Peak XV Partners managing director Shailendra Singh believes that there is a dearth of use of artificial intelligence (AI) in India’s burgeoning fintech sector
CRED founder and CEO Kunal Shah observed that AI to grow in fintech, we need to see a CEO become Chief AI Officer, and not just hire someone or elevate someone to lead AI
Singh and Shah were speaking during a session, Future of Fintech, at the Global Fintech Festival (GFF)
Peak XV Partners managing director Shailendra Singh believes that there is a dearth of use of artificial intelligence (AI) in India’s burgeoning fintech sector.
Speaking during a session, Future of Fintech, at the Global Fintech Festival (GFF), Singh said that AI can have a transformative impact on the fintech sector.
CRED founder and CEO Kunal Shah, Pine Labs CEO Amrish Rau, and NPCI MD and CEO Dilip Asbe were also part of the panel discussion.
Commenting on the issue, Shah said, “For AI to grow in fintech, we need to see a CEO become Chief AI Officer, and not just hire someone or elevate someone to lead AI.”
Meanwhile, Singh also warned that unmindful credit utilisation is a big threat to further adoption of fintech businesses in the country. He said India should not become like other countries where credit cards are also used for online gambling.
“Credit should be used but not “abused”. It should be used sensibly,” he added.
Singh’s comments on AI in fintech come amid an increase in investor interest in GenAI usage in enterprise SaaS and fintech in India. Earlier, Inc42 reported that many investors are on the look out for suitable investments in GenAI-based applications and models for specific sectors.
(This is a developing story)
