AI won’t happen until CEO & CTO become the Chief AI officer: CRED CEO

CRED founder Kunal Shah suggests that startup CEOs and CTOs should take on the role of Chief AI Officer instead of waiting to hire an external AI expert. He emphasized this during the Future of Fintech event in Mumbai on August 28, speaking on the Future of Fintech at Global Fintech Fest, in Mumbai.

"AI will not happen until the CEO and CTO becomes the Chief AI officer. We cannot keep looking for someone outside," Shah said on August 28, speaking on the topic Future of Fintech at Global Fintech Fest in Mumbai.

During the Global Fintech Fest last year, Shah warned about the potential impact of AI on 90% of jobs. 

The panel discussion also featured Shailendra Singh, MD at Peak XV, Amrish Rau, CEO of Pine Labs, and Dilip Asbe, MD and CEO of NPCI. 

Singh highlighted the need for Indian fintech companies to embrace AI and utilize DPI data, believing that AI will have a transformative effect on the industry. 

Transformation Of Fintech:

He urged fintech startups to catch up with other sectors in leveraging AI, highlighting the abundance of available DPI data.

Singh said, "I think AI will have a transformational impact on Fintechs as well. Startups in other sectors have already been leveraging AI and Fintechs should start thinking about this. I feel fintech startups are behind in this race of tapping AI. There is huge amounts of data from DPI available," 

Shah also mentioned that the number of transactions per credit card customer on Cred has increased from less than two to 27 transactions per month. 

He said, "We have 100 million customers being exposed to credit for the first time. The balancing force between the desire to become successful or wealthy quickly is very challenging, and this is where financial discipline and prudence come into play."