AI is top of mind for executives in every business sector today. As businesses race to build AI technologies, responsible, ethical use and the larger good of the society need to be in the forefront
A panel of experts met on Twitter to talk about how AI-led innovation needs to be responsible in every aspect connected to the technology from the get go. From the drawing board to the end-user of the solutions that enterprises build, the concept of responsible use needs to be the bedrock of any innovation.
This will also ensure the use of AI-led innovation for the benefit of the larger society beyond enterprises, the experts agreed. They came from different verticals and backgrounds — from financial services to cybersecurity to government policy and participated in a ‘Tweetathon’ organised by Forbes India, in partnership with Microsoft India.
“With the help of AI, financial services today is able to resolve genuine customer pain-points that have existed for years,” Mukesh Sharma, CTO of Paisabazaar said. “Whether it is innovations in products, processes or services, AI is making financial products and the interactions around them easy and completely seamless.”
To let customers get an accurate idea of their eligibilities, Paisabazaar built a ‘Chance of Approval’ model, Sharma said. For the underlying technology, the fintech company worked with Microsoft to build a regression-based python model and a micro-service-based architecture built on Azure Cloud to match the customer requirement for personalised solutions.
The system factors in data including customer profile, bank policies, credit worthiness to offer pre-qualified loans in real time.