MTE 2019 - Adapting to an AI Future

English

繁體中文简体中文

Getting inspired by AI

In this video J.P. Morgan’s Anastasia Amoroso and Apoorv Saxena start by discussing the business imperatives for addressing Artificial Intelligence. Next, they look at how these evolving capabilities could combat humanity’s greatest challenges.

Anastasia Amoroso

Head of Investment Strategy Global Investment Opportunities Group J.P. Morgan Private Bank

Audio Description

View Transcript

Meet the Panelists

Simon Loong is the Founder and Chief Executive Officer of WeLab—Asia’s leading FinTech company—which operates WeLend in Hong Kong, Wolaidai in Mainland China and a FinTech joint venture, AWDA, in Indonesia. The company also partners with traditional financial institutions that utilize WeLab’s technology to offer FinTech-enabled solutions to their customers. WeLab was named in a KPMG-sponsored report as one of the top 100 FinTech companies in the world—#7 in China and #23 globally—and was ranked by Deloitte as the #1 fastest growing tech company by revenue in Hong Kong and #4 in China. Prior to founding WeLab, Mr. Loong spent 15 years in the retail banking divisions of leading international banks. Most recently, he served as the Head of Standard Chartered’s Unsecured Lending business in North East Asia. Prior to that, he was the Marketing Director for Citibank Taiwan and the Regional Risk Officer for Citibank Asia Pacific.

Simon Loong

Founder and Chief Executive Officer, WeLab

Alain Crozier is Corporate Vice President, Chairman and Chief Executive Officer of Microsoft Greater China Region (GCR). He is responsible for the strategic and operational leadership covering all of Microsoft’s product, service and support offerings across Greater China, and for continuing the company’s transformation into the leading productivity and platform company for the mobile-first, cloud-first era. Since joining Microsoft in 1994, Mr. Crozier has held a variety of business leadership roles in the Sales, Marketing and Services Group (SMSG) organization, including President of Microsoft France, Finance & Administration Director of the France subsidiary, Regional Controller for the Americas and South Pacific Region, and Worldwide Sales Controller before being promoted to SMSG Chief Financial Officer. As Corporate Vice President and Chief Financial Officer of the Sales, Marketing and Services Group at Microsoft, Mr. Crozier was responsible for the financial leadership of a worldwide organization of 46,000 employees located in over 100 countries, which included overseeing financial and strategic planning, reporting and analysis, controls and compliance, and financial and business performance management. Prior to joining Microsoft, Mr. Crozier was Finance, Planning & Analysis Manager at Lesieur Alimentaire, a subsidiary of Eridania Beghin Say in Paris. He held several audit and finance positions within Lesieur Alimentaire as well. Mr. Crozier started his career at Peat Marwick Consultants in Paris, where he specialized in planning process design, functional reorganizations and process reengineering. Mr. Crozier graduated from University Claude Bernard with a bachelor’s degree in Mathematics and Social Sciences, and from the Institut Superieur de Gestion in Paris with a Business Administration degree.

Alain Crozier

Corporate Vice President, Chairman and Chief Executive Officer, Greater China Region, Microsoft (China) Co., Ltd.

Anastasia Amoroso is Head of GIO Investment Strategy at J.P. Morgan Private Bank. GIO serves many of J.P. Morgan’s most active and absolute-return oriented clients around the world. She is responsible for developing and monitoring global investment ideas and facilitating implementation across asset classes. Prior to GIO, Ms. Amoroso served as a Global Market Strategist on the J.P. Morgan Funds Global Market Insights Strategy Team. Ms. Amoroso has appeared on CNBC, Bloomberg TV, Fox Business, and is often quoted in the financial press. Prior to joining J.P. Morgan, Ms. Amoroso managed portfolio at Merrill Lynch, where she also provided financial advisory services to high-net-worth families and businesses. Previously, she held several financial analysis, research and strategic planning positions within both the private and public sectors. A CFA © charterholder, Ms. Amoroso graduated summa cum laude with a bachelor’s degree in Finance and minor in Political Science from the University of New Mexico.

Anastasia Amoroso

Head of Investment Strategy, Global Investment Opportunities Group, J.P. Morgan Private Bank

Apoorv Saxena joins JPMorgan Chase & Co. as the Global Head of Artificial Intelligence Technology for Asset & Wealth Management and Global Head of Firmwide Artificial Intelligence and Machine Learning Services. He has 19+ years of software engineering, strategy and management consulting, product management leadership, and entrepreneurial experience in the technology industry. Mr. Saxena comes to the firm from Google, where he spent the past six years. He was the Product & Business lead for Google Cloud AI Solutions, managing six product lines. He was responsible for product vision, growth and revenue, user experience and resource planning. He led the Google Apps marketplace and platform responsible for two generations of Apps intelligence platforms and integrations. He launched three industry-leading Cloud AI products as well as launched and grew Cloud AutoML, Cloud Natural Language API and Cloud Translation API products. Mr. Saxena set the vision, strategy and got funding for two stealth mode 2 Cloud AI solutions. As the lead for Google Apps marketplace, he redesigned the end-to-end user experience on material design principles, and defined and built a new pricing and payment platform for emerging markets. Prior to Google, Mr. Saxena was the Co-Founder of AI Frontiers (the leading Applied AI conference in the Bay area), and Okati Inc. (a mobile payment startup providing instant credit). He also worked at McKinsey & Co. and Alcatel-Lucent, where he delivered significant impact in strategy, operations, design and build, and sales and marketing for clients in the financial and tech industries. Mr. Saxena has received numerous awards and has been published in the Harvard Business Review, Knowledge@Wharton, and has been interviewed by multiple top publishers on AI technology. He has also been a keynote speaker at many industry AI conferences. Mr. Saxena has a Bachelor of Technology in Electrical Engineering from Indian Institute of Technology, Mumbai, a Master of Science in Electrical and Computer Engineering from Purdue University of Indiana, and a Master of Business Administration, major in Finance & Entrepreneurial Management, from the Wharton School in Pennsylvania. He resides in California with his family.

Apoorv Saxena

Head of Firmwide Artificial Intelligence and Machine Learning Services, JPMorgan Chase & Co.

Adapting to an AI Future - Transcript [Music] Anastasia: We just finished our artificial intelligence panel and the name of the panel was Survival of the Fittest in Adapting to an A.I. Future, and so we want to share with you a few key takeaways from the panel. So, Apoorv for me one of the biggest things to keep in mind when it comes to artificial intelligence, that you have to do it now and you have to do it before a lot of your competitors do it, because in this world, the data centric world that we live in, really companies have a choice whether to sort of drown in this world or adapt to it, and do so before your competitors do. So you had a great point about why a lot of the organisations should do it and should do it now. Apoorv: Exactly, and I think it's because being in the company you're looking at A.I. and applying it to your company is along journey. It's about how you look at it, how you collect data, how you use that data, and how you look at your organisational workflow to completely transform. That doesn't happen by overnight; you have to invest in it from day one. Anastasia: That was takeaway one. Takeaway two for me was the need to have the right strategy for artificial intelligence, and it's not just a matter of picking a product here or picking a product there that looks interesting, but really thinking across the organisation, what are the key functions that a company has, what are the revenue-generated functions, and that's where you start to think about embedding A.I. So, in your view what was the right strategy the company should have? Apoorv: I think it's taking a portfolio-based approach to it, starting with some quick wins, and these as you said start mostly on the customer-facing side, revenue-generating side, where you can show some quick wins, apply A.I. and show-, and get the organisational buy-in. But if you really want to have a huge impact with using A.I., you have to start looking at your core processes. How do you do underwriting if you are a bank? How do you do serve, trading, your trading customers? So those are the things you have to look at and that takes a long time to do. Anastasia: Takeaway number three for me was that artificial intelligence can truly help us solve some of the world's largest challenges, and that was the point that Alain has made. And we showed this video that was truly inspiring, and it was about being able to find a missing child due to the facial recognition technology. You know, the other application of it could be in helping map an immune system of an individual which you can then use in order to predict what sort of diseases you might be susceptible to, and ultimately prescribe a treatment. So that was a huge, life-changing application. Apoorv: Exactly, and the same thing's happening in the financial services industry. We at J.P. Morgan are looking at how to apply A.I. in three broad categories; one is how do we create differentiated insights for our customer using alternate data sets. The other is - how you interact with-, the customers interact with J.P. Morgan in terms of how you get authenticated, how you do mortgage applications. And the third way is we're looking at completely changing how we do underwriting. How do we service and trade transactions. So on and so forth.

Artificial Intelligence (AI) is set to transform industries large and small, and fundamentally shift the way we think about data collection. Just as the internet crossed the mass consumer threshold, the ability of AI to process large amounts of data will make it a critical competitive advantage in the very near term. This panel discussion at the 2019 J.P. Morgan Tech Exchange set out to inform participants of the game-changing nature of AI, and provide practical steps for individuals and business owners to engage with this important, but often misunderstood, capability.

Preparing for our AI Future

“At the core of artificial intelligence is the machine's ability to take vast amounts of unstructured data and make sense of it in a way that humans actually can’t,” says Anastasia Amoroso, Head of Investment Strategy for Global Investment Opportunities Group at J.P. Morgan Private Bank, who moderated the conversation. Put briefly, the sky is the limit when it comes to the applications of AI. Engineering, manufacturing, healthcare, finance, customer service, and pretty much any other kind of business imaginable can leverage the insights provided by AI. In essence, wherever large data sets are being collected, humans can be assisted in the work they do––and in many cases in profound ways. In healthcare, AI can pioneer diagnoses, while in manufacturing it could help processes become more controllable or efficient. In finance it could come up with improved trade recommendations or make forecasts better. Alain Crozier, who is the Corporate Vice President, Chairman and Chief Executive Officer of Microsoft (China) for Greater China region, explains that AI is even being used to monitor the calls being made to their support lines. Rather than having random reviews of calls, they now employ AI “to listen to all the calls to spot whether they have flaws.”

Where does AI apply?

“You don't really become a modern company because you have one or two applications that are AI run,” says Saxena. “You need to really build your structure, because the real value will be when you start attacking your core business processes.”

Apoorv Saxena, Head of Firmwide Artificial Intelligence and Machine Learning Services at JPMorgan Chase & Co., says he is regularly queried about the attention given to AI by followers put off by the recent “hype.” “Why not wait five years when a lot of the hype has gone down?” they ask. “The reason is that if you're not paying attention to AI now you will not be worth paying attention to as a company in five years from now,” he responds.

If you're not paying attention to AI now you will not be worth paying attention to as a company in five years from now.

Apoorv Saxena Head of Firmwide Artificial Intelligence and Machine Learning Services JPMorgan Chase & Co.

You have to start now

An all-of-business commitment

More than just niche applications or handy gimmicks, Saxena explains that multiple parts of the value chain are going to be disrupted. “You can't just rethink and redesign your business processes for AI in one day,” he says. “It's a multiyear thing that you have to learn about and start investing in today.” This sentiment is shared by Microsoft’s Crozier, who sees a real urgency in addressing the applications as a business necessity. “There is somebody somewhere who is going to do something exactly like you, better than you, faster than you, cheaper than you,” he says. ”And this person is not as big as you in many cases.”

Unsurprisingly, Loong was able to deploy the staff into higher value roles, where they continue to innovate. And the innovations delivered by AI can confront some of humanity’s greatest challenges. When Crozier’s teams were given the opportunity to develop an AI application of their choice, they chose to look into diabetes––a disease that affects hundreds of millions globally, but is often preventable. As a result of their analysis––leveraging AI–– they were able to predict when a person was at risk ofdiabetes. “To make people feel really good about this technology you need to show that it can help in ways that go further than productivity,” says Crozier. “When your team is really linked to applications you'll see that creativity will come and really great technology will come.”

To make people feel really good about this technology you need to show that it can help in ways that go further than productivity.”

Alain Crozier Corporate Vice President, Chairman and Chief Executive Officer of Microsoft (China) Greater China Region

While it’s easy to get excited about the potential for AI, it is important to remember that given data is the key ingredient, security and responsibility are also vital.

Today without trust, you don't have any business.

Alain Crozier Corporate Vice President, Chairman and Chief Executive Officer of Microsoft (China) Greater China Region

Getting inspired

“Companies need to really understand and be super transparent on how they use data,’ says Saxena. “And for that you need to have an organization that is strict enough to make sure they can control their information in a certain way.” Crozier shares the sentiment, asserting that “data businesses (which he considers will make up 99 per cent of future businesses) are going to have to be trusted by their customers, no matter if the consumers are B2B, government, or individuals.” “Today without trust, you don't have any business.”

With data comes responsibility

It's actually called intellectual curiosity.

Simon Loong Founder and Chief Executive Officer WeLab

Indeed, Simon Loong, Founder and Chief Executive Officer of WeLab, an emerging Chinese FinTech company, believes that a spirit for embracing AI needs to be threaded into employees from the ground up. “It's actually called intellectual curiosity,” he says. “...how employees can build intellectual curiosity about new technology and the possibilities of new technology.” Loong was struggling with the human resources challenge of continuing the base operations of his business during the Chinese New Year period. “We discovered that every year we still needed five or six staff to stay behind at an office in Shenzhen to look after the help desk,” he says. So he gave his team the task of automating the operations of the desk. The problem was, they were so successful that they took away their own jobs.

Preparing for our AI Future

Apoorv Saxena

Head of Firmwide Artificial Intelligence and Machine Learning Services JPMorgan Chase & Co.

Adapting to an AI Future

繁體中文简体中文

English

A Global Entrepreneur’s Journey

The Retail Revolution

HealthTech

Video in Demand 24/7

The Display of the Future

Leading Digital Bank

COMING SOON

A Technology Renaissance

Unpacking the Technological Cold War

The Future is Electric

COMING SOON

Adapting to an A.I. Future

COMING SOON

Artificial Intelligence of Things (AIoT)

COMING SOON

Protecting Your Data

COMING SOON

Getting inspired by AI

Anastasia Amoroso

Head of Investment Strategy Global Investment Opportunities Group J.P. Morgan Private Bank

Apoorv Saxena

Head of Firmwide Artificial Intelligence and Machine Learning Services JPMorgan Chase & Co.

Audio Description

View Transcript

Close Transcript

A New Drive - Transcript [Music] Virginia Fang: How the automotive industry, a 3.5 trillion industry, is undergoing a radical transformation. China is and will lead the way, and it is expected that by 2025 China's EV penetration will be up to, or close to 20 percent. The panel addressed several points as to why China is going to be leading the EV market penetration. One obviously is the strong policy commitment, so even though they announced recent subsidy cuts, the panellists felt that the subsidy cuts were positive for the industry as it favours the middle segment versus the lower tier segment. The second point that the panellists addressed was the strong consumer demand from the generation born in the '90s. The panellists mentioned that they're not only tech savvy, they're open to change and not afraid to adopt new idea. This generation's are also converging with their US and European counterparts, and the panellists also mentioned that this generation is looking to the car almost as a smart device. Another point that the panellists pointed out was that despite technological advances in battery range and density China is already able to produce EVs with a range of up to 600 kilometres, which is competitive to the traditional cars manufactured today. And finally with the EV revolution here to stay copper, cobalt and nickel is the new oil of EV cars.

Meet the Panelists

As Co-Portfolio Manager of Emerging Market Themes, Simon Henry manages equity assets on behalf of his clients, focusing on investment opportunities that arise from structural changes happening in the Emerging Markets and drawing on research from Wellington Management’s global industry analysts, equity portfolio managers and team analysts. Prior to joining Wellington Management in 2008, Mr. Henry spent five years at Russell Investment Group in London (2003–2008), where he worked as a Portfolio Analyst and then as a Currency Research Analyst on the Global Fixed Income team, both in the Investment Management and Research departments. Mr. Henry has a master’s degree in Materials, Economics and Management from St. Anne’s College, Oxford University (2003). Additionally, he holds the Chartered Financial Analyst® designation and is a member of the CFA Institute.

Simon Henry

Managing Director and Portfolio Manager, Wellington Management

Dr. Brian Gu is Vice Chairman and President of XPENG Motors, a leading electric vehicle company in China. He is responsible for XPENG’s strategy, finance, fundraising, investments and globalization efforts. Prior to joining XPENG, Dr. Gu was a Managing Director, Chairman of Asia Pacific Investment Banking and a member of J.P. Morgan’s Global Strategic Advisory Council, and was instrumental in building J.P. Morgan’s franchise in the Asia Pacific Region. Between 1998 and 2004, Dr. Gu also served as an M&A Banker at Lehman Brothers in New York. Dr. Gu has advised numerous global leading companies on their strategies and landmark transactions totaling over $200 billion. He currently serves as a Co-Chairman of J.P. Morgan’s Asia Pacific Council. He is a member of the Greater China Advisory Committee of Yale School of Management, as well as a Trustee of Yale China Association. Dr. Gu holds an M.B.A. from Yale University, a Ph.D. in Biochemistry from the University of Washington Medical School, and a bachelor’s degree in Chemistry from the University of Oregon.

Dr. Brian Gu

Vice Chairman and President, XPeng Motors

For more than 25 years, international financier Robert Friedland has been recognized by leaders of the international financial sector and mineral resource industries as an entrepreneurial explorer, technology innovator and company builder. Mr. Friedland has successfully developed a portfolio of respected public and private companies whose initiatives have led to several of the world’s most significant mineral discoveries and mine developments, applications of disruptive technologies and contributions to significant economic growth in established and emerging markets in Asia, the Asia Pacific Region, Sub-Saharan Africa and the Americas. Mr. Friedland’s enterprise and leadership gained prominent, industry recognition in January 2016 when he was inducted into the prestigious Canadian Mining Hall of Fame. The citation acknowledged his company-building and exploration achievements, honouring him as “a dynamic, transformative force in the Canadian and international mining industries” and “one of the most recognized mining personalities and achievers in the world”. Mr. Friedland said at the ceremony that he shared the honour with several teams of dedicated individuals whose efforts with his companies during the past 30 years had contributed to a series of notable discoveries and new mines. Housed at the University of Toronto, the Hall of Fame is featured in the Treasures from Earth galleries at the Royal Ontario Museum, Toronto. In April 2017, the Northern Miner, the century-old flagship of Canada’s leading mining-industry media group, announced that Mr. Friedland would receive a Lifetime Achievement Award at the Canadian Mining Symposium held at Canada House in London, England. This followed the U.K-based Mining Journal’s successive rankings of Mr. Friedland in 2016 and 2015 as one of the Top 20 Most Influential People shaping the future of the world of mining, declaring him “the undisputed king of junior development.” Also in 2016, Canada’s Financial Post magazine named Mr. Friedland one of 25 members of its inaugural Power List — termed “the biggest, buzziest and most influential movers and shakers in Canada and beyond”. He graduated from Reed College with an undergraduate degree in Political Science.

Robert Friedland

Founder and Chairman, Ivanhoe Capital Corporation, Co-Chairman, Clean TeQ

Jinglei (Ramon) Cheng is currently Chairman and a Member of the Board of China Operation, CANOO and Partner and President AGRC (PE Fund). Prior to this Mr. Cheng had a long and distinguished career at SAICMOTOR where he held positions including Chief Technology Officer responsible for strategy, technology, IT and Big Data, Chairman of SAICMOTOR VC and Innovation Center in Silicon Valley and Chairman of Dalian Sunrise Power. Mr. Cheng started his career with Volkswagen where he was Division Manager across multiple departments.

Jinglei (Ramon) Cheng

Member of Board and Chairman of China Operation, CANOO

Where does AI apply?

Imagining the Next Marketplace

The Staggering Potential of the AIoT

China + Internet + Entertainment

Video in Demand 24/7

Leading Digital Bank

COMING SOON

A Technology Renaissance

Unpacking the Technological Cold War

The Future is Electric

COMING SOON

Preparing for our AI Future

COMING SOON

The Display of the Future

COMING SOON

The Cybersecurity Marathon Has Only Just Begun

COMING SOON

A Technology Renaissance

Unpacking the Technological Cold War

The Future is Electirc

Preparing for our AI Future

The Display of the Future

The Cybersecurity Marathon Has Only Just Begun

Imagining the Next marketplace

The Staggering Potential of the AIoT

China + Internet + Entertainment

Video in Demand 24/7

The Leading Digital Bank