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Responsible AI: Expert Insights to balance Innovation, Data Ethics & Risk in Financial Services Industry

Part 1 of 5

Harnessing the Power of Data, Analytics & AI in the Financial Services Industry

In this opening part of the series, Anna Hannem & Subhash Kari discuss the profound importance of data analytics and AI in the financial industry, while shedding light on the transformative role of diversity when it comes to data ethics.

Anna Hannem’s journey is one characterized by remarkable diversity, as she draws upon over 20 years of experience spanning behavioral sciences, teaching, and finance. Emphasizing the significance of diversity in the workforce, Subhash Kari asserts that diverse teams are 36% more likely to achieve success, resonating with the notion that customers seek to do business with relatable companies, necessitating a diverse staff.

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Part 2 of 5

Safeguarding Customer Trust: Insights into the Success of Scotiabank’s Data Ethics Program

In this part two of the series, Anna Hannem & Subhash Kari discuss the significance of customer trust, effective change management, and the delicate balance required when navigating emerging technologies such as AI as contributing factors to the to the remarkable success of Scotiabank’s award-winning Data Ethics program.

Anna begins by emphasizing the fundamental importance of customer trust in the finance industry. She firmly believes that the success of their business hinges on the bedrock of customer trust, making it an invaluable asset. Scotiabank goes above and beyond financial considerations by extending trust to encompass the protection and responsible use of customer data.

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Part 3 of 5

Striking the Balance: Data Ethics and Risk Mitigation in the Financial Sector

In this part three of the interview series, Anna Hannem engages in a compelling conversation with Subhash Kari on the impact of diversity, emerging risks, and the importance of responsible data usage in financial services industry.

While talking about the emerging risks related to data and analytics, Anna emphasizes that the emergence of AI technology has elevated data risks as a central concern. She clarifies that AI itself is not inherently problematic but the risks arise from how we utilize and interact with this powerful tool, emphasizing the need for careful consideration.

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Part 4 of 5

Thriving in the AI Revolution: Embracing Innovation, Overcoming Fear

In this pre-final episode of the series, Anna Hannem & Subhash Kari delve into the world of AI innovation, exploring the associated fears and risks while highlighting the transformative power it holds for growth.

As Subhash and Anna discuss the profound impact of AI on innovation, they emphasize the importance of risk-taking and experimentation. Anna sheds light on the significance of maintaining a balanced risk appetite within leadership, enabling both the promotion and protection of innovation. She suggests starting small when implementing AI technology, allowing for controlled experimentation and gradual implementation.

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Part 5 of 5

Data Fluency: The Key to Harnessing AI’s Transformative Potential

In this concluding episode, Anna Hannem & Subhash Kari discuss the importance of data fluency, the evolving landscape of data, analytics, and AI, and explores the opportunities and challenges it presents.

Subhash sets the stage by emphasizing the critical role of cognitive understanding in interpreting data insights. Recognizing the growing market demand, he highlights the need to empower individuals within organizations to comprehend and effectively communicate data.

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