Capital Group: Action plan to drive the future of generative AI

Capital Group was founded in 1931 during the Great Depression and is headquartered in Los Angeles, California. After years of development, Capital Group has now become one of the world's largest investment management companies, managing financial assets worth US$2.3 trillion. As a privately held company, Capital Group has offices around the world, more than 9,000 employees, and controls well-known mutual funds such as Americas Fund

Like leading companies in various industries around the world, Capital Group has experienced This has led to the rapid explosion of this round of generative artificial intelligence. Hemingway once said that change occurs in two forms: gradual and sudden. Over the past year, we have witnessed the rapid development and adoption of this potentially game-changing new technology. Not since the early days of the Internet and digital transformation more than two decades ago, have we experienced the attention, excitement, fear, and anxiety caused by technologies like generative artificial intelligence in a long time

IDC and Teradata A survey was conducted on August 1 this year, and the results showed that companies have mixed emotions of excitement and fear about generative AI. Surveys indicate that executives at the world’s largest companies are facing unprecedented pressure to adopt generative AI. Although nearly 80% of the 900 global executives surveyed believe that generative AI can be used in the company's future products and operations to a great extent or significantly, they also said that there is still a lot of work to be done before it can finally be implemented. . The survey pointed out that 86% of the respondents believe that strong governance practices are needed; 66% are worried about the risks of bias and misinformation brought by generative AI; only 42% believe that they currently have the ability to implement generative AI skills; only 30% believe they are fully prepared for the application of generative AI. The IDC/Teradata survey clearly shows that many executives are still skeptical about generative AI. Generative AI really needs to be given a chance to demonstrate its true capabilities before its commercial value can be proven. Additionally, while 89% of executives said they have some understanding of the benefits and potential of generative AI, 57% said their interest in generative AI would wane over time. Equally paradoxical, despite uncertainty, fear and doubt, the majority of executives surveyed (56%) said they would face greater challenges applying generative AI in their organizations over the next six to 12 months. Big or huge pressure

In this complex environment, Capital Group has embarked on an ambitious internal program to integrate and apply generative artificial intelligence technology to maximize its potential. This initiative was launched amid a confluence of opportunities, challenges, uncertainties and game-changers

To this end, we spoke with Capital Group’s CIO Marta Zarraga about the upcoming Important journey. Zarraga is well-prepared for the challenge, having led significant technology-driven transformation efforts and delivered compelling business value. Zarraga was born in Bilbao, Spain. She began her career in the telecommunications industry, serving as chief information officer of BT Retail, chief information officer of Vodafone UK, and global chief information officer of London-based financial services company Aviva. official. In 2020, she officially assumed the position of global chief information officer of Capital Group

When Zarraga talked about his generative AI responsibilities and mission within Capital Group, he raised a question: "How should we How to responsibly embrace this new technology?” Given the reality and potential power of generative AI to improve productivity, where should companies focus and how can they manage potential risks? For investment firms, whose daily job is to manage risk and deliver results, it is imperative to find intuitive answers to these questions

Zarraga explains how to take a thoughtful approach amid the huge excitement and concrete implementations of generative AI Maintaining a balance

Zarraga briefly introduced the management thinking currently adopted by Capital Group in the expansion and development of generative artificial intelligence, including:

Active experimentation and learning

• Plan relevant business use cases
• Publish use cases to expand impact and measure results
• Promote education within the organization
• Manage risk
• For Capital Group, it starts with identifying opportunities that can create value in the business and prioritizing business and technology use cases for "proactive experimentation and learning" while actively managing risk. For example, potential "productivity improvements" must be combined with accuracy control mechanisms, especially considering the "hallucination" problem that may occur in early experiments with generative artificial intelligence

Capital Group is working to release generative AI capabilities to support the area of ​​marketing that generates new content, one of the most potentially valuable areas. This ability to quickly synthesize large amounts of data promises to open up considerable business prospects. At the same time, content translation is also another promising research field. In addition, it also includes helping developers generate code, or embedding generative AI in enterprise software, etc. Capital Group is working to measure and evaluate the resulting business impact

Like any successful technology initiative, adoption and support for generative AI needs to start at the top of the organization. Capital Group’s generative AI initiative is a comprehensive, company-wide initiative that also has the strong support and endorsement of the company’s board of directors

Personally, Zarraga sees generative AI as an extremely powerful And there is a disruptive new technology, which is full of excitement and responsibility. She emphasized the absolute necessity of maintaining a “human-machine loop” in all aspects of GenAI. In her view, while the productivity improvements may be significant, it is important to ensure that checks and balances are fully implemented when using the output of generative AI models

Zarraga believes that generative artificial intelligence (AI) has Revolutionary impact that dramatically increases the speed and scale of data analysis without requiring any technical coding. Generative AI can be used not only to summarize large amounts of material, but also to prioritize it based on its relative importance. For example, customer service operators can obtain timely information support through the chat interface, thereby greatly improving the ability and effectiveness of providing assistance to customers

More importantly, Zarraga pointed out that the company's security, legal and risk teams should be directly involved Security is embedded in every link of the process to solve the basic problem of "robots cannot keep secrets". Zarraga concluded, “We believe that generative AI will progressively change the way we work. This technology is both powerful and rapidly evolving, and we are excited to realize its full potential. We are embracing the future it represents and working on it every step of the way. We will continue to learn from China."
Capital Group is drawing on the experience and lessons accumulated in opportunity and risk management since its founding 92 years ago, and using the new scale and power represented by generative AI in a thoughtful, systematic and determined manner to continuously Develop its investment management business and provide high-quality management services to global investors, thereby moving firmly towards another century-old journey of the group.

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