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Fortune

Technology

Nick Lichtenberg

AI in regulated industries: BofA and S&P on the huge gains to be had, and the risks of rushing in

SP Fortune Bank of America

s (Credit: Rebecca Greenfield/Fortune)

Bank of America’s chief technology and information officer said one of the most common AI mistakes is reaching for it first. His bank also plans to double its AI budget next year.

“One of the biggest mistakes we see us and others doing is rush to AI as a solution,” Hari Gopalkrishnan said at the Fortune AIQ Summit in New York, “when deterministic models do a plenty good job.”

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