HSBC exec says there's a lot of AI 'success theater' happening in finance

"Candidly, there's a lot of success theater out there" when it comes to applying artificial intelligence in banking, HSBC's head of generative AI said at a tech event in London this week.

"We have to be very clinical in terms of what we choose to do, and where we choose to do it," Achtner told attendees of the event, held at the Royal Albert Hall in London earlier this week.The HSBC AI leader said that the bank has more than 550 use cases across its business lines and functions linked to AI — ranging from fighting money laundering and fraud using machine learning tools to supporting knowledge workers with newer generative AI systems.

Klarna's boss said the firm was lowering its overall headcount against the backdrop of AI's potential to have "a dramatic impact" on jobs and society. The result Klarna is seeing from AI "are very real," a Klarna spokesperson told CNBC. "We publicize these results because we want to be honest and transparent about the impact genAI is having in the real world in companies today," the spokesperson added.

Boteju stressed that Lloyds is "proceeding with caution" when it comes to exposing the bank's customers to generative AI tools. "We want to get our guardrails in place before we actually start to scale those," he added.

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