Q&A: TIAA's CIO touts top AI projects, details worker skills needed now
Artificial intelligence (AI) is already having a significant effect on businesses and organizations across a variety of industries, even as many businesses are still just kicking the tires on the technology.
Those that have fully adopted AI claim a 35% increase in innovation and a 33% increase in sustainability over the past three years, according to research firm IDC. Customer and employee retention has also been reported as improving by 32% after investing in AI.
AI skills appear to be most in demand now by employers, but those same skills might not be needed in the future as the technology evolves into self-learning platforms based on generative AI that can automate even more tasks. (Job listing site Upwork has seen 450% growth in weekly job posts related to generative AI.)
AI-centric roles gaining steam include prompt engineers, AI content creators, machine learning and deep learning engineers, data scientists, AI chatbot developers, and professionals with model tuning and AI model integration expertise.
TIAA (Teachers Insurance and Annuity Association of America) is a financial services organization with more than five million members, $1 trillion in combined assets under management, and holdings in more than 50 countries.
Founded by Andrew Carnegie in 1918, the company has had to keep pace with technology over the past century to survive; the most recent advances in AI are no different; TIAA has embraced the technology for a myriad of business purposes. Among other tasks, AI at TIAA has been applied to client services, fraud prevention and cyber protection, and the use of natural language processing of phone calls to determine client intent in real-time.
Sastry Durvasula, the chief information and client services officer at TIAA, has been a strong advocate for deploying AI to create businesses efficiencies, boost data analytics capabilities, scale the delivery of services to clients, and to safeguard customer and enterprise data. The company is also in a strategic partnership with Google AI to deploy a Client Services AI platform that’s expected to eliminate almost a third of its call center’s operating budget over a five-year period.
Durvasula has a background in data analytics, AI, cyber security, digital innovation, and global financial services, and served as CIO at American Express for seven years before joining TIAA two years ago. He is also a passionate advocate for diversity and sustainability initiatives.
Sastry Durvasula, the chief information & client services officer at TIAA
Computerworld asked Durvasula about how his company uses AI, what skills it wants in current and future employees, and how it’s training them through upskilling and reskilling. The following are excerpts of those answers:
What kinds of AI-related skills are you looking for at TIAA and for what purposes? “Data and AI is one of the strategic pillars of our strategy to power client-obsessed products, new business opportunities and fuel innovation in our mission to deliver lifetime income for all. Both technical acumen and business acumen hold utmost importance to drive AI’s full potential. We look for talent in three primary areas as we advance our AI agenda — (1) data science, AI/ML and modeling skills, (2) engineering and app dev skills, (3) SME knowledge in financial services with tech integration skills. Being a century-old firm, the ability to adapt, learn, and understand the business itself is equally crucial, because ultimately, the challenges we tackle are in service of the business strategy, products, and issues.
“There are several exciting capabilities and purposes for AI talent in our retirement, global asset management and wealth management businesses. Here are some examples of how AI is powering our core business offerings, products, platforms and services:
Do you believe AI skills will be required in the future, or will things like prompt engineering eventually not be needed? “Historical estimates suggest that approximately 50% of tech skills become obsolete every two years, and in the current environment, this time-frame is expected to shrink even further. As employers, it is essential to empower employees to identify their skills, address their knowledge gaps, and maximize their potential through customized learning paths and plans. AI skills will continue to be highly valued and in demand in the future.
“While advancements in AI technology are making certain tasks more automated and accessible to a broader audience, the field of AI itself is evolving rapidly. It’s important to note … the need for human expertise in AI skills remains significant. The ability to understand, interpret, and work with AI systems will continue to be in demand to ensure responsible and effective deployment of AI solutions in various domains.
“I believe prompt engineering among other AI skills will remain prominent in the next three to five years for some key reasons:
What is TIAA’s partnership with Google and how does it affect your clients? “…We have established a strategic partnership with Google AI, allowing us to revolutionize the way our client services are provided to millions of participants, with several AI-powered use cases including personalized client experience, handling complaints through automation, intelligent automation of the back office, and advanced fraud protection.
“By applying natural language processing and AI, we successfully launched conversational self-service, which significantly improved our client satisfaction scores and delivered efficiencies. When clients reach out to us, these solutions streamline their experience by reducing wait times and providing prompt assistance.
“By harnessing the power of AI, we can enhance client interactions and deliver efficient, responsive, and personalized services. Our Client Services AI platform is on track to deliver significant operational efficiencies and reduce complexity for our customers. Through this partnership, the positive outcomes for our clients and our company, will only continue and compound.”
Can you explain TIAA’s Generative AI Solution ‘Mr. Carnegie‘ and how it uses generative AI/large language models (LLMs) to create efficiencies? “We have developed an advanced chatbot, called “Mr. Carnegie,” utilizing generative AI and large language models (LLMs), with a best-of-breed approach. It serves as a dependable virtual guide, specifically designed to analyze various life changes that individuals may encounter.
“By leveraging the power of generative AI and LLMs, it provides prompt and pertinent insights to users, making it easier for them to navigate through significant events such as job changes, work contracts, and regulatory shifts. Participants can engage in natural-language conversations allowing for a more intuitive and seamless user experience….The chatbot offers efficient and relevant guidance, helping individuals understand and adapt to the changes they are facing in their lives.
“We also have several use cases of Mr. Carnegie internally, including deployment of this GenAI solution on our intranet to assist in various colleague workflows and requests. Another recent example of an internal use case is where we deployed Mr. Carnegie to intelligently generate and execute our phishing awareness campaigns with associates.”