Why trustworthy AI will matter more than powerful AI in financial services?
By Ajit Kumar, Co-Founder and Chief Operating Officer, FatakPay
Artificial Intelligence has been evolving as it becomes the defining technology in shaping financial services. Across the banking, lending and fintech ecosystem, AI is helping institutions detect fraud, assess credit, automate services and strengthen support for customers. It is also consistently working towards improving operational efficiency and compliance.
Unlike sectors where AI only enhances productivity or generates content, its services in financial services involve decision-making. AI can influence whether an individual qualifies for credit, whether a transaction is flagged as fraudulent, whether a payment is blocked, or whether additional verification is required. As AI becomes more deeply available in financial ecosystems, the institutions that generate long-term value will not necessarily be those deploying the most powerful models. They will be those deploying AI responsibly, as transparency needs to be a priority. The increasing focus on requiring trust as a basic need...
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