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The recent PayTM saga exposed how <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> are finding it increasingly difficult to maintain sufficient security measures to ensure user authenticity and identity. Now, many fintech platforms are turning to artificial intelligence (AI) to address these challenges. A leading voice in this conversation is <keyword id="23488603" type="General" weightage="20" keywordseo="Rahul-Ayyappan" source="keywords">Rahul Ayyappan</keyword>, the Co-Founder and Chief Technology Officer (CTO) of <keyword id="23488605" type="General" weightage="20" keywordseo="Finacus-Solutions" source="keywords">Finacus Solutions</keyword> Pvt. Ltd. With over a decade of experience in shaping digital solutions for over 200 banks and financial institutions, Rahul sheds light on how AI can play a transformative role in addressing the issue of deepfakes and even strengthening eKYC (electronic Know Your Customer) systems. <h2><keyword id="20095213" type="General" weightage="20" keywordseo="facial-recognition" source="keywords">Facial recognition</keyword> technology </h2>AI algorithms can analyse facial features in-depth, detecting subtle inconsistencies that are often overlooked by human eyes. By examining dermal texture, facial feature depth, and lighting uniformity, AI can identify discrepancies indicative of deepfakes. Furthermore, AI can analyse the temporal consistency of facial movements in videos, identifying irregularities that may signal tampering. <h2>Behavioural analysis </h2>AI's ability to analyse micro-expressions, those brief, involuntary facial expressions that reveal genuine emotions, is crucial in detecting deepfakes. These expressions are difficult to replicate in fabricated media, making them a reliable indicator of authenticity. Additionally, AI can evaluate gait and gesture analysis, identifying inconsistencies that may suggest deepfake manipulations. <h2>Consistency checks </h2>AI can cross-reference data from various sources, such as document scans and live video KYC sessions, to identify inconsistencies in age, gender, or other demographic information. Geospatial validation can also be used to verify if the location of the eKYC session aligns with the user's stated address. <h2><keyword id="19897671" type="General" weightage="20" keywordseo="machine-learning" source="keywords">Machine learning</keyword> models </h2>AI models can be trained on vast datasets of real and fake images and videos to learn to identify patterns and anomalies associated with deepfakes. These models can continuously adapt and improve their accuracy as new deepfake techniques emerge. <h2>Integration with ancillary technologies </h2>Combining AI with other technologies, such as blockchain and thermal imaging, can further enhance <keyword id="22209857" type="General" weightage="100" keywordseo="deepfake-detection" source="keywords">deepfake detection</keyword> capabilities. Blockchain provides an immutable ledger of verified data, while thermal imaging can detect heat patterns on the face that are difficult to replicate in synthetic media. By leveraging these advanced AI techniques, <keyword id="23488602" type="General" weightage="20" keywordseo="eKYC-systems" source="keywords">eKYC systems</keyword> can significantly improve their ability to detect deepfakes and protect against identity theft and other fraudulent activities. As deepfake technology continues to evolve, AI will play a crucial role in ensuring the integrity and security of digital <keyword id="20470058" type="General" weightage="20" keywordseo="identity-verification" source="keywords">identity verification</keyword> processes. <div type="Article" hostid="261" msid="99803720" title="Aadhaar authentication rose to 2.31 billion in March 2023: IT Ministry data" mstype="2" mssubtype="0"></div>

Fintech expert shares 5 ways AI can help detect deepfakes in eKYC systems

The generative AI provides more <keyword id="20069513" type="General" weightage="20" keywordseo="opportunity" source="keywords">opportunity</keyword> to the Indian IT sector contrary to the believe of being a threat, highlighted a report by Nuvama Wealth Management. The report noted that although AI <keyword id="19901571" type="General" weightage="20" keywordseo="technology" source="keywords">technology</keyword> may initially disrupt the sector, especially in terms of business operations and billing models, the long-term benefits far outweigh the risks. "We, on the contrary, expect the Indian IT industry to come out stronger from the <keyword id="19906101" type="General" weightage="100" keywordseo="Gen-AI" source="keywords">Gen AI</keyword>-led disruption. We dig deep into various facets of Gen <keyword id="20037918" type="General" weightage="20" keywordseo="AI-adoption" source="keywords">AI adoption</keyword> for enterprises and find that Gen AI would create a mammoth incremental opportunity for <keyword id="20617562" type="General" weightage="20" keywordseo="Indian-IT-services" source="keywords">Indian IT services</keyword>," said the report. The report noted that as more enterprises adopt AI, the need for services such as upgradation of legacy code and data readiness for AI integration will increase, offering Indian IT firms new streams of revenue. The report mentioned one of the most significant opportunities lies in the modernization of <keyword id="21835113" type="General" weightage="20" keywordseo="legacy-systems" source="keywords">legacy systems</keyword>, particularly core banking systems (CBS). It stated that many <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> still use mainframe systems and outdated programming languages like COBOL. Gen AI enables automated code modernization, which will drive a major demand for Indian IT services to upgrade these systems, creating a long-term revenue stream. "Since most non-Indian (read European) do not have the scale to hire and deploy employees with the ability to code in COBOL (not to mention supply crunch)--they have ceded this opportunity to <keyword id="21817095" type="General" weightage="20" keywordseo="Indian-IT-Services-companies" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian IT Services companies" meta.hostid="261" meta.entityid="Indian IT Services companies">Indian IT Services companies</keyword>" said the report. The report specifically highlighted the "upgradation of legacy code" as a key area of opportunity for IT companies as businesses prepare their systems for AI integration. Gen AI is expected to create new service lines for Indian IT companies, including AI-based <keyword id="19945906" type="General" weightage="20" keywordseo="customer-service" source="keywords">customer service</keyword>, fraud detection, predictive maintenance, and knowledge processing. These AI-driven solutions will allow IT firms to offer higher-value services to clients, boosting revenue and profit margins. "Indian IT companies have always repositioned themselves to continue to do what they do best--service customers. That has provided them with the longevity they have commanded for multiple decades now. We do not see that changing this time as well" the report added. Comparing Gen AI to "a hammer looking for a nail," the report suggested that the technology's applications are still being discovered, but its potential is undeniable. Looking ahead, the report forecasts a strong start to FY25 for Indian IT companies, with growth driven by an optimistic outlook for the Banking, Financial Services, and Insurance (BFSI) sector, increasing technology spending, and large deal ramp-ups.

Gen AI to unlock a "mammoth incremental opportunity" for Indian IT services: Report

Climate Action 15: 2024's top global innovators powering green solutions

In the ever-evolving landscape of <keyword id="6354241" type="General" weightage="20" keywordseo="financial-services" source="Orion">financial services</keyword>, technology has become the cornerstone of innovation, efficiency, and customer service. Indian financial services company, <keyword id="6377963" type="General" weightage="20" keywordseo="freecharge" source="Orion">Freecharge</keyword>, offers over 100 million users a whole range of services, from purchasing gold and investing in mutual funds to paying utility bills and recharging their phones - all from the comfort of their digital devices. And this fast-moving company leverages <keyword id="1815769" type="General" weightage="20" keywordseo="slack" source="Orion">Slack</keyword> as its AI-powered platform for work, ensuring its team stays aligned, engaged, and productive, as it seeks to continue its growth in a competitive market. Consumers now have more alternatives for managing and investing their money. Gone are the days of choosing one major bank and paying a slew of fees. It is now a buyer's market and the success of financial technology (or fintech) is determined by which institutions can best adapt their services to specific consumers. For most businesses, embracing the “tech” in fintech has become imperative, be it altering internal operations with new digital tools and processes or launching new products powered by machine learning to meet longer-term, bigger-picture goals. Fintech executives can now better serve their staff and customers by implementing company-wide digital changes and innovations. In a recent conversation with Sanjay Jain, Freecharge's Chief Technology and Product Officer- DBAT, we discovered how the company has transformed its operations by leveraging the many functionalities of Slack. The conversation covered a variety of topics, including faster product development, increased cooperation, better issue resolution, and a favourable impact on compliance and <keyword id="145060" type="General" weightage="20" keywordseo="data-security" source="Orion">data security</keyword>. <div type="image" title="13" msid="110069505" hostid="261" sizebytes="20066" caption="&amp;lt;p&amp;gt;Sanjay Jain&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Accelerated product development" comment="subhead" text="Accelerated product development">Accelerated product development</cmsannotation> According to Sanjay, you need best-in-class technologies if you want your DevSecOps teams to ship code swiftly and resolve issues promptly. However, development teams now deal with more tools, data, and geographically dispersed colleagues than ever before; this means that time is spent more on establishing context for each issue when it should rather be spent adding value. To achieve the objective of creating a lean, mean development machine, you need to create an environment in which the relevant team members have access to the data and resources they require at precisely the right time. Before integrating Slack into their workflows, Freecharge faced challenges with a prolonged product release lifecycle, taking 6 to 7 months. "With Slack, this timeline drastically reduced, allowing us to launch 3 to 5 products every quarter, marking a significant leap in our go-to-market strategy," says Sanjay. <cmsannotation type="cmsannotation" annotationid="Efficient collaboration and compliance" comment="subhead" text="Efficient collaboration and compliance">Efficient collaboration and compliance</cmsannotation> A star quality that made the case for Freecharge adopting Slack is its cross-functional collaboration, especially when managing multiple products across multiple teams. “It was just seamless,” quipped Sanjay. When Freecharge switched to using Slack in 2020, it became easier for the company to align with members across different teams, due to its ease of integration and user experience. Prior to Slack, Sanjay mentioned that getting all the team members along on daily standups was a nightmare but Slack’s workflow feature sends auto reminders and notifications on specific channels and that led to a simpler process and more effective time management. The other major challenge that Freecharge faced was documentation. When simultaneous discussions take place between product and business teams, a lack of proper documentation can create hurdles. But with Slack channels providing conversation histories, discussion points, and shared documents, it drastically improved the experience. Additionally, Slack’s canvas feature enhances collaboration, allowing teams to create, organise and share essential information. Instead of being buried deep in a sea of disparate email threads, all the information for each topic is centrally located and easily accessible. Additionally, app integrations such as calendars and emails, made it easier for teammates at Freecharge to access what they needed within Slack instead of having multiple tabs open. Sanjay says "Slack emerged as a catalyst for seamless collaboration within Freecharge, streamlining internal workflows and processes." When asked about data sharing and privacy, Sanjay explained that: "The platform not only facilitated communication, but also contributed significantly to maintaining regulatory compliance and data security, crucial aspects in the highly regulated industry of fintech." <cmsannotation type="cmsannotation" annotationid="Issue resolution and customer satisfaction" comment="subhead" text="Issue resolution and customer satisfaction">Issue resolution and customer satisfaction</cmsannotation> Rapid response is essential for financial customer support at Freecharge. Customers want help right away, and money is an emotional commodity. Freecharge can elevate support tickets to the relevant channels using Slack; this technique is crucial for VIP support requests from significant clients. Through Slack, Freecharge’s customer support teams are also able to obtain information from the appropriate sources in no time. If a customer support person cannot find the answer in a knowledge base, they can quickly connect via Slack with the relevant professional. Previously, alerts from customer support were sent by email, and as a result notifications were easy to miss, and every problem was a complex maze of searching for the appropriate individuals and looping them into different email threads. Today, Freecharge has integrated everything together in Slack. “Slack's quick response capabilities played a crucial role during high traffic events like big billion days and festive seasons. By swiftly addressing customer complaints and resolving issues, Freecharge achieved a notable boost in customer satisfaction, positively impacting overall metrics,” adds Sanjay. One of the biggest differentiators for Slack is the platform it provides for developers to create a sound <keyword id="6354778" type="General" weightage="20" keywordseo="banking" source="Orion">banking</keyword> experience by digitally transforming critical operations through custom apps. Sanjay emphasises: “Slack's impact has extended beyond operational efficiency. It has catalysed a culture of innovation at Freecharge, allowing us to test and implement new concepts rapidly.” Freecharge uses Slack as its digital headquarters, enabling its workers to automate procedures and find quicker solutions to problems. Developers can boost SLA performance and speed up time to resolution by coordinating their tools and communication on Slack. An added bonus would be that new responders have instant access to the historical context of an issue without interrupting ongoing investigations. Increasingly in fintech, where customer demands drive innovation and collaboration among teams, the role of workplace tools becomes paramount. And at Freecharge, Sanjay is gung-ho on Slack’s integration, primarily due to the vast impact that it has brought about – in the pace of product development, issue resolution, and the scale of innovation. Since integrating Slack into their operations over the past few years, Freecharge can attest to the positive impact it has had on their business. It has helped them deliver and thrive in an increasingly competitive environment. Freecharge is now able to launch products every quarter and that has provided them a boost in go-to-market strategies. The improved speed in issue resolution has led to stronger metrics and, most importantly, the collaborative environment fostered by Slack has allowed teams across the board to stay aligned and work together to map a stronger blueprint. As Freecharge continues to pave an innovative way forward in modern banking, Slack provides a solid platform to build both a cutting-edge product and culture. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

Beyond banking: How Slack is reshaping financial services for the digital age

Nalin Bansal, Chief Relationship Management at the National <keyword id="20242630" type="General" weightage="20" keywordseo="payments" source="keywords">Payments</keyword> Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), speaking at the Global Fintech Festival 2024 on Wednesday, emphasized that only 25 per cent of payment users are <keyword id="19900675" type="General" weightage="20" keywordseo="women" source="keywords">women</keyword>, with even lower penetration in semi-urban and rural areas. "While we've achieved significant scale in <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword>, penetration remains a challenge, with only 25% of payment users being women, and even fewer in semi-urban and rural areas. Many women's mobile numbers are not linked to their bank accounts, hindering their participation," Bansal said. He added, "Yet, data shows women are 50% less prone to fraud and are highly loyal and engaged users. As an ecosystem, we must prioritize personalized, assisted services and continuous engagement across all channels. UPI123 has made strides, especially for initiatives like Ujjwala, and prepaid instruments hold promise as a 'secret purse' for women. Building trust is crucial, and it is our collective responsibility to foster it." Women are more likely to adopt <keyword id="20853683" type="General" weightage="100" keywordseo="digital-financial-services" source="keywords">digital financial services</keyword> when introduced by local agents or <keyword id="22950816" type="General" weightage="20" keywordseo="community-influencers" source="keywords">community influencers</keyword>, particularly women who can help them overcome social and technological barriers. Women who make at least five <keyword id="19971375" type="General" weightage="20" keywordseo="transactions" source="keywords">transactions</keyword> in the first week of onboarding are twice as likely to continue using <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>. This highlights the need for financial service providers to rethink in-app nudges and sales metrics to encourage consistent usage. 93 per cent of women surveyed expressed the need for ongoing support during the first three months of using digital payments, particularly for grievance redressal during failed transactions. Kalpana Ajayan, Regional Head - South Asia, Women's World Banking, said, "We recognize that digital payments can serve as a powerful tool for women, enabling them to manage their finances more effectively, access a broader range of services, and ultimately secure a better future for themselves and their families." She added, "By addressing the specific barriers that women face in adopting digital payments, we open up a new frontier for growth. This initiative is about much more than inclusion--it's about positioning women as key drivers in the digital financial ecosystem." The NPCI's UPI platform has already revolutionized India's payment landscape, with UPI transactions soaring from Rs 920 million (USD 11.08 million) in FY 2017-18 to Rs 83750 million (USD 1.01 billion) in FY 2022-23, reflecting a staggering CAGR of 147 per cent. The value of UPI transactions reached INR 80.79 trillion (USD 96,287) across approximately 55.66 billion transactions in the first four months of FY 2024-25. Of the 536 million women aged 15 years and older in India, 37 per cent report using mobile internet, making the addressable market for UPI solutions among women around 200 million strong.

Women are more likely to adopt digital financial services when introduced by local agents or women community influencers

<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> released the composite result and Credit Compendium of Adani Group of <keyword id="20027214" type="General" weightage="20" keywordseo="companies" source="keywords">companies</keyword> for Q1 FY25. The Results Compendium provides a comprehensive overview of the <keyword id="20088085" type="General" weightage="20" keywordseo="financial-performance" source="keywords">financial performance</keyword> of the Adani Portfolio, while the Credit Compendium offers in-depth insights into the portfolio's robust credit strength. According to the results, the strong performance for the quarter was led by <keyword id="20113873" type="General" weightage="20" keywordseo="Adani-Enterprises" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Enterprises" meta.hostid="261" meta.entityid="Adani Enterprises">Adani Enterprises</keyword>' emerging businesses, including solar and wind manufacturing. In a press release, the company stated that it has emerged as India's largest player in the fully integrated <keyword id="19990484" type="General" weightage="20" keywordseo="green-hydrogen" source="keywords">green hydrogen</keyword> chain, as well as in the airports and roads sectors. The company added that AEL's infrastructure businesses' steadily rising contribution is playing a significant role in this growth, with <keyword id="19957744" type="General" weightage="20" keywordseo="EBITDA" source="keywords">EBITDA</keyword> expanding by 69.98 per cent YoY. These fast-growing businesses now contribute 13.3 per cent to the portfolio-level EBITDA, up from 7.2 per cent a year ago. The overall EBITDA of Adani Group companies surged by 32.87 per cent year-on-year (YoY) to reach Rs 22,570 crore, resulting in a trailing twelve-month (TTM) EBITDA of Rs 79,180 crore, marking a 45.13 per cent increase over the corresponding TTM of the previous year. The Adani Group highlighted that its 'Core Infrastructure' platform comprises AEL's (Adani Enterprises) Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), and Transport (Adani Ports &amp; SEZ) businesses. The Solar module manufacturing business of the group saw module sales rise by 125 per cent YoY in the quarter. Furthermore, the operationalization of photovoltaic cell lines lowered costs, resulting in higher profitability. The airport business also continues to see strong growth from rising passenger movement, increasing consumer offerings, and the addition of routes, airlines, and flights across seven operational airports. Adani Enterprises' performance indicates that in airports, the annual passenger movement across 7 airports crossed 90 million for the first time. During the quarter, eight new routes, six new airlines, and 13 new flights were added across all seven airports. Additionally, 25 new brands were introduced at Lucknow airport after the inauguration of Terminal 3. The road business achieved its highest-ever 730 lane-km construction during this quarter. In the Adani Green Energy segment, construction work for a 500 MW hydro pump storage has commenced, with a 31 per cent YoY capacity addition during the quarter. Another 250 MW wind capacity was operationalized in July at Khavda, bringing the total capacity to 11.2 GW. Adani Energy Solutions stated that the Khavda-Bhuj Transmission Line (KBTL) is fully commissioned, enabling 3 GW green power evacuation from Khavda. The 1,765 ckm Warora Kurnool Transmission Line (WKTL) was also fully commissioned, strengthening the national grid by ensuring seamless power flow between the western and southern regions. Adani Ports &amp; SEZ reported that Vizhinjam port, India's first transhipment port equipped with South Asia's most advanced container-handling technology, was formally commissioned in July and will become operational in November. In the Cements segment, the promoters infused Rs 15,000 crore in two tranches in Ambuja Cements in March and April, fully subscribing to the warrant program and infusing a total of Rs 20,000 crore since the acquisition in September 2022. The company also acquired Penna Cement, increasing the total capacity to 89 MTPA. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms">India’s wearables market decline for the first time as smartwatch shipments fall</a>

EBITDA of Adani Group companies surged by 32.87% year-on-year to ₹22,570 crore

Tucked beneath a 48-story San Francisco skyscraper, at the far end of the parking lot on the first subbasement level, is a door with a keypad lock. An unimposing sign reads "Utility Meter Room." Behind the door is a tangled clot of pipes: yellow, blue, and orange, each one as wide as a 100-pound barbell plate. The pipes — along with thousands more just like them, winding their way under more than 600 American cities, campuses, hospitals, and airports — are more than a blast from our industrial past. They're a steampunk vision of the future.I've come to 345 California Center, a postmodern hexagon that towers over San Francisco's financial district, to get a look at the hottest new idea for how to break the <a target="_blank" href="https://www.businessinsider.com/san-francisco-doom-loop-fix-american-city-housing-transit-2023-7">urban doom loop</a> — the post-pandemic, remote-work apocalypse that is hollowing out America's cities. And when I say "hottest," I don't mean it metaphorically. It's like a sauna down here. Because the Utility Meter Room doesn't run on a self-contained, industrial-sized boiler, like most big buildings. Instead, it's drawing a feed of blistering, high-pressure, vaporized water from a century-old loop of steam pipes that runs beneath the city's streets. The steam loops are a relic of the 19th century, as forgotten as the <a target="_blank" href="https://www.cabinetmagazine.org/issues/41/steenson.php">pneumatic tubes</a> that used to shoot mail all over American cities. But unlike the pneumatic tubes, the steam loops are still there — and they can provide enough heat to keep a building like 345 California Center nice and toasty, even on the coldest of days.The steam loops are part of an antiquated system known as "<a target="_blank" href="https://www.businessinsider.com/recycling-waste-heat-abundant-sustainable-energy-source-2023-7">district energy</a>." It was basically a shared-services model: a utility would make steam at a central location and then pipe it out to every building in the city. Nobody had to provide their own heat — it was way more convenient, and cheaper, to get it from a common source. But then cities began to abandon district energy. Buildings, businesses, and homes started making their own hot water in boilers fueled by coal, then oil, then natural gas. Sometimes it was cheaper, and maybe it was more convenient. But it also set the planet on fire. More heating meant more greenhouse gases, and more <a target="_blank" href="https://www.businessinsider.com/climate-change-global-warming-extreme-heat-inflation-global-economy-impact-2024-3">global warming</a>. Which brings me back to our steampunk future. Today, <a target="_blank" href="https://www.businessinsider.com/companies-brag-green-but-offices-have-long-way-to-go-2022-4">cities are starting to price the looming climate catastrophe</a> into their energy costs. Starting this year, commercial buildings in New York City will be slapped with steep fines if they're emitting too much carbon. Boston and Washington have similar "decarbonization" laws in place, and <a target="_blank" href="https://www.kqed.org/science/1992085/san-francisco-will-continue-enforcing-gas-ban-in-new-buildings-despite-berkeleys-repeal-of-similar-rules">San Francisco isn't allowing natural gas</a> in any new construction. That means businesses need to find a cleaner, cheaper source of heat. And those ancient steam loops beneath the streets are starting to seem like a ready-made solution."The real benefit of a district-energy system, especially in cities, is the distribution system," says Kevin Hagerty, the CEO of Vicinity Energy. "If a city wants to decarbonize, and they have a district-energy system, it's much easier. They don't have to change things on a building-by-building basis."<div type="image" title="An orange upright pipe vents steam into the night sky in front of a building with stone arches and gaslamp-type lights, and parked cars on an urban street" height="2946" width="3927" msid="110505068" hostid="261"></div>In July, Vicinity is installing what will be the nation's first zero-carbon urban steam loop. Drawing electricity from the increasingly decarbonized New England grid, powered by solar and offshore wind, the utility will use the energy to boil water and then deliver steam directly to Boston office buildings and restaurants and storefronts through the city's antiquated maze of pipes. It's a remnant of the Industrial Revolution being used to forestall a lethal climate evolution.District energy could also be a godsend to businesses struggling to survive the current landscape of empty offices and boarded-up shops. By taking steam right out of the street beneath them, commercial landlords can pay less for their utilities and avoid carbon fines — which means they can lower their rents and hold on to tenants who might otherwise bail. District-energy loops also eliminate the need for boilers and other cumbersome building infrastructure, freeing up space for tenant-grabbing amenities like gyms, roof-decks, and golf simulators. (Yep. That's a real thing.)The other choice? Spend thousands to upgrade a building's energy systems — cash that landlords don't have on hand, and an expense they can't pass along to tenants. "If you're a building owner, district energy allows you to pay a small premium on your service to get that type of steam," says Blake Ellis, a principal at the engineering firm Burns &amp; McDonnell. "Then you don't have that big capital outlay you probably don't want right now." Especially if, as in many downtowns, your building is only 70% occupied.About a third of the cost of running a commercial building is energy. And according to one major study, a building as energy-efficient as 345 California Center can charge 20% more for rent than a comparable, inefficient building. Every dollar saved in energy costs, the study found, equates to 3.5% higher rent. And it's a lot easier to be energy efficient if all you have to do is plug into a carbon-free steam loop. "This building is 40 years old," Tim Danz, the chief engineer for 345 Cal, tells me. "But we're using the latest technology to manage our energy." He points to the gnarl of pipes that shoots the steam up to the 36th floor, where it's used to cook a water supply large enough to heat the entire building. Having a boiler, Danz explains, "would be another system we would have to provide care and feeding for." District energy, by contrast, is just there for the taking, right beneath our feet.The most convincing evidence that steam loops make economic sense comes from who's getting into the district-energy game. Vicinity, the nation's biggest clean-steam provider, is owned by Antin Infrastructure Partners, a leading private-equity firm. Cordia, an energy provider operating in 10 cities, is partially owned by the private-equity giant KKR. Everyone needs heat — which makes it a highly bankable investment. "These private-equity funds come in and find areas where they can put capital into a business and get a nice steady rate of return," Hagerty says. "Decarbonizing takes capital, and private equity is a great source of capital." In the long run, of course, private equity may decide to do what it always does and load up these new energy businesses with massive amounts of debt before dismantling them for parts. But for now, the big money sees big profits to be made from <a target="_blank" href="https://www.businessinsider.com/america-build-infrastructure-transportation-housing-regulation-environment-2023-11">America's forgotten infrastructure</a>. Outside of places like airports and college campuses, the idea of district energy fell out of favor long ago. We let the systems go fallow — but fortunately, all the accumulated infrastructure we buried on top of the old steam loops made it impossible to dig their little-used pipes out of the ground. So the whole thing was still down there, waiting, when COVID drove millions of city dwellers to head for the countryside. Now, by drawing heat from their old steam loops, America's cities have an opportunity to jump-start all the downtown commerce that was crippled by the pandemic. And it could happen all over the place! Dozens and dozens of cities have steam loops they can use, from New York and Chicago to Miami to San Diego and Portland and Milwaukee. What's more, lots of companies these days are looking for greener buildings, both to save money and to burnish their environmental bona fides. From AI startups to biotech companies, steampunk-heated buildings could become the cool new place to be. "Forward-minded companies want to be in a building that doesn't have any on-site fossil-fuel combustion," says Costa Samaras, the director of the Scott Institute for Energy and Innovation at Carnegie Mellon. "The best, greenest buildings will be net-zero buildings. They'll be considered a premium asset. The challenge is, are we going to get enough premium assets in time?" Meaning: Can we use steam loops to fix the urban doom loop before the climate doom loop dooms us all?<a target="_blank" href="https://www.businessinsider.com/author/adam-rogers">Adam Rogers</a> is a senior correspondent at Business Insider.

The steampunk technology that could save America's cities

To call the transition of the last few years from in-office to remote work to hybrid a steep learning curve would be an understatement. However, the shift from simply surviving these changes to thriving as a result of them has created an unexpected but beneficial opportunity for businesses to overcome previous operational challenges and strengthen their company culture. While many business leaders encountered tremendous hurdles in managing this shifting paradigm, Indian financial services company, <keyword id="6377963" type="General" weightage="100" keywordseo="freecharge" source="Orion">Freecharge</keyword>, rose to the occasion. With over 100 million users, Freecharge is well-known for its easy-to-use payment app and provides a variety of services, ranging from simple bill payment to full-service lending and investing options, along the way, becoming one of the leading financial services and investment apps in India. Amid the disruption caused by the pandemic, Freecharge leaned into their investment in <keyword id="1815769" type="General" weightage="20" keywordseo="slack" source="Orion">Slack</keyword> to gain a competitive advantage in a rapidly changing market. For Freecharge, Slack was the digital-first work platform the company relied on to place human-centric collaboration, knowledge sharing, and easy automation at the centre of their operations – allowing the team to stay aligned and to continue to drive business growth and transformation amid much uncertainty. One area where Slack had a significant impact was in human resources; supporting the company’s efforts to ensure employees across the company stayed aligned and engaged. Here’s how: <div type="image" title="11" msid="110136276" hostid="261" sizebytes="40020" caption="&amp;lt;p&amp;gt;Ridhima Verma&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Improving HR operations" comment="subhead" text="Improving HR operations">Improving HR operations</cmsannotation> The HR department at Freecharge is utilising Slack to streamline and automate their onboarding processes, ensuring that their search for fresh talent is managed simply, while still safeguarding critical data. Ridhima Verma, Senior HR Manager at Freecharge, says, "From simplified job postings to tracking candidates throughout the process, you will receive automated updates in the channel at key milestones, such as when the candidate advances in the interview process, when an interviewer submits feedback, when an offer letter is sent and when an offer is accepted.” Similarly, orienting new hires is a significant challenge that many firms encounter nowadays. Being a new person is difficult enough without having to overcome the obstacle of not having face-to-face meetings with your coworkers. Slack is essential for maintaining team communication and creating a lively atmosphere. Ridhima agrees saying, “Slack's user-friendly interface has expedited the onboarding process, allowing new employees to familiarise themselves in just 10 minutes.” On Slack, new hires are brought up to speed more quickly. “The probationary period for new joiners has been reduced from the conventional 90 days to a more agile and effective 30 days, ensuring a quicker assimilation into the company culture,” says Ridhima. The other aspect being the handover process which was a tedious task earlier. Slack has simplified this process as well – reducing the time taken for this transition process by nearly 50%. “Earlier we were taking ten days, for example, to finish the handover process - now it takes only six days. All you have to do is post a checklist on the Slack channel and it's easy for everybody to get a hold of the team member who is leaving to understand where they are placed and how we can make the process more effective,” she elaborates. <cmsannotation type="cmsannotation" annotationid="Facilitating cross-team collaboration" comment="subhead" text="Facilitating cross-team collaboration">Facilitating cross-team collaboration</cmsannotation> One of the key advantages for Freecharge lies in leveraging Slack to facilitate seamless collaboration between internal and external teams, resulting in enhanced productivity and cost savings. Ridhima highlights the benefits of Slack channels in improving communication between different teams and departments at Freecharge. Unlike traditional communication methods like email or other tools, Slack offers a more intuitive and centralised platform. And its new asynchronous collaboration tools allow for the rapid and simple sharing of voice, video, and screen recordings within channels. These features have helped Freecharge streamline daily meetings and create tailored communication channels for teams to collaborate. Another focus area for Freecharge is leveraging Slack to foster diversity and inclusion. Verma highlights, “The Women in Tech initiative is one of the many Slack channels that has broken barriers for employee engagement and collaboration with women at Freecharge.” The idea behind this was to promote women in tech workspaces and hire more women developers. Creating a Slack channel keeping this core function in mind, leading to a pool of female employees who shared references for new talent, organically boosted the hiring process. It also helped HR understand the challenges women were facing compared to their male counterparts, and take action to resolve those challenges quickly. The Women in Tech initiative has created a safe space for women at Freecharge to highlight and discuss matters important to them, while strengthening company culture. <cmsannotation type="cmsannotation" annotationid="Supporting employee engagement" comment="subhead" text="Supporting employee engagement">Supporting employee engagement</cmsannotation> Sentiment analysis has the potential to be a very effective tool for gaining insight into workplace dynamics and issues that affect employees in real-time. Companies can proactively solve issues and establish a supportive work environment by having a thorough understanding of employee general well-being. Additionally, monitoring sentiment informs staff members that their ideas are valued, which promotes increased output, openness, and communication. “Slack has evolved into a powerful tool for assessing employee sentiment, with features such as pulse checks allowing for regular check-ins and speedy responses to employee requests,” notes Ridhima. After all, engagement leads to productivity and gives businesses their competitive advantage. Ridhima shared a success story about Freecharge hiring 23 campus recruits who required guidance during their first few months. The Freecharge HR team created a dedicated Slack channel to interact with them. At the end of each day, they posted simple poll questions about their experiences and what they learned. The recruits responded with emojis and comments, and this in turn fostered a sense of inclusivity and bonding among the new team members. This demonstrated that communication is essential - not just from a lens of efficiency, but also to build contentment within team members. Freecharge, with the help of Slack, has transformed its communications landscape. Ridhima asserts, “Slack has become our fourth pillar of teamwork. With Slack, all cross-functional communication is possible. Also, because we've got Slack connectivity on our phones, responding to messages and reading important notifications is a lot easier.” Further, Slack’s seamless integration with thousands of other applications like Google Calendar and Canva have increased productivity. By leveraging Slack’s collaborative features, Freecharge has been able to streamline processes, foster stronger communication among and across teams, support diversity initiatives and enhance employee engagement. By leaning into their investment in Slack, the company has built a new vibrant culture that places collaboration at the front and centre. As Freecharge continues to innovate and invest in digital tools, its story reflects how technology is shaping modern work dynamics and empowering businesses to thrive in competitive environments. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

From adaptation to transformation – Lessons from Freecharge’s digital transformation

<keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">Startups</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> have high expectations from this year's upcoming <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>. Early-age startups hope for the removal of angel taxes, while <keyword id="20677283" type="General" weightage="20" keywordseo="health-tech-startups" source="keywords">health tech startups</keyword> expect increased <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> for the sector. Startups function as engines of economic growth, playing a crucial role in generating new jobs, ideas, products, and services. As of December 2023, the Department for Promotion of Industry and Internal Trade (DPIIT) had recognised 1,17,254 startups. These startups have reportedly created over 12.42 lakh direct jobs, significantly impacting the economy. Eklavya Gupta, CEO and Co-founder of Recur Club, stated, "We are confident that India's business credit landscape is on the brink of a major digital overhaul. FinTechs are at the forefront of this change, deploying innovative technologies and utilising in-depth data analytics to streamline and expand <keyword id="20974354" type="General" weightage="20" keywordseo="credit-access" source="keywords">credit access</keyword>." He added, "While the current allocation of Rs 10,000 crore is an excellent initial step, realising the full capabilities of India's SME and startup ecosystem will necessitate greater investment, especially in credit guarantee schemes." Vinod K Singh, Co-Founder and CTO of Concirrus, expressed his expectations from the budget: "As the Union Budget 2024-25 approaches, we hope the government will address the pressing issue of the 'angel tax.' Eliminating this tax will enhance capital formation and attract vital <keyword id="19895633" type="General" weightage="20" keywordseo="investments" source="keywords">investments</keyword>. Streamlining the duty structure and reducing high tariffs on electronic inputs are also crucial to bolstering the startup ecosystem and driving innovation. Expanding the Fund of Funds and introducing low-interest loans would be beneficial." Rajiv Lamba, co-founder and CEO of AI-enabled customer feedback platform Surveysensum, added, "Just as the government has prioritised financial inclusion, it should now focus on <keyword id="22405441" type="General" weightage="20" keywordseo="technological-inclusion" source="keywords">technological inclusion</keyword> to propel India to the next stage of growth. By training youth in AI, the government can make a strategic investment in the nation's technological future. Given the rapidly evolving job market, a substantial increase of 20 to 25 percent in budget allocation should be considered for AI-based skill development and entrepreneurship." He further emphasised, "Incentivizing investment in <keyword id="20328842" type="General" weightage="20" keywordseo="AI-startups" source="keywords">AI startups</keyword> and R&amp;D initiatives can boost local innovation in the AI space. The last budget introduced a deep tech fund of Rs 1 lakh crore with a 50-year interest-free loan period; the government should now establish a clear and transparent mechanism for access to this fund." Raja S, founder and MD of Hearzap, highlighted the expectations of health tech startups: "Health tech startups are eagerly anticipating increased funding that could usher in transformative advancements. This crucial investment holds the promise of extending cutting-edge healthcare solutions to rural and underserved areas, effectively bridging existing gaps in care. The upcoming budget ensures that every individual in our diverse population, from the youngest to the oldest, can access essential health services, including specialised care." Discussing taxation for startups in India, Vvihan Gulati, Director of Mediagraphics PR, commented, "Removing the angel tax is a highly anticipated move that would benefit early-stage startups and their investors. It would foster a more favourable environment for innovation and growth, allowing startups to attract much-needed capital without the burden of excessive taxation. This change could significantly enhance the ease of doing business and contribute to the overall growth of the startup ecosystem in India." The Union Budget 2024 will be tabled on July 23 by Union Finance Minister Nirmala Sitharaman. With this, she will become the first Finance Minister to deliver seven consecutive budgets, surpassing Morarji Desai. She presented the interim budget on February 1 of this year.

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