This year’s focus is on artificial intelligence and its use within the banking industry. Large language models (LLMs) and generative AI now enable computers to take in data and answer questions in human-like ways. AI has gone through what has been called ‘winters and summers’ but this year, the situation is different with data now being stored in a digital format and stronger compute power. AI is being used in various areas within the finance world, with global private-equity firm EQT exploring applications to deal-making and Goldman Sachs actively encouraging non-tech staff to use it.
AI usage, however, comes with significant risks. There is a need to be careful in regards to intellectual property, privacy compliance and regulatory compliance. While the potential of AI is great and it may even be revolutionary, banks differ in their methods in deploying AI throughout the organization. Most have assigned AI leaders and tech strategists to various departments, or allocate it to a centralized team, or even a mix of both.
Looking at the top US banks, Goldman Sachs, JPMorgan Chase and Morgan Stanley are examples of those leading the AI strategy. Goldman Sachs has twelve of the top AI executives and technologists making waves in the banking field. These are Prag Sharma, of Citigroup’s global head of AI, Abby Sara of Goldman Sachs’ AI Practice, Stefano Giglio of JPM Chase’s AI and Machine Learning team, and Edwin Wong of Morgan Stanley’s Machine Learning team. All these individuals have acted as champions of the AI cause and their skills have contributed to the success of the banks in which they are employed.
In conclusion, this year has truly been revolutionized by the potential of generative AI and large language models, as banks now look to prioritize their usage for success. The twelve AI experts mentioned have been pivotal to this shift and their work is to be commended. It is very clear that AI is going to become the front-runner for success in the banking field in the years to come.
