Is it a risk to start implementing AI? Well, yes. But it doesn’t necessarily need to be. Most companies that implement AI, after doing the appropriate research, defining a clear strategy and being patient with the results, eventually have a productive outcome.
The 6th Annual Artificial Intelligence in Financial Services Conference 2024, which took place this week. The presentations took time to explore the latest innovations in artificial intelligence and how they are being used to enhance the financial services industry.
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A panel titled ‘The Great Debate: Leveraging Automation and AI to save time and costs’ took place at the event. The panel explored factors affecting costs and time efficiency issues related to AI. It looked at re-evaluating strategies and tools supporting automation and GenAI to optimise performance and ask the questions, can taking risks possible help to generate better results and how are businesses saving time and boosting productivity?
Should we focus more on the negative side of things with AI?
The panel consisted of Rowena Everson, Head Digital Channels & Data Science, Standard Chartered Bank, Mauricio Toro Bermudez, Data Scientist, Cheddar, Kateryna Shcheglova-Goldfinch, Consultant on AI and Regulatory Platforms Development, National Bank of Ukraine, Simon Thompson, Head of AI, ML & Data Science, GFT, Alexander Stumpfegger, Chief Sales Officer, CID, Kosta Savic, Business Development Leader, Kosmoy and Isabel Al-Dhahir, Principal Analyst, GlobalData.
The panel, and the whole event altogether, looked at the positive impact of AI in the industry. However the panel were asked: “Should we focus more on the negative side of things with AI?”
To this, Standard Chartered’s Rowena Everson, said: I suppose we are conservatives. That’s not going to surprise many, large old banks tend to have quite a conservative risk approach. Towards it being risky first doesn’t necessarily mean risky outcomes. It can benefit a workforce by understanding what benefits are. How do different types of AI actually operate, and what new opportunities and business processes? I think the fear factor doesn’t necessarily also equate to risk outcomes. If it’s an uninformed sector, people who decide not to employ electrification in their factories. It came from an uninformed viewpoint. So I think that has to be controlled.
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By GlobalData“We had a work for a startup project. Instead of going for generative AI, we started by discriminative AI for a team or a company that hasn’t used AI. So what we did was based on the bank transactions that we get from our customers. For each of the bank transactions is petty spending category. hotels, restaurants, eating out, etc. This is something you can find in many bank apps, but we want you to do our own in-house model to get experience, to know the policies about how we can train or model user data, to see also how our customers react when we start giving them these predictions before we go further with Gen AI recommendation.”
While attended the event, there seemed to be an Elephant in the room. While most of the companies discussed the benefits of AI, as this panel name suggests, it can reduce time and cost. But the impact of this on the jobs of real people rarely mentioned. As advanced as they are becoming, one must wonder whether an AI language model is smart enough to also pick up on that Elephant in the room.
