Friday, February 26, 2021
  • Setup menu at Appearance » Menus and assign menu to Top Bar Navigation
Advertisement
  • AI Development
    • Artificial Intelligence
    • Machine Learning
    • Neural Networks
    • Learn to Code
  • Data
    • Blockchain
    • Big Data
    • Data Science
  • IT Security
    • Internet Privacy
    • Internet Security
  • Marketing
    • Digital Marketing
    • Marketing Technology
  • Technology Companies
  • Crypto News
No Result
View All Result
NikolaNews
  • AI Development
    • Artificial Intelligence
    • Machine Learning
    • Neural Networks
    • Learn to Code
  • Data
    • Blockchain
    • Big Data
    • Data Science
  • IT Security
    • Internet Privacy
    • Internet Security
  • Marketing
    • Digital Marketing
    • Marketing Technology
  • Technology Companies
  • Crypto News
No Result
View All Result
NikolaNews
No Result
View All Result
Home Machine Learning

Wells Fargo: Artificial intelligence and machine learning a ‘double-edged sword’

September 4, 2019
in Machine Learning
Wells Fargo: Artificial intelligence and machine learning a ‘double-edged sword’
587
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter

Although a bank’s business has basically stayed the same over the last couple of decades, how a bank operates has drastically shifted. The fundamental pillars of a bank, according to Mike Telang, executive vice president and head of enterprise architecture at Wells Fargo, now focus on mostly security, regulation, and innovation.

When it comes to technology trends in the financial services industry, Telang said its impact on a bank depends heavily on where the bank is in its maturity lifecycle.

You might also like

Something’s Fishy — New Funding To Tackle Illegal Activities At Sea Using Machine Learning And Data Analytics

Cloudera aims to fast track enterprise machine learning use cases with Applied ML Prototypes

Machine learning‐based analysis of alveolar and vascular injury in SARS‐CoV‐2 acute respiratory failure – Calabrese – – The Journal of Pathology

“I think it depends on the lifecycle of the maturity of where you are as a bank at that point in time and you’ve got to find a solution for that … you have a lot of trends like blockchain, you have a lot of trends like security, so we are applying the technology to the use case that suits us best,” Telang said during a panel session at VMworld 2019 in San Francisco last week.

Looking at emerging technologies, Telang described the challenges Wells Fargo has faced in adopting machine learning (ML) and artificial intelligence (AI).

“ML/AI, I think the classic examples are around fraud and [anti-money laundering] and stuff like that, that’s one of the things a bank is jumping all over; it comes with its own set of problems,” he explained.

“I think almost all large banks are being asked now by regulators to go back and identify any ML/AI solution that’s brought into the bank because the implication of that is, if the wrong algorithm is being used, you are going to decline credit or you’re going to have impact to the customers.

See also: Managing AI and ML in the enterprise 2019: Tech leaders expect more difficulty than previous IT projects  (TechRepublic Premium)

“It’s a bit of a double-edged sword for a bank where you can’t go all in and you can’t throw all use cases at it, especially the ones that are impactful for customers.”

Another emerging technology that banks, including Wells Fargo, have dabbled with but are yet to find a use case for that improves upon existing applications like databases, is blockchain.

“For a long time I think large banks were looking at blockchain and [distributed ledger technology] saying it’s a solution looking for a problem, then there was a sense that we don’t want to be left behind if the problem suddenly appears,” he said. “So I think a lot of banks have invested in blockchain and the obvious use case of payments is there … and looking at chain of custody etc, but I wouldn’t say we’ve found the game-changing use case just yet.”

See also: Is FOMO making enterprises unnecessarily leap into blockchain?

Discussing his organisation’s cloud strategy, Telang said there’s a trend of using a multi-cloud approach to take advantage of the various capabilities of different cloud providers.

“You’re going to pick on the provider who has differentiated themselves and at that point it becomes — it really has to become part of your strategy to be agile to move that workload across from one provider to the other,” he explained.

“When we think of workload we typically think about applications, but for us, I think the value will be in the ability to move our data from one to the other without leaving that data behind. So our cloud strategy, when we think of multi-cloud, we’re really trying to kind of simplify it by saying, ‘What’s our strategy around SaaS, what’s our strategy around PaaS, what’s our strategy around IaaS’ — where we see the big data go, so we’re looking at it that way.”

With digital transformation, Telang argued it comes down to the need to understand the culture within an organisation. He said within Wells Fargo, there is a multitude of different lines of business, each with their own approach and own set of customers.

“Really what we have to recognize is the fact that they’re all different customers so our challenge is how do you build, how do you get the common factor across these businesses to share the foundational aspects. What is unique in that business that you give them full runway to go with and in the background? 

“Historically they had the whole stack, they could buy data centers, they could go buy servers, which is why we have what we have — and I think the guiding principle we’ve kind of come to is our differentiator is the customer experience and data; the rest you don’t need to own,” he explained.

Telang said Wells Fargo has determined that everything else, including software, can be commoditized.

“Because when you think about the basic capability like opening an account — we have about 300 ways to open an account today, there is fundamentally no reason for that — but the cultural aspect is so unique … a lot of an application developer’s entity is built around the application they support and introduce themselves. If you haven’t noticed, you will now. I support this app, and now you try and tell them you’re breaking their app out and commoditizing it — it is a huge cultural play,” Telang said.

Touching on disruption, Telang believes it’s only a matter of time before banks succumb to the trend that has hit many other industries.

“A lot of the companies have survived either by acquiring them or by re-emerging differently. I think banks have to do that. I think it’s a matter of time,” Telang said.

“I think there’s a bit of a runway before — you either adapt to it or I mean, some banks are putting a huge investment focusing on fintechs to see which ones to acquire, which ones they can [partner with] — so it will be interesting to see the way it plays out, but I don’t think it’s a problem the banks can ignore much longer.”

Disclosure: Asha Barbaschow travelled as a guest of VMware to VMworld in San Francisco. 

RELATED COVERAGE

Credit: Google News

Previous Post

A Guide for building your own Face Detection & Recognition system

Next Post

State AGs Look to Slam Google's Nail with Mighty Hammers

Related Posts

Something’s Fishy — New Funding To Tackle Illegal Activities At Sea Using Machine Learning And Data Analytics
Machine Learning

Something’s Fishy — New Funding To Tackle Illegal Activities At Sea Using Machine Learning And Data Analytics

February 26, 2021
Cloudera aims to fast track enterprise machine learning use cases with Applied ML Prototypes
Machine Learning

Cloudera aims to fast track enterprise machine learning use cases with Applied ML Prototypes

February 25, 2021
Machine learning‐based analysis of alveolar and vascular injury in SARS‐CoV‐2 acute respiratory failure – Calabrese – – The Journal of Pathology
Machine Learning

Machine learning‐based analysis of alveolar and vascular injury in SARS‐CoV‐2 acute respiratory failure – Calabrese – – The Journal of Pathology

February 25, 2021
Zorroa Boon AI: No-Code Machine Learning Now Open for Media Use
Machine Learning

Zorroa Boon AI: No-Code Machine Learning Now Open for Media Use

February 25, 2021
Using machine learning to identify blood biomarkers for early diagnosis of autism
Machine Learning

Using machine learning to identify blood biomarkers for early diagnosis of autism

February 25, 2021
Next Post
State AGs Look to Slam Google's Nail with Mighty Hammers

State AGs Look to Slam Google's Nail with Mighty Hammers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Plasticity in Deep Learning: Dynamic Adaptations for AI Self-Driving Cars

Plasticity in Deep Learning: Dynamic Adaptations for AI Self-Driving Cars

January 6, 2019
Microsoft, Google Use Artificial Intelligence to Fight Hackers

Microsoft, Google Use Artificial Intelligence to Fight Hackers

January 6, 2019

Categories

  • Artificial Intelligence
  • Big Data
  • Blockchain
  • Crypto News
  • Data Science
  • Digital Marketing
  • Internet Privacy
  • Internet Security
  • Learn to Code
  • Machine Learning
  • Marketing Technology
  • Neural Networks
  • Technology Companies

Don't miss it

Asimov’s Three Laws Of Robotics And AI Autonomous Cars 
Artificial Intelligence

Asimov’s Three Laws Of Robotics And AI Autonomous Cars 

February 26, 2021
Something’s Fishy — New Funding To Tackle Illegal Activities At Sea Using Machine Learning And Data Analytics
Machine Learning

Something’s Fishy — New Funding To Tackle Illegal Activities At Sea Using Machine Learning And Data Analytics

February 26, 2021
Role of Image Annotation in Applying Machine Learning for Precision Agriculture | by ANOLYTICS
Neural Networks

Role of Image Annotation in Applying Machine Learning for Precision Agriculture | by ANOLYTICS

February 26, 2021
60+ free martech sessions. The agenda is live!
Digital Marketing

60+ free martech sessions. The agenda is live!

February 26, 2021
SolarWinds cybersecurity spending tops $3 million in Q4, sees $20 million to $25 million in 2021
Internet Security

SolarWinds cybersecurity spending tops $3 million in Q4, sees $20 million to $25 million in 2021

February 26, 2021
Chinese Hackers Using Firefox Extension to Spy On Tibetan Organizations
Internet Privacy

Chinese Hackers Using Firefox Extension to Spy On Tibetan Organizations

February 25, 2021
NikolaNews

NikolaNews.com is an online News Portal which aims to share news about blockchain, AI, Big Data, and Data Privacy and more!

What’s New Here?

  • Asimov’s Three Laws Of Robotics And AI Autonomous Cars  February 26, 2021
  • Something’s Fishy — New Funding To Tackle Illegal Activities At Sea Using Machine Learning And Data Analytics February 26, 2021
  • Role of Image Annotation in Applying Machine Learning for Precision Agriculture | by ANOLYTICS February 26, 2021
  • 60+ free martech sessions. The agenda is live! February 26, 2021

Subscribe to get more!

© 2019 NikolaNews.com - Global Tech Updates

No Result
View All Result
  • AI Development
    • Artificial Intelligence
    • Machine Learning
    • Neural Networks
    • Learn to Code
  • Data
    • Blockchain
    • Big Data
    • Data Science
  • IT Security
    • Internet Privacy
    • Internet Security
  • Marketing
    • Digital Marketing
    • Marketing Technology
  • Technology Companies
  • Crypto News

© 2019 NikolaNews.com - Global Tech Updates