AI can be used in all retirement plans if focused properly – WPS panelists
"We need to really think about what are the safe spaces to onboard AI. Recognize that our industry is not very good at failing, and yet there is no innovation without failure. … That's hard in our world where we have prudent person rules and fiduciary duties. We're not designed for that," Mr. Monk said.
Plans should find safe areas to experiment with AI, he said. "The first place to apply AI is not to try to generate alpha. It would be, let's think about our operational footprint, see if we can unleash AI to take a bunch of unstructured data and make it structured … to do better passive investing." Once there is comfort around the role AI can take in an investment process, then look into how it can be integrated "in attempts to beat the market," Mr. Monk said.
See the full story here: https://www.pionline.com/worldpensionsummit/ai-can-be-used-all-retirement-plans-if-focused-properly-wps-panelists