Tag: 5G

Ensure cryptocurrency does not end in wrong hands: PM to democratic nations

Banking & Finance

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Prime Minister Narendra Modi on Thursday urged all democratic nations to work together to ensure that cryptocurrency does not end up in the wrong hands, cautioning that it can spoil the youth.

 

In a virtual address at the Sydney Dialogue, he said the digital age is changing everything as it has redefined politics, economies and societies and has raised new questions on sovereignty, governance, ethics, rights and security.

Giving an overview of India’s approach to new technologies, Modi said the country is investing in developing indigenous capabilities in diverse areas including in 5G and 6G for the telecom sector.

Also read: Crypto investments gaining currency

The Prime Minister said India uses data as a source of empowerment of people and that the country has unmatched experience in doing this in a democratic framework with strong guarantees of individual rights.

“It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth,” he said referring to cryptocurrency.

 

Modi said India is building the world’s most extensive public information infrastructure and that over 1.3 billion Indians have a unique digital identity.

“The greatest product of technology today is data. In India, we have created a robust framework of data protection, privacy and security. And, at the same time, we use data as a source of empowerment of people,” he said.

Also read: RBI may pilot digital currency in Q1 of FY23

He said India is on its way to connecting 6,00,000 villages with broadband. Referring to the strategic cooperation between India and Australia, he said it is a force of good for the region and the world.

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India’s financial sector banks on IDRBT for security, BFSI News, ET BFSI

Banking & Finance

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With emerging technologies changing the way we bank, cyber security has emerged as a key area of concern. Prof D Janakiram, director of Hyderabad-based Institute for Development and Research in Banking Technology (IDRBT) this year, speaks to Swati Rathor about the threats facing our banking systems and the work IDRBT is doing to beef up their security.

How can banks strengthen security infrastructure?

Banks have to be ahead of the hacker so, we are trying to create a change in the mindset of people managing these entities. For instance, many banks are innovating on AI/ML products by getting data from social media, where it is easy to manipulate data that leads to models being fed with wrong data. Hence, the whole system can be compromised. So, data integrity as well as security becomes a very critical part of the AI/ML system and that is an active research we are pursuing. The second thing we are trying to look at is how to reduce the impact of cyberattacks. For instance, if the digital transactions are on mobile platforms, one can use geo-fencing to reduce the chances of such attacks. Apart from this, cyber drills that we conduct regularly help banks spot vulnerabilities in their systems. We also have a threat intelligence platform that gathers information across banks and multiple sources and shares it with banks.

Which technologies will impact the financial inclusion mandate in future?

Technologies like 5G are likely to provide many opportunities as they will boost the number of internet users. When you add somebody to the financial system, that person would expect more facilities such as access to credit. Now, if you want to make credit accessible, one of the key things is the profile of the person, which means we collect data. Here the usage of the AI/ML models to be able to provide both, risk models as well as prediction models, will become necessary.

What new research areas is IDRBT focusing on?

We are focusing on next-generation digital financial infrastructure. The pandemic has made it imperative that we should have a next-generation video KYC platform. Currently there are many pain points for customers as every bank and financial services entity is trying to do its own video KYC. So, we are looking at a new platform, where, if the customer does a video KYC once, it will be available for other entities to verify. We would like to make this platform a part of the India Stack so that there is a quality enhancement in terms of the digital identity platforms.

But what about new age skills in the banking sector?

IDRBT is focusing on creating a cyber security skilled workforce because it is an extremely critical need. Besides, in the financial sector, skills pertaining to AI/ML and Cloud are also very important and we are working on that along with skilling on the 5G front.



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Talking ATMs, Touchless Tech On the Cards, BFSI News, ET BFSI

Banking & Finance

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Imagine walking into an ATM not just for withdrawing cash but also speaking with a virtual bank manager or even completing your KYC.

Working on turning this sci-fi scenario into reality is Hyderabad-based Institute for Development & Research in Banking Technology (IDRBT).

What is promising is that last week, leading telecom operator Bharti Airtel demonstrated live 5G services over a commercial network in the city wherein a 1GB file, which would take minutes to download on a 4G connection, was downloaded in less than 30 seconds.

“With 5G, ATMs will act as an extended bank branch…ATMs may also become relaying points for 5G networks,” said IDRBT ex-director AS Ramasastri under whose leadership this initiative took off. He retired in October, 2020.

When it comes to 2G, 3G or 4G, Ramasastri said, India has played up a catch-up game with other countries; but in the case of 5G, the government and RBI wanted the banking sector to be ready to leverage this technology sooner, which is why the country’s first 5G Use Case Lab for banking and financial services was set up at the institute in September 2020.

The lab, which has a team of 10 to 12 people, including researchers and bankers, is focusing on developing solutions for using 5G to boost financial inclusion and leverage AR/VR (Augmented Reality and Virtual Reality) technology. It is within a year that the lab expects to demonstrate some solutions in these areas.

Stating that 5G could boost financial inclusion, Ramasastri said, “In the rural areas, higher bandwidth availability will ensure that transactions are completed as soon as they are initiated…either customers will be able to do it or the staff will be carrying these 5G enabled gadgets … that’s the POC (proof of concept) that we have to work on…”

The new technology is expected to improve overall banking experience because of lower latency and higher speed. With 5G, minimum latency could be reduced to one millisecond as compared to 50 milliseconds for 4G and data speeds could be 10 to 20x faster than 4G.

Besides improving the financial reach of the banking sector, by improving the timings of transaction finality, 5G would also make banking activities more secure as irregularities can be detected on a real-time basis.

As per an IDRBT’s white paper on 5G technology, the 5G network can handle millions of IoT devices and enable machine-to-machine (M2M) communication. Along with higher data speeds, this would also make systems more ‘intelligent’.

Highlighting the potential of 5G technology, Akhilesh Tuteja, partner and head of digital consulting, KPMG India, pointed out 5G and use of IoT will see transformational changes to touchless banking that will impact ATMs, bank branches and POS.

“By 2025, most of the connected devices will need to be 5G compatible, including gadgets, wearable devices among others,” he said, adding that Covid-19 and demonetisation have seen exponential increase in the use of mobile banking, digital payments and remote implementation of key processes in the financial services sector including customer onboarding.



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