Bank of Montreal Appoints Kristin Milchanowski as Chief AI and Data Officer

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)

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

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)

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.

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.