'AI to assist, not replace jobs at Fiji Development Bank'

Artificial intelligence (AI) will not replace jobs at the Fiji Development Bank (FDB) but will instead serve as a modern tool to help credit assessors work more efficiently, says ThirdRoc director Shivnil Maharaj.

ThirdRoc is a Melbourne-based fintech company that develops AI-powered credit assessment tools for banks in Fiji and the Pacific.

Mr Maharaj addressed concerns about AI replacing human workers during today’s launch of FDB's AI credit assessment pilot project.

“AI is not going to take over processes and take over jobs. That is not what is happening,” Mr Maharaj said.

“It is just like a modern-day calculator which is providing the tools to the credit assessor.”

Mr Maharaj explained that the system keeps humans in control of all final decisions, with AI serving only as an assistant that analyzes information and provides recommendations.

“The bank statement has been analyzed. We have identified X, Y, Z things. What do you now decide? This is what we think. What do you want to decide?” he said, describing how the tool works.

“It is human in the loop. It is not just AI running independently.”

The company developed the technology to help FDB assess loans using alternative data sources like WhatsApp and Viber information, particularly for small business owners who lack formal accounting records.

Mr Maharaj also addressed algorithm bias concerns, stating the system operates in a controlled manner following FDB's compliance requirements rather than running independently.

“It is FDB who is driving that compliance piece. AI and machine learning is working at the back end to enable that,” he said.

The pilot project will initially serve existing FDB customers for 12 months before potentially expanding to new customers.

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