BMO has hired Kristin Milchanowski as its new chief artificial intelligence and data officer, effective Oct. 15, in a push to advance its digital first strategy, the company announced Wednesday.
Milchanowski will oversee BMO’s AI, data, analytics and robotics strategies and supporting technologies to transform and boost the firm’s business value, the bank noted. She will also be responsible for data management and governance across the organization.
A 20-year veteran, Milchanowski’s knowledge and expertise in the financial industry, especially in AI, can transform businesses “by leveraging the full potential of their data and technology,” Steve Tennyson, BMO’s chief technology and operations officer, said in a statement. “I look forward to working with Kristin as we advance our Digital First strategy and harness the power of AI solutions that will differentiate the digital experience for our customers and colleagues,” he added.
Before joining BMO, Milchanowski was a global innovation partner and principal at EY for seven years, looking into AI, high-process computing and quantum technologies. She was previously chief data scientist of the legal and compliance division at Morgan Stanley and the head of technology and model management at JPMorgan Chase, according to her LinkedIn profile.
BMO’s move to appoint an AI and data lead builds upon its significant investments in AI, the company said.
Banks are eager to blend AI into their operations to make customer-facing and internal functions more efficient. According to a J.D. Power study released last month, around 54% of bank customers said they have used a generative AI tool. The level is higher – around 66% – among clients of national banks than at regional banks (42%), J.D. Power found.
Banks aim to use generative AI as a time-saving tool so employees are free to concentrate on revenue-generating efforts, like more face time with clients, Michael Abbott, Accenture’s global banking lead at consulting firm, told Banking Dive in July.
In naming an AI point person, BMO is following the lead of Wall Street titans such as Morgan Stanley, which tapped Jeff McMillan as head of firmwide AI in March. Goldman Sachs and JPMorgan are also incorporating genAI to ease operations.
Morgan Stanley plans to launch a genAI tool, Debrief, which will maintain detailed logs of wealth advisers’ meetings with clients and summarize discussions. AI tools can transcribe conversations and categorize them – saving the bank’s financial advisors 10 to 15 hours each week, Morgan Stanely CEO Ted Pick said at a conference in June.
“That’s an enormous productivity quantum, and that’s not even getting to anticipating what might be the right conversation to have,” Pick said at the time.
