Chapter 4 Generative AI and the New Frontiers

1 ‘Accelerated Discovery’, IBM, https://research.ibm.com/topics/accelerated-discovery.

2 ‘Toyota Research Institute Unveils New Generative AI Technique for Vehicle Design’, Toyota, 20 June 2023, https://pressroom.toyota.com/toyota-research-institute-unveils-new-generative-ai-technique-for-vehicle-design/.

3 ‘Artificial Intelligence in Action: Selected ADB Initiatives in Asia and the Pacific’, Asian Development Bank, May 2024, https://www.adb.org/publications/ai-action-adb-initiatives-asia-pacific.

4 ‘How Generative AI Can Boost Consumer Marketing’, McKinsey, December 2023. Available online: https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/how-generative-ai-can-boost-consumer-marketing.

5 ‘AI Risk Management Framework’, National Institute of Standards and Framework (US Department of Commerce), https://www.nist.gov/itl/ai-risk-management-framework.

6 ‘What Is the EU AI Act?’, EU Artificial Intelligence Act, https://artificialintelligenceact.eu.

7 Microsoft Corporation, Work Trend Index Annual Report, 2025: The Year the Frontier Firm Is Born (Microsoft, 2025). Available online: https://www.microsoft.com/en-us/worklab/work-trend-index/2025-the-year-the-frontier-firm-is-born.

Chapter 5 AI Reshaping the Services Industry

1 Kevin M. Dulle and B. Joseph Pine II, ‘What a Toys “R” Us Comeback Could Look Like’, Harvard Business Review, 30 November 2018. Available online: https://hbr.org/2018/11/what-a-toys-r-us-comeback-could-look-like.

2 ‘The Downfall of Sears: 5 Key Reasons Why the Retail Giant Went Under’, Castus Global, 5 October 2021, https://www.castusglobal.com/insights/the-downfall-of-sears-5-key-reasons-why-the-retail-giant-went-under#.

3 Tim Kelly, J.D., ‘What Mistakes Did Bed Bath and Beyond Make?’, LawInfo, 9 October 2023, https://www.lawinfo.com/resources/bankruptcy/business-bankruptcy/what-mistakes-did-bed-bath-and-beyond-make.html.

4 ‘Travel PR Mistakes: An In-Depth Analysis of the Failure of Thomas Cook’, Everything PR, 28 May 2025, https://everything-pr.com/travel-pr-mistakes-an-in-depth-analysis-of-the-failure-of-thomas-cook/.

5 ‘The Collapse of Thomas Cook: What Happened and Why’, International Banker, 16 January 2020, https://internationalbanker.com/brokerage/the-collapse-of-thomas-cook-what-happened-and-why/.

6 ‘Airbnb, Inc. (ABNB)’, YCharts, https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://ycharts.com/companies/ABNB/market_cap&ved=2ahUKEwj27-Xct7GJAxUHLFkFHbjNGmUQFnoECBsQAQ&usg=AOvVaw3heQWeQxJPC7sYPl0WD_U4.
7 ‘Japan Robot Hotel Ready to Welcome Its First Human Guests’, Associated Press, 15 July 2015.
8 Prabalika Borah, ‘India-Made Robots Chat Up Diners at Hyderabad Restaurant’, Hindu, 21 August 2021.
9 ‘Travel & Tourism Economic Impact Research (EIR)’, World Travel & Tourism Council, https://wttc.org/research/economic-impact.
10 Paul Ellickson, ‘The Evolution of the Supermarket Industry: From A&P to Wal-Mart’, SSRN Electronic Journal, April 2011.
11 Boris Emmet and John Jeuck, Catalogues and Counters: A History of Sears (Roebuck and Company: University of Chicago Press, 1950).
12 Made Lapuerta, ‘The Rise & Fall & Rise of GAP’, Medium, 29 June 2020. Available online: https://medium.com/dashion/the-rise-fall-rise-of-gap-6e29fa4b64d.
13 Marc Levinson, The Great A&P and the Struggle for Small Business in America (Hill and Wang, 2011).
14 ‘Sears’, Wikipedia, https://en.wikipedia.org/wiki/Sears.
15 ‘Domino’s Pizza Bot’, Chatbot Guide, https://www.chatbotguide.org/dominospizza-bot.
16 ‘Walmart’s Generative AI Search Puts More Time Back in Customers’ Hands’, Walmart, 30 January 2024, https://tech.walmart.com/content/walmart-global-tech/en_us/blog/post/walmarts-generative-ai-search-puts-more-time-back-in-customers-hands.html.
17 Alexandria White, ‘5 Things to Know about the Target RedCard’, CNBC, 15 November 2024, https://www.cnbc.com/select/target-redcard-what-you-should-know/?msockid=380dc675aac3626321b1d33aaba1632c.
18 Laura Mullan, ‘Warby Parker Uses Augmented Reality to Allow Customers to Virtually Try on Glasses’, Technology Magazine, 18 May 2020. Available online: https://technologymagazine.com/digital-transformation/warby-parker-uses-augmented-reality-allow-customers-virtually-try-glasses.
19 Peter Adams, ‘Houzz App’s AR Upgrade Turns Living Rooms into Virtual Showroom Floors’, Marketing Dive, 8 May 2017, https://www.marketingdive.com/news/houzz-apps-ar-upgrade-turns-living-rooms-into-virtual-showroom-floors/442142/.
20 ‘L’Oreal’s Modiface Brings AI-powered Virtual Makeup Try-on to Amazon’, L’Oreal Group, https://www.loreal.com/en/articles/science-and-technology/l-oreal-modiface-brings-ai-powered-virtual-makeup-try-ons-to-amazon/.
21 ‘Tiffany Engagement Ring Experience’, The One Club, https://www.oneclub.org/awards/theoneshow/-award/21458/tiffany-engagement-ring-experience/.
22 Anthony DeMarco, ‘De Beers Turns to Augmented Reality to Market Its Branded Diamond’, Forbes, 29 March 2016. Available online: https://www.forbes.com/sites/anthonydemarco/2011/10/12/de-beers-turns-to-augmented-reality-to-market-its-branded-diamond/.
23 Madeleine Schulz, ‘Louis Vuitton’s Latest AR Project? Covering Landmarks in Dots’, Vogue Business, 26 January 2023. Available online: https://www.vogue.com/article/louis-vuittons-latest-ar-project-covering-landmarks-in-dots.
24 Patrick Morda, ‘Augmented Reality’, Audi Magazine, 11 March 2025. Available online: https://magazine.audi.com.au/article/augmented-reality; Barton Goldenberg, ‘From Concept to Reality: BMW’s Groundbreaking XR/VR/AR Technology’, Ism, https://ismguide.com/bmw-xr-metaverse-technology-case-study/; ‘Tesla’, HUmmingbirdsday, https://www.hummingbirdsday.com/tesla.
25 ‘Augmented Reality for Ecommerce with Shopify AR’, Shopify, https://www.shopify.com/augmented-reality.
26 ‘Sephora Virtual Artist: Try On Makeup Instantly’, Sephora, https://www.sephora.my/pages/virtual-artist?srsltid=AfmBOoo-5nktUS88uCClT7jtoLGzt8tMVwbQmO-UwiKgq-EFal5loNSY; ‘Virtual Makeup Try-On’, Ulta Beauty, https://www.ulta.com/innovation/glamlab/.
27 Arakarag Chaudhuri, ‘How Century-Old Indian Brands Are Winning with AR, AI and Immersive Experiences’, CMSWIRE, 12 August 2025, https://www.cmswire.com/digital-experience/how-century-old-indian-brands-are-winning-with-ar-ai-and-immersive-experiences/.
28 ‘H&M Group Explores Tech-Enabled Shopping Experiences in US Stores’, H&M Group, 27 May 2022, https://hmgroup.com/news/hm-group-explores-tech-enabled-shopping-experiences-in-us-stores/; ‘Adidas AR Sneakers Try-On App’, Virtual Reality Marketing, https://www.virtualrealitymarketing.com/case-studies/adidas-ar-sneakers-try-on-app-2/; ‘Tommy Hilfiger Lets Shoppers Try on Clothes in AR with Zero10’, Adweek, 31 March 2023, https://www.adweek.com/creativity/tommy-hilfiger-try-on-clothes-with-zero10/.
29 ‘Worldwide Quarterly Augmented and Virtual Reality Headset Tracker’, IDC Tracker, https://my.idc.com/getdoc.jsp?containerId=IDC_P35095.
30 Dany Kitishian, ‘Hilton’s AI Strategy: Analysis of Dominance in Hospitality’, Klover, 4 August 2025, https://www.klover.ai/hilton-ai-strategy-analysis-of-dominance-in-hospitality-hotel-ai/.
31 Sean Cudahy, ‘American Airlines Says AI Could Help with Fares — But Only to Save Time’, The Points Guy, 15 September 2025, https://thepointsguy.com/news/american-airlines-ai-fares/.
32 ‘Domino’s Makes a Pizza Points Loyalty Play with AI’, PYMNTS, 31 January 2019, https://www.pymnts.com/news/retail/2019/dominos-pizza-artificial-intelligence-rewards/.
33 ‘Starbucks Uses AI-Powered Personalized Rewards to Boost Frequency and Spend’, PYMNTS, 30 January 2024, https://www.pymnts.com/news/loyalty-and-rewards-news/2024/starbucks-uses-artificial-intelligence-powered-personalized-rewards-boost-frequency-check-size/.
34 Catherine Strohanova, ‘How to Bring Value to Customer’s Shopping Experience and Increase Sales with AR’, Jasoren, https://www.jasoren.com/how-to-bring-value-to-customers-shopping-experience-and-increase-sales-with-ar/.
35 ‘Losses from Online Payment Fraud to Exceed $362 Billion Globally Over Next 5 Years’, Juniper Research, June 2023. Available online: https://www.juniperresearch.com/press/losses-online-payment-fraud-exceed-362-billion/.
36 Karim Aknoukh, Ahmed Ewis and Fortune Hui, ‘Manage Access Controls in Generative AI-powered Search Applications Using Amazon OpenSearch Service and Amazon Cognito’, AWS Big Data Blog, 19 November 2024, https://aws.amazon.com/blogs/big-data/manage-access-controls-in-generative-ai-powered-search-applications-using-amazon-opensearch-service-and-aws-cognito/; Hayley Peterson, ‘Walmart Reveals It’s Tracking Checkout Theft with AI-Powered Cameras in 1,000 Stores’, Business Insider, 20 June 2019.

Available online: https://www.businessinsider.com/walmart-tracks-theft-with-computer-vision-1000-stores-2019-6 ; ‘Guest Security & Fraud Protection’, Target, https://security.target.com/.

37 Erica Janeau and Christopher Sailus, ‘The Barter System/Definition, History & Examples—Lesson’, Study, 21 November 2023, https://study.com/academy/lesson/bartering-systems-definition-lesson-quiz.html?msockid=380dc675aac3626321b1d33aaba1632c.
38 ‘Trade and Barter System in the Indus Valley Civilization’, Sites at Penn State, 6 February 2025, https://sites.psu.edu/pecunia/2025/02/06/trade-and-barter-system-in-the-indus-valley-civilization/.
39 ‘History of Banking’, Wikipedia, https://en.wikipedia.org/wiki/History_of_banking.
40 Julia Kagan, ‘What Is Hawala? Money Transfer Without Money Movement’, Investopedia, 29 July 2025, https://www.investopedia.com/terms/h/hawala.asp.
41 ‘The History of NYSE’, NYSE, https://www.nyse.com/history-of-nyse.
42 ‘New York Stock Exchange’, Wikipedia, https://en.wikipedia.org/wiki/New_York_Stock_Exchange.
43 ‘Imperial Bank of India’, Wikipedia, https://en.wikipedia.org/wiki/Imperial_Bank_of_India.
44 ‘Online Banking’, Wikipedia, https://en.wikipedia.org/wiki/Online_banking.
45 ‘Wirecard Scandal’, Wikipedia, https://en.wikipedia.org/wiki/Wirecard_scandal.
46 ‘Paytm Payments Services Get “In-Principle” Nod from RBI to Operate as Online Payment Aggregator’, Economic Times, 12 August 2025. Available online: https://economictimes.indiatimes.com/industry/banking/finance/banking/paytm-payments-services-gets-in-principle-nod-from-rbi-to-operate-as-online-payment-aggregator/articleshow/123261536.cms.
47 Nikita Prasad, ‘Softbank Exits Paytm in June Quarter at Loss of $150 Million’, LiveMint, 13 July 2024.
48 ‘Artificial Intelligence at American Express—Two Current Use Cases’, Emerj, https://emerj.com/artificial-intelligence-at-american-express/.
49 ‘SBI Launches Chatbot to Help Customers in Banking Activities’, Economic Times, 25 September 2017. Available online: https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-launches-chatbot-to-help-customers-in-banking-activities/articleshow/60827485.cms?from=mdr.
50 Pankaj Maru, ‘ICICI Bank’s AI Chatbot iPal Empowers Customers with Information and Financials’, Codex, 17 October 2017, https://codex.team/blog/ai-in-banking-how-icici-bank-leads-the-way.
51 Ramana Rao B. and Savitha Kulkarni, ‘Chatbots of Indian Banks—Utility for Prospective Customers—A Perceptive Study’, ITM Web of Conferences 68, 01013 (2024). Available online: https://www.itm-conferences.org/articles/itmconf/pdf/2024/11/itmconf_icaetm2024_01013.pdf.
52 ‘AI Series: How Goldman Sachs Leverages AI to Extract Better Investment Insights’, NB Investments, 8 November 2023, https://www.nbinvestments.ca/perspectives/article/how-goldman-sachs-leverages-ai-to-extract-better-investment-insights.html.
53 Dany Kitishian, ‘HDFC Bank’s AI Strategy: Analysis of Dominating Banking AI’, Klover, 17 July 2025, https://www.klover.ai/hdfc-bank-ai-strategy-analysis-of-dominating-banking-ai/.
54 ‘How Bajaj Finance Is Leveraging AI, Blockchain in Banking, Insurance’, Economic Times, 12 September 2025, https://bfsi.economictimes.indiatimes.com/articles/bajaj-finance-revolutionizes-banking-and-insurance-with-ai-and-blockchain-technology/123841144.
55 ‘Lendingkart Annual Reports 2022’, Lending Kart Finance, https://lendingkartfinance.com/financials.
56 Bhaskar Ghosh et al., ‘Taking a Systems Approach to adopting AI’, Harvard Business Review, 9 May 2019.
57 ‘Groww Press Releases and Annual Reports 2023’, Groww, https://groww.in/investor-relations/performance/company.
58 Joseph Cordeira, ‘The UBS AI Advantage: The New Standard of Growing Your Practice’, https://www.ubs.com/us/en/wealth-management/financial-advisor-experience/articles/ai-for-financial-advisors.html?campID=SOME-AIA-US-ENG-FASM-ANY-FASF-FASD--ANY-ANY-ORGANIC&campID=SOME-FASOCIAL-US-ANY-LINKEDIN-ANY-ANY-ANY-ANY-ANY-ANY-ANY-e58ff610-fe84-11ef-9ca1-219a418390e2.
59 ‘American Express Annual Report 2023’, https://s26.q4cdn.com/747928648/files/doc_financials/2023/ar/American-Express-Annual-Report-2023.pdf.
60 Aurora Munteanu, ‘Mastercard Launches a Fraud Prevention Solution in EEMEA’, The Paypers, 3 July 2025, https://thepaypers.com/fraud-and-fincrime/news/mastercard-launches-a-fraud-prevention-solution-in-eemea.
61 Mathew Griffin, ‘JPMorgan Unleashes Artificial Intelligence to Automate Its Legal Work’, Fanatical Futurist, March 2017, www.fanaticalfuturist.com.
62 ‘Web3, Metaverse and Digital Finance’, Deloitte, https://www.deloitte.com/cz-sk/en/services/consulting/services/cyber-risk/web3-metaverse-and-digital-finance.html.
63 ‘PMJDY Statistics’, Pradhan Mantri Jan-Dhan Yojana, https://www.pmjdy.gov.in/statewise-statistics.
64 ‘National Payments Corporation of India (NPCI): UPI Transactions Data’, NPCI, https://www.npci.org.in/product/upi/product-statistics.
65 ‘Total UPI Transactions Cross 100 Billion Mark in 2023’, Economic Times, 2 January 2024.
66 ‘MobiKwik Press Releases, 2022–2024’, https://www.mobikwik.com/ir.
67 ‘Building the Payments Infrastructure for 70 MN+ SMEs in Bharat’, Rupifi, https://www.rupifi.com/about.
68 Jeff Kearns, ‘AI’s Reverberations across Finance’, Finance & Development Magazine, International Monetary Fund, December 2023, https://meetings.imf.org/en/-/media/files/publications/fandd/article/2023/december/38-41-kearns-final.pdf.
69 ‘IDC Worldwide AI and Generative AI Spending Guide’, IDC, 19 August 2024, https://my.idc.com/getdoc.jsp?containerId=IDC_P33198. Mohammed Irfan et al., AI-Driven Decentralized Finance and the Future of Finance (IGI Global, 2024).
70 ‘Artificial Intelligence in Financial Services’, PwC study, PricewaterhouseCoopers 2020, https://www.pwc.de/en/finanzdienstleistungen/artificial-intelligence-in-financial-services.html.
71 ‘The Future of Fintech and Banking’, Accenture, https://bankingblog.accenture.com/wp-content/uploads/2015/04/accenture-future-fintech-banking.pdf.
72 Colin Soutar et al., ‘Industry Spending on Quantum Computing Will Rise Dramatically. Will It Pay Off?’, Deloitte Insights, 27 July 2023, https://deloitte.wsj.com/cio/quantum-computing-in-financial-services-will-it-pay-off.
73 ‘BFSI Sector to Add 2.5 Lakh Jobs by 2030; Hiring Shifts to Tier II, III Cities: Report’, Economic Times, 21 August 2025.

Available online: https://economictimes.indiatimes.com/industry/banking/finance/banking/bfsi-sector-to-add-2-5-lakh-jobs-by-2030-hiring-shifts-to-tier-ii-iii-cities-report/articleshow/.

74 Philip Svensson, ‘Walmart: Walton, Retailing, and Everyday Low Prices’, 8 September 2025, https://quartr.com/insights/company-research/walmart-walton-retailing-and-everyday-low-prices.

75 Matt Smith, ‘Walmart’s New Intelligent Retail Lab Shows a Glimpse into the Future of Retail, IRL’, Walmart, 25 April 2019, https://corporate.walmart.com/news/2019/04/25/walmarts-new-intelligent-retail-lab-shows-a-glimpse-into-the-future-of-retail-irl.

76 Michah Solomon, ‘Four Seasons Leader Isadore Sharp: Treat Employees Right so They Treat Customers Right’, Forbes, 18 August 2015. Available online: https://www.forbes.com/sites/micahsolomon/2015/08/17/four-seasons-leader-isadore-sharp-treat-employees-right-so-they-treat-customers-right/.

77 Jordan Hollander, ‘10 Best Hotel Chatbots in 2025’, Hotel Tech Report, 1 July 2025, https://hoteltechreport.com/marketing/hotel-chatbots.