Accelerating Outcomes: how are banks driving AI innovation?

Accelerating Outcomes: How are banks driving AI Innovation?

Wednesday 10 April 2024 15.00-16.00 BST | 10.00-11.00 EDT

Virtual Roundtable

Event Speakers

Chintan Mehta

EVP, Group CIO, Wells Fargo

Chintan Mehta is the Chief Information Officer and Head of Digital Technology and Innovation for Wells Fargo. He is also a member of the Wells Fargo Technology executive leadership team. Chintan joined Wells Fargo in 2017 as the head of Digital Technology where he was responsible for strategy, development, and support of digital technology solutions across all Wells Fargo businesses. Chintan has a master’s degree in computer science from Hertfordshire University.

EJ Achtner

Head of the Office of Applied AI, HSBC

EJ leads HSBC’s Office of Applied Artificial Intelligence (OAAI). Previously, EJ was the Global Head of Wholesale Digital Architecture directing a wide range of strategic initiatives across Agile/Value Stream Transformation, Business Architecture, program remediation, and technology deployment. Prior to joining HSBC, EJ spent 15 years at Bank of America where, in his last role, he led its retail banking digital platforms.

Alexandra Mousavizadeh

Co-CEO and Co-founder, Evident

Alexandra has spent 25 years ranking and quantifying complex societal and political forces, and for the last 6 years she has focused on AI. She started her career at Moody’s, then Morgan Stanley, and later became CEO of ARC Ratings and Director of the Prosperity Index. Most recently, Alexandra was Director of Tortoise Intelligence, publisher of The Global AI Index.

In this virtual roundtable, we dived into the latest data from Evident’s April 2024 Innovation Report to consider: How are major banks driving AI innovation? How are they thinking about the choices and trade-offs? And how are banks’ innovation strategies driving outcomes from AI?

We were delighted to be joined by leaders driving the innovation agenda at two of the world's largest banks to find out more about their innovation strategies and how they are driving outcomes from AI today.

Watch the full Roundtable here:

A balanced innovation strategy is essential for successful AI adoption and is the reason why Innovation is one of the four pillars of the Evident AI Index, the global standard benchmark of AI maturity.

In our latest Innovation Report, we explore how banks are thinking about three key questions:

Build: Do we have sufficient intellectual property to develop AI capability ourselves?
Borrow: Who within our extended ecosystem of vendors and partners is best positioned to accelerate our efforts?
Buy: Have we invested strategically in external products and services that we can leverage internally?

Banks appear to be taking different approaches. Many banks partner with AI vendors and academia. Some have gone one step further and either invested in - or acquired - AI companies. Others have established in-house AI research teams, or focused more heavily on AI patents.

Not having a strategy around AI innovation is a choice. But it's unlikely to be a wise one.

Key slides: