TLDR: Avital Pardo, CTO of fintech firm Pagaya, asserts that OpenAI’s ChatGPT has become a powerful marketing tool for AI companies, significantly reducing skepticism among financial executives and paving the way for broader AI integration in the financial sector. This marks a shift from corporate AI adoption to widespread personal use, mirroring the personal computer revolution.
At Calcalist’s AI Conference, held in collaboration with Vultr, Avital Pardo, co-founder and CTO of Israeli fintech company Pagaya, articulated a transformative shift in the landscape of artificial intelligence adoption within the financial industry. Pardo declared that OpenAI’s ChatGPT has emerged as ‘the best marketing agent for every company selling AI solutions.’
He elaborated on how generative AI has profoundly altered the trajectory of Pagaya and the broader financial sector. Pardo noted a significant reduction in skepticism among financial executives regarding AI. ‘Five years ago, banks were full of skeptics who didn’t believe in the technology. Today, those same executives use ChatGPT daily, and now they see the greater risk lies in not adopting AI,’ Pardo stated.
Pagaya, a company publicly traded in New York and founded a decade ago, was established with the ambitious goal of replacing traditional credit underwriting with AI-based models. Unlike consumer-facing lenders, Pagaya adopted a business-to-business (B2B) strategy, offering its AI systems to banks and institutional partners. This approach initially faced a bottleneck due to organizational reluctance to embrace new technology. According to Pardo, ChatGPT has ‘helped eliminate that barrier almost overnight.’
Pardo framed the current moment in AI’s evolution as the beginning of a ‘second phase.’ He explained that the first phase involved corporate adoption, while the second, now underway, is characterized by widespread personal use. He drew a compelling analogy: ‘Computers were in companies for years before the PC made them accessible to everyone. AI is following the same path. ChatGPT marked the moment AI became available to all people.’
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This shift, Pardo argued, carries profound implications for businesses. ‘If twenty-five years ago a bank could not afford not to introduce PCs, today no major organization can afford not to introduce AI,’ he emphasized. For Pagaya, this revolution has brought both commercial and technological advancements.
