“ One of our core principles that we ’ ve used to help drive that decision-making is ‘ solid core , flex edge ’. We build these solid capabilities to drive customer experience and our business has the flexibility to get in front of customers as needed with the right tools and capabilities ,” says Sahota .
Evolving AI and ML in the banking sector Notably , artificial intelligence ( AI ) and machine learning ( ML ) have been present in banking for quite some time . As technologies evolve , the industry uses them to keep up with the rapid rate of change .
The key here , as addressed by Sahota , is to be diligent and understand the risk factors – for example , client data in a high-risk industry – but also the relevant applications for such technologies . This is where governance comes to the forefront to ensure that expanding AI-based solutions for a bank provide value long-term .
Sahota also stresses the importance of remaining on the same level as technology in order to leverage the new functions in the best ways .
“ Today everyone is focused on generative AI ( Gen AI ), and rightfully so . It gives tremendous value because you ’ re building upon all this rapid change that ’ s happening and , given the pace of change and the nature of that change , there ’ s a wealth of opportunity when applying some of these capabilities ,” Sahota says .
On the governance point , he explains : “ We have to be very measured and very thoughtful about how to implement these capabilities . For us as a regulated entity , as an entity that ’ s a custodian of information from 13 million customers , we are considerate of the right approaches and when it makes sense for us to really implement some of this capability .”
82 February 2024