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Zerodha has been unapologetic about its decision to not use any AI/ML technologies that are hyped among businesses. “Pretty much every instance of an “AI-first mindset” that I have seen in the industry has been a strong case of misguided assumptions, outright delusions, and often intellectual dishonesty,” said Zerodha CTO Kailash Nadh.
But, looks like that is no longer the case. Zerodha CEO Nithin Kamath took to social media to express that the recent breakthroughs in AI have led them to think AI will take away jobs and can disrupt society. In this regard, the company has created an internal AI policy “to give clarity to [their] team, given the AI/job loss anxiety.”
When it comes to leveraging machine learning or artificial intelligence tools, Zerodha uses very minimal AI/ML. “We use little to no AI or ML apart from some basic image/document recognition ML models for document processing,” Nadh had told AIM.
On the other hand, Groww uses AI/ML in image processing, automating manual workflows, reducing errors, and increasing user ease throughout the journey. In addition, its tech stack includes React Native, Springboot, and SpringCloud, along with a microservices-based architecture that enables it to scale.
Despite releasing an AI policy, it is not clear if Zerodha itself will look to incorporate generative AI into its operations. Regardless, what Kamath feels will take place now is that many companies will likely let go of employees and blame it on AI. Companies will earn more and make their shareholders wealthier, exacerbating wealth inequality.
According to Kamath, “While the hope is for governments worldwide to put some guardrails in place, it may be unlikely given the rhetoric of deglobalization. No country would want to sit idle while another becomes more powerful on the back of AI.”
“It is unlikely that humans will be able to compete with intelligent machines in many walks of life,” Kamath concluded.
However, recently, in a written reply in the Lok Sabha, the Ministry of Electronics and IT (MeitY) said, “The government is not considering bringing a law or regulating the growth of artificial intelligence in the country.” So, clearly, India is far from even considering the impact the newer AI systems can have.
