AI will change the future of BFSI industry: Madhusudan Shekar of Amazon

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Artificial IntelligenceArtificial Intelligence and Machine learning may have had few false starts but today its role in terms of financial services is pivotal, according to Madhusudan Shekar, Principal Technical Evangelist, Amazon Internet Services Private Limited.

Artificial Intelligence (AI) woke up again and we all are now aware that progressively this piece of technology can actually be used very efficiently.

“This has happened due to the rise of new capabilities it can add to your existing products and can help in bringing optimisation. AI will assist in bringing automation to what you do and you can fundamentally change the nature of how you service your business,” said Shekar, while addressing a session at NBFC100 Tech Summit in Mumbai.

According to McKinsey if businesses start considering the role of AI in combating risk the opportunity to tap 15 trillion dollar business globally would be easy.

Financial services have the greatest risks of fundamental disruption continue but machines can bring down the level of loss by ensuring the underlying support.

Transactional costs in lending and borrowing money can be brought down drastically if AI and Machine learning can be introduced into financial services.

“Amazon offers a range of tools to make AI and Machine learning more accessible. Way back in 1995, Amazon helped people in choosing the right books. That recommendation was all due to the help of Machine learning,” he said.

In 2016, Amazon also created history by delivering its first package using a drone, marking the beginning of a trial that will involve customers in Cambridge receiving their orders via air mail.

“Amazon Go store in Seattle is a place where you have no checkouts. You walk into the store, pick up the items you pick and then you just walk out of the store. There is no cashier, the system figures out what you picked up and therefore it automatically bills you. The idea is that Amazon’s machine-learning technology can automatically identify when a product is added to your cart, so you don’t have to do it yourself. When you leave the store, Amazon automatically charges your Amazon account,” he said.