Learning with Leading Experts
A recap of our spring 2023 conference: AI in the Financial Services Industry
By Noah Sherman, Junior, Loyola University Chicago
Loyola University Chicago has recognized Artificial Intelligence (AI) as a major force in the future of technology. As business students studying at the dawn of a new technological generation, we, too, must recognize how today's firms enable AI and how to utilize it on our own. One of my most significant lessons at the Quinlan School of Business was attending the AI in the Financial Services Industry conference hosted by Loyola’s AI Business Consortium. The event brought together a distinguished group of leaders in data science and artificial intelligence within the financial services industry. The full-day event provided valuable networking opportunities for the panelists and attendees, industry experts, and more advanced academics who sat amongst each other as a community.
AI is nothing new in financial services, though its role in the workforce is evolving. As a finance major, I understand AI is essential to modern business practices. AI will fulfill capacities that former technological generations may not have dreamed of being achievable. While AI may only replace a little human capital in finance, a successful finance career certainly requires knowing how to pair with AI. AI functions at its core as a modern calculator. Although we can make robots using AI that never miss a full-court shot in basketball, robots will never replace watching stars on the court like Victor Wembanyama. In the same frame of thought, AI won’t replace pioneers of any industry. Human beings will always be the passage that enables technology to have value.
At the conference, I learned how AI has been instrumental in improving various financial industry sectors, such as investment banking, asset management, and insurance. The networking opportunities were invaluable. I connected with individuals in senior positions like Prasannal Nithyanadam (Head of Data and Advanced Analytics, Volkswagen) among many other extraordinary people from companies and academic backgrounds who share a root with AI. In-between panels, we discussed various AI applications and how they could be implemented in our respective fields. These conversations inspired me to learn more about AI and how it could transform business processes.
The event opened with a keynote by Ali Khan (SVP, Chief Data Officer, Experian Consumer Services). Mr. Khan invited us to rethink data ethics behind mere operations or compliance concerns. He established deeper considerations for data leaders to build ethical data organizations, systems, and practices that maximize fairness and accountability. Mr. Khan is a Steering Committee Member at the Artificial Intelligence Business Consortium (AiBC). The next hour attendees heard about Machine Learning and AI in institutional and retail banking from Arijit Das (SVP, Digital Asset Innovation, Northern Trust) and Dimple Thakkar (Executive Director, Head of Data for Machine Learning, JP Morgan). The pair explored the process of AI implementation in financial devices pertaining to the customer user experience. The panelists discussed the balance of governance and innovation in accommodating industry-wide automation. Marcelo Aaron Bonilla Worsley of Northwestern University presented on the non-profit organization, Black Kids Predict, to “activate Black Kids to use Data as a creative Superpower," The program says, "Data is everywhere because technology is everywhere. And kids are constant users, sources, creators, and contributors to it. Understanding data is a new type of literacy. And there is power in it no matter what you want to be when you grow up. But you cannot be what you cannot see."
Michelle Shan (Chief Data Analytics, Financial Industry Regulation Authority) and Ping Fing (VP, Credit Strategy and Modeling, OppFi) shared their expertise in the interpretability of AI/ML models and presented strategies in explainable AI, machine learning model interpretations, and their importance for the financial services industry. The segment was developmentally impactful to any organization as panelists shared methods to develop the best practices for interpretable machine learning models and deployment techniques. The panel was moderated by the CEO of Konfer.ai, Debu Chatterjee.
After a brief break for lunch and networking, we started the afternoon with an exciting AI financial industry topic, addressing fraud, with Kiran Yalavarthy (EVP, Head of Risk Modeling, Wells Fargo), Raghu Kulkarni (VP, Data Science, Discover Financial Services) Prasannal Nithyanandam (Head of Data and Advanced Analytics, Volkswagen of America), Drew Gallow (Managing Director of Analytics and Machine learning, BMO Financial Group), and Arjun Ravi Kannan (Director, Data Science Research, Discover Financial Services). The panelists discussed some of the opportunities with AI/ML in fraud around anti-money laundering and consumer lending (credit cards, personal loans, etc.), as well as the use of current AI/ML first-generation-based algorithms in the fraud landscape and the need for moving into advanced capabilities like deep learning, graph-based approaches to tackle the complexities and improve performance, and scaling challenges with AI/ML infrastructure when it comes to fraud due to the expansion of increased financial transaction volumes.
The next panelists discussed Intelligent Automation. Ram Peddu (SVP, Head of Intelligent Automation and Advanced Analytics, Citizens Bank) and Gary Class (Former Director of Advanced Analytics, Wells Fargo) addressed trends in AI/ML and Intelligent Automation in financial services. The panelists shared use cases, success stories, challenges, and limitations of Intelligent Automation. The session was moderated by Dan Nelson (Senior Director of Strategic Accounts, SambaNova).
Our concluding panelists presented on the topic of the Regulatory Environment and Governance. Glenn Hofmann (Chief Analytics Officer, New York Life), Jennifer R. Franks (Director, Center for Enhanced Cybersecurity, U.S. Government Accountability Office), and Tammy Roust (Chief Data Officer, U.S. Commodity Futures Trading Commission) explored the regulatory considerations faced by financial institutions implementing AI. The audience also heard about related statutes and regulations, in addition to addressing internal review and compliance.
A recap of our spring 2023 conference: AI in the Financial Services Industry
By Noah Sherman, Junior, Loyola University Chicago
Loyola University Chicago has recognized Artificial Intelligence (AI) as a major force in the future of technology. As business students studying at the dawn of a new technological generation, we, too, must recognize how today's firms enable AI and how to utilize it on our own. One of my most significant lessons at the Quinlan School of Business was attending the AI in the Financial Services Industry conference hosted by Loyola’s AI Business Consortium. The event brought together a distinguished group of leaders in data science and artificial intelligence within the financial services industry. The full-day event provided valuable networking opportunities for the panelists and attendees, industry experts, and more advanced academics who sat amongst each other as a community.
AI is nothing new in financial services, though its role in the workforce is evolving. As a finance major, I understand AI is essential to modern business practices. AI will fulfill capacities that former technological generations may not have dreamed of being achievable. While AI may only replace a little human capital in finance, a successful finance career certainly requires knowing how to pair with AI. AI functions at its core as a modern calculator. Although we can make robots using AI that never miss a full-court shot in basketball, robots will never replace watching stars on the court like Victor Wembanyama. In the same frame of thought, AI won’t replace pioneers of any industry. Human beings will always be the passage that enables technology to have value.
At the conference, I learned how AI has been instrumental in improving various financial industry sectors, such as investment banking, asset management, and insurance. The networking opportunities were invaluable. I connected with individuals in senior positions like Prasannal Nithyanadam (Head of Data and Advanced Analytics, Volkswagen) among many other extraordinary people from companies and academic backgrounds who share a root with AI. In-between panels, we discussed various AI applications and how they could be implemented in our respective fields. These conversations inspired me to learn more about AI and how it could transform business processes.
The event opened with a keynote by Ali Khan (SVP, Chief Data Officer, Experian Consumer Services). Mr. Khan invited us to rethink data ethics behind mere operations or compliance concerns. He established deeper considerations for data leaders to build ethical data organizations, systems, and practices that maximize fairness and accountability. Mr. Khan is a Steering Committee Member at the Artificial Intelligence Business Consortium (AiBC). The next hour attendees heard about Machine Learning and AI in institutional and retail banking from Arijit Das (SVP, Digital Asset Innovation, Northern Trust) and Dimple Thakkar (Executive Director, Head of Data for Machine Learning, JP Morgan). The pair explored the process of AI implementation in financial devices pertaining to the customer user experience. The panelists discussed the balance of governance and innovation in accommodating industry-wide automation. Marcelo Aaron Bonilla Worsley of Northwestern University presented on the non-profit organization, Black Kids Predict, to “activate Black Kids to use Data as a creative Superpower," The program says, "Data is everywhere because technology is everywhere. And kids are constant users, sources, creators, and contributors to it. Understanding data is a new type of literacy. And there is power in it no matter what you want to be when you grow up. But you cannot be what you cannot see."
Michelle Shan (Chief Data Analytics, Financial Industry Regulation Authority) and Ping Fing (VP, Credit Strategy and Modeling, OppFi) shared their expertise in the interpretability of AI/ML models and presented strategies in explainable AI, machine learning model interpretations, and their importance for the financial services industry. The segment was developmentally impactful to any organization as panelists shared methods to develop the best practices for interpretable machine learning models and deployment techniques. The panel was moderated by the CEO of Konfer.ai, Debu Chatterjee.
After a brief break for lunch and networking, we started the afternoon with an exciting AI financial industry topic, addressing fraud, with Kiran Yalavarthy (EVP, Head of Risk Modeling, Wells Fargo), Raghu Kulkarni (VP, Data Science, Discover Financial Services) Prasannal Nithyanandam (Head of Data and Advanced Analytics, Volkswagen of America), Drew Gallow (Managing Director of Analytics and Machine learning, BMO Financial Group), and Arjun Ravi Kannan (Director, Data Science Research, Discover Financial Services). The panelists discussed some of the opportunities with AI/ML in fraud around anti-money laundering and consumer lending (credit cards, personal loans, etc.), as well as the use of current AI/ML first-generation-based algorithms in the fraud landscape and the need for moving into advanced capabilities like deep learning, graph-based approaches to tackle the complexities and improve performance, and scaling challenges with AI/ML infrastructure when it comes to fraud due to the expansion of increased financial transaction volumes.
The next panelists discussed Intelligent Automation. Ram Peddu (SVP, Head of Intelligent Automation and Advanced Analytics, Citizens Bank) and Gary Class (Former Director of Advanced Analytics, Wells Fargo) addressed trends in AI/ML and Intelligent Automation in financial services. The panelists shared use cases, success stories, challenges, and limitations of Intelligent Automation. The session was moderated by Dan Nelson (Senior Director of Strategic Accounts, SambaNova).
Our concluding panelists presented on the topic of the Regulatory Environment and Governance. Glenn Hofmann (Chief Analytics Officer, New York Life), Jennifer R. Franks (Director, Center for Enhanced Cybersecurity, U.S. Government Accountability Office), and Tammy Roust (Chief Data Officer, U.S. Commodity Futures Trading Commission) explored the regulatory considerations faced by financial institutions implementing AI. The audience also heard about related statutes and regulations, in addition to addressing internal review and compliance.