Why it’s time for banks to hire a Chief AI Officer — and what that looks like
While banks aren't rushing to hire AI executives , they are investing in the technologies more frequently. Banks that are serious about making digital transformations when it comes to AI should consider having a centralized leader to take on the job. Here's why.
Hiring a chief AI officer, or CAIO, is an emerging trend that companies from hospitals to staffing firms are exploring as the utilization of generative AI increases. However, the chief AI officer title has been met with skepticism, with some claiming the technology could outpace the need for such a specific title.
Banks aren’t necessarily rushing to fill these roles. Right now, they’re mostly hiring data scientists, data engineers, prompt engineers and general AI experts to meet their needs according to Gartner research. More than half of banks (52%) say they plan to hire generative AI staff or experts this year, according to the Gartner data.
Banks do have big plans for this technology — and tapping a chief AI officer may become more prevalent soon. Roughly 22% of leaders from banking and investment firms say they are currently implementing or already implementing generative AI, according to research from Gartner. About 22% are piloting use cases, and 30% are planning to actively implement the technology in the next six months.
A leader whose sole focus is to implement and upskill staff on new AI technology and tools is needed at financial institutions right now, experts say. That said, hiring for a chief AI officer can be difficult, says Agustín Rubini, director analyst in the Financial Services and Banking team at Gartner.
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