Sandeep Singh, Senior Vice President of Product at AuthBridge, recently shared his thoughts on how artificial intelligence (AI) is profoundly transforming various sectors in India on the occasion of AI Appreciation Day. From healthcare to finance, e-commerce to logistics, and even background verification, AI is driving significant advancements and efficiencies across the board.
In hospitals, AI-powered tools are revolutionizing medical processes. “In hospitals, AI-powered tools are being used to enable faster and more accurate disease detection, building patient information summaries, creating transcripts of verbally recorded notes, and helping radiologists interpret images or find essential details in medical records,” said Singh.
AI is also making waves in the finance sector. “By analyzing vast datasets, AI identifies patterns and forecasts market trends with remarkable accuracy. This capability allows financial institutions to make more informed decisions and develop strategies that are both proactive and precise. In the world of e-commerce and retail, AI-driven insights are optimizing inventory management and driving personalized product recommendations. Hyper-targeted marketing campaigns are now a reality, enabling retailers to design new products tailored to individual preferences and enhancing overall customer satisfaction. The logistics sector is leveraging AI to optimize supply chain routes, reducing delivery times and enhancing efficiency. This not only improves customer satisfaction but also contributes to more sustainable and cost-effective operations”, noted Singh.
Background Verification: Rapid and Accurate Processing
One of the most striking examples of AI’s impact is in the background verification and onboarding space. “AI is also having an enormous impact on the Background verification & Onboarding space. Checks which used to take days because of multiple human levels, are now being done in few seconds where AI algorithms are extracting and analyzing vast amounts of data from diverse documents, such as CVs, education records, job application forms, IDs etc. At AuthBridge we are at the forefront of leveraging AI to streamline processes and exponentially increase verification capacity. We can now seamlessly handle over 25 million multi-page documents monthly where we first extract the data from the images, pass the output stream to an LLM, extract the relevant fields and validate the authenticity with external/internal sources, all in under 5 seconds. This has led to substantial gains on the cost side while also opening new untapped revenue streams,” he said.
As the technology ecosystem matures, driven by India’s substantial IT workforce, businesses across the country stand to benefit significantly. Singh emphasized that leveraging AI’s potential will be crucial for sustainable growth and maintaining a global competitive edge.
Disrupting and Expanding the Trust and Authentication Industry
Singh further elaborated on the disruptive role of AI in the trust and authentication industry, which includes background screening for job applicants, loan seekers, and entities in business relationships.
Traditional processes, once taking up to 30 days with significant manual intervention, have been reduced to a few hours thanks to classical artificial intelligence models. With the advent of generative AI, Singh predicts that these processes will soon take only a few seconds. This rapid processing, combined with traditional risk logics, will significantly expand the industry, potentially increasing the market tenfold in the next three years.
Nice insights