GAVS enGAge July 23

"It does not matter how slowly you go as long as you do not stop."

- Confucius

Editor’s Note

In a landmark move in June, the European Union (EU) has taken decisive action to regulate the use of artificial intelligence through the EU AI Act. This comprehensive act aims to protect consumers from potential risks associated with applications of AI while addressing concerns about surveillance, algorithmic discrimination, and misinformation.

According to the European Parliament, their priority “is to make sure that AI systems used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly. AI systems should be overseen by people, rather than by automation, to prevent harmful outcomes.”

The EU AI Act builds upon the regulatory framework proposed by the European Commission in April 2021. Under this framework, AI systems are analyzed and classified based on the risk they pose to users, leading to varying levels of regulation. It would ban what the lawmakers deem ‘unacceptable’ and impose restrictions on those that are ‘high-risk’ or ‘limited risk’. The Act also addresses the recent boom in generative AI, mandating companies to label AI-generated content to prevent the spread of falsehoods and requiring firms to disclose the copyrighted data used to train their AI tools.

The EU AI Act complements existing European laws on data privacy, tech sector competition, and social media harm. It reinforces the EU's commitment to ensuring a robust regulatory environment that protects the rights and well-being of its citizens in the digital age.

However, some major European companies have voiced concerns about the Act, arguing that it could hinder competition and stifle innovation. The signatories of an open letter caution that the AI Act, in its current form, may impede Europe's technological advancements. They contend that the approved rules are excessively stringent and could undermine the bloc's ambitions in AI innovation, instead of fostering an environment conducive to progress. Other concerns like security vulnerabilities have also been raised. The bill still awaits negotiations with the European Council, consisting of heads of state or government of EU countries. As negotiations continue, stakeholders must strive to strike a balance between safeguarding users and fostering innovation.

We have some insightful articles in this edition

Sanjhal Jain has written, Gamification: Next Big Frontier in Healthcare?

Rajeswari S has written, AIOps & its Imperative Role in Healthcare.

Team Unbox has written, Choosing the Right UX Tools for your Organization.

Sundaramoorthy S has written, Cybersecurity for Web 3.0.

Akansha Paliwal has written, Building the Data-Driven Banking and Financial Enterprise.

Akshayaa S has written, Relationship Building at Workplace.

Happy Reading!

Gamification: Next Big Frontier in Healthcare?

There is a growing interest to utilize digital tools to improve the quality and availability of care. While remote patient monitoring enables continuous flow of data outside hospitals and proactive responses in emergency situations, telehealth facilitates on-demand access to healthcare professionals.

Another emerging digital tool that is being used to improve patient engagement is gamification. It aims to use challenges and instant rewards to improve patient motivation. By influencing the behaviour of patients, gamified applications help encourage healthy habits thereby leading to better disease management and improved health outcomes.

A growing number of companies and start-ups are offering digital health solutions and platforms to both providers and patients to choose from. Emboldened by their experience as customers in the online shopping, entertainment and consumer markets, patients are becoming more demanding in the healthcare industry as

well. However, applications with gamification embedded in them are quickly creating a niche for themselves in the large and complex digital healthcare market. Digital health monitoring is a prime example of an area where gamification strategies can be readily applied. Wearable devices like Fitbit and Apple watches and apps like Strava allow users to not only track and analyze their fitness activities but motivate users and integrate a layer of satisfaction to fitness activities.

The pandemic has greatly affected the rate at which technology has been adopted by healthcare providers. The quarantines have led to a dramatic shift in people’s expectations and lifestyles and increased the demand for services like telemedicine and remote patient monitoring. Furthermore, increased penetration of smartphones and usage of wearables enable the use of gamified products; and linking fitness activities to social networks that drive better engagement through online competition have led to faste adoption of gamified applications.

Multiple players are leveraging gamification to improve participation, engagement, and motivation, consequently increasing patient well-being across the patient journey (preventative care, diagnosis, therapy, and palliative care).

Focusing on Preventive Care

StepSetGo: Application rewards users with cash rewards for walking. Other gamification features to drive engagement include tasks which are a list of activities that need to be completed by the user for extra coins which can be redeemed for cash.

Focusing on Therapy

Mango Health: Application sets up daily routines and recommending personalized healthy habits. Additional features include prescription reminders and incentives for medication schedule adherence in the form of points.

Focusing on Palliative Care

Nintendo: Applications on the Nintendo platform help improve brain health of senior citizens through engaging games which stimulate the brain.

Focusing on Overall Patient Journey

Ayogo: The application is designed to setup personal health plans and track behavioral habits through reminders and recording user behavior.

While the above benefits cases focus on the patient, gamification helps drive better outcomes for healthcare providers as well by allowing them to plan activities and gamified actions for patients. Typical benefits cases include:

Symptoms and wellness tracking involves use of gamified digital health platforms where patients can engage, monitor health parameters, and track wellness.

Treatment and ongoing care focus on providers integrating patient behaviourand activity monitoring data from gamified applications into clinical health systems. Physicians can gain greater insight into symptoms to properly diagnose critical diseases and remotely monitor patient activity and vital health parameters for chronic disease management.

Appointment scheduling involves combining automatic schedule appointments with gamification strategies to lower patients’ anxiety about health outcomes before their healthcare center visit.

Medication adherence drives better adherence for prescription medication to encourage on-time consumption of medicines and reduce hospitalization costs incurred by payers due to lack of adherence through use of rewards, points, and other gamified incentives.

Health insurance linked benefits cases allow payers and providers alike to realise benefits from risk-based payment models by applying gamification strategies to boost physician and case manager engagement within patient tracking to accurately predict at-risk patients.

Physician engagement linked benefits cases allow healthcare systems to use gamification to reduce common HAIs among hospital units thereby improving overall process quality.

Revenue Cycle Management: Gamification can also attribute to improved revenue cycle performance by incorporating real time feedbacks and gaming elements to spur employee productivity, create a culture of transparency, and get deep insight into staff performance.

Way forward

While there are benefits to gamification for both providers and patients, embedding gamification within applications requires a clear strategy and understanding of pre-requisites for successful implementation.

Following are some of the pre-requisites to realize complete benefits of gamification:

▪ Seamless integration across platforms and other third-party applications

▪ Leverage data analytics to design personalized patient journey

▪ Adopt the right gamification strategies to deliver promised results

▪ Adopt data security and privacy guidelines compliant with patient privacy regulations

Organizations that can support providers in building capabilities to realise pre-requisites outlined above would be able to drive value for their clients and help deliver truly personalized services to the patients.

About the Author

A member of Solutions and Strategy team, GS Lab | GAVS. Sanjhal works towards and is passionate about tailoring Industry-leading solutions to clients in AI/ML led Healthcare Technologies that enable customer success in the Digital era.

She has published several research papers in the field of Nanoscience and technology in esteemed journals.

References:

https://meticulousblog.org/top-10-companies-in-healthcare-gamification-market/ https://home.kpmg/ae/en/blogs/home/posts/2021/08/gamification-in-healthcare.html

https://emerline.com/blog/gamification-in-healthcare

https://www.mckinsey.com/industries/technology-media-and-televommunications/our-insights/digital-health-can-ga mification-be-a-winning-strategy-for-disease-mana gement

https://digitalhealth.folio3.com/blog/what-ways-can-gamificaion-be-used-in-the-healthcare-industry/

Sanjhal Jain

AIOps & its Imperative Role in Healthcare

What is AIOps?

Organizations run on its various IT systems and applications. The more the complexity of the business they run, more the complexity of the systems and applications they use. IT systems’ uptime and availability is crucial for businesses; any downtime may lead to huge loss of revenue and reputation.

Artificial Intelligence for IT Operations or AIOps help organizations mitigate these risks and help them run their IT operations seamlessly. AIOps is a term coined by Gartner in 2016 as an industry category for machine learning analytics technology that enhances IT operations and analytics.

Simply put, AIOps leverages the power of AI and ML technologies to monitor IT systems and applications of an organization. It helps organizations not only to resolve problems after they occur but also predict and prevent any anomalies or deviations from normal behavior in order to forecast upcoming outages.

IT Operations team are alerted with the signals given by AIOps tools and the team can proactively stop the problem from occurring. Thus, organizations are transformed from the stage of being reactive to proactive and predictive - which is the true power of AIOps.

Types of AIOps Tools

AIOps uses a set of well-defined and mature technologies, including data output, aggregation, analytics, algorithms, automation and orchestration, machine learning and visualization.

AIOps tools are of two types -

Domain-centric and Domain-agnostic, as defined by Gartner.

Domain-centric tools apply AIOps for a certain domain like network monitoring, application monitoring, etc. In other words, domain-centric tools use the power of AI only to specific domains they manage.

Domain-agnostic tools operate more broadly and work across domains like application monitoring, cloud, infrastructure, etc. These tools operate on vast amounts of IT data collected from various systems/applications and domains to come up with more accurate predictions and resolutions.

Why AIOps?

According to a recent report 2022 Market Guide for AIOps Platforms, Gartner said “there is no future of IT operations that doesn’t include AIOps” and that “AIOps platforms enable decision-making across design, deploy, execute and operate activities by automated contextualization of large, varied volumes of operational data.”

AIOps is the need of the hour for any business because of the:

▪ Rapidly evolving IT landscape

▪ Increasing complexity of IT infrastructure

▪ Need for requiring an increasingly innovative, adaptive, and sustainable approach to support businesses and keep their IT operations functioning efficiently.

AIOps’ role cutting across industries

Where is AIOps required?

- Almost everywhere! AIOps’ value is seen across industries – right from small, medium to large enterprises, and industries like IT, telecom, media & entertainment, manufacturing, retail, healthcare, BFSI and the list is still growing!

Cost of IT system downtime : 98% of organizations say a single hour of downtime costs more than $100K; 81% report that number to be more than $300K; and 33% say it can cost anywhere between $1M and $5M

Source: bmcz

AIOps in Healthcare

Though we see a pressing need for AIOps in all industries, their application in healthcare is phenomenal and imperative. As healthcare deals with people’s lives, health IT systems’ stability and availability is crucial. Any outage at a crucial juncture may lead to irreparable loss of patient lives.

Healthcare service is perceived very differently today, and its digital transformation has grown leaps and bounds. Patient experience and satisfaction is considered a huge factor in evaluating the service of a healthcare provider. To provide that top-notch service to a healthcare customer, problem-free IT operation is crucial. End-to-end visibility and monitoring of health IT systems are key to maintaining a stable infrastructure.

The amount of data generated from every appointment and interaction, small or large, needs to get into health systems

and processed in real-time which form a vital input to all departments of the hospital, particularly for doctors and other clinical staff.

Medical record updates, patient details and its interoperability with other health IT systems are crucial for any intervention and healthcare decision. A breakdown in the availability or reliability of data, devices, or decisions in healthcare can have dire consequences on patient outcomes.

The healthcare industry is growing fast paced in tech transformation. They are adopting various technologies like Cloud, Cybersecurity, AI, Data Science & Analytics into all their operations and processes. The greatest fact about AIOps is its ability to blend itself into all these technologies.

Benefits

AIOps helps healthcare organizations in the following ways:

▪ Continuous care, anytime, anywhereAIOps enables continuous automation and integrated AI which helps the IT teams running the apps to know in real-time whether there are problems that could disrupt the system’s performance and the root-cause of the problem.

▪ AI-driven monitoring - ensures optimal performance for all critical health care infrastructure, EMR systems, and remote workforce user experience.

▪ Automation - AIOps helps healthcare organizations automate mundane tasks, such as IT monitoring, incident management, and service desk automation. By automating mundane tasks, healthcare organizations can free up resources to focus on more important tasks, such as patient care. AIOps can help

AIOps Platform Market revenue totaled US$ 6.7 Billion in 2021. The AIOps Platform Market is expected to reach US$ 80.2 Billion by 2032, growing at a CAGR of 25.4% from 2022 to 2032. Market research firm Gartner estimated AIOps market size will increase by 15 percent annually through to 2025, rising to $3.4 billion market value in 2025.

Source: Future Market Insights

healthcare organizations reduce the time it takes to diagnose and treat patients.

▪ Regulatory compliance - Patient data are very sensitive and precious. Health organizations have to take utmost care in handling and exchanging patient data from one system to another. Health organizations are heavily fined for breach of data privacy. AIOps can detect a HIPAA breach by determining that patient data is being exported outside secure data silos. When such events are detected, AI-powered automated workflows can begin immediate remediation like blocking or shutting the offending microservice.

AIOps benefits pharma companies too. AIOps solutions help in drugs formulations and treatment research and enable the analysis of multiple processes and drugs, while simultaneously determining their effectiveness in treatments.

AIOps helps the health insurance payers as well. A major public, nonprofit health insurance fund accredits their reliable, secure, and responsive IT system to the adoption of AIOps. Their service level objective is to reimburse patients within 24 hours - which is achieved through a successful impeccable AIOps-enabled IT operations team. The proof is in the pudding!

Conclusion

The growing capability of AIOps will undoubtedly play an increased role in several areas including healthcare. AIOps will undoubtedly bring better visibility, monitoring and control over IT operations and systems to create better end-user/patient-provider-payer experiences.

The right AIOps solutions can change the way operations work to fully utilize the power of fast 5G networks. To manage a 5G network at speed and at scale requires automation and an AIOps solution that automates tasks previously provided by humans sitting in disconnected silos.

About the Author

Rajeswari is part of the Solutions and Strategy team at GS Lab | GAVS. She has been involved in technical and creative content development for the past 18 years. She is passionate about learning new technologies, gardening, music and writing. She spends her free time watching movies or going for a highway drive.

Rajeswari S

References:

▪ Healthcare IT today

▪ Wikipedia

▪ TechTarget

Faster integration of health IT systems through augmented networks and IoT sensors, and faster predictions and resolution of IT operations-related issues could completely take healthcare services to the next level. AIOps can significantly improve digital transformation of any business; it is the way to scale IT operations to meet future challenges, making digital transformation a key enabler of successful IT operations.

Choosing the Right UX Tools for your Organization

User Experience (UX) designers play a critical role in designing digital products and services that are intuitive, user-friendly, and engaging. They collaborate with cross-functional teams to identify user needs, create design concepts, and conduct usability tests to refine their solutions. Their goal is to create exceptional user experiences that drive business success. The growing use of digital products has increased the demand for UX designers and developers who can create compelling digital experiences.

The Importance of UX Tools

Over the last few years, the market has been flooded with a variety of UX design tools to cater to the new demands. UX tools are essential for creating compelling and engaging digital experiences for users. These tools can be used for a range of things, including gaining insights into user behavior, preferences and needs, conducting usability testing, creating interactive prototypes of digital experiences, streamlining workflows, facilitating collaboration between designers, developers, and stakeholders, and accessing

metrics and analytics that can help track user behavior and measure the success of designs. UX tools range from wireframing and prototyping software to user research and analytics platforms. By leveraging UX tools, designers can enhance usability, optimize user flows, work efficiently in an organized way, and ultimately achieve results faster.

Types of UX Tools

Research-based UX tools are essential because they provide designers and developers with empirical data and insights about user behavior and preferences. Such tools can help with heat maps, A/B testing, usability testing, and more. Each has its specific purpose that can help designers gain objective and data-driven insights to create more effective, user-centered digital experiences.

Design-based UX tools allow designers to develop and refine design concepts, create wireframes and prototypes, and implement design elements that enhance the user

experience. These tools help collaborate with other team members and stakeholders to ensure everyone is on the same page regarding design goals and objectives.

Test-based UX tools enable designers to evaluate the effectiveness of their designs through usability testing and other forms of user research. These tools help validate design decisions, refine design concepts, and identify usability issues that may impact the user experience.

UX Tools used at Different Stages of the Design Cycle

01. Research Stage

Research tools are used to conduct user research to gain insights into user behavior, preferences, and pain points. Tools such as Notion, Dovetail, Google Drive, Confluence, and Hotjar are widely used for their research repository features.

Survey tools are best for gathering feedback from users on a digital product. Surveymoney, TypeForm, Hotjar, and GoogleForms are highly functional tools that gather customer feedback and make sense of user behavior.

Persona tools are used to create fictional characters representing the different types of users interacting with a digital product. HubSpot, Behance, McorpCX Persona, Xtensio are some of the widely popular tools used to represent the ideal customer

02. Design Stage

Mind map tools allow designers and developers to visually organize and connect ideas related to a specific design project. The market has several tools for this processMindmanager, Venngage Mind Map Maker,

Creately, XMind8 Pro, and more. One of the popular tools from the available list is Miro. It is known for its ability to allow remote teams to collaborate, brainstorm, and build on a shared digital canvas.

Task flow tools help designers and developers to map out the steps a user takes to complete a specific task on a digital product. Draw.io is one of the most recommended browser-hosted apps for small teams looking to create intuitive charts online. They offer templates and drag-and-drop functionality and can easily integrate with other cloud storage apps.

Mood board tools are software platforms that allow designers to create visual collages that capture the look and feel of a design concept. Digital whiteboarding tools like Miro, Mural, and FigJam are highly recommended for remote teams and mood-board workshops.

Wireframe tools come in handy to create low-fidelity designs that outline a digital product’s basic structure and layout. Sketch, InVsion, and Figma are some of the most commonly used tools for basic prototyping. These have several features and can be used for various UX processes.

High-fidelity mockups are interactive, detailed designs that simulate the look and feel of a digital product. These mockups can include animations, transitions, and other interactive elements. Figma and Adobe XD are two of the most popular tools in the market. Figma is a browser-based interface design all-in-one tool that can be used from ideation to prototyping. It enables seamless team collaboration. Adobe XD is a vector-based UI tool that packs many features, including UI kits, animation functionalities, and more.

03. Testing Stage

With a subscription to Adobe XD, users gain access to the Adobe Master Collection suite of tools such as Photoshop, Illustrator, InDesign, Premiere Pro, After Effects, Dreamweaver, and more - which is very helpful. Usability testing tools allow designers and developers to evaluate the usability of a digital product by observing how users interact with it. Some of the most popular tools in the market include Maze, Lookback, UserTesting, Optimal Workshop, and UsabilityHub.

UX analytics tools are software platforms that help designers and developers analyze and measure the user experience on digital platforms. Some of the most popular UX analytics tools include Google Analytics, Adobe Analytics, Hotjar, Mixpanel, Crazy Egg, Smartlook and UXCam.

Due to the overwhelming number of options .available, finding the right one for your business can be difficult. The tools need to align with th¬¬e objectives of the organization in areas such as wireframing, prototyping, user research, or analytics. Other than catering to the specific needs, it is important that the tools facilitate seamless collaboration, are scalable and flexible to adapt to the organizations growth and integrate well with existing systems and workflows. The ease of use and learning curve also need to be assessed to suit the team’s skill levels. Other routine factors include ensuring that the tools have comprehensive support channels, documentation, and an active community. Consider the pricing models and licensing options to make sure the tools are priced within budget and will provide value for

investment. It is best to take advantage of free trials or demos to test the usability and functionality of potential tools before investing in them.

GS Lab | GAVS offers a range of end-to-end design services to drive meaningful digital interactions. Our team of seasoned design professionals believes in crafting intuitive experiences with minimalist UI/UX.

For more information on how we can help you create impactful design experiences that drive product acceptance, please visit our website

About the Author

Team UNBOX

U: Usability

N: Next Generation Media

B: Branding

O: Optimized Solutions

X: Experience

Unbox is a User Experience team at GS Lab | GAVS. The team prides itself on being the experience strategists who elevate their client’s digital growth and add to their business value. Focus areas of the team being Branding, User Research, Visual Design and User Testing. Team has a mix of skills like Researcher, Information Architect, Interaction Designer, Brand Designer and Visual Designer. Team specializes in user research, working on new product concepts, redesign/revamp of existing products and feature enhancements. Team also helps in discovery phases involving UX for early product validation from business users. Agile collaboration with UI development teams to ensure the required product experience.

Cybersecurity for Web 3.0

Recent market researches has estimated that global Web 3.0 or Web3 Market is expected to reach USD 81.5 billion by 2030, registering a CAGR of 43.7%. Though Web3 market is growing rapidly, Cybersecurity of Web3 is undoubtedly a potential barrier for the growth. In this article, I will focus on a few Cybersecurity challenges of Web3 and how to manage them.

What is Web3?

Web3 is a term which is used to define the idea of future of internet. It is a decentralized internet built on an open blockchain network that is not owned and controlled by large entities. It’s the third generation of the internet currently being built, where websites, applications and systems are processing information effectively through latest technology trends like artificial intelligence (AI), machine learning (ML), Big Data, Blockchain, decentralized ledger technology (DLT), and more. Web3 was in fact originally called the Semantic Web by World Wide Web and was aimed at being a more autonomous, intelligent, and open internet.

Evolution of Web3

Below table which provide the crisp data of how the Web1, Web2 and Web3 has evolved based on the technology, content, and time.

Fig 1.1 Evolution of Web3

1990 - 2000

2010 - Till date

2000 - 2010 Web2 Web3

Web1

What is Web3?

01. Distributed Ledger Technology: DLT reduces illegal access to data and enhance the quality of transactions.

02. Zero Trust: Ensures the flow of data is secured through decentralized applications rather than passing through user’s immediate trusted mediums.

03. Identity and tokenization: Unique hashes permits authentication and user control of digital assets, and smart contracts determine the privileged access levels, with eligibility based on risk score that are tied to digital identities.

Cybersecurity Challenges & Solutions for Web3

Smart Contract Logic Vulnerabilities

Data Manipulation NFT Exploits

Monetization Issues

Pull Scams

As the above picture highlights few top challenges on Web3, let’s discuss on how cybersecurity offers solutions to those challenges.

Ice Phishing

Rug

Fig 1.2 Few top Cybersecurity challenges for Web3

Data Manipulation

Artificial Intelligence and Machine learning are the booming technologies which are key for the Web3 space. Both these technologies need vast data to be processed for business needs with high quality. Without proper compliance and governance in place, hackers could steal the data through multiples threats. To overcome such issues, choosing the right blockchain for deploying the decentralized applications will reduce the cybersecurity issues in Data Manipulation.

NFT Exploits

NFTs (Non-Fungible Tokens) play a key role in boosting and bringing cryptocurrencies to market as a primary factor for Web3. Since NFT is a brand-new technology for Web3, users of this could be hacked due to lack of required awareness about it, to overcome such challenges, identifying a comprehensive solution that fits the NFT contracts would be an ideal solution.

Ice Phishing

As Social Engineering attack is among the common approaches of the hackers, Ice Phishing techniques are one of the most devasting type of security vulnerability in Web3. Hackers could make use of visuals to distract the user to click on the phishing links believing it as authentic one. To overcome this challenge, Web3 users should adhere to the best practices and standards while interacting over emails and accessing the links provided, like double checking the original logos, URLs, and project name.

Monetization

Web3 is in trend and many B2B and B2C businesses have been planning to have Web3 for monetizing their work. While the

businesses start using web3 for monetization, regulatory bodies across the globe should define the local and international end-to-end processes and regulations and spread awareness for using this technology for monetization to avoid the risks and financial losses.

Although Web3 is latest technology which enables business in multiple ways, further R&D is a must to ensure the Cybersecurity is maintained.

About the Author

Sundar has more than 16 years of experience in IT, IT security, IDAM, PAM and MDM project and products. He is interested in developing innovative mobile applications which saves time and money. He is also a travel enthusiast.

Sundaramoorthy S

Building the Data-Driven Banking and Financial Enterprise

The banking and financial services sector is in the middle of major digitalization that is radically transforming the way its services are offered and experienced. With the pandemic and changing consumer expectations being the driving factors, banks and other financial institutions are now challenged to deliver hyper-personalized, digital-first services. Such services enable fast, engaging, interactive experiences, and are centered around data-driven processes. Personalized customer experiences require a delicate balance of human engagement and digital intervention and are powered by data and AI. According to a research from Juniper, the number of global mobile banking users is expected to surpass 3.6 billion by 2024. Consequently, financial institutions are investing in digital advancement to remain competitive.

Importance of Data-driven Capabilities

Although banks have no shortage of data, the problem is the lack of a defined approach to leverage the data available to meet

business goals, while remaining relevant and compliant. There is an increasing demand for data analytics that fuels data driven decision making to bring in all-around process efficiencies. Advanced analytics powered by AI/ML ushers in proactive business models through predictive and prescriptive intelligence.

A customer’s digital footprint is a goldmine. Every customer with a digital presence leaves behind traces of their personal information that can be leveraged to create new products or improve existing services. For instance, banks can use a customer’s digital journey to trace their purchase patterns and recommend financial products. Data available through related third-party sources also paves the way for financial service institutions to explore new avenues of client servicing.

Using analytics in a customer lifecycle helps with customer identification and acquisition, relationship management, cross-selling, customer retention, value enhancement, and overall customer wallet share. Banks must

use advanced analytics for personalized marketing, lifetime value prediction, and custom recommendation workflows to meet end goals that lead to customer success stories.

Banks adopting data & analytics solutions have been able to digitize custome experiences, enhance customer relationships, increase revenue, and improve security. Data analytics also plays a primary role in fraud detection and risk management that is key to the BFSI sector. It helps identify and evaluate customers by analyzing their account behavior and payment trends, detecting deviations from the norm, etc. Similarly, risk modeling is an important application for data analytics. When done correctly, it helps banks reduce their portfolio risks and improve overall performance. Data analytics also helps with credit risk analysis for loan approvals. This is performed by analyzing customer credit scores and behavior patterns.

The use of AI in creating a data-centric business is becoming increasingly dominant. AI allows the bank to gain real-time customer insight that can be used for customer segmentation and predictive servicing. This consistent increase in the use of AI technology is directly associated with its application across functional areas such as risk management, compliance, fraud detection, customer lifecycle, and more.

Creating a Data-driven Model

While banks have a large repository of data, they are currently underutilized. For instance, banks trying to identify customer behavior can no longer rely on simple business insights based on data from one channel such as in-person interactions. Customers are increasingly moving towards digital banking

and omni channel interactions. To ensure that the investment and commitment to data analytics are properly met, and capitalized on, enterprises must first focus on creating a robust data strategy. A data-driven enterprise must have four important thingsthe unwavering support of the senior management, a comprehensive data strategy, a strong analytics team, a tailored analytics solution, and clear identification of areas to apply these tools. Given below are some high-level steps to achieve the same:

▪ Have a clearly defined data strategy with measurable milestones and ensure its feasibility

▪ Define the value it needs to create and identify areas that can be used to deliver that value

▪ Identify the areas for digital transformation to support the data strategy

▪ Design the relevant data architecture and identify technical support required

▪ Since data quality is key, create a robust data governance model with clear accountability

▪ Establish central governance for the digitalization journey

▪ Drive data literacy by training employees and stakeholders in the new business models

GS Lab | GAVS

With our Data and Analytics Services, GS Lab | GAVS will transform your organization into an insights-driven business to deliver enhanced customer experiences, better prediction models, improved profitability margins, and effective financial and regulatory reporting.

To learn more, please visit https://www.gavstech.com/banking-financial-services/

About the Author

Akansha is part of Solutions & Strategy team at GS Lab | GAVS She has 4+ years of work experience focused on presales, market research and analysis and sales enablement. She is responsible for enabling and supporting BFS deals as part of Solutions and Strategy group.

Akansha Paliwal

Relationship Building at Workplace

It is natural for any relationship to go through strains at different points in time. Some strains can be sorted then and there whereas some strains require more consistent efforts. Whether it is personal or professional, strained or not, either ways relationship building still requires a little effort to keep it in shape. When it comes to work relationships, there could be many more misunderstandings and the need for communication as everyone comes from a different background and is more focused on the business rather than the individual. To have a healthy work relationship, it is necessary to have a good understanding of each other’s professional expectations and keep regular communication intact.

Imagine you are travelling in a bus, and someone is fighting with another person, maybe treating the other person badly. In such a scenario, it is natural for many people

“People will forget what you said. People will forget what you did. But people will never forget how you made them feel”

- Maya Angelou

disappointed the other person and what can be done to ease the situation.

We need to remember that any relationship is a two-way path where one person alone cannot be taking the complete blame. There is always a percentage of action from the other side which could change the situation. So, taking the responsibility for the part that we played can always make it more solution-oriented. Also, taking up responsibilities can open the doors for the other person to resolve the problem and not fight about it rather than getting indulged in a blame game.

When it comes to a work setup, most people wouldn’t want to hold on to any relationship problems as it might also disrupt their work process. Looking backwards and pointing at the mistakes from the past only makes it worse. Instead, trying to look forward to what can be done to make the relationship better can open more perspectives for us to make it better; not only in terms of the relationship that we share but also for our own mental peace.

Sometimes identifying common areas where both have similar agendas and working together on it can bring in opportunities to rebuild the relationship with the individual. In a work environment, it can be business betterments or project output which could be of mutual interest to both parties. Also, it creates a space for rebuilding trust making the work environment easier for all.

In most cases, communication could be the key to resolving any problems or misunderstandings. Even otherwise, every relationship can be repaired as long as those who are part of it are ready to work it out. Infact, rebuilding a strained relationship can become even better than the previous bond once it is repaired. The readiness and intention to

rebuild is all that matters. We might not be able to satisfy everyone around us; but we can always try our best and see to that everybody is treated with respect, which in turn can make our organization a better place to work for all of us.

About the Author

Akshayaa Sridhar is a Psychologist with experience in counseling. She has completed her master’s degree in HRD Psychology from Madras University, followed by a specialization in corporate, family & school counseling. She has been working with Corporates such as Accenture and in her personal capacity has been working with private clients too.

She deals with all kinds of relationship issues, improving work productivity/academic focus, stress management, motivational issues, personal growth & development, family problems and other issues related to managing one’s own emotions, thoughts, and behaviors. Akshayaa

S