The big four banks must win the war for talent to exploit the next phase of AI
The big banks have moved rapidly to use AI assistants but they will need the best talent and governance structures to take things to the next level, according to a top consultant.
Australia's banks are well advanced in the first waves of AI adoption but will need to win the war for talent, establish new governance structures and engage with regulators to drive the next level of value.
That's according to Infosys chief technology officer Rafee Tarafdar, who is visiting Australia to meet with clients.
The competition among banks for AI talent is fierce. Last week, Capital Brief revealed that Westpac had poached Commonwealth Bank’s chief data and analytics officer Andrew McMullan to a newly created role with AI as its focus. But banks are also competing with technology companies for the best technical talent. And the way that talent is organised is also critical.
“In some organisations they have set up a dedicated role to drive AI initiatives, a role that is directly reporting into the existing CIO/ CTO or, in some cases, to the CEO,” Tarafdar told Capital Brief. “Others have made their chief data officer their AI officer or given the CTO/CIO direct responsibility for AI.”
