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In this post, Ajay Agrawal, professor at Toronto’s Rotman School of Management, discusses the challenges of unlocking the full potential of AI and ML for businesses and banks. He explains how the taxi industry in London, UK provides a cautionary tale of the potential impediments to driving value from AI, despite the extensive training London cabbies undergo. He also touches on the impact of ChatGPT and its potential to transform the world, as well as the importance of considering regulation of the adoption and use of AI.