News Update: The Importance of Data Quality in AI , Managing Expectations in the AI Industry

In this conversation, Paul Sweeney and Cormac O'Neill discuss various topics related to the financial industry, including the increase in inquiries handled by the Citizens Advice Bureau, the decline in cash machine usage, and the challenges and benefits of implementing AI in organizations.

They also touch on Apple's upcoming update and the potential impact of OpenAI's ChatGPT 5.0. The conversation concludes with a discussion on the importance of data quality and the time it takes for organizations to realize the benefits of AI.

Takeaways

The Citizens Advice Bureau in England and Wales saw a 10% increase in inquiries, indicating a rise in inbound customer interactions.

Cash machine usage is declining, with a 7.7% decrease in transactions and a 5.2% decrease in the number of machines.

Apple's upcoming update may introduce new AI features that could redefine how users interact with technology.

Implementing AI in organizations can help improve productivity and customer service, but it requires overcoming technical debt, acquiring AI skills, and addressing data quality issues.

The expectations surrounding AI technology, fueled by massive fundraisers like OpenAI's, need to be tempered with the understanding that AI implementation takes time and effort.

 Sound Bites

"A 10% increase in inquiries means that people are going to see even higher volumes of inbound inquiries in the following year."

"The decrease in cash machines indicates a move to other forms of interactions like digital on mobile apps."

"Apple's new features could signal the birth of a real assistant, not just Siri, creating another layer between companies and their end users."

Chapters

00:00 Introduction and Summer Break

00:53 Rise in Inquiries and Decline in Cash Machine Usage

06:25 Apple's Upcoming Update and the Potential of AI

12:20 Challenges and Benefits of Implementing AI in Organizations

19:52 The Importance of Data Quality in AI

24:11 Managing Expectations in the AI Industry

Sources

https://www.apple.com/apple-intelligence/

https://linas.substack.com/p/fintechpulse695?

https://www.publicissapient.com/insights/banking-actionable-genai-report