Episode 489: Artificial Intelligence Can Create Real Liabilities for Leaders & Can ChatGPT Speak Bank

In This Episode Artificial intelligence offers both risks and rewards for business leaders. On the one hand, AI has the potential to improve business operations, increase efficiency, reduce costs, and drive innovation. AI can be used to automate repetitive tasks, analyze vast amounts of data, and provide valuable insights that can inform strategic decision-making. However, there are also risks associated with AI, such as the potential for biased or inaccurate decision-making, the possibility of job displacement, and concerns around data privacy and security. Leaders must carefully consider these risks and rewards when implementing AI in their organizations and ensure that appropriate safeguards are in place to mitigate potential negative impacts. Is there more to it than that? After all, that introduction was actually written by the AI-powered chatbot called ChatGPT, so maybe it had some built-in bias. To dig deeper host JP Nicols speaks with a human, Al Cowger, who is an attorney and author of the book One Nation Under Algorithms: The Threats of Algorithms and AI to Civil Rights, Legal Remedies, and American Jurisprudence. Al has a new article coming out in a technology journal at Case Western Reserve University entitled Corporate Fiduciary Duty in the Age of Algorithms, where he looks at the growing use of algorithms and artificial intelligence and the potential threats and new liabilities they may create for business managers and board members. In our second half, the promise of conversational AI has so far been a disappointing series of chatbots helping banks reduce cost but doing little to inspire customers or improve the service experience. Can ChatGPT help the sector do better? Breaking Banks Asia Pacific hosts Rachel Williamson and Simon Spencer, resident AI expert, tackle the subject, ask ChatGPT, and offer a use case of a Singapore-based insurtech firm that is using big data and AI to help deliver their products. https://www.youtube.com/watch?v=NFoeHC1uD40