Every chief executive officer and chief technology officer of startups must think of becoming chief AI officers themselves and not wait to find an external AI expert to implement innovations within the organisation, said Kunal Shah, founder of Credit Card management and rewards platform, Cred.
"AI will not happen until the CEO and CTO becomes the Chief AI officer. We cannot keep looking for someone outside, " Shah said on August 28, speaking on the topic Future of Fintech at Global Fintech Fest in Mumbai.
Last year at the Global Fintech Fest, Shah had told about the risks of AI and how it may affect 90% of jobs.
Shailendra Singh, MD at Peak XV, Amrish Rau, CEO of Pine Labs and Dilip Asbe, MD and CEO of NPCI also participated in the panel discussion.
Singh said that fintechs in India should look at adopting AI and tapping the DPI data opportunities.
"I think AI will have a transformational impact on Fintechs as well. Startups in other sectors have already been leveraging AI and Fintechs should start thinking about this. I feel fintech startups are behind in this race of tapping AI. There is huge amounts of data from DPI available, " Singh said.
Speaking on Cred's Journey, Shah also said that from less than two transcations per credit card customer on Cred, it has grown to 27 transactions every month.
"We have 100 mn customers getting exposed to credit for the first time. The need to get successful or rich fast, and the Balancing force is very difficult. That's where financial discipline and prudence comes into picture, " Shah said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
