SGOU Explores AI’s Role in Accounting and Finance at Seminar

Quick Summary

• Sreenarayanaguru Open University (SGOU) Vice-Chancellor in-charge Jagathy Raj V.P. inaugurated a two-day seminar on “Artificial Intelligence (AI) in Accounting and Finance.”
• The event was held at Loyola College of Social Sciences and jointly organized by the Institute of Chartered Accountants of India, Kerala University, and Loyola College.
• In his address, Prof. Raj stated that 80% of financial institutions are expected to adopt AI by 2030, resulting in potential savings of $441 billion annually for the sector.
• He highlighted that India’s AI market is projected to reach $17 billion by 2027, with Banking, Financial Services, and Insurance (BFSI) contributing to around 36% of AI adoption in the country.
• Other speakers included M. Thenmozhi from IIT Madras; Kinnary Thakkar from the University of Mumbai; Biju T., Head of Commerce at Kerala University; Principal Sabu Thomas; and Academic Director gabriel Simon Thattil.

Indian Opinion analysis

The seminar underscored India’s increasing integration into global trends concerning emerging technologies such as Artificial Intelligence (AI).The projected $17 billion growth for India’s AI market highlights both opportunity and responsibility. Prof. raj’s insights on predictions for 80% adoption by financial institutions illustrate how critical technology will be in ensuring competitiveness within sectors like BFSI.

the potential savings estimate-$441 billion globally-further emphasizes efficient resource utilization through AI-lead workflows. However, while these projections are promising for India’s tech trajectory and industry maturity, they may also invoke challenges regarding job restructuring and data security within customary institutions.

Encouraging academic collaboration between esteemed bodies like IITs, Chartered Accountants’ institutes, state universities like Kerala University or Loyola College reflects a unified effort toward harnessing such transformative technologies responsibly.

Read more