Understanding mutual funds, deciding the best options for investments and even redeeming them can be challenging for customers from a non-financial background or those embarking on their investment voyage.Though companies often display plenty of information about their mutual fund products on their website, customers still find it difficult to comprehend it and get the precise information they require.Realising this, Tata Mutual Fund (TMF) sought to make it easier and effortless for its existing and prospective customers to understand the nuances of mutual funds.Close It selected Haptik, a conversational AI company and a subsidiary of Reliance Industries, to create an Intelligent Virtual Assistant (IVA) that could replicate the content available on their site and offer it in an interactive way to answer customer queries. related news VoPay & Hydrogen to offer clients seamless access to open banking payments Commercial Banks Struggle to Use AI for Competitive Impact … [Read more...] about ‘Prof. Simply Simple’—the chatbot that will resolve 70% of Tata Mutual Fund’s customer queries
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Bharat Bond ETF, the initiative of the Department of Investment and Public Asset Management (DIPAM) of the government, was launched on December 12.The government had announced plans for debt ETFs in Budget 2019. The ETF has a duration of 3 years maturing in 2023 with a yield return of 6.69 percent and another duration of 7 years maturing in 2030 with a yield return of 7.58 percent. Both will be listed on NSE and BSE.Stressing on the appeal factor of 3-year and 7-year duration, Deepak Jasani Head Retail Research, HDFC Securities said, "Returns of this 3-year variant could be compared to Banking and PSU debt funds that have an average maturity of 2-4 years and a similar portfolio holding. Longer duration variant (10-years) would naturally bear high duration risk and can be considered by informed investors who want to take high duration bets."Close This ETF is managed by Edelweiss Mutual Fund. So the fund is called Edelweiss BHARAT Bond ETF, and the fund will invest in the bonds … [Read more...] about Mutual funds wrap: Bharat Bond ETF NFO open until December 20; Will retail investors bite?
Payment technology innovation leader VoPay has partnered with New York-based Hydrogen, a global fintech acceleration platform, to offer their clients powerful end-to-end payment processing solutions, including open banking payments.The partnership empowers fintechs to access VoPay’s digital bank payment tools directly through the Hydrogen API, in addition to Hydrogen’s other financial service integrations.This access will enable fintechs to better serve the 57.5 percent of consumers who admit to being interested in banking with non-financial companies. This comes at a time where research from a new Accenture report predicts financial incumbent banks will lose up to 15 percent of their revenue pool in retail payments to fintechs over the next three years.Close VoPay’s Founder & CEO, Hamed Arbabi, said, “Most financial technology companies don’t have the resources nor the time to quickly connect to payment networks or handle complex workflows. … [Read more...] about VoPay & Hydrogen to offer clients seamless access to open banking payments
New data from Jumio, the leading AI-powered trusted identity as a service provider, reveals that new account fraud increased 27.8 percent worldwide YTD in 2019, compared to full-year 2018 results, and more than 100 percent compared to 2014 levels.Surprisingly, attempted new account fraud was 19 percent less during the Black Friday/Cyber Monday weekend (compared to the average 2019 fraud levels), when fraud attempts normally escalate.In the third edition of Jumio’s Holiday New Account Fraud Report, fraud is defined as an attempt by an individual to create a new online account by manipulating a government-issued ID.Close The company compared global ID fraud patterns from millions of ID verification transactions between 2014 and 2019 across various industries, focusing on the period between Black Friday and Cyber Monday, including Thanksgiving and the Tuesday after Cyber Monday. Jumio also analyzed new account fraud levels across regions, countries, industries and time period. … [Read more...] about Global New Account Fraud Increased 28% in 2019: Report
Nearly all (97 percent) commercial banks are using artificial intelligence (AI), according to new research from Genpact, a global professional services firm focused on delivering digital transformation; however, most financial institutions are not implementing the technology effectively for competitive advantage.More than half of the survey respondents (51 percent) are using AI simply for point solutions and individual tasks, with 27 percent testing in pilots, and only 19 percent leveraging it across the bank holistically.With pressures mounting from fintechs and other non-bank disruptors, these AI trials raise concerns about how effectively commercial banks can use the technology to improve customer experience (CX) and better compete.Close Genpact’s study, Commercial Banking: The Customer Service Imperative, surveyed 500 senior commercial banking executives on the industry’s changing landscape. related news VoPay & Hydrogen to offer clients seamless access … [Read more...] about Commercial Banks Struggle to Use AI for Competitive Impact