In this interview, Babu Nair, MD & founder of Financial Technology Frontiers, speaks with Paolo Sironi, Global Research Leader in Banking & Financial Markets, IBM Institute for Business Value. They discuss the changing landscape of technology in the banking sector, with a focus on generative AI and its impact on business models, risk management, and the workforce.
Sironi emphasizes the importance of “regenerate banking with AI”, where AI is used to create new value propositions for customers and address the challenges facing traditional banking models. He highlights the need for “hybrid cloud, AI machine learning, generative AI” as core investments for banks and the importance of “risk management architectures” to mitigate the risks associated with AI adoption.
Sironi also discusses the changing role of the workforce in the age of AI, emphasizing the need for “reimagining the workforce” and equipping employees with the skills to work alongside AI. He concludes by outlining a three-step process for banks to “explore, integrate, and scale” their AI adoption, ensuring a systematic and risk-managed approach. This insightful conversation provides valuable perspectives on the future of banking and the role of AI in shaping the industry.
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