Banks Lead Charge to Adopt AI for Business, IBM CEO Rometty Says

Banks are positioned to pioneer the use of artificial intelligence to help them retain clients in an era of technological disruption, IBM Chief Executive Officer Ginni Rometty said at a conference in Geneva. "Financial services, I believe, can and will lead the world into this era," Rometty said at the Sibos conference on Wednesday, sharing a panel with Sergio Ermotti, CEO of UBS Group AG. "The ultimate competitive advantage is being cognitive." International Business Machines Corp. has touted its "cognitive solutions" unit and its Watson artificial intelligence platform as crucial to future growth. Revenue at that unit increased 3.5 percent to 4.7 billion in the second quarter, following five straight quarterly declines, the company reported in July.