At Cypher 2023, Rajesh Mani from MasterCard and Soumendra Mohanty engaged in an enlightening discussion on the role of trust in Artificial Intelligence (AI). The conversation spanned a wide range of topics, from governance principles to future trends and the human element in AI.

Governance and Accountability

Both speakers emphasized the importance of strong governance principles and accountability in AI. Rajesh Mani pointed out that linking accountability to benefits and compensation can make the implementation of AI more responsible and effective.

Future Trends in AI

Rajesh Mani discussed several future trends that excite him, such as generative AI and its potential in content creation for marketing, service operations, and education. He also mentioned the role of AI in open banking, stating that the demand for computing power in this area will grow significantly.

AI in Healthcare

Rajesh Mani highlighted the application of AI in healthcare, particularly in the U.S., where healthcare is a trillion-dollar business. He mentioned that fraud losses in healthcare run into trillions of dollars, and companies like MasterCard are working with healthcare providers to mitigate this issue using AI.

Human Element in AI

Both speakers agreed that the human element is essential in AI. They discussed the need for human intervention to contextualize AI outputs and to remove biases. Rajesh Mani mentioned that AI is an enabler, and humans need to learn how to harness its power effectively.

Conclusion

The session with Rajesh Mani and Soumendra Mohanty at Cypher 2023 was a deep dive into the intricacies of trust and accountability in AI. Their insights serve as a valuable guide for anyone looking to understand the ethical and practical considerations of implementing AI responsibly.