Navi founder Sachin Bansal on using AI in business: 'Giving decent results'

Navi founder Sachin Bansal also revealed that the use of AI had proven productive in other areas such as data annotation work as well as it has helped achieve faster results.

The use of artificial intelligence (AI) across various industries has witnessed a surge in recent times as an increasing number of organisations are looking to maximise the benefits offered by technology.

Navi founder Sachin Bansal said that his company had started to use AI in a few areas and admitted that the implementation of the technology had yielded decent results.

"We just started using generative AI in a few areas. And it's giving decent results. I think customer support is an obvious one where it lends itself very well," Bansal told Moneycontrol in an exclusive interview.

Bansal also revealed that the use of AI had proven productive in other areas such as data annotation work as well, as it had helped achieve faster results. He also said that Navi had deployed Microsoft Copilot for coding purposes and its usage had reaped benefits.

"I think, in general, the other areas that will apply in, for example, data annotation work, it's able to do it much faster. We started using copilot (Microsoft) for coding. That's also going very well," he added.

Bansal also said that generative AI models could help in the extraction of data from images and videos in future while traditional data science models were doing a better job than AI models in helping underwrite, in terms of tracking the historical patterns of potential customers.

"I think traditional data science models are much better at doing that. Where these generative AI models will help is extracting data from videos and images," he added.

You can read the full interview with Navi founder Sachin Bansal here.