In this video:
Ashish Naik, Executive VP – IT & Head of IT Application, Kotak Securities
Topic: Applied GenAI for Indian Fintechs
Key Highlights:
[1] Traditional AI, also known as discriminative AI, helps in classification, prediction, and decision-making tasks based on existing data, while Generative AI can be used to create new content or stimulate scenarios that don’t exist in the base data.
[2] Major factors like data quality and quantity, transparency and explainability, data security, and regulatory compliance restrict and act as roadblocks in terms of GenAI adoptions.
[3] Regulatory and ethical considerations such as adhering to the Personal Data Protection Bill, the RBI/SEBI/AMFI guidelines, the OECD AI principles, and the NITI Aayog’s Responsible AI for India are critical.
[4] Creating a strategic framework to explore AI opportunities in BFSI sector across four key areas: products and services; core capabilities; front office, such as customer services and sales; back office, such as HR, admin, finance, IT, legal, etc.
[5] Leapfrogging using GenAI: Synthetic Financial Data Generation, Highly personalized financial advice, automating compliance report and legal document, Virtual assistant for Customer Service