57 questions financial institutions should ask about AI

57 questions financial institutions should ask about AI

By Whitney McDonald

 April 15, 2024

AI continues to take the financial services industry by storm, but as the mega-big banks implement internal AI councils, hire chief data officers and invest heavily in the tech, many institutions are still asking “Where do we start our AI journey?” 

Within banking, 87% of bank decision-makers said that there is increasing pressure from boards and leadership teams to implement AI within their organizations, according to a February NTTDATA report that surveyed 650 global banking decision-makers. Tokyo-based NTT DATA is a global digital business and IT services provider. 

But, when approaching AI projects, there’s no one-size-fits-all approach and leaders at financial institutions seem to have more questions than answers.  

“I don’t think there’s necessarily a right or wrong [approach to AI], as long as it makes sense and has some correlation back to your strategy,” Michael Lehmbeck, chief technology officer at BankUnited, said last month at Bank Automation Summit U.S. 2024 in Nashville, Tenn. 

Most financial institutions are considering AI use cases, and there are lessons to be learned in how they are approaching the technology. 

Bank Automation News asked financial leaders: What questions are you asking yourself and your institution when considering AI implementation? 

This is what they had to say...

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Read the full article here: https://bankautomationnews.com/allposts/ai/57-questions-financial-institutions-should-ask-about-ai/