Sreenarayanaguru Open University (SGOU) recently inaugurated a compelling two-day seminar focused on ‘Artificial Intelligence (AI) in Accounting and Finance.’ The insightful event, held at the esteemed Loyola College of Social Sciences, was formally opened by SGOU Vice-Chancellor in-charge, Jagathy Raj V.P.
This significant seminar was a collaborative initiative, jointly organized by the Institute of Chartered Accountants of India, Kerala University, and the Loyola College of Social Sciences. This partnership brought together key academic and professional bodies to address a rapidly evolving and critical subject.
During his inaugural address, Prof. Raj underscored the rapid adoption of AI within financial institutions. He shared a remarkable prediction: an estimated 80% of financial organizations are expected to integrate AI into their core operations, a move projected to generate an astonishing $441 billion in annual savings for the financial services sector by 2030. Prof. Raj also highlighted the vast opportunities AI presents for India, with forecasts indicating the Indian AI market will surge to $17 billion by 2027. Notably, the Banking, Financial Services, and Insurance (BFSI) sector is identified as the leading industry for AI application in the country, contributing to nearly 36% of India’s overall AI adoption.
The seminar also featured esteemed speakers who shared their expertise. M. Thenmozhi, Professor and Head of the Department of Finance at IIT Madras, delivered the presidential address, offering valuable insights. Other prominent speakers included Kinnary Thakkar, Professor of Commerce at the University of Mumbai; Biju T., Head of the Department of Commerce at Kerala University; Loyola College Principal Sabu Thomas; and Academic Director Gabriel Simon Thattil, collectively enriching the discussions on AI’s impact.