At Calcalist’s AI Conference, co-founder and CTO of fintech Pagaya, Avital Pardo, highlighted generative AI’s transformative impact on the financial industry. Pardo noted that OpenAI’s ChatGPT has evolved from a consumer product to a vital marketing tool for AI companies, prompting banks—once skeptical—to now adopt AI solutions. Founded a decade ago, Pagaya focuses on B2B applications, enhancing credit underwriting with AI. The acceptance of ChatGPT has notably eased sales barriers in large organizations. Pardo identified the current phase of AI as one of personal use following corporate adoption, likening it to the shift from centralized computers to personal PCs. He emphasized that today, no organization can afford to overlook AI. With accelerated technological advancements, Pagaya has significantly reduced development time, boosting scalability. Pardo expressed optimism about AI-based underwriting, aiming for continual improvement and positioning Pagaya to capitalize on a $5 trillion market, stressing the competitive edge speed provides.
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