Use artificial intelligence, but don't let it use you
Cathy Bessant, Bank of America’s chief operations and technology officer, set the tone for much of the discussion on artificial intelligence.
She was concerned that financial institutions have not had a deeper discussion about the use of that and other emerging technologies, which are poised to eliminate hundreds of thousands of jobs in banking alone.
“It’s not about what can AI do, but what should AI do,” Bessant told the audience. “We need to find the balance between how we use AI and how it uses us.”
One prediction shared at the conference is that automated personal financial advice will hit a milestone by 2025, by which point consumers will more likely be getting their advice from an AI-enabled smart devices than human financial advisers.