Generative 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.

Allison Sagraves joined AArete’s VP of Data Science & Analytics, Priya Iragavarapu; AArete’s MD and Financial Services Consulting Leader, Chris McGee; and Chris Stephens who joins Sagraves as an adjunct professor 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.

The panel shared insights on:  

• 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