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JPMorgan Chase & Co. (JPM) CEO Jamie Dimon says while artificial intelligence (AI) is poised to boost productivity, banks need to do more to help the workers who will be displaced by the tech. Synechron Co-Founder and CEO Faisal Husain joins Seana Smith and Madison Mills on Catalysts to discuss what the company that advises nine of the 10 of the largest banks outside of China on AI is telling clients. “We believe that AI can play a big role in boosting productivity and thereby also reducing cost for a lot of financial institutions and also other enterprises. But at the same time, we're still in the very early stages of this technology. It will take time to get it to a point where, as Mr. Dimon says, it massively affects jobs. So I think it will be a gradual process.” Husain says it will take time for banks to see the full return on their investment in AI. “The technology is still evolving. It's evolving at a very fast pace. We're still trying to help our clients understand where it can be applied, how it can be applied, and people are going in different directions.” Synechron is telling clients, “Don't worry about finding the killer app for your company within your enterprise,” Husain says, telling that "productivity-focused initiatives" should initially be aimed at saving minute amounts of time in workflows first. "And use that as a way of leveraging AI within the enterprise rather than finding this nirvana, this killer app type of a solution which takes time.” To watch more expert insights and analysis on the latest market action, check out more Catalysts here. This post was written by Naomi Buchanan.
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