IA talks AI
3. Technology Working Group AI Report: Key points
Oct 10, 2024
Derrick Hastie, Chief Technology Officer at Legal & General Investment Management, shares insights on AI's transformative role in the investment sector. He discusses the challenges of integrating generative AI and overcoming cultural resistance in organizations. The importance of pilot programs and effective communication to foster innovation is emphasized. Additionally, Hastie highlights the pressing need for AI skills in the job market and the collaboration necessary to bridge the skills gap, ensuring future growth in investment management.
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Quick takeaways
- Investment management firms are increasingly leveraging generative AI to enhance processes like compliance and software development while training staff accordingly.
- Cultural resistance and a significant talent gap for AI skills pose challenges, necessitating effective communication and educational improvements for future innovation.
Deep dives
Insights from the AI Report
The recent AI report highlights how investment management firms are adapting to leverage the opportunities presented by AI, particularly generative AI. This new technology has expanded the possibilities for enhancing business processes, such as using institutional knowledge bots to streamline responses and Smart KYC to enhance compliance. In the realm of software development, AI facilitates tasks like generating requirements, conducting peer code reviews, and even creating test cases automatically. The industry is currently focused on identifying these use cases, experimenting with them, and training staff to effectively implement these innovations.
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