Wall Street Needs to Clean Up Data Before Seeing Power of AI

JPMorgan Co-President Daniel Pinto told Business Insider that the bank is working on a massive process of cleaning of data so they can use AI effectively; this is why many believe the automation revolution is still years away, a bank like JPMorgan needs to clean up thousands of databases; until recently banks would create one system for one purpose, now they are tasked with interconnecting the very systems they built to not be connected; back in 2016 McKinsey reported that employees at banks spent more than 50 percent of the time collecting and processing data; AI is very powerful but banks are being cautious to not jump in until ready to use it correctly. Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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