Originally posted April 12, 2019
Artificial intelligence is a critical feature in the future of the financial services, but firms should not be penny-wise and pound-foolish in their race to develop the most advanced offering as possible, caution experts.
“You do not need to be on the frontier of technology if you are not a technology company,” said Greg Baxter, the chief digital officer at MetLife, in his keynote address during Celent’s annual Innovation and Insight Day. “You just have to permit your people to use the technology.”
More effort should be spent on developing the various policies that will govern the deployment of the technology, he added.
MetLife spends more time on ethics and legal than it does with technology, according to Baxter.
Firms should be wary when implementing AI in such a fashion that it alienates clients by being too intrusive and ruining the customer experience. “If data is the new currency, its credit line is trust,” said Baxter.
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