Trust, Technology, AI….and I am trying to be a Private Person
In this piece, I would like to highlight two things:
- How someone can unintentionally get trapped in a personal loan with no interest — perhaps it should be termed a “Soft Loan.”
- How Fibe facilitates personal loans via agent-assisted methods.
Here’s the setup:
I connected with Upgrad to enroll in an AI course. The course was expensive, and I thought I could manage the payment myself by breaking it down. I had no intention of taking a loan from a bank — I wanted to handle it independently.
However, at first, I was disappointed that Upgrad, as an institution, couldn’t offer better options for students. But then they suggested a payment system that didn’t involve interest — Fibe.
Fibe:
Here’s how it works: Upgrad has partnered with Fibe, which acts as an intermediary. Fibe pays on behalf of the student and then collects the money in installments, without interest or EMIs. I only need to pay the principal amount. I assume Fibe profits if I (or other students) delay payments.
So, I ended up signing up for the “Soft Loan.” The process to apply was a hassle. Trust me, it was a nightmare.
I was assigned a sales agent who approached me via Google Meet. The process involved sharing my desktop and following their suggestions. Like a sincere student, I ended up sharing my system, where OTPs weren’t even masked.
Here’s what the process involved:
- Filling in basic details
- Posing for a selfie
- Taking a video call
- Updating income details
- KYC
- Verifying Aadhaar through OTP (unmasked — the agent could see it)
- Digit locker
- Setting up auto payment
- Logging in through net banking
- Validating again, and finally setting a PIN (unmasked).
It was overwhelming.
After going through this, I realized how insecure customers might feel when they go through such a process!! And also, it has become a really learning lesson for me to understand what I may need to solve when we build agent-assisted journeys.
Rumour Mill:
After completing everything, just as I was about to sigh with relief, I received a panic call from the HDFC agent(he called himself a personal assistant for my account, even though I never appointed him or asked for one) , asking why I needed a personal loan. I was like, “What?!?” Somehow, the information spread without me even speaking. This moment made me feel naked in front of an unknown person.
So, No more locks required….??
As we rush to move things to AI or demand everything at blink-of-an-eye speed, are we seriously considering and ensuring security and transparency? How much transparency is really good for humans? Can we trust AI to the extent where we don’t need to lock our houses or buy a safe? How much can AI replace when trust and privacy are at stake?
These are some real questions we need to ask ourselves as we continue to integrate AI into our daily lives.
