US Bank has used AI for fraud detection as well as brand campaigns, but CMO Michael Lacorazza says the potential of the technology is yet to be fully understood

Insider

US Bank has used AI for fraud detection and brand campaigns, but CMO Michael Lacorazza says the technology's potential is yet to be fully understood. He spoke to Business Insider at the Cannes Lions 2024 International Festival of Creativity.

Transcript

00:00And we use artificial intelligence in the development of the work,

00:03not as the creative device, but as an accelerant of the creative process and strategic process.

00:16We're using AI in multiple ways in our team. Most recently, about a month ago,

00:21we launched a new brand campaign and we use artificial intelligence in the development

00:25of the work. It shaved about two and a half months off of our development cycle for the

00:30campaign, which was pretty amazing. Another use case for us, which is fairly prominent, is

00:36part of my team executes all of the translations across the entire bank. And so AI is an important

00:42tool that we use to help make that more accurate and also faster. So within the financial services

00:48industry, artificial intelligence has been in practice for several years. Most people

00:54maybe don't know that, but if you can imagine even well outside of the marketing use cases,

01:00it's put into production to reduce fraud, fraud models, risk and so forth. So it's got a broad

01:07base set of applications across our industry. As we look to the future, I think we have more

01:12questions than answers in terms of how artificial intelligence will come into our world. And

01:19our approach is just to embrace it and learn from it and experiment and be along the journey,

01:25because we know that we'll discover things along the way, experimentation,

01:29some things maybe serendipitously that we'll find, and we'll see where it takes us. We have

01:34a couple of maybe rules of thumb or guidelines that we're thinking about in terms of how we're

01:39executing AI. And I think the first is taking care to protect our clients' data and their privacy. We

01:45need to really make sure that we care for that. The second is that we largely view it in the

01:52moment as not a replacement for humanity, but an enabler for humanity.

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