How FinTech Is Seeing A Major Growth in India

With a population of more than a billion, India is definitely a promising sector for the FinTech. Before we move ahead, let us first explain what FinTech is. In simple terms, FinTech is the industry that comprises of the companies that use the technology to offer financial services. These companies work in different areas of finance management, insurance, electronic payments etc.

In the past decade, FinTech has taken over globally and is expected to rise in the future as well. India isn’t behind in this global trend. With over half a billion invested in the Indian FinTech over the last three years, the segment only shoes promising future of growth.

In 2015, around 12,000 FinTech came up globally making up the total investment of $19 billion. It is expected that by 2020, the global investment by FinTech will be $45 billion, which is a steep rise of 7.1%. According to the NASSCOM reports, India has around 400 FinTech companies with the investment of around $420 million. Reports also suggest that by year 2020, the investment of the FinTech companies in India will increase to $2.4 billion.

With the help of government regulations, banks and other financial companies, India has formed a favorable ecosystem for the growth of FinTech. FinTech is helping bring about the change in the personal financial management through e-payments and e-wallets, in the country that is predominantly cash- driven.

Number of reason contributes towards the growth of Financial Technology in India. The number of internet users in India reached to 465 million in June 2017. With more and more number of people depending on the internet for varied reasons, the digitalisation has taken a new turn. Government’s effort in bringing the digital revolution through ‘Digital India’ campaign is opening many opportunities for the existing FinTechs and start-ups.

Government Regulations:
Government has realised the potential of Financial Technology in India and is constantly making efforts to make the regulations friendlier. In 2014, government relaxed the rule of KYC process for customers making online transactions and payments up to Rs 20,000 per month. It is expected that the government will lay out new set of norms to revamp the P2P lending market.

To promote cashless transactions, government is now offering tax rebates to the merchants for accepting at least 50% of electronic payment.

‘Jan Dhan Yojana’ aims at providing a bank account to every citizen of India. Since the launch of the scheme in 2014, 240 million bank accounts have been opened. FinTech start-ups can use the opportunities to provide easy and seamless transaction service.

Incubator and Accelerators:
The role of incubators and accelerators are not limited to funding but also strengthening the financial industry. The incubators provide the obligation free environment for the start-ups. India is among the top five countries that show promising results for the start-ups. The initiatives ‘smart city’ and ‘digital India’ are set to strengthen the technological infrastructure of the country. To show the support to FinTech start-ups, banks and financial institutes have partnered with incubators and accelerators.

Machine Learning’ Predicts The FIFA World Cup 2018 Winner!

How can we forget Paul the Octopus who predicted the winner of the world cup in 2010 which had gone viral globally? The Octopus used the flags of both the teams, which were presented in front of him in a box before a game, and the winning team would be selected the box from which Paul would eat first. Paul had 12 correct predictions out of 14.

The result of any given sports game is unpredictable, yet we humans try and predict results either on the basis of statistical analysis, or simply a hunch. Predicting the winner of any a game is part of the game viewing experience and has been a crucial selling point for the betting industry since the beginning. Another interesting method to predict results of games has recently surfaced: Prediction by using Machine Learning, in which the winner of the game or the tournament is predicted by companies who’ve used several different algorithms to predict these results.

Below are some of the companies that used Machine Learning to predict the results of the FIFA World Cup 2018

Prediction by the Technical University of Dortmund In Germany

An algorithm was developed by a team which included researchers from German Technische Universitat of Dortmund, the Ghent University in Belgium, and the Technical University in Munich. The algorithm is fed data which ran approximately 100,000 simulations to predict Spain as the winner.

Prediction by a San Francisco Based Tech Firm – Unanimous AI

San Francisco based technology firm Unanimous AI tried, their hands on the this. Here is what their Founder & CEO had to say “These predictions were generated using swarm A.I. technology” Further, the founder & CEO stated that “This means it uses a unique combination of human insights and artificial intelligence algorithms, resulting in a system that is smarter than the humans or the machines could be on their own. It works by connecting a group of people over the internet using A.I. algorithms, enabling them to think together as a system, and converge upon predictions that are the optimized combination of their individual knowledge, wisdom, instincts, and intuitions”. The final outcome of their simulation pointed that Germany will defeat Brazil in the finals.

Prediction by Goldman Sachs

Technology Teams within this American multinational investment bank, have also tried its hands on predicting the FIFA World Cup winner of 2018, and their machine learning program has given them a final test result. The winning team predicted by Goldman Sachs, using machine learning in Brazil.

Quality Control Using Visual Inspection Machines

Machine vision is a manufacturing sector that is growing very fast. The drivers of the growth feel that there is a need for the integration of industrial intent and vision. It is because of this that new vision techniques are emerging and this has led to the creation of amazing opportunities for all kinds of businesses.

It is never easy to explain machine vision, especially to a person who has never heard of it before, sometimes it takes a professional to make things clear. Some of the things that need to be understood include embedded vision, hyper-spectral imaging, as well as artificial intelligence. These are the aspects that can help us understand more regarding machine vision.

Industries Covered

Visual inspection machines are necessary for different industries. These include:

Military tools
Automotive industry
Printing
Pharmaceutical and medical
Machinery
Precision hardware
Plastic industry
Electronics and semiconductor
Packaging
Mining and metals
Silicone or rubber component

The Products Covered

Visual inspection system manufactures deal with different parts and they include smart cameras, smart sensors, machine vision cameras, compact vision cameras, lighting, frame grabbers, software system, lenses, accessories, and services.

Application of Visual Inspection Machine

Visual inspection systems are able to combine high preface processing of vision with the best technology to solve different kinds of quality control, identification, and automated inspection issues. They include:

Measuring Inspection

There are some vision systems that are great for offering accurate inspection results dimensionally and in terms of measurement.

Color Matching

There are vision systems that are able to provide different bits of color processing offering and enhanced image. These kinds of systems provide precision in terms of quality.

Pattern Recognition

These systems are perfect for the recognition of logos, features, shapes, and arbitrary patterns.

Pre-Processing Kind of Inspection

This is a very important aspect of visual inspection machines. This is the capacity to process an image beforehand. This means that the system can actually manipulate the image that has been captured so as to come up with a better enhancement and contrast before the image is processed.

Presence Verification

These kinds of systems provide reliable and high-speed option for checking the shape, the completeness, the position, the size, and the presence of different features. This is an important thing when it comes to verifying packaged goods, assemblies, and parts.

Surface Inspection

Integrated visual inspection machines should be able to pinpoint inclusions, discolorations, cracks, scratches, and contamination at very high speeds. For this reason, quality control is sorted out and at the end of the day; you can achieve the most superior products.

Manufacturers need these systems so as to maintain the highest standards in terms of quality for their finished products, sub-assemblies, and components. It is always important to go for state of the art, powerful and automated quality control machines, and systems. There are so many new generation options that are leading the way in the market today and they are better in so many ways. It is always a good thing to find something that is efficient, faster, and something that is integrated by the experts.