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Mass AI adoption in finance will 'worsen' bias & discrimination, confirm WEF & CCAF - Fair Play Talks

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A new report released by the World Economic Forum (WEF) and the Cambridge Centre for Alternative Finance (CCAF) shows that nearly two-thirds (64%) of financial services leaders expect to be mass adopters of AI in the next two years, compared to just 16% today. These firms plan to expand AI use beyond cost reduction, and use it for revenue generation, process automation, risk management, customer service and client acquisition. However, the study also reveals executive fears surrounding AI bias and market-wide risks. In fact, more than half of the executives interviewed for the study expect mass AI adoption to'worsen bias and discrimination' within the sector. The report Transforming Paradigms: Global AI in Financial Services Survey, supported by EY and Invesco, explores the impact AI will have on the industry thanks to interviews with over 150 senior financial services executives in both fintech and incumbent financial institutions.


AI Stats News: 65% Of Companies Have Not Seen Business Gains From Their AI Investments

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Recent surveys, studies, forecasts and other quantitative assessments of the progress of AI highlighted the rapidly increasing expectations regarding the business benefits of AI and the low incidence of business gains so far; the increasing adoption of AI by businesses worldwide and the challenges in its implementation and integration with exiting processes; and how companies respond to AI by both reducing and training their workforce. The report estimated the combined AI spending from large-capitalization financial institutions at more than $150 billion annually. In the past two years, BB&T Corp. has embraced a digital-first approach to plugging in artificial intelligence and robotics into its back-office, customer-service and compliance operations. That should eclipse the 1,281 companies that raised $16.8 billion in all of 2018, according to the 3Q 2019 PitchBook-NVCA Venture Monitor [VentureBeat] "The values of AI designers or the purchasing administrators are not necessarily the values of the bedside clinician or patient. Those value collisions and tensions are going to be sites of significant ethical conflict"--Danton Char, assistant professor of anesthesiology, perioperative and pain medicine at Stanford University Medical Center "I don't yet fully subscribe to the view that the machine is completely autonomous and operates without human intervention. At least as of today, and probably the foreseeable future, the AI machine is just another tool"--Andrei Iancu, director of the U.S. Patent and Trademark Office, speaking about recognizing AI systems that develop new products as inventors "If leaders think about AI like a balance sheet, then they're missing the point. You need to get emotional attachment to the disruptive nature that it can bring"--Werner Boeing, CIO, Roche Diagnostics "The major upside for us is driving more engagement....Right behind that is the ability to monetize this and generate incremental revenue for us and for our clubs....This data's going to be hugely valuable"--Dave Lehanski, NHL senior vice president of business development and global partnerships


AI Stats News: 65% Of Companies Have Not Seen Business Gains From Their AI Investments

#artificialintelligence

Recent surveys, studies, forecasts and other quantitative assessments of the progress of AI highlighted the rapidly increasing expectations regarding the business benefits of AI and the low incidence of business gains so far; the increasing adoption of AI by businesses worldwide and the challenges in its implementation and integration with exiting processes; and how companies respond to AI by both reducing and training their workforce. The report estimated the combined AI spending from large-capitalization financial institutions at more than $150 billion annually. In the past two years, BB&T Corp. has embraced a digital-first approach to plugging in artificial intelligence and robotics into its back-office, customer-service and compliance operations. That should eclipse the 1,281 companies that raised $16.8 billion in all of 2018, according to the 3Q 2019 PitchBook-NVCA Venture Monitor [VentureBeat] "The values of AI designers or the purchasing administrators are not necessarily the values of the bedside clinician or patient. Those value collisions and tensions are going to be sites of significant ethical conflict"--Danton Char, assistant professor of anesthesiology, perioperative and pain medicine at Stanford University Medical Center "I don't yet fully subscribe to the view that the machine is completely autonomous and operates without human intervention. At least as of today, and probably the foreseeable future, the AI machine is just another tool"--Andrei Iancu, director of the U.S. Patent and Trademark Office, speaking about recognizing AI systems that develop new products as inventors "If leaders think about AI like a balance sheet, then they're missing the point. You need to get emotional attachment to the disruptive nature that it can bring"--Werner Boeing, CIO, Roche Diagnostics "The major upside for us is driving more engagement….Right behind that is the ability to monetize this and generate incremental revenue for us and for our clubs….This data's going to be hugely valuable"--Dave Lehanski, NHL senior vice president of business development and global partnerships


Artificial Intelligence Will Transform Financial Services Industry Within Two Years, Survey Finds

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A new survey released by the World Economic Forum and the Cambridge Centre for Alternative Finance (CCAF) finds nearly two-thirds (64%) of financial services leaders expect to be mass adopters of Artificial Intelligence in two years compared to just 16% doing so today. These firms plan to expand AI use to purposes beyond cost reduction, using AI for revenue generation, process automation, risk management, customer service and client acquisition. In Transforming Paradigms: Global AI in Financial Services Survey, over 150 senior financial services executives in both fintech and incumbent financial institutions responded to a range of questions on the impact AI will have on the industry, concluding that there will be a significant gap between firms that quickly implement AI and firms that lag behind. Currently, 60% of firms invest less than 10% of their R&D resources on AI despite evidence of accelerating returns. Pay offs have shown to be especially strong between investment levels of 10% and 30% as well as investment levels of 30% and 40%.


What's Your Transformation Strategy as Change Accelerates in Banking?

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Ever since the financial crisis of 2008, the vast majority of financial institutions have sought to deliver profitability through cost cutting and efficiency measures. While these strategies have worked to varying degrees up until now, future growth will demand much more. Not only are most legacy banking organizations saddled with antiquated back office systems and processes, they have increasingly made only modest changes to satisfy an increasingly demanding consumer. Most are also completely unprepared to staff positions that require new digital skill sets. Remaining relatively complacent to disruptive changes in the marketplace is not the best path to sustained financial and competitive viability.