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This is the 37th of a series of useful monthly articles in North Carolina business From PNC, a collaboration with Business North Carolina Magazine.
fInance and Technology executive Ned Carroll can’t remember a time when he was not fascinated by the assumption of how well-managed data can be used.
His love for data is based on generations. As a child, Carroll spent the weekend with his grandfather at the Port of Baltimore, calculating the ship’s productivity, residence time and other metrics used to assess port operations productivity.
During high school he learned that family history utilizes data to influence global events. His great grandfather served in World War II as a researcher and epidemiologist at the Malaria War Office, the predecessor of the Centers for Disease Control, to combat the First Murderer of the US Army: Tropical Disease at the Pacific Theatre.
Charlotte-based Carroll uses this background context of how powerful this powerful data can be, to fast-forward to today, understand the world around us, and help develop solutions to advance automation in our banking business.
With 30 years of industry experience, this provides Carol with the inspiration and capabilities needed to address the seemingly paradoxical challenge of leveraging the power of artificial intelligence (AI) advancement within the responsible, regulated framework of the financial services industry.
“AI is nothing new,” Carroll says. “As a student at Davidson College, I did AI. The difference now is that data, calculations and tools are easier, faster and cheaper.
To access. ”
As executive vice president of PNC Bank and head of enterprise data and automation, Carroll is responsible for providing solutions that promote AI application and efficiency to all bank stakeholders, while supporting the responsibility that comes with managing financial institutional data. It is a delicate balance that he calls careful innovation.
Fortunately, the same kind of skills required to manage AI responsibly is used to manage models that affect the safety and soundness of the financial system, making the financial services industry a good fit to deploy AI responsibly.
“As a company, we are always looking for new ways to do it.
Carol said: “PNC has been using AI for many years to drive efficiency and continues to use it in a strategic and thoughtful way that optimizes return on investment, minimizes risk and prioritizes the best interests of its customers.”
Carroll frequently shares insights with executives around the country. Additionally, AI use cases and details may differ significantly across industries, but the same foundation applies.
data. data. data.
As interest in AI continues to grow and organizations become more and more accessible, Carroll warns against seeing AI as a silver bullet to address business and operational challenges. He emphasizes that we should be aware of what AI really is. This is how to extract values from data. Furthermore, a lot of data is required to operate AI.
“Data and AI are often approached as two independent conversations, but in reality, two connections and interdependencies cannot be ignored.”
He says.
Bad data can cause the results to plague flawed models and create a ripple effect. As you can see in saying, AI strategies need to be built on a strong data strategy, as they are “trash and garbage.”
“It’s similar to the connection between data, AI models and food and how we nourish our bodies,” Carroll says. “Consuming junk food with little nutritional value is similar to supplying a model with low quality data. The model is as good as the data that drives it.”
Implementation Considerations
Beyond data quality instructions, there are several considerations that organizations should evaluate when considering implementing AI, including feasibility, risk, and more.
And Cost, Carol says. For PNCs, applying AI is focused on thoughtful approaches and demonstrable values.
“Before considering using AI as a tool, organizations need to ask themselves, ‘What are we trying to solve?'” he says.
In some cases, the most immediate or cost-effective solution could be an improvement in the old-fashioned process.
And while the possibilities of AI are exciting, organizations need to think beyond the way they can leverage it. And we need to focus on how to control it in a reliable and reliable way.
“In a way, AI can be seen as a high-performance vehicle,” says Carroll. “Speed and power engineering may be the goal, but we cannot overstate the importance of safety mechanisms. What’s more, it’s not necessarily necessary. For example, you don’t need a Ferrari to go to the grocery store.”
Additionally, organizations need to be aware of potential cybersecurity or privacy risks and how to protect the vast amount of data that informs AI models. Customer privacy and protection are paramount.
“The cost of introducing AI into a business’s business exceeds the initial investment in technology and the high-class skills of employees. A true cost over the long term – for initial capital investments, it should be part of the decision calculation,” says Carroll.
A wonderfully boring approach
When it comes to PNC’s careful approach to innovation and AI, Carol leaned against the core message of a glorious, boring enterprise. “AI may not seem boring at face value, but our priorities are intentionally focused on responsibility, security, quality and driving efficiency,” he says. “Our loop approach means that employees continue to play an important role in managing data and automation technologies and strive for the highest level of quality. It is important to consistently demonstrate our commitment to responsible AI to our customers, shareholders and employees.”
This article is for general information only and is not intended as a legal, tax, accounting advice or recommendation to engage in any particular transaction regarding PNC securities, or does not claim to be comprehensive. Under no circumstances should the information contained in this article be used or considered as an offer or commitment, or solicitation of an offer or commitment, to participate in a particular transaction or strategy. Your reliance on such information is solely at your own risk. Consult your own attorney, accountant, or other advisor about your particular situation. PNC Bank is also PNC Financial Services Group, Inc. Neither of the other subsidiaries are responsible for any consequences of relying on opinions or statements contained herein or omissions. The opinions expressed in this article are not necessarily the opinions of PNC Bank or its affiliates, directors, officers or employees.
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