DataFramed #73 Scaling AI Adoption in Financial Services with Chief Strategy Officer and Head of Financial Services at TruEra Shameek Kundu
Oct 18, 2021
Shameek Kundu, Chief Strategy Officer at TruEra Inc. and former Group CDO at Standard Chartered Bank, shares insights on AI adoption in financial services. He highlights the shift from defensive data management to proactive strategies that drive growth. The conversation delves into the urgent need for data literacy and the challenges of integrating AI while ensuring model integrity. Kundu also emphasizes the importance of explainability in AI systems and navigating regulatory hurdles to foster trust and responsibility in financial practices.
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Data Transformation in Finance
- Financial services have shifted from using data defensively to using it offensively.
- This means using data not just for operations, but also for business growth and customer value.
Areas of Value in Financial Services
- Machine learning is creating value in financial services across areas like risk management, revenue generation, and customer experience.
- It is even enabling transformational changes like improved financial inclusion and new business models.
ML Adoption: Broad but Shallow
- Machine learning adoption in financial services is broad but shallow, with most institutions only using it in pilot projects.
- Only 10-20% truly leverage AI for significant bottom-line impact.