In the premiere episode of The Intelligent Leader, we welcome Pete Cherecwich, Chief Operating Officer at Northern Trust. We explore the critical role of data and AI in the financial services sector, distinguishing between data used as a product and data used to run the company.
Pete shares his approach to staying ahead of technological advancements through continuous learning from peer networking to YouTube. He also discusses significant challenges such as data capture and the lack of industry standards, highlighting the transformative potential of advanced technologies like OCR and machine learning in decision-making and client relationship management.
We further discuss the impact of AI and generative AI on financial services at Northern Trust. Discover how AI is automating quality control processes, such as verifying stock splits and ETF tracking, while balancing rapid adoption with stringent regulatory compliance. Pete provides insights into AI's role in enhancing customer engagement, fraud protection, and operational efficiency. We also touch on the early stages of AI-driven productivity tools for senior roles, including the use of Microsoft Copilot for drafting emails, and projects aimed at integrating AI into risk management and decision-making processes. This episode is packed with practical examples and strategic insights that both business and tech leaders will find invaluable.
Key Quote:
“In one sense, I need to go as fast as I can, because if someone gets to it, the finish line before I do, they're going to be able to do this cheaper and better The other side, I can't go so fast because if we make a mistake and we have a problem and all of our client's data goes, out to the web. That's a big issue, right? So trying to sort of thread that needle of going as fast as you can versus not so fast is our biggest challenge right now.”
- Pete Cherecwich
Time Stamps:
- (00:52) The Role of Data and AI in Financial Services
- (04:51) Challenges in Data Utilization
- (08:40) Solutions and Success Stories
- (12:55) The Future of AI in Financial Services
- (25:01) Emerging Tech Trends and Final Thoughts
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