AI Meets Open Finance: Fintech on Steroids
In his engaging session, “AI Meets Open Finance: Fintech on Steroids for the Next Decade,” Mr Sharath Bulusu dives into how artificial intelligence (AI) and open finance are set to revolutionise fintech, with a particular focus on India’s dynamic financial ecosystem. Drawing from his deep expertise in digital payments and product management, Bulusu highlights innovations like UPI and the Account Aggregator (AA) system as foundational shifts enabling AI to unlock unprecedented potential.
Key Themes from the Session
- AI as a Catalyst for Productivity and Innovation
AI transforms financial decision-making by processing vast amounts of data quickly and accurately. For a data-rich economy like India, this means sharper insights into credit assessments and proactive scam detection using language models. Bulusu envisions AI enhancing productivity and shifting human roles from manual processes to specialised expertise. - Seamless Integration of Technology and Regulation
Bulusu emphasises aligning AI advancements with robust legislative and regulatory frameworks. This ensures user trust and safety while enabling innovative applications like Google Pay’s transaction monitoring and AI-driven creditworthiness checks for gig workers and individuals with unstructured data. - Simplifying Complexity with AI
Financial records, often fragmented and inconsistent, pose challenges for traditional systems. Bulusu illustrates how AI adapts to these variations, streamlining processes like verifying shop establishment certificates. AI’s ability to customise interfaces and demystify complex products like health insurance further drives accessibility. - Ethics and Bias in AI
Addressing concerns about algorithmic bias, Bulusu underscores the importance of ethical design in AI systems. He advocates for responsible innovation to ensure equitable outcomes and inclusive growth. - Empowering Users Through Digital Infrastructure
With India’s thriving digital infrastructure as the backdrop, Bulusu sees AI as a key enabler of financial inclusion. By personalising financial products and simplifying user journeys, AI can bridge the gap for underserved populations, fostering empowerment and prosperity.
Conclusion
The session paints a promising future where AI and open finance converge to redefine fintech, making financial services more inclusive, efficient, and user-friendly. India is poised to lead this transformative journey by harmonising technology and regulation.
Watch the full session here.
