Visa Has Deployed Hundreds of AI Use Cases. It’s Not Stopping.
“Taneja said the key to moving fast is first putting in place a strong governance infrastructure, data protections and guardrails and then tapping involvement from teams across the business, rather than trying to put responsibility into the hands of a smaller group of AI experts.”
How GenAI Helps USAA Innovate
“One of the generative AI solutions USAA is working on is targeted toward its MSRs, who serve members across multiple channels. The tool assists them in finding the information they need in order to answer a member’s question rapidly and precisely, and in automating tasks such as summarizing the interaction and capturing follow-up actions. The goal is to see whether the GenAI MSR Co-Pilot tool can help improve both the speed and quality of service to members while also improving the representatives’ experience by reducing their cognitive load and decreasing training time for new MSRs. Representatives would then be able to spend more time engaging with members, understanding their needs, and providing advice.”
Five priorities for harnessing the power of GenAI in banking
- “Banks see the transformative value of GenAI but are prioritizing back-office automation for initial deployments, according to recent EY-Parthenon research.
- A clear long-term vision and the right use cases can help banks navigate near-term barriers, such as insufficient expertise, high costs and legacy technology.
- Strong governance models and controls are necessary to address a wide range of risks, including data privacy, biased outcomes and regulatory uncertainty.”
AI increases fraud risk, fintechs say
- “Advanced AI programs are now capable of mimicking the behavior of a real person, allowing the fraudsters to evade financial institutions monitoring for unusual activity, panelists said this week at the annual Money20/20 conference in Las Vegas.
- ‘The ability to just spin up a model and create 10,000 people that look real has gotten much higher,’ said Brian Dammeir, head of payments for the fintech Plaid.”
Overcoming modern banking challenges with AI adoption
“Key findings from Forrester
Huard Smith presented research revealing several important trends:
- Strategic priorities: Financial institutions are focusing on improving system interoperability, enhancing security, and driving digital transformation.
- AI innovation: Forty-four percent of organizations consider developing new AI-driven products, services, or features a critical priority.
- Adoption stages: Sixty-nine percent of firms are in early stages of generative AI adoption, yet seventy-seven percent consider themselves industry leaders in this area.
- Data challenges: Many organizations underestimate the importance of data governance and quality in successful AI implementation.”