Alok Kumar Agarwal Alankit Explores Their Impact on India's Finance Industry
Indian fintech startups are leading the way in using AI and ML to tackle common financial challenges. According to Alok Kumar Agarwal Alankit, "Top digital payment platforms in India use AI algorithms to detect and prevent fraud. With advanced pattern recognition and anomaly detection techniques, startups protect their vast user base from fraudulent transactions, ensuring their platform's integrity."
Fintech startups also use ML algorithms to analyze non-traditional data sources, like mobile usage patterns and social media behavior, to evaluate the creditworthiness of people without formal credit histories. This inclusive approach helps expand financial access to underserved populations, promoting financial inclusion and economic empowerment.
However, the use of AI in financial services comes with ethical concerns. The algorithms can inherit biases from the data used to train them, which might worsen existing inequalities in access to financial services. Alok Kumar Agarwal stresses the importance of "algorithmic transparency and fairness to reduce the risks of bias. I strongly support rigorous oversight and regulatory frameworks to ensure ethical standards in AI-driven financial services."