Sopnendu Mohanty urges banks to shift AI from cost-cutting and layoffs to promoting financial inclusion for low-income groups, using alternative data for collateral-free loans. This approach addresses global inequalities, with innovations in regions like India and the Philippines. Ethical challenges like data privacy persist, but it promises equitable economic growth.
Bank of America is investing $13 billion in technology this year, with $4 billion earmarked for AI, under new CTO Hari Gopalkrishnan. This initiative aims to boost employee productivity, personalize customer experiences for 66 million clients, and enhance operations. The strategy positions the bank as a leader in digital innovation.
|
