Publications
Shaping Nepalese Banking Sector With AI
Nepal's GDP growth rate was around 6% as per World Bank data in 2019. One of the major contributors to GDP is the service sector, with the banking business being the largest service industry in Nepal. The banking sector is considered a high-tech adopting industry in Nepal and has embraced banking practices from the West. By the end of the decade in 2019, a significant development was the rise in the use of Machine Learning and Artificial Intelligence. However, Nepal lags behind in adopting these changes, and the banking industry has not updated its working platforms. The recent trend of increasing interest rates on deposits and creating unhealthy competition in the overall industry has led to a decline in GDP growth rate and has severely impacted small and medium sector businesses.
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Machine Learning for Business Professionals
Over the years, the business industry has amassed its own data, which is now considered the new oil of the world. The intriguing aspect is that everyone possesses their own reservoir of data to fuel business operations. Data is molding the business landscape globally, and Nepal and its business industry are inevitably transitioning into this era. We've all witnessed the shift from manual bookkeeping to the utilization of accounting software and business intelligence. Similarly, businesses have altered their core strategies with the integration of technology; for instance, big tech giants now dominate the global advertising landscape. In Nepal, the rise of online marketing platforms clearly indicates the adoption of technological advancements. It's evident that it's high time for every business and business professional to update their technological skills.
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