&imwidth=800&imheight=600&format=webp&quality=medium "Can AI be trusted with your money? The drive to implement smarter and safer financial technology using AI")
From its primitive days of bartering, the financial industry has gone through a long and winding transformation process, to coins, then paper, and finally to today's up-to-the-minute technology. AI has surely implanted itself in the finance industry as well, wherever financial technology changes people's interaction with money. The technophile and finance-knowledgeable Adarsh Naidu is one person who has been ruminating about the topic of money and AI throughout his time.
Adarsh, throughout his professional journey, has been a commissioner in the deployment of AI and machine learning at different globally renowned companies. Among the various benefits he has brought are the making of fraud detection systems, the providing of blockchain-based audit solutions, and the building of AI infrastructure that is recognised by both AWS and Google. Moreover, he has worked as an advisor by partnering with Fortune 500 corporations on the ethical use of AI.
The numbers speak for the impact of his work: not only did Adarsh's association with AI-based models lead to a 40 per cent reduction in fraudulent transactions, but also, the customer dispute resolutions got automated by 70 per cent, saving the firm $10 million annually. Besides, the predictive analytics models, under his supervision, reached a 25 per cent enhancement in loan approval accuracy, thus supporting lenders in risk management and faster service provision to consumers.
One of his major projects is the development of an AI-based fraud detection system that is capable of processing more than $50 billion in transactions annually. In addition, the development of a blockchain solution for instant and traceable international payment transfers was another important project of which later a global bank successfully implemented. Adarsh was also involved in the creation of a generative AI tool for compliance management, which later resulted in a 60 per cent decrease in the manual audits needed.