AI at Sibos
At Sibos, in Sydney this week there was significant focus on Artificial Intelligence, with speakers from a range of backgrounds discussing everything from IoT to AI and ethics.
Dr Eng Lim Goh, CTO at HP Enterprise discussed the role of AI in financial services, describing the way that a number of different AI approaches can create new insights and catch anomalies. His short term suggestions for financial services firms? First of all, assume that AI will become ubiquitous, which means that capturing and curating data for analysis should become a core activity for companies. He emphasises that the key differentiators in AI are the data that you have and the domain expertise that your staff possess: that domain expertise, in particular, is vital to any application of this technology.
And how can AI be used today, outside of the R&D labs? Some of his examples include: analysing data sets against GDPR requirements, automatically cleansing and redacting information that falls foul of those privacy rules. Dynamically matching customers calling into a call centre with agents that have experience in the field the customer works in, to help improve client service levels. And even predicting which ATMs will fail before they do, sending maintenance teams out in advance of expected outages, trying to ensure that customers in remote locations are not left without cash.
Dr Loh is of the view that this is just the very beginning of a wave that can enhance productivity, improve compliance and enhance levels of service that financial institutions can offer.
Clearly the same advice should apply to regulators: structure and cleanse (aka, apply business data quality rules) data, educate domain experts and assume ubiquity of these new technologies.