The Impact of Artificial Intelligence on Financial Services

In this episode, Rashad Bilal and Troy Millings sit down with Thasunda Brown Duckett, the CEO of TIAA, to discuss the impact of artificial intelligence on the financial services sector. The conversation delves into the potential ramifications of AI on the global job market, the strategies for leveraging AI in financial companies, and the importance of educating and empowering employees in the face of technological shifts.

With the rise of AI, there are looming concerns about the displacement of jobs. Reports suggest a potentially significant impact, with 25% of global jobs at risk over the next ten years, and a staggering 40% within the next 20 years. Thasunda Brown Duckett emphasizes the need for a balanced perspective, highlighting the importance of understanding the risks involved and ensuring data protection as fundamental considerations for companies venturing into AI.

Moreover, the discussion offers insights into how AI is not confined to a particular department, but rather permeates across all roles and divisions within a company. Thasunda explains the approach at TIAA, where they are keen on identifying use cases to harness AI at every level of the organization. This includes utilizing AI to empower employees, improve client experiences, drive innovation, and enhance efficiency across various departments such as human resources and marketing.

Additionally, Thasunda acknowledges the apprehension many employees may feel amidst technological advancements, and stresses the significance of guiding them through the journey of AI integration. TIAA's commitment to educating and upskilling its workforce reflects the proactive approach required to prepare employees for the shifting landscape and instilling confidence in embracing technology.

The conversation also touches upon the historical patterns of technological transformation, emphasizing how new technologies have consistently led to the creation of new economies and opportunities. Thasunda encourages intellectual curiosity and continual learning, particularly emphasizing the need for young individuals to adopt a proactive approach to understanding and embracing AI and generative AI.

The hosts, Rashad and Troy, reflect on their recent experience at Davos, where the topic of generational fear of technology was raised, drawing parallels to previous technological shifts that were ultimately embraced. The example of the typewriter giving way to computers and emails slowly replacing the need for mailrooms serves as a pertinent reminder of the cyclical nature of technological evolution and the necessity to adapt and educate ourselves accordingly.

Join us for an insightful conversation that sheds light on the implications of AI in the financial services sector, the imperative for responsible and mindful integration, and the role of education and empowerment in navigating the technological landscape.

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