Mumbai. Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday said central banks, governments as well as those in the financial sector should facilitate the development of ‘trustworthy AI’ while keeping in mind data privacy concerns and other elements. Addressing the ‘Global Fintech Fest’ here, Das said the integration of cutting-edge technologies certainly brings transformational progress in various aspects of our lives.
He said, “Artificial intelligence and machine learning (AI/ML) are set to revolutionize financial services in an unprecedented way. AI algorithms are already being deployed to detect fraud. Machine learning models are increasingly being used in credit scores. Predictive analytics is being leveraged to assess loan eligibility and expand access to credit.” Das said that as AI and ML capabilities continue to develop, their potential applications in regulatory compliance, investment advisory services and algorithmic trading are expected to further redefine the financial landscape.
Similarly, he said, “We must also fully understand the risks posed by AI and facilitate its adoption in a balanced and responsible manner. Financial sector people, central banks and governments should facilitate the development of trustworthy AI while keeping in mind concerns related to data privacy, interpretability, accountability and transparency.”