Leapfrogging Into The Future

Gen AI is the future. In India, this revolutionary technology has already penetrated deep into the country's banking sector

- SANJAY DOSHI & VISHNU PILLAI

ARTIFICIAL INTELLIGENCE (AI) is all set to fast-forward India’s digital economy, enhancing governance, social inclusion and push for an exponential multi-sectoral growth that includes data-driven intelligence and insights. Within the realm of AI, Generative AI (Gen AI) is a major leap from traditional AI models that are primarily leveraged for classification or predictive tasks. Gen AI can don the creativity hat and create novel content across text, images, software code, audio, video, and 3D models by developing deep predictive power through continuous training on large data sets.

Government’s Aims

The Indian government is leaving no stone unturned to put India on the global AI map. The government is boosting AI adoption through many initiatives, such as the INDIAai portal for R&D, an applied AI research centre in Telangana for industry-academia collaboration, Bhashini for vernacular language digital services, and international partnerships like the US-India AI Initiative for knowledge sharing and joint R&D efforts. Further, because AI could create a tectonic shift in the digital economy, the Reserve Bank of India (RBI) and National Payments Council of India (NPCI), too, have entered the fray and are mulling over introducing ‘conversational payments’ on the UPI, which is expected to use an AI-powered system to add an extra layer of security. When launched, this will be a game changer in the payments landscape.

In fact, India’s banking, financial services, and insurance (BFSI) sector is one of the key beneficiaries of this AI revolution. Critical use cases include fraud detection and prevention, compliance and risk, customer servicing, and cybersecurity.