Latest news with #NeerajGupta
Hindustan Times
23-05-2025
- Business
- Hindustan Times
Boosted by Covid-19, Goa's yacht tourism has not looked back since
For Neeraj Gupta, it was a hobby that turned into a business idea. The 49-year-old engineer has been owning yachts — luxury watercraft generally used for pleasure — since 2007, which he would intermittently give out on rent whenever the request arrived. Such days, however, were rare. But the Covid-19 years turned things around for him. Gupta, who started off with three yachts when he first started letting them out on rent through bookings via aggregators in 2015-16, today owns nine boats of various sizes. The industry as a whole, which had around nine boats for hire at the start of Covid-19, now has around 45. 'Ours is the fastest growing sector in Goa's tourism. Over the next year or so the number of yachts in operation is expected to go up to 55 considering all the orders placed,' Gupta said. The yachts in question are luxury boats ranging from 25 feet (7.6 metres) to 66 feet (20.11 metres) in length that can host between six and 25 people at a time and can be hired for ₹6,500 per hour, for a minimum of two hours, to ₹45,000 per hour for boats that can host 25 people at a time. And that's just for renting the yacht. Refreshments, food and drinks to be served on board, and other services such as live music, cost extra. Despite the cost, bookings have been steadily pouring in. Bookings range from private parties hosted by ministers, elected representatives and businessmen from across the country, to sportfishing trips by foreign tourists. But by far the most popular form of booking is for stag and bachelorette parties and other wedding related functions like photoshoots. 'If you break down the cost per head, it works out to ₹1,500 to ₹1,800 which is not too dissimilar to what a group of people will end up spending at a restaurant if you were to dine with a large group. And with us you have the added benefits of unmatched views and ambience and a completely private and exclusive experience. For many this represents significant value. This, in a country where 99.9% of the population will never be able to afford to buy a yacht,' Gupta said. And not without reason. The cost of a yacht, the kind that operates in Goa's waters, ranges from ₹65 lakh to ₹2.5 crore, excluding taxes and duties depending on where they are imported from. The cost of a luxury yacht from Europe ranges from ₹7 crore to ₹15 crore, depending on the level of luxury and size. Yachts have been available for hire in Goa since 2002, but according to industry insiders, the market really picked up during the pandemic when having an isolated holiday experience was on the top of everyone's checklist. 'A lot of tourists came to Goa after the lockdown at a time when the rest of the industry was closed and were looking for a private experience. Business picked up like no other,' Gupta added. Since then, Goa has seen a proliferation of private jetties along River Mandovi, that ebbs and flows along the northern bank of the state capital. In the Mandovi river alone there are now nine private jetties located in various villages along the banks and islands within the river hosting pleasure craft of various sizes. Gupta, who owned three yachts of various sizes prior to the pandemic, now owns nine with another two to be added to the fleet over the next one year. The overall industry in Goa, which collectively owned nine yachts in 2019-20, now owns 45, with the figure expected to rise to 55 by the start of the next season as operators expect pending deliveries to rectify over the next few months. Goa: A yachting destination That Goa would be an ideal destination for high-end nautical tourism has been known for a long time. Back in 2015, the Goa Investment Promotion Board granted its in-principle approval for the setting up of two marinas in the state — Yacht Haven will set up a 300-yacht marina in Sancoale along the southern bank of River Zuari, while another yacht marina 'AHOY' (Anytime Harbour of Yachts Pvt. Ltd) with a capacity of around 330 vessels including yachts, sail boats and other leisure vessels, is being planned along the northern bank of River Zuari, south of the capital Panaji in a fishing village. The former had sought 1.5-lakh square metres of water surface for the marina, while the latter around 1-lakh square metres. However, over a decade later, neither of the projects took off as they got caught in the web of permissions, clearances and opposition by fishermen and locals. But that hasn't stopped the industry from growing. While Goa's tourism industry reported a growth of around 10% year-on-year, the yacht industry saw a growth of 22%. Yet the industry believes it is only just getting started. 'Goa's advantage is that no one bothers you about what you wear, what you drink and how you celebrate. If you wear a bikini sipping champagne or beer on a boat in Goa, no one will bat an eyelid. The authorities will also not harass you. The same cannot be said for other places in India, which also have the potential to develop yacht tourism,' a yacht operator, who didn't wish to be identified, said. Goa's reputation as a party destination has made it possible. It was only in April this year that the Goa Tourism Department woke up to the scale of the industry and issued a circular directing 'all water sports operators conducting the activity of yachting within the state to ensure strict compliance with the provisions of the Goa Registration of Tourist Trade Act'. According to tourism director Kedar Naik, the circular was in response to a 'growing number of operators found operating yacht activities without obtaining the necessary NOC, license or permission from the Department' and was with the intent to 'regulate yachting services, enhance tourist safety, and ensure adherence to legal protocols'. Industry insiders also conceded that rogue and fly-by-night operators who 'don't deliver on the boat they show in pictures' were doing a huge disservice to the industry that prides itself on offering a premium experience. 'There are a lot of agents and aggregators who sell services of boats which they do not own. They sell you the image of one boat in the brochure but when you arrive all decked up for your party there's an ordinary boat waiting for you. You can't even call them yachts,' the operator quoted above said. Challenges faced by the sector Operators believe that the growth in the yacht industry will have its limits, especially when it comes to the kind of experience one can offer. 'We have reached the limits of the price points we can offer here in Goa. Those who can afford to pay more are an extremely small percentage of people and they will simply choose to have the experience either in Europe or Maldives, Mauritius or Seychelles,' Gupta said. 'Even Dubai or Thailand won't be options for them,' he added. The clement weather, which allows for basking in the sun on a yacht deck in Monaco, Greece or Croatia, cannot be offered in Goa. Operators have also faced issues in procuring quality boats domestically while imported boats attract an import duty of 54%. 'Almost all of the boats that we procure are imported. Locally made craft are simply not available in the size and quality we are seeking simply because of low volumes,' Gupta said. 'Import duty for yachts is placed at 54%. We believe that since we are primarily using the vessels not for personal pleasure, it should be charged at the 5% duty that is charged for excursions,' Gupta said. 'The import duty on a private plane is 0%, why can't it be similar for yachts?' he asked. This isn't to say there is no manufacturing locally. Captain Dilip Dhonde, a Navy officer and the first Indian to circumnavigate the globe under sail and Commander Abhilash Tomy, the first Indian to solo circumnavigate the world non-stop undersail, did so on a sailing yacht — the INSV Mhadei — that was built at the Aquarius shipyard located at the Divar Island in Goa. Another sailing yacht — the INSV Tarini — was used by the Indian Navy's all-women sailing team to circumnavigate the world and is currently on the high seas as part of Navika Sagar Parikrama II, in which two women Navy officers are attempting to circumnavigate the world. That the Indian Navy's Ocean Sailing Node is located in Goa has only served to buttress the state's claim as one of the country's premier yachting hubs. The fishermen aren't pleased It's a title that has earned the ire of the state's fishing community who believe that the yachting business will come at the cost of the community. In a petition filed before the National Green Tribunal, two local fishermen belonging to traditional fisher communities and who depend on depend on fishing using traditional methods by using cast net, gillnet by using canoe in rivers for their livelihood have sought the declaration that 'the nine private standalone jetties used for yachting by private persons/ tourists are impermissible in fishing villages and ward as notified under the Coastal Zone Management Plan and that allowing the continuation of such jetties has resulted in them suffering heavy losses due to over exploitation by tourism business in the river'. 'The only activities permissible in a designated fishing village (fishing ward identified as per the Draft Goa CZMP prepared by NCSCM) are those required for fishing and fishery allied activities,' the petition alleged. The National Green Tribunal has issued notices in response to the petition. In April this year, when the Inland Waterways Authority of India approved a private jetty to be set up at the cost of ₹8 crore, it was quickly opposed by the local panchayat, who believed the village didn't have the capacity to host larger activity without displacing local populations. But the industry is not fazed. 'Goa currently has around 45 operating boats, while Dubai has 2,000. We are operating only in one of the state's rivers whereas the state has the capacity to host cruises in others as well, particularly in the Chapora and Sal rivers,' Gupta added. 'A yachting trip has now become an important aspect of tourists' Goa itinerary. What would take the experience even further is if there was a common jetty from where all the operators would set sail. In that way the consumer would have a wider choice and be able to choose his/her boat based on what he sees in front of him,' he said. 'For a business that promotes the sunset, we're rising on the horizon,' he added.
Mid East Info
19-05-2025
- Automotive
- Mid East Info
Policybazaar.ae Rolls Out Exclusive Car Insurance Perks Under PB Advantage - Middle East Business News and Information
the UAE's leading online insurance marketplace, has expanded its flagship initiative PB Advantage to car insurance customers, redefining the way UAE residents experience motor coverage and car insurance claims. believes that car insurance should be more than just a policy — it should be a promise of speed, ease, and trust when you need it most. We are transforming the claims experience in the UAE by offering a one-of-a-kind, seamless, and customer-first approach that gets you back on the road with minimal hassle. From free car washes and flat-rate savings on servicing and repairs to special discounts on the Registration Readiness Package, these benefits are designed to enhance the everyday car ownership experience. Valid until May 31, these exclusive offers are made possible through their partnerships with leading insurers and service providers across the UAE that will deliver real-world value to our customers. In collaboration with leading partners, is redefining traditional insurance by enabling a smarter and more rewarding car ownership experience. The initiative is designed to help customers lower their car-related expenses and remain well-protected with some of the best car insurance plans available in the UAE, while ensuring a high standard of customer satisfaction and full compliance with regulatory requirements. With customers can benefit from fast-track claims processing, access to a nationwide garage network, a dedicated claims concierge service, and smart digital tracking with priority repairs. Through PB Advantage, customers can now enjoy 12 free car washes, up to a 30% discount for safe driving, an excess waiver of up to AED 1,000, a 15% discount on car repairs, a 30% discount on car servicing, and 50% off on the Registration Readiness Package. Neeraj Gupta, CEO of said: 'We're proud to expand PB Advantage to our car insurance customers. Buying car insurance shouldn't just be about paperwork and price — it should come with real, tangible value. These benefits make sure that once the policy is bought, the customer keeps winning throughout the year. From savings on car service to free washes, we're driving value where it matters most — behind the wheel.' Toshita Chauhan, Business Head – Motor Insurance at added, 'Motor insurance is often seen as a mandatory purchase, but we wanted to flip that narrative. With PB Advantage, we've built a value-first ecosystem where every customer — from a daily commuter to a weekend road-tripper — gets rewarded for making responsible choices. Whether it's safe driving discounts or after-policy care like servicing perks, we're here to make car ownership smarter and more rewarding.' This move follows the successful rollout of PB Advantage for health insurance customers, a program that introduced Auto Recharge, No Claim Bonuses, and 30-minute claim desk support — setting a new benchmark in insurance experience. PB Advantage for Car Insurance marks another step in mission to move insurance beyond a transactional product, making it a lifestyle benefit that rewards smart choices and safe habits. -end- About started in 2018 is PB Fintech's (NSE: POLICYBZR ) first overseas venture and is an online financial products marketplace aimed to educate people on the importance of insurance as a protection tool and becoming a platform for consumers' personal financial needs in the UAE market. currently partners with more than 35+ insurance and banking partners with 400+ products on offer ranging from new-age life insurance,health insurance, motor insurance, credit cards, bank accounts, personal loans, car loans, home loans, and more.
Web Release
19-05-2025
- Automotive
- Web Release
Policybazaar.ae Rolls Out Exclusive Car Insurance Perks Under PB Advantage
the UAE's leading online insurance marketplace, has expanded its flagship initiative PB Advantage to car insurance customers, redefining the way UAE residents experience motor coverage and car insurance claims. believes that car insurance should be more than just a policy — it should be a promise of speed, ease, and trust when you need it most. We are transforming the claims experience in the UAE by offering a one-of-a-kind, seamless, and customer-first approach that gets you back on the road with minimal hassle. From free car washes and flat-rate savings on servicing and repairs to special discounts on the Registration Readiness Package, these benefits are designed to enhance the everyday car ownership experience. Valid until May 31, these exclusive offers are made possible through their partnerships with leading insurers and service providers across the UAE that will deliver real-world value to our customers. In collaboration with leading partners, is redefining traditional insurance by enabling a smarter and more rewarding car ownership experience. The initiative is designed to help customers lower their car-related expenses and remain well-protected with some of the best car insurance plans available in the UAE, while ensuring a high standard of customer satisfaction and full compliance with regulatory requirements. With customers can benefit from fast-track claims processing, access to a nationwide garage network, a dedicated claims concierge service, and smart digital tracking with priority repairs. Through PB Advantage, customers can now enjoy 12 free car washes, up to a 30% discount for safe driving, an excess waiver of up to AED 1,000, a 15% discount on car repairs, a 30% discount on car servicing, and 50% off on the Registration Readiness Package. Neeraj Gupta, CEO of said: 'We're proud to expand PB Advantage to our car insurance customers. Buying car insurance shouldn't just be about paperwork and price — it should come with real, tangible value. These benefits make sure that once the policy is bought, the customer keeps winning throughout the year. From savings on car service to free washes, we're driving value where it matters most — behind the wheel.' added, 'Motor insurance is often seen as a mandatory purchase, but we wanted to flip that narrative. With PB Advantage, we've built a value-first ecosystem where every customer — from a daily commuter to a weekend road-tripper — gets rewarded for making responsible choices. Whether it's safe driving discounts or after-policy care like servicing perks, we're here to make car ownership smarter and more rewarding.' Toshita Chauhan, Business Head – Motor Insurance atadded, 'Motor insurance is often seen as a mandatory purchase, but we wanted to flip that narrative. With PB Advantage, we've built a value-first ecosystem where every customer — from a daily commuter to a weekend road-tripper — gets rewarded for making responsible choices. Whether it's safe driving discounts or after-policy care like servicing perks, we're here to make car ownership smarter and more rewarding.' This move follows the successful rollout of PB Advantage for health insurance customers, a program that introduced Auto Recharge, No Claim Bonuses, and 30-minute claim desk support — setting a new benchmark in insurance experience. PB Advantage for Car Insurance marks another step in mission to move insurance beyond a transactional product, making it a lifestyle benefit that rewards smart choices and safe habits.
Business Journals
24-04-2025
- Business
- Business Journals
Voyager Technologies to choose developer for OSU space park tied to Starlab
By submitting your information you are agreeing to our Privacy Policy and User Agreement . Join the Columbus Business First to unlock even more insights! Ohio State University already has three spinoff companies related to its partnership with the NASA-backed coalition building the future private Starlab space station. Story Highlights Voyager Technologies plans Starlab space station launch in 2029. OSU is to host terrestrial research for the Starlab project. Voyager will soon announce a developer for the OSU lab. The private replacement for the International Space Station is several years away from launching into orbit, but related startups from Ohio State University already are taking off. Voyager Technologies, operator and majority owner of the future Starlab station, is close to announcing a real estate developer for George Washington Carver Science Park on farmland leased from OSU Airport. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events Discoveries from paired space and terrestrial research could transform industries including semiconductors, agriculture, cancer research and medical devices, Neeraj Gupta, chief innovation officer of Voyager Technologies, said Wednesday at an OSU conference on Starlab progress. "Stop thinking about space as being hard. It's another platform," Gupta said. Experimental payloads aboard Starlab will have "clear paths to commercial products," he said. Voyager's job is to make that easier for corporate clients, such as artificial intelligence for more efficient planning and data gathering. "There has to be a bottom-line reason to do research in space," he said. Voyager is choosing among "four compelling proposals" for facility and campus development concepts on property leased from OSU, said John Horack, professor and aerospace policy chairman in a joint appointment at OSU's engineering and public affairs colleges. An announcement is expected within a few months and construction could start about a year after that. Trustees approved a lease for 10 acres in 2023, but the total site south of Dublin Granville Road could reach 80 acres, according to notes for a student design competition last year. Starlab research is underway in a 7,000-square-foot garage owned by Ohio State's agricultural college. The work has already led to three spinoffs and Carver Park will generate more startups and attract companies to Central Ohio, Horack said Wednesday. "We're making new companies. They will create products of value," he said. "Maybe we will create entire new industries here." Ohio State plans experiments soon to test a type of welding in microgravity, he said. Tests will be conducted aboard parabolic flights, a technique that creates about 22 seconds of weightlessness, according to NASA. Welding is not currently possible in space, Horack said, so finding a working technique would allow building much bigger structures at much less expense than before. Starlab Space LLC aims to launch its space station in 2029, the Houston Business Journal reported last month. The International Space Station is expected to be retired by the end of the decade. Denver-based Voyager and its Houston-based operating subsidiary Nanoracks created Starlab as a joint venture. Commercial partners include Airbus, Mitsubishi Heavy Industries, MDA Space, Hilton and Palantir Technologies. The coalition picked Ohio State for the terrestrial component in 2022. Voyager and the university signed a memorandum of understanding this February, setting the framework for research and potential commercialization, according to a press release. Starlab also has an innovation park in Switzerland and is considering sites in Japan, according to a release. Experiments aboard the space station will run duplicates at the OSU lab as a control group. The park also will be the site for training crews, preparing experiments and processing samples when they return. Researchers also can conduct practice runs to perfect experimental designs. "You can't get to space and wing it," Horack said. One of the spinoffs, Spaero Systems, was founded by Ohio State undergraduate brothers, engineering senior Ian Harris and business freshman Nikolas Harris. They are developing a plasma wand for sterilizing surfaces, protecting astronauts from infections in the closed environment. The Starlab partnership will help OSU keep aeronautics graduates from leaving Central Ohio for space-related work, Horack said. The park has attracted other corporate partners. Blue Abyss and Nexture Bio are among companies agreeing to perform outreach and education at OSU for elementary students and up, according to a release. Blue Abyss researches technologies to enable humans to travel and live in extreme space and marine environments. Nexture develops enabling technologies for cultivated meat.
Khaleej Times
14-04-2025
- Business
- Khaleej Times
AI and Fintech: How Smart Algorithms are Redefining Financial Services
The fintech industry has emerged as one of the fastest-growing sectors in the global economy, powered by cutting-edge technology and digital-first solutions. At the heart of this transformation lies Artificial Intelligence (AI) — a technology that is not only enhancing the way financial services operate but also redefining the relationship between businesses and consumers. The numbers speak for themselves. Today, the global fintech market is valued at $340.1 billion, and the market value of AI within fintech alone stands at an impressive $44.08 billion. According to Fortune Business Insights and Statista, this figure is expected to rise to $50 billion over the next five years, driven by a compound annual growth rate (CAGR) of 2.9%. This growth is largely fuelled by AI's ability to streamline operations, mitigate risk, and personalise services. In fact, a McKinsey report reveals that approximately 72% of companies already leverage AI in at least one business function, whether it's customer service, security, or financial analysis. The appeal is clear — businesses that adopt AI-driven solutions report marked improvements in efficiency, cost reduction, and customer satisfaction. Smart algorithms and machine learning models are now deeply embedded in fintech offerings such as digital wallets, online banks, investing platforms, and personal finance apps. By leveraging AI, companies can streamline financial processes, enhance business partnerships, and make smarter, faster decisions based on real-time data. AI-Driven Fintech Innovation The UAE has positioned itself at the forefront of AI integration within fintech, strategically leveraging advanced technologies to redefine traditional banking and financial services. As Neeraj Gupta, CEO of observes: 'The UAE is actively integrating AI into fintech solutions to improve banking, payments, fraud detection and financial security.' Financial institutions across the UAE are deploying AI-powered chatbots, robo-advisors, and biometric authentication systems to deliver seamless, personalized customer experiences in digital banking. These AI tools not only enhance user interaction but also streamline internal processes, making financial services more efficient and customer-centric. Crucially, banks in the UAE are harnessing AI to bolster their risk management frameworks. AI-driven systems are enabling real-time fraud detection and risk assessment, ensuring compliance with stringent anti-money laundering regulations. Furthermore, AI plays a pivotal role in optimising payment systems, automating credit scoring, and facilitating secure blockchain-based financial transactions. 'Government-backed initiatives like the UAE's AI Strategy 2031 and the DIFC FinTech Hive are providing a fertile environment for AI-driven innovation to thrive, encouraging fintech startups and established players alike to harness the potential of artificial intelligence,' Gupta adds. Transforming Financial Services The impact of AI-driven automation is most visible in key financial services that once relied heavily on manual intervention. As Gupta highlights, 'With the advancement of technology, AI has transformed the financial market. Loan approvals have become quicker as AI determines credit risk more accurately.' By analysing vast datasets, AI algorithms can assess an applicant's creditworthiness with unprecedented speed and precision, reducing the time taken to approve loans and extending financial inclusion to previously underserved segments. 'Customer service has also undergone a radical transformation, says Gupta. 'Chatbots and virtual assistants, powered by AI, handle routine customer inquiries instantly, eliminating the need for long wait times and improving service quality. In the insurance sector, AI is streamlining the often cumbersome claims process by automating paperwork and expediting claim settlements.' Another critical area witnessing significant improvement is fraud detection. Traditional methods of identifying suspicious transactions often lag behind the speed of fraudulent activities. AI, however, can analyse transaction patterns in real time, flagging anomalies and preventing potential threats before they escalate. This proactive approach has reinforced customer trust and made financial services safer and more reliable. Elevating Customer Experience and Financial Accessibility Fintech platforms are rapidly making financial services more accessible, efficient, and secure — thanks to AI. The integration of AI into financial ecosystems is not only simplifying processes but also empowering customers with tools that once seemed out of reach. 'Fintech firms backed by AI are making financial literacy tools easily accessible,' says Gupta. 'With technology like robo-advisors, the customer can now get personalised financial advice, automatically manage their portfolio, and make the most of budgeting tools. Chatbots are providing instant customer support, answering queries, and guiding users through financial processes, thus improving customer experience.' Beyond convenience, AI is playing a crucial role in strengthening financial security. Gupta emphasises: 'AI-powered fintechs are also enhancing cybersecurity. AI can easily detect and prevent cyber threats, making sure that customer data and financial transactions remain secure.' Sundeep Gantori, Equity Strategist at UBS Global Wealth Management's Chief Investment Office, highlights the broader impact of AI in the fintech space: 'The use of generative AI in fintech customer care has proven to be a remarkable success. Recent corporate filings from industry leaders, including early AI adopters such as Meta and Klarna, indicate significant productivity gains. To measure employee productivity, we compared revenue per employee metrics since the end of 2022, the year generative AI applications like ChatGPT were first introduced. Meta's revenue per employee improved from $1.35 million in 2022 to $2.22 million in 2024 (more than 64% improvement in two years). For Klarna, we see an even stronger improvement from $0.34 million to $0.82 million (more than 140% improvement in two years).' Revolutionising Wealth Management AI's role in wealth management is not exactly new. As Gupta points out, 'AI in wealth management started in the 1990s with simple tasks like data entry. Today, AI analyses huge amounts of data, predicts trends, and automates tasks, helping advisors work faster and smarter.' Over the years, what began as a tool for operational efficiency has evolved into a powerful engine for decision-making. AI is now capable of creating personalised investment strategies, identifying risks before they materialize, and enhancing client engagement through intelligent automation. Gupta highlights the scale of this transformation, stating, 'With AI-managed assets expected to hit $6 trillion by 2027, it's becoming a crucial part of financial services, not just an extra tool.' One of the most promising applications of AI in wealth-tech is real-time portfolio risk monitoring. Sonali Goila, Head of Venture Capital at Aditum, emphasises its potential to redefine the investor experience. 'AI and wealth-tech combined, has the potential to bring about phenomenal transformation in improving accessibility, predictive planning, transparency, automation, and eventually personalisation and sophistication,' she explains. According to Goila, real-time risk monitoring allows AI to 'sift through vast amounts of data and conduct deep research and analysis on how daily news could affect an investor's portfolio, giving him real-time insights to make informed investment decisions.' What makes this advancement particularly powerful is that it democratizes access to sophisticated analysis — something that, in the past, would have required costly engagements with specialist research houses. Beyond investment decisions, AI is also strengthening the backbone of wealth management — security and client service. Goila notes that 'AI's predictive engines for fraud detection, and advanced CRM agents are the other strong use-cases AI is bringing to wealth-tech.' These innovations help institutions detect anomalies faster, preventing fraudulent transactions before they occur, while simultaneously delivering a superior client experience through intelligent, responsive customer relationship management systems. Robo-Advisors vs Traditional Advisors As fintech continues to disrupt financial services, robo-advisors have emerged as a popular choice for investors seeking affordable and automated solutions. But how do they truly stack up against traditional financial advisors when it comes to cost-effectiveness and performance? Robo-advisors have carved a niche in the market, particularly due to their low-cost model. By leveraging automation and algorithm-driven portfolio management, they offer efficient solutions without the hefty fees associated with human advisors. 'Robo-advisors certainly excel in cost effectiveness. Due to their automated portfolio management, they can get the job done at lower costs,' explains Gupta. 'However, while they perform well for passive investing, they lack the personalized planning of traditional advisors.' While robo-advisors are ideal for hands-off investors, traditional advisors bring human insight and customisation to the table — factors that can prove crucial in volatile or complex markets. Gupta points out: 'Traditional advisors can tailor strategies through human expertise, which can drive performance better and prove beneficial for ever-evolving requirements and markets.' Interestingly, the line between robo and human advisors is beginning to blur, thanks to the rapid advancements in AI. Goila highlights how AI is revolutionising the space: 'Current robo-advisory solutions are making investment advisory services available to the masses, attracting customers who previously didn't engage much with human financial advisors,' she says. Goila emphasises the shift from a 'one-size-fits-all' approach toward hyper-personalised portfolios. 'We are seeing a shift towards using AI to create bespoke portfolios based on each user's requirements, risk tolerance, and investment goals. This could make robo-advisory more valuable to investment decisions than it is today, while also solving for the monetization challenges many robo-advisors face currently.' She further adds that startups focusing on AI-driven heuristics tailored to user demands are poised for long-term success. 'As AI continues to evolve, the next phase of AI transformation could involve replacing human analysts with AI analysts for portfolio management. If this is done well, these robo-advisors could replace or even outperform humans in the long term.' Tackling Bias, Privacy, and Security While AI holds immense potential in the fintech space, its adoption doesn't come without concerns — particularly around algorithmic bias, data privacy, and security. Responsible innovation, therefore, remains at the heart of successful fintech applications. Algorithmic bias is one of the key risks associated with AI. To mitigate this, fintech companies are increasingly focusing on data diversity and transparency. 'AI in fintech addresses bias through algorithm audits, diverse data sets, and enhanced transparency,' says Gupta. Regular audits ensure that AI models don't reinforce existing societal biases, while a commitment to diverse data sets ensures more accurate, inclusive outcomes. Data privacy is non-negotiable in an era of hyper-connectivity. Gupta highlights that fintech firms are taking rigorous steps to safeguard sensitive information. 'Data is safeguarded through data minimization, strong encryption, and user consent,' he explains. 'Security challenges are met with strong cybersecurity measures, regular audits, and compliance with regulatory standards. All of this is aimed at nurturing customer trust.' Will AI eventually Replace Human Financial Advisors? As AI continues to revolutionise industries, many have speculated whether it could eventually replace human financial advisors. However, industry experts believe AI is more likely to complement human expertise rather than fully replace it. The future seems to be leaning toward a hybrid model, where AI enhances the efficiency and accessibility of financial services while human advisors remain at the helm, guiding clients with personalized strategies. While AI won't replace financial advisors, it holds immense potential to streamline many routine aspects of financial planning. Gupta explains: 'Tools don't replace humans — they just boost efficiency and performance.' By leveraging AI to gather client data more quickly and accurately, advisors can save both time and resources. This leaves more room for delivering tailored advice that meets the evolving needs of clients. While the efficiency gains from AI are undeniable, the human touch remains essential in financial planning. The ability to craft personalised strategies, assess risk, and adapt to complex and ever-changing market conditions is something that machines simply cannot replicate. Human advisors bring a level of empathy, creativity, and adaptability to the financial decision-making process that AI cannot match. Gupta further emphasises, 'AI is unlikely to replace human financial advisors — it will rather enhance experts' performance. By leveraging AI, humans can actually form a hybrid model and provide tailored and scalable financial solutions.' This hybrid model, where human advisors combine their expertise with AI's capabilities, is poised to become the future of financial services.
