Heart Pitched To Focus On AI In Finance

Biz Leaders Pitch Hao on Methods to Assist Mass. Maintain Its Edge

BOSTON, FEB. 5, 2024…..Enterprise and tech leaders working to solidify the commonwealth’s competitiveness broadly previewed a handful of concepts Monday earlier than Financial Improvement Secretary Yvonne Hao, who spoke in regards to the should be “relentlessly paranoid” as Massachusetts works to develop its lead in main sectors like life sciences.

Sumedh Mehta, chief data officer at Putnam Investments, pitched Massachusetts establishing an innovation and analysis middle centered on AI for finance or financial services as part of MassVision2050, an initiative led by the Massachusetts High Technology Council that explores ways to spur long-term employment and economic growth. Venture capital investors are interested in financial technology and AI, said Mehta, who mentioned North Carolina’s success in the arena.

The MassVision2050 initiative, which incorporates perspectives from the private and public sectors and academia, parallels the Healey administration’s economic development plan and its focus on lengthening Massachusetts’s competitive advantage in several key sectors, MHTC leaders said during an event Monday afternoon.

“If we bring those two together, and we bring the Massachusetts economic plan together and the 2050 vision, we have to build fintech and AI as a center, create some research, bring the academics in, work with industry and create something unique that we can do in Massachusetts that others cannot,” Mehta said. “Can we through research, through engagement with financial services firms that happen to be in the Boston area, that happen to be leaders in their areas, work together with the academic institutes and build something that’s sustainable, and meets the objectives of the 2050 MHTC plans?”

That type of center could attract capital and talent, which could lead to new startup companies launching here, he said.

A separate branch of MassVision2050 is investigating what type of workforce development is needed as the health sector harnesses AI, such as nurses using AI to triage patients. Val Panier, managing director at Boston Consulting Group, said a white paper on workforce training should be drafted for the state to consider within two to three months.

“If you do a rough assessment, you might say that about 60 percent of the workforce in health care will need to be upscaled,” Panier said. New jobs will be created while existing ones may disappear, which signals a need for re-skilling, too, Panier indicated.

Hao said the Healey administration is working “deeply” on crafting the forthcoming economic development bill, based on the economic development plan, titled “Team Massachusetts: Leading Future Generations.” The plan calls on the commonwealth to tackle long-standing problems, such as unreliable transportation networks and insufficient housing to support economic growth.

Under the plan, Massachusetts should “lengthen” its lead in sectors such as life sciences and health care, advanced manufacturing and robotics, and artificial intelligence, while spurring new leadership in climate technology, tourism and culture. It also outlines strategies to recruit and retain talent, as well as strengthen workforce development and training opportunities.

“We’re going to partner very closely with Chair Parisella and Sen. Finegold, and all of our legislative colleagues on figuring out how we can bring this to life with the right funding, the right ownership metrics, the right governance, the right legislation,” Hao said, mentioning the chairs of the Committee on Economic Development and Emerging Technologies.

“And so that is the work in progress right now and hoping to get that bill done by the end of the year,” Hao continued.

Hao said she traveled to Las Vegas last week for a meeting with 30 fellow economic development secretaries. She said attendees were asked about the top priorities in their states.

“And everyone said, ‘We want to win in life sciences, we want to win in [computer] chips, we need to win in local weather tech, we need to win in being a pacesetter in expertise.’ And I imply, everyone seems to be attempting to do what we’re doing they usually’re attempting to catch up,” Hao mentioned.

Hao, requested which states she is most apprehensive about, spoke about aggressive benefits for North Carolina and Texas.

“The query for us is, how can we be sure that we’re relentlessly paranoid and all the time form of monitoring competitors?” Hao mentioned.