Wells Fargo CEO: AI’s effect on employment is “complicated”.

“Wells Fargo CEO: AI’s effect on employment is ‘complicated’

The bank’s biggest AI-related challenge is determining how the technology can transform its business model and how the lender should respond, Charlie Scharf said Wednesday. Wells Fargo CEO Charlie Scharf said Wednesday the impact artificial intelligence will have on employment is more nuanced than current debate suggests. 

“I find it very surprising when really smart people take one side or the other,” Scharf said during an appearance at a Bernstein investor conference. “They sit there and they say, ‘it’s not a threat to employment,’ or they sit there and say, ‘it’s a huge threat to employment.’” 

“It’s so obvious to me, looking at the way we’re using AI inside the company, it is both of those things,” the CEO of the San Francisco-based bank said. “The risk is that they’re not totally aligned, in terms of the same people and the timing of it.”

In April, Scharf said most of the bank’s employees have been given basic AI tools. Wells executives are assessing how the bank can use the tools to become more efficient and provide better products and services, Scharf said. 

They’re also examining the impact of AI on the bank’s customer base, given its lending exposure, and “we’re very actively thinking about what that means for the risk that we take, and also where we should be doing more, not just where we should be doing less,” he said. 

But “the most complicated” AI-related issue, Scharf said, is how the technology can transform Wells Fargo’s business model, “and is that a plus or a minus in terms of how we react to that?” Scharf said. 

AI-powered tools being developed will result in more efficient operations at the $2.2 trillion-asset bank, he said. “We know that, we see that, we’re planning for it every step of the way,” Scharf said.” - according to Banking Dive Read Original Here.

My personal experience with AI, actually, today: reporting fraud to Ai with Credit One Credit Card. Ai … got stuck on my PO Box registration address vs. physical mailing address for the card replacement and … re-directed me to the live agent. As of today current AI is not CAPABLE to handle full brain logic function, beyond math equation or base algorithm, sorry. It defeated purpose of my business day, as I spend 45 minutes on hold: 10 minutes of listening to a classic music, 20 min with Ai and then… 10 minutes with live agent. This decreases business and functional productivity and creates loss of work time, as well as income. Unless of cause you like to talk to robots, 24×7. In my personal opinion, on this stage, this is a loss of money, rather then help. It irritates customers who are not willing to spend time on hold for 45 min a day. and If I have 3 credit cards and each has fraud transaction on it? Who has 3 hours in a work day to sit on hold or talk to Ai repeating yourself, over and over like a complete retard??? I had to repeat my address 6 times! 6 times! until AI finally realized that it can not distinguish between mailing and physical addresses …. I spelled it, 3 times, Street and city names. You get irritated after a while doing this. I had a chance to teach special needs kids in elementary school, as a part of parent’s involvement, Trust me it is an absolute tedious task, Very difficult and requires 100% patience. I could give all teachers medals for their patience. I lasted only 5 months in that class … I could not handle it any longer on top of my own kids. This reminded me of a special needs class: As if AI Credit Card was training me to remember my home address: “please spell it again? can you repeat that again, please?, etc.” … Do you like this in the middle of the day? When you have bills, financial spending report, analysis, feeding kids, dogs and cats & paying taxes? My current electrical bill is $1,571.00 a month. My monthly disability income is $1,840.00 a month, I do have other bills and some min rental income. Can you handle this? and do you really want to have a 3 hours of useless explanation on how someone stole $31.78 from your AMEX credit card? I don’t. All I wanted to do it to: file fraud report, confirm I did not pay for this nor did I request this service, get refunded, say thank you and hang up. The rest - is investigator’s job, it is not part of my job description. Period. That’s my problem with Ai. It is inadequacy compared to the human brain and logic. Same with an ATM. I walked into the branch to make cash deposit. the Guy was at the only ATM, so I walked inside to do it. I was done … before he was. We walked out from the branch and got to the cars at the same time. Only, I used human. HUman was faster. My last ATM deposit in another bank in amount of $4,700.00 was … stuck, between account and the atm for 3 days. I guess & perhaps, it was attempting to automatically determine where all of these cash came from? They could have just asked.

I do not like to repeat myself. I know generation Millennials and Gen-Z think I have a memory problems. I don’t. I burn my connections on purpose, I do not want ot remember certain things. Period. I also do not attempt to remember things that can be easily found else where 24×7 on-call, immediately in a current digital reality, yet I memorize my debit card numbers, as soon as they get issued. SO, I don’t have to carry them physically, or use my phone in places with no wi-fi, in order not ever getting stuck without money in case of the stolen wallet emergency. My mind and my brain are wired different. AI can not copy it. I was raised to survive, as the most humans were. Ai was raised to perform. I sort the things I want or don’t want to remember based in their immediate necessity. Clear knowing means trusting, trusting, that others know that - which you can not, or do not need to know at the moment, and truly trust their knowledge, yet trusting your own intuition, 100%. Do you get it?