Artificial intelligence may be dominating conversations about the future of work, but for the leaders of California’s banking and legal industries, the bigger story is more complicated.
AI has set a lot of change in motion—from how work gets done to client expectations to new questions about talent, cybersecurity, access and trust.
Yet in all that change, one thing remains constant: people still want trusted experts who understand their individual needs.
That was one of the central themes of a recent CalCPA CEO Chat featuring Kevin Gould, president and CEO of the California Bankers Association, and Chris Nguyen, CEO of the California Lawyers Association, who covered the issues reshaping banking, law and the broader professional-services environment—and what those changes mean for the professionals and businesses they serve.
AI Is Both Opportunity and Disruption
For Nguyen, AI and access to justice are among the most significant issues facing the legal profession. While technology has the potential to make legal information and routine services more accessible, it also introduces significant risks.
AI-generated misinformation, fabricated images and even fake video and audio are already creating new challenges.
“AI is a tool, and it could be used for the betterment of the industry,” he said, noting that it could make routine processes faster and help standardize answers to common questions that could ultimately improve access to legal services.
Gould sees similar opportunities in banking, including fraud detection, document processing, data extraction and summarization.
Perhaps most significantly, technology could help smaller organizations compete with larger ones.
“I think the use of technology and artificial intelligence can provide a smaller entity with an opportunity to level the playing field against larger institutions,” Gould said.
But neither leader suggested that organizations should simply automate and move on. Gould emphasized the importance of maintaining a human touch in the process, particularly in a highly regulated industry such as banking.
Technology May Change the Work—but Not the Need for People
One of the biggest questions surrounding AI is what it means for jobs.
Nguyen regularly hears concerns from law students and new graduates about whether AI will eliminate the entry-level work that traditionally provided young attorneys with an opportunity to learn the profession.
“There will still be a need for the work that they do,” Nguyen said. But the nature of that work will evolve, with less routine work and greater emphasis on specialized knowledge and expertise.
Gould sees a similar dynamic in banking. As technology handles more routine tasks, he said, that can free employees to take on more strategic and customer-facing responsibilities. Customers still want human interaction when they encounter complex situations or need help solving a problem, he added.
And opportunities for career advancement remain.
The banking industry, Gould noted, is still one “where you can still start as a teller and make your way into the C suite.”
The message for professionals is less about competing with technology and more about learning how to work alongside it.
Customers Want an Amazon Experience—But They Also Want Expertise
Technology has dramatically changed customer expectations. People increasingly want convenience, speed, fewer obstacles and the ability to compare options before making decisions.
Gould acknowledged that banking is responding with faster payments, quicker underwriting and greater digital access. But there is a limit to how far that model can go.
Nguyen described a growing challenge in the legal profession: clients can arrive with an abundance of information from social media and other online sources and assume that information makes them sophisticated consumers.
Sometimes it does. Sometimes it creates unrealistic expectations, as legal matters can be highly nuanced. Two clients with seemingly similar circumstances may require very different advice because of small differences in their situations.
Nguyen compared it to clothing: there is a difference between a tailored blazer and one bought off the rack.
That distinction highlights something technology can’t easily replicate: professional judgment tailored to the individual. Which leads directly to one of the most important words in the conversation: trust.
Trust Remains the Essential Currency
“For our respective industries, trust is fundamental. Full stop,” Gould said.
That trust is increasingly important as professionals and consumers navigate an overwhelming amount of information.
Nguyen said consumers can encounter information that may be accurate in one state but completely inapplicable in California—or may contain only a small amount of accurate information surrounded by misinformation.
Professional organizations, then, have to do more than react. They have to participate in the conversation.
Gould said organizations need to be proactive about telling their stories while also monitoring what is being said about them.
“You have to be proactive in telling the story,” he said. “And you also have to be very aware of what is being said on social media.”
Regulation Requires Engagement—and Education
Regulation was another common thread discussed, as Gould pointed to the continuing consolidation of the banking industry and the regulatory burden facing smaller institutions. He also emphasized the importance of regulatory certainty and cautioned against dramatic swings in regulatory philosophy.
For Nguyen, regulation is a necessary part of protecting the public, even when it creates additional costs and complexity.
Both leaders emphasized that professional associations have an important role to play in the process—not simply by advocating for their members, but by educating policymakers about the real-world consequences of proposed laws and regulations.
Nguyen described it as making sure policymakers have a “360” view of an issue, and that includes individual constituents, who can have a meaningful influence when they speak directly with their legislators.
Staying Engaged in a Fast-Moving Environment
Ultimately, the conversation returned to a simple message: professionals cannot afford to tune out.
The pace of technological, coupled with regulatory and economic change, makes engagement even more important.
For bankers, Gould said, staying informed about legislative and regulatory developments is critical, particularly in California, where ideas can move quickly from concept to law.
For emerging professionals, Nguyen emphasized another form of engagement: developing deep expertise.
As AI takes over more routine work, specialists who can provide sophisticated, individualized solutions may become increasingly valuable.
The future of banking and law, then, isn’t simply about humans versus machines. It’s about how professionals use technology while preserving the qualities that technology cannot easily reproduce: judgment, expertise, relationships and trust.
Those who remain curious, adaptable and engaged may find that the biggest challenge isn’t keeping up with change but learning how to make the most of it.
Check out the full CEO Chat by registering and accessing the event in your Activities. And be a part of the next CEO Chat conversation on Dec. 2.
