19, Dec 2023
Why Do AI Models Seem to Get Worse?
It’s not uncommon to hear about AI models not performing up to their initial standards. Perhaps you’ve noticed a change in the quality of responses from a generative AI service you frequently use, for example. These claims have frequently found their way to news sites and social media.
But is it possible for AI models to deteriorate in performance over time?
Indeed, AI models can experience a decline in effectiveness, and are prone to “hallucinations.”
In the language of AI experts, the phenomenon is often understood in terms of model decay or model drift, which are often used interchangeably.
This can happen for a variety of reasons.
WHY IT MATTERS
AI is increasingly used in all facets of everyday life, including in life-saving operations and large investments. A March 2023 article in IEEE Spectrum highlights a notable real-world risk: a faulty AI model in self-driving cars has led to serious car crashes.
Regular updates and retraining with current data are crucial to maintain the effectiveness of these models in a continuously changing environment.
WHAT IS AI DRIFT?
The accuracy of an AI model often shifts because of changing circumstances in the real world, IEEE Member Eleanor “Nell” Watson explains.
“For example,” Watson said, “consider a model trained to predict consumer buying patterns. It’s trained on a dataset representing consumer behavior up to a certain point in time. Post-deployment, consumer preferences, and market dynamics might evolve due to various factors like new trends, economic changes, or even global events. Since the model was trained on older data, it may not accurately capture these new patterns, leading to reduced accuracy or relevance of its predictions. This is a manifestation of model decay.”
Fighting data drift is important. And to do so, AI researchers tend to classify AI drift into further categories. If you want to learn more, check out this paper on IEEEXplore.
“Addressing model decay involves regular monitoring, tuning, and updating of the model with new data, refining the model’s architecture, or even retraining from scratch in some cases,” Watson said. “The key is to maintain the model’s alignment with the current state and dynamics of the data it’s meant to analyze or predict. However, such maintenance requires specifying a budget in advance for ongoing periodic updates.”
SYNTHETIC DATA: AN EMERGING CHALLENGE
Training AI models requires lots of data, and sometimes, that data is scarce. To compensate, researchers have turned to synthetic data.
Essentially, synthetic data is artificial data generated based on a real data set. It is realistic, and statistically representative of the original.
Researchers are beginning to understand that though synthetic data has its uses, too much of it can degrade performance. That idea was explored in a pair of research papers highlighted by IEEE Spectrum.
An over reliance on synthetic data “can narrow perspectives and reinforce biases, as models may train on data generated by similar systems,” Watson said. “This issue is exacerbated by the rapid content production rate of generative AI, which often outpaces human- enerated content.”
Many of the most popular AI image generating tools were released in the middle of September 2022. Some commentators have noted that these services have produced as many as 150 billion images in 12 months. And many of these images aren’t tagged as synthetic, meaning that they could be used to train some AI models.
The challenge can be even steeper. The developers of AI models often hire humans to tag data. For example, if you want to develop an AI model that identifies the emotional content of images, you usually need a human to rate the images. Or sometimes, researchers need large quantities of survey data that they are willing to pay small sums of money for – often less than a dollar. These are known as human intelligence tasks.
“Some human-generated data might not be authentic,” Watson said. “Tasks outsourced to human intelligence task workers are increasingly automated using AI, leading to potential bias and inaccuracy. Companies may soon need to license natural, high-quality data, and additional authentication layers may be needed to ensure the veracity of human-generated content.”
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- By Rabindra
19, Dec 2023
Nuvepro and KCT partner to make over 500 engineering students job-ready in 2024
Bengaluru, India, December 19, 2023– Nuvepro, a prominent provider of cloud-based Upskilling solutions in India, has partnered with Kumaraguru School of Innovation (KSI) and Kumaraguru College of Technology (KCT), a top-tier engineering and technology educational institution.
The partnership aims to offer accessible and cost-effective cloud-based labs, enabling students to gain practical knowledge in emerging technologies and make them job-ready in the ever-changing world of technology. Over 500 students are likely to benefit from the partnership in the first year itself.
KSI and KCT have been trying to improve their digital systems, and the Nuvepro partnership makes it easier for the institute to get AWS and other cloud accounts, create new ways of learning, and manage costs.
ThiruvaazhiUloli, Head Incharge, Information Science and Engineering, Kumaraguru College of Technology, said,”We are delighted to be part of the leading adopters since AY 2022-23 of cloud lab services through Nuvepro for our B.E. ISE students for whom we have embedded practical assignments done on the cloud environment as part of almost all courses in their pre-final and final year. The cloud lab has improved technology learning ability, flexibility, cost-effectiveness, and vital industry skills, positively influencing student placements. We advocate for broader academic adoption of cloud environments, aligning with industry trends.”
Nuvepro’s labs encompass virtual machines, Jupyter notebooks, a Hadoop Cluster with 35+ significant data components, AWS console access, Application Security Lab, and more.
Nuvepro’s CEO, Mr. Giridhar L.V., added,” Embracing a pioneering collaboration with Kumaraguru College of Technology, Nuvepro is excited to spearhead the innovation in education. By providing the students with real-world,hands-on environmentswith all the latest technologies, we enable themto step into their professional lives confidently to becomejob-ready.”
This alliance between Nuvepro and Kumaraguru Institutions marks a significant leap in academic innovation, utilizing cloud technology to reshape learning methodologies and prepare students for a dynamic future.
19, Dec 2023
OnePlus confirms 12 Series launch date in ten-year anniversary celebration video
Shenzhen, December 19, 2023 — Leading global technology brand OnePlus today unveiled an exclusive video celebrating its ten-year anniversary with founding members and friends. The video reflects on a decade of OnePlus milestones and discusses the company’s future, including the upcoming OnePlus 12 and OnePlus 12R flagship devices, which will be launched globally on January 23, 2024. During the video, OnePlus also confirmed that the OnePlus R series will go on sale outside of India and China for the first time in the series’ history.
In the short space of just ten years, OnePlus has grown from a bold but simple idea into a renowned technology brand with products and users in all four corners of the globe. To date, OnePlus has entered over 50 markets worldwide and has built up a registered community member base of more than 50.2 million users. As of the end of October 2023, global sales of OnePlus devices have grown 59% compared to the same period last year, and by as much as 40% in India, reflecting the continued international expansion and recognition of the brand 1 .
To express its gratitude to its users for a decade of support, collaboration, and loyalty, OnePlus has launched a special 10th anniversary celebration to give back to its fans. Celebrating 10 Years of Innovation and Never Settle
In the video, OnePlus founding members, including Pete Lau and Kinder Liu, gather with friends who share the Never Settle spirit to discuss their original motivation and vision for establishing OnePlus as a brand that creates premium, user-centric technology to challenge market conventions and the industry status quo.
“Back in 2013, we were a small team, but we had really big ideas about building better products,” said Pete Lau, Founder of OnePlus. “Even though so much has changed since our humble beginnings, just as much has stayed the same. Regardless of how the world has changed around us, our essence as OnePlus remains the same. As long as we hold on to our ‘Never Settle’ ethos, OnePlus will always stay true to its roots.”
They also discussed the future of the company and underscored the significance of co-creation to the brand and OnePlus’ mission to share cutting-edge technology with the world.
“As an R&D and product person, being able to take part in the research and implementation of truly cutting-edge technologies has been the most fulfilling aspect of this journey for me,” said Kinder Liu, President and COO of OnePlus, “Throughout these ten years, every OnePlus product, and even the company itself, has been built hand in hand with our users. Co-creation is an inseparable part of our DNA, and I 1 Based on internal data collected by OnePlus. hope that OnePlus will continue to push the boundaries of technology with tech enthusiasts everywhere for the next ten years and more to come.”
A Masterpiece Ten Years in the Making: Introducing the OnePlus 12 Series
OnePlus also used the occasion to reveal new information about its upcoming OnePlus 12 Series.
A decade in the making, the OnePlus 12 Series has been developed to address an industry-wide challenge in balancing high performance, high power consumption, effective heat dissipation, and longevity. The two devices, the OnePlus 12 and OnePlus 12R, are designed to prove that a smartphone doesn’t need to be “Plus” “Pro” or “Ultra” to provide the best hardware specs and software experience. Instead, the dual flagship OnePlus 12 and OnePlus 12R each have their own unique attributes that give users the choice to pick what’s important for them on their next smartphone.
The OnePlus 12 is an all-round flagship phone that embodies OnePlus’ decade-long leadership in technology. It features the latest Snapdragon 8 Gen 3 Mobile Platform, 4th Gen Hasselblad Camera for Mobile with a new 64MP 3x periscope lens, and a boundless Flowy Emerald colorway – all in true homage to OnePlus’ Never Settle spirit.
In addition to the OnePlus 12, the performance flagship phone, the OnePlus 12R, will be the first member of the OnePlus R series to launch outside of India and China. Both flagship phones are set to be released at the OnePlus Smooth Beyond Belief Launch Event at 19:30 IST, on January 23, 2024.
As OnePlus begins a new decade, the company is set to continue challenging the status quo through its commitment to creating only the best smart devices. Together with its partners and global user base, OnePlus will further push the frontiers of technology to continue delivering fast and smoother experiences to users worldwide.
For more information about the OnePlus 10 th Anniversary celebrations, please visit www.oneplus.com/event/10-year-anniversary
18, Dec 2023
Kai Hocho Premium Bread Knife: A Perfect Christmas Gift
This festive season, KAI INDIA is delighted to present the ideal Christmas gift for culinary enthusiasts and home chefs – KAI Hocho Premium Bread Knife. Designed with precision and crafted for perfection, this knife is set to revolutionize your kitchen experience. With a long blade tailored for effortless slicing of cakes, bread, and pastries, this knife is a versatile addition to any kitchen.
What sets this knife apart is its super sharp Japanese-style blade, a fusion of traditional craftsmanship and modern carbon steel. This unique combination not only ensures a consistently sharp edge but also makes the blade rust-proof, enhancing its durability and resistance to wear. The ergonomic nylon resin handle adds an element of comfort to the knife, allowing for a secure grip during chopping and dicing. This knife provides both strength and balance, ensuring a safe and enjoyable cooking experience.
KAI Hocho Premium Bread Knife is the perfect Christmas gift for culinary enthusiasts and home chefs. This knife embodies a seamless blend of traditional craftsmanship and modern technology, featuring a super sharp Japanese-style blade made from high-quality carbon steel. Gift the joy of cooking this Christmas with the Kai Hocho Premium Bread Kitchen Knife, where precision meets affordability.” said Rajesh U Pandya, Managing Director, KAI India
This Christmas, gift the joy of cooking with the Kai Hocho Premium Bread Kitchen Knife from Kai India at price of INR 599. Available at https://kaiindiaonline.com and leading e-commerce platforms.
Founded in Seki in 1908, KAI group products have cult status in Japan. The brand is known for its high-quality beauty care and personal grooming products integrating practical aesthetics with refined craftsmanship providing well-designed, innovative houseware, and beauty care products that are used widely in day-to-day lives. Japan-based KAI Group made a foray into the Indian market by setting up a manufacturing facility spanning over 30,000 sq mt in Neemrana, Rajasthan. KAI brings over 800 years of Japanese legacy of forging blades, directly to Indian households with its kitchenware range. KAI Also offers high-precision beauty and personal care products to Indian consumers adding value to their daily life. They are determined to provide products prepared with detailed R&D and superior Japanese technology. With its clear vision and mission, KAI is marching forward towards becoming a household name in India.
18, Dec 2023
TOP 5 Production Printers in India
In the fast-paced world of printing technology, businesses in India are constantly on the lookout for production printers that can seamlessly blend efficiency, quality, and innovation. Whether it’s high-volume commercial printing or on-demand tasks, the right production printer can make all the difference. Below, we delve into the top 5 production printers in India, spotlighting cutting-edge models that have earned their stripes in the industry:
● Ricoh Pro C9500: Renowned for its exceptional speed and color accuracy, the Ricoh Pro C9500 is a powerhouse in the world of production printing. With Minosha India as its prime distributor, businesses can benefit from not only cutting-edge technology but also from reliable service and prompt support.
● Konica Minolta AccurioPress C12000: The Konica Minolta AccurioPress C12000 stands out as a premier production printer, delivering exceptional quality and speed. With advanced features like high-resolution imaging, versatile media handling, and precise color reproduction, it caters to diverse printing needs. Its reliability, efficiency, and innovative technology make it a top choice for professional printing environments.
● Xerox Iridesse Press: The Xerox Iridesse Press stands as a pinnacle in production printing, offering unparalleled capabilities. Its unique ability to print metallic and iridescent hues in a single pass elevates print quality. With exceptional speed, versatility, and innovative features, it defines excellence in the realm of production printers, meeting diverse printing demands with precision.
● Canon imagePRESS VC1350: The Canon imagePRESS VC1350 sets a benchmark in production printing, combining cutting-edge technology with outstanding performance. With remarkable color accuracy, high-speed printing, and versatile media handling, it caters to diverse professional printing needs. Its reliability, intuitive features, and impressive image quality make it a standout choice in the world of production printers.
● Fuji Revoria 1120: The Fuji Revoria 1120 stands out as an exceptional production printer, boasting superior capabilities. Its advanced technology ensures precise and vibrant printing, while high-speed performance meets demanding production requirements. With a user-friendly interface and reliable operation, it establishes itself as a top choice for professional printing environments.
18, Dec 2023
Celebrating Tech Pioneers: Recap of Techlusive Summit & Awards Season 4
The Techlusive Summit & Awards Season 4, presented by IndiaDotCom Digital Private Limited, unfolded as a resounding success, seamlessly weaving together the themes of AI and Web 3.0. The summit featured a stellar panel of experts, and luminaries in their own right, engaging in thought-provoking discussions on the vast opportunities, looming threats, and generative aspects of AI and Web 3.0. Their insights, drawn from the frontlines of industry leadership, offered attendees a panoramic view of the dynamic technological landscape.
This gala was a tribute to companies and products that carved a niche in the consumer electronics domain across diverse categories. The meticulous selection process, orchestrated by a cadre of seasoned experts and analysts, culminated in the triumph of innovation. The fusion of online polling and evaluation by a distinguished jury ensured that only the most deserving took the spotlight.
As the evening unfolded, the much-anticipated panel discussion on the Advent of Artificial Intelligence took center stage. It unraveled the complexities of the current technological landscape, exploring the myriad threats and opportunities that AI presents. The discussions underscored the digital conundrum of our times, where AI not only promises predictability and productivity but also reshapes the very fabric of our daily tasks with efficiency and cost-effectiveness.
The distinguished presence of the chief guest, Dr. Jitendra Singh, Union Minister of State (Ind. Charge) Science and Technology, added an aura of eminence to the proceedings. A Diabetologist, author, and alumnus of Stanley Medical College, Dr. Singh brought a wealth of knowledge and experience to the forefront.
The awards ceremony commenced with a flourish, acknowledging the trailblazers in technology. Each award served as a symbol of triumph, recognizing outstanding contributions to innovation and excellence. The Techlusive Summit and Awards Season 4 transcended the realms of an ordinary event, emerging as a platform that not only honored technological achievements but also ignited insightful discussions on the future of AI and Web 3.0.
The night, with its unfolding chapters of innovation and expertise, stood as a testament to the relentless pursuit of excellence in the ever-evolving tech landscape.
16, Dec 2023
Strategic Digital Evolution: Google India and Primus Partners Spearhead conversation on Responsible AI and its applicability
Bengaluru, December 16, 2023: AI has become an increasingly important part of various discourses across different fields and in this context, Google, one of the largest global technology players and one of the leading innovators in the AI space, and Primus Partners, an India management consulting firm brought together 20 thought leaders from various disciplines for an interactive roundtable on “Responsible AI for Online ads” on 14 December, in Chennai. The discussion was helmed by key government representatives including Consumer Affairs Secretary Mr. Rohit Kumar Singh, and Former Law Secretary, Mr. P.K. Malhotra. The deliberation also saw the participation of lawyers and academicians including from the prestigious IIT Madras, Ashoka University, Trilegal, Samvad Partners, and Cyril Amarchand. Senior Retd. Judges, Former LEAs, Senior Advocates from Madras High Court, and representatives from Startup Tamil Nadu were also present. The diverse group of thought leaders held a detailed discussion on Responsible AI, with a focus on opportunities and challenges for India in the emergence of Artificial Intelligence and discussing possible approaches towards building the right model and unlocking India’s digital innovation.
Bringing in the government perspective, Mr. Rohit Kumar Singh, Secretary at the Ministry of Consumer Affairs spoke about the use of responsible AI from a consumption economy standpoint. He said, “We have to be agile in our approach. Self-regulation as seen in some other emerging sectors, is a way, with reasonable and responsible measures. A balance of regulation and innovation has to be a norm. Also, consumers have to be at the centre stage of the AI ecosystem.”
Vidhya Srinivasan, VP/GM at Google, was also present at the event, quoted shedding light on the current scenario, “We’ve long been using advances in Google Ads, like predictive AI, to help businesses reach consumers at the right time. What’s really exciting about new generative AI capabilities is that advertisers can use AI in a more tangible way to supplement campaign creation and idea generation, while remaining in the driver’s seat. While I’m optimistic about all this and the future, we are taking a thoughtful and responsible approach to how our ads products evolve with AI.”
Mr. Prem Kumar Malhotra, Former Law Secretary, presented his view on the discussion topic by stating, “If we look at the securities market, which is heavily regulated, many of the innovations in the space could not take flight. Something as nascent and evolving as AI, needs to have a self-regulatory start, before transitioning to a necessary regulation path. Its responsible application in sectors like online ads creates an important focus point for both consumers and tech innovators.”
Mr. Nilaya Varma, CEO and Co-founder of Primus Partners conveyed “AI has the potential to reshape the advertising industry while generating positives for the economy such as the creation of jobs, economic development, etc. The untapped potential of leveraging AI in online marketing requires to be unlocked, responsibly, which can further foster an environment for innovation and development in the country. This might initially require the regulatory authorities to create a framework, however, gradually evolving the framework with time and the needs of the industry, can help optimize the targeted outcomes. To carefully capture the potential of generative AI; Industry and the Government will be required to adopt a collaborative approach. The Indian government has been highly optimistic regarding the use of AI in processes and continues to support the digital landscape and related industries to sustain in the country. While innovation and service-providing capabilities can be captured from industries, a more industry-friendly framework focusing on sustainability will be expected from the government to foster innovation and leverage new technologies in India.”
With the growing understanding and complexity of buying patterns, AI is poised to become an integral part of the advertising segment. AI is now penetrating the said sector through various user interfaces like Google ad search engines and many more. The use of AI is intended to provide a better creative landscape for marketers to start their planning and strategy phases effectively, further moulding the generative AI response as per the needs of their campaign. The outlook of the use of AI is to provide marketers with basic auto-generated elements for their promotional campaigns with a background study of the targeted consumer’s buying behavior/pattern over a specific time.
16, Dec 2023
XECH Launches ‘Cerebro’ – India’s First All-in-One Head-Eye-Neck Massager for Enhanced Relaxation
Mumbai, 16th December, 2023 – XECH – an innovation-first consumer tech company, which is an Indian brand headquartered in Mumbai, announces the launch of ‘Cerebro’, a cutting-edge solution designed to redefine relaxation experiences.
Cerebro, the latest offering from XECH, represents a significant leap in massage technology, created to enhance relaxation and alleviate stress for everyone. It stands as the pioneer in multifunctional massagers, uniquely designed to target the eyes, neck, and head all in one revolutionary product. Engineered to transcend the limitations of traditional massagers, Cerebro symbolizes an unprecedented approach in the wellness industry, offering a comprehensive and tailored experience.
XECH Cerebro provides a personalized and immersive relaxation experience with its four carefully designed massage modes, catering to individual needs. Its adjustable sizing ensures a comfortable fit for all users, allowing a perfect match for various preferences. Additionally, it comes with a convenient USB C rechargeable battery, ensuring ease of use on-the-go, and making it accessible anywhere, anytime.
“Cerebro is a one-of-a-kind product that embodies both futuristic design and features. Designed to look like an astronaut’s helmet, the massager looks futuristic. If you’re a first-time user, it just takes a few minutes to adapt to, but it fits snuggly around the head. The product will revolutionize relaxation techniques, offering users a transformative experience that redefines stress relief. We have already witnessed a heightened enthusiasm around the product and are confident that consumers will love this elevated massage experience.” – said Pranay Punjabi, Founder at XECH.As of 2022, the global Massage Equipment market was estimated at USD 9340.7 million, and it’s anticipated to reach USD 16331.38 million in 2028, with a CAGR of 9.76% during the forecast years.
XECH Cerebro is designed for individuals seeking respite from the demands of modern life. Catering to urban professionals, students, homemakers, and technology enthusiasts, this innovative solution provides a holistic relaxation experience, that allows easy de-stressing and helps rejuvenate the mind. Whether utilized after a long day of work, during study breaks, or as a part of your wellness routine, Cerebro adapts seamlessly to diverse lifestyles by providing a quick 15-minute massage, anywhere.
XECH Cerebro is now available for purchase on the Xech website and Amazon, offering our discerning customers a seamless and convenient shopping experience.
Product Details
XECH Cerebro: XECH Cerebro represents a leap forward in the world of head and eye massage, designed to elevate your relaxation experience. Crafted with urban professionals and relaxation seekers in mind, Cerebro offers four distinct massage modes, each meticulously designed to target specific areas around the eyes and head, effectively relieving muscle tension and fatigue.
Key Features:
● Tailored Massage Modes: Cerebro provides a personalized and immersive relaxation experience with four carefully crafted massage modes, catering to your unique needs.
● Helps de-stress & relax using a combination of Air Pressure, Pleasant Warmth, Vibration, and Music.
● A see-through design that allows user to interact with their surroundings and get uninterrupted massage.
● Adjustable Sizing: Enjoy a comfortable fit with adjustable sizing, ensuring a perfect fit for every user.
● USB C Rechargeable: Powered by a USB C rechargeable battery, Cerebro ensures that relaxation is always within reach, wherever you are. One full charge delivers 6 massage cycles* (depending on the massage mode)
● Futuristic Design: Embrace a futuristic design that not only looks sleek but also complements your relaxation journey.
● Integrated Speaker: Can connect wirelessly to your phone & play relaxing music.
● Integrated microphone – That allows you to even take calls without taking the massager off
● One button operation & 15-minute massage cycle.
- Warranty – 1 Year Warranty
- MRP: 29,999/-
- Cost – Starting at INR 15,999/-
- Links: Amazon , XECH Website, Youtube
14, Dec 2023
ASICS India Brand Athlete Rohan Bopanna and Actress Gul Panag Unveil the Official Race Day Merchandise for Tata Mumbai Marathon 2024
Mumbai, India (December 14, 2023): ASICS, the Japanese sportswear brand, today launched the limited-edition merchandise for Asia’s most prestigious Tata Mumbai Marathon 2024. ASICS Brand Athlete Mr. Rohan Bopanna along with actress & avid runner Ms. Gul Panag unveiled the new collection at ASICS store on Linking Road in Mumbai.
The vibrant design of this collection by ASICS conveys a strong story of energy, persistence and passion for running. The Gel Kayano™ 30 Limited Edition shoes are designed with a unique blend of colors like Electric Blue/Aquarium for Men and White Sun Coral for Women, to appeal both male and female runners.
The specially crafted GEL-KAYANOTM 30 running shoe has Mumbai 2024 emblazoned on the side. The shoe provides maximum comfort and style reflecting Mumbai’s colorful culture. The GEL-KAYANOTM 30 shoes is equipped with advanced features like a 4D Guidance System for stability and FF BLASTTM PLUS ECO cushioning for softness, the shoes aim to energize runner’s every stride of their run.
The limited-edition race day t-shirt design shows the circular pattern that encapsulates the spirit of unity via the “Enso” motif from Japanese traditions. It is crafted in seven symbolic colours denoting various facets of life, the collection aims to bring all marathon participants together in a harmonious cooperation towards a shared goal. The t-shirt and shoe bring out the complete essence of the city of Mumbai and will connect and bond well with the runners of Tata Mumbai Marathon 2024.
Mr. Rajat Khurana, Managing Director, ASICS India and South ASIA said, “We are delighted to have Mr. Rohan Bopanna and Ms. Gul Panag onboard to reveal our official merchandise for the Tata Mumbai Marathon 2024. Inspired by the dynamic energy of this city and event, our goal is to design apparel that empower athletes at every skill level to unleash their complete potential. This collection is a testament to our dedication in fostering a commitment to help individuals achieve their athletic goals.”
Commenting on the event, ASICS Brand Athlete, Rohan Bopanna said, “I am glad to be a part of this special day being a Brand Athlete for ASICS India and unveiling the official merchandise for the Tata Mumbai Marathon 2024 is truly special. As an athlete, I believe having the innovatively designed gear that seamlessly blends style with high performance is paramount. These specially crafted GEL-KAYANOTM 30 shoe and t-shirt perfectly captures the vibrant energy of the city.”
Mr. Anil Singh, Managing Director, Procam International, said, “ASICS has been a longstanding partner of the Tata Mumbai Marathon and the Procam Family. They have continuously set new benchmarks with top-of-the-line event merchandise which are highly sought after by our participants. As we gear up for the 19th edition of the Tata Mumbai Marathon, here’s a race filled with inspiration, determination and the beating heart of India in every step #HarDilMumbai.”
The TATA Mumbai Marathon 2024, is a World Athletics Gold Label Road Race and will be hosted on Sunday, 21st January. The event will flagged off from the historic Chhatrapati Shivaji Terminal.
14, Dec 2023
Indian Consumers Lead the World in Trust in GenAI: 91% Keen to Explore GenAI-Powered Financial Applications, New FIS Study Finds
Key facts and findings
- An overwhelming majority (91%) of consumers surveyed in India said they are open to using a GenAI-powered financial application.
- Compared with other countries in FIS’ research, Indian respondents are far ahead in terms of familiarity, usage and trust in GenAI.
- 88% of respondents also trust their bank to use GenAI, significantly higher the other countries in the study.
Bengaluru, December 14, 2023 – A new study by FIS ® (NYSE: FIS), a global leader in financial services technology, reveals strong interest in generative artificial intelligence (Gen AI)-powered financial service amongst Indian consumers. The findings indicate that 91% of surveyed Indian consumers are open to using a GenAI-powered financial application if one became available in the future, citing their preference for new technology (60%) and the desire to save time (56%) as their primary motivators.
GenAI is a form of artificial intelligence designed to create new content (e.g. text, images, code) based on provided input or prompts. It has captured the world’s attention over the past 18 months with widely perceived potential to transform how we live and work.
FIS’ Trust in Generative AI research focuses on consumer trust and understanding of GenAI, as well as their attitudes towards GenAI in financial services. The research was conducted with consumers in the following cities: Mumbai, Delhi, Bangalore, Kolkata, Ahmedabad, Hyderabad, Chennai, and Pune. It found that Indian consumers have a higher level of trust towards the technology in comparison to other major markets. Only 3% of respondents in India said they do not trust GenAI at all—contrasting sharply with 33% in Australia, and 30% in both UK and U.S. Additionally, 88% of respondents said they trust their bank to use GenAI in its operations, which is significantly higher compared to other countries surveyed.
“In India’s dynamic tech ecosystem, AI stands not merely as a buzzword but emerges as a strategic imperative, reshaping the financial services landscape. Global spending on AI-centric systems is expected to surpass $300 billion in 2026, with banking being one of the two industries that will see the largest AI investments. 1 In India we are seeing a trend in major banks harnessing the power of AI to
develop responsive and intuitive user experiences,” said Harish Prasad, Head of Banking Solutions, India at FIS.“It is encouraging to see that GenAI technology is well received by Indian consumers, with a majority of consumers in the study expressing openness and trust in the adoption of GenAI in financial services. It is imperative that, as industry leaders, we remain steadfast in our commitment to use GenAI responsibly. By doing so, we can contribute to build trust in AI’s role to empower individuals and institutions alike,” added Prasad.
Additional Findings and Insights
- There is widespread awareness of GenAI in India, with 88% of respondents indicating they are familiar with the technology. 79% also said they have experience using GenAI.
- Gen Zs are driving GenAI adoption in India. 90% of Gen Zs said they have experience using GenAI-based tools, while over half (56%) of Boomers indicated the same.
- For those who have not used generally available GenAI-based tools, the main reason cited was not knowing how to use it (47%), followed by not having a need for it (39%).
- Trust in GenAI is poised to grow further, with a much larger percentage of respondents expecting to be more (80%) as opposed to less (6%) comfortable with GenAI in the next 5 years.
- 38% of respondents said they are more likely to stick with their bank if they knew their banks use GenAI in its operations, signaling strong trust and appetite for GenAI in financial services.
- In contrast, only 7% in U.S. and 4% in Australia and UK indicated the same.
