An Interview with Prag Sharma: Generative AI in Banking Sector
Prag Sharma leads the
Artificial Intelligence Centre of Excellence (AI CoE) for Citigroup - one of
the big four banks in the United States with over 240,000 employees worldwide.
Mr. Sharma is a headline speaker at
GITEX GLOBAL at the Ai Everything conference along with Banking, Finance &
Insurance Tech track on the Dark Stage.
- What does the future hold for AI integration in the banking sector?
- Generative AI in Banking: Separating reality from hype
Generative AI: Humanity’s saviour or the
just like fire, nuclear technology or even human intelligence, is a dual
purpose. It’s a double-edged sword. In the long term, whether it becomes
humanity’s savior or its ultimate destroyer will depend entirely on us.
without doubt, represents unprecedented progress in our quest to create
machines like us. Its all-encompassing capabilities will eventually support us in
many aspects of our lives, and we will live and be surrounded by many more
AI-capable machines in the future.
But while AI is a
double-edged sword, there are many applications or use cases that can be
exploited today to benefit society. All aspects of society, including the
regulators, should look to ensure that we have the appropriate guardrails in
place when we utilise this technology, especially for high-risk applications.
One thing is
certain: AI has the capability to make business, government, and society more
inclusive, responsible, and human-centred. The first step towards this goal is
for all of us to understand the capabilities of this technology, its weaknesses
and its strengths. And this is not just the technologists and data scientists
that need to understand this; it is also the business leads, thought-leaders
and end users.
Generative AI in Banking
The future of AI
and Financial Services is bright, and the banking sector is keen to utilise
this technology to unleash productivity and power new products and services.
AI is new, AI more generally has been used the banking sector for a while now.
The focus has been to utilise this technology to further accelerate and personalise
client engagements, advance operational efficiencies and enhance the risk and
A new era of AI governance
across the world have approached AI governance and regulation from their
specific vantage points. The EU, China, India, US, Singapore and others have
all looked to enable the use of AI within their jurisdictions while ensuring
that appropriate guardrails are put in place.
and regulations to guidance documents and blueprints, many approaches have now
been implemented across the globe. The UAE and the wider Middle East can review
these approaches to design an approach for regulating AI that best aligns with
its values, principles and ambitions.
organizing events such as GITEX GLOBAL and bringing key players from across the
global to have an inclusive discussion is something that can be replicated
across the globe to leverage the power of AI that is ethical, transparent, and
From my perspective, GITEX
GLOBAL gives me an unparalleled stage to discuss and debate the most pressing
issues of our times as they relate to AI with experts from across the globe.
More importantly, it will give me an opportunity to learn!