Palo Alto, United States - October 23, 2024

Artificial intelligence (AI) is profoundly transforming the sector of finance, with cutting-edge technologies like Generative AI being leveraged to streamline operations, improve decision-making, and enhance the customer experience.

Traditionally, financial markets have been perceived as driven by human traders on the floor. However, Ashok Reddy, CEO of KX, a privately owned software company, emphasizes the shift in trading dynamics.

KX's AI-driven software provides insights that support major investment banks, including Citadel, Morgan Stanley, and Goldman Sachs, in making informed trades. Reddy noted that while AI traditionally focused on quantitative data, it now incorporates qualitative insights through Generative AI.

AI is also accelerating financial transactions in various sectors, including the automotive industry. NETSOL Technologies utilizes AI to expedite financing approvals for car purchases.

NETSOL's platform, Transcend, not only facilitates financing, but also assists buyers in locating vehicles. Customers can interact with an AI chatbot that learns about their budget and lifestyle preferences.

Ghauri said that their chatbot essentially kicks off a conversation with users, assisting in locating the precise vehicle that aligns with their needs from the available inventory. Users can seamlessly kickstart the purchasing process right through the platform.

It's just the beginning for AI, he said, emphasizing that its ongoing evolution will significantly reshape the financial industry.

Looking ahead, Ghauri predicts even more transformative changes, suggesting that instead of having an AI aiding a human in achieving outcomes, the future will likely involve two AI agents interacting with each other to drive results.

Reddy anticipates improvements in explainability and personalization.

Reddy also expects AI to enhance the personalization of investment portfolios, tailoring recommendations to individual preferences while simultaneously boosting returns.

As AI continues to evolve, its influence on the finance sector is poised to grow even more profound.

Shotlist:
Palo Alto, California, USA - Oct 23, 2024:
FILE: Los Angeles, California, USA - 2024
1. Various of cityscape;
Palo Alto, California, USA - Oct 23, 2024
2. Pedestrians;
FILE: New York City, USA - Date Unknown
3. Wall Street;
FILE: New York City, USA - April 22, 2020
4. Statue, U.S. national flags, New York Stock Exchange;
USA - Oct 18, 2024
5. SOUNDBITE (English) Ashok Reddy, CEO, KX (starting with shot 4/partially overlaid with shot 6):
"But that's not the way the stocks are traded. Typically, there's millions of stocks traded in real time, and there's a lot of data coming in. People are buying and selling, and machines algorithms are the ones who are trading. And every millisecond, some millisecond, they can get edge, they can find something better than somebody else.";
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6. Interview in progress;
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7. Screen showing contents posted on social media platform X;
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8. Various of videos posted on TikTok;
FILE: Beijing, China - Date Unknown
9. TikTok user watching short videos on mobile phone;
FILE: Washington D.C., USA - Date Unknown
10. Mobile phone screen showing video posted on TikTok;
USA - Oct 18, 2024
11. SOUNDBITE (English) Ashok Reddy, CEO, KX (starting with shots 9-10):
"What's the market sentiment, who is doing something on Twitter or what's going on in TikTok? Somebody is talking about in the news, the management quality. The general data is being used to determine qualitative information where humans before had to make sense of a company.";
FILE: New York City, USA - Date Unknown
12. Various of JP Morgan Chase headquarters, signs;
FILE: USA - Exact Location and Date Unknown
13. Various of Citibank branch;
14. Various of Bank of America branch, pedestrians;
USA - Oct 18, 2024
15. SOUNDBITE (English) Faizaan Ghauri, chief strategy officer, NETSOL Technologies (partially overlaid with shot 16):
"It's not unusual for a banking institution to literally still use a fax machine to actually send in documents, and help to make a credit decision. And what we're able to do is we've actually built an intelligent document processing system. By using generative AI, you can extract a lot of meaning and semantics from these documents, and by doing so, it really cuts down the data processing time, literally by 99 percent.";
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16. Interview in progress;
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FILE: Washington D.C., USA - Date Unknown
17. Pedestrians, traffic;
San Francisco, California, USA - Recent
18. Various of street scene, traffic;
USA - Oct 18, 2024
19. SOUNDBITE (English) Ashok Reddy, CEO, KX (starting with shot 18):
"Today, Generative AI is a black box. Most people are concerned. It can hallucinate. It cannot explain how you came up with an answer or how you told how to predict something. So being able to come to a point where you can actually explain how something was decided.";
FILE: China - Date Unknown
20. Picture of robot standing in front of screen reading "AI".

[Restriction - No access Chinese mainland]