Oct 2 (Reuters) - Bank of Montreal ( BERZ ) said on

Wednesday it has named Kristin Milchanowski as its chief

artificial intelligence and data officer, as the financial

services sector increasingly embraces the new technology and its

applications.

Milchanowski, who was previously with accounting giant EY,

will focus on charting a roadmap for the bank to adopt AI,

including applications in data, robotics and analytics. BMO said

the new appointment, effective Oct. 15, builds on its already

heavy investments in the AI space.

"Additionally, she will focus on data management and data

governance across the organization, deepening the bank's robust

and established culture of innovation and accountability," the

Canadian lender said in a statement.

Banking executives have said the spread of AI-based systems

offers big opportunities for financial services firms but some

businesses face higher stakes than other consumer-facing units

because they manage sensitive information.

Analysts expect AI use-cases for the industry to range from

simplifying many routine tasks like filling out compliance forms

to customer service chat support, and developing portfolios that

are data-driven and not extremely complex.

U.S. regulators have also sought public comments about the

use of AI by financial companies, looking to promote inclusive

and equitable access to their services.

Earlier this year, Morgan Stanley ( MS ) CEO Ted Pick said

the use of AI could save its financial advisers between 10 and

15 hours a week.

"This is potentially really game-changing," Pick had said at

the time.