Banks do not budget for innovation, according to Morrissey – instead “they spend a lot of money keeping the lights on and compliance”.

“That leaves a very small portion for innovation” he said. “Some banks starting out on this journey need to think very carefully about how they demonstrate the value of this technology. One of the things I suggest to banks is to start with the business problem and work back to the technology. Some people are using AI as a missile to kill a mosquito – which is why some of these banks are staring out [with AI] on financial crime, because it’s an easier business case to tackle.”

As always know what key problems are compelling and need a solution and consider whether AI is the best solution. As Drucker said "if you can't measure it you can't manage it".

So start with the goals and strategies and the outcome gaps between plan and actual. Can you measure the causes of the gaps and the improvements that AI would make?

Set specific goals and make sure that you have the data and data management abilities to ensure that AI is a practical option. Avoid "putting lipstick on a pig" and don't forget the people element.

If AI is to empower people by giving them the decision data to make better decisions you also have to train them and resource them to do so.

And if you automate predictable and repetitive processes you must also ensure you have people trained and skilled to spot the bad automated decisions.

AI is no panacea and certainly not an alternative to the right culture, strategy, leadership, resourcing and plain common sense.