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On Thu, 3 Oct, 12:04 AM UTC
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[1]
Canada's BMO appoints chief artificial intelligence and data officer
(Reuters) - Bank of Montreal said on Wednesday it has named Kristin Milchanowski as its chief artificial intelligence and data officer, as the financial services sector increasingly embraces the new technology and its applications. Milchanowski, who was previously with accounting giant EY, will focus on charting a roadmap for the bank to adopt AI, including applications in data, robotics and analytics. BMO said the new appointment, effective Oct. 15, builds on its already heavy investments in the AI space. "Additionally, she will focus on data management and data governance across the organization, deepening the bank's robust and established culture of innovation and accountability," the Canadian lender said in a statement. Banking executives have said the spread of AI-based systems offers big opportunities for financial services firms but some businesses face higher stakes than other consumer-facing units because they manage sensitive information. Analysts expect AI use-cases for the industry to range from simplifying many routine tasks like filling out compliance forms to customer service chat support, and developing portfolios that are data-driven and not extremely complex. U.S. regulators have also sought public comments about the use of AI by financial companies, looking to promote inclusive and equitable access to their services. Earlier this year, Morgan Stanley CEO Ted Pick said the use of AI could save its financial advisers between 10 and 15 hours a week. "This is potentially really game-changing," Pick had said at the time. (Reporting by Manya Saini in Bengaluru and Nivedita Balu in Toronto; Editing by Shilpi Majumdar)
[2]
Canada's BMO appoints chief artificial intelligence and data officer
Oct 2 (Reuters) - Bank of Montreal (BMO.TO), opens new tab said on Wednesday it has named Kristin Milchanowski as its chief artificial intelligence and data officer, as the financial services sector increasingly embraces the new technology and its applications. Milchanowski, who was previously with accounting giant EY, will focus on charting a roadmap for the bank to adopt AI, including applications in data, robotics and analytics. BMO said the new appointment, effective Oct. 15, builds on its already heavy investments in the AI space. Advertisement · Scroll to continue "Additionally, she will focus on data management and data governance across the organization, deepening the bank's robust and established culture of innovation and accountability," the Canadian lender said in a statement. Banking executives have said the spread of AI-based systems offers big opportunities for financial services firms but some businesses face higher stakes than other consumer-facing units because they manage sensitive information. Advertisement · Scroll to continue Analysts expect AI use-cases for the industry to range from simplifying many routine tasks like filling out compliance forms to customer service chat support, and developing portfolios that are data-driven and not extremely complex. U.S. regulators have also sought public comments about the use of AI by financial companies, looking to promote inclusive and equitable access to their services. Earlier this year, Morgan Stanley (MS.N), opens new tab CEO Ted Pick said the use of AI could save its financial advisers between 10 and 15 hours a week. "This is potentially really game-changing," Pick had said at the time. Reporting by Manya Saini in Bengaluru and Nivedita Balu in Toronto; Editing by Shilpi Majumdar Our Standards: The Thomson Reuters Trust Principles., opens new tab
[3]
Canada's BMO Appoints Chief Artificial Intelligence and Data Officer
(Reuters) - Bank of Montreal said on Wednesday it has named Kristin Milchanowski as its chief artificial intelligence and data officer, as the financial services sector increasingly embraces the new technology and its applications. Milchanowski, who was previously with accounting giant EY, will focus on charting a roadmap for the bank to adopt AI, including applications in data, robotics and analytics. BMO said the new appointment, effective Oct. 15, builds on its already heavy investments in the AI space. "Additionally, she will focus on data management and data governance across the organization, deepening the bank's robust and established culture of innovation and accountability," the Canadian lender said in a statement. Banking executives have said the spread of AI-based systems offers big opportunities for financial services firms but some businesses face higher stakes than other consumer-facing units because they manage sensitive information. Analysts expect AI use-cases for the industry to range from simplifying many routine tasks like filling out compliance forms to customer service chat support, and developing portfolios that are data-driven and not extremely complex. U.S. regulators have also sought public comments about the use of AI by financial companies, looking to promote inclusive and equitable access to their services. Earlier this year, Morgan Stanley CEO Ted Pick said the use of AI could save its financial advisers between 10 and 15 hours a week. "This is potentially really game-changing," Pick had said at the time. (Reporting by Manya Saini in Bengaluru and Nivedita Balu in Toronto; Editing by Shilpi Majumdar)
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BMO names Kristin Milchanowski to new chief AI officer role
TORONTO -- BMO Financial Group says it has named Kristin Milchanowski to the newly created role of chief artificial intelligence and data officer. The bank says Milchanowski will oversee several areas including AI, analytics and robotics strategies, as well as data management and data governance across the bank. Chief technology officer Steve Tennyson says in a statement that Milchanowski will look to use AI to differentiate BMO's digital offerings from its competitors. BMO says Milchanowski comes to the role from EY, where she was a global innovation partner focused on AI, high-process computing and quantum technologies. It says she is also an AI associate fellow of the University of Oxford. The Bank of Canada says the financial sector has been investing in AI to improve customer service, enhance compliance and risk management, and better assess credit and liquidity risk. However, the central bank has warned that the trend could lead to operational risks including through reliance on a few third-party service providers and potential hallucinations and biases from predictive AI. This report by The Canadian Press was first published Oct. 2, 2024.
[5]
Bank of Montreal Names Milchanowski Chief Artificial Intelligence, Data Officer
Bank of Montreal has appointed a new executive to focus on artificial intelligence, data, analytics and robotics strategies as the Canadian lender looks to bolster its digital strategy and tap into AI technologies. Kristin Milchanowski will step into the role of chief AI and data officer effective Oct. 15, the bank said Wednesday. An executive with more than two decades of experience, most of which has been in the financial sector, Milchanowski most recently was a global partner and principal at EY, focused on AI, high-process computing and quantum technologies, Bank of Montreal said. She is an artificial intelligence associate fellow at the University of Oxford, where she completed post-doctoral studies in AI and holds a Ph.D in decision sciences. The appointment was announced the same day that Canada's banking regulator warned of increasing risks to the country's financial system posed by AI. The Office of the Superintendent of Financial Institutions in an update to its annual risk outlook released in the spring said rapid developments in generative AI have resulted in an increased adoption of AI tools in finance that hold the promise of increased efficiency and decision making and a better customer experience, but which also can transform and amplify existing risks and give rise to new challenges. These include cybersecurity and third-party risks, heightened fraud and money-laundering activity, as well as a risk of potential bias and discrimination in decision making, data privacy concerns and reputational risk, it said. Bank of Montreal said Milchanowski in her role will champion a transformative AI roadmap for the bank, and she will additionally focus on data management and data governance across the company.
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Bank of Montreal (BMO) has created a new executive role, appointing Kristin Milchanowski as Chief Artificial Intelligence and Data Officer. This move underscores the growing importance of AI and data in the banking sector.
Bank of Montreal (BMO), one of Canada's largest banks, has taken a significant step in embracing the artificial intelligence revolution by creating a new executive position. The bank has appointed Kristin Milchanowski as its first Chief Artificial Intelligence and Data Officer, effective immediately 1.
Kristin Milchanowski brings a wealth of experience to her new role at BMO. She previously served as the bank's Head of Enterprise Data & Analytics and Chief Data Officer 2. In her expanded position, Milchanowski will be responsible for overseeing the bank's artificial intelligence and data strategies, as well as leading the development and implementation of AI-powered solutions across the organization 3.
BMO's decision to create this new role highlights the growing importance of artificial intelligence and data management in the banking industry. As financial institutions increasingly rely on advanced technologies to improve customer experiences, streamline operations, and enhance decision-making processes, having dedicated leadership in this area has become crucial 4.
BMO's move aligns with a broader trend in the financial services sector, where banks are investing heavily in AI and data capabilities. Other major Canadian banks, such as Royal Bank of Canada and Toronto-Dominion Bank, have also been actively exploring AI applications in their operations 5. This appointment positions BMO to compete more effectively in the rapidly evolving digital banking landscape.
With Milchanowski at the helm of AI and data initiatives, BMO is poised to accelerate its digital transformation efforts. The bank is expected to leverage AI technologies to enhance fraud detection, improve risk management, personalize customer services, and optimize internal processes. These advancements could lead to increased operational efficiency and a more competitive edge in the market.
As BMO embarks on this new chapter, it will face both challenges and opportunities. Implementing AI solutions at scale requires significant investment in technology infrastructure and talent. Additionally, the bank will need to navigate complex regulatory landscapes and address ethical considerations surrounding AI use in financial services. However, successful integration of AI could result in substantial benefits, including cost savings, improved customer satisfaction, and new revenue streams.
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Bank of America plans to invest $4 billion in AI and other technologies by Q2 2024. This move aims to enhance customer experience, improve efficiency, and maintain a competitive edge in the digital banking landscape.
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Lloyds Banking Group has hired Rohit Dhawan, a former Amazon Web Services (AWS) executive, as its first Group Director of AI and Advanced Analytics. This strategic move aims to enhance customer experience and drive innovation within the bank.
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Bank of America has nearly doubled its AI and machine learning patents since 2022, showcasing the financial industry's growing emphasis on innovative technologies. The bank's expanded patent portfolio reflects its substantial investment in AI applications across various services.
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Major banks are leveraging AI for productivity gains, but struggle to generate revenue from the technology. While AI enhances efficiency in various operations, financial institutions are still exploring ways to monetize these advancements.
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BNY Mellon and OpenAI have entered into a strategic partnership to develop an AI platform, aiming to transform banking services and products while providing OpenAI with real-world insights into their AI models' performance.
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