Episode 60: Why banks should be learning about AI, not doing AI
Description
In this episode I'm tackling the critical need for banks to focus on learning about AI rather than rushing into Proof-of-Concepts and implementations.
I take a look at the macro current state of AI in financial institutions, highlighting that while there are some outliers, the majority are not actively utilising AI technologies in any compelling manner beyond "a bit of Microsoft Copilot".
I also discuss the importance of building a foundational understanding of AI across all levels of an organisation - and I point to the Lloyds Bank Data & AI Summer School initiative as a positive example of this. You can read more on Rohit Dhawan's post here. (Rohit is the Group Head of AI at Lloyds).
In summary, I think the best approach -- right now -- is to try and encourage a culture of curiosity and continuous learning amongst your colleagues.
Chapters
- 00:00 The Urgency of Learning AI in Banking
- 02:36 Understanding the AI Landscape in Financial Institutions
- 05:34 The Importance of AI Literacy
- 08:16 Challenges with Proof of Concepts
- 10:10 Building a Culture of Curiosity and Learning
- 12:58 Case Study: Lloyds Bank's Summer School Initiative
- 15:45 Encouraging Engagement in Learning Initiatives
United States
