FILE PHOTO: A sign for the Bank of Montreal in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo
(Reuters) - Bank of Montreal said on Wednesday it has named Kristin Milchanowski as its chief artificial intelligence and data officer, as the financial services sector increasingly embraces the new technology and its applications.
Milchanowski, who was previously with accounting giant EY, will focus on charting a roadmap for the bank to adopt AI, including applications in data, robotics and analytics. BMO said the new appointment, effective Oct. 15, builds on its already heavy investments in the AI space.
"Additionally, she will focus on data management and data governance across the organization, deepening the bank's robust and established culture of innovation and accountability," the Canadian lender said in a statement.
Banking executives have said the spread of AI-based systems offers big opportunities for financial services firms but some businesses face higher stakes than other consumer-facing units because they manage sensitive information.
Analysts expect AI use-cases for the industry to range from simplifying many routine tasks like filling out compliance forms to customer service chat support, and developing portfolios that are data-driven and not extremely complex.
U.S. regulators have also sought public comments about the use of AI by financial companies, looking to promote inclusive and equitable access to their services.
Earlier this year, Morgan Stanley CEO Ted Pick said the use of AI could save its financial advisers between 10 and 15 hours a week.
"This is potentially really game-changing," Pick had said at the time.
(Reporting by Manya Saini in Bengaluru and Nivedita Balu in Toronto; Editing by Shilpi Majumdar)
