Adoption of AI/Gen AI in Finance with Hariom Tatsat

The rapid adoption of AI and Generative AI in the finance industry is revolutionizing how businesses operate and make critical decisions. This week we have with us Hariom Tatsat who is currently serving as the Vice President in the Quantitative Analytics division of an investment bank in New York. With a wealth of experience in the field, Hariom is a seasoned Quant professional whose expertise spans predictive modeling, financial instrument pricing, and risk management. He has made significant contributions to various global investment banks and financial organizations throughout his career, showcasing his comprehensive knowledge and skills in quantitative finance. He has also co-authored a book called “Machine Learning and Data Science Blueprints for Finance”.

This week’s CDO Insights consisted of Hariom’s views on AI's contribution to economic growth, its applications in finance, challenges in adoption, shifting industry perceptions, evolving talent requirements, and its overarching significance, all in concise yet thought-provoking inquiries.

AIM: Why has AI gained such importance in driving economic growth, and how is its integration into finance poised to rewrite the history of financial intermediation, risk management, compliance, and prudential oversight?

Hariom Tatsat: The key advantage of AI is that it can process a large amount of data to find useful insights, making operations faster while reducing cost. These features help businesses work more efficiently and increase overall productivity, leading to economic growth.