Measuring AI Maturity in Global Banking with Alexandra Mousavizadeh

On this episode of Hybrid Minds, join host Vahe Andonians and special guest Alexandra Mousavizadeh, CEO of Evident, as they delve into the complexities of the Evident AI Index and its transformative impact on the banking sector. The two explores the pioneering methodology behind the index, its role in assessing AI maturity across global banks, and how North American banks are leading in AI adoption. Gain insights into the strategic moves propelling these banks to industry leadership.

Venture further into the dynamic world of banking and AI with a discussion on JP Morgan’s innovative AI strategies, highlighting their approach to achieving excellence in AI integration through dedicated research teams and strategic partnerships. Alexandra and Vahe tackle the responsible use of AI, emphasizing the importance of agility and strategic talent acquisition within the banking industry.

Tune in as they analyze the challenges and emerging trends in AI deployment, considering the potential risks and rewards. Alexandra sheds light on environmental concerns and the increasing significance of open-source models, essential for both large banks and smaller entities.

Alexandra concludes with a critical look at the societal implications of AI, from debates over Artificial General Intelligence to the pressing need for regulation on social media platforms. Don’t miss this comprehensive exploration of how AI is reshaping not only business landscapes but also societal structures.

Key Quotes: 

• “The way that the large language models are trained on the vast data set, the data labeling aspect there is maybe a bit less pronounced, but data labeling is certainly taking place, to run AI effectively on it. And the data labeling is still needed. So there's that aspect of the labor and we would, you know, talking before about the sort of the war on talent is one thing, sort of, how as a business, are you attracting the best talent and what are the components that you need to have in your business to attract the best talent and that war on talent is only intensifying with the need for Chief AI officers a need for strategic thinking for across the business to find people that are really good technically and also really good strategically and understand the business and the business value of AI and sort of how to invest in AI so it really gives that return on investment that everyone is expecting and the shareholders are expecting.”
• “The businesses that don't think about and very quickly think about the adoption of AI and the adoption of Gen AI are at the risk of going out of business. The jobs are on the line because The business might close down if it can't keep up and it can't  keep up and stay competitive.”
• “The banks are testing it all out. They're saying, look, we've got these 500 different types of use cases, and they might just not all need an open AI capability. They might just be absolutely fine with some of the solution that is open source, by the way, right. That you can then fit into your own private data pool. And a lot of banks are experimenting with that. Where it shakes out, you know, we don't quite know, but the experimentation of using the open source ones to fit it onto your own data is, is being tested.”

Time Stamps:

• (02:09) Understanding the Evident AI Index
• (05:15) Top leading Banks in AI today
• (20:15) War on Talent and Data Labeling
• (38:40) Implications of AI for Society

Links:

Connect with Alexandra 

Visit Evident 

Connect with Vahe

Visit Cognaize