New Delhi:
MasterCard President Rajneesh Kumar on Monday called Artificial Intelligence (AI) “the equipment to increase brain power” and said that it could either become a master or servant – the real danger with the former.
Speaking in NDTV’s ‘Emerging Business- Delhi Chapter Conclave’, Mr. Kumar said that AI should be considered as an agent.
“AI is a tool. Human intelligence and then AI. AI behave as an agent … instead of an human, there is an agent. Depending on what has been taught, and learning the ability to learn, AI can be used in any field – health, education, banking. It is about a combination of human intelligence and artificial intelligence.”
According to Mr. Kumar, AI is the fourth industrial revolution.
“There will be a change in jobs. When we went through computerization in banks, there was a concern and resistance from the employees that it would take away their jobs. Similarly, this time, some jobs may come down, but the industry may grow. The industry has not reduced the number of people, if there is a whole.
Mu Kumar said, “I have always believed that when the time comes, you cannot stop it. Jobs can not stop in different directions. In manufacturing, a job that will do eight welders, today robots are doing a good job. So you cannot stop it. AI Master or Servant. The real Danger is that it should not become a master.”
Adopting advanced technology in India, Mr. Kumar said that he is very proud of an Indian.
“We are very proud of what India has achieved in adopting technology, especially in payment and banking business. Technology is for everyone. There is no untouched.
He said, “I joined SBI in 1980. It was all manual, everything. The actual work in adopting digitization began when the Indian economy opened in 1991. Earlier, technology was present, but more in back office operations. Now, UPI has become a competitor for a game-chainer and other networks,” he said.
Mr. Kumar, who has served as the former chairman of the State Bank (SBI), said that the entire idea of technology is to bring down the cost of operation.
“Today, SBI serves 500 million customers. If you do not have technology, how can you do it? The same applies to MSMES,” he said.
On MasterCard, Mr. Kumar said that he has access to consumer behavior, which enables them to prevent and find out fraud.
“Generally, we combine the mastercard with payment. But the large power has the ability to study the pattern, uses powerful data analytics, where fraud can be prevented, protected, and identity theft can be prevented. If a mastercard pays abroad in a suspicious area, you immediately receive a warning.
