We continue our series of conversations about Artificial Intelligence and how it's changing the world around us. Today’s episode focuses on the use of AI in the financial sector and both it’s potential strengths and weaknesses.

Joining the show to help us start making sense of it all is Jessica Ellett. Jessica is a senior manager and lead modeler at Cambridge Technology, a financial services technology startup. Jessica is also an MSBA graduate from the David Eccles School of Business.

Jessica shares her insights on developing AI-operationalized applications for large banks, highlighting tools like loan processing applications, financial report generation, and predictive trade outcome models. Frances and Jessica cover the concept of 'human in the middle' AI and the importance of human involvement in AI processes. Jessica also touches on concerns around AI bias, data privacy, and the critical need for business-led AI projects. Jessica also looks forward to what she predicts the landscape of her industry could look like in five years.

Eccles Business Buzz is a production of the David Eccles School of Business and is produced by University fm.

• Jessica Ellett | LinkedIn
• CTFSI - Cambridge Technology Financial Services Inc.
• Master of Science in Business Analytics - The David Eccles School of Business
• David Eccles School of Business (@ubusiness) • Instagram
• Eccles Alumni Network (@ecclesalumni) • Instagram
• Eccles Experience Magazine

How the MSBA programme equipped Jessica to be a voice in the AI space

[37:02]: When I first finished in 2018 with the MSBA program, I got multiple job offers afterwards when we moved here to Charlotte, North Carolina. And, often, it was kind of an undefined structure. Hey, what can you help us do? What can you help us know or ask? Help us do this in a better way, or help us ask the right questions. And so I think it's still young enough—I mean, the whole program, data science programs, MSBA programs—within the last 10 years, I would consider that a really young program. And so new talent coming out of those are going to be the thought leaders on how AI gets adopted and how these programs run at different companies. And think about that. So you come out of this program and you think, "Well, I don't know much. I just got this degree, or I don't have a lot of application." But people are willing to listen to you because you've had focused study on this topic more than they have, so for better or for worse, you're going to be a voice in that space.

How AI works best with people by having the human in the middle

[07:24]: Think of AI as the best assistant you've ever had, but you need the right systems or processes in place to interact with that assistant to get the most out of them, right? So, it's not just building or designing the perfect assistant. It's when am I going to use them? How am I going to use the output? How do I give it the right information to get out of it? What I want—all that interaction. That's human in the middle. You have to design that well to get the most out of it.

Why do AI projects need to align with business goals?

[41:18]: I'd say AI projects need to align with the business goals, not just tech advancements. You have a shiny new tool, and you want to use it but don't lose sight of what the business goal is. Using a shiny new tool could be expensive. If you suddenly have to build the whole machine that it fits with, that could get expensive. So, I'd say that transformation has to have a business-led approach because it has to align with the business goals. And if none of the business goals are ready or positioned to need AI—which is hard to believe—but it could be possible, then it doesn't fit in the plan or the goals.

We are wrapping up our series of conversations with the Kem C. Gardner Policy Institute's 2024 Informed Decision Makers. Every year, the Kem C. Gardner Policy Institute at the David Eccles School of Business recognizes individuals and entities that contribute to the prosperity of our community here in Utah, often performing important work behind the scenes and without much recognition.

Joining us today is Ross Van Vranken, the former executive director for the Huntsman Mental Health Institute, which is part of the University of Utah Health System. The Huntsman Mental Health Institute is a multi-million dollar enterprise supporting a behavioral health care system anchored by a 170-bed acute psychiatric and substance use hospital.

In this episode, host Frances Johnson sits down with Ross to discuss the evolution of the mental health conversation, the importance of treating mental health with the same urgency as physical health, and the critical issue of access to mental health care. Ross shares his insights on the economic implications of untreated mental health issues, the impact of the social environment on mental wellness, and the transformative vision of the Huntsman Mental Health Institute.

Eccles Business Buzz is a production of the David Eccles School of Business and is produced by University fm.

On defining what mental health is

[05:12] When you're talking about mental health, you're talking about well-being, that sense of well-being. I'm okay. And I know how to navigate the problems in my life, and I get through it, and I have an adequate amount of resiliency and reserve to take on struggles. I ask for support when I need it. I'm willing to talk about what's going on with myself. And that’s really what it is, just that sense of well-being. That's what mental health is where you're able to engage in your life in a way that represents who you are and what you want to do.

The transformative vision of the Huntsman Mental Health Institute.

John Huntsman's legacy is council. The nine children looked around and they've had mental illness in the family and substance use disorder in their family, and they wanted to make this their legacy. To actually change mental health on a national level across everything, including, uh, looking at policy reform on a federal level, payment reform, access to care, uh, best practice, specialty, personalized care, all those kinds of things. a big part of that, so what they're funding right now is this Stop Stigma campaign, which is a national campaign that's intended to go out the next 10 years.

What contributes to the mental health crisis?

[21:18] Mental health is the number 1 disability in the world now. And so part of what contributes to all that, as you know, is the whole social environment, particularly kids. How do you interact with your peers? How many people get bullied, isolated from the rest of the pack, don't feel like they belong early on and how that carries through. So, creating an inclusive environment where people just get accepted for who they are, and they can be a part of the overall social contract without having to be the popular kids or whatever, you can be whoever you are and fit into that is a critical piece. And of course, we all know that there are these different benchmarks that really require a lot of going from elementary to junior high, junior high to high school, high school to college. It's a critical thing. The more you can do to create that kind of wellness environment and inclusivity of everyone, the better, because we're social animals and what contributes as much to mental illness as anything is isolation.

• Huntsman Mental Health Institute
• Ross Van Vranken | University of Utah Health
• Ross Van Vranken | LinkedIn
• David Eccles School of Business (@ubusiness) • Instagram
• Eccles Alumni Network (@ecclesalumni) • Instagram

The mission at Circles Salt Lake is “building community to end poverty in Salt Lake County.” They do this by building bridges of friendship and community that support individuals and families on their journey from surviving to thriving, ensuring that everyone they work with has enough money, meaning, and friends to thrive.

Leading this critical mission is Executive Director Michelle Crawford. Starting out as a volunteer in 2017 and working her way up to run the organization, Michelle is a passionate and kind member of our community, working fiercely to help those with less.

In this episode of the Eccles Business Buzz host, Frances Johnson sits down with Michelle to discuss eradicating poverty through community building, intentional friendships, personal transformation, and systemic change.

Michelle shares insights on the challenges faced by people living in poverty, the role of social capital, and the importance of community support in achieving financial independence. The episode also highlights the significance of volunteers, the impact of economic instability on the community, and practical steps for fostering economic empowerment.

Eccles Business Buzz is a production of the David Eccles School of Business and is produced by University FM.

• Michelle Crawford | LinkedIn
• Circles Salt Lake
• Team - Circles Salt Lake
• Utah Department of Workforce Services

Being in the Circles program empowers participants to dream and forge their own path.

07:35: Once somebody starts their Circles journey, they're going to start with the 12-week training. So, we do this as an introduction to what Circles is and to provide some training around just the understanding of poverty. So, they may be living it, but there's a lot that comes along with that, the social norms of the different income classes. And then they learn the things that we all want to learn, right? Budgeting, goal setting. We teach them to dream and pursue those dreams. And one of our sections of that 12-week training is dream boards. So, we're not here to tell them what their life looks like on the other side of poverty or how to get there. We're here to empower them, to support them, to say, what do you think life looks like for you on the other side of poverty? And then we build that social capital and the resources and the support around them to help them pursue those goals that they've set.

Persistent poverty can perpetuate cycles of intergenerational poverty.

18:37: When part of our population struggles with persistent financial instability, you can imagine the cost is significant. Financial instability leads to increased demand for those social services, higher health care costs, and even reduced productivity. All of these things strain our public resources.When individuals are unable to fully participate in the economy, it stifles our local business growth and reduces the overall economic activity. Persistent poverty can also perpetuate these cycles of intergenerational poverty, leading the long-term economic challenges for our community. And so, another area that Utah is unique, I mean, in a lot of great ways, and one of those is that our state's poverty level is lower than the average national poverty level. But we have a pretty unique high number of intergenerational poverty, which means this cycle that continues. So, for us, we know that investing in financial stability for all members of our community not only improves individual lives, but it strengthens the overall economic health and vitality of the community.

Hope and dignity are deeply intertwined with financial independence.

26:38: When individuals have hope, they believe in the possibility of a better future, and then they're motivated to take the steps towards achieving financial independence.The sense of hope can inspire perseverance, innovation, and then the willingness to seize those opportunities that lead to greater financial stability. Dignity, on the other hand, comes from the ability to support oneself and one's family without relying on others. So, financial independence then restores this sense of control and self-worth, allowing individuals to participate fully in society with confidence.

So much of our lives are spent in a car. Whether it’s driving to work, scooting around kids to friends houses and other activities, or running to the post office, we really are stuck in a car-centric culture. But today’s guest is trying to get us out of that rut, one bicycle at a time.

Donna Matturro McAleer is the Executive Director of Bicycle Collective, a group of non-profit bike shops refurbishing donated bicycles and putting them into the hands of those in need, focusing on children, Newly resettled refugees, immigrants, individuals experiencing homelessness or housing insecurity and more.

In this episode, they explore the broader economic, environmental, and community impacts of making bicycles accessible as a form of sustainable transportation. We’ll also hear about the Bicycle Collective's programs, sustainable business model, and pandemic growth.

Eccles Business Buzz is a production of the David Eccles School of Business and is produced by University FM.

• Donna Matturro McAleer | LinkedIn
• Donna Matturro McAleer | 2024 CEO of the Year - Utah Business
• Bicycle Collective
• David Eccles School of Business (@ubusiness) • Instagram
• Eccles Alumni Network (@ecclesalumni) • Instagram

In a car-centric country where transportation poses significant barriers to economic stability, bicycles emerge as a transformative tool.

[03:32] If you think about it, Frances, In Utah, in our country, we are a car-centric country. But if you think about transportation, transportation is a formidable barrier to economic mobility. Access to nearly everything associated with economic progress and upward mobility, whether that's getting to school, getting to a job, getting to a job interview, fairly priced goods and services, medical services, healthcare, depends on the ability to get from one place to another efficiently and in an affordable manner. And that's where a bike can really be a transformative tool, especially in a place like Salt Lake City and throughout this state where so many resources may be concentrated within a few miles.

Choosing a bike over a car can cut your carbon footprint by 67% and transform communities

[08:22] Choosing a bike over a car just once a day reduces the average person's carbon footprint from transportation admissions by 67%. So, that's just once a day. Think about if you use it as your primary form of transportation, a moderate increase in bicycling each year could save 6 to 14 million tons of carbon dioxide. So, there's huge, huge impacts that bicycling has on the individual, on the community, on the economy, and on the environment, all in a positive way. It's not a trade off of one or another. We get to experience all those things with biking.

Bicycle Collective is a resource for everyone

[20:16] Bicycle Collective is really for everyone. Whether you are a first-time cyclist or maybe you want to try a new discipline, but you want to get in at an affordable level. So, maybe you never tried mountain biking and you want to get a mountain bike or you want to start road riding or, hey, I've been road riding, I've been mountain biking, but I want to be a bike commuter. We are a great resource for cycling enthusiasts, first-timers.

Our guest today calls herself an “unabashed promoter of Utah,” and has the resume to back it up.

Theresa Foxley is a Utah native, and has spent her career championing economic growth in Utah and serves her community through numerous boards and initiatives. For example, Teresa's commitment to business recruitment as the President and CEO of the Economic Development Corporation of Utah brought numerous corporations to the state, with an eye on the distribution of economic impact for the entire state, especially rural Utah.

Theresa is currently Chief of Staff to rPlus Energies, a national leader in utility scale, renewable energy, and energy storage development.

She chats with host Frances Johnson this episode all about Utah’s future in renewable energy, starting with the state's unique demographics, infrastructure, and economic strengths. Teresa shares insights on large-scale renewable projects, the balance between growth and environmental stewardship, and the promising intersection of renewable energy and economic development in rural Utah.

Eccles Business Buzz is a production of the David Eccles School of Business and is produced by University FM.

• Theresa Foxley | LinkedIn
• rPlus Energies on LinkedIn
• rPlus Energies Website
• David Eccles School of Business (@ubusiness) • Instagram
• Eccles Alumni Network (@ecclesalumni) • Instagram

How renewable energy bridges the gap between Utah's economic growth and preserving the quality of life

[05:11] It is really important that we preserve these incredible assets that we have, these beautiful physical natural assets that we have as a state. I heard, over and over again, when I was leading the economic development organization, Economic Development Corporation EDC Utah, from employers that, gosh, I knew I would find a great local workforce in Utah, but I'm so pleasantly surprised at how easy it’s been for me to recruit people in from out of state. I see it myself here now, being on the leadership team of rPlus Energies and being involved in our recruitment, how enthusiastic people are about, either, relocating to Utah or how happy they are to be able to, now, have a job in renewable energy in the state of Utah to be able to stay here. We do have a number of team members who found their way to rPlus Energies via another state and who seem to, kind of, say, "I never thought I'd be in Utah, but now I never want to leave."

While renewable energy may create fewer jobs than thermal power plants, it brings significant benefits to local communities.

[Frances Johnson] [20:56]: In rural Utah, in particular, what is the economic impact of bringing these projects online?

[Theresa Foxley]: It's pretty significant. The Green River Energy Center with an over $1 billion capital investment really means significant impact to local property tax revenue. And this is property tax revenue that can be utilized by the taxing entities, the county, the school district, et cetera, to invest in roads, libraries, schools. There's a very significant injection of talent. During the construction process, we'll have some 500 workers on site at peak for the Green River Energy Center. And though you're correct in that the generating facilities for renewable energy projects don't tend to have the same number of jobs attached to them as maybe a thermal power plant, there are a number of other ways that these projects do benefit local communities, again, through their construction, through local design, engineering, consulting work, law firms, others that are hired to help to go and help support and to put together the project financings and the construction of these projects.

The future of renewable energy in Utah

[27:54]: And I just see Utah continuing to lead on this. We have all of the ingredients to be successful leaders in this future energy space because of the abundance of energy resources that we've had, whether those have been resources that come from underground or above ground, like solar and wind. I see a really bright future for Utah and energy development here in the state.