The bank can tackle problems related to AI and socioeconomic issues in part because it has access to an enormous amount of data, says Lori Beer
“I do think we are uniquely positioned to really have an impact on how AI will address social-economic issues that provide wider access to financial services in our communities,” Ms. Beer said, speaking at the AI Summit, a conference that focuses on AI’s impact across different areas of business.
About 25% of working Americans say they have no retirement savings at all and 44% worry that their saving isn’t on track, according to a recent Federal Reserve survey. It stores about 390 petabytes—or 390 million gigabytes—of data, ranging from information about its customers to data about credit-card transactions, Ms. Beer said. The bank also integrates details from about 7,500 alternative data sources, such as public financial statements, census data, social media, satellite images, news sources and market data.World-wide spending on AI systems this year will be led by the retail and banking industries, according to International Data Corp.
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