How National Technology Day can be a springboard for adoption of AI in Indian financial sector

National Technology Day serves as a pivotal moment for catalyzing the adoption of new technologies in India. With a burgeoning population of internet users and a growing emphasis on digital infrastructure, the occasion provides a platform to showcase the transformative potential of technologies. As demonstrated by recent government initiatives and investments in scientific institutions, there is a concerted effort to bolster technological capabilities and foster innovation, aligning with the vision of Aatmanirbhar Bharat (self-reliant India). Sarvjeet Singh Virk, Co-founder & MD, Shoonya by Finvasia shares his insights on how artificial intelligence is transforming the Indian financial sector.

DQ: On National Technology Day, how do you see AI transforming the landscape of stock trading in India?

Sarvjeet Singh Virk: AI is the future. Especially in a developing country like India, where the government is focusing so much on digital public infrastructure, AI adoption and adaption will have a major impact on development. In terms of digital adoption and last-mile reach, UPI has already changed India’s trajectory. When AI becomes more mainstream than it already is, India will definitely see wider adoption. What I am especially bullish on is AI in regional languages. With over 700 regional languages, AI-powered financial services bridge the language gap, opening up the financial landscape to everyone. Providing info in a language that people are comfortable with paves the way for true financial inclusion.

DQ: What are the biggest advantages AI-powered platforms offer to traders compared to traditional methods?

Sarvjeet Singh Virk: AI-powered platforms can analyse vast amounts of data quickly and accurately, allowing traders to make quick decisions based on data and real-time market insights. This enables traders to identify trends, patterns, and correlations that may not be apparent through traditional analysis methods. AI lacks emotions or biases, ensuring that responses are grounded in rigorous research and data. 

DQ: Some experts raise concerns about AI replacing human traders. How do you see AI working alongside human expertise in the future?

Sarvjeet Singh Virk: I keep saying that the future will be data-driven. When data talks to data, we will learn what we don’t know. In the near future, customers will demand hyper-customised services. Honestly, at that point, humans will have no other option but to work alongside AI, embracing data to build products that solve customers’ problems and meet their demands.

DQ: How does Shoonya platform ensure the responsible use of AI to avoid biases or unintended consequences in trades?

Sarvjeet Singh Virk: Shoonya offers I Know First, a data-powered signal-based analysis feature on our platform. This is built on various market data trends & information using LLM models and suggest signals on Small, Mid, Large and various indices. But we ALWAYS encourage people to do their own research, educate themselves, and make informed decisions.

DQ: How can National Technology Day serve as a springboard for wider adoption of AI in the Indian financial sector?

Sarvjeet Singh Virk: India's significant strides in technology are evident, with 52.4% of the population having internet access as of January 2024, totalling 751.5 million users. On the previous National Technology Day, the Prime Minister inaugurated various projects worth more than Rs. 5800 crores, aligning with the vision of Aatmanirbhar Bharat by bolstering scientific institutions. These initiatives not only boost users and innovators’ confidence but also underscore the nation's commitment to technological advancement and self-reliance. Several initiatives like IndiaAIMission, AI Education and AI COEs also encourage AI adoption. Regulators have been very careful with the use of AI in finance and fintech but the recent innovations like ‘Hello UPI’ by RBI and NPCI definitely shows their positive mindset towards AI.