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Transforming emerging markets: How AI is empowering consumers in India

In recent years, Artificial Intelligence (AI) has emerged as a transformative force with the potential to revolutionize various industries across the globe. While its applications are numerous, one of the most promising and impactful areas is its ability to empower consumers in emerging markets. That’s us.

In countries like India, Bangladesh, and across the African continent, AI is opening doors to greater access, affordability, and convenience in essential services, thereby enhancing the quality of life for millions. It’s time we learn how AI is helping us.

Michael Puscar, an entrepreneur, venture capitalist, and a published data scientist, who has founded companies including Yuxi Pacific, GITP Ventures, Oiga Technologies and NPCx, says that the barriers to implement AI technology are now gone.

“You no longer need to be a data scientist, an engineer, or even a programmer. It is 1997 again; but instead of the Internet, the technology that is changing industry is AI. There is a gold rush to implement this technology across every industry, from virtual travel agents to wine recommendation engines, from customer service to accounting,” he says.

India pioneered the service economy in the 1990s with outsourcing, but AI now puts that sector at risk. However, despite India’s AI market being half the size of China’s, GlobalData research suggests India’s market growth outpaces that of China. In fact, India AI market size was estimated at USD 672.11 million in 2022, and AI expenditure in India is expected to reach $11.78 billion by 2025 and add $1 trillion to India’s economy by 2035, as per a World Economic Forum report. The country is poised to pivot from outsourcing to artificial intelligence.

“Indian companies have intimate knowledge of the manual and repetitive tasks that usually accompany an outsourced project, and that means those same companies have a unique advantage in the race to automate those processes using AI,” Puscar adds.

But the clock is indeed ticking, he says.

“Just like the Internet boom of the 1990s that created Google (1998), Amazon (1994), eBay (1995), and PayPal (1998), thousands of entrepreneurs will create successful companies based on AI technology, and a few hundred will build multi-billion dollar companies. And just like the boom of the 90’s, this opportunity won’t last forever. The time is now,” he says.

One of the significant challenges in emerging markets has been the limited access to traditional banking and financial services. Millions of people in these regions remain unbanked or underbanked, but AI is rapidly changing this landscape. Fintech companies are utilizing AI algorithms to assess credit risk, enabling those without a traditional credit history to access loans and financial services.

In October, KPMG India, and Vianai Systems, a human-centered AI (H+AI™) platform and products company, tied up to put reliable, conversational AI directly into the hands of finance users with Vianai’s hila Enterprise.

“Delivering the power of AI into the hands of finance users is a foundational step toward making AI available to all business-critical functions. Finance departments and teams must have transparency in their work and deliver transparency to the outside world – with speed,” says Dr. Sanjay Rajagopalan, Chief Design and Strategy Officer, Vianai Systems.

AI-powered chatbots and mobile apps are aiding people to manage finances and payments securely. In countries like India, where the government has promoted digital payment systems, AI-driven financial tools have played a crucial role in boosting financial inclusion.

Nov 14,2023

Source: Hindustan Times