AI in Financial Services Podcast Hiring in AI for Financial Services - with Nirmal Ranganathan of Rackspace
Dec 16, 2024
Nirmal Ranganathan, Vice President of Engineering and AI at Rackspace Technology, shares his expertise on AI hiring challenges faced by financial services. He discusses how generative AI is transforming both customer-facing and back-office operations. Nirmal highlights the importance of data governance and addressing AI bias. The conversation also delves into disparities in AI adoption between large banks and smaller institutions, emphasizing how advancements can level the playing field. He advocates for diversity and inclusivity in hiring to bolster AI effectiveness.
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Early AI Adoption in Financial Services
- Generative AI adoption is exploding across industries, including financial services, but is still in early stages.
- Companies initially focus on simpler use cases like customer service and back-office document processing.
Back-Office First AI Implementation
- Start with back-office AI applications before implementing customer-facing ones to minimize risk and liability.
- Back-office implementation allows for course correction and refinement before wider deployment.
Customer Data and Compliance
- Building a 360-degree customer view and ensuring compliance are crucial before implementing customer-facing AI.
- These systems must work together seamlessly for effective customer interaction and regulatory adherence.