Why We Need a People-First Artificial Intelligence Strategy

With more access to data and growing computing power, artificial intelligence (AI) is becoming increasingly powerful. But for it to be effective and meaningful, we must embrace people-first artificial intelligence strategies, according to Soumitra Dutta, professor of operations, technology, and information management at the Cornell SC Johnson College of Business. "There has to be a human agency-first kind of principle that lets people feel empowered about how to make decisions and how to use AI systems to support their decision-making," notes Dutta. Knowledge@Wharton interviewed him at a recent conference on artificial intelligence and machine learning in the financial industry, organized in New York City by the SWIFT Institute in collaboration with Cornell's SC Johnson College of Business. In this conversation, Dutta discusses some myths around AI, what it means to have a people-first artificial intelligence strategy, why it is important, and how we can overcome the challenges in realizing this vision. An edited transcript of the conversation follows. Knowledge@Wharton: What are some of the biggest myths about AI, especially as they relate to financial services?