Page 42 - Banking Finance July 2024

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Challenges and Considerations: Ensuring controls. This includes safeguarding sensitive
information, respecting user consent, and preventing
Trust and Reliability unauthorized access to data.
Despite their transformative potential, LAMs also pose 4. Algorithmic Transparency: Organizations developing
significant challenges and considerations, particularly LAMs must prioritize algorithmic transparency by
regarding trust, reliability, and ethical deployment. As
providing insights into the decision-making process and
autonomous agents, LAMs must operate within ethical enabling users to understand how AI systems operate.
boundaries and prioritize user privacy, security, and well- This fosters trust, accountability, and user confidence
being.
in AI-driven technologies.
Key considerations include: Conclusion: Embracing the Promise of

1. Ethical Guidelines: Organizations developing LAMs LAMs
must adhere to ethical guidelines and principles to
LAMs represent a transformative leap forward in the
ensure responsible deployment and mitigate potential
risks. This includes considerations related to bias, evolution of AI, offering unparalleled capabilities to
fairness, transparency, and accountability in AI systems. understand, interpret, and act upon human intentions. By
harnessing the power of LAMs, organizations and individuals
2. Human Oversight: While LAMs operate autonomously,
alike can streamline processes, enhance productivity, and
human oversight remains essential to monitor unlock new opportunities for innovation and growth.
performance, intervene when necessary, and ensure
compliance with ethical standards. By incorporating As we navigate the complexities of deploying AI systems
human-in-the-loop mechanisms, organizations can responsibly, it is essential to prioritize trust, transparency,
maintain control and oversight over AI systems. and ethical considerations. By fostering a culture of
3. User Privacy and Security: LAMs must prioritize user responsible AI development and deployment, we can ensure
privacy and security by implementing robust data that LAMs serve as powerful tools for positive change,
protection measures, encryption protocols, and access empowering individuals, and transforming industries.

33% of seniors without income, 65% financially insecure

One in every three elders reported not having any income in the past one year, 32% elderly or their spouses had an
annual income of less than Rs 50,000 and only 29% elderly reported having access to social security schemes like old-
age pension, contributory pension or provident fund. Nearly, 65% of elders reported that they were financially not
secure with their current income andaccess to savings and investments.
These findings are part of a report released by voluntary organisation 'HelpAge India' on the eve of World Elder Abuse
Awareness Day observed on June 15.
As many as 5,169 elders and 1,333 caregivers' primary family members were surveyed across 20 Tier I and Tier II
cities, in 10 states. The study captured the experiences of elderly from cities like Jaipur, Faridabad, Panipat, Kanpur,
Indore, Kolkata, Bhubaneswar, Ahmedabad, Mumbai, Solapur, Chennai and Bengaluru.

These findings are important in backdrop of significant demographic shift in India with population above 60 to double
from 10.5% in 2022 to 20.8% by 2050. The report, 'Ageing in India: Exploring Preparedness & Response to Care
Challenges', showed that only 31% elderly reported access to health insurance.

Elder abuse continues to be a major concern, with 7% elderly admitting to being a victim of abuse with sons (42%)
and daughters-in-law (28%) being primary perpetrators. "A higher percentage of elderly who faced abuse in past
year were illiterate, and the abuse increased with decrease in income of elderly, as majority of the respondents (73%)
who faced abuse reported an annual income of less than Rs 100,000," the report said.

38 | 2024 | JULY | BANKING FINANCE