49. "Forget copying others — every organization needs to build their own AI muscle" with Microsoft's Daragh Morrissey

In episode 2 of the new season, Alexandra Ebert chats with Daragh Morrissey, Microsoft’s Director of AI for Worldwide Financial Services, recorded live at Money2020 US. Daragh offers a global perspective on AI adoption in financial services, highlighting unique strategies and challenges faced by institutions worldwide. He explains why Canada and Australia stand out in AI progress and why succeeding with Gen AI requires financial institutions to shift from over-strategizing to focusing on tangible outcomes.Daragh also shares insights on impactful AI applications in financial services, from automating contact centers to upselling, enhancing customer relationships, and modernizing legacy code. Lastly, Alexandra and Daragh take a look at the future of work and the role autonomous agents might play. They also debate whether AI will free up advisors time and whether, as a result, banks will have many more human advisors, or if the future of personalized banking will be more automated, yet transformative in enhancing individual financial health and fostering greater inclusivity. Daragh’s compelling anecdotes and strategic insights make this episode a must-listen for anyone interested in AI’s future in financial services.Table of Contents:0:00 - 2:39 Introduction to the Episode and Guest2:39 - 4:42 Daragh's Role and Microsoft's AI Approach in Financial Services4:42 - 6:37 Patterns in Successful AI Adoption Globally6:37 - 8:20 Gen AI Adoption: Early Success Stories and Lessons Learned8:20 - 10:59 Overcoming Challenges: Moving Beyond Perfectionism in AI Projects10:59 - 12:14 The Shift in Financial Services AI Use Cases12:14 - 14:36 Regional Differences in AI Approaches in Financial Services14:36 - 17:55 AI Use Cases in Financial Services: From Advisors to Autonomous Agents17:55 - 20:00 Ethical Challenges and Responsible AI in Financial Services20:00 - 23:25 The Future of Financial Services AI: Customer Relationship Innovations23:25 - 27:32 Expanding Financial Inclusion with AI and Responsible AI Practices27:32 - 29:41 Closing Thoughts on AI’s Impact on Financial Services