The new hire will be responsible for establishing an “Artificial Intelligence and Machine Learning practice within the U.S. Bank Innovation group,” including overseeing strategic product development, product innovation, and strategy efforts within the AI space, according to the posting.
From the announcement:
Accountable for creating and implementing a full business case for new and existing developed products and initiatives. Recommend and lead product development and pilot activities against horizon 2 and 3 initiatives, 3+ years timeline to commercially viable offerings with significant revenue and profit potential. … Probable errors would have a material effect on major functions of the corporation.
The posting seems to indicate an increased focus on AI and machine learning within the bank’s Innovation group, which, led by its fearless leader Dominic Venturo, has been at the epicenter of innovation in the past few years.
AI is (or should be) on the roadmap of every major player in the industry, and U.S. Bank is no exception. The bank is building a “future-proof” defense strategy against cybercrime, Jason Witty, the USB’s chief information security officer, said previously. That strategy, according to Witty, includes “offering machine-speed data, using external intelligence, and taking advantage of machine-learning, analytics, and artificial intelligence,” he said during the Credit Suisse Financial Services Forum in February.
Moreover, Witty said the bank will launch “the first actual AI engine” for data analytics in March (two months ago). The bank, however, won’t be sharing any details on the tool until the fourth quarter of this year, a spokeswoman told Bank Innovation at the time. U.S. Bank did not immediately respond to a request for comment this time around.In any case, we will keep an eye out for the new AI-driven products to come from U.S. Bank (in “3+ years timeline,” as the job posting suggests).