An API is a set of routines, protocols and tools for building software applications. In other words, an API specifies how software components should interact. Financial Institutions, specifically banks, are either outsourcing their own IT staff (developers, to be precise) to either build an API or an aggregator to compile incoming data and create services to better serve customers, or, they (banks) are striking partnerships with marketplace APIs and indirectly with third party applications that these APIs support.
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It is well understood that payments are a critical facilitator for practical realization of smart city and general IoT vision. Digital payments can improve payments ecosystem across public sector departments overseeing electricity consumption, water usage, sewer cleaning, trash collection and recycling, toll & transit, parking, tourists attractions, healthcare, municipalities, prisons, etc. All of which are important public service units necessary for cities to become self-sufficient.
It has also been established in 2020, that digital payment ecosystem got a major boost due to the pandemic. According to Statista, total transaction value in the digital payments segment is projected to reach US $4,934,741 million by the end of 2020 and total transaction value is expected to show an annual growth rate (CAGR 2020-2024) of 13.4% resulting in a projected total amount of US $8,170,406 million by 2024. Further, contactless payments, a type of digital payment is very well positioned to bridge Internet of Things (IoT), and hence smart cities to Financial Services.
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Natural Language Processing (NLP) has come a long ways to be able to work with unsupervised data (self-learning) but in most industries, it is still equated to virtual assistants (‘chatbots’) that can handle basic customer queries. Most AI enabled linguistic mentions fail to distinguish between Natural Language Understanding (NLU) and Natural Language Generation (NLG) and how advanced deep learning (specifically recurrent neural networks) are ushering in a highly sophisticated era where virtual assistants go beyond answering basic customer query.
Even more amusing is how many Financial Institutions fervently market their virtual assistant as the next big breakthrough, so much so, they christen it with a human name. In this research, we move past this repeated diatribe into more sophisticated yet highly practical NLU, NLG use cases:
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