The Inevitable 2020 is a series of virtual discussions featuring Fortune 500 executives and thought leaders with a perspective on Artificial Intelligence's inevitable impact on the way we live and work.
We hit the ground running with our inaugural session of The Inevitable 2020 virtual discussion series Digital Transformation in the COVID-19 Era! Our esteemed panel of speakers included Kathy Kay, CIO of Principal Financial Group (formerly CIO of PG&E and CTO of SunTrust Bank), Tim Mayopoulos, President of Blend (formerly CEO of Fannie Mae and General Counsel of Bank of America), and Stefan John, General Counsel and CCO of BASF Corporation (formerly CLO of Dyckerhoff and General Counsel and CCO of GE Transportation). Our panelists shared their experiences with past digital transformations, how they’re continuing to drive innovation throughout the pandemic, and tips to assist fellow business leaders.
Regulated industries need to innovate more than ever
“You still have an obligation to meet all the regulatory requirements, but that doesn't mean that you can't think about solving problems differently. [There's] a recognition that if you don't start leveraging different ways of solving things like using machines and AI and modeling things differently, that you might have more risks than by sticking to the old ways of doing things.” ~Kathy Kay
“Regulators have become much more open minded as they've seen the impact of technology across many industries, and while they want to mitigate against risk, including unfortunate consequences to consumers, I think they've actually become much more open.” ~Tim Mayopoulos
When it's riskier NOT to use AI
“I think AI really enables companies to reduce risk by leveraging some of the new technologies and taking advantage of AI, machine learning, and automation. And, especially by augmenting the way people do their work.” ~Kathy Kay
“AI, in a very efficient, non-disruptive way, really helps companies become better at managing their risks and ensuring they're operating honestly, lawfully, and with integrity. I certainly appreciate the old adage that ignorance is bliss, but it's only blissful till someone finds out about it!” ~Tim Mayopoulos
"I don't think regulators, or even people in law enforcement expect companies to be perfect, but they do expect them to act responsibly. And if there are tools, including AI or machine learning, that would enable people to find these problems and do something about them. Then I think those authorities, quite appropriately, expect that corporate leaders will do that.” ~Tim Mayopoulos
Data creates valuable opportunities...if you can utilize it
“You are sitting on a goldmine because you have this broad portfolio of businesses. You have hundreds of thousands of customers, and you're getting all this data. What do you do with all the data? So in that sense, AI is a tool that can help us, mine that goldmine. To help us to understand how to use all the data, how to structure it, and how to [utilize] it.” ~Stefan John
Technology and AI move the burden of mundane work to machines, freeing up employees to work on more complex business issues, while saving resources
“I’m a former customer of Text IQ, when I was CIO of PG&E, and I’ve witnessed how AI can complete document reviews at a speed and quality that we never could have before during really complex cases with a staggering amount of data involved. This concept of being able to augment people by leveraging machines that can learn and can do things that are just beyond our capability anymore is fascinating. And it is really fun to be able to find applications where it truly helps a business, or it helps people do their work better.” ~Kathy Kay
“[The savings we saw from automating document review] was a big deal for the legal department, which is viewed from management’s perspective as a cost item. The pressure to save costs is so high. We have to do so much more with less. This is where I can see AI helping.” ~Stefan John
“The only true answer to finding a long term cost cutting measures and greater efficiency is through technology. Throwing bodies at problems is not the answer when you have the kind of technological revolution that's going on.” ~Tim Mayopoulos
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