The Role of AI in Financial Services
The integration of artificial intelligence (AI) in financial services is transforming the sector, but it also raises important questions about accountability and responsibility. Krishnakumar K T, Managing Director of Oleevia Grameen Credits, addressed these concerns at the Global Fintech Fest (GFF) 2026 in Mumbai.
Accountability in Financial Decision-Making
Krishnakumar emphasized that while AI can speed up decision-making, accountability for those decisions must remain with people, not systems. 'AI can automate decisions; but accountability cannot be automated,' he said. This perspective is crucial as financial institutions increasingly deploy AI to enhance efficiency and customer experience.
The Human Touch in Banking
Krishnakumar contrasted how AI systems process customers as data with how bankers view them — as participants in the country's broader economic growth. 'AI may see customers as data, but as a banker, I see every customer as an important link in the economic growth of our country,' he said. This human‑centric approach is essential for meaningful financial inclusion.
Banking as a Form of Social Responsibility
Krishnakumar also framed banking as a form of social responsibility, describing its core function as connecting surplus capital with genuine need rather than simply moving money between accounts. 'A bank's responsibility is to accept deposits from those with surplus funds, identify the right people who genuinely need that money, provide it to them as loans, and empower them financially, while at the same time protecting the depositors' money and returning it safely with a reasonable return,' he said.
Why It Matters
The insights from Krishnakumar K T highlight the importance of balancing technological advancements with human accountability in financial services. As AI continues to reshape the sector, ensuring that systems operate transparently and in customers' interests is crucial for building trust and promoting financial inclusion.