Thoughts from DHR Fintech Search Specialists.
AI is here – how might this affect your culture, performance, talent, risk and customer relations?
In this AI series, DHR will help navigate the implications in selecting your talent and highlight trends in the industry. Today we look at Bloomberg’s introduction of BloombergGPT, led by Shawn Edwards, Chief Technology Officer, and Gideon Mann, Head of Bloomberg’s ML Product and Research team.
In March, Bloomberg introduced BloombergGPT, a 50-billion parameter large language model, purpose-built from scratch for finance. Their research paper details the development of BloombergGPT, a new large-scale generative artificial intelligence (AI) model. This large language model (LLM) has been specifically trained on a wide range of financial data to support a diverse set of natural language processing (NLP) tasks within the financial industry.
“Large Language Models represent an enormous advancement in AI. The emergent properties of the models such as language understanding and reasoning will enable us to build new products that were out of reach before. Companies that master the use of LLMs will be the companies that win.”
Shawn Edwards, Bloomberg’s Chief Technology Officer
Talent Implications from DHR’s Partners
Managing Partner, Global Financial Services & Fintech Practices
Embrace AI & Lead Through Change
“Today’s leaders must embrace AI as they grow their companies and strategize for the future. While they are addressing the challenges of organizational change and the investment necessary to embed the technology it is critical the right business and tech leaders are in place.”
Managing Partner, Global Advanced Technology & Fintech Practices
AI is Driving Performance at the Highest Levels
“AI technology is quickly becoming a ‘must have’ for companies to perform at their highest levels. The components of AI: machine learning, natural language processing, and predictive and subscription analytics are driving performance across the enterprise in the Fintech industry and all their subsectors.”
Managing Partner, Middle East Africa & Head of EMEA Financial Services
AI Will Transform the Talent Agenda
“We believe that the impact of AI on businesses’ productivity and competitiveness will be increasingly transforming the talent agenda. It will affect the way Board of Directors and CEOs are being selected, assessed and compensated.”
AI for Insurance: A Must for Business Planning
“No surprise that AI is on the doorstep for the Insurance industry. Potentially affecting distribution, underwriting, operations, pricing, claims, and even business strategy, it must be a part of our business planning. The industry needs to be constantly testing and rethinking talent needs and the employment deal, and this starts at the top, with open-minded, tech-saavy leaders.”
Partner, Jobplex Emerging Leader Search
New Skills & Job Categories
“AI will eventually end up impacting every product across every industry, and especially in technology companies. While some jobs may be reduced or replaced, many jobs will have their definitions changed due to being assisted by AI and automation, which will ultimately change the type of skills required from a talent perspective and even create new job categories that will grow over time.”
Managing Partner, China
Seek Out Innovative Talent
“AI and FinTech are attracting top talent from diverse fields, revolutionizing the finance industry, bringing efficiency, accuracy and innovation to every transaction.”
Attract Adaptive Leaders
“Whether you find AI exciting or terrifying, or both, it’s already here and we need adjust to its impact. With effective, responsible and informed leadership, this next phase can be a positive experience – but it’s clearly critical to be able to distinguish, and attract, those leaders who are the best fit for your organization in our quickly changing world.”