Limiting the risky side of AI in financial services
“Companies aren’t the only ones embracing AI; their employees are, too. For example, Salesforce found that 55% of employees used unapproved generative AI (gen AI) tools at work. Nearly 70% of that same population have never completed, let alone received, training on how to use gen AI responsibly at work.”
Citi eyes AI productivity gains as it consolidates data systems
“Citi retired or replaced 130 applications during the quarter, on top of 2,000 legacy applications decommissioned over the last three years. The bank also saw efficiency gains after deploying two internal chatbot assistants, as well as a developer tool that completed roughly 220,000 automated code reviews, according to the presentation.”
The Streams of FinovateSpring: AI, Banking, CX, Payments, and Lending
“This stream will feature a fireside chat on the real use cases for AI in banking and financial services. Theodora Lau of Unconventional Ventures and Arvind Ayyala of Geodesic Investments will discuss how smart players are using AI to solve real pain points for their businesses and their customers.
This stream will also feature a Power Panel on how financial institutions can better leverage generative AI. This panel, moderated by Lau, will include insights from Chad Smith of Better.com, Alisa Rusanoff of Crescendo Asset Management, and Tamara Zaichkowsky of Acrisure.”
Your Next Customer Won’t Google You—Here’s Where They’ll Find You Instead
“AI is no longer just a buzzword. With conversational tools like ChatGPT, Bard and Perplexity, people don’t need SEO-gamified search results. They want sophisticated, personalized and nuanced answers, and AI delivers.
Recent data highlights this transformation. Forty-two percent of users, including a significant portion of Gen Z, value AI tools for delivering faster answers to complex or open-ended questions, and 39% prefer the direct, conversational responses provided by tools like ChatGPT and Bard. These platforms streamline the search process and dramatically reduce reliance on traditional search engines.
Additionally, 80% of Gen Z respondents have used conversational AI tools, with 30% using them frequently. They appreciate their speed, adaptability and ability to provide personalized, contextualized answers. This behavior signals an undeniable shift. Users, particularly younger generations, are bypassing Google’s blue links in favor of tools that give them exactly what they want instantly.”
Chamath Palihapitiya Agrees You Should No Longer Learn To Code, Says Parents Should Advise Their Kids To Focus On These Subjects Instead
“AI prompt engineers, who train chatbots like ChatGPT, are in high demand, with salaries reaching up to $335,000. The role does not require a tech background, but strong logical thinking and basic computer skills are beneficial. As AI adoption accelerates, companies are prioritizing skills over experience in hiring, according to a previous report.”