Organizations across the U.S. financial services, technology and academic industries, including Microsoft, have announced the formation of a new National Council for Artificial Intelligence (NCAI), the company said Friday. The council will work to expand technology solutions to solve challenges within industry.
The council also includes the Brookings Institution, CUNY, the Federal Reserve Bank of New York, Mastercard, Nasdaq, Plug and Play, SUNY, University of Central Florida and Visa.
The NCAI board will work to co-create AI solutions, identify and set the AI strategy and vision and track AI adoption progress. The member organizations have nominated AI ambassadors to serve as regional leads and drive programs.
"The goal of the newly created NCAI is to establish a pragmatic coalition with public-private partnerships in the financial services sector to identify and address significant societal and industry barriers," said Gretchen O'Hara, vice president of AI and sustainability strategy, Microsoft U.S.
The council will also leverage AI to solve business challenges, including economic and industrial challenges such as research transfer, industry standards and funding instruments; digital skills and employability, including organizational and cultural challenges and labor policies; and Data privacy, such as data access and shared innovation.
"I am excited about the launch of our distinguished board, and the continued momentum to work with the members of this coalition to better serve the needs of our stakeholders and communities through AI innovation," O'Hara added.
The organizations will work in collaboration to accelerate AI innovation and adoption by lowering the risk of AI adoption, bias and the barrier of entry to innovate; defining the educational standards of AI talent; and providing workers with AI displacement.
"The NCAI coalition brings partners together across the industry to ensure AI and the technologies underpinning it are transparent and safe for not only financial services customers but throughout the regulated industry,” said Ed Fandrey, vice president of Financial Services, Microsoft U.S.
The NCAI will deliver a curriculum for AI education and skilling, and will engage with the community through research white papers, new tools and programs, hosted events and social media outreach to expand AI capabilities and understanding. Initial work from the council will focus on training the workforce and business leaders.