More than half the people use ChatGPT for ‘non-productive’ purposes such as companionship, counselling, or even astrology, Cred founder Kunal Shah said, underscoring that building a truly productive use-case for AI tools remains challenging.
"Maybe 50-60% use ChatGPT for non-productive purposes," Shah said during a session at IIMA Ventures’ Bharat Inclusion Summit 2.0. "They’re using it as a friend, a counsellor, an astrologer. Tools for productivity are going to be a challenge."
Shah’s remark highlighted how AI adoption, while growing, often veers toward casual use rather than enhancing efficiency - a trend he sees as a hurdle for meaningful tech transformation.
Cred’s founder recalled the broader principles guiding his company and the fintech space at large, particularly around trust. "If you're building in fintech, you're in the business of trust," he said, underlining that competence, consistency, integrity, and benevolence form the foundation of consumer confidence in financial products.
Kunal Shah acknowledged that many fintech firms are faced with difficult trade-offs. “A lot of choices in fintech have to be made where it may not be great with consumers but it is great for business,” he said, however, adding that Cred follows a different playbook. “We never allow a product to run if we cannot proudly present it to our friends and family.”
Shah also warned against shortcuts that erode long-term credibility. “If the leader is okay with taking advantage of the customer, the rest of the organisation will follow. You will never create a high-trust culture,” he said.
On digital transformation, Shah stressed that it is not the same as turning efficient, and also pointed to cultural gaps — like the lack of an equivalent word for ‘efficiency’ in many Indian languages — that may slow down this shift.
He also reiterated that India should see more financial literacy, women’s participation in the workforce, and empowering younger generations who are fast becoming the decision-makers in Indian households.
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