Guernsey must not over-regulate artificial intelligence before the island has a “clear view” on where it’s heading, according to a finance industry expert.
Christian Gattiker, Global Head of Research at Julius Baer, told Express that AI could bring efficiencies to both the island’s finance industry and its public sector.
However, he said it was important not to “inhibit businesses” who wanted to experiment with the technology.
Mr Gattiker said AI’s potential was “comparable to other breakthrough technologies like the internet or electricity”.
AI to remain market driver
Despite headlines about a potential AI bubble, Mr Gattiker said the market was “still some distance away from the extremes of the dot-com era”.
“I think if it’s a bubble, it’s not been a valuation bubble, as we had 25 years ago,” he explained, but was more likely to be a “suspended bubble”.
“Not every dollar spent actually will make any money,” Mr Gattiker continued. “The magic word in the industry is now monetization – who’s able to turn this into sales?”
He said the latest results from Meta – Facebook’s parent company – were “quite encouraging”.
Mr Gattiker said many technology entrepreneurs, like Facebook Founder Mark Zuckerberg, believed it was “riskier not to be part of it, not investing, than investing too much”.
More to come…
An extended interview with Christian Gattiker will feature in the April/May edition of CONNECT magazine.