Artificial Intelligence and Machine Learning drive FIA’s initiatives for financial inclusivity in India
In an exclusive video interview with Express Computer, Seema Prem, Co-founder and CEO, FIA Global shares about the company’s investment in Artificial Intelligence and Machine Learning in the last five years for financial inclusivity in the country.
FIA, a financial inclusivity neo bank delivers financial services through its app, Finvesta. The app employs AI, facial recognition and Natural Language Processing to aggregate, redesign, recommend and deliver financial products at scale. The app uses icons for user interface, for ease of use where literacy levels are low.
Seema Prem, Co-founder and CEO, FIA says, “We have reaped significant benefits by incorporating AI and ML in our operations. So we handle very tiny transactions and big data. The algorithm modules, especially rule-based modules have reached a certain performance plateau. AI and ML have been incorporated for smart bot applications for servicing the customers, audit where we look at embedding facial recognition, pattern detection for predicting the performance of business, analysing large volumes of data and many more. It helps us to ensure that manual intervention comes down significantly. Last year, after the pandemic we automated like there is no tomorrow and that automation has resulted in huge productivity for us.”
FIA’s role in the financial inclusivity in India is largely associated with Pradham Mantri Jan Dhan Yojana where they tie-up with banks to set up centres in very remote and secluded regions of India like Uri, Kargil, Kedarnath, Kanyakumari, etc.
Prem states, “We work in 715 districts of the country in areas like a bank branch that have never been there. Once the bank account opens in such areas then people get the confidence in remote areas for banking. Eventually, we try to fulfil the needs of people for other products like pension, insurance, healthcare, livestock loans, vehicle insurance and property insurance. We provide doorstep delivery of pension to our customers. So our services also endure community engagement besides financial inclusivity targeting various special groups like women and old age people.”
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The weakness of artificial intelligence is the human factor. These algorithms’ skills are limited to the scope of their training, while they are being trained and implemented by human beings who make mistakes or can be fooled or who have preconceptions that give rise to bias. In most cases, a contest between an army of well-trained humans will annihilate an army of weaponized AI.
The AI and ML are tools, not objectives. The organic area is human factor: the people involved become a machine by themselves. Both technical and regular staffs must know how to use these two technologies as weapons. Employees should be trained with the knowledge required for an organisation to properly function at full capacity. They need to be able to demonstrate their skills and share their knowledge of the organisation’s capabilities for winning a contest between armies might automatically grow into a clash between people. It is imperative to consider whether an individual has what it takes to work for this company.
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Organizations may now gain value from the vast amounts of data they collect, Thanks to artificial intelligence, machine learning, and deep learning, which also help to advance system capabilities.