AI is increasingly reshaping the landscape of business operations, significantly enhancing workflow efficiencies, data analysis, and customer relations. Emerging technologies in artificial intelligence are providing companies across diverse sectors, including finance, retail, and technology, with the tools required to automate processes and personalise services, ultimately leading to quicker decision-making. However, as the application of AI grows, so does the emphasis on responsible usage in line with data protection laws and ethical frameworks.
The 3rd Digital Natives Summit recently took place, bringing together industry leaders to explore the transformative capabilities of AI in maintaining a competitive edge. They placed particular focus on leveraging AI to foster innovation and improve customer experiences while navigating an evolving regulatory landscape.
Gaurav Duggal, Senior Vice President and Head of Data Analytics at Jio Platforms Limited, initiated discussions by elaborating on the integration of Generative AI (Gen AI) within their operations. Duggal stated, “When you onboard with us, you’ll experience a seamless, dynamic AI-powered journey through video KYC. Plus, our chatbot in the Jio App, proficient in 22 domains and 10 languages, has been enhancing customer interactions for over six years.” Despite these advancements, Duggal highlighted the vital importance of compliance, particularly in light of India’s forthcoming Data Protection and Digital Privacy (DPDP) Act. He asserted, “As custodians of data, we’re committed to compliance and ethical practices, especially with the upcoming DPDP Act. This ensures data localisation, robust transfer protocols, and a secure future for your information.”
Rajeev Belani, Chief Technology Officer at Moneycontrol, underscored India's unique position in spearheading AI initiatives, citing a history of successful public-private partnerships. He remarked, “India, with its strong history of successful public-private partnerships in digital initiatives like India Stack, Aadhaar, and UPI, is uniquely positioned to lead this revolution.” Belani indicated that collaborative efforts across sectors can effectively address ethical and regulatory challenges posed by AI.
Advancements in AI are notably facilitated through the merging of technological and human expertise. Sampath Manickam, Chief Technology Officer of the National Stock Exchange, reflected on this synergy, stating, “Whether it’s launching new products or services, AI plays a pivotal role in driving progress.” He described how human intervention is crucial alongside AI advancements, particularly in industries where critical decision-making is necessary.
Ramesh Narayanaswamy, Chief Technology Officer at Aditya Birla Capital, echoed this sentiment by stressing the importance of responsibility in technological implementation. He noted, “At the end of the day, responsibility is key. Any technological solution must address critical considerations, and as the regulatory landscape evolves, it’s imperative to stay ahead.” He further emphasised the necessity for collaborative endeavours in developing AI-driven tools prioritising innovation and compliance.
In addressing perceptions surrounding AI's role in employment, Dipesh Karki, Co-founder and CTO of LenDenClub, challenged misconceptions, explaining, “It’s not AI itself, but those who use it effectively and responsibly, who will drive change and stay ahead.” He discussed the linguistic diversity in India and LenDenClub's efforts to bridge this communication gap through internal automation tools capable of providing timely customer responses.
Karki categorised AI into three distinct types: Artificial Intelligence (AI), which pertains to systems designed for specific tasks; Artificial General Intelligence (AGI), encompassing adaptable systems such as ChatGPT; and the rarely used Artificial Super Intelligence (ASI). He stated, “The key lies in leveraging AI efficiently, securely, and cost-effectively to maximise its transformative potential.”
Suresh Shankaran, Senior Vice President at HDFC Bank, highlighted the necessity for clear AI policies within organisations. “Every organisation must establish a clear AI policy as a starting point, complete with proper guardrails defining the intent and scope of AI use,” Shankaran commented, noting the importance of effective management of AI-based solutions.
The insurance sector is also seeing notable transformations through AI facilitation. Prasad Pimple, Executive Vice President at Kotak Life, described how AI-powered bots assist in real-time analysis of agent calls to enhance service quality. “Using AI-powered bots, we analyse agent calls in real time, providing instant feedback on areas where improvements are needed,” he explained.
Suman Guha, Chief Product Technology Officer at Tata CLiQ, offered insights into AI’s pivotal role in resolving challenges related to product discovery in retail. He stated, “With AI-driven innovations, we’re redefining how retail connects customers to their needs,” shedding light on how AI has evolved search capabilities into intent-based experiences.
The summit culminated with discussions on AI’s potential to drive India’s ambition to emerge as a $5 trillion economy. Suraj Shetty, Head of Customer Experience at Kissht, noted, “…AI will be instrumental in driving this transformation,” advocating for businesses to identify strategic AI applications that align with broader objectives.
As AI technology evolves, businesses face the imperative of integrating these innovations into their long-term strategies. This involves not only operational improvements but also consideration of broader societal and ethical implications. Such an approach will assist organisations in leveraging AI as a shared resource, fostering value creation across industries and communities.
Source: Noah Wire Services