HSBC exec says theres a lot of AI success theater happening in finance
Summary
Despite bold statements, a lot of companies are failing to produce tangible results, according to Edward J Achtner, the head of generative AI for U.K. banking giant HSBC . Achtner outlined how the 150-year-old lending institution has embraced artificial intelligence since ChatGPT — the popular AI chatbot from Microsoft -backed startup OpenAI — burst onto the scene in November 2022. Achtners comments come as other figures in the financial services sector — particularly leaders at startup firms — have made bold statements about the level of overall efficiency gains and cost reductions they are seeing as a result of investments in AI. "At the end of the day," Oestmann added, as long as people are "trained appropriately" and banks and other financial services firm can "reinvent" themselves in the new AI era, "it will just help us to evolve." The startup is working on an "intelligent charging mechanism" that would aim to figure out the best time for a bank to take payment from a subscription platform user, based on their historical financial activity.