Firms see huge potential for conversational AI in medical profession

The voice artificial intelligence agents have the ability to change the tone of their voice, add accents, pause and listen, while being contextually relevant.

By H.P. Ranina

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Published: Sat 17 Sep 2022, 7:14 PM

Last updated: Sat 17 Sep 2022, 7:15 PM

Question: In many South Asian countries, including India, illiteracy still exists. Hence, use of smart phones and other devices does not help persons who are illiterate. Would voice based solutions be the ultimate answer?

Artificial intelligence systems based on voice are leading the way in reinventing how people engage with technology. Not everyone in the world has the comfort to look at a screen which provides text. Those who are illiterate obviously cannot interact through the text mode. There are many persons with skill sets, like carpenters, plumbers, artisans, who are not able to access technology in view of their illiteracy.

Therefore, voice based solutions will become the ultimate answer and provide accessibility to technology. Further, senior citizens who may have problems of vision will find it a lot easier to communicate by using the voice artificial intelligence platform. Likewise, persons in rural areas of South Asia and other countries are finding the voice technology as the best tool to communicate. The voice artificial intelligence provides a platform that understands and resolves queries of users. Robotic voice artificial intelligence solutions are quickly becoming a thing of the past. Solutions have now been found which will help create branded voice artificial intelligence agents equipped to deliver human like conversations. The voice artificial intelligence agents have the ability to change the tone of their voice, add accents, pause and listen, while being contextually relevant. The medical profession is an area where companies see huge potential in conversational artificial intelligence.

In view of the prevailing global scenario where recessionary trends are on the horizon, would India be able to sustain its export earnings?

The Ministry of Finance and the Reserve Bank of India have been urging industry bodies to push exports using the rupee. This is likely to internationalise the currency with rupee-vostro accounts. The Reserve Bank has promised to quickly clear applications made to it for this purpose. Rupee denominated trade is a long term exercise and will take time before its impact is felt.

The Reserve Bank has requested banks to get their counterparts to open special rupee-vostro accounts to facilitate cross border trade in Indian currency instead of using dollars or euros. Argentina and Zimbabwe have shown interest in settling bilateral trade in the Indian currency. According to Government officials, this move will reduce the downward pressure on the rupee, mitigate transaction costs and eliminate foreign exchange risks for businesses.

Many persons in India have invested their funds with non-corporate entities. According to press reports, large amounts are lying unclaimed as heirs of deceased investors are not aware of the investments made. Are any steps being taken to prevent such non-corporate entities from appropriating the funds?

This issue has been raised in a public interest litigation before the Supreme Court of India which had directed the Securities & Exchange Board of India and the Reserve Bank of India to provide it with details about unclaimed funds, debentures, shares, and interest and dividends thereon. Companies which are listed on the stock exchange are required to transfer all unclaimed amounts lying with them for more than seven years to the Government’s Investor Education and Protection Fund. However, those entities which are not companies are not required to transfer unclaimed funds to the IEPF. The authorities have made it mandatory for all entities to furnish details of unclaimed funds as of 31st August, 2022 to SEBI. These funds include non-convertible debt securities, non-convertible redeemable preference shares, perpetual non-cumulative preference shares and perpetual debt instruments.

H. P. Ranina is a practicing lawyer, specialising in tax and exchange management laws of India. Views expressed are his own and do not reflect the newspaper’s policy.

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