Generative AI (Gen AI) has accelerated innovation across the financial services industry. This has driven a plethora of use cases and new ideas on how technology can be used to increase revenues, improve efficiencies, and manage risks across banking. Still, banking leaders and their teams must remain laser focused on the role of human oversight to ensure the technology is leveraged responsibly and adheres to governance standards and emerging regulatory requirements.
In a remarkably brief timeframe, Gen AI has moved from “nice to have” to “must have” across all industries. To reap the benefits of the technology, banks need to focus on internal operational areas that offer the most promising outcomes in the short-term while being hypervigilant during design and implementation to ensure that best practices are deployed to manage AI risks and governance. In the longer term, this will better position banks to reap the benefits of game-changing AI technology as they work to apply other external-facing use cases that directly impact clients and customers and improve their competitive positioning.
AArete’s VP of Data Science & Analytics, Priya Iragavarapu, and AArete’s MD and Financial Services Consulting Leader, Chris McGee, are joined by Allison Sagraves and Chris Stephens, both adjunct professors across Carnegie Mellon’s data, analytics and AI programs, to have an informed discussion on the impact AI is having on the banking sector, how they see it evolving, and the risk and governance aspects that have become a requirement for success.
Focus on real problems and get started with urgency. But you need the patience to scale, so there’s that balance of urgency and patience and recognize that in banking this is likely going to be incremental over…years by the nature of the business and the regulatory environment. But change will be monumental when we get to scale.
Allison Sagraves, discussing the challenges of banks leveraging AI
In this video, our panelists cover:
- Effective use cases of AI in the banking industry
- Challenges that banks face in leveraging AI, including the shift away from legacy systems and where banks can improve
- Emerging practices for AI risk management and controls monitoring
- Processes, tools, documentation, and internal ownership of AI, as well as other frequently overlooked or deprioritized areas with respects to AI governance frameworks
- Key takeaways to consider for your bank’s continuous AI journey
…It’s really fundamental to think about these [AI] use cases in the way that AI is going to…evolve and the way the industry will mature…over time…Underlying that is this vigilance around the inherent risks and being sure that you continue to monitor and assess and identify and remain focused on those risks because ultimately who’s being impacted at the end of the day is either your employees or your customers and that’s critically important.
Chris McGee, discussing AI risk management
Meet The Panelists
Host: Priya Iragavarapu
VP of Data Science & Analytics, AArete
Priya Iragavarapu has 19 years of experience working in data and technology. She’s a data analytics master with a deep history in the financial services industry, designing and delivering analytics and AI solutions. Before joining AArete, Priya served as director of big data technologies for American Express and also led data analytics teams at US Bank.
Priya is accustomed to being the go-to person for an organization’s analytics needs. She has a demonstrated track record of helping companies make better, faster, and more informed decisions by thoroughly analyzing their data and constructing custom, insightful, easy-to-understand, and highly visual analytics.
Chris McGee
Managing Director, AArete
Chris McGee leads AArete’s Global Financial Services (FS) Consulting Practice. He brings nearly 20 years of experience across FS sectors (e.g., retail, commercial, corporate, and investment banking, capital markets, securities, investment and wealth management, insurance, and fintech).
Prior to AArete, Chris worked at both Gartner and PwC partnering with FS firms on client-centric innovations. He served as a trusted advisor to guide the planning and execution of FS business strategies through digital products and platforms and new technology-based solutions to enhance customer and client experiences across banking channels and geographies while also improving employee experiences. Additionally, he managed global initiatives for clients including strategic banking and capital markets transformations, as well as risk management, compliance, and regulatory remediation programs for global banks. He lives in Northern NJ with his wife and 3 crazy kids.
Allison Sagraves
Chairman, ALLISON SAGRAVES, LLC
Allison is a recognized authority on data and AI. A pioneering chief data officer in banking, Allison is internationally renowned as Top 100 Global Data and Analytics Innovator and 3x Global Data Power Woman. Allison advises fintechs and banks, is Adjunct at Carnegie Mellon and CDOIQ, and is a well-known speaker and author from TedX to Harvard Business Review. Allison is also steward of a forest and beekeeper!
Chris Stephens
VP of AI Solutions, Appen
Chris has been leading large-scale data transformations for over a decade, bringing advanced analytics capabilities to the world for 25 years. Most recently, he served in CDO roles at GEICO, Zendesk, and American Eagle Outfitters. Prior to that he helped lead the Data Science practice at Pivotal Software helping organizations around the world adopt modern data and software practices. He is Field CTO and Head of AI Solutions at Appen bringing AI systems to life for organizations around the world. He is an advisor to Insight Partners and Battery Ventures helping shape a new generation of technology and teams. He is Adjunct Faculty at Carnegie Mellon University teaching our next generation of data and AI leaders. He is passionate about the human side of data, transformation, and innovation. He hails from Pittsburgh with his wife and 5 young adult children. An avid music fan, he reminds us that, “you who choose to lead must follow.”
Interested in Learning More?
If your organization is looking for ways to design and implement AI use cases or enhance your AI risk and governance practices, our team is eager to continue the discussion with you, understand your needs, and share how AArete can help you achieve your AI goals.
Explore our Financial Services solutions or read more about how AArete approaches Practical AI consulting solutions to ensure applications have impactful, real-world use. Or get in touch with our team for a follow-on discussion.
