Expert: Ian McKenna, Chief Information Security Officer, Iress Facilitator: John Chapman, Director, Catalyst Partners
Headlines:
- AI Opportunities
- The automation of routine tasks and the dynamic response to outside influence
- Reduction in resourcing desired to deliver effect
- The prediction of future patterns and the pre-staging of response
- The maximising of wealth opportunities and fund management
- AI Risks
- Skills fade from the reliance on AI/ML to carry out tasks normally done by effective & knowledgeable personnel
- Data control is passed to opaque organisations creating additional risk in Data Privacy and data breach
- Reliance on AI technologies that are currently free brings with it the possibility of incurring significant cost that will become operational and recurring
- There is limited control over proprietary code, algorithms and other technologies when using AI/ML
Discussion:
There is growing consensus on the huge potential for AI to improve wealth management and private banking, particularly how it will be embedded into processes. It also has the potential to benefit clients by identifying their priorities and anticipating their queries with relevant solutions.
But there is still a long way to go until the industry can utilise AI to enhance their work, as well as replicate the trust which is such an invaluable part of the industry, but from a technology perspective, Generation Z clients will undeniably be more receptive to AI integrations.
With pressure on your productivity being such a key challenge, can we expect to see any fundamental changes to operational efficiency with the rise of AI?
Key takeaways:
- Identify > Prepare
Where AI could drive the business forward > Spend time analysing if this is something you need or just something ‘shiny’ - What outcomes you desire > This is where Use Cases and a Business Case are critical
- What you need AI to do to achieve the outcome > Taking the Use Case to market in a vendor search (in an RFP preferably)
- What the risks are and how you’ll mitigate them > Clearly mitigate the risks to your data and your systems before you start engaging with vendors
