition of the ObserveNow Education Leaders Conclave & Awards.

 

NPCI Appoints Benjamin Ambrose as CISO

National Payments Corporation Of India (NPCI) has announced the appointment of Benjamin Ambrose as its new Chief Information Security Officer (CISO). NPCI, the organization overseeing India’s retail payment and settlement systems, appointed Ambrose to this crucial role. NPCI, a joint effort of the Reserve Bank of India (RBI) and the Indian Banks Association (IBA), was established under the Payment and Settlement Systems Act, 2007.

Ambrose brings a wealth of experience to his new position, having previously served as a Senior Security Consultant for AWS, based in Singapore. His career includes senior managerial roles at Citi, further enriching his expertise in information and cyber security. With over two decades of experience in various domains of information security, Ambrose is well-versed in areas such as cloud security, digitalization initiatives, audit management, regulatory compliance, and governance.

Ambrose announced his appointed on Linkedin, he stated I’m happy to share that I’m starting a new position as Chief Information Security Officer at National Payments Corporation Of India (NPCI)!”

Ambrose holds a Bachelor of Engineering degree from Bharathiar University, underscoring his strong academic background in addition to his extensive professional experience. His appointment reflects NPCI’s commitment to enhancing its security infrastructure and ensuring the integrity of India’s payment systems.

 

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