Progress in AI: too slow or not yet on show?

My piece in the The AI Journal below.

One of the questions I am most asked about gen-AI and advances in tech more generally is ‘when’? When exactly will we see transformative change take hold? In capital markets I’m even aware of voices suggesting it’s all a bit overdone and the operating assumption should be for business as usual indefinitely. For me, things are more-or-less exactly where I expected them to be after the excitement surrounding gen-AI and a degree of hype collided (as anticipated) with reality in the form of our old friends: regulation, tax, accounting and company/industry-specific factors, including culture.

I warn that we should not confuse a lack of visibility on any aspect with inertia. Far from it! In the engine room of banks and other financial institutions, risk mitigation and fraud detection are deservedly attracting a lot of focus. Getting the institutional architecture right makes sense before implementing radical departures from traditional protocols in product streams and elsewhere. But much is happening there too.

To the doubters who believe that AI transformation is overbought, I firmly believe you will be proved wrong – even if I can’t say exactly when!!

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