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Generative AI: From Efficiency to Emotions & Intent

Jyothirlatha B, CTO of Godrej Capital, discusses the company’s expectations and plans for Generative AI:

Generative AI: From Efficiency to Emotions & Intent

Ravi: Is Generative AI-based transformation a new wave of digital transformation?

Jyothirlatha B: Generative AI is revolutionizing the technological landscape in a way that is distinct from the linear progression of digital transformation. The key differentiator is the exponential rate of change that generative AI brings.

To understand this, let’s take an example of digital transformation and compare it to upgrading your phone over the years. Every new version adds features and makes things smoother, but it’s a step-by-step improvement, like going up a flight of stairs.

Now, imagine generative AI as a magical elevator. It can take you many floors up at once, unlike climbing stairs. The magic lies in its ability to make things change not just a bit faster but way faster – like going from walking to teleporting. This exponential leap is a game-changer that transforms how things work at a much faster and more impactful rate.

In the era of generative AI, the rate of change is a powerful force, propelling us beyond conventional boundaries. It signifies a departure from the linear path, ushering in a transformative landscape where the exponential nature of progress defines this groundbreaking wave of technological advancement.

What are some of the ML/AI-led use cases that you are already implementing or planning to implement at Godrej Capital?

Godrej Capital, being a teaching company, has adopted a ‘digital-first’ approach to incorporate automation, ML, and AI-based technologies. We have been a pioneer in adopting zero-touch loans during the pandemic. We automate our operations, minimizing the human bias and optimizing onboarding through AI algorithms that analyze customer data patterns.

We have implemented AI-based internal credit bots that streamline credit processes and enhance efficiency. Additionally, we plan to use generative AI in our customer-facing chatbot, GIA to elevate the overall customer experience. We have also planned to use AI/ML for sentiment analysis and automated document processing to expedite loan approval.

At the core of our strategy is a robust integration of AI and ML in data analytics, which extracts valuable insights. We focus on developing personalized solutions using advanced analytics, traditional and ML algorithms, catering to individual customer needs. Our comprehensive approach provides key insights to credit managers, overcoming biases. Utilizing credit scorecards, segmentation, and alternate data sources like geolocation analytics, we aim to contribute to the development of predictive models in areas like delinquency and foreclosure, ultimately boosting employee productivity by providing insights and aiding informed decision-making.

Lastly, we are gearing up to leverage ML and AI, particularly in Natural Language Processing (NLP), planning to enhance customer experiences through conversational humanization by extracting sentiments from customer communication transcripts.

How are you addressing the governance and compliance challenges with respect to AI/ML projects – typically a key requirement in the BFSI industry?

Ensuring customer data privacy is our top priority when processing and applying AI/ML models. Our approach includes implementing robust data encryption techniques and employing strong security measures to protect data during transit and at rest. We prioritize advanced cloud security practices and maintain highly protected environments with state-of-the-art infrastructure.

We implement proactive risk management overseen by a dedicated team that continuously assesses risks and implements measures for physical and digital security. The models we use help us enhance productivity, deliver better customer experiences, and mitigate human bias. Regular validation of these models ensures their relevance and effectiveness, considering both internal and external factors that allow them to evolve.

We conduct routine security audits and vulnerability assessments to identify and address potential weaknesses or vulnerabilities in our systems and applications. Our comprehensive approach reinforces our commitment to data security, governance, and compliance.

What short term and long-term capabilities do you desire in a Generative AI partner?

In the short term, our priority is agility. We expect our generative AI partner to quickly integrate the latest advancements in order to achieve immediate efficiency gains. This requires seamless incorporation of cutting-edge technologies, which will translate into tangible improvements in accuracy and cost-effectiveness. Additionally, we value a generative AI partner

that proposes solutions which strike a balance between enhanced accuracy and reduced costs, demanding innovative strategies for precision without compromising efficiency.

From a long-term perspective, our ideal generative AI partner would demonstrate an enduring commitment to continuous innovation. They would actively shape the future of generative AI, evolving strategies in tandem with our business needs and the progressing AI landscape. Data privacy would remain non-negotiable, necessitating agility in addressing privacy issues and ensuring robust safeguards for enterprise data. Beyond immediate advancements, our ideal generative AI partner would also showcase a proactive, innovative, and privacy-focused approach, ensuring sustained success over the long term.

Digital transformation has given an immense thrust to speed and scale. With Generative AI, do you expect more of the same, or something different?

Generative AI is continuously evolving and promising a transformative development in the digital transformation trajectory. Its expanding range of applications in customer service is broadening substantially. Generative AI is not just about performing routine tasks but enhancing customer interactions through advanced sentiment analysis. It not only understands emotional tones but also grasps the underlying intent, offering a more nuanced understanding of customer needs. We foresee Generative AI playing a pivotal role in predicting customer churn and offering proactive solutions to retain valuable relationships. Its capabilities extend to providing insightful suggestions for process and feature enhancements, contributing to a more dynamic and responsive business environment.

In essence, Generative AI transforms how we engage with customers by adding a layer of understanding and foresight, making interactions more personalized and meaningful. Its exponential change sets the stage for a digital transformation that transcends routine efficiency, ushering in a more intelligent and customer-centric era. Additionally, we anticipate the benefits of Generative AI to extend to our employees, making their jobs easier and improving their productivity. This marks a holistic transformation, where the technology not only enhances customer experiences but also empowers and supports the workforce.

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