Unlocking the potential of AI in banking
Held on Monday, November 13, 2017
Antony Jenkins (10x)
Gaël de Boissard
David Robson (IBM)
Antony Jenkins has been vocal since he left Barclays. Whether banks are facing an “Uber moment” or a “Kodak moment”, his position is clear: core banking infrastructure is often cumbersome and out of date, and new ‘FinTech’ businesses have an opportunity to catch the incumbents napping.
The latest challenge for banks, he says, is artificial intelligence. Whether that means ‘true’ AI or just increasingly fancy automation is by-the-by – his point is that automation will radically reduce the cost of banking, and may leave older banks looking like bloated has-beens. A risk for banks is no doubt an opportunity for somebody else, and we’re delighted that Antony has agreed to talk us through how he believes AI will affect the banking sector, his 10x Future Technologies venture (which has just received £34m in Series A funding), and how firms can best harness the opportunity.
But is Antony right? Two other commentators have kindly agreed to share their thoughts:
- Gaël de Boissard spent 25 years in investment banking, most recently as global co-head of investment banking and CEO of EMEA for Credit Suisse. He is now a VC, specialising in FinTech investments – including a board seat at James, a firm using AI to enhance credit risk management.
- David Robson is IBM’s cloud and cognitive computing leader, responsible for building IBM's artificial intelligence business in the European financial services sector. Previously, he was the practice leader for their UK&I analytics business.
This is an important area – and increasingly important as AI (and similar) starts affecting the industry.