Now Loading

Syed Mohammad Zafar Alam takes charge as Chief Business Officer at NTT DATA Payment Services

NTT DATA Payment Services India Private Limited, a renowned payment service provider, has announced the appointment of Syed Mohammad Zafar Alam as Chief Business Officer (CBO), starting immediately. This strategic decision is intended to accelerate the company’s expansion in the payment sector. Zafar Alam, with over 20 years of industry expertise, will spearhead major projects, promote business expansion, expand the customer base, and enhance alliances in the fast changing financial sector.

Zafar Alam previously worked as Senior Vice President and Business Head at Paytm Payment Services Ltd. He has also held key positions at Axis Bank, where he oversaw the e-commerce business, and at ICICI Bank, where he was instrumental in driving company growth and developing excellent client connections. Zafar Alam has a bachelor’s degree in arts from Calcutta University.

On his new role, Zafar Alam shared, “India’s payment industry is growing rapidly and will continue on a strong upward trajectory. I’m excited to join NTT DATA Payment Services, where I can apply my expertise to support the company’s growth. The organization’s focus on innovative payment solutions and customer-centricity is setting new industry benchmarks.”

Takeo Ueno, CEO of NTT DATA Payment Services India, expressed his excitement about the appointment, stating, “We are thrilled to welcome Zafar Alam, whose extensive experience in the payments and banking industry will be invaluable. His deep understanding of the Indian financial ecosystem will further support our vision of becoming one of the top three payment service providers in the country. We are confident that with Zafar’s leadership, the company will continue to achieve new milestones.”

Rebecca Kurian Appointed as Director at BearingPoint

Rebecca Kurian announced her new role as Director at BearingPoint, a leading management and technology consultancy. With over 20 years of experience in the B2B technology space, Kurian brings a wealth of knowledge and leadership expertise to the position.

Known for her passion for building sustainable, ethical, and impactful growth stories, Kurian has a proven track record of success.

During her tenure at previous organizations, she increased revenue by 300% in just one year and led a high-performing team that won multiple industry awards. Kurian is also a strong advocate for women’s leadership, actively mentoring and inspiring women to advance in their careers.

In her new role at BearingPoint with a global network spanning over 70 countries and 10,000+ people, Rebecca will be responsible for overseeing end-to-end operations in India. Her focus will be on driving sustainable growth and further expanding BearingPoint’s presence in the region.

Before joining BearingPoint, Kurian held senior positions, including Vice President of Growth at Entropik Tech and Vice President of Global Marketing at AppViewX. She has also made significant contributions to companies like LogMeIn, Akamai Technologies, and Dell.

Commenting on her new role though a LinkedIn post, Kurian stated, “Choosing the right company is always about more than just the role—it’s about the values that resonate with you. At BearingPoint, what truly stood out to me is their unwavering commitment to ‘People First.’ I am grateful to be part of an organization that places such a high value on its people, ensuring that every individual is supported, respected, and empowered.”

BearingPoint’s commitment to fostering a people-first culture aligns perfectly with Rebecca’s own values and leadership style. Her appointment marks a significant step for the company in reinforcing its mission to drive impactful results through innovation, collaboration, and a strong focus on its people.

 

Elevating BFSI Compliance: The Strategic Impact of Regtech on Regulatory Adherence and Risk Management

Compliances are the highest priority for the Banking, Financial Sector, and Insurance (BFSI) companies in India. The regulatory authorities of the BFSI are strengthened to maintain the stability, security, and process of the BFSI’s for continued improvement. The compliances of BFSI’s start with licensing, and further it extended to a huge number of activities like reporting, publishing, notifying, displaying, maintaining, and so on. Maintaining and monitoring the compliances with the help of software is necessary for every company to avoid the non-compliance, reduce the human effort, know the latest changes, escape from penal consequences, maintain the dignity in the industry, and value the company in public eyes.

The BFSI industry plays an important role in India for the growth of the country and to improve the lifestyle of the citizens of India. India being the second-largest country in the world on population, it’s necessary for the Indian government to make the powerful regulatory authorities monitor the BFSI’s very closely. The regulatory authorities monitoring mechanism is used by the BFSIs for the purpose of compliance monitoring and compliance reporting. The Reserve Bank of India (RBI) found there are errors in the compliance submissions, which are human-made reports. There is a lack of use of software-generated compliance reports, or the reports generated with the help of a tool. RBI identified some of the BFSI’s don’t have any software or automated regulatory technology for the compliance monitoring.

The Reserve Bank of India (RBI) recommends banks adopt software-based compliance solutions and monitoring mechanisms by June 2024. The recommendation of the RBI is an alarming signal to the BFSI’s to think about Regulatory Technology (Regtech) support in implementing a software-based compliance monitoring system. The RBI recommends the software to reduce the human effort and to automate compliance monitoring with the help of the software, and it helps the human errors in compliance monitoring.

The Digital Personal Data Protection Act (DPDP Act) is published by the Indian government for the protection of personal data like KYC, Aadhar, and other confidential information. The DPDP Act mandates the protection of every individual person by the BFSI’s, and in case of breach of the data protection, it will lead to a high level of penalisation for the BFSI’s. The BFSI’s necessary to comply with the conditions of the DPDP Act to stay in compliance. The DPDP Act recommends compliance monitoring and tracking the requirements under the Act.

In India, very few Regtech companies are aware of the complete regulatory requirements for BFSI’s. The investments of Regtech companies are made for the purpose of customising the software and updating the software as per the requirements of the BFSI’s. The regulatory changes necessary to modify the applicability and dashboard by the Regtech companies consume cost and time. Reputed Regtech companies hold a separate team of expertise to manage the latest changes notified by the regulatory authorities to incorporate the same in the software and update the dashboard of the software to reduce the risk of non-compliance.

The Regtech software and GRC tool providers support the BFSI companies to monitor the compliance status with the risk level against each non-compliance identified. Simplifying the dashboard and making it easy to understand in simple lines are the success of the tool. Regtech software/GGRC tool provides at most comfort to the BFSI companies to know the applicable compliances, risk in case of non-compliance, person responsible, monitoring authority, and even score against each compliance across the nation covering all the locations.

Maximum BFSI’s holds a tie-up with Regtech companies for GRC Tool for the purpose of a tech-driven monitoring system of compliances, but the implementation of the same will have challenges. The RBI guidelines for streamlining the internal compliance monitoring system and leveraging the use of technology will have a significant impact on Regtech companies to think of continued improvement. The BRI guideline clarified a comprehensive review of the existing compliance tracking and monitoring process and instituted necessary changes to the existing system or implemented a new system by June 2024. This makes RBI believe in the technology-based solution for the purpose of monitoring the compliances.

The GRC tool or software-based monitoring will have much impact on the reduced human errors and change in compliances. Monitoring the change in compliances will be a big task for the BFSI companies; making the necessary changes in the compliance monitoring checklist also creates impact. The cost of compliance becomes most important to the BFSI companies; the Regtech solutions are the easy way to adherence with applicable compliances and reduce the human cost for the purpose of monitoring.

The Regtech solutions on the compliances are wide in nature; it starts with mapping the compliances, updating the changes, capturing the data, amending the regulatory requirements, displaying the status of compliance, highlighting the risk, suggesting the mitigation of non-compliances, reporting generations, and more. The Regtech solutions help the BFSI companies to review the status and share the required reports with the regulatory authorities.

Banking, Financial Sector, and Insurance companies are necessary to hold an Regtech software/GGRC tool for the purposes of compliance and monitoring. The help of the software/GGRC tool will reduce the errors in any form of reports generated out of the same. The latest changes adopted by the RBI and the legislation related to data protection personal data (DPDP Act) have a huge risk in terms of any non-compliances or any miss in the applicable compliances. To avoid the penal consequences, every BFSI must be aware of the status of compliances across all the operating locations. The Regtech software/GGRC tool helps the BFSI’s to identify the non-compliance and risk management against the same. The latest dashboards help the responsibility mapping, monitoring, customising, and so on to help the banking, financial sector, and insurance to focus on business, not on regulatory compliances.

Author: Munab Ali Beik, Head Compliance Advisory Practices, Core Integra.

Disclaimer: The views expressed in this article are solely those of the author and do not necessarily reflect the opinions or policies of ObserveNow Media. The author is solely responsible for ensuring the accuracy, completeness, and validity of the information presented, encouraging readers to independently verify and seek professional advice if needed.

Microsoft lays off 650 employees from Xbox games unit in restructuring bid

More than 650 employees from Microsoft’s gaming division were laid off on Thursday, September 12, according to a report by The Verge. The job cuts were confirmed by Xbox chief Phil Spencer in an internal memo.

“To align our post-acquisition team structure and manage the business, we’ve decided to eliminate approximately 650 roles across Microsoft Gaming, mostly in corporate and support functions, to set our business up for long-term success,” Spencer stated.

However, Spencer reportedly clarified that these layoffs will not affect the release of any games, devices, or experiences. The job cuts are linked to Microsoft’s $68.7 billion acquisition of Activision Blizzard, the company behind hit games like Call of Duty, World of Warcraft, and Candy Crush Saga.

After protracted negotiations with regulators in the UK and US, Microsoft completed the Activision Blizzard acquisition in October of last year. Earlier this year, Microsoft reduced its 22,000-employee gaming workforce by 8%, laying off over 1,900 employees, and also shut down several video game studios, including Arkane Austin, the developer of Redfall.

Moneyview Becomes Unicorn, Acquires Jify in to Expand Services

Consumer lending platform Moneyview has officially joined the unicorn club, reaching a valuation of over $1 billion after securing fresh funding from existing investors, Accel India and Nexus Venture Partners. The Tiger Global-backed company has also acquired Jify, an employee benefits startup, in a deal that involved a share swap, enabling Moneyview to further enhance its financial services by expanding into employee-focused solutions.

Jify, a Mumbai-based startup, partners with corporations to offer employees zero-cost, real-time access to their salaries in advance. Previously, it raised $10 million from Accel and Nexus Venture Partners in June 2023 and is backed by other notable investors, including Amica Financial Technologies and Qed Innovation Labs. The acquisition will allow Moneyview to strengthen its credit, savings, and investment offerings, particularly for underserved workers.

In the funding round, Moneyview’s board approved a special resolution to issue 60,23,382 equity shares at Rs 64.15 per share, raising Rs 38.64 crore (approximately $4.65 million), per filings with the Registrar of Companies (RoC). Post-funding, Moneyview’s valuation now stands at Rs 10,086 crore (around $1.2 billion), up from $900 million in December 2022 when Tiger Global led a $75 million round.

The fintech sector, especially lending startups with NBFC arms, has seen heightened investor interest in recent months. FlexiLoan recently raised Rs 290 crore, while Mintifi and Sarvagram are in talks for fresh funding. The surge comes amid growing tech adoption and regulatory clarity in the fintech-NBFC space.

Founded by Puneet Agarwal and Sanjay Aggarwal a decade ago, Moneyview, through its NBFC unit Whizdm Finance Private Limited (WFPL), offers a range of financial products, including personal loans, home loans, credit cards, and loans against property. The firm has partnerships with lenders like DMI Finance and Oxyzo. In FY23, its operating revenue surged 2.6 times to Rs 577 crore, while profits jumped 27 times to Rs 163 crore. As of April 2024, Moneyview had disbursed over Rs 12,000 crore in loans.

Moneyview is one of six startups — including Krutrim, Perfios, Porter, Rapido, and Ather — that achieved unicorn status in 2024.

Salesforce Introduces AI-Driven Tools to Transform Healthcare Operations

Salesforce has introduced a new suite of AI-enabled capabilities tailored for healthcare organizations, designed to automate labor-intensive tasks and enhance patient care. These new features are available on Health Cloud and integrate directly into clinician workflows to improve care quality and operational efficiency.

Part of Salesforce’s broader initiative to address operational challenges across 15 industries, the AI capabilities are embedded within each of its 15 industry clouds. Healthcare organizations, in particular, will benefit from the Einstein Copilot, which allows for natural language summaries of patient information and AI-driven patient data management.

Salesforce’s website highlights how the AI features use Einstein prompts to enhance patient services, such as sending referrals and booking appointments. The system also includes advanced data privacy measures, including data masking and a zero data retention policy, ensuring sensitive patient information is protected when interacting with large language models.

Additional healthcare tools will help with business operations like validating insurance coverage, determining out-of-pocket costs, and eligibility. These AI-powered solutions are set to be widely available in October, with pricing based on specific use cases.

This launch builds on Salesforce’s March release of the Einstein AI Copilot on the Einstein 1 Platform, which leverages healthcare data for more streamlined services. New AI-powered tools aim to reduce administrative burdens and allow clinicians to focus more on patient care. With escalating technology costs, Salesforce’s AI tools provide a cost-effective solution for organizations that may lack the resources to develop their own AI models.

Adobe Set to Launch AI-Powered Video Creation Tool Firefly Video Later This Year

Adobe is gearing up to introduce its latest artificial intelligence (AI) tool for video creation, Firefly Video, by the end of 2024. The company has revealed that features from this innovative model will soon be available on both the Premiere Pro beta app and a dedicated website.

Currently in beta testing, three standout features—Generative Extend, Text to Video, and Image to Video—are expected to be accessible to the public soon. The AI-powered capabilities are designed to help creators tackle common video editing challenges, offering dynamic solutions like filling gaps in timelines and adding new elements to existing footage.

Firefly Video will allow users to generate videos from text prompts, transform images into live-action clips, and extend AI-generated footage to enhance transitions. The new model is trained exclusively on authorized content, ensuring commercial safety, according to Adobe. The features will be available in beta versions via the Firefly website, with the Generative Extend feature integrated directly into Premiere Pro.

This addition follows the launch of Adobe Firefly in March 2023, which has since expanded to include AI models for images, vectors, and design. Firefly Video is set to further enhance Adobe’s growing suite of creative tools.

StatusNeo elevates Gaurav Sarien to Managing Director- APAC

StatusNeo, a software development and consulting firm, has promoted Gaurav Sarien to the position of Managing Director for the APAC region. Sarien, who joined the company in April 2022 as Chief Growth Officer, announced his promotion in a LinkedIn post.

Sharing his excitement about the new role, Sarien said, “I am thrilled to announce that I’ve officially stepped into the role of Managing Director, APAC at StatusNeo. We are constantly pushing the boundaries in product and platform engineering, AI & cloud-first consulting. From helping businesses automate complex systems to leveraging cutting-edge AI and cloud technologies, our team is doing brilliant work that is shaping the future of global industries.”

With more than 15 years of experience, Sarien has a strong track record of building businesses, forming efficient global teams, launching and scaling products and services, and driving substantial bottom-line growth.

In addition to his role at StatusNeo, Sarien is an active member of the Forbes Business Development Council. His professional background includes roles with organizations such as TiE, Karix, ValueFirst, and others.

Angela Zepeda Joins X as Global Head of Marketing

Angela Zepeda, the former Chief Marketing Officer of Hyundai, has been named the Global Head of Marketing for X, the social media platform formerly known as Twitter. X CEO Linda Yaccarino announced in a post on the platform.

“Angela, who most recently served as CMO/Chief Creative Officer for Hyundai, brings a wealth of experience and expertise in global brand growth and is the perfect choice to lead X’s marketing efforts as we accelerate our innovation. Excited for all the great work ahead,” Yaccarino said. This appointment marks the first time X has hired a global head of marketing since Elon Musk acquired the platform for $44 billion in 2022. Since then, the platform has undergone significant changes, including layoffs and a complete rebranding from Twitter to X.

Before joining X, Zepeda spent five years with Hyundai, where she was instrumental in shaping the brand’s image, spearheading innovative campaigns, and guiding Hyundai’s creative strategy as Chief Creative Officer. With a career spanning more than two decades, Zepeda has held key roles at leading advertising and communications agencies, including Innocean, Lowe Campbell Ewald, and TBWA. Her extensive experience includes expertise in brand strategy, digital marketing, and global campaigns.

ServiceNow releases its most comprehensive set of new AI innovations with the Now Platform Xanadu

ServiceNow has launched its most extensive set of AI innovations to date with the Now Platform Xanadu release. This update introduces hundreds of new AI features designed to enhance customer agility, boost productivity, and improve employee experiences. It also expands ServiceNow’s generative AI (GenAI) capabilities to critical enterprise functions such as Security Operations and Sourcing & Procurement Operations. Additionally, the integration of Now Assist with Microsoft Copilot for Microsoft 365 is now generally available, providing a cohesive and connected experience for employees within their everyday workflows.

According to Gartner, $3 trillion will be invested in AI between 2023 and 2027, with GenAI accounting for 36% of this spending by 2027. As CEOs seek new growth opportunities and drive digital transformation, ServiceNow is ahead of the curve, offering unique GenAI capabilities that streamline operations, maximize productivity, and deliver top-tier experiences to clients like American Honda Motor Company, Bayer, Boomi, Eaton, and Olam Global Agri. Notably, in Q2 2024, Now Assist continued to be ServiceNow’s fastest-growing product set, doubling its net-new annual contract value (NNACV) quarter-over-quarter.

“Our customers are eager to leverage AI now and demand more from their GenAI deployments—more productivity, personalization, and value,” said Jon Sigler, Senior Vice President of Platform and AI at ServiceNow. “That’s why we are committed to delivering a comprehensive, end-to-end platform experience. The Xanadu release is a major leap forward in our GenAI roadmap, empowering enterprises to swiftly harness GenAI’s potential and drive exceptional business outcomes.”

With the Xanadu release, ServiceNow significantly broadens its GenAI offerings, bringing Now Assist to more enterprise areas to create impactful results. This includes addressing crucial needs such as security and threat management, where speed is essential for safeguarding IT environments. Now Assist for Security Operations (SecOps) is designed to help organizations accelerate security incident response (SIR) workflows and manage threat exposure proactively in real-time.

Now Assist for SecOps improves response times by quickly containing security threats. It leverages AI-driven incident summaries and interactive Q&A to automatically prioritize and address each security event, enhancing incident response protocols and speeding up the assessment, prioritization, and resolution of critical threats.

ServiceNow is also extending Now Assist to Finance and Supply Chain Workflows, initially targeting Sourcing and Procurement Operations with plans to introduce more GenAI features. According to Gartner, “GenAI can already enhance many different workflows in procurement, and 73% of procurement leaders expected to adopt the technology by the end of 2024.” ServiceNow recognizes the potential for intelligent automation to unify complex and fragmented processes. Now Assist simplifies procurement, boosts compliance, improves control over enterprise spending, and drives tangible business value.

Now Assist for Sourcing and Procurement Operations streamlines the procurement process by making it simple and seamless to submit requests, leading to greater accuracy and compliance while reducing friction with fulfillment. Employees can initiate procurement requests or access information through conversational prompts with Now Assist, bypassing complicated systems. This reduces the workload on procurement and finance teams, allowing them to focus on more strategic, high-value tasks.

ServiceNow continues to prioritize customer agility with the introduction of Now Assist Skill Kit, a new feature enabling the development and deployment of custom GenAI skills and prompts. Among the hundreds of new AI innovations in the Xanadu release are features such as data visualization generation, chat and email reply generation, change summarization, and LLM-based proactive prompts. These enhancements improve IT productivity, simplify complex processes, and foster easier internal collaboration, allowing employees to work more effectively and efficiently.

The Now Assist Skill Kit offers a pro-code environment for partners and customers to create custom GenAI skills tailored to their unique business needs. With this toolkit, developers can easily build, test, and deploy new GenAI skills and their underlying prompts, providing enhanced context and customization options whether using Now LLMs or third-party/custom LLMs.

Data visualization generation, Now Assist’s first analytics generation skill, empowers teams to visualize data and make quick, informed decisions, reducing bottlenecks and accelerating response times. It allows users to obtain targeted insights from their data through natural language prompts and add them to interactive dashboards without needing in-depth knowledge of the data structure.

Chat and email reply generation minimizes the time spent on manual responses by providing AI-generated suggested replies and revisions. Available within Agent Workspace, it enables agents to quickly resolve issues and enhance communication, particularly during mission-critical incidents.

Change summarization, powered by Now Assist for IT Service Management (ITSM), allows IT teams to efficiently summarize change requests and assess related data, leading to better decision-making, increased productivity, and reduced cycle times while minimizing risks.

LLM-based proactive prompts, powered by Now Assist for HR Service Delivery (HRSD), actively engage employees and managers with timely reminders for tasks such as approving travel requests or submitting career goals, providing a more streamlined work experience.

At Knowledge 2024, ServiceNow previewed an expanded partnership with Microsoft to integrate ServiceNow’s AI-powered workflows with Microsoft Copilot for Microsoft 365. The Xanadu release officially launches this integration, delivering a unified, seamless experience that enhances employee productivity.

The integration of Copilot for Microsoft 365 is now generally available, combining the capabilities of Now Assist and Copilot in a cohesive experience. Copilot can manage automated self-service tasks like ordering a new laptop or querying company policies through Now Assist within Microsoft Teams, providing employees with real-time responses and initiating workflows on their behalf.

The Xanadu release solidifies ServiceNow’s leadership in GenAI with one of the most ambitious roadmaps in enterprise software. With GenAI embedded directly into the Now Platform, customers can access out-of-the-box intelligence through ServiceNow’s multimodal model—Now AI—designed to deliver actionable AI across the enterprise. Earlier this year, ServiceNow also introduced the Bring-Your-Own GenAI Model, allowing customers to customize their AI-driven transformation to suit their unique needs.

In addition to expanding its GenAI capabilities, ServiceNow has introduced new data enhancements with the Xanadu release, providing significant value through ultra-scale performance. New features, such as the premium RaptorDB high-performance database, improve data processing, enabling better execution of mission-critical workflows across industries.

ServiceNow remains committed to secure, responsible, and ethical AI, fostering innovation that augments human capabilities and positively impacts the world. The Now Platform incorporates robust internal processes and safeguards to enhance security and reliability, including data encryption, secure communication, vulnerability scanning, accuracy checks, post-processing filtering, and policy compliance. Through collaborations with NVIDIA, Hugging Face, IBM, and others, ServiceNow is dedicated to promoting an open, transparent, and responsible AI ecosystem. For instance, as a founding member of the AI Alliance, ServiceNow is actively contributing to the advancement of responsible AI. Additionally, the integration with NVIDIA NIM optimizes the performance of Now Assist generative AI services, enhancing productivity for employees, customers, and developers.

Upcoming Conferences