GoMechanic cofounders Rishabh Karwa and Nitin Rana are working on two separate startups, six months after controversy hit their previous startup  While Karwa is building an app for retailers and physical stores, Rana seems to be working on a hospitality and travel product Karwa and Rana were among the four cofounders of GoMechanic who had confessed to shareholders about inflating revenue and misreporting sales More and more second-time startup founders and serial entrepreneurs are looking at whitespaces in the tech ecosystem to start up again. And GoMechanic cofounders Rishabh Karwa and Nitin Rana are two more noted entrepreneurs joining this bandwagon. Rishabh and Rana are currently working on two separate and unnamed new startups, even as dust is far from settled on the GoMechanic front. Indeed, it was just over six months ago that the controversy broke out. Rishabh and Rana are two of four cofounders of GoMechanic, along with Kushal Karwa and Amit Bhasin. We don’t know much about Rana’s new startup, but more details are available about Rishabh’s latest venture. For one, his X (Twitter) bio reads, ‘Building for Local Storefronts around the World’, and his recent tweets indicate that the GoMechanic cofounder has spent a considerable time in the US. The other GoMechanic cofounder Rana is working on a new startup and “Building Travel & Hospitality Product for Indian Subcontinent and World”, as per his LinkedIn profile. Neither have registered a new entity in India or the US yet as per Inc42’s checks on official portals. Rishabh has dropped hints about his next business since June this year. “We are trying to create [sic] is a Suspension Score for Business to check the risk their Business Profile is facing. Truly believe it can help a lot of Small Store Owners avoid a lot of frustration!” Rishabh revealed at the end of a thread on July 19 about the risk for businesses being red-flagged by Google Business, and therefore Google Search and Google Maps. Rishabh did not respond to questions sent via an X (Twitter) direct message about his new venture or indeed what happened towards the end at GoMechanic after its controversies came under the spotlight. Life After GoMechanic The Peak XV (Sequoia) backed startup’s founders admitted to financial misreporting, and was acquired by a consortium led by the Lifelong Group, which is a majority shareholder in GoMechanic rival Servizzy. The deal saw write-offs by all GoMechanic’s equity investors, while venture debt investors managed to recover some funds. Sources told Inc42 at the time that the distress sale was executed at INR 220 Cr (roughly $27.5 Mn), roughly half of the total lifetime funding raised by GoMechanic. Most importantly, GoMechanic founders were not part of the deal and did not get any equity in the acquiring company. While only one cofounder — Amit Bhasin — has publicly spoken about the misreporting and fake revenues, in private, all four cofounders are said to have admitted to the discrepancies that eventually turned GoMechanic’s fate. As per sources close to one of GoMechanic’s key investors, punitive or legal action against the founders, including Rishabh and Rana, has not been ruled out, though nothing is certain as yet. For legal action against founders, a consensus has to be reached by all the shareholders in the company. Last month, sources close to GoMechanic told Inc42 that the matter is still sensitive, indicating that the deal may not have been finalised. But Servizzy has clearly taken over GoMechanic’s operations as the latter’s website is now seemingly being run by Servizzy’s parent entity Service Easy Technology Private Limited. What Are GoMechanic Cofounders Cooking Up? Nevertheless, Rishabh has been quite vocal about starting anew, posting about the journey of building a new product and startup. His social media posts about Figma plugins and projects indicate some degree of progress. “The good thing about losing something you have built is you get to experience building something new again!” he tweeted in early June, followed by “0 to 1 can be the most stressful & most fun time simultaneously!” one month later. It’s clear that Rishabh is looking to solve problems for businesses that have an online listing and want to improve discoverability. He regularly asks his timeline for questions about Google Business APIs and other listings-related problems that businesses currently face. Second-time founders starting again from scratch is a major trend that has fuelled new business creation in the past three years. And while Rishabh Karwa has not yet raised funds to build a new product as far as we know, the question is will the controversies around GoMechanic change anything for his new venture or Rana’s. Despite controversies in their previous companies, the likes of Rahul Yadav, Ashneer Grover have raised funds from investors — Yadav’s Broker Network raised over $280 Mn by itself. While Grover is caught in many legal battles and Yadav is likely to see one too, the GoMechanic cofounders seem to have so far evaded court drama. Is it because the four confessed to their malfeasance? Or is there more trouble on the horizon even after the company has been sold? Rishabh Karwa as well as Rana’s next ventures, might well secure more funding than GoMechanic — it’s not unheard of in the case of new startups from serial entrepreneurs — and this might actually turn out to be the defining achievement of their careers. But at least for the first few years, there will be a nagging doubt about both cofounders’ new ventures from the overhang of the GoMechanic controversy. We saw this in the form of questions around Yadav’s Broker Network in the early days and even for Grover’s Third Unicorn now in its first few months. So besides taking on giants such as Google or Apple and other existing giants in their respective industries, both Rana and Rishabh Karwa would also have to fight perception battles of their own.

Rumours about the government issuing a new guideline on monitoring users’ WhatsApp chats and messages have been revolving around the internet for quite some time. The message is fake as per PIB Fact Check. The PIB Fact Check Unit aims to act as a deterrent to creators and disseminators of fake news and misinformation and to provide people with an avenue to report suspicious and questionable information pertaining to the government of India for fact-checking has termed the so-called guidelines as fake. “Claim: The Government of India has released a new #WhatsApp guideline to monitor chats and take action against people #PIBFactCheck : This message is #FAKE. The Government has released no such guideline,” said PIB Fact Check.The tweet by PIB Fact Check clearly mentions that the message about the government issuing guidelines to keep a check on chats and take action against people is fake. The government has issued no such guidelines. WWhat the message circulating claimsAccording to the message circulating on the internet and social media, the government has issued new guidelines to monitor the following things on WhatsApp. Message Sent Message Delivered Message Read Government has taken a note Government can take action against you Government is screening your data Government has initiated action and you’ll receive summons from court. Why you shouldn’t believe this messageWell, according to this message, users will see different coloured ticks as we see when the message is sent, delivered and seen — the grey, double tick and blue tick. It is important to note that WhatsApp does not have any other coloured ticks that indicate anything. According to this message, there will be red colour ticks as well. This is completely false and there are no colour-coded ticks on WhatsApp whatsoever.

VC, CVCs and PE investors have announced 40 funds worth more than $3.6 Bn so far this year to support Indian startups at various stages Around 65% of the funds, investment corpus and plans announced in the first four months of 2023 focussed on early-stage startups In our effort to provide startups with up-to-date information on funding resources, we will continuously update this article with the latest venture funds, their sizes, sectors of focus, and other details The financial year 2023 (April 2022 to March 2023) remained tough for Indian startups in terms of overall funding. Despite sitting on dry powder worth more than $18 Bn by the end of December 2022, investors practised caution, resulting in a more than 75% YoY decline in funding in the first quarter of the year 2023 (between January and March).What could be seen as a ray of hope, the funding raised by the startup ecosystem in India increased 15% month-on-month (MoM) in May to $1 Bn. In comparison, Indian startups raised $900 Mn in the month of April.According to Inc42’s ‘Indian Tech Startup Funding Report Q1 2023’, the Indian startup ecosystem did not see any unicorn being minted in the first three months of 2023, and 84% of Indian VCs surveyed said that growth-stage startups faced difficulty in raising funds.However, despite the funding gloom seeping into 2023, VC, angel and PE investors have so far this year announced 40 funds worth more than $3.6 Bn to support Indian startups at various stages. According to data compiled by Inc42, 65% (or 26 funds) of the total funds announced so far in 2023 focus on early-stage, and early and growth stage startups. While about $3.6 Bn worth of capital is meant specifically for India, there are funds such as B Capital and Nexus, which consider India as one of their investment markets (we have not included them in $3.6 Bn).In our effort to provide startups with up-to-date information on funding resources, we will continuously update this article with latest venture funds, their sizes, sectors of focus, and other relevant details.   For now, here’s a list of 40 funds, comprising details on their fund size, sectors in focus and more, that have been launched so far this year. Editor’s Note: All funds have been placed in alphabetical order. List Of Startup Focussed Investment Funds, Plans Announced By VCs, Investors And More 3one4 Capital (Fund IV) Bengaluru-based venture capital (VC) startup 3one4 Capital closed its fourth early-stage investment fund, Fund IV, at $200 Mn in May 2023. 3one4 Capital will invest in early-stage startups (from pre-seed to Series A) with cheque sizes between $0.5 Mn to $5 Mn.  Founded in 2015 by Pranav Pai and Siddarth Pai, 3one4 Capital is an early-stage venture capital firm based in Bangalore, India. The VC firm said it would focus on sectors such as consumer internet, SaaS and fintech while increasing investments in newer areas such as health tech, climate tech and more. AdvantEdge (Fund III) Early-stage venture capital (VC) fund AdvantEdge unveiled its third fund to invest $80-$100 Mn in mobility solutions companies. Founded in 2015 by Kunal Khattar, AdvantEdge is an early stage tech fund investing across consumer sectors with a focus on mobility. The new fund focusses on investing in the electric vehicle (EV) ecosystem with eyes on startups that make EVs affordable. The fund also plans to invest in startups that lease out Aeravti Ventures Early stage venture capital (VC) firm Aeravti Ventures announced the first close of its maiden INR 100 Cr fund on May 30,2023.  Led by General Partners Rishabh Singh and Shubham Jhuria, and supported by over 25 Entrepreneur Partners (EPs), Aeravti Ventures is focussed on investing in new-age technologies and emerging tech startups. For its maiden fund, Bengaluru-based firm said the fund will invest in pre-seed to Pre-Series A funding rounds of startups in sectors like deeptech, biosciences, agritech, climate, and enterprise tech in the next two to two-and-a-half years.  Agri-Focused Accelerator Fund During the union budget speech 2023-24 in February, India’s finance minister (FM) Nirmala Sitharaman announced an agriculture-focused accelerator fund to shore up domestic agritech startups working in rural areas of the nation. The FM said that the fund targets building innovative and effective agritech solutions for agriculture farmers, in turn, helping them improve access to market linkages and yields. The move is part of this year’s seven-fold approach which aims to give a major push to the Indian economy amid a global slowdown. Targeted at farmers, the project will support the growth of the agritech industry and startups. It is also envisaged to improve access to farm inputs, shore up credit and insurance, and increase access to market intelligence. Airavat Global Technology Fund R Public equities investment firm Airavat Capital announced the launch of a global technology fund, Airavat Global Technology Fund R (AGTF R) in June. The tech fund has already received interest worth over $40 Mn from investors, including existing stakeholders of Airavat Capital, other VC investors, technology founders/CTOs, and family offices. Airavat Capital is an investment management firm that is focussed on listed technology-enabled businesses across growing sectors such as consumer, financial services, technology and pharma. It is pertinent to note that it is the first-ever global technology fund to be based out of GIFT City. Avaana Capital Climate-focussed venture capital firm Avaana Capital raised $70 Mn, announcing the first close of its Avaana Climate and Sustainability Fund in June. The VC firm is targeting a total corpus of $100-125 Mn for the fund. The fund will focus investments in three sectors, including energy transition and resource management, mobility and supply chains, sustainable agriculture and food systems. Led by Anjali Bansal, Swapna Gupta, and Shruti Srivastava, Avaana Climate and Sustainability Fund focusses on tech-driven and innovative climate solutions, looking to solve climate risk mitigation, adaptation and resilience building. B Capital (Growth Fund III) US-based investment firm B Capital closed its third venture growth fund and allied companion funds, Growth Fund III at $2.1 Bn in January

Elon Musk-owned micro-blogging platform Twitter was rebranded last week. With this change, the company replaced its popular bird logo with a Unicode character that resembles the letter X. The rebranding has already started appearing on the social media platform’s mobile apps (both Android and iPhone) as well as its web client. The name change is expected to be part of a larger plan to turn Twitter into a “super app”.Such an app will be similar to China’s popularWeChat. In the coming days, the X app may also support payments, instant messaging and calls According to a report by Bleeping Computer, Microsoft Edge is warning some users that the rebranding can be a potential security issue. As per the report, Microsoft Edge is prompting users to “review icon update.” After the Twitter app branding was changed, the browser started showing users a message which read: “If this web app is trying to trick you into thinking it’s a different app, uninstall it.”However, there’s nothing to worry about as it seems to be a false alarm. Microsoft Edge is showing this warning due to a security feature called ‘Progressive Web App Icon change’. This feature is designed to alert users of app icon or name changes, possibly indicating a scam. What are Progressive Web AppsProgressive Web Apps (PWAs) enable websites to offer users an experience that mimics native apps on supported devices. Microsoft explains: “They adapt to the capabilities supported by each device and they can also run in web browsers, like websites. When installed on a device, PWAs function just like other apps.” PWAs can have their own app icons and be added to a device’s home screen or taskbar. These apps can also launch automatically when a relevant file type is opened, can be set to run upon sign in and can be listed on Microsoft Store. PWAs come with a built-in security feature which is available in Chromium-based browsers, like Edge and Google Chrome. This feature is designed to keep users safe from potential scams. In 2021, both Chrome and Edge added a safety alert that triggers whenever a PWA changes its original icon or name. Earlier, this feature had to be manually enabled using flags, but the latest versions of the browsers come integrated with this security feature. So, if you get a warning regarding X on any of the browsers there’s no need to panic.

Accepting cryptocurrency payments allows businesses to tap into a large user base of cryptocurrency holders worldwide Early adoption of cryptocurrency payments sets businesses apart from their competitors and positions them as forward-thinking and tech-savvy By embracing cryptocurrency payments, ecommerce businesses can reap numerous benefits, while providing added convenience and security to their customers As the market for cryptocurrencies continues to grow, businesses are finding that accepting crypto payments can provide several advantages for their ecommerce operations.  In this article, we will explore the key benefits that businesses can experience by embracing cryptocurrency payments. The Benefits One significant advantage of accepting cryptocurrency payments is the opportunity to expand your customer reach. With over 420 Mn global cryptocurrency holders, businesses can tap into a large user base of individuals who prefer using digital currencies for their transactions. By catering to this growing segment, businesses can access potential customers who might not have traditional bank accounts, thus extending their potential customer base even further. Another notable benefit of cryptocurrency payments is the reduction in transaction costs compared to traditional fiat payments.  When processing payments with fiat currencies, businesses often encounter various fees, including interchange fees and transaction fees. On the other hand, cryptocurrency transactions typically only incur minimal gas fees associated with processing the transactions on the blockchain. This reduction in transaction costs can lead to increased profit margins for businesses in the long run. Fast & Secure Transactions Cryptocurrency transactions offer a level of speed and security that is unparalleled by traditional payment methods. By utilising blockchain technology, cryptocurrency transactions are transparent, secure, and quick. The transactions are encrypted, ensuring that customer payment information remains secure throughout the entire process.  Additionally, cryptocurrency transactions can be processed within seconds or minutes, depending on the specific blockchain being used. This efficiency is particularly advantageous for international transactions, as it eliminates the inefficiencies and delays typically associated with cross-border payments. Control And Ownership Of Funds Accepting cryptocurrency payments also empowers merchants with greater control and ownership over their funds.  Unlike traditional payment methods where banks or third-party intermediaries are involved, cryptocurrency payments allow merchants to directly receive and hold their funds.  Merchants can choose to store their digital assets in custodial wallets, giving them complete control over their finances without the need for any intermediaries. This direct control can provide added flexibility and convenience for business owners. Market Differentiation & Innovation Early adoption of cryptocurrency payments sets businesses apart from their competitors and positions them as forward-thinking and tech-savvy.  By embracing innovative technologies and offering customers the option to pay with digital currencies, businesses can demonstrate their commitment to staying ahead of the curve. This can attract tech-savvy consumers who actively seek out businesses that are responsive to technological advancements. Cross-Border Transactions By accepting cryptocurrencies, businesses can participate in global commerce with ease. Traditional payment methods often come with limitations, such as lengthy processing times, currency conversion fees, and the need for intermediary banks. Cryptocurrencies, on the other hand, operate on a global scale without the need for intermediaries. This enables businesses to seamlessly conduct cross-border transactions, reaching international customers without the hurdles and costs associated with traditional payment systems. Diversification Of Payment Options Offering multiple, diverse payment options is crucial for catering to the preferences of a wide range of customers.  By adding cryptocurrencies to the list of accepted payment methods, businesses can accommodate individuals who prefer digital currencies over traditional forms of payment. This, in turn, opens up new avenues for customer acquisition and generates additional revenue streams. Lower Risk Of Identity Theft And Fraud Cryptocurrency payments reduce the risk of identity theft and fraud for both customers and merchants. With traditional payment methods, consumers often need to share sensitive personal and financial information, making them vulnerable to data breaches and potential theft.  Cryptocurrency transactions, however, utilise cryptographic protocols that ensure secure and tamper-proof transfers of funds without disclosing personal details. This heightened security helps protect both parties involved in the transaction, fostering a safer and more trustworthy ecommerce environment. The Final Word In conclusion, accepting cryptocurrency payments provides numerous advantages for ecommerce businesses.  From expanding customer reach and lowering transaction costs to enjoying secure and fast transactions, increased control over funds, reduced fraud, and differentiation in the market, cryptocurrencies offer a unique value proposition.  Business owners who embrace this new payment technology position themselves for long-term success in an evolving digital landscape, appealing to tech-savvy consumers while providing added convenience and security in their transactions.  As the industry continues to develop and integrate cryptocurrencies into existing payment infrastructures, businesses can stay at the forefront of innovation and leverage cryptocurrencies’ benefits.

Diversity and inclusion have evolved from buzzwords to crucial components of successful business strategies They contribute to overall organisational growth and success by promoting the harmonious coexistence of different elements and valuing uniqueness equally Initiatives, such as diverse hiring policies, organisational development initiatives, and recognition of employees’ unique needs outside work, play a crucial role in fostering diversity and inclusion in the workplace What started as mere buzzwords have transitioned into the most critical components of a successful business strategy. Diversity and inclusion act as a very vital necessity in contributing to the overall growth and success of an organisation. The ideal definition for “unity in diversity” for any organisation that wants to excel is the harmonious coexistence of the different elements of the people, where everyone brings something unique to the table, and the uniqueness is not only respected but also valued equally. An organisation should constantly strive to ensure that everyone, from distinct cultural backgrounds, ethnicity, experiences, gender, sexuality, tenure, work experience as well as job positions has the opportunity to reach their highest potential. This can be achieved by creating a sense of belonging towards the organisation.  Certain sincere initiatives that play a crucial role in promoting diversity and inclusion are: A Diverse Hiring Policy A policy that effectively ensures that an organisation is attracting and hiring candidates from varied backgrounds. Organisations should not consider this diversity as an obstacle but as an opportunity which leads to collaboration as well as creativity, resulting in business outcomes. In addition to the recruiting efforts, companies should also have a wide-ranging interview panel. This means that candidates are interviewed by individuals from multifaceted backgrounds and with varying perspectives, which helps to ensure that the selection process is fair and unbiased.  Organisational Development Initiatives Since the inception of the organisation, a dedicated team for organisational development to help employees achieve their fullest potential is a must.  These teams conduct training which helps gain a better understanding of the other employee’s background which result in empathy, thereby resulting in improved interpersonal relationships.  Recognition Of The Unique Needs Outside Work Each and every organisation should aim to provide a flexible work environment that fosters growth for employees to find the perfect balance between their personal and professional responsibilities.   In today’s fast-paced and ever-evolving business landscape, organisations are realising the significance of diversity and inclusion (D&I) as a catalyst for innovation and a driver of overall business success. Varied Perspectives  Diverse teams benefit from a wide range of viewpoints, enabling them to tackle challenges by assessing multiple angles and arrive at innovative solutions.  When individuals with diverse experiences and expertise exchange their thoughts and collaborate, they present a broader set of ideas, leading to better problem-solving capabilities and more informed decision-making. Meeting Customer Needs In a world which is divided by borders but united by technology, customers come from diverse backgrounds with their own preferences and needs. To effectively cater to the same, it is essential to have a workforce that projects the diversity of the market.  Inclusive organisations understand the role of representing different demographics and perspectives within their teams. By embracing diversity and inclusion, companies gain valuable insights into what their customer base is seeking, cultural nuances, and emerging trends, enabling them to develop products and services that relate and cater to their target audience. Increased Employee Retention & Engagement Diversity and inclusion play a vital role in creating a sense of belonging and ensuring that everyone can reach their highest potential. By truly fostering an inclusive workplace culture, an organisation can attract and retain talent, and create a workplace where everyone feels valued and respected.  Through diverse hiring policies, employee training programs, and employee resource groups, organisations should be committed to creating an inclusive workplace environment that supports the success of all employees. The Road Ahead As we advance and move forward in dynamic business ecosystems, embracing diversity and inclusion will remain a vital pillar for organisations and serve as a powerful catalyst for their growth and success.  By recognising the immense value that diverse perspectives bring, businesses can tap into a wealth of innovative ideas and problem-solving approaches. Moreover, inclusive organisations are better equipped to understand and meet the needs of their diverse customer base. They can develop products and services that resonate with different demographics, harnessing cultural nuances and emerging trends to stay ahead in the market. In conclusion, diversity and inclusion have evolved from mere buzzwords to essential elements of a successful business strategy. By embracing unity in diversity, organisations can unlock the full potential of their workforce, drive innovation, better serve their customers, and create a workplace where everyone thrives.

The BFSI sector has undergone a rapid transformation with the integration of modern technologies such as AI, blockchain, and IoT These innovations have reshaped traditional business models and redefined customer engagement, paving the way for new growth opportunities The application of AI and machine learning algorithms has revolutionised processes in the BFSI sector, enabling personalised customer support and accurate risk assessment The financial services industry encompassing banking, financial institutions, and insurance (BFSI), has long been a pillar of the global economy. However, in recent years, the sector has experienced a rapid transformation driven by the integration of new modern technologies.  From artificial intelligence and blockchain to cloud computing and advanced analytics, these innovations have revolutionised the way financial services are delivered and experienced. In this article, we will explore the driving forces behind these innovations and examine how new technologies are reshaping the BFSI sector. AI & Machine Learning: Transforming Processes & Customer Service From the genesis of online banking to the advent of mobile payments, the industry has continuously embraced innovation to enhance customer experiences and streamline operations. And since then, the pace of technological transformation has only accelerated, courtesy of the application and implementation process of emerging technologies such as AI, blockchain, and the Internet of Things (IoT), among others. The adoption of these technologies led to reshaping traditional business models, redefining customer engagement, and eventually unlocking new avenues for growth. One of the most significant advancements in the BFSI sector is the application of AI and machine learning (ML) algorithms. It not only revolutionised processes such as fraud detection, risk assessment, and customer service, but the  AI-powered chatbots and virtual assistants enabled banks and insurance companies to provide personalised and efficient support to their customers around the clock.  By analysing vast amounts of data, AI algorithms can identify patterns, detect anomalies, and make accurate predictions, enabling financial institutions to make informed decisions and mitigate risks. Blockchain Revolution: Secure Transactions & Disintermediation Another groundbreaking technology that is transforming the BFSI sector is blockchain. Initially developed for cryptocurrencies like Bitcoin, blockchain has emerged as a secure and transparent method for recording transactions.  Its decentralised nature aids in eliminating the need for intermediaries, reduces costs, and enhances trust between parties. In the financial services industry, blockchain is being utilised for various roles, including smart contracts, cross-border payments, and identity verification. By leveraging blockchain, financial institutions can streamline complex processes, improve efficiency, and enhance security and thus the role of game changer. IoT’s Impact On Personalisation & Proactive Customer Engagement Furthermore, the IoT is playing a significant role in revamping the BFSI sector by assisting financial institutions in collecting real-time data on customer behaviour, preferences, and financial transactions.  This data can be utilised to develop personalised financial products and services, improve risk assessment models, and enable proactive customer engagement. For example, insurance companies can use IoT-enabled devices, such as telematics devices in vehicles, to assess driving behaviour and offer personalised insurance premiums based on individual risk profiles. But the integration of these new technologies does come with its share of challenges. Financial institutions must continuously address concerns around data privacy, security, and regulatory compliance, and therefore investing in talent development and cultivating a culture of innovation to fully harness the potential of these technologies is imperative. Enhanced Customer Experience Is Pivotal One of the critical areas where new technologies have made a significant impact is in improving the customer experience. With the advent of mobile banking, customers can now perform a wide range of transactions at their convenience.  Mobile apps and digital wallets have simplified payment processes, enabling seamless transactions with just a few taps on a smartphone. Additionally, personalised services powered by AI algorithms allow financial institutions to offer tailored recommendations and financial planning advice, enhancing customer satisfaction and loyalty. Data-Driven Decision Making Became Efficient Data has become a valuable asset for financial institutions and, further coupled with technology has played a vital role in harnessing its true potential. Advanced analytics tools enable banks and insurance companies to process vast amounts of data in real-time, uncovering valuable insights and patterns.  These insights help in risk assessment, fraud detection, and underwriting processes, leading to more accurate decision-making. Furthermore, the assimilation of machine learning algorithms has significantly improved credit scoring models, allowing financial institutions to extend credit to a broader range of customers. Cybersecurity And Fraud Prevention As technology advances, so do the threats posed by cybercriminals. The BFSI sector is a prime target for hackers due to its sensitive customer information and financial data. To combat this, innovative technologies such as biometric authentication, multi-factor authentication, and behaviour analytics are being employed to fortify security measures.  AI-powered systems can detect suspicious activities, prevent fraud, and provide early warning signals in real-time. The use of encryption and tokenisation techniques ensures that customer data remains secure throughout the financial ecosystem. Regulatory Compliance The BFSI sector is subject to stringent regulations and compliance requirements. New technologies have made it easier for financial institutions to navigate these complex regulatory landscapes.  For instance, regtech, a combination of regulatory technology and AI, assists in automating compliance processes, monitoring transactions, and ensuring adherence to regulations. Machine learning algorithms also aid organisations in proactively addressing compliance issues, reducing costs, and minimising risks. Conclusion The BFSI sector is undergoing a remarkable transformation driven by the integration of new technologies. These innovations are revolutionising financial services by enhancing the customer experience, enabling data-driven decision-making, leveraging blockchain technology, fortifying cybersecurity measures, and streamlining regulatory compliance.  As the industry continues to embrace these advancements, it is essential for financial institutions to stay agile and adapt to the evolving technological landscape. By driving innovation, the BFSI sector can unlock new opportunities, further improve operational efficiency and deliver superior financial services to customers in an increasingly digital world.

In Isaac Asimov’s classic science fiction story “Robbie,” the Weston family owns a robot who serves as a nursemaid and companion for their precocious preteen daughter, Gloria. Gloria and the robot Robbie are friends; their relationship is affectionate and mutually caring. Gloria regards Robbie as her loyal and dutiful caretaker. However, Mrs. Weston becomes concerned about this “unnatural” relationship between the robot and her child and worries about the possibility of Robbie causing harm to Gloria (despite it’s being explicitly programmed to not do so); it is clear she is jealous. After several failed attempts to wean Gloria off Robbie, her father, exasperated and worn down by the mother’s protestations, suggests a tour of a robot factory—there, Gloria will be able to see that Robbie is “just” a manufactured robot, not a person, and fall out of love with it. Gloria must come to learn how Robbie works, how he was made; then she will understand that Robbie is not who she thinks he is. This plan does not work. Gloria does not learn how Robbie “really works,” and in a plot twist, Gloria and Robbie become even better friends. Mrs. Weston, the spoilsport, is foiled yet again. Gloria remains “deluded” about who Robbie “really is.” What is the moral of this tale? Most importantly, that those who interact and socialize with artificial agents, without knowing (or caring) how they “really work” internally, will develop distinctive relationships with them and ascribe to them those mental qualities appropriate for their relationships. Gloria plays with Robbie and loves him as a companion; he cares for her in return. There is an interpretive dance that Gloria engages in with Robbie, and Robbie’s internal operations and constitution are of no relevance to it. When the opportunity to learn such details arises, further evidence of Robbie’s functionality (after it saves Gloria from an accident) distracts and prevents Gloria from learning anymore. Philosophically speaking, “Robbie” teaches us that in ascribing a mind to another being, we are not making a statement about the kind of thing it is, but rather, revealing how deeply we understand how it works. For instance, Gloria thinks Robbie is intelligent, but her parents think they can reduce its seemingly intelligent behavior to lower-level machine operations. To see this more broadly, note the converse case where we ascribe mental qualities to ourselves that we are unwilling to ascribe to programs or robots. These qualities, like intelligence, intuition, insight, creativity, and understanding, have this in common: We do not know what they are. Despite the extravagant claims often bandied about by practitioners of neuroscience and empirical psychology, and by sundry cognitive scientists, these self-directed compliments remain undefinable. Any attempt to characterize one employs the other (“true intelligence requires insight and creativity” or “true understanding requires insight and intuition”) and engages in, nay requires, extensive hand waving. But even if we are not quite sure what these qualities are or what they bottom out in, whatever the mental quality, the proverbial “educated layman” is sure that humans have it and machines like robots do not—even if machines act like we do, producing those same products that humans do, and occasionally replicating human feats that are said to require intelligence, ingenuity, or whatever else. Why? Because, like Gloria’s parents, we know (thanks to being informed by the system’s creators in popular media) that “all they are doing is [table lookup / prompt completion / exhaustive search of solution spaces].” Meanwhile, the mental attributes we apply to ourselves are so vaguely defined, and our ignorance of our mental operations so profound (currently), that we cannot say “human intuition (insight or creativity) is just [fill in the blanks with banal physical activity].” Current debates about artificial intelligence, then, proceed the way they do because whenever we are confronted with an “artificial intelligence,” one whose operations we (think we) understand, it is easy to quickly respond: “All this artificial agent does is X.” This reductive description demystifies its operations, and we are therefore sure it is not intelligent (or creative or insightful). In other words, those beings or things whose internal, lower-level operations we understand and can point to and illuminate, are merely operating according to known patterns of banal physical operations. Those seemingly intelligent entities whose internal operations we do not understand are capable of insight and understanding and creativity. (Resemblance to humans helps too; we more easily deny intelligence to animals that do not look like us.) But what if, like Gloria, we did not have such knowledge of what some system or being or object or extraterrestrial is doing when it produces its apparently “intelligent” answers? What qualities would we ascribe to it to make sense of what it is doing? This level of incomprehensibility is perhaps rapidly approaching. Witness the perplexed reactions of some ChatGPT developers to its supposedly “emergent” behavior, where no one seems to know just how ChatGPT produced the answers it did. We could, of course, insist that “all it’s doing is (some kind of) prompt completion.” But really, we could also just say about humans, “It’s just neurons firing.” But neither ChatGPT nor humans would make sense to us that way. The evidence suggests that if we were to encounter a sufficiently complicated and interesting entity that appears intelligent, but we do not know how it works and cannot utter our usual dismissive line, “All x does is y,” we would start using the language of “folk psychology” to govern our interactions with it, to understand why it does what it does, and importantly, to try to predict its behavior. By historical analogy, when we did not know what moved the ocean and the sun, we granted them mental states. (“The angry sea believes the cliffs are its mortal foes.” Or “The sun wants to set quickly.”) Once we knew how they worked, thanks to our growing knowledge of the physical sciences, we demoted them to purely physical objects. (A move with disastrous environmental consequences!) Similarly, once we lose

It has been weeks since the work has come to a halt in Hollywood, as writers and actors picket against big studios and streaming services, including Disney, Netflix, and others. While actors and writers have voiced many issues, including fair pay, the main contention has been the use of artificial intelligence. Actors are concerned that studios may exploit their likenesses and voices without proper compensation or notice. Meanwhile, writers worry that large language models such as ChatGPT could negatively impact their profession by writing or revising scripts. On the other hand, the producers believe that AI implementation should be approached with caution and balance rather than refused altogether.While actors and writers are clearly not happy with artificial intelligence invading the entertainment industry, producers, on the other hand, seem to be highly intrigued with how the tech could shape the future. Every major studio, Disney especially, is hiring experts in AI, not one or two, but several positions are currently open in AI and machine learning across different productions.Disney has about half a dozen openings relating to AI-focused roles, reports The Hollywood Reporter.Disney’s “Imagineering” team is hiring an R&D Imagineer specialising in generative AI, who has the “ambition to push the limits of what AI tools can create and understand the difference between the voice of data and the voice of a designer, writer or artist.” The job pays up to $180,000 per year, and the role is to “collaborate with third-party studios, universities, organisations, and developers to evaluate, adopt, and integrate the latest generative AI.”Another AI-focused job at Disney is for a machine learning engineer in the Disney Streaming Advanced Research division, whose role is to create AI-enabled personalisation solutions for studios’ streaming platforms, including Disney+, Star+, and ESPN+Disney is not alone, Netflix is preparing for a long battle with their recent job postings for high-paying positions involving AI. The company plans to integrate AI in all areas of the business, including optimising the production of films and TV shows. The recent job listings indicate that AI will be used for creating content, not just developing algorithms. One position pays up to $900,000 yearly, while another pays up to $650,000.While Amazon and Apple are primarily technology companies, they also produce content. These two behemoths have numerous job openings in the field of AI and ML, some of which are specifically for production.For instance, Amazon is looking for a senior project manager for Prime Video, paid a base salary of up to $300,000, who will be responsible for defining the future of localising content, improving content, and making it accessible using advanced Generative AI and Computer Vision technologies.Sony AI, a unit of Sony Pictures Entertainment, is looking for an “Ethics” engineer to develop AI techniques that enhance creativity and benefit society. The job involves collaborating with other Sony business units and pays up to $160,000.For the first time in 69 years, both actors and writers are picketing together, and their concerns are straightforward — AI regulations to protect them and their works.

Ever since Elon Musk took over in October, he has been implementing various changes to the platform. Over the course of the past few months, Twitter has undergone significant transformations. Musk introduced the Twitter subscription model, imposed several limitations, and now he is in the process of completely revamping the platform, as he announced his vision for “Twitter 2.0.” Last year, the billionaire expressed his desire to transform the platform into an all-in-one app similar to China’s WeChat, enabling users to make payments, message, and access a wide range of features within the platform. With this same thought in mind, Musk recently rebranded Twitter as ‘X’. Twitter users are now seeing the new X logo on the platform. Along with this, the Android app of Twitter has also got the new X logo now. If users search for “Twitter” on the Google Play Store, the platform will now display results for “X” instead. Furthermore, the app’s description has been updated to reflect this change. “Breaking news, entertainment, sports, politics and everything in-between! The X app is the trusted digital town square for everyone,” the description now reads.Tweet button to be replaced by ‘Post’ Now it appears that Twitter is going to witness another major change after its rebranding. As per some Twitter users, the social networking platform is working on replacing the famous Tweet button.Early today, some of the Twitter users noticed that the Tweet button on the web has been replaced by the ‘Post’ button. Nevertheless, this alteration was short-lived, and the company eventually reverted to the original setup. However, speculation suggests that this change may soon become a permanent one. Here’s how some to the Twitter users reacted the upcoming change