A recent panel discussion at Nicsa's 2023 General Membership Meeting, Unveiling the Power of AI, delved into the transformative impact of Artificial Intelligence (AI) on the asset and wealth management industry and the unique dynamics at play, giving rise to this technological wave.
The panel was moderated by Matt Labovich, US Data Analytics and AI Leader, PwC. Panelists included Vanessa Fernandes, Head of Digital Experience and Delivery, BNY Mellon, Amie Fleming, Data & AI Director, Microsoft, and Ninou Sarwono, VP, Head of Emerging Technology, Capital Group.
An AI Revolution:
The panel discussed the significant paradigm shift that has taken place, captivating global attention. AI, which has been in development since the 1950s, has reached a critical juncture. A perfect storm of technological advancements, computing power, data, and larger models has led to a revolution in AI accessibility. This transformation has placed AI capabilities into the hands of hundreds of millions of users, making it a pivotal moment in AI history.
AI is real today. AI is here today:
The panel emphasized that AI is not a distant concept; it is here today and readily available. The technology is undergoing an expansion phase, generating value and impacting a multitude of businesses. As seen by numerous use cases, the evidence of its efficacy extends beyond the boundaries of controlled environments. Machine learning projects, once lengthy and resource-intensive, have been significantly accelerated by massive models trained on extensive datasets, ushering in a new era of efficiency and practicality.
The Vital Role of Data:
Data emerged as a crucial factor in AI's success. It is the lifeblood of AI, the primary source from which it learns and evolves. Organizations must focus on data quality, quantity, and avoiding biases. The quality of data informs the reliability and fairness of AI models, ensuring ethical and unbiased outcomes. Data augmentation, blending public models with internal data, offers a path to enriching client-specific datasets and automating processes. The panel highlighted the significance of data quality, quantity, and fairness in AI development, emphasizing the need for ongoing attention in these areas.
AI in Action:
The panel shared real-world use cases of AI in action, dispelling the notion that AI is a futuristic concept. Instead, it is a present-day reality driven by visionary leaders. AI applications span across diverse sectors, proving the broad impact of the technology. They acknowledged the existence of limitless use cases and the importance of continually reviewing and assessing the quality of AI's contributions. The discussion reaffirmed that AI is an ally, augmenting human capabilities rather than replacing them.
Building Trust and Embracing Change:
Building trust in AI systems was emphasized as a gradual process achieved through responsible AI practices and real-world experiences. Technology evolves alongside human engagement, making practical, responsible AI practices an integral part of trust-building. The panel concluded by highlighting that success belongs to those who embrace change and adapt to the evolving AI landscape.
“The companies rising, the companies succeeding are the ones embracing change.”
In summary, the panel revealed the transformative power of AI and underscored its current significance in various sectors. AI's evolution is driven by technology advancements, data accessibility, and visionary leadership, with an emphasis on ethical considerations and a collaborative human-AI partnership. The discussions at the Nicsa General Membership Meeting marked a pivotal moment in the understanding and adoption of AI within the asset and wealth management industry.
Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. May contain forward-looking statements subject to various uncertainties. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.