Alex Shootman | Alkami Co:lab 2024 Keynote

This year at Alkami Co:lab 2024, Alex Shootman, Alkami's Chief Executive Officer, uses Plato's Allegory of the Cave to illustrate the journey from ignorance to knowledge, drawing parallels to our understanding of artificial intelligence (AI) in banking. He begins with a reimagined scene from "Raiders of the Lost Ark," where Indiana Jones helps a prisoner in a cave realize the reality beyond shadows, symbolizing the importance of seeking deeper truths. Shootman then traces the history of AI, highlighting key eras: early human-like interaction attempts, the disillusionment of AI Winter, AI's victories in specific tasks, the shift to learning systems, and the current era of generative AI with technologies, like ChatGPT. He explains that AI consists of data and models, emphasizing the need for clean, well-maintained data and appropriate models to drive business outcomes.
Shootman shares insights from recent research indicating a strong belief in AI's transformative potential for financial institutions, though actual implementation remains limited. He notes generational differences in AI priorities, with older generations focusing on security and younger ones on financial wellness. To guide businesses on their AI journey, he introduces Maria Alvarez from Microsoft's AI Platform Division, who advises understanding AI fundamentals, determining its business value, and adopting responsible AI practices. Shootman concludes by urging organizations to define their AI success criteria, enhance data management and programming skills, and ensure ethical AI adoption, encouraging proactive engagement to unlock AI's business value.
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