Mumbai, July 13, 2023: The IIMC Alumni Association Mumbai has unveiled the highly anticipated LegendSpeak talk series, dedicated to addressing themes of contemporary relevance and futuristic appeal within the financial industry. This initiative aims to provide valuable insights to management professionals, business leaders, and aspiring entrepreneurs. Esteemed IIMC alumni and industry experts will deliver insightful talks, offering their expertise during 90-minute sessions.
The inaugural event, held at the prestigious Dr. R. H. Patil Auditorium, NSE, Mumbai, focused on the theme “Strategically Leveraging AI in the Emerging Landscape.” Distinguished speaker Prof. Venkatesh Shankar, a renowned IIMC alumnus and Ford Chair Professor of E-Commerce and Marketing, delivered a captivating speech that captivated the audience. Prof. Shankar’s extensive experience, combined with his Ph.D. from Northwestern University’s Kellogg School, ensured his insights were highly regarded by attendees.
During his address, Prof. Shankar shed light on the disruptive influence of generative artificial intelligence (AI) and Large Language Models (LLM) on businesses, models, and economies. He emphasised the varying impact of these technologies across industries and provided strategic guidance on harnessing AI in today’s rapidly changing landscape. Prof. Shankar’s speech also delved into the optimal allocation of resources, crucial for gaining a competitive edge amidst the ongoing AI transformation and a topic of great significance to financial professionals navigating evolving market dynamics.
Prof. Shankar’s address touched upon several other significant aspects related to the influence of AI on the financial landscape:
- Redefining business models: Prof. Shankar discussed how AI is reshaping traditional business models and necessitating a shift in strategic thinking. He highlighted the importance of adapting existing models to leverage AI capabilities and exploring innovative ways to create value in the digital era.
- Enhancing customer experience: Prof. Shankar emphasised the role of AI in enhancing customer experiences within the business sector. He explored how AI-powered solutions, such as chatbots and personalised recommendation systems, can provide tailored and seamless experiences, leading to higher customer satisfaction and loyalty.
- Risk management and fraud detection: Prof. Shankar highlighted the potential of AI to bolster risk management and fraud detection efforts within the financial industry. By leveraging advanced algorithms and predictive analytics, AI can help identify and mitigate risks more effectively, enabling financial institutions to safeguard against fraudulent activities.
- Ethical considerations: Prof. Shankar addressed the ethical implications associated with AI adoption in finance. He discussed the importance of ensuring transparency, fairness, and accountability in AI systems to build trust among customers and stakeholders. He emphasised the need for robust governance frameworks and ethical guidelines to guide the responsible deployment of AI technologies.
- Collaboration between humans and AI: Prof. Shankar emphasised the concept of augmented intelligence, emphasising that the true potential of AI lies in collaboration between humans and machines. He discussed how humans can leverage AI technologies to augment their decision-making processes and enhance their capabilities, ultimately leading to more informed and effective outcomes.
- Talent and workforce implications: Prof. Shankar touched upon the evolving skill sets and workforce implications brought about by AI adoption in the financial industry. He emphasised the need for upskilling and reskilling programmes to equip professionals with the necessary competencies to work effectively alongside AI technologies.
By addressing these additional points, Prof. Shankar provided professionals with a comprehensive perspective on the multifaceted impact of AI. His insights expanded upon the transformative potential of AI while also highlighting the importance of ethical considerations, collaboration between humans and machines, and the need for an agile and skilled workforce in the era of AI-driven finance.
The event host, Mr. Sarang Nagmote, extended a warm welcome to the esteemed guest of honour, Mr. Ashish Chauhan, the MD and CEO of the National Stock Exchange (NSE) and an esteemed IIM Calcutta alumnus. Recognised for his instrumental role in automating and transforming stock markets in India, Mr. Chauhan’s accomplishments extend over three decades. As a founding team member of the NSE, he is widely regarded as a driving force behind the modernization of financial derivatives in the country. His extensive experience at organisations such as Reliance Industries, Mumbai Indians, and BSE, along with his involvement with government committees and higher education institutions, further underscore his remarkable career achievements.
The event was flawlessly hosted by respected personalities Mrs. Laxmi Iyer and Mr. Srinivas Eranki, with Mr. Sarang Nagmote extending a warm welcome to the esteemed speakers. Mr. Prabir Chatterjee delivered the vote of thanks, expressing sincere appreciation to Prof. Shankar for his enlightening speech and unwavering support. Gratitude was also extended to Mr. Ashish Chauhan, MD and CEO of NSE, and the entire NSE team for their invaluable contributions to the event’s success. The diligent efforts of the IIMC Alumni Association Mumbai team, including Mr. V. P. Joy, Mr. Sarang Nagmote, and Ms. Lakshmi Iyer, were recognised for their instrumental role in organising the inaugural LegendSpeak talk series.
The launch of the LegendSpeak talk series by the IIMC Alumni Association Mumbai marks a significant milestone in equipping financial professionals with valuable insights on AI and its strategic implementation. The event’s distinguished speakers and engaging sessions have set a promising tone for the series, which is expected to provide financial industry participants with the knowledge and perspectives necessary to thrive in an increasingly AI-driven business landscape.
The IIMC Alumni Association Mumbai also expressed its gratitude to Mr. V. P. Joy and Mr. Sarang Nagmote for their exceptional efforts in ensuring the success of the event, as well as to Mr. Jaynta Sengupta, Mr. Prabir Chatterjee, Mrs. Laxmi Iyer, Mr. Srinivas Eranki, Arun Kumar, Shirshak Ghosh, and Tarun Malkani, along with IIMC Alumni Association President Ninu Khanna, for their invaluable support. The LegendSpeak talk series is poised to become a platform where professionals can access cutting-edge insights and strategies that will propel them to success in today’s dynamic business world.
