The Bottom Line
AI has exploded in all areas of daily life and is spurring a flurry of new ideas to improve the way we work and live. But at Regions and other banks, leaders are taking a deliberate approach to AI to ensure it not only meets the necessary regulatory and risk guidelines, but is used in a responsible, ethical way.
Separating Hype From Reality
Bloomberg is hosting a series of panel discussions across the country to highlight how businesses are tackling AI and the many opportunities – and challenges – it presents. In Atlanta recently, Manav Misra, Chief Data & Analytics Officer for Regions Bank, joined other technology leaders for a panel, titled “AI and Data Analytics: The Path to Unleashing Hidden Insights,” to discuss real-life applications of how data analytics is powering AI for a more personalized customer experience.
We build data products that really help our bankers know their customers in the moment and enable a positive customer experience. Manav Misra, Chief Data & Analytics Officer for Regions Bank
Misra shared how Regions focuses on the traditional use of AI such as machine learning and natural language processing. “We build data products that really help our bankers know their customers in the moment and enable a positive customer experience.”
Data and AI go hand in hand. Before any AI usage, “the quality of the data must be pristine, if not the output suffers,” Misra explained. That’s why at Regions, “we’ve taken measures to assure data quality, including security, and putting controls around data.”
Additionally, Misra shared that for Regions, creating an underlying policy and standard for how AI is used in the bank was fundamental to starting the AI journey.
“At Regions, our risk framework is based on a set of ethical principles that go back to the governing principles of the bank, which include do the right thing and putting our customers first.” Misra said. “We’re building on top of this and we’ve incorporated tools that help keep us within these boundaries.”
Banking at Regions is about the relationships we’ve built over decades of service and “empowering our bankers with technology helps them serve the customers, “ Misra concluded.
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