Niti Aayog on Monday said that with increasing use of AI in the financial sector, policymakers and regulators need to take extra care that regulation or regulatory framework should not inhibit innovation. This is the second wave of financial inclusion post the India Stack wave, now Account Aggregators will help us in reaching out to the underserved segments that remains out of the formal financial fold, Anna Roy, Senior Advisor, NITI Aayog said.
Roy was addressing the virtual conference on AI in Indian Financial Services – Uncovering Ground Truth, organised by FICCI.
We are closely working on promoting account aggregator platform, which we feel is the future because while privacy issues are important, we also need to ensure to take proper consent by the data owner,” she emphasized. These account aggregators will help us in reaching out to those underserved segment which are still out of the formal financial system, added Roy.
She further highlighted that with digital divide, digital literacy along with cyber security related issues, the use of AI in financial services has a lot of avenues. “In sectors represented by public goods, the approach of the government has been to take a lead and be the key driver, whereas in sectors like financial sector, the government’s role is more of an enabler and a catalyst,” stated Roy.
Stressing on the transparency in the policy and regulations, Roy emphasized that the government adopts consultative approach while drafting any policy. “I think that kind of transparency in policymaking is extremely important, and all stakeholders need to work together towards a common goal,” she said.