Blind adoption of new fintech could have an adverse impact: RBI ED

The new tech will bring a lot of benefit but can also bring some significant potential for disruption in the future of finance, says ED

While new technologies such as artificial intelligence and block chain bring much benefit in the financial sector a blind adoption of technological innovation without understanding its biases and limitations could be counterproductive, said Ajay K Choudhary, executive director (ED) of Reserve Bank of India.

“The new tech such as artificial intelligence, block chain, quantum computing, big data, analytics, 5G, all of them bring a lot of benefit. However, they also bring some significant potential for disruption in the future of finance,” he said.