Big Data & AI World Speaker Focus: Jose Murillo, Chief Analytics Officer at Grupo Financiero Banorte

With Big Data & AI World’s Finance and Banking Virtual Summit just days away, we spoke with keynote speaker and panelist, Jose Murillo, Chief Analytics Officer at Grupo Financiero Banorte. Jose’s role at the Mexican banking and financial services company is to increase customer lifetime value and extend and deepen the business relationship with its large customer base.

Jose’s afternoon standalone session will explore how banks can use AI and behavioral science to better understand customers and the CAO is also taking part in an afternoon panel session tackling predictive analytics alongside Richard Davies, CEO at Allica Bank, Kendall Clark, CEO & Founder at Stardog and Dushyanth Sekhar, Head of Data Transformation at S&P Global.

What is your session at the Finance and Banking Summit going to discuss?

I will be presenting a session about using AI and behavioural science to achieve a better understanding of the customer and increase business profitability.

How much value has AI and behavioral science given Grupo Financiero Banorte?

During my tenure, the value created by the analytics team together with our business colleagues is getting close to 4 billion USD. The transformation of Banorte into a data-enhanced organisation allowed us to leapfrog our international competitors to become the second-largest financial group measured by assets under management and pre-pandemic the most profitable bank in Mexico -and probably in North America with an ROE that exceeded 26%.

Who should attend your session and what can they expect to get out of it?

The session on AI and behavioural science is useful for business leaders and data scientists trying to transform their business to better serve their customers and as a consequence become more profitable.

What is your key takeaway for attendees?

To understand the customer you need to establish an experimentation culture within the firm that takes calculated risks. Behavioural science can provide a road map and AI helps accelerate the learning curve.

The most mind-boggling fact about AI you’ve ever heard.

The attempts from Harvard scientist David Sinclair to use AI to predict the life span of mice.

One myth or misconception about machine learning in the financial services industry that you wish to correct.

The largest myth is that ML is a black box since nowadays you can have a good understanding of the relative importance of the variables involved in predictions.

One tool that your team uses on a daily basis that you could not do without.

Causal machine learning algorithms have proved to be quite useful to expand successful behavioural interventions to larger populations of customers.

• Register free for Big Data & AI World’s Finance and Banking Summit. 27th November. 10:30-17:30 GMT.