About SEBx
Nicholas Moch is head of SEBx, the bank's innovation studio which was founded in 2018. The team there is focusing on emerging technologies and new business models.
What significant themes did you see at the conference?
It was clear that Europe is now acting and that many initiatives and major investments are in the works. It is about building infrastructure, such as server halls, but also stepping up research and development efforts.
Comparing attitudes to AI in Europe and America, we see that Americans want less regulation and more freedom for technology companies to lead the way. Europe is more cautious, but there are many interesting ecosystems for developing AI applications here, too.
What conclusion do you draw?
I sense that European politicians and officials are less heavy-handed regarding AI regulation than they have been on other issues historically. This environment encourages good collaboration between academia, politics, and business.
The exact way AI will affect the labour market and jobs is still up for debate. Some argue that many jobs will be lost as AI can replace people. Others believe efficiency gains should be the focus and AI can help improve our lives.
Are there any implications for SEB and the finance industry?
SEB will be affected just like the rest of society. I believe it’s important to be forward-leaning and curious so we don’t get left behind. We are working with other like-minded companies and organisations to explore the technology. But we always need to ensure we comply with ethical and compliance guidelines.
Those working with language, text and visual elements will probably be most affected in the short term. Our processes in these areas are likely to change. The core banking business and client relationships will not change much in the short term.
For the foreseeable future, we will keep a human in the loop so we don’t rely on AI to make autonomous decisions. The technology is still not reliable enough.