Episode 34

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Published on:

20th Feb 2024

Regenerating Banking with AI | Paolo Sironi, IBM Institute for Business Value & Co-host Breaking Banks Europe Podcast

In today’s episode Paolo Sironi shares with us in plain English the findings of his most recent research paper “Global Outlook for Banking and Financial Markets Regenerate Banking with AI” where he surveyed 600 banking executives about how they are working with generative AI.

78% of Financial Institutions are tactically implementing generative AI for at least one use case, which makes AI governance a must-have.

We cover how generative AI can transform the banking and financial sectors; why risk, compliance reporting, and client engagement lead the way in AI potential most critical use cases; making financial services accessible; Communication as a service (which is the first time I encounter this concept); skills we need to develop as an industry to adapt and thrive in the world with AI, and of course, a practical framework to manage AI risk and implement successful AI projects.

As the global research leader in banking and financial markets at IBM Institute for Business Value, Paolo provides strategic insights and guidance to a network of executives among financial institutions, start-ups, and regulators. He has over 20 years of experience in quantitive risk management, investing, and digital transformation and is one of the most respected fintech voices worldwide, helping shape the future of the financial services industry. Paolo is also a bestselling author of "Banks and Fintech on Platform Economies", co-host of the Breaking Banks Europe podcast, and a sought-after international speaker.

If you enjoy this Purpose Driven FinTech pod, please subscribe in YouTube, follow and leave a 5 star rating on Spotify and a review on Apple podcasts. Remember to connect in LinkedIn to keep the conversation going.

Let’s dive into it!

👉 You can find Paolo here


👉 And you can find Monica here:


If you enjoy this pod, please follow and leave a 5 star rating on Spotify and a review on Apple podcasts


In today’s episode we cover:


(0:00) Everyone should be an AI Risk Manger


(02:08) The Global Outlook for Banking and Financial Markets report


(02:58) Building Purpose-Driven FinTechs


(05:36) Understanding the Value of AI in Banking


(07:46) The Impact of AI on client engagement and compliance


(10:15) Exploring the Use of Generative AI in Banking


(27:28) The Shift from Traditional AI to Generative AI


(28:25) Understanding 'Communication as a Service' in Financial Services


(36:25) Reimagining the Workforce Experience in Financial Services


(43:02) Practical Steps for Implementing AI in Banking


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Production and marketing by Monica Millares. For inquiries about being in the show, coaching, consulting, creative collabs, sponsoring the podcast or creating or editing your podcast email fintechwithmoni@gmail.com


Disclaimer: This episode does not constitute professional nor financial advice and does not represent the opinion nor views of my current, past or future employers. The guest has agreed to record and release our conversation for the use of this podcast and promotion in social media.

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About the Podcast

Purpose Driven FinTech
Building products with impact
Welcome to Purpose Driven FinTech!

I'm your host, Monica Millares - Product Leader and fellow FinTecher.

These days, with the rising cost of living, financial stress among customers, loss of trust in banks, speculation of crypto, and uncertainty, we're facing unprecedented challenges. But there is hope. We as FinTechers have the power to make a positive impact.

Our products, the how we do product, and our people can make a difference on customers’ financial lives - and as a result, in the quality of their lives.

However, more than ever Founders, CEOs, Leadership teams and all FinTechers have a ton of pressure to build solutions that actually solve customer problems, that people want, that are differentiated And profitable

Yes that's you and me too!

That's why I've created this podcast!

I speak with Founders, Product Leaders, VCs, and industry experts to uncover their stories, challenges, and lessons learnt in building products with impact.

You'll get to hear real-life conversations, and you’ll walk away with practical questions, frameworks and insights that you can apply to your own FinTech products. So, are you ready to make a bigger difference in FinTech?

Let's come together and discover how Purpose, Product, and People can help us create a future of better financial wellbeing while building sustainable and profitable FinTechs.

Follow me on LinkedIn, TikTok, and  YouTube to stay connected and be part of the conversation.

Cheers to making better FinTech and making FinTech better!

Love, Moni 

About your host

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Monica Millares

Monica advocates for financial safety for all. She is the Product Principal at BigPay, where she leads Product and Design. As part of the founding team, Monica led building BigPay’s product from zero to one, to multi product line, and international expansion. Her leadership shaped the culture and ways of working to grow from startup to scaleup. BigPay has over 1.4 million customers, and has presence in Malaysia, Singapore and Thailand.

Monica has almost 20 years’ experience in Financial Services. Prior to BigPay, she was one of the first joiners in UK’s challenger Tandem Bank, where she focused on building credit cards from scratch. Previously she worked in leading Financial Services brands like Visa, Barclays, and a Mexican Development Bank.

She sits on the Board of PayEd, and is recognised as Singapore’s #Fintech65 Product Leaders and Women in FinTech. She’s been multiple times speaker at the prestigious conference Money2020 and shared stage with JP Morgan, Standard Chartered Bank, Konsentus, and Money2020’s Rise Up. Her commitment to innovation and financial inclusion resonates in her podcast “Purpose Driven FinTech” where she explores how FinTech’s can have 10x more impact.

Monica has a background in Engineering and a Master’s Degree on Analysis, Design, and Management of Information Systems from the London School of Economics.