How OpenAI is Completely Transforming Finance Right Now (Exclusive Interview w/ James Dyett)
ฝัง
- เผยแพร่เมื่อ 27 มิ.ย. 2024
- In this episode, I sit down with James Dyett, head of platform at OpenAI. James discusses how AI is revolutionizing finance, with insights from clients like Morgan Stanley and Klarna. Learn how Morgan Stanley uses AI to improve wealth management and how Klarna has automated two-thirds of its customer service tasks. We also touch on Oscar Health and Nubank, exploring how AI enhances their operations. James shares his strategies for implementing AI solutions and the future of AI in the industry.
James Dyett: / jamesdyett
00:00:00 - Introduction to AI in Finance
00:00:37 - Customer Use Cases: Morgan Stanley & Klarna
00:01:14 - Guest Introduction: James Dyett
00:01:32 - James Dyett's Journey from Stripe to OpenAI
00:04:26 - Morgan Stanley's AI-Driven Wealth Management Tool
00:08:45 - Evaluation and Feedback Process
00:11:07 - Scaling AI Across Morgan Stanley
00:14:20 - Klarna's AI-Driven Customer Service Automation
00:18:26 - Future of Customer Service with AI
00:20:22 - AI's Impact on Employment
00:24:46 - Nubank's AI Integration
00:27:23 - Customer Insights and Feedback Loop
00:29:01 - Oscar Health's AI Implementation
00:33:33 - Challenges in Enterprise AI Adoption
00:39:05 - Building the Go-to-Market Strategy
00:44:30 - Organizational Growth and Challenges
00:49:49 - Future of AI in Financial Services
00:54:36 - Closing Thoughts
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For a minute I thought it was Sam Altman talking until i looked at the video. Excellent interviewer and interviewee - well done!!!
Glad you enjoyed it!
37:40 is the visceral aha moment, which is the X factor. The last time I could think of a product with the same level of aha for me personally was when I called Uber for the first time.
The demo-ability of chat GPT is definitely an under appreciated aspect of why Chat GPT took off.
Great questions and inspiring answers, just an excellent interview!
thanks for watching!
Working on models myself. I think it’s actually insane Morgan Stanley has been so aggressive with deployment. All models due to positional encoding methods are trash at context utilization, like multi-hop fact synthesis which is MUST for RL use. I have a feeling their next model will have the same limitations, just more capacity, so at least it will be more reliable.
Awesome storytelling! Love this interview guys 🎉
Thanks for tuning in!
who do you think benefits the most from implementing AI? Fintechs like Klarna or incumbents like Morgan Stanely?
definitely incumbents. A lot of deadweight to be displaced.
Excellent. Great tips on GenAI enterprise GTM. Thank you.
for me the GTM advice was the most interesting. for example, why you DO NOT want to run quotas for certain types of companies at certain stages (and why OpenAI does not)
49:15
Would liked to know a lot more details about Klarna’s implementation. Like, how do they, technically, make the LLM execute tasks? Is it agentic, is it integrating with a traditional software to execute tasks etc.?
Great questions. We weren’t able to go that deep here but may be able to in the future. I don’t believe it is an agentic implementation.
@@CambrianHQ also the total save doesn’t seem to be 100% accurate. I have industry insight and it looks like they are hiring 200 Customer Service reps through a BPO in Europe. If you’re interested I can provide more details in DM.
I have witnessed a number of banks in developing markets try hard to shut down branches because of the cost, so the idea that ATMs lead to hiring of more tellers sounds false and wishful thinking.
it is what the data shows. Developed and developing markets are not the same.
Here is the data.
www.aei.org/economics/what-atms-bank-tellers-rise-robots-and-jobs/
@@CambrianHQ The specific example I had in mind was South Korea, arguably a Semi-developing country. I spent a 30-year career in financial services, almost all in developing countries but now live in the Silicon Valley. When I was on Wall Street during the dotboom, I realized many of my colleagues knew so little about Tech. But now I think the favor is returned: So few in Tech seem to understand financial services.
My first experience with an ATM was in 1978, my first year in college. The AEI data clearly show that was when growth in tellers flattened noticeably. I would argue ATMs had everything to do with that. By 2010, the data show that growth in ATMs had also flattened. My comment would be that despite ATMs and despite slow growth in tellers, banks were still unable to make branches pay for themselves.
@@CambrianHQRead the whole article, smh. The amount of tellers needed per branch went down from 21 to 13. What increased was the number of branches, the increase in tellers was just a by product of that. The branches served as a type of marketing provider for the bank. However the branch numbers are now falling with Mobile Banking reducing the need for bank branches as marketers of bank services. Subsequently the amount of tellers is also now in decline even though the tech is being adopted on everyone's phones.