Investment industry encouraged to embrace AI innovation
The latest in our Corporate Trustee Services (CTS) thought-leadership event.
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“Terrifying”, “entertaining” and “exciting” were just some of the descriptions of AI shared at our recent Corporate Trustee Services (CTS) event, co-designed and hosted with Deloitte.
The event explored the “two sides of the coin” when it comes to using AI in the investment industry; the possibilities, and the associated risks and responsibilities. The discussion delved into what can be done, and what should be done through the use of innovative AI tools.
While the session stirred a range of emotions, from fear to fascination, experts Dr Amanda Williamson, Mariette Van Niekerk and Peter Mangin encouraged the audience that if they hadn’t explored generative AI tools like Chat GPT yet, to not be afraid to try it out in a safe and contained manner. It’s a technology development that’s here to stay, they explained, and will only continue to improve.
“Embrace it or die, in my opinion,” says Peter Mangin, founder of AI Innovisory and Chief Product + AI Officer at PureSEO. Mangin was part of the panel hosted by David Callanan, Public Trust GM CTS, and spoke to his own experiences in the practical application of AI across multiple industries.
Mangin advised leaders to get the whole organisation on board at the same time, and not to leave anyone behind.
Dr Amanda Williamson, Deloitte’s Generative AI Lead, set the scene for the audience, explaining the three key pillars for Generative AI’s currently leading use cases – in content creation, as an assistant, and providing personalised service.
“Almost overnight, people became interested in AI,” Amanda said. Now there were a huge array of opportunities that required “less upfront cost and less data”.
“The impact of AI could be huge for the financial services industry, and the benefits can be realised now. The barrier to entry in AI has never been lower.”
Amanda used the innovative Bloomberg GPT as an example in the financial services industry, which was a “huge investment”.
“There have been big plays by international players,” she explained.
Mariette Van Niekerk, Deloitte’s Trustworthy AI Lead, said AI presented risks, including raising issues around privacy, accuracy, bias, IP violation and unethical use.
“Training is very important for companies, especially around privacy,” said Mariette.
Critical thinking skills were essential for young people using AI: “They should challenge what they see.”
Peter Mangin’s advice to organisations was to focus on the opportunity: “Don’t limit yourself, paint the picture of where you will be over the next few years. Then the AI tools will come along, and you can slot them in. Your barrier to doing something is very low, but you need a long-term strategy.”
David Callanan’s closing comments also emphasised the progress made and the opportunities ahead.
“AI has the potential to transform the funds management sector; providing new opportunities to improve performance, reduce risk, and enhance customer service. It is already being used to automate tasks, undertake analysis, and streamline communication with investors. As the technology continues to develop, and our understanding and use of it matures, I am looking forward to seeing even more innovative and transformative applications of AI in our industry.”
Thank you to everyone who supported and joined the event. We look forward to bringing more thought-leadership events for our CTS clients in the future.
Additional reading, supplied by Deloitte:
• Generation AI: Ready or not, here we come! | Deloitte Australia. Generation AI: Ready or not, here we come! uncovers insights and actionable advice from the Deloitte AI Institute and Deloitte Access Economics, following in-depth research with over 2500 Australian students and employees, in addition to academic research reviews.
• Trustworthy Artificial Intelligence | The journey to sustainable Trustworthy AI is achieved through proper governance and management of AI risks across people, processes, and technology.
• You can view the slides from the event presentation here