In this episode, Lori Bieda, Chief Data and Analytics Officer of BMO North American Personal and Business Bank, explains how BMO leverages data and AI to drive business efficiency, personalize and enhance customer experiences, and mitigate risk. Lori highlights the importance of balancing centralized data governance with data democratization to make fast, smart and effective decisions across business units. She also shares how BMO is using AI-powered tools to make its home-buying process more transparent and personalized.
Key Takeaways:
(02:07) BMO centralizes data governance and distributes analytics across business units.
(04:50) Centralized data governance ensures regulatory compliance and reduces costly data issues.
(07:59) Decentralized analytics empower teams to make fast, data-driven business decisions.
(09:06) The importance of democratizing data and making it easily consumable for business units.
(12:23) Personalized customer experiences and fraud prevention.
(17:52) The risk of data security breaches has grown significantly, necessitating a strong focus on AI-driven fraud prevention.
(19:48) Convincing organizations to invest in data and AI requires showing both the risks of inaction and the benefits of investment.
(24:00) BMO is using AI to streamline its home-buying process, creating a more transparent and personalized experience.
Resources Mentioned:
https://www.linkedin.com/in/loribieda/
BMO North American Personal and Business Bank -
https://www.linkedin.com/company/bank-of-montreal/
https://www.bmo.com/
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