info@meradia.com
NYC & Toronto
October 15th and 17th, 2024
At the heart of these events was a conversation about the evolving synergy between humans and AI – a partnership that, when done right, can revolutionize business workflows, decision-making, and the overall competitive landscape. AI is not just a trend but a fundamental driver of operational efficiency, risk management, innovation …. and, ultimately, a key competitive differentiator.
We gathered a diverse group of industry leaders, experts, and vendor innovators who brought unique perspectives and practical insights. Together, we explored where AI is today, what’s real vs. “hype,” where it’s headed, and how we can best harness its power to transform financial business operations and drive success. AI is evolving beyond a trend to become essential for enhancing operational efficiency, managing risks, fostering innovation, and securing a competitive edge.
Below is a summary of some of the key topics covered in both discussions:
• AI Governance & Scalability: Attendees emphasized AI governance and scalable integration as key priorities
• Risk Management & Compliance: The top concerns were managing risks, regulatory compliance, and avoiding the “shiny toy” syndrome with AI.
• Challenges & Solutions: Key hurdles included handling unstructured data, buy vs. build decisions, and the need for AI tools to deliver quick, tangible results to avoid abandonment.
• Autonomous Agents & Decentralized AI: Discussions explored the future of autonomous, self-operating systems with the potential to transform industries. While many were comfortable with AI agents making dinner reservations or summarizing emails and meeting minutes, most were highly skeptical about unsupervised AI directly interacting with clients, providing investment advice, or autonomously processing investment transactions.
We are grateful to BNY and CIBC Mellon for hosting these discussions, and we especially thank Accelex, FactSet, and Arcesium for their valuable contributions and insights.
Stay tuned for an in-depth analysis of the discussions and an upcoming podcast hosted by CIBC Mellon!