Top Takeaways from our AI Management Discussion
Recently we hosted a panel to discuss managing AI initiatives in financial services, moderated by Nemertes CEO and WSTA Content Committee Chair Johna Till Johnson.
The conversation centered around best practices for Governance, Operations, and Quality Assurance. Panelists representing financial firms & technology providers shared candid insights on the challenges, pitfalls, and benefits of AI in the financial services industry.
Read on for their Top 5 Takeaways!
1) Start with the Data, and Get it Right
The importance of starting with accurate data cannot be understated. However, the key differentiator between winners and losers in the GenAI market will be the ability to understand the data and understand the peripherals of how the model will be used.
2) Make Sure You’re Working on the Right Things
Examine current projects and pass them through objective prioritization criteria to guarantee your time and resources are spent on meaningful endeavors. Ensure that the path to production is clear, and that the project will have a meaningful impact on the organization. If not, allocate those resources elsewhere.
3) Collaboration is Key
To maximize the odds that the tools you’re building will actually be used, start with bringing end-users into the process. As development progresses, keep them involved to ensure the final product fits neatly into their workflow. This collaboration yields more helpful AI tools and better adoption rates.
4) Experiment, Experiment, Experiment!
To fully understand your model, it’s crucial to experiment wildly. Developers must know what to expect from their model, even if it’s given unexpected prompts. Sandbox environments are helpful for learning about the model’s capabilities and limitations in a safe environment, and asking the AI to create audit trails provides clear data for regulators.
5) Don’t Be Intimidated by the Hype
It’s easy to get swept up in the hype of a new technology, but if something doesn’t make sense…speak up! Asking questions only benefits you and your team. At worst, you’ll just learn something new. But in most cases, simply starting a dialogue gets people thinking meaningfully about the (possibly) hyped-up technology.
“Financial services firms are at the forefront of AI deployment and value creation,” says Johna. At the Wall Street Technology Association, we’re committed to providing our Members with the latest insights and best practices as AI technology continues to evolve.
Join us for our next AI session this October, Enabling Business Transformation Via AI!
