Close Menu
InfoQuest Network
  • News
  • World
    • United States
    • Canada
    • Europe
    • Asia
    • Latin America
    • Australia
    • Africa
  • Politics
  • Business
    • Personal Finance
    • Finance
    • Markets
    • Startup
    • Investing
    • Innovation
    • Billionaires
    • Crypto
  • Tech
  • Lifestyle
  • Sports
  • Travel
  • More
    • Science
    • Entertainment
    • Health & Wellness
    • Immigration
Trending

Cierra Ortega’s Friends Cease Managing Her Social Media Following Racist Post Before ‘Love Island’ Exit

July 7, 2025

California Man Detained by ICE for Seven-Year Visa Overstay

July 7, 2025

Tropical Storm Chantal Causes Flooding in North Carolina

July 7, 2025
Facebook X (Twitter) Instagram
Smiley face Weather     Live Markets
  • Newsletter
  • Advertise
Facebook X (Twitter) Instagram YouTube
InfoQuest Network
  • News
  • World
    • United States
    • Canada
    • Europe
    • Asia
    • Latin America
    • Australia
    • Africa
  • Politics
  • Business
    • Personal Finance
    • Finance
    • Markets
    • Startup
    • Investing
    • Innovation
    • Billionaires
    • Crypto
  • Tech
  • Lifestyle
  • Sports
  • Travel
  • More
    • Science
    • Entertainment
    • Health & Wellness
    • Immigration
InfoQuest Network
  • News
  • World
  • Politics
  • Business
  • Finance
  • Entertainment
  • Health & Wellness
  • Lifestyle
  • Technology
  • Travel
  • Sports
  • Personal Finance
  • Billionaires
  • Crypto
  • Innovation
  • Investing
  • Markets
  • Startup
  • Immigration
  • Science
Home»Business»Finance»HSBC executive warns of widespread ‘success theater’ involving AI in finance industry
Finance

HSBC executive warns of widespread ‘success theater’ involving AI in finance industry

News RoomBy News RoomOctober 9, 20240 ViewsNo Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email Reddit Telegram WhatsApp

Financial services firms are increasingly relying on artificial intelligence to boost productivity and operational efficiency, but many are not seeing tangible results according to industry leaders at the CogX Global Leadership Summit. HSBC’s head of generative AI, Edward J Achtner, highlighted the bank’s 550 use cases of AI across various business lines, including fighting money laundering and fraud. A partnership with Google on AI technology for anti-money laundering has been in place for several years, with a recent focus on generative AI technology which presents unique risks and opportunities.

Klarna CEO Sebastian Siemiatkowski discussed the company’s use of AI to make up for a loss in productivity due to a reduction in the workforce, aiming to further reduce headcount to 2,000. The move has raised questions about the impact of AI on jobs, with concerns about potential disruptions to the workforce. Nathalie Oestmann of NV Ltd advised financial firms to pursue continuous learning and incorporate AI into their everyday operations to adapt to the changing landscape. She emphasized that as long as people are trained appropriately, AI can help firms evolve and stay competitive.

Lloyds Banking Group’s chief data and analytics officer, Ranil Boteju, outlined the bank’s cautious approach to generative AI, focusing on automating back-office functions and providing AI-generated responses to client queries. He stressed the importance of implementing guardrails before scaling generative AI tools to ensure customer safety and data integrity. Boteju highlighted the distinction between traditional uses of machine learning, intelligent automation, and chatbots and the emerging technology of generative AI, which requires a different approach.

Kangen Water

Other AI leaders in the financial services sector have expressed a more measured approach to the adoption of AI technologies. Bahadir Yilmaz, chief analytics officer of ING, emphasized the potential of AI but noted that the tone of communication around its use varies among firms. ING primarily uses AI in global contact centers and for software engineering, without needing to position itself as an AI-driven bank. Johan Tjarnberg, CEO of Trustly, highlighted AI as a significant technology lever in payments, with a focus on enhancing customer experience through intelligent charging mechanisms for subscriptions.

Overall, the discussion at the CogX Global Leadership Summit revealed a diversity of approaches to AI adoption in the financial services industry. While some firms are making bold claims about the transformative potential of AI, others are taking a more cautious and measured approach. The key takeaway is the importance of continuous learning and adaptation to leverage the benefits of AI while mitigating potential risks. As the industry evolves, financial services firms will need to navigate the challenges and opportunities presented by AI to stay competitive in a rapidly changing landscape.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Reddit Telegram WhatsApp

Related News

Fraudsters Allegedly Stole Millions From IRS Using Tax Pro Hotline, Watchdog Reports

November 5, 2024

Former Baidu AI Scientist Turns Billionaire as Shares of His Self-Driving Tech Startup Surge 16%

November 5, 2024

Experian, TransUnion, and Equifax Disable TomoCredit’s Reporting Access

November 5, 2024

Tax Measures Are Up for Vote in Multiple States—Here’s the Information You Should Have

November 5, 2024

3G Capital, Masterminds Behind a $20 Billion Burger King Profit, Scores Another Big Win

November 4, 2024

Join the Forbes Fintech 50: Submit Your Application for the 2025 List

October 25, 2024
Add A Comment
Leave A Reply Cancel Reply

Top News

California Man Detained by ICE for Seven-Year Visa Overstay

July 7, 2025

Tropical Storm Chantal Causes Flooding in North Carolina

July 7, 2025

Today’s NYT Connections: Sports Edition Tips and Solutions for July 7 #287

July 7, 2025

Subscribe to Updates

Get the latest news and updates directly to your inbox.

Advertisement
Kangen Water
InfoQuest Network
Facebook X (Twitter) Instagram YouTube
  • Home
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 Info Quest Network. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.