AI Can Wreck the Financial World; Paytm Founder Raises Red Flag!
- Posted on March 23, 2023
- By Top Stories
- 93 Views
Paytm Founder Raises Red Flag:-
The use of artificial intelligence and technologies like ChatGPT is set to create more problems than solutions for the world of finance, according to Paytm founder and CEO Vijay Shekhar Sharma.
Sharma took to social media on Wednesday to express his concerns, stating that "AGI (artificial general intelligence) will generate more nightmare for fraud / AML prevention than impersonation on calls & messages has."
Sharma's post suggests that AI-powered systems will present significant challenges for financial institutions looking to prevent fraud and money laundering. The technology's ability to mimic human behavior and thought processes could make it easier for fraudsters to evade detection, potentially leading to more sophisticated and complex financial crimes.
However, Sharma believes that there is hope for the industry, arguing that those who build systems that leverage AI will be able to counter some of the risks posed by the technology.
He predicts that there will be a clear differentiation in the financial industry in the next three to five years, with those who successfully incorporate AI into their systems gaining a competitive advantage over their peers.
Sharma's comments reflect a growing awareness of the potential risks and challenges associated with AI in the financial sector. While technology has the potential to transform the industry, it also presents new and complex challenges that require careful consideration and management.
As financial institutions increasingly turn to AI and machine learning to help them make decisions and detect fraud, it is clear that they will need to invest in the right systems, processes, and people to ensure that they can effectively manage the risks and challenges posed by the technology.
The next few years will be critical in determining which institutions can successfully leverage AI to their advantage and which ones will be left behind.