People’s interest in artificial intelligence (AI) and machine learning (ML) has increased significantly, but not everyone believes in their applications in making life (or business) easier. Nithin Kamath, the founder of Zerodha, questioned their efficiency. Although he himself did not comment on the use of AI and ML in the brokerage industry, he shared what his company’s “behind the scenes”-Zerodha’s CTO Kailash Nadh-had to say. Nadh stated that most of the “AI-driven” claims are “redundant marketing and sheer nonsense.”
Kamath tweeted that he was repeatedly asked how or if Zerodha uses AI or ML, and he kept saying that he “has not found” any use cases. So Kamath decided to ask Nadh this question and shared Nadh’s response on Twitter.
Nadh said that in addition to using product image recognition tools to process images, Zerodha does not use any artificial intelligence or machine learning systems during the on-boarding process. The company has not encountered any problems. He also said that many brokers publicly promoted “artificial intelligence driven”, but none reported any usage. He added that this conclusion is based on Zerodha’s interaction with the market regulator SEBI, which conducted a quarterly survey of the AI or ML usage of all brokers in India. “From the perspective of my interactions with the industry, I strongly tend to say that most of the statements “driven by artificial intelligence” are redundant marketing, pure nonsense. Most of the use of AI or ML, if any, is OK A commodity tool that simply plugs in does not even need to be mentioned, let alone powerful’AI-driven’ marketing,” Nadh said.
The CTO added in his note that all “artificial intelligence first mentalities” in the industry are basically powerful cases of “misleading assumptions, outright delusions, and usual intellectual dishonesty.” Nadh also stated that he is “highly skeptical” about anything labeled “powered by AI.”
News Source : Gadgets 360
